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    AIReF English

    “Our mission is to guarantee effective compliance of the financial sustainability principle by the General Goverment”

    Working Paper 2/2014 Spanish Public Debt Sustainability Analysis

    This note develops an overarching debt sustainability analysis (DSA) framework, encompassing three of its main dimensions: (i) a traditional (deterministic) sustainability exercise, based on a simple accounting application involving the debt accumulation equation; (ii) an assessment of the realism of the assumptions underlying the deterministic debt projections; and (iii) a stochastic exercise aimed at understanding … Read more

    Report on the Projects and Main Budgetary Aspects of Public Administrations

    The 2015 stability target (i.e. 4.2 per cent) appears as very challenging and requires a strict implementation of the presented Budget. In agreement with the requirements stated in its Organic Law, AIreF has assessed the adequacy to the 2015 stability and debt targets and expenditure rule  embedded in the State Draft Budget and the main … Read more

    Compliance with Deficit and Debt Targets

    Compliance with Deficit and Debt Targets Executive Summary 1 There are risks of non-compliance with the public  debt threshold established for 2020. 2 The assessment of the General Government’s  (GG) compliance with the appropriate debt targets  must be performed at all levels comparing the  initially set target and the actual data observed,  both falling under … Read more

    Working Paper No. 1/2014: Understand the financial sustainability

    Working Paper No. 1/2014: Understand the financial sustainability Access to Working Paper Annex

    Changes in Budget Cycle Procedures

    Multi-Year Budget Scenarios. They are essential to specifying the implementation in the budget of the stability programme and facilitating its monitoring. Executive Sumary 1 Multi-Year Budget Scenarios. They are essential to specifying the implementation in the budget of the stability programme and facilitating its monitoring. 2 Harmonisation of Budget Structures of All Public Administrations. This … Read more