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Efectos externos del endeudamiento sobre la calificación crediticia de las Comunidades Autónomas

Author

Listed:
  • Andrés Leal Marcos

    (Gobierno de Aragón)

  • Julio López Laborda

    (Universidad de Zaragoza)

Abstract

The aim of this paper is to obtain empirical evidence about the influence of the public debt externalities of the central and regional governments have on the credit rating of the Spanish Autonomous Communities. The analysis was done by estimating an ordered probit model from panel data for the Autonomous Communities during the period 1992-2007. The results show that the level of indebtedness of the own regional government, as well as the stock of debt of the regional level and central government, have a significant impact on the probability of obtaining a particular rating.

Suggested Citation

  • Andrés Leal Marcos & Julio López Laborda, 2009. "Efectos externos del endeudamiento sobre la calificación crediticia de las Comunidades Autónomas," Hacienda Pública Española / Review of Public Economics, IEF, vol. 189(2), pages 81-106, June.
    • Handle: RePEc:hpe:journl:y:2009:v:189:i:2:p:81-106
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    References listed on IDEAS

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    Cited by:

    1. Roberto Fernández Llera & Carlos Monasterio Escudero, 2010. "¿Entre dos o entre todos? Examen y propuestas para la coordinación presupuestaria en España," Hacienda Pública Española / Review of Public Economics, IEF, vol. 195(4), pages 139-163, december.

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    More about this item

    Keywords

    Public debt; externalities; rating; ordered probit; panel data;
    All these keywords.

    JEL classification:

    • C2 - Mathematical and Quantitative Methods - - Single Equation Models; Single Variables
    • H74 - Public Economics - - State and Local Government; Intergovernmental Relations - - - State and Local Borrowing
    • H77 - Public Economics - - State and Local Government; Intergovernmental Relations - - - Intergovernmental Relations; Federalism

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