The Role of Regional Public Enterprises in Spain: Room for a Shadow Government?

The main objective of this paper consists of analyzing regional public sector enterprises (PSEs) inSpain. We provide a general overview of Autonomous Communities� (ACs) financial resources inthe context of the Stability and Growth Pact and Budgetary Stability Act. From 2002, such regula-tion imposes... Deskribapen osoa

Egile nagusia: Fernández Llera, Roberto
Beste egile batzuk: García Valiñas, María Angeles
Formatua: Artikulua
Hizkuntza: Ingelesa
Argitaratua: Ministerio de Hacienda: Servicio de Publicaciones 2013
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Laburpena: The main objective of this paper consists of analyzing regional public sector enterprises (PSEs) inSpain. We provide a general overview of Autonomous Communities� (ACs) financial resources inthe context of the Stability and Growth Pact and Budgetary Stability Act. From 2002, such regula-tion imposes stringent constraints on ACs� indebtedness. We investigate the PSEs as an alternativeto traditional financing mechanisms. Descriptive and econometric analyses confirm our expectationsrelated to this �shift effect�. In a dynamic context, a significant link between public debt and the cre-ation of PSEs debt shows that ACs used public enterprises to avoid stringent financial rules.