In the last decade or so, growth has come to occupy an increasingly important place among the interests of macroeconomists, displacing to some extent their previous preoccupation with the business cycle. This change is largely due to two factors. The first one is the realisation that, in terms...

We identify a number of elements of the current Spanish system of regional financing that do not conform satisfactorily to the principles of equity, autonomy and efficiency that should inspire its design. Our main conclusion is that although the system presents a series of shortcomings that...