0000000001145386
AUTHOR
Leandro García Menéndez
Determinants of sub-central European government debt
Abstract The aim of this paper is to analyze the determinants of sub-central government debt in Europe (Italy, France, Austria, Germany, Belgium and Spain) through estimation for each State based on corresponding panel data from 1996 to 2010. Furthermore, we estimate the debt model using a joint sample, consolidating conclusions on the most influential variables in terms of public debt. A comparative analysis of institutional frameworks in Europe shows that relationships between central and sub-central tax authorities have common traits, although the extent of change in each country remains unknown. In sum, this study shows that sub-sovereign government budgets are counter-cyclical, that ec…
Estimating the non-market benefits of an urban park: Does proximity matter?
Abstract There is increasing and widespread public support for public park provision in urban areas given that they provide an array of different recreational activities enhancing the citizen's quality of life. A contingent valuation survey of 900 randomly chosen inhabitants was undertaken in Valencia (Spain) to estimate the non-market benefits derived from the provision of a new urban park where there is currently an old train station. In conducting our study we distinguished between the districts of the city more and less affected by the project according to the proximity to the future park. Our main finding is that the mean willingness to pay (WTP) is considerably higher for people who l…
Análisis de los factores determinantes de los flujos de IDE de los países comunitarios a América Latina.
Este trabajo permite constatar la importancia de los flujos de IDE desde la UE hacia América Latina. El objetivo es el análisis de los determinantes de dichos flujos a partir de la síntesis entre el paradigma OLI y la teoría de la integración regional, desde la perspectiva de los países emisores, mediante una estimación con datos de panel y efectos fijos. Los resultados muestran la similitud para Argentina, Brasil y México del papel del comercio, la ventaja tecnológica y el efecto país. tedoming@uv.es; legarcia@uv.es
Spreads of bonds issued by sub-sovereign European governments
[EN] This paper identifies the factors that affect the spread of fixed and variable type bonds in the primary and secondary markets issued by sub-sovereign European governments. The analyses of both markets will be done separately to compare whether the determinants in the primary market coincide with those in the secondary market. The analyses will examine the period between February 2008 and December 2013 using data panel estimations. The conclusions are that both markets are approximately identical behavior and the signs of the variables matched what was expected in nearly every case. Also, we concluded that the most important in determining the spread sub-sovereign variable is the sprea…