Francisco Pérez and Eva Benages

Published On


Page Range

pp. 85–98


  • English

Print Length

14 pages

5. Public Investment, Deficit and Public Debt in Spain, 1995–2022

Over the past three decades, public investment in Spain has followed an extremely irregular trajectory, with periods of significant capital accumulation and others in which net investment has been negative. The sustainability of the pace of investment has been challenged by expenditure policies that are procyclical instead of stabilizing, in addition to fiscal regulations that have not been able to improve public-productive capital by following the golden rule. The revision of the EU's economic-governance framework should take into account this and other experiences to enhance the compatibility between fiscal rules and the expanded investment envisaged by the Recovery and Resilience mechanism.


Francisco Perez

Professor Emeritus at University of Valencia

Francisco Perez is Professor Emeritus at the Universitat the València and Research Director of the Ivie. He graduated with special honours and received the National Graduation Award. He obtained his PhD in Economics at the Universitat de València, where he was Professor of Economics from 1986 to 2020. He has directed numerous studies on economic growth and international integration, competitiveness, regional economics, economics of education, and public finance. He is author of 89 books and over 200 book chapters and articles published in specialized journals, that have been quoted more than 7,600 times, reaching an H-index of 40. He has participated in over one hundred research projects, is a regular lecturer at many public and private institutions, and has participated in scientific meetings in over 50 universities and research centres in Europe and America. He is member of several academic associations, various boards of trustees and scientific councils of foundations dedicated to promoting research, and of the commission of experts for the economic reforms of Public Administrations. He has been an Eisenhower Fellow since 1998. In 2010, Perez was awarded the eighth Societat Catalana d’Economia Prize and, in 2016, he received the Francesc de Vinatea distinction, the highest recognition from the Valencian Parliament.

Eva Benages

Adjunct Professor at University of Valencia

Eva Benages is a Research Technician at Ivie (Instituto Valenciano de Investigaciones Económicas) and Adjunct Professor at the Universitat de València. She graduated in Economics from the Universitat de València with special honors in 2004, holds a University Professional Specialization Diploma in Spanish Stock and Financial Markets (2003), and completed her postgraduate studies at the Universitat de València with a major in Economic Integration and Development (2007). She has participated in more than thirty national and international projects (EU KLEMS, PREDICT, SPINTAN, etc.) and is the co-author of numerous books, articles, and specialized reports. Her main fields of research are growth, productivity, capitalization, and public investment.