Using a simple Markov regime switching model, a time-varying measure of the effect of the return on a Latin American portfolio on the Spanish stock returns is obtained. The evidence can be summarised as follows. First, the effect is positive but not very large. However, it has increased since...

We test the effects of different combinations of parties simultaneously holding office in the central and regional governments on the growth rate of regional public infrastructure. Using panel data for the regions of Spain over the 1988-2004 period, we find evidence to support Distributive...