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[EN] The aim of this paper is to identify the determinants of the rating assigned to sub-sovereigns in Germany, Austria, Belgium, France, Italy and Spain, using a total of 92 territorial entities for the 1989-2012 period. Multinomial ordered probit estimation models were estimated for each specification and agency. We conclude that the country s rating is one of the most important determinants of regional governments ratings with a positive influence, as expected, and that the country debt/GDP ratio is a stronger determinant for regions than their own indebtedness with a negative sign. Other relevant variables are population growth rate, unemployment rate, elderly people weight, regional public expenditure weight and size. Additionally, economic variables, country s rating and population growth are more important to Fitch; whereas budget variables and size variables are more relevant to Moody s. Debt variables and elderly people ratio, are more important to S&P. ; Jannone-Bellot, N.; Martí Selva, ML.; Garcia-Menendez, L. (2017). Determinants of sub-sovereign government ratings in Europe. Transylvanian Review of Administrative Sciences. (50E):110-126. doi:10.24193/tras.2017.0007 ; S ; 110 ; 126 ; 50E

[EN] The aim of this paper is to analyse the determinants of sub-central government debt in Europe (Italy, France, Austria, Germany, Belgium and Spain) through estimation for each State based on corresponding panel data from 1996 to 2010. Furthermore, we estimate the debt model using a joint sample, consolidating conclusions on the most influential variables in terms of public debt. A comparative analysis of institutional frameworks in Europe shows that relationships between central and sub-central tax authorities have common traits, although the extent of change in each country remains unknown. In sum, this study shows that sub-sovereign government budgets are counter-cyclical, that economies of scale are present, which the golden rule of public finance is followed, that population growth and lower per capita financing lead to higher debt levels, and that regions characterised by higher debt/GDP ratios tend to have lower future deficits. ; Jannone Bellot, N.; Martí Selva, ML.; García Menéndez, L. (2017). Determinants of sub-central European government debt. The Spanish Review of Financial Economics. 15(2):52-62. doi:10.1016/j.srfe.2017.04.001 ; S ; 52 ; 62 ; 15 ; 2

[EN] This paper identifies the factors that affect the spread of fixed and variable type bonds in the primary and secondary markets issued by sub-sovereign European governments. The analyses of both markets will be done separately to compare whether the determinants in the primary market coincide with those in the secondary market. The analyses will examine the period between February 2008 and December 2013 using data panel estimations. The conclusions are that both markets are approximately identical behavior and the signs of the variables matched what was expected in nearly every case. Also, we concluded that the most important in determining the spread sub-sovereign variable is the spread of the sovereign state. ; [ES] El articulo identifica los factores que afectan al spread de los bonos de tipo fijo y variable en los Mercados primarios y secundarios, emitidos por los gobiernos subsoberanos europeos. El análisis de ambos mercados será realizado por separado para comparar si los determinantes en el Mercado primario coincide con los del secundario. El analisis examinará el periodo comprendido entre febrero de 2008 y diciembre de 2013 utilizando una estimación por datos panel. Se concluye que ambos mercados tienen aproximadamente comportamientos idénticos y los signos de las variables coinciden con los esperados en la mayoría de los casos. ; Jannone Bellot, N.; Martí Selva, ML.; García Menéndez, L. (2017). Spreads of bonds issued by sub-sovereign European governments. Journal of Innovation & Knowledge. 2(3):146-154. doi:10.1016/j.jik.2016.10.002 ; S ; 146 ; 154 ; 2 ; 3