Luis Ángel Hierro Recio

In this paper, we analyse the influence of interregional trade on regional economic growth, adopting balance-of-payments constrained regional growth model. To do this, we extend the model theoretically by incorporating interregional trade relations and then make an empirical application to Spanish regions for the period 1996–2018. The results obtained from the empirical application show that the restriction would not have limited economic growth in the case of Spanish regions. We therefore evaluate the possibility that there may be interregional fiscal and financial flows that make the persistence of internal trade imbalances possible in the long term and that the restriction on growth does not work. To verify this explanation, we test whether the differences between real and constrained growth can be explained by proxy variables of both types of flows. The conclusion is that fiscal flows could explain this difference, indicating that they might exert a compensatory effect that counteracts the restriction of the balance.

Background: After the emergence of the first vaccines against the COVID-19, public health authorities have promoted mass vaccination in order to achieve herd immunity and reduce the effects of the disease. Vaccination rates have differed between countries, depending on supply (availability of resources) and demand (altruism and resistance to vaccination) factors. Methods: This work considers the hypothesis that individuals’ health altruism has been an important factor to explain the different levels of vaccination between countries, using the number of transplants as a proxy for altruism. Taking European Union’s countries to remove, as far as possible, supply factors that might affect vaccination, we carry out cross-sectional regressions for the most favorable date of the vaccination process (maximum vaccination speed) and for each month during the vaccination campaign. Results: Our findings confirm that altruism has affected vaccination rates against the COVID-19. We find a direct relationship between transplants rates (proxy variable) and vaccination rates during periods in which the decision to be vaccinated depended on the individual’s choice, without supply restrictions. The results show that other demand factors have worked against vaccination: political polarization and belonging to the group of countries of the former Eastern bloc. Conclusions: Altruism is a useful tool to define future vaccination strategies, since it favors the individuals’ awareness for vaccination.

Context. After the emergence of the first vaccines against the COVID-19, public health authorities have promoted mass vaccination in order to achieve herd immunity and reduce the effects of the disease. Vaccination rates have differed between countries, depending on supply (availability of resources) and demand (altruism and resistance to vaccination) factors. Methods. This work considers the hypothesis that individuals health altruism has been an important factor to explain the different levels of vaccination between countries, using the number of transplants as a proxy for altruism. Taking European Union countries to remove, as far as possible, supply factors that might affect vaccination, we carry out cross-sectional regressions for the most favorable date of the vaccination process (maximum vaccination speed) and for each month during the vaccination campaign. Results. Our findings confirm that altruism has affected vaccination rates against the COVID-19. We find a direct relationship between transplants rates (proxy variable) and vaccination rates during periods in which the decision to be vaccinated depended on the individuals choice, without supply restrictions. The results show that other demand factors have worked against vaccination: political polarization and belonging to the group of countries of the former Eastern bloc. Conclusions. Altruism is a useful tool to define future vaccination strategies, since it favors the individuals awareness for vaccination.

Este trabajo estudia el papel de las rentas del petróleo como transferencias implícitas que redistribuyen la renta global a través del comercio. Para ello estimamos dichas rentas, calculamos su efecto redistributivo, analizando el papel de las exportaciones y las importaciones, así como su distinto impacto en función de la renta per cápita. Los resultados muestran que (i) las rentas implícitas del comercio internacional de petróleo generan una redistribución positiva decreciente, aunque se convierte en negativa después de 2001 cuando se emplea la renta en PPA; (ii) el efecto redistributivo se genera principalmente a través de las exportaciones, mientras que las importaciones juegan un papel menor; y (iii) las rentas del comercio internacional de petróleo tiene un impacto mayor en los países que se encuentran en los deciles más bajos. La novedad de este trabajo es que, por primera vez, estudia el efecto redistributivo a nivel internacional de las rentas del petróleo, introduciendo el concepto de transferencias implícitas en el comercio internacional, abriendo nuevos campos de investigación en el área de la desigualdad global de la renta.

Este trabajo tiene como objetivo fundamental analizar los determinantes de la presión fiscal de las empresas españolas en la época reciente y, en especial, si en una época de fuerte crisis económica, como la Gran Recesión, las grandes empresas con más rentabilidad han ejercido su poder político para reducir sus costes fiscales o si, por el contrario, han soportado una parte del coste político en forma de más impuestos. Para el análisis utilizamos el tipo impositivo efectivo (TIE) del Impuesto de Sociedades (IS), tomando como variables determinantes del TIE las establecidas por cada una de las dos hipótesis señaladas: tamaño y rentabilidad económica. Además, incluimos como variables de control el endeudamiento y la intensidad de capital. Utilizamos una regresión econométrica siguiendo el Método Generalizado de los Momentos de Arellano-Bover (System GMM), para una muestra de 3.362 empresas, extraída aleatoriamente de la base SABI, con datos referidos al periodo 2008-15, con valores totales y segregando por sectores productivos y obtenemos como resultado que se tiende a cumplir la hipótesis del coste político, tanto a nivel general de la economía como en la mayoría de sectores, lo que, entre otras causas, asociamos a la presión del Gobierno por controlar el déficit público durante la crisis. Además, analizamos si la carga fiscal por el IS resulta diferente según el sector o la residencia fiscal, mediante un análisis estadístico. En este caso los resultados muestran que aquellos sectores con mayores niveles de capitalización registran TIE más bajos y que aquellos más intensivos en mano de obra tienen TIE más altos. En cuanto a la C.A. de residencia, el único resultado estadísticamente significativo es la existencia de un mayor TIE en Madrid que en el resto de Comunidades, debido a la domiciliación fiscal de las empresas más importantes y grandes en la capital. The main objective of this paper is to analyse the determinants of Spanish company tax burden in recent times and, in particular, to ascertain whether at a time of deep economic crisis, such as the Great Recession, larger and more profitable companies exert their political power in order to reduce their fiscal costs or whether, by contrast, they bear part of the political costs in the form of more taxes. For the analysis, we use the effective tax rate (ETR) of Corporation Tax (CT), taking as ETR determinant variables those established by each of the two hypotheses indicated: size and economic profitability. In addition, we include indebtedness and capital intensity as control variables. We use econometric regression, following the Arellano-Bover Generalized Method of Moments (GMM System) for a sample of 3,362 companies, randomly extracted from the SABI base, drawing on data for the 2008-15 period, with total values and segregating by production sectors. We find that the political cost hypothesis tends to be fulfilled, both at a general level of the economy and in most sectors. Among other causes, we associate this to government pressure to control public deficit during the crisis. Using statistical analysis, we also examine whether the tax burden for CT differs depending on the sector or fiscal residence in question. In this case, results show that sectors with higher levels of capitalization evidence a lower ETR and that those which are more labour intensive display a higher ETR. As for the region of residence, the only statistically significant result is the existence of a greater ETR in Madrid than in the rest of the regions, due to the fiscal domicile of the largest and most important companies being seated in the capital.

El presente trabajo tiene por objeto analizar cómo se distribuyen las distintas fuentes de ingresos de los Estados y Territorios de Australia, a fin de evaluar la contribución de cada una de ellas a la desigualdad final resultante y valorar si el sistema de financiación es progresivo o regresivo y por qué. Para ello, la metodología aplicada es la descomposición natural de los índices de concentración y la descomposición directa del índice de Suits, resultando que la distribución de los recursos financieros es altamente igualitaria y algo progresiva, a lo cual contribuye fundamentalmente las transferencias. Ahora bien dicha progresividad en la distribución de los recursos totales se convierte en regresividad entre los Estados y Territorios con mayor nivel de producción per cápita. Esto se debe a que las transferencias benefician especialmente a los Estados y Territorios con menor tamaño poblacional.

Most of the literature on tourism taxation focuses on indirect taxes, on their use as a policy to promote tourism or as a system for collecting and controlling revenue. This document addresses an issue which has thus far remained almost unexplored; the direct taxation of tourism through the corporate tax borne by companies in the sector. The proposed objectives are twofold: first, to verify whether direct taxation leads to an additional tax on the tourism sector, which compensates for the lower collection due to the application of reduced rates in indirect taxation; and second, to ascertain whether there are differences between the different subsectors of the tourism sector in this regard. For this, a random sample of 16,266 Spanish companies for the period 2014–2018 is used, taken from the SABI (Iberian Balance Analysis System) base. Results show that Spanish tourism companies are taxed above average, although less than most subsectors of the services sector, such that it cannot be said that there is compensation for the lower VAT tax burden. However, the exception is travel agencies, who bear a much higher levy on corporate tax whilst at the same time enjoying a special VAT regime.

El presente trabajo tiene como objetivo analizar el cambio en los resultados distributivos del nuevo modelo de financiación autonómica de régimen común con respecto al vigente desde 2002. Para ello se utilizan indicadores de desigualdad y progresividad derivados de curvas de concentración, así como indicadores de dispersión y de elasticidad. El resultado fundamental que se obtiene es que, a pesar de las modificaciones sustanciales que se producen en la estructura del nuevo modelo, ello no conlleva cambios significativos en los efectos redistributivos de las transferencias, ni en términos de desigualdad ni en términos de progresividad. No obstante, el nuevo modelo sí produce menos reordenación y, en consecuencia, menos desigualdad generada por la misma.

This paper seeks to determine which workers affected by lockdown measures can return to work when a government decides to apply lockdown exit strategies. This system, which we call Sequential Selective Multidimensional Decision (SSMD), involves deciding sequentially, by geographical areas, sectors of activity, age groups and immunity, which workers can return to work at a given time according to the epidemiological criteria of the country as well as that of a group of reference countries, used as a benchmark, that have suffered a lower level of lockdown de-escalation strategies. We apply SSMD to Spain, based on affiliation to the Social Security system prior to the COVID-19 pandemic, and conclude that 98.37% of the population could be affected. The proposed system makes it possible to accurately identify the target population for serological IgG antibody tests in the work field, as well as those affected by special income replacement measures due to lockdown being maintained over a longer period.