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Evolving federations and regional public deficits : testing the bailout hypothesis in the Spanish case

Lago-Peñas, Santiago

Originalveröffentlichung: (2004) http://www.fedea.es/pub/eee/2004/eee193.pdf
Dokument 1.pdf (374 KB)

SWD-Schlagwörter: Regionalwirtschaft , Regionale Wirtschaftskooperation
BK - Klassifikation: 83.52
Sondersammelgebiete: 7.34 Spanien, Portugal
DDC-Sachgruppe: Wirtschaft
Dokumentart: Bericht / Forschungsbericht / Abhandlung
Schriftenreihe: Estudios sobre la Economía Española
Bandnummer: 193
Sprache: Englisch
Erstellungsjahr: 2004
Publikationsdatum: 05.12.2012
Kurzfassung auf Englisch: High debt autonomy and low tax autonomy often characterize evolving
federations, making the bailout hypothesis very attractive when explaining subcentral governments deficits. However, meeting both conditions is not enough to conclude that bailout expectations are the main explanation for potential deficit. There are many other factors affecting expectations and real behavior of involved agents: central government, subcentral governments, and financial markets. Empirical research is then the only way to determine the relevance of the bailout problem in each situation. To show this argument, an exhaustive analysis of the Spanish case is carried on in this paper. The main conclusion is that deficit seems to be better understood by a more traditional model of fiscal choices than by bailout expectations.

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