Encyclopedia of Contemporary Spanish Culture

By Eamonn Rodgers; Valerie Rodgers | Go to book overview

debt is in the form of three-month, six-month and twelve-month bills and just under 50 percent in three-year, five-year, ten-year and fifteen-year bonds. Borrowing in denominated foreign currency amounts to about 10 percent of the total. Financial markets have favoured government bonds in recent years, enabling the Treasury to finance the deficit comfortably. Additionally, the Treasury holds a sum equivalent to about 5 percent of total debt at the Bank of Spain which it can call upon to iron out short-term differences between outgoings and revenues at moments of unfavourable market conditions.


Further reading

c
Chislett, W. (1996) Spain 1996. The Central Hispano Handbook, Madrid (chapter 8 explains how the public deficit is financed).

C.A.LONGHURST


National Employment Institute

Until the mid-1990s the National Employment Institute (Instituto Nacional de Empleo, INEM), an agency of the Ministry of Labour, had a monopoly over employment brokerage in Spain. The agency was also responsible for distributing unemployment benefits and was one of the public agencies concerned with training. By the 1980s INEM was seen as part of the overall rigidity of the labour market, while increasing labour market flexibility became part of orthodox economic policy.

Abolition of the job brokerage monopoly of INEM was set in train by a decree passed in December 1993. Private employment agencies were legalized, though they are required to be non-profit making and to have prior authorization from INEM.

The new role of INEM concentrates on providing an employment service, especially for certain priority groups. It is no longer responsible for the payment of unemployment benefit.

KEITH SALMON


national income

According to the Statistical Office of the European Community, Spain’s GDP in 1992 was 444,000m ecus and GDP per capita was 11,354 ecus (for the UK 805,600m ecus and 13,926 ecus respectively). Spain’s net national income per capita was 10,014 ecus (UK 12,315). The average for the EC in the same year was 15,617 ecus for GDP per capita and 13,514 ecus for net national income per capita. On the basis of these figures we can say that the wealth of the average Spaniard is 75 percent of that of the mythical average European and 81 percent of that of the average UK citizen. At factor cost the proportion of national income accruing to employees is slightly lower than that for most other western countries and that accruing to entrepre-neurial and corporate entities slightly higher. Regional disparities of income in Spain are substantial, with the richer regions (the Balearics, Madrid and Catalonia) having roughly twice the GDP per capita of the poorer regions (Galicia, Castilla-La Mancha, Andalusia and Extremadura), an inequality mitigated to some extent by the higher cost of living in the richer regions. There are also large disparities even within the same region between the more urbanized and the less urbanized provinces. The disposable income of households also reveals major differences between rich and poor households, but these differences have been narrowing slowly over the past twenty to thirty years, as the accompanying table shows. Although the top 10 percent of households still command a quarter of the country’s wealth, there is much less disparity among the bulk of the population, with 52 percent of the country’s disposable income going to the 60 percent of households in the middle and the differences in this large group being rather less marked.


Further reading

f
Fundación FOESSA (1994) V Informe sociológico sobre la situación social de España, Madrid: Fundación FOESSA, vol. 2, 1, 413-549 (hugely informative but highly technical).

l
Longhurst, C.A. (1993) ‘Regionalism and Economic Disparities: Three Perspectives’, ACIS: Journal of the Association for Contemporary Iberian

-362-

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Encyclopedia of Contemporary Spanish Culture
Table of contents

Table of contents

  • Title Page iii
  • Contents v
  • Introduction x
  • Acknowledgments xii
  • Structure xiii
  • Architecture xiv
  • A 1
  • Further Reading 7
  • Further Reading 11
  • Further Reading 29
  • Further Reading 37
  • Further Reading 41
  • B 44
  • Further Reading 47
  • Further Reading 65
  • C 70
  • Further Reading 81
  • Further Reading 93
  • Further Reading 100
  • Further Reading 113
  • Further Reading 128
  • D 135
  • Further Reading 136
  • Further Reading 140
  • E 152
  • Further Reading 155
  • Further Reading 166
  • Further Reading 171
  • F 173
  • Further Reading 185
  • Further Reading 206
  • G 213
  • Further Reading 227
  • Further Reading 229
  • Further Reading 231
  • Further Reading 242
  • H 245
  • I 261
  • Further Reading 266
  • J 276
  • Further Reading 280
  • K 283
  • L 285
  • Further Reading 292
  • M 313
  • Further Reading 332
  • Further Reading 335
  • N 359
  • Further Reading 362
  • Further Reading 365
  • O 376
  • P 384
  • Further Reading 429
  • Q 430
  • R 433
  • Further Reading 435
  • Further Reading 436
  • Further Reading 439
  • Further Reading 443
  • References 452
  • S 464
  • Further Reading 471
  • Further Reading 475
  • T 502
  • Further Reading 508
  • Further Reading 509
  • U 526
  • Further Reading 536
  • V 537
  • Further Reading 538
  • Further Reading 539
  • Further Reading 544
  • W 545
  • X 550
  • Y 552
  • Further Reading 553
  • Z 554
  • Index 557
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