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The Determinants of the Municipal Debt Policy in Spain
Academic journal article from Journal of Public Budgeting, Accounting & Financial Management, Vol. 16, No. 4
Beginning of article
ABSTRACT. This paper analyzes the impact of economic, social and political factors on municipal debt behavior. With this aim, we have obtained a stratified random sample of 130 cities during a five-year period. These data have been used to configure a micro panel to obtain accurate estimates and to control for problems such as unobserved heterogeneity. The main conclusion obtained from this process is that non-financial surplus/deficit, financial independence, capital expenditures, and capital revenues are the variables that best explain the indebtedness of this type of entities.
INTRODUCTION
There are three government levels in Spain: central government (Parliament and …
