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A toolkit to strengthen government budget surveillance
Pedregal, Diego J.; Pérez, Javier J.; … - Banco de España - 2014
the Spanish government’s borrowing requirement. Spain has been at the centre of the recent European sovereign debt crisis …
Persistent link: https://www.econbiz.de/10010800843
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Fiscal forecast errors: governments vs independent agencies?
Merola, Rossana; Pérez, Javier J. - Banco de España - 2012
The fact that the literature tends to find optimistic biases in national fiscal projections has led to a growing recognition in the academic and policy arenas of the need for independent forecasts in the fiscal domain, prepared by independent agencies, such as the European Commission in the case...
Persistent link: https://www.econbiz.de/10010862262
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The structure of sub-natural public debt: Liquidity vs credit risk
Pérez, Javier J.; Prieto, Rocío - Banco de España - 2014
We analyse the determinants of the structure of public debt in the case of Spain, from a sub-national perspective. The … endogenous shift in the composition of debt (among shortvs long-term instruments, and loans vs securities) depends on observable … quarterly dataset of Spanish regional governments’ debt structure for the period 1995Q1-2012Q4. Our results show that the most …
Persistent link: https://www.econbiz.de/10010862278
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Fiscal policies in Spain: Main stylises facts revisited
Castro, Francisco de; Martí, Francisco; Montesinos, Antonio - Banco de España - 2014
We provide key stylised facts on fiscal policy developments in Spain over the past three decades using quarterly data (1986Q1-2012Q2). First, we compute stylised facts on the cyclical properties of fiscal policies over that period. Next, we report updated evidence on the macroeconomic effects of...
Persistent link: https://www.econbiz.de/10010862281
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Análisis de las desviaciones presupuestarias aplicado al caso del presupuesto del Estado
Leal, Teresa; Pérez, Javier J. - Banco de España - 2009
En este trabajo estudiamos las características y los determinantes de las desviaciones entre las cifras iniciales y finales de los ingresos y gastos públicos incluidos en los presupuestos generales del Estado en el período 1985-2006. Nuestro objetivo es evaluar el grado de cumplimiento del...
Persistent link: https://www.econbiz.de/10008603021
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Is there a signalling role for public wages? Evidence for the euro area based on macro data
Pérez, Javier J.; Sánchez, A. Jesús - Banco de España - 2009
Do public sector wages exert presures on private sector wages, or has private sector a leadership role in wage setting?. This paper tries to isolate the pure signalling effect that one sector might exert on the other by controlling for other determinants of wages (prices, productivity,...
Persistent link: https://www.econbiz.de/10008486936
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Short-term monitoring of the Spanish Government balance with mixed-frequencies models
Leal, Teresa; Pedregal, Diego J.; Pérez, Javier J. - Banco de España - 2009
We construct multivariate, state-space mixed-frequencies models for the main componentsof the Spanish General Government sector made up of blocks for each one of its subsectors: Central Government, Social Security and aggregate of Regional and Local government sectors. Each block is modelled...
Persistent link: https://www.econbiz.de/10008486937
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A quarterly fiscal database for the euro area based on intra-annual fiscal information
Paredes, Joan; Pedregal, Diego J.; Pérez, Javier J. - Banco de España - 2009
The analysis of the macroeconomic impact of fiscal policies in the euro area has been traditionally limited by the absence of quarterly fiscal data. To overcome this problem, we provide two new databases in this paper. Firstly, we construct a quarterly database of euro area fiscal variables for...
Persistent link: https://www.econbiz.de/10008486940
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Evaluating the dynamics of fiscal policy in Spain: patterns of interdependence and consistency of public expenditure and revenues
Castro, Francisco de; González-Páramo, José M.; Cos, … - Banco de España - 2001
proposed in the literature, that pay special attention to integration orders of deficit and debt processes and the existence of … if fiscal variables follow the pattern of the past in the future, no problems in marketing public debt are expected to …
Persistent link: https://www.econbiz.de/10005155247
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Debt sustainability and procyclical fical policies in Latin America
Alberola, Enrique; Montero, José M. - Banco de España - 2006
vulnerability position of the economies and in particular to the perception on the sustainability of debt. The current threshold … balance, defined as the primary balance which would render the debt stable under the existing economic and financial … conditions, is used as our gauge for measuring debt sustainability at each point in time. The empirical analysis reveals that the …
Persistent link: https://www.econbiz.de/10005155272