The Economy of Catalonia

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Part 1. Debt (forecast end 2013) By population By GDP Applicable criterion & remarks 833.782 133,405 165,089 Part 2. Distributable assets, Determinable amount property, rights Public Treasury (Gold, currency, 6,061 7,500 SDR, others) (37.879) Special Armament Programmes 5,280 6,534 (PEAS) in progress (33.000) Social Security Reserve Fund 33,799 33,799 Historical contribution 74% Competitiveness Fund 836 836 Direct amount Investments as per Add. Prov.3a not 1,119 1,119 Direct amount budgeted. Investments as per Add.Prov.3a not 1,690 1,690 Direct amount implemented. Forecast 2013 Investments policy. Minimum value 6,800 6,800 Aid not granted to Catalonia in 5 years as per GDP Partial total amount to be 55,585 58,278 compensated Part 3. Distributable assets, Value to be determined property, rights Immovable property of the Spanish State concentrated in the Region of Madrid Value to be determined Proportional to Catalonia’s contribution Public property under concession Value to be determined Proportional to Catalonia’s contribution Extraterritorial buildings Value to be determined Proportional to Catalonia’s contribution Spanish State Property. Palaces and monasteries Value to be determined Proportional to Catalonia’s economic importance Art collections Value to be determined Author criterion, relation to Catalonia and contribution Quality bonds purchased from banking system Movable property of the Spanish State Value to be determined Value to be determined Proportional to Catalonia’s contribution Proportional to Catalonia’s contribution Military armament Value to be determined Proportional to Catalonia’s contribution Part 4. Property from looting, theft, compulsion... Part 5. Privatisations of public companies Ingents danys i perjudicis It is very complex to analyse the enrichment of specific sectors to the detriment of Catalan interests Very difficult valuation and quantification Source: Own work. Table 10. Debt and assets to be considered in the distribution Remarks Valuation based on surface area or location Valuation of each concession Material distribution can be negotiated Material distribution can be negotiated Deserves involvement of historians 168 The Economy of Catalonia
Even if it were only possible to evaluate a substantial part of the assets of Part 3 of the table, the balance of the distributable assets would surely be large enough to compensate more than 100% of the part of the debt corresponding to Catalonia. As may be inferred, the negotiators will be faced with no easy job but what is clear indeed is that, if the negotiation of the assets is undertaken, the debt that may be inherited from the predecessor State will not entail any problem for the new Catalan State with respect to beginning its existence with a healthy economy. d. Possibility of repudiating the debt We Catalans are orderly people and we consider that it is essential to settle suitably the matter of the debt in order for the new State to have the desired financial credibility once its existence begins. Nevertheless, it should be pointed out here that many of the investments that have been made by the Spanish State are unproductive and to many of them opposition has been voiced by both the Catalan civil society and the Catalan business organisations. When a people have been obliged to incur a debt so that others may profit from it, such debt is considered immoral, illegitimate and hateful, and it may therefore be repudiated by the people on whom it was unjustly imposed. Conclusions This chapter has analysed the possible magnitude of the Generalitat’s public debt and the part of the Spanish State’s debt that Catalonia would have to inherit. A review has also been made of the rules on the succession of States in matters of property, archives and debts, and of the various negotiation scenarios. On the basis of these analyses, it may be deduced that: • The debt of the new Catalan State, in the least favourable of the scenarios analysed, would be 103% of the GDP. • The negotiation of assets and liabilities should lead to a notable reduction in this percentage. • In the best of all cases, Catalonia’s debt, without any inheritance of Debt and distribution of assets 169
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The Economy of Catalonia Questions
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Oriol Amat, Núria Bosch, Antoni Ca
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Contents Preface to the English Edi
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Preface to the English edition This
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Preface (Translated by Jordi Vilano
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Introduction (Translated by Jordi V
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1 The position of an independent Ca
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United States such as Massachusetts
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2010, Catalonia was in 64th place o
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fact, this combination of factors a
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ilar population to Catalonia and sh
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ence in emerging markets, especiall
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fact, the high proportion of multin
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egion in volume of inward investmen
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mega-regions towards sustainability
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also be confronted with the paradox
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the reasons that are emerging for a
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This 47.1% signifies a considerable
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2005 2006 2007 2008 2009 2010 Estim
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and there would be no need for cuts
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centage of freight between Spain an
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to prevent Spain’s point-blank re
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) The effects on markets, especiall
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speak of the coefficient of central
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Bibliographical references Amat, O.
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Rodríguez Mora, J. V. (2012) «Por
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For the purposes of economic analys
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It should also be recalled that the
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The reasons for regional economic i
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their mind» about European integra
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the Copenhagen criteria, which esta
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in the European Economic Area, whic
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ing the status of member of the Uni
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3.2. In or out of the European Unio
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were to veto the request, experts e
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In November 2012, Granell expressed
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-The regulatory fragmentation that
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would have to find alternative solu
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economic shocks, any one of which,
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In my opinion, an impartial reading
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4 In or out of the euro 4.1. An ind
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Analysis of possible scenarios Scen
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official currency and financial ins
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nisms and the European interbank pa
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arising from the integration of a h
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4.2. In or out ofthe euro: certaint
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prevent or limit damage to the mult
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Let me make a short comment on the
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context of a Spain that leaves the
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Col·lectiu Wilson (2012) «Europe,
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termediation, which is performed by
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The Catalan financial system The Ca
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Financial institutions with headqua
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• The bank was put up for auction
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had risen by 16.3%, staff had been
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go to Brussels and say that they ha
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Appendix This article is complement
Page 120 and 121: The Catalan Public Sector in the Eu
Page 122 and 123: 20% 18% 18.8% 16% 16.2% 15.5% 13.6%
Page 124 and 125: 9% 8% 7.9% 7% 6.5% 6.4% 6.2% 5.8% 5
Page 126 and 127: It is very obvious that Madrid has
Page 128 and 129: Spain Catalonia Generalitat Variati
Page 130 and 131: - Armed Forces: in the form of army
Page 132 and 133: Pérez, F. (DIR), Cucarella, V. and
Page 134 and 135: and to the private sector. Another
Page 136 and 137: 2006 2007 2008 2009 Direct taxes 17
Page 138 and 139: method, that is to say, the expense
Page 140 and 141: itory. The same applies to the prog
Page 142 and 143: 2006 2007 2008 2009 Spanish State e
Page 144 and 145: e obtained. Table 3 shows that the
Page 146 and 147: with the EU in the period 2007-2013
Page 149 and 150: 8 Debt and distribution of assets 2
Page 151 and 152: this study. The difference between
Page 153 and 154: the State’s property and debts on
Page 155 and 156: It may be asked whether the new Cat
Page 157 and 158: The main source of International La
Page 159 and 160: Principles of distribution of asset
Page 161 and 162: Immovable property of the State con
Page 163 and 164: Social Security Reserve Fund On con
Page 165 and 166: Investments according to Additional
Page 167 and 168: Forecasts Million euros 2007 2008 2
Page 169: Possible negotiation scenarios What
Page 173 and 174: States that form part of 21st-centu
Page 175: Spanish Royal Decree 496/1987, of 1
Page 178 and 179: Social Security contributions, pens
Page 180 and 181: ury and its managing agencies (auto
Page 182 and 183: citizens tend to join the labour ma
Page 184 and 185: in the economic, social and cultura
Page 186 and 187: declaration of independence, the bo
Page 188 and 189: oycott would have a more pronounced
Page 190 and 191: the will of the people. The great m
Page 192 and 193: Guinjoan, M. and Cuadras, X. (2011)
Page 194 and 195: Denmark, Finland, Austria, the Neth
Page 196 and 197: 2012 Company Sector Sales (€m) 1
Page 198 and 199: Export companies There were 43,176
Page 200 and 201: Spain, and appreciably more than th
Page 202 and 203: Conclusions After considering how c
Page 204 and 205: likely to be in the firing line are
Page 206 and 207: IDESCAT (2013), based on data from
Page 208 and 209: the sample represents 20.8% of its
Page 210 and 211: No opinion Increase the centralisat
Page 212 and 213: sioners, business people and/or the
Page 214 and 215: Impact on the Catalan economy In th
Page 216 and 217: alternative. This is not supported
Page 218 and 219: More specifically, 94.6% of pension
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37.8% 57.8% 4.4% Yes No opinion No
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fessionally and 47.8% believe it wo
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13 Conclusions: economic certaintie
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having less potential and less per
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Catalonia had been an independent S
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ands and a declining proportion of
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Anton Gasol. Doctor of Economics, f
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The Economy of Catalonia

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