Condición Financiera y fondos de liquidez en EspañaUn enfoque regional

  1. Ana Herrero Alcalde 1
  2. Javier Martín Román 1
  3. José Manuel Tránchez Martín 1
  1. 1 Universidad Nacional de Educación a Distancia
    info

    Universidad Nacional de Educación a Distancia

    Madrid, España

    ROR https://ror.org/02msb5n36

Journal:
Revista de estudios regionales

ISSN: 0213-7585

Year of publication: 2019

Issue: 114

Pages: 91-117

Type: Article

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More publications in: Revista de estudios regionales

Abstract

This paper studies the design, functioning and main drivers of the liquidity funds distributed among the Autonomous Communities by the Spanish central government since 2012. Our analysis of the institutional framework suggests that they are heterogeneous, opaque and changing instruments. Under the title of “liquidity funds”, several financial instruments with quite different characteristics have been implemented. As a consequence, it is difficult to trace the financial relations between the central and regional level of government. Nevertheless, these instruments share some common characteristics that are highlighted in the paper: first, the voluntary adhesion of the regions implies that funds only accrue to claimant regions; second, beneficiary regions receive the funds under both fiscal and financial conditions, basically committing to implement budget adjustment plans and to share all relevant budgetary information with the central government.

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