FISCAL POLICY AND PUBLIC DEBT

Author: ALONSO MESEGUER JAVIER.
Year: 2003.
University: COMPLUTENSE DE MADRID [www.ucm.es].
Place of defense: FACULTAD DE CIENCIAS ECONÓMICAS Y EMPRESARIALES.
Place of preparation: FAC. CIENCIAS ECONÓMICAS Y EMPRESARIALES; UNIV. COMPLUTENSE.

Summary: This Doctoral Thesis explores the effects of improving the education of the population on growth and Spanish pension system. Empirical evidence obtained in the theory indicates that education began to be relevant in explaining the GDP growth from 1964. The transition of the main factors involved in the macroeconomics of the accounting model shows that long-term growth will depend almost exclusively to the increase in the total factor productivity. The introduction of the transition from education in a model pension accounting implies that the revenues earned by contributions could be greater than those considered in the literature based on models representative of an agent. As expenditure in the short and medium term will be similar, the pension system will come into deficit beyond current consensus. However, in the long term, lead to greater rights generated a deficit higher 3 percentage points obtained in the models without transition educational educational in 2050. Education incorporated in a model of overlapping generations general equilibrium and dynamic represents an improvement of the efficiency of work. This increases the amount of accumulated assets in the economy, and thus the GDP will grow at a higher rate to do the usual models uneducated. Spending as a percentage of GDP, initially would be smaller and hence, the deficit is also unrealistic. As they retire the baby boomers, and begin to consume their accumulated assets, the supply of labor and capital stock decline rapidly, which resulted in a decline of GDP higher than the one obtained in the model uneducated. Since spending will be significantly higher in the long term by improving education, the deficit obtained alcanzá levels higher than those accepted in the educational models without heterogeneity.

Author: COBOS MACIAS FERMANDO.
Year: 2003.
University: COMPLUTENSE DE MADRID [www.ucm.es].
Place of defense: FACULTAD DE CIENCIAS ECONÓMICAS Y EMPRESARIALES.
Place of preparation: FACULTAD DE CIENCIAS ECONÓMICAS Y EMPRESARIALES.

Summary: The first chapter of the thesis discusses the economic performance of local treasuries in spain during decáda of 90.Examinando which can be the causes of financial insufficiency of the same, with special emphasis on settlements in the budgets of corporations local. The second chapter of doctoral thesis analyzed from a theoretical point of view the tax increase in the value of land in nature urbana.desde viewpoint dela theory of taxation until the justification dela taxation on the income from the land, with emphasis on the current tax framework determined by the law governing local treasuries. The third chapter of the dissertation is a deep and thorough investigation into tax evasion of tax on the increase in value of land in urban nature of the municipality Madrid Villaviciosa of odón, analysis of their impact, relationship to the tax on a property and finally, plantéa an econometric model that tries to explain which can be the causes of tax evasion.

Author: CASTRO FERNÁNDEZ FRANCISCO DE.
Year: 2003.
University: COMPLUTENSE DE MADRID [www.ucm.es].
Place of defense: FACULTAD DE CIENCIAS ECONÓMICAS Y EMPRESARIALES.
Place of preparation: DE MADRID.

Summary: This thesis tested several aspects of the policy in Spain and its macroeconomic effects. In an initial test is carried out an analysis of the sustainability of fiscal policy in España.Así, auna discal policy is considered sustainable if demantenerse unchanged in its basic parameters, meets the budgetary restraint international gobierno.El analysis is carried out Techniques cointegration considering ruptures estrupturales.En parallel, shows that, given the Spanish experience, it is more appropriate to perform an analysis of integration of the series considering changes in the order of integration of what mismas.De earlier, it is concluded that fiscal policy moves from a situation of insistenibilidad to be sustainable in the years 90 as a result of the consolidation process fiscal.Las estimates show that this change occurs gradually. Also, the second trial examines the dynamic relationship of interdependence between revenue and expenditure in a framework of cointegration with the aim of analyzing which sonlas proceedings more efficient coincidence between revenues and expenditures, both long - and short-term, and parámetrso linking these developments varibles.Se found, from the coefficients of relations cointegration clear empirical evidence of the existence of a bias haci deficit eltamaño sector público.Adicioanlmente, causality is detected cost to income seems to dominate in the long and the short term, between income and gartos public, but the direction of causality of gastosa income seems to dominate in the long term, while short-term the opposite direction looked more relevante.Si the sample is restricted to before year 92, the bias haci shortfalls in the size of the public sector is still demonstrating, but only detects cusalidad income gastos.Estos results mean that, in the case español.un process ocnsolidación efficient should pasr by a reduction the size of the public sector in which expenditure control jugría an important papel.El effort xonsolidación of 90 looked to have followed these guidelines and has been able to contribute significantly to change the pattern casualidad.Estos results are consistent with elcambio on fiscal policy regime detected in the previous chapter. Finally, we study the effects of macroeconomic policy in España.Para this, we analyze the effects of fiscal shocks on variables macroeconomícas of interest, such as GDP, prices, interest rates, in a context of vextores autorregresivos (VAR). It encuentrea that shocks cat public sonexpansivos short term, but which result contractivos in the middle plazo.Los effects more expansive occur through public investment while spending on salaries and wages produces efecots contractivos, which could be according to other analysis that detect effects not Keynesianos of politics fiscal.Asimismo, increases spending produce price increases and interest rates, and permanent deficits in the middle plazo.Los edectos of net tax shocks are less clear. It seems that stimulate activity in a primeroa insstancia but are contractivos in the medium term. The first thing seems debverse to that, as noted in the previous chapter, reacting to rising costs, boosting activitie exonímica in the first quarter after shock.Incermentos tax increases but must reduce interest rates, in line with the increase in the deficit in the middle plazo.Este last result again confirms the existence of a bias haci ael deficit in the size of the public sector 8. At igua 43c l than in the previous chapters. detected a regime change in fiscal policy, in terms of the persistence of lso shocks and its effects, in the years 90.Parece in recent years shocks sonmenos persistent, possibly due to the process of consolidation and interest rates fail to respond. real impact in this period is not significant.

Author: BLÁZQUEZ SANTANA FÉLIX JESÚS.
Year: 2004.
University: LAS PALMAS DE GRAN CANARIA [www.ulpgc.es].
Place of defense: FACULTAD DE CIENCIAS ECONÓMICAS Y EMPRESARIALES.
Place of preparation: FACULTAD DE CIENCIAS ECONÓMICAS Y EMPRESARIALES.

Summary: This paper has as its primary objective the study of the various factors that affect the development and growth of enterprises. To achieve this objective, in the first chapter has been reviewed literature on the subject, trying to identify the various factors that may affect the business growth as corporate strategy. This review identifies the tax incentives as a key factor that promotes the process, describing the various theories, from the financial field, allowing establish the potential impacts that may result, the use of such incentives, in the capital structure of enterprises. Then, in the second chapter, introducing the study of one of the greatest potential tax incentives introduced in Spain as is the reserve Investment in the Canary Islands, exposing the historical process that led to the introduction of this incentive, and as aspects jurídico-tributarios who have been able to condition the process of business investment. Thus, exposed all the background, in the third chapter is to perform an empirical analysis, through which it seeks to know the effectiveness of the reserve Investment in the Canaries in the growth process of companies operating in the Archipelago , and to what extent such encouragement has given financial conditioned behavior.

Author: Sorribas Navarro Pilar.
Year: 2005.
University: AUTÓNOMA DE BARCELONA [www.uab.es].
Place of defense: Facultad de Ciencias Económicas.
Place of preparation: Ecuela de Postgrado.

Summary: In this thesis, firstly, it systematizes the effect that the different characteristics of the institutional environment, both economic and political, resulting from the decentralization process have on budgetary discipline by governments substations. Secondly, it provides the analytical framework necessary to determine the effects of decentralization on the budgetary decisions of both the central government and governments substations. Specifically, this analytical framework to deal with two issues. For one thing, consider whether the central government has incentives to intervene in the presence of an excess budget substation allocating additional resources, namely rescuing the budgetary excesses, as well as the determinants of this decision. On the other hand, if you analyze these rescues central government affecting the budgetary discipline by governments substations. Thirdly, it provides empirical evidence for the Spanish case on the existence of ransom budget of the CAAC common system during the period 1986-2001 by the central government, and their determinants and its impact on budgetary discipline them . The first empirical conclusion of the exercise is that the central government has partially rescued the budgetary excesses of the CAAC, ie has allocated additional transfers to the CAAC as a result of its level of indebtedness. The second conclusion is that the determinants of this decision is that the CAAC has assumed the responsibility of healing and sharing political ideology with the central government. Thirdly, it is concluded that this intervention generates expectations rescue for the autonomous governments that materialize in a fiscal behavior is not disciplined, that is, encourage higher levels of indebtedness

Author: MELGUIZO ESTESO ÁNGEL.
Year: 2005.
University: COMPLUTENSE DE MADRID [www.ucm.es].
Place of defense: FACULTAD DE CIENCIAS ECONÓMICAS Y EMPRESARIALES.
Place of preparation: FACULTAD DE CIENCIAS ECONÓMICAS Y EMPRESA.

Summary: The thesis examines the economic impact of social contributions, that is, who actually supports the tax burden and what are their economic effects on the evolution of prices, wages and unemployment in Spain, during the period 1964-2001. To do so, the system is revised institutional framework in which social security contributions; the labor market, social security system and tax system. In addition, it performs a thorough analysis of economic theory applied to the case of the impact of social contributions, both in a context of competitive job market, as non-competitive, considering the existence of a minimum wage or the perception of linkage between contributions and pensions. The article then turns to national and international empirical literature on the contribution of audited labor, and specifically in social security contributions paid by the employer, to the evolution of prices, wages and unemployment. Based on this content and skills, provides an empirical investigation original estimate of the economic impact of social contributions in Spain for the period 1964-2001. This is done via two routes. First, we obtain a direct estimate of Okun's law for the whole economy. Secondly, it is estimated a system of two equations, prices and nominal unit labor costs for the labor market to private employees, which contrasts the significance of the contributions both in the short term and in the long term. In the long term, the results indicate that during the period 1964-2001, the Spanish companies in its conjun6to have endured through fewer benefits or lower dividends, a full taxation work, and, within it, quotes social business.

Author: ESCARIO LATAS REGINA M..
Year: 2005.
University: ZARAGOZA [www.unizar.es].
Place of defense: FACULTAD DE CIENCIAS ECONÓMICAS Y EMPRESARIALES.
Place of preparation: FACULTAD DE CIENCIAS ECONÓMICAS Y EMPRESARIALES.

Summary: The objective of the report was to study the relationship between public deficit, inflation and money from the pursuit of monopoly privilege ticketing by the Bank of Spain in 1874 until the transfer of their responsibilities for monetary European Central Bank in 1998. It was therefore quantify the influence of public finance on developments in monetary values and, through them, on the long-term evolution of prices. The starting assumption was that for a while, budgetary constraints have determined the future monetary Spanish, an idea that, although he had been repeatedly targeted for different times and by different authors in the Spanish economic historiography, never until now had been discussed formally for the period 1874-1998 as a whole, a period which covers almost the entire time that the peseta was the national currency. It contrasted, therefore, if the need to finance budgetary imbalances had been systematically influence the path of monetary policy, so that the latter had behaved endógenamente with regard to the prosecutor in contemporary Spain. To this end, it reviewed the literature on the most important link saldo-dinero-precios both work focusing on the theoretical foundations of the relationship as providing diverse empirical evidence. It was subsequently reviewed the monetary history of the period, in order to identify the episodes in which literature has founded the idea of tax subordination of monetary policy. It described the trajectory of the M3, as well as the determinants of growth, ratios of cash reserves and the monetary base. Seeing that the latter had played a leading role in the evolution of availability, with a contribution of more than 80% - are deepened in analyzing their behavior, distinguishing between its sectoral components (foreign, public and private). He also delved into some intervention mechanisms (debt pignorable, rediscount special), quantifying their responsibility for monetary expansion. The figures from the descriptive analysis of the monetary history Spanish pointed toward a system of domain tax only seemed weakened over the past year period, a fact that could be associated with the granting of autonomy in monetary policy to the Bank of Spain 1994 and the firm intention of fiscal discipline that would require compliance with the Maastricht targets. In order to validate these facts formally performed econometric analysis, the main results were:-empirical analysis of the case by a Spanish VAR modeling showed a strong causal unidirectional long-term budgetary balance towards increasing the monetary base, Favored in certain periods by mechanisms such as pledging automatic or special discount. - An analysis of ruptures structural Bai-Perron (1998, 2003a, b) in relation saldo-base detected the presence of two equal to the years 1934 and 1983: between 1874 and 19341st causality presupuesto-base was very intense, minor between 1935 and 1983 and not significantly from 1984. The lower strength of causality saldo-base during 1935-1983 could come motivated by the unofficial tally of the costs generated by OOAA. While the rejection of causality between 1984-1998 may be due to a change in the funding mechanism the deficit, in the process of financial liberalization, the creation of basic replaced by the placement of new debt in the form of liquid assets (0AL). - Repeating the anál 8 isis with 71c the ALP as monetary aggregate representative, showed that the end of seigniorage not meant the end of the fiscal domain, but it remained well into the nineties, when the Bank's monetary autonomy from Spain, fixed seen on the entry into the EMU, invested terms [methodology bounds-testing/ARDL of Pesaran, Shin and Smith (2001) and Pesaran and Shin (1999); causality Lag-Augmented VAR of the Whole and Yamamoto (1995) and Dolado and LÃ ¼ tkepohl (1996)]. - Finally, the impact of public finances on monetary aggregates also had its impact in terms of prices, confirming a causal unidirectional positive and the ALP added to the price [of cointegration analysis of Pesaran, Shin and Smith (2000) and causation of the Whole and Yamamoto (1995) and Dolado and LÃ ¼ tkepohl (1996)]. It can be concluded, therefore, that the results revealed a recurring memory of subsidiarity monetary policy with regard to the inflationary impact that tax, more or less intense, prevailed in Spain during the entire period studied (1874-1998), just weakened in recent years.

Author: PEÑA RODRÍGUEZ VÍCTOR MANUEL ARCÁNGEL.
Year: 2006.
University: PAÍS VASCO [www.ehu.es].
Place of defense: FACULTAD DE CIENCIAS ECONÓMICAS Y EMPRESARIALES.
Place of preparation: U. PAÍS VASCO - UNIVERSIDAD DE SANTO DOMINGO.

Summary: In this thesis, it looks at how economic policy has been implemented in the Dominican Republic in the period 1990-2000, it has an impact, in an environment of increasing globalization of the international economy in the conception of the economy's competitiveness dominican general and the competitiveness of exports in particular. This study combines both cyclical and structural, philosophical and historical. In this connection, after considering the theory of economic policy and the effect they have had different approaches to it in the Dominican Republic is studying policies demanda-perspectiva coyuntural- and policies oferta-perspectiva structural.

Author: Castillo Stark Leila Zoraida.
Year: 2006.
University: SANTIAGO DE COMPOSTELA [www.usc.es].
Place of defense: Facultade de Ciencias Economicas y Empresariales.
Place of preparation: Facultad de Ciencias Económicas y Empresariales.

Summary: In Venezuela, even though the constitutional provisions allowing decentralization remained for decades without development, the economic crisis and the weakening of society, as evidenced from the fall of sign money in February 1983, which led to in the following period arose the need to introduce substantial changes in the functioning of the State. In late 1984, President Jaime Lusinchi created the Presidential Commission for State Reform (COPRE), which among others, proposed to put into effect the constitutional provision (Article 22) which allowed for the election of state governors, which led to the enactment of the law on election and removal of Governors of State, culminating in April 1989 and the election of these officers for the first time in Venezuela, in December of that year. This reform would have a trigger effect of the decentralization process in the political, administrative and financial terms. It suggested that the opening of the transfer of power from the National Power to the states and municipalities as provided for in Article 137 of the Constitution then in effect (1961), which resulted in the promulgation of the Basic Law on Decentralization, Delimitation and transfers of government in December 1989, which regulates key aspects related to the transfer of skills, services and resources. The processes of skills transfers met an important step, but in terms of the transfer of services, the problem of labor liabilities of the national staff, which would be then, state, which prevented the states assume full services they had requested. In fact, the greatest success of decentralization was in the transfer of resources: the states and municipalities increased their participation in national government revenues from 17% in 1989 up to 28.4% in 1998, which allowed them to respond in a more satisfying the needs of their respective populations. An evaluation of the results of the decentralization in 1998, conducted by the World Bank in conjunction with the United Nations Program for Development (UNDP) and the Inter-American Development Bank (IDB) allowed the issuance of the following items: "From the political standpoint, the election of governors and mayors has prompted the emergence of a new leadership, a regionalization and a decentralization of political life, with its particular characteristics, often very different from those seen in the national level. From an administrative point of view, has revealed the existence of a considerable capacity to manage resources, projects and programs have not developed plenitud- and, in general, there is greater citizen satisfaction with services public. were also created new organizations and forms of citizen participation and the private sector aimed at developing a more efficient institution. " Despite its flaws, decentralization yielded favorable results for the country, not only in politics, with the direct election of governors and mayors, but also in administration. However, prevailing in Venezuela, a trend that deals with the decentralization from a little criticism. He assumed that the decentralization process has been frankly positive, and that only require modifications to ensure tax revenues from the states and local authorities. This proposed transfer to the states recovering some of the taxes that currently have a national basis, without changing the pattern of central government transfers (transfers vertical) to subnational governments. Our view is different: recognizing the potential benefits of decentralization, we believe that it is necessary to deal with more rigorous evaluation of this process and introduce and 8 n my 1ff8 mo major reforms. As throughout this investigation are trying to discover and explain the basic design errors that arise in the institutional framework of fiscal federalism Venezuelan presenting suggestions for processing. In summary there are two fundamental reasons that should drive the transformation of the institutional framework of the decentralization. First, from the macroeconomic point of view, the current fiscal position seems intemporalmente sustainable non-oil taxation gives an important sustainability of taxes. Secondly, the institutional mechanisms (rules) to advise the decentralization process does not encourage tax liability sub. At present, the question arises, whether institutional changes arising from the Constitution of 1999 are likely or not to greater decentralization. The configuration of a decentralized federal state in the terms established by the Constitution of the Bolivarian Republic of Venezuela (Constitution) warrants redesign the intergovernmental fiscal arrangement with the aim of producing a proper incentive structure that promotes the advancement final decentralization process. As a result, changing the institutional framework (laws and regulations, etc..) Of decentralization to give the regions the power to collect taxes or surcharges on some more, specific taxes. In other words, improve the tax liability of municipalities and regions taking into account the need to equitably distribute the cost of increasing the non-oil taxation. It is possible to say that several achievements by the advocates of decentralization that would be developed in light of the new constitutional order, such as the allocation to the states for new taxing powers through the promulgation of the Organic Law on Public Finance Estadal (LOHPE). This legal instrument, is of great importance because it would help promote fiscal responsibility and autonomy at the regional, elements necessary to create adequate incentives for greater political responsibility and accountability on the part of state authorities. The development of LOHPE responds to the transitional provision Fourth paragraph 6 of the CRBV and is part of a holistic concept of the tax system, aimed at achieving a transparent and efficient administration. The organic nature of this law is justified from the point of view of achieving coherence and unity in what may be its development through the subsequent enactment of state laws. The draft LOHPE contains a holistic view of public finance regional defining it as a whole property, income and obligations and all other property, income and revenue, the administration of which corresponds to that entity. The main changes in the intergovernmental fiscal arrangement envisaged in the draft LOHPE are as follows: * Expansion of the tax itself allocated to the state governments: Constitutional allocation of taxes: Fees and charges Timbres Prosecutors and broad delegation: Tax on Sales Retailers, the inheritance tax and documented legal, tax Exploration and Exploitation of Non-metallic minerals not reserved by the Constitution to the National Power and Special Contributions. * Introduction of mechanisms for sharing tax: Participation in the Income Tax People and Natural Fuel Consumption Tax derived from hydrocarbons. * Incorporation of an explicit mechanism for redistributing brokerage, through the Inter Compensation Fund, which is administered by the Federal government, in order to encourage public investment and equity brokerage. Importantly, the current government involvement in the national / regional governments on VAT is 35% (2.6% of GDP), and what the draft LOHPE add only a 0.8% increase, with the aliquot maximum of 5% that states may charge with the Retail Sales Tax. But we must point out that consummated the repeal of the Intergovernmental Fund for Decentralization (FIDES) provided by the National Executive Council by creating the Federal government, LOHPE, would ultimately be regressive in relation to the achievements of the states in terms of taxation and decentralization. The entry into force of the draft LOHPE mean that the state gross receipts exceed 5.07% in the year 2004 to 6.73% (estimated) for the year 2005 as a percentage of GDP. In the same order would intergovernmental transfers from 5.06 to 5.69 as a percentage of GDP. While in the case of income own state, these would increase at a 1.03% of GDP, ie from 0.01% in the year 2004 to 1.04% (estimated) in the year 2005. If we start from the premise that their own incomes are those that allow the states to exercise their powers on the various aspects of substantive income (subject, amounts, events, etc..), The situation raised earlier, confirms the position of urgency to start tax reforms, within the framework of the decentralization process, redistribute the tax powers between different levels of government, taking into account not only the powers that have been allocated to it, but also the nature, characteristics and performance of taxes. In Venezuela there are no statistics on fiscal spending decentralized, which is a reflection of the exacerbation of the disputes and clashes between the central government and regional governments. The formal strategy has been slow in any way the delivery of revenue to state and municipal governments. According to data from the Association of Mayors of Venezuela, by the middle of 2004 debt of the central government with mayors and governorates resulting from transfers (2002-2004) is 5 billion dollars. After the process of legitimation of governors and mayors (2000-2003), the decentralization policy has been increasingly paragraph of the Constitution. Tension federalismo-centralismo, now has other political additional ingredients that inhibit the implementation of article 136 of the CRBV: collaboration between the branches of government. In other words one can say that there is an almost total disregard of the constitutional provision contained in article four, that the Venezuelan State is a decentralized federal state. This has been revealed as follows:-- Breach of Article 158 of the Constitution, which states that decentralization is a national policy for deepening democracy. Such a policy has not been designed after more than six years of implementation of the Constitution, but the contrary, in practice it has centralized power in open contradiction to the spirit of the Constitution. The Organic Law on Decentralization, Distribution and Transfer of Jurisdiction of Public Power has become a dead letter. - As a result, it has not been put into operation the Federal government; body established by the Constitution for the planning process of decentralization and devolution of national power to state and municipal. In six years, there has not been a formal relationship between the three levels of government established in the Constitution. The absence of a law to regulate this body, can not be considered an excuse for not starting up. The drafting of a law, passed in December 2002 in first reading easily could have been the first task to fulfill for this Council. - Delay of more than five years in the adoption of the Organic Law on Public Finance Estadal, which is a mandate of the fourth transitory provision, paragraph 6 of the constitution of 1999. The law was approved 8 ada p ce6 rimera discussion in May 2001 and then was engavetada by the National Assembly to present. - Nor has formed the Inter Compensation Fund established in the Constitution as a mechanism for inter-off within a new framework for fiscal decentralization. - Reform of the Law of the Intergovernmental Fund for Decentralization (FIDES) in order to reduce the proportion of revenue from VAT to be shared among states and municipalities, and the inclusion of assessments to finance projects from the communities, (such as local councils planning) remaining resources to deal with larger, and generally decrease the multiplier effects of these investments, the anarquizar investment in small projects. - Reform of the Law on Special Economic Allocations to reduce the share of oil revenue that correspond to the states and municipalities and also include shares to finance projects from organized communities, in blatant contradiction with the spirit of this law. - Finally, in decentralization, as mentioned could only conduct in recent years, the adoption of the laws of the Councils Estadales of Planning and Public Policy Coordination Councils and Local Planning. However, because these services are being installed, it is still too early to assess its results. It should also be noted, the partial reform of the Organic Law on Decentralization, Distribution and Transfer of Jurisdiction of the Public Power, for municipalities directly receive the resources that are located under Constitutional. The government's current measures seem aimed at increasing the degree of social control, but this is only possible in so far as functioning mechanisms to disseminate information on the allocation of public funds. It must also be noted that the institutional adjustment is not just a matter of rules and regulations, it is necessary to increase the generation of information, technical assistance and citizen participation. This is imminent implement national policies aimed at consolidating an information system and management of decentralized fiscal spending, as well as the provision of technical assistance to the territorial levels of government, emphasizing the importance of the local level in developing the potential of decentralization in Venezuela.