Spain: Selected Issues

February 28, 2003

Summary

This Selected Issues paper analyzes the conduct of fiscal policy in Spain, made topical by the entry into effect of the Budgetary Stability Law in 2003. This law, along with the new permanent financing arrangements with the subnational levels of government, provides a new institutional and legal framework for fiscal policy. These innovations aim to lock in the gains in fiscal consolidation represented by the achievement of the goals of the Stability and Growth Pact in 2001.

Subject: Automatic stabilizers, Expenditure, Fiscal policy, Output gap, Production, Public financial management (PFM), Tax expenditures

Keywords: absolute value, Automatic stabilizers, C. fiscal policy, consumption behavior, CR, employment protection index, expenditure decision, expenditure elasticity, expenditure stabilizer, fiscal policy effect, government expenditure, gross domestic product, ISCR, OECD estimate, Output gap, output volatility, product market, Tax expenditures

Pages:
39
Volume:
2003
DOI:
https://doi.org/10.5089/9781451812091.002
Issue:
041
Series:
Country Report No. 2003/041
Stock No:
1ESPEA0022003
ISBN:
9781451812091
ISSN:
1934-7685

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