La inversión territorializada en el Grupo FomentoAnálisis de las diferencias entre proyecto, presupuesto aprobado y volumen ejecutado

Zusammenfassung

This paper is focused on the gap between the regionalized investment foreseen in the budget bill to that appropriated in the budget law, and, from the last one to the executed by the Spanish Ministry of Public Works. In order to show the scope and limits of this research, section two is devoted to discuss the ongoing process of �debudgetization� of investments. Then, we study the aforementioned differences among budget bill, budget law, and budget liquidation. Econometric estimates show that budgetary and economic variables are more relevant than political factors to account for both timeseries cross-section differences in the degree of budget execution.