Summary of Banco de España Working Paper no. 1939

This paper investigates how much of the current account adjustment after the global financial crisis in Spain can be explained by cyclical factors. For this purpose, we extend the IMF's external balance assessment methodology to allow for country-specific slopes and intercepts. The good fit of...

Outsourcing can be defined as the delivery of public services by the private sector. The sign of the effect of outsourcing on public spending is ambiguous ex-ante. While outsourcing may reduce public spending through higher competition in the private sector, it may also increase public spending...

This paper investigates how much of the current account adjustment after the global financial crisis in Spain can be explained by cyclical factors. For this purpose, we extend the IMF's external balance assessment methodology to allow for country-specific slopes and intercepts. The good fit of...

Spanish Abstract: La crisis económica estuvo asociada inicialmente a un incremento de los plazos de pago y de la deuda comercial de las Administraciones Territoriales. Desde 2012 la Administración Central ha aprobado distintos mecanismos extraordinarios para el pago a proveedores de CCAA y...