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Could the local funding crisis have been avoided? An IEB study concludes that the town councils spent money without bearing in mind the likely fall in income

 

Memòria Econòmica de Catalunya

 

The authors, Albert Solé-Ollé and Elisabet Viladecans-Marsal, conclude that with the housing boom there was a certain relaxation in the control of local government spending.

The study by the IEB members Albert Solé-Ollé and Elisabet Viladecans-Marsal analyses the expenditure of local governments from all over Spain between 1997 and 2006, a period in which municipal incomes rose sharply thanks to the housing boom. The authors conclude that the local governments lacked any vision of the future, since their spending was highly sensitive to changes in municipal income. With the housing boom, there was a certain relaxation in the control of local government spending

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