On the determinants of local government debt: does one size fit all?

• Autores: María Teresa Balaguer Coll, Diego Prior Jiménez, Emili Tortosa Ausina
• Localización: XX Encuentro Economía Pública: estado del bienestar. Sostenibilidad y reformas, 2013, ISBN 978-84-695-6945-0, pág. 51
• Idioma: inglés
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• Resumen

  • This paper analyzes the factors that directly influence leve ls of debt in Spanish local governments.

    Specifically, the main objective is to find out the extent to wh ich indebtedness is originated by controllable factors that public managers can influence, or whether it hinges on other variables beyond managers� control. The importance of this issue has i ntensified since the start of the crisis in 2007, due to the abrupt decline of revenues and, simultane ously, to the stagnation (or even increase) in the levels of costs facing these institutions f ace. Results can be explored from multiple perspectives, given that the set of explanatory factors is a lso multiple. However, the most striking result relates to the varying effect of each covariate depen ding on each municipality�s specific debt level, which suggests that economic policy recommendation s should not be homogeneous across local governments