Lago-Peñas, Santiago - Instituto de Estudios Fiscales, Ministerio de Economía …
asymmetries in the effects of cuts and increases in grants on total spending. Then political factors (electoral cycle, colour and … explanations of them. Results strongly support the hypothesis of asymmetry. Recipients compensate part of the loss in grants by … increasing other sources of revenues. Moreover, asymmetric responses to cuts in capital grants (earmarked) and current grants …