Publicación: Condición Financiera y fondos de liquidez en España: un enfoque regional
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2019
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info:eu-repo/semantics/openAccess
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Universidades de Andalucía
Resumen
Este trabajo estudia el diseño, funcionamiento y factores explicativos de los
mecanismos de liquidez que vienen recibiendo las comunidades autónomas del
gobierno central desde el año 2012. El análisis del marco institucional sugiere que son
herramientas heterogéneas, opacas y cambiantes, lo que dificulta el seguimiento de las
relaciones financieras existentes entre los dos niveles de gobierno. En cuanto a los
factores explicativos del reparto de los fondos, encontramos que el nivel de
endeudamiento tiene un impacto directo sobre las necesidades de liquidez, mientras
que los territorios más ricos y más dinámicos han recurrido en menor medida a los
fondos de liquidez. Además, encontramos que las necesidades de financiación tienen
un componente de demanda, puesto que el crecimiento de la población en los años
previos presenta un impacto directo.
This paper studies the design, functioning and main drivers of the liquidity funds distributed among the Autonomous Communities by the Spanish central government since 2012. Our analysis of the institutional framework suggests that they are heterogeneous, opaque and changing instruments. Under the title of “liquidity funds”, several financial instruments with quite different characteristics have been implemented. As a consequence, it is difficult to trace the financial relations between the central and regional level of government.. Nevertheless, these instruments share some common characteristics that are highlighted in the paper: first, the voluntary adhesion of the regions implies that funds only accrue to claimant regions; second, beneficiary regions receive the funds under both fiscal and financial conditions, basically committing to implement budget adjustment plans and to share all relevant budgetary information with the central government.
This paper studies the design, functioning and main drivers of the liquidity funds distributed among the Autonomous Communities by the Spanish central government since 2012. Our analysis of the institutional framework suggests that they are heterogeneous, opaque and changing instruments. Under the title of “liquidity funds”, several financial instruments with quite different characteristics have been implemented. As a consequence, it is difficult to trace the financial relations between the central and regional level of government.. Nevertheless, these instruments share some common characteristics that are highlighted in the paper: first, the voluntary adhesion of the regions implies that funds only accrue to claimant regions; second, beneficiary regions receive the funds under both fiscal and financial conditions, basically committing to implement budget adjustment plans and to share all relevant budgetary information with the central government.
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Categorías UNESCO
Palabras clave
condición financiera, financiación regional, comunidades autónomas, fondos de liquidez, endeudamiento regional, financial condition, regional financing, autonomous communities, liquidity funds, regional debt
Citación
Alcalde, A. H., Román, J. M., & Martín, J. M. T. (2019). Condición financiera y fondos de liquidez en españa: Un enfoque regional. [Financial condition and liquidity funds in Spain: A regional approach] Revista De Estudios Regionales, (114), 91-117
Centro
Facultades y escuelas::Facultad de Derecho
Departamento
Economía Aplicada