Publication: Essays on the subnational government's indebtedness
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2019-08-27
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Universidad Complutense de Madrid
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Abstract
Esta tesis ofrece un extenso análisis de la problemática del endeudamiento de las Comunidades Autónomas Españolas (CCAA), desde distintos puntos de vista: la deuda, el incumplimiento de los objetivos de déficit, la deuda comercial y de las emisiones de deuda. Las CCAA constituyen un interesante caso de estudio por varias razones. España es un país con un elevado nivel de descentralización, siendo las CCAA responsables de dos de los gastos mas cuantiosos de carácter social, la educacion y la sanidad. Por lo tanto, la estabilidad de las CCAA es clave para el bienestar de la sociedad española. Por otro lado, las CCAA han adquirido un creciente nivel de autonomía tanto política como fiscal en las ultimas cuatro décadas, a través de un largo proceso de descentralización. Este proceso ha sido asimetrico, con una velocidad diferente de descentralizacion de los ingresos y los gastos, y por regiones, de forma que el proceso se ha caracterizado por una elevada heterogeneidad en los niveles de autonomía fiscal y política. Asimismo, el aumento de la deuda de las CCAA ha sido muy significativo en la ultima dÉcada. De hecho, un tercio del total del aumento de la deuda soberana de España se ha debido a la acumulación de deuda de las CCAA. Por ultimo, el elevado nivel de deuda comercial durante la crisis y las recurrentes emisiones de deuda durante todo el periodo hacen de las CCAA un caso de estudio de especial interÉs..
This Ph.D. dissertation offers an extensive analysis of the Spanish regional governments' (Autonomous Communities, CCAAs) indebtedness from complementary perspectives: debt evolution, deficit target non-compliance, commercial debt and securities issuance. They make for an interesting case to study for a number of reasons. First, Spain has a high level of fiscal decentralisation and CCAAs are responsible for some of the largest and social-targeted spending items: health and education. Their proper functioning, stability and fiscal sustainability are essential for the well-being of the Spanish society. Second, they have gained significant political and fiscal autonomy over the past four decades. This process of decentralisation has been asymmetric, with a different decentralisation speed for revenue and expenditure depending on the region, leading to both temporal and cross-sectional variations in fiscal and political autonomy indicators. Third, they account for around a third of the General Government debt increase from 2007 to 2017. Fourth, they accumulated a significant amountof commercial debt during the core of the crisis. Finally, CCAAs, as a group, have been fairly active in debt markets during the last two decades...
This Ph.D. dissertation offers an extensive analysis of the Spanish regional governments' (Autonomous Communities, CCAAs) indebtedness from complementary perspectives: debt evolution, deficit target non-compliance, commercial debt and securities issuance. They make for an interesting case to study for a number of reasons. First, Spain has a high level of fiscal decentralisation and CCAAs are responsible for some of the largest and social-targeted spending items: health and education. Their proper functioning, stability and fiscal sustainability are essential for the well-being of the Spanish society. Second, they have gained significant political and fiscal autonomy over the past four decades. This process of decentralisation has been asymmetric, with a different decentralisation speed for revenue and expenditure depending on the region, leading to both temporal and cross-sectional variations in fiscal and political autonomy indicators. Third, they account for around a third of the General Government debt increase from 2007 to 2017. Fourth, they accumulated a significant amountof commercial debt during the core of the crisis. Finally, CCAAs, as a group, have been fairly active in debt markets during the last two decades...
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Tesis de la Universidad Complutense de Madrid, Facultad de Ciencias Económicas y Empresariales, Departamento de Fundamentos del Análisis Económico II, leída el 08-02-2019