Spain: Selected Issues

International Monetary Fund

No 2003/041, IMF Staff Country Reports from International Monetary Fund

Abstract: 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.

Keywords: ISCR; CR; absolute value; expenditure elasticity; product market; fiscal policy effect; government expenditure; consumption behavior; expenditure stabilizer; OECD estimate; expenditure decision; gross domestic product; employment protection index; C. fiscal policy; output volatility; Automatic stabilizers; Output gap; Tax expenditures (search for similar items in EconPapers)
Pages: 39
Date: 2003-02-28
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