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

Andrés Leal Marcos () and Julio López-Laborda
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Andrés Leal Marcos: Gobierno de Aragón

Hacienda Pública Española / Review of Public Economics, 2009, vol. 189, issue 2, 81-106

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.

Keywords: Public debt; externalities; rating; ordered probit; panel data (search for similar items in EconPapers)
JEL-codes: C2 H74 H77 (search for similar items in EconPapers)
Date: 2009
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Citations: View citations in EconPapers (1)

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Persistent link: https://EconPapers.repec.org/RePEc:hpe:journl:y:2009:v:189:i:2:p:81-106

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