Desiderio Romero-Jordán

King Juan Carlos University | URJC · Departamento de Economía Aplicada II

Evidence shows that size matters in terms of productivity. Within this literature, this paper analyses whether corporation tax penalises the productivity growth of smaller enterprises (SEs) (< 20 workers). For this purpose, we use a sample of Spanish manufacturing companies for the period 1996 to 2009. Results show that corporation tax has a negati...

R&D investment is a key factor in long run economic growth. This paper analyzes the effectiveness of public grants and tax credits used to promote long-run R&D investment. Cointegration techniques have been used to deal with the existence of common trends, which might lead to spurious correlation. In this context, we propose a new empirical strateg...

This paper identifies the main determinants of fuel consumption by households in the passenger transport sector in Spain (private cars). We estimate a Generalized Method of Moments model using quarterly (panel) data on automotive fuel consumption by 8,000 households between 1998 and 2005. The paper shows a clear persistence of habit in fuel consump...

The deep economic crisis and the sharp rise in electricity prices have reduced electricity demand by Spanish households. This paper aims to analyse the responsiveness of household electricity demand and the welfare effects related to both factors in the 2006-2012 period by applying a demand model estimated with the quantile regression method. The r...

In this paper, we analyze housing supply and demand in Spain. Using data for 1975 to 2009, reduced form and structural models are estimated. The results show that faced with situations of disequilibrium, prices adjust more rapidly than stocks. Similarly, they demonstrate that demand shows low sensitivity to variations in prices and real interest ra...

Households play a very relevant role in energy demand in general and electricity demand in particular. Although electricity is an essential product in our daily life, reductions of electricity demand have generally been defended on environmental and energy security grounds. The aim of this paper is to analyse the level and the drivers of efficiency...

Electricity provides a crucial service in our daily lives. However, in electricity systems mostly based on conventional, fossil-fuel fired technologies, an increase in electricity demand also leads to higher greenhouse gas emissions and, in countries without fossil-fuel resources, also increases their dependence on foreign energy sources. In more d...

This study analyses the effect that the institutional environment for corporate governance and the economic cycle have on the relationship between the business portfolio restructuring (BPR) strategy and corporate performance. For this purpose, we use institutional theory, incorporating the notion of organizational slack to highlight the differences...

This paper exercises a Structural Threshold Regression analysis to test the existence of critical 5 diversification levelsin the study of the moderating effect of diversification strategies on performance. 6 The method is applied to a novel panel data set comprising a sample of Spanish multinational 7 companies from non–financial sectors during...

200 distorsión en la comprensión que la sociedad tiene de los efectos económicos de los impuestos, espe-cialmente en algunas figuras tributarias como el IVA. En resumen, el debate sobre la equidad en los impuestos es una cuestión mucho más compleja cuyo análisis empírico requiere del uso de datos y herramientas adecuadas. Desde los años ochenta se...

This paper focuses on the substitution effects between different comercial presentations of tobacco in Spain. Concretely, on cigarettes, cigars and RYO. When taxing policies increase tobacco prices these effects might lead changes from more expensive to cheaper products instead of reducing tobacco consumption. We use micro-data for the years 2006 -...

Technology-based firms are a key driver for the growth potential of a country due to their capacity to introduce radical innovations and value into the economy. In this chapter, the authors propose a definition for technology-based firms based on strategies that makes possible to identify the companies with advanced use of technology (including kno...

Effects of product and geographic diversification on company performance: Evidence during a period of economic crisis. Based on a novel and specialized sample of Spanish listed companies from non-financial sectors, we explore the effects of product and geographic diversification on company performance during a period of economic downturn. The paper...

Research in Transportation Economics, a peer-reviewed journal published by Elsevier, invites papers for consideration for publication in a Special Issue on the analysis of public policies prompting sustainable transport in cities. The editors of this special issue are inviting theoretical, methodological or empirical papers (including case studies)...

De conformidad con la base quinta de la convocatoria del Programa de Estímulo a la Investigación, este trabajo ha sido sometido a evaluación externa anónima de especialistas cualificados a fin de contrastar su nivel técnico. La serie DOCUMENTOS DE TRABAJO incluye avances y resultados de investigaciones dentro de los programas de la Fundación de las...

De conformidad con la base quinta de la convocatoria del Programa de Estímulo a la Investigación, este trabajo ha sido sometido a evaluación externa anónima de especialistas cualificados a fin de contrastar su nivel técnico. Abstract This chapter extends previous empirical studies developing separate hypotheses in which each type of diversificati...

A comparative analysis of electricity and gas demand in the industrial sector over a long period of time appears to be absent in the literature. In fact, unlike electricity demand, natural gas demand in the industrial sector has not been well researched. Our paper aims to cover this gap. It analyses electricity and gas consumption patterns by the S...

In a context of economic crisis, the amount of the demand public transport subsidies in Madrid has been reduced to control the level of public deficit. This has implied a worsening of public service quality and an increase of public transport prices. Using the Spanish Household Survey, this paper analyses the impact on welfare generated by the incr...

The aim of this paper is to estimate fuel demand behaviour related to car use by households with different income levels in Spain using micro-level panel data in order to infer public policy implications. Our results show that the income elasticity of fuel demand is highest for the lowest income group and diminishes monotonically for the others. Th...

The aim of this paper is to analyse the impact of several “international” drivers on firms developing or adopting eco-innovation (i.e., eco-innovators), with the help of a bivariate probit model with sample selection and using a database of Spanish innovators. We test how the eco-innovative behaviour of innovative firms is affected by international...

De conformidad con la base quinta de la convocatoria del Programa de Estímulo a la Investigación, este trabajo ha sido sometido a eva-luación externa anónima de especialistas cualificados a fin de con-trastar su nivel técnico. Abstract Based on an original sample of Spanish listed companies from non-financial sectors during 2006-2011, we show that...

Mitigation policies have focused mainly on the energy and transport sectors, but recent studies suggest that food related measures can also deliver cost-effective emission reductions. This paper evaluates the implications of levying consumption taxes on food products in Spain based on their carbon footprint. Specific elasticities are estimated for...

Global climate change measures are difficult to implement. In this context, local air pollution measures may play an important role in the political agenda since their effects are felt more immediately by citizens. Distributional implications are one of the main barriers for implementing environmental policies. This paper explores the distributiona...

This article models the elasticity of consumption taxation faced with changes in disposable income. Its calculation makes clear the importance of the design of the personal income tax and of the changes caused to the consumption of taxpayers. The modelling is performed for both individual taxpayers and the population as a whole.

This paper analyses the main determinants influencing different types of eco-innovations and eco-innovators in Spain. We differentiate between two types of eco-innovations (process vs. product and new-to-the-market (NTM) vs. new-to-the-firm (NTF)) and two different types of ecoinnovators (large vs. small and old vs. new firms). Our findings show th...

This paper analyzes the main determinants influencing environmental innovators (i.e. firms developing or adopting environmental innovations) in Spain with respect to non-environmental innovators. Similarly to other contributions in the literature, our results show that Spanish environmental innovators respond to regulatory stimulus in the form of d...

The aim of this paper is to provide a critical review of the literature on the econometric analyses of firm-level determinants to eco-innovation. The review reveals some gaps in knowledge. First, an integrated theoretical framework which merges the insights from different approaches is missing. Second, the influence of some variables is still unset...

This article estimates, for the Spanish personal income tax, the elasticity of reported gross income to marginal tax rates. The identification of this elasticity has been performed using the reform approved by Law 35/2006, which came into force in January 2007. The elasticities obtained suggest the existence of important efficiency costs, with sign...

In this paper we identify the potential determinants of firm R&D to understand the effectiveness of public policies. Our results suggest a considerably low impact of tax credits and public grants on the R&D investment of the Spanish manufacturing firms. Tax credits are mainly considered by large firms that use them as a reduction of the tax burden...

This paper analyses the determinants of household electricity demand with a panel data, partial adjustment model of the Spanish regions between 1998 and 2009. We find that electricity demand is positively and significantly related to several variables (electricity demand in the previous year, income, temperature range, penetration of electric water...

There are studies that suggests that the use of environmental taxes to promote the consumption of “clean goods” could have unwanted effects in that it leads to the consumption of “dirty goods”. The results will depend on the multiple effects of cross-price elasticities. This paper illustrates the above hypothesis as applied to earth transport consu...

Este trabajo ofrece una discusión de las líneas de reforma futura en el IVA y en los Impuestos Especiales. En el caso del IVA se presta una especial atención a la elevación en los actuales tipos de gravamen, la modificación de las bases y la eliminación de los regímenes especiales. En el caso de los Impuestos Especiales, la principal reforma a acom...

This paper analyses the determinants of household electricity demand with a panel data, partial adjustment model of Spanish regions in the 1998-2009 period. The results show that electricity demand responds positively and significantly to electricity demand in the previous year, income, temperature range, penetration of electric water heating in ho...

Since 1986, car fuel consumption in Spain has been subject to the Special Hydrocarbons Tax and the Value Added Tax. In addition, since 2002 regional governments have been able to apply a regional excise duty on hydrocarbons. This article analyses the impact that such a regional tax has on the retailer's diesel price at the border of the province of...

VAT increases in Spain since the onset of the crisis have brought rates from among the lowest in the EU to in-line with the average. There is room for additional increases for items currently subject to lower rates, but this would be insufficient to remedy Spain’s low VAT revenue ratio

(Funcas), sirve para evaluar las reformas del sistema de imposición indirecta española. El uso de este software que concluya en la obtención de resultados para fines académicos, docentes, de consultoría o de cualquier otra índole debe mencionarse expresamente del siguiente modo: Los resultados que se presentan en este trabajo se derivan del uso del...

This paper aims to provide evidence to add to current knowledge on the contribution of R&D capital to private production based on panel data of Spanish manufacturing firms over the period 1990 to 2005. The differences in how R&D capital affect firm production is explored for small and large firms and for technological intensity of the firm. The emp...

This paper analyzes the revenue impact of the recent reforms undertaken in Spain in the Personal Income Tax and in the Value Added Tax. In this respect, this paper highlights the importance of taking into account the behavioural responses of the taxpayers to those reforms. For the Personal Income Tax, the results confirm that not taking into con si...

In the 1990s, purchases of diesel passenger cars in the EU had intensively grown, with the subsequent increase of diesel oil demand. One of the main factors explaining this change on consumer preferences was the improvement in combustion technology of diesel engines. In this context, just because diesel cars use less energy per kilometre than petro...

La inversión productiva constituye un elemento fundamental de la demanda agregada de las economías que, a su vez, dinamiza las sociedades y genera bienestar a la ciudadanía. Por ello, desde los trabajos pioneros de Fisher y Keynes hasta los desarrollos más modernos basados en las teorías de “opciones reales”, los estudiosos, los empresarios y los g...

The significant increase in passenger transport activity (cars) experienced by Spain and its associated increase in energy consumption have several associated negative aspects, including a greater dependence on foreign energy sources and higher GHG emissions. Therefore, reducing the level of transport activity would bring important socioeconomic an...

This article constructs a dynamic model to estimate the impact of adjustment costs on the productivity of investment in R&D. In order to take into account the possible endogeneity of adjustment costs, the model is estimated by means of instrumental variables (IV), using a panel of Spanish companies. The results show that the elasticity of the produ...

The implementation of tax reforms to reduce carbon dioxide (CO2) emissions has become increasingly popular. Nevertheless before prescribing these measures, they should be subject to a cost-benefit analysis. This paper evaluates the effects, in Spain, of a rise in the excise duties on energy to a level equal to the average of the EU-15. To this end,...

The Spanish R&D to GDP ratio is low compared to other leading economies during the last decade. This paper uses data of a sample of Spanish manufacturing firms over the period 1990-2001 to investigate the relationship between labour productivity and R&D capital at firm level. A Cobb-Douglas function including R&D intensity is estimating using the p...

El envejecimiento demográfico, la caída de la natalidad, la conciliación de la vida familiar y laboral o los fenómenos de dependencia han aumentado el protagonismo de las políticas familiares en los últimos años. La protección de la familia constituye uno de los principios rectores del Estado del bienestar, si bien las políticas presupuestarias de...

In recent years the infrastructures have undergone structural changes in their provision and financing, which have receded back into the middle of the economic debates. The interest in determining whether these changes can affect the economic growth has also served to review the understanding of this relationship. This paper provides an overview of...

El artículo 39 de la Constitución Española impone a los Poderes Públicos la obligación de implementar las medidas necesarias para asegurar la protección social, económica y jurídica de la familia, prestando una atención especial al cuidado de los hijos. Los instrumentos que se pueden utilizar para cumplir con este precepto constitucional son tanto...

Este trabajo analiza la eficacia de los incentivos fiscales a la inversión en I+D en España. Para ello se utiliza una muestra de empresas manufactureras referida al período 1990 a 2001. Los resultados muestran que el crédito fiscal, y en menor medida las amortizaciones, son instrumentos adecuados para reducir el precio de la I+D. Sin embargo, la re...

En este trabajo se comparan los niveles de inversión en I+D de los países de la UE-15. La información disponible muestra que la UE-15 presenta ratios de I+D en porcentaje de PIB claramente inferiores a Japón, Estados Unidos y Finlandia. Asimismo, existen importantes diferencias en cuanto a la financiación pública o privada de los proyectos y el fin...

The Council of Financial and Fiscal Policy proposed in 2005 to duplicate the ceiling of the regional rate of the retail tax on fuel from 2,4 to 4,8 cents of euro by liter. This tax increase was earmarked to cover the expenditures of the national health service in the regions of Spain. This paper evaluates the impact on tax revenue and the distribut...

The aim of this paper is to analyse the determinant factors of fuel prices in the EU-15 during the nineties. Therefore, prices of these products for the period 1990-2000 are estimated using panel data techniques. Results show that the price of imported oil and, more importantly, fuel taxation are the factors that have greater influence on final pri...

This article analyses the effectiveness of tax incentives for R&D investment in Spain. In doing so, a representative sample of companies in the manufacturing sector for period 1990-2001 is used. Results confirm that tax credits, and to a lesser degree tax depreciation schemes, are appropriate tools for reducing the user cost of capital in R&D inves...

The aim of this chapter is to explain the most significant events during the lifetime of the personal income tax (PIT) which, since its introduction, has become the form of taxation most widely known by Spanish taxpayers. We will therefore describe its historical origins, analyze its significance within the Spanish tax framework and offer a statist...

En este trabajo se estiman, a partir de los datos de la Encuesta Continua de Presupuestos Familiares (1998-2001), distintas especificaciones estáticas y dinámicas de la demanda de carburantes de los hogares españoles utilizando un modelo AIDS. Para tal fin, en cada estimación se han tenido en cuenta los problemas de infrecuencia de compra, heteroge...

Proposals for tax cuts on cultural goods represent an ongoing debate in cultural policy. The main aim of this paper is to shed some light on this debate using microsimulation tools. First, we have estimated an Almost Ideal Demand System for nineteen different groups of goods, including cultural goods. Expenditure and price elasticities have been ob...

El objetivo de este trabajo es analizar el papel que las variables demográficas población y número de matrimonios, renta per capita y precio de la vivienda tienen en la formación de stock de vivienda en España. El trabajo está referido al período 1858 a 2000 y se utilizan técnicas de cointegración. Los resultados indican que la variable de mayor pe...

La reforma del Impuesto sobre la Renta de las Personas Físicas (Ley 40/1998) ha venido acompañada de un mecanismo de compensación destinado a cubrir la posible pérdida de incentivos por adquisición de vivienda habitual. La norma define un "incentivo teórico" que habría recibido un contribuyente con la anterior legislación, compensándole si con la n...

Corruption in the public sector erodes tax compliance and leads to higher tax evasion. Moreover, corrupt public officials abuse their public power to extort bribes from the private agents. In both types of interaction with the public sector, the private agents are bound to face uncertainty with respect to their disposable incomes. To analyse effect...

The impact of a stronger work requirement for welfare recipients in a workfare program is studied in an efficiency wage model where a representative firm chooses its level of monitoring activities. A stricter workfare policy raises employment as well as the monitoring intensity. It typically increases profits and reduces the tax rate. The impact on...

enero de 2002 entró en vigor en España el nuevo Impuesto sobre las Ventas Minoristas de Determinados Hidrocarburos, cuya recaudación está cedida a las comunidades autónomas. Los recursos obtenidos con esta nueva figura tributaria se destinarán fundamentalmente a la financiación de gastos de naturaleza sanitaria. El objetivo del presente trabajo es...

En este trabajo se simulan los efectos de la reforma del IRPF que entró en vigor en enero de 2003. El análisis se realiza teniendo en cuenta el impacto de la reforma sobre la oferta laboral. Los resultados indican la existencia de un coste recaudatorio global del 14,93%, de los cuales 2,26 puntos corresponden a la nueva deducción para madres trabaj...

La reforma del Impuesto sobre la Renta de las Personas Físicas (Ley 40/1998) ha venido acompañada de un mecanismo de compensación destinado a cubrir la posible pérdida de incentivos por adquisición de vi-vienda habitual. La norma define un " incentivo teórico " que habría reci-bido un contribuyente con la anterior legislación, compensándole si con...

El SINDIEF es una herramienta que evalúa el impacto de reformas de imposición indirecta en España, desarrollada por la Unidad de Microsimulación del Instituto de Estudios Fiscales (UMIEF). Los miembros de la UMIEF son José Félix Sanz (director), Juan Manuel Castañer, Desiderio Romero, Juan Prieto y Francisco José Fernández. Esta publicación y el so...

En enero de 2002 entró en vigor en España el nuevo Impuesto sobre las Ventas Minoristas de Determinados Hidrocarburos. Este impuesto, cuya recaudación está cedida a la Comunidades Autónomas, se destinará fundamentalmente a la financiación de gastos de naturaleza sanitaria. El objetivo del presente trabajo es evaluar los efectos recaudatorios, distr...

El objetivo de este trabajo es evaluar, en términos de neutralidad los efectos que el Impuesto de Sociedades tiene en la capacidad financierda de las empresas para acometer proyectos de inversión. La metodología empleada es la de los tipos medios efectivos. A partir de un panel de microdatos tributarios correspondiente a 13.530 empresas de titulari...

SIRPIEF es una herramienta que evalúa el impacto de reformas de imposición sobre la renta en España, desarrollada por la Unidad de Microsimulación del Instituto de Estudios Fiscales (UMIEF). Los miembros de la UMIEF son José Félix Sanz (director), Juan Manuel Castañer, Desiderio Romero, Juan Prieto y Francisco José Fernández. El uso de esta publica...

. Este art�culo eval�a, a trav�s de un modelo de microsimulaci�n est�tico con comportamiento, un conjunto de reformas encaminadas a reducir el gravamen indirecto que soportan determinados consumos de bienes y servicios culturales. El comportamiento se introduce a trav�s de la estimaci�n de un sistema de demanda completo AIDS para 19 grupos de gasto...

El objeto de este trabajo es analizar la relación existente entre el estado de salud y la participación laboral de los trabajadores mayores. Como punto de partida se describen las características más relevantes del mercado de trabajo del segmento poblacional comprendido entre 50 y 65 años. A continuación se analiza, en primer lugar, el efecto de la...

La reforma del Impuesto de la Renta de las Personas Físicas (Ley 40/1998) ha venido acompañada de un mecanismo de compensación destinado a cubrir la posible pérdida de incentivos por adquisición de vivienda habitual. Hasta el momento, y en aplicación de lo dispuesto en la Disposición Transitoria Cuarta de la citada Ley, este procedimiento compensat...

La reforma del Impuesto de Sociedades realizada en España en el año 1995 tenía, entre sus principales objetivos, la introducción de una serie de medidas destinadas a la adecuación entre beneficio contable y fiscal, la mejora en la neutralidad y el fomento de la internacionalización de la empresa española. Aunque la valoración de la reforma ha sido...

The aim of this work is to analyse the effectiveness of investment tax credit in the Spanish Corporate Tax. For this purpose, we estimate a dynamic investment model based on investment Euler equation where investment and financing decisions are simultaneous. We have found that tax credit is not very effective when dealing with small firms. Classifi...

The aim of this paper is to compare, at an international level, the average tax liabilities on the use of labour as a production factor among a bunch of OECD country members. The methodology is that of marginal effective tax rates. Results on Great Britain, Sweden, France, Germany, Italy, Portugal, Japan, United States and Spain are reported for pe...

El objetivo del presente trabajo consiste en analizar la eficacia de los incentivos fiscales a la inversión. Tras exponer los argumentos favorables y contrarios a la utilización de estí-mulos fiscales a la inversión empresarial y los principales tipos (le incentivos, el trabajo presenta y discute la literatura empírica publicada desde los años sese...

This paper computes the marginal effective tax rates in aggregate form for OCDE countries.

En este trabajo se efectúa un análisis microeconómico de la distribución y el grado de concentración del ahorro fiscal derivado del uso del crédito a la inversión y al empleo existentes en el Impuesto de Sociedades. El trabajo está referido al período 1991-1994 y se emplea un panel de 13.530 empresas manufactureras declarantes del Impuesto de Socie...

El objetivo de este trabajo es evaluar -mediante la metodología King-Fullerton-, el impacto del crédito fiscal a la inversión en "Activos Fijos Nuevos" en el Impuesto de Sociedades sobre la neutralidad impositiva. Para ello, hemos utilizado el ahorro fiscal efectivo obtenido por las empresas en términos de cuota, cuyo cálculo ha sido posible gracia...