Santiago Lago-Peñas

Santiago Lago-Peñas
University of Vigo | UVIGO

Ph. D. Economics

About

202
Publications
44,174
Reads
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1,894
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Introduction
Full professor in the Department of Applied Economics at the Universidade de Vigo. Senior researcher at FUNCAS. Numerary member of the Spanish Royal Academy of Economic and Financial Sciences. Director of the research group GEN. Executive editor of Hacienda Pública Española / Review of Public Economics. Expert for the World Bank, the European Commission, the OECD, the Forum of Federations and the Assembly of European Regions.
Additional affiliations
April 2018 - present
January 2014 - present
University of Vigo
Position
  • Managing Director
September 2001 - present
University of Vigo
Position
  • Professor (Full)

Publications

Publications (202)
Article
In this paper we explore to what extent political regimes affect the competitive balance of football (soccer) domestic leagues. Relying on data from about 50 European countries and more than 2,000 domestic leagues, we show that the percentage of leagues won by the most successful club in the country is substantially lower in traditional democracies...
Preprint
Full-text available
The aim of this article is to identify and quantify econometrically the determinants of the spending needs of the Autonomous Communities of the Common System. The combination of individual fixed effects that capture unobservable inter- territorial differences in spending preferences or efficiency with (mostly) time-invariant variables challenges tr...
Article
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En este documento se analizan los resultados de una encuesta elaborada ad hoc para evaluar el conocimiento y opiniones acerca de la estabilidad fiscal y las preferencias sobre la consolidación presupuestaria en España. Se combina un tratamiento descriptivo de las respuestas con una serie de estimaciones de modelos de elección multinomial ordenada y...
Preprint
Full-text available
This paper offers a comprehensive and updated review of the effects of intergovernmental grants. We focus on the main findings in the existing literature on the effects of intergovernmental grants on tax policy and choices, expenditure decisions, fiscal stability and behavioral choices, and political economy. The intricate nature of the subject, in...
Article
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There are currently two key fiscal processes playing out simultaneously across EU countries: i) a recovery in national finances following the tremendous shock caused by the pandemic; and, ii) the reform of the EU´s Stability and Growth Pact (SGP). The interplay of these processes is particularly key in Spain-a country that has been among the hardes...
Article
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The Covid-19 pandemic is one of the most powerful examples of negative exter-nalities in local communities, entire countries and across the globe, calling for the coordination of policies at all levels. We focus on the role played by institutions at the country level in fighting the spread of Covid-19 by making policy coordination more difficult or...
Book
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El Informe, de 800 páginas, da cumplimiento a la Resolución de creación del Comité, conforme a la que la futura reforma tributaria debe adecuarse a la realidad económica del siglo XXI y garantizar un sistema tributario “más equitativo, progresivo, justo y que incorpore la imposición medioambiental, digital y la perspectiva de género”. Se trata, con...
Article
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This paper empirically examines the political factors behind the different fiscal consolidation paths across Spanish regions over the period 2004 to 2017. Spanish regions provide an interesting case study due to both the strong fiscal decentralization and the deep impact of the so-called “Great Recession” on subcentral budget constraints in Spain....
Article
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Agricultural land abandonment is a relevant occurrence in mountainous and peripheral regions all over the world. While both positive and negative environmental consequences of this abandonment are documented (depending on the specific location and scale), in rural areas it is always linked to a reduction in production and income. To address some of...
Article
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Spain’s 2020 deficit came in better than expected, with analysts’ projections for 2021 more favourable than current government estimates. That said, risks relating to an ageing society, an entrenched structural deficit, and a permanent increase in spending mean Spain requires a credible fiscal consolidation plan.
Article
The conditions under which women's national football teams do better or worse in international tournaments remains an open question. Using data from 116 countries worldwide, we have examined three arguments accounting for the gender gap in international football success, focusing on positive externalities from economic development and women's empow...
Article
Aims Non-communicable diseases (NCDs) have become a primary health concern for most countries around the world. The aim of this research is to analyze the relevant evidence that determines the effect of socioeconomic position (SEP) on the incidence and prevalence of NCDs. Methods A systematic literature search was performed using PubMed, Cochrane...
Book
Full-text available
El objetivo de este libro es mostrar lo ocurrido en el frente de la descentralización política y financiera en España en las últimas cuatro décadas: los logros conseguidos, pero también los errores y tareas inacabadas, para acabar ofreciendo un listado de propuestas de reformas en el sistema autonómico en pos de un mejor funcionamiento, en términos...
Article
The purpose of this paper is to analyze if choices made by family businesses (FBs) regarding job stability in economic recessions are different, on average, to those made by nonfamily firms. Moreover, the study tries to elucidate if this potential difference depends on the family generation that is in charge. The analysis relies upon a sample of 55...
Book
Full-text available
La apuesta del Instituto de Estudios Fiscales (IEF) por el análisis y conocimiento de los problemas de nuestro sistema de financiación autonómico, así como por la formulación de propuestas de mejora, es sólida y sostenida en el tiempo. Valga como demostración el hecho de que este es ya el quinto libro sobre la materia que dirigimos para el Institut...
Article
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Economic figures published in April by Eurostat suggest that Spain’s fiscal consolidation experienced a setback in 2019. Unfortunately, this setback will become substantially greater given the economic paralysis caused by COVID-19. The uncertainty surrounding the COVID-19 crisis makes forecasting both growth and the deficit extremely difficult and...
Article
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Due to both economic and political pressures, Spain has repeatedly pushed back its deficit targets. Unfortunately, the total public deficit will not come down substantially in 2019 compared to 2018, as expenditure has continued to grow. Moreover, although the government failed to pass its general state budget for 2019, it did push through increases...
Article
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The general question addressed in this special issue of Regional Studies is whether the Great Recession of 2008 affected the political consensus about decentralization and the conventional wisdom about its impact on economic, political and social outcomes. The present introduction emphasizes the two main lines of enquiry that cut across all the pap...
Article
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This article presents estimates of tax evasion in all Former Yugoslavian countries for various years and taxes during the last two decades. The scarcely available fiscal and national accounts data only allow us to provide approximate estimates. Nevertheless, they are a useful contribution to the existing literature in a unique sense since tax evasi...
Article
Full-text available
This article brings empirical evidence on the effect of fiscal consolidation in decentralized countries. The focus on Spain is justified by three reasons. First, it is one of the OECD countries most affected by the Great recession in terms of both GDP and public deficit. Second, Spain is one of the most decentralized countries in the world. Third,...
Article
In this paper, we perform an empirical analysis on the determinants of tax morale in former Yugoslavian countries, including both individuals’ attributes and contextual variables. We use survey data from the 2008 European Values Study as well as fiscal and economic macro-data. Our results reveal that the outcomes for individual-level variables are...
Article
Full-text available
While decentralisation in Spain prioritised devolving spending rather than revenue power to its regions, it scores comparatively better than other federal OECD countries for tax decentralisation at present. For this reason, reform should focus on redesigning the context in which tax autonomy is exercised rather than increasing tax decentralisation...
Article
This paper provides an empirical analysis aimed at disentangling the roles played by decentralization level and design as well as the extended decentralized framework provided by subnational borrowing rules and fiscal responsibility laws on a country’s fiscal stability. Using Organisation for Economic Co-operation and Development (OECD) countries’...
Article
Full-text available
The article poses a dual research question: What are the determining factors of the type of audit opinion in a stressed economic environment and do these factors differ between family and nonfamily firms? Our results show that auditor tenure and return on assets (ROA) raise the probability of receiving a favorable opinion. On the contrary, losses d...
Chapter
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El objeto de este trabajo es el análisis del impacto sobre el presupuesto y la gobernanza del sistema de protección social español, de la crisis económica y las medidas de ajuste que se fueron adoptando. El periodo analizado comienza en 2010 y se prolonga hasta los años de incipiente recuperación económica, a partir de 2014, si bien se mencionan al...
Article
Full-text available
Although Spain's deficit fell to 2.5% in 2018, projections for both the near and medium-term indicate more substantial consolidation is unlikely, leaving the Spanish economy vulnerable to potential scenarios of economic slowdown, interest rate hikes and financial turbulence. Spain's deficit woes can largely be attributed to revenue rather than spen...
Article
Full-text available
The aim of this paper is to analyse fiscal policy in former Yugoslavian countries over the period 2001-2014. The contribution of the paper is threefold; first, we build a homogeneous database to describe the evolution of the main fiscal aggregates in each country using an identical analytical structure. Second, we analyse the composition of nationa...
Article
Full-text available
The aim of this study is to examine the relationship between migrating soccer players and the annual ranking of the national teams according to the World Football Elo Rating. The sample includes annual data for 243 countries over the period 1994–2018. Migration is captured with the number of migrating players by country in the “big-five” leagues. T...
Article
Full-text available
Charged with bringing down a high structural deficit, Spain's new government has proposed a revised roadmap for fiscal consolidation. However, given the current political climate, receiving the necessary support remains a challenge. Abstract Spain's fiscal outlook is far from clear. With a structural deficit incompatible with fiscal stability and s...
Book
Full-text available
El libro incluye sendos informes de las comisiones de expertos constituidas en España en 2017, sobre financiación autonómica y financiación local, respectivamente
Article
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Objectives We show that decentralization of economic and political power makes a substantial difference in football. Decentralization increases the competitive balance of domestic football leagues and creates an advantage for clubs from decentralized countries in international competitions. Methods We run pooled cross‐sectional time‐series analyse...
Article
Full-text available
As a result of the new Socialist party (PSOE) government passing an inherited 2018 budget this summer, the country has been forced to revise its 2018 deficit target upward, slowing its path towards fiscal consolidation. Looking forward, domestic political dynamics mean the PSOE will need to engage in complex negotiations with political parties, at...
Article
Full-text available
The dichotomy of strong economic performance and political gridlock in Spain has resulted in fiscal consolidation in line with established targets, but below initial expectations as regards timing and ambition. Fiscal slippage over the years has led to an onerous debt to GDP burden that can only be reduced over the longer term through a stronger st...
Technical Report
Full-text available
El objetivo de este trabajo es analizar las políticas de protección a la familia en España. Para ello, tras justificar la relevancia de este tipo de actuaciones y sus implicaciones económicas y sociales, se sintetizan las principales aportaciones de la literatura. A continuación, se sitúa a España en el ámbito de la OCDE y la Unión Europea. La aten...
Chapter
Full-text available
el primero de los capítulos del libro tiene como objetivo principal realizar un repaso a la literatura que ha tratado de cuantificar la incidencia en España de la economía sumergida y el fraude fiscal, e identificar sus factores determinantes. Los autores, los investigadores asociados a GEN (Governance and Economics Research Network) Fernández Leic...
Article
Full-text available
Las administraciones públicas españolas cerraron el ejercicio 2017 cumpliendo el objetivo de déficit público (-3,1% del PIB). Desde 2015 la coyuntura económica ha sido claramente positiva y también la Comisión Europea ha sido flexible en la exigencia de los objetivos de reducción del déficit. Por el contrario, la coyuntura política es de una gran c...
Article
This paper studied the role of municipal quality of life as a driver of strategic tax interactions among local governments. A number of studies point out the existence of strategic interactions using spatial econometric models in which the spatial weights are mostly based on non-economic criteria or basic economic variables such as per capita gross...
Research
Full-text available
We argue that decentralization of economic and political power makes a substantial difference in football. We demonstrate, with analyses of 35 European democratic countries over the period 1950-2010, that regional autonomy boosts the competition among clubs from different regions and results in a greater competitive balance of domestic football lea...
Article
Full-text available
Aim A comprehensive approach to health highlights its close relationship with the social and economic conditions, physical environment and individual lifestyles. However, this relationship is not exempt from methodological problems that may bias the establishment of direct effects between the variables studied. Thus, further research is necessary t...
Technical Report
Full-text available
The OECD Review of the Independent Authority for Fiscal Responsibility (AIReF) in Spain is among the first wave of independent fiscal institution evaluations. While still a very young institution, the reviewers found AIReF’s work to be in line with good practice in terms of approach, rigour and transparency, as well as in comparison to peer IFIs....
Technical Report
Full-text available
El endeudamiento constituye una fuente de financiación para los gobiernos subcentrales, con sólido apoyo teórico, empírico y constitucional. Sin embargo, por motivos macroeconómicos, existe también una necesidad de armonizar esa libertad de endeudamiento con el cumplimiento de unos objetivos agregados de estabilidad presupuestaria y sostenibilidad...
Technical Report
Full-text available
El objetivo de este informe de la Red de Investigadores en Financiación autonómica y Descentralización financiera en España (RIFDE) es analizar los instrumentos de política regional y la localización del stock de capital en infraestructuras en España, un análisis que sirve de motivación y fundamento a un conjunto de propuestas de reforma. Dada la r...
Article
Over recent years there has been a marked increase in scientific research on corporate governance in Family Firms. The Family Office (FO) is usually analysed as a family governance mechanism. This study sets out to examine what has been published to date on FOs in high-impact scientific journals. From the articles reviewed, it aims to find out what...
Technical Report
Full-text available
El objetivo de este informe de la Red de Investigadores en Financiación autonómica y Descentralización financiera en España (RIFDE) es analizar los instrumentos de política regional y la localización del stock de capital en infraestructuras en España, un análisis que sirve de motivación y fundamento a un conjunto de propuestas de reforma. Dada la r...
Preprint
This paper analyzes the determining factors for audit opinion in private firms, and whether such factors differ between family and non-family firms. With a sample of 9,873 Spanish firms for the period 2011-2015, the empirical results suggest that auditor tenure and ROA raise the probability of receiving a favorable opinion; and that losses during t...
Conference Paper
This paper analyzes the determining factors for audit opinion in private firms, and whether such factors differ between family and non-family firms. With a sample of 9,873 Spanish firms for the period 2011-2015, the empirical results suggest that auditor tenure and ROA raise the probability of receiving a favorable opinion; and that losses during t...
Article
This article explores the impact of decentralisation on countries’ fiscal outcomes paying attention to one aspect usually neglected in the literature: the relevance of local politics, proxied by party system nationalisation. Based on a wide sample of developed and developing countries over the period 1970–2011, our findings are threefold. First, bo...
Technical Report
Full-text available
La VI Conferencia de Presidentes, celebrada el 17 de enero de 2017, acordó la creación de una Comisión de expertos cuyo objeto es realizar los análisis necesarios para la formulación posterior de un nuevo modelo de financiación autonómica fundamentado en los principios de solidaridad, suficiencia, equidad, transparencia, corresponsabilidad fiscal y...
Article
Full-text available
El objetivo de este trabajo es analizar las causas del incumplimiento de los objetivos de déficit para las 17 Comunidades Autónomas durante el periodo 2005-2015. Los resultados muestran que los factores fundamentales son el grado de incumplimiento del año anterior, la variación en el objetivo de déficit, la financiación relativa de las CCAA, la exi...
Article
Both fiscal and political decentralization have been a worldwide trend in recent decades. Spain is probably the best example of this evolution, insofar as it became one of the most decentralized countries in the world in just over three decades, departing for a highly centralized institutional framework. This paper aims to conduct a detailed analys...
Technical Report
Full-text available
El trabajo analiza la pertinencia de realizar una rigurosa evaluación ex ante de los programas electorales de los partidos políticos por parte de organismos o entidades independientes. Un análisis de la literatura académica sobre el tema, así como las exigencias de la transparencia y el buen gobierno, nos llevan a concluir que dicha evaluación serí...
Article
The aim of this paper is analyze the causes of fiscal slippage at the regional level in Spain during the period 2005-2015. According to results, the main factors are the deficit deviation of past year, the variation in the deficit target, total revenues provided by the regional financing system, the existence of changes of government and, to a less...
Data
Strategies, trends, and production relocation factors in the automobile components industry
Article
Full-text available
In this paper, we offer a comprehensive and updated review of the impact of fiscal decentralization on the economy, society and politics. Our first target is the examination of two crucial and yet unsolved issues in the empirical literature on decentralization: the proper measurement of decentralization itself and its potential endogeneity in econo...
Article
Full-text available
Resumen En este trabajo se analiza la evolución del décit y la deuda pública autonómicas desde 2005. Tras una sección descrip-tiva, tratamos de detectar patrones comunes entre Comuni-dades Autónomas mediante varios análisis clúster y explora-mos las causas inmediatas y subyacentes de los desequilibrios autonómicos. El artículo muestra con claridad...
Article
Full-text available
Desde 2007 las Comunidades Autónomas (CCAA) en su conjunto han incumplido de forma reiterada sus objetivos de estabilidad fiscal. Este resultado global es compatible con la existencia de una amplia diversidad de comportamientos entre territorios, lo que exige un análisis diferenciado y posibilita la contrastación de las diversas hipótesis sobre las...
Article
The literature on the nationalization of electoral politics focuses on the institutional characteristics of political regimes and the structure and organization of social cleavages. We argue that the nationalization of electoral politics is also driven by economic performance. Economic perturbations increase vote transfers from large (and highly na...
Book
Full-text available
El objetivo de esta monografía es analizar la forma en la que se puede resolver la asignación tributaria entre niveles de gobierno, desde una doble perspectiva: la que ofrece la literatura teórica sobre el federalismo fiscal y la que brinda el examen de la experiencia comparada. Con este libro se pretende dibujar un mapa de la descentralización tri...
Book
Full-text available
En los países de estructura de gobierno federal, como lo es sin duda el español, más allá de nominalismos, el nivel local y el central deben dejar acomodo al regional. El objetivo de este trabajo es analizar la forma en la que se puede resolver esta asignación tributaria entre niveles de go-bierno, desde una doble perspectiva: la que ofrece la lite...
Article
Full-text available
A closer look at the diversity of fiscal performance at the regional level provides insights into the possible causes behind recent slippage. However, even in the face of an improved regional fiscal outlook for 2016, it will be necessary to incorporate these insights into new fiscal strategies to ensure budgetary stability over time. The public def...
Article
Full-text available
This paper analyses the effect of corporate governance on value creation. It relies upon a dataset that includes the companies listed on the Spanish Stock Exchange for the period from 2005 to 2012. Attention is focused on the structure and composition of boards. In particular, four variables are analyzed: BOARD_SIZE, BOARD_INDEPENDENCE, BOARD_DILIG...
Article
The literature on the nationalization of electoral politics focuses on the institutional characteristics of political regimes and the structure and organization of social cleavages. We argue that the nationalization of electoral politics is also driven by economic performance. Short-term economic perturbations increase vote transfers from large (an...
Article
Full-text available
The government continues on the path of fiscal consolidation, but there will likely be some deviation from 2015 targets, further complicating the outlook for 2016. Strategies to improve performance on deficit targets must give special consideration to the situation of the regions, including the debate over regional funding, as well as social securi...
Technical Report
Full-text available
In just over three decades Spain became one of the most decentralized countries in the world, at least in the tax area. This paper aims to conduct a detailed analysis of this unplanned process, showing the successful aspects, but also its shortcomings and failures. Furthermore, this analysis will also help to understand current political tensions...