Blockchain Papers

José Antonio Vega Vega

No abstract is available for this record.

Antonio Jesús Pérez Mayo

espanolEn la ultima decada se han desarrollado tecnologias de tratamiento descentralizado de la informacion que proporcionan notables mejoras de eficiencia en cuanto a coste y velocidad. La aplicacion de estas innovaciones al sector financiero se ha denominado de forma generica como finanzas descentralizadas (decentralized finance o DeFi). En este articulo se trata de explicar las principales ventajas que puede incorporar la aplicacion de sistemas DeFi al mundo financiero y bancario, asi como los retos que impone el tratamiento descentralizado de la informacion para supervisores y reguladores. Se describe, asimismo, la diferencia entre el grado de descentralizacion limitado que ofrecen el llamado open banking y la descentralizacion cuasicompleta que proponen las DeFi EnglishA number of decentralized information techconogies have emerged over the last decade to offer speed and cost efficiency gains. The application of these innovations in the financal sector has been labelled as decentralized finance (DeFi). This article attempt to explain the main advantages of applying DeFI to banking and other financial services as well as the regulatory and supervision channels related to the decentralized treatement of information. The differences betewen the limited decentralization of the so-called open banking and the quasi-complete decentralization of DeFi alternatives are also discussed.

Francisco Velasco Caballero

espanolEl regimen local espanol es tradicionalmente homogeneo, al menos desde los inicios del siglo xix. Esta alta homogeneidad contrasta con la diversidad de regimenes locales en otros paises, normalmente federales o descentralizados. Dada la enorme diferencia real que existe hoy entre los municipios urbanos y los rurales, tambien se puede plantear la conveniencia de mayor diferenciacion juridica. El posible contenido y alcance de esa mayor diferenciacion se analiza en cinco ordenes: competencias y servicios; articulacion de las distintas entidades locales municipales y supramunicipales; organizacion municipal interna; formas democraticas, y financiacion. Las innovaciones mas recomendables se encuentran en una atribucion diferenciada de competencias y servicios; en la posibilidad de una tipologia mas abierta de entidades locales supramunicipales, y en un regimen de transferencias financieras estatales preferentemente dirigido a los municipios rurales. EnglishSpanish local government law has been traditionally homogeneous, at least since the beginning of the 19th century. This high homogeneity contrasts with the diversity of local laws in other countries, usually federal or decentralized. Given the enormous real difference that exists today between urban and rural municipalities, the convenience of greater legal differentiation should also be considered. The possible content and scope of this greater differentiation is analyzed in five orders: municipal competences and services; tears of local government; internal municipalorganization; democratic procedures; and financing arrangements. The most recommended innovations are found in a differentiated attribution of competences and services; in the possibility of a more open typology of local supramunicipal entities; and in a state transfer scheme preferably aimed at rural municipalities.

Lisset López Miranda

The boom of cryptocurrencies as a mechanism of payment and investment has reached Peru, but our country lacks a legal regulation regarding the legal and fiscal consequences of operations with Bitcoins or other kinds of cryptocurrencies. In this article, the author elaborates a legal-fiscal analysis applicable to Bitcoin-related operations in Peru: mining, exchanges for goods and services, and exchanges for other kinds of currency. The first part of this article questions the legal nature of criptocurrencies based on the Peruvian legislation in force, while also taking into account the experiences of foreign legal systems. Thus, in the second part, the author describes the fiscal implications of criptocurencies in Peru.

Blanca Avellón Naranjo

Resumen:En este trabajo se mide el desempeño de la gestión tributaria española, para 2004-2015, mediante un análisis envolvente de datos, de dos etapas. En la primera, se estiman los indicadores de eficiencia, de las Delegaciones territoriales, correspondientes a las CCAA de régimen común; que por término medio alcanza el 85 %. En la segunda etapa, mediante el modelo de regresión censurado, se identifica una relación significativa de la eficiencia, con el PIB y con el nivel de educación. Adicionalmente, mediante la regresión logística, se establece la probabilidad de ser eficiente, a partir de los valores futuros de las variables ambientales.Abstract:Introduction The function carried out by the tax public Administration, which consists in obtaining resources with which to finance the public Sector, must be carried out in an efficient manner to legitimize its actions over time and to encourage the fulfillment of obligations of the taxpayers. The application of the spanish tax regimen in the decentralized field, has gained an important role as a result of the strong process of delegation of the public actions, entrusted to the Autonomous Communities, initiated with the Constitution spanish of 1978. Therefore, in this paper we measure the performance of the tax management carried out by the territorial Delegations of the spanish autonomic tax administration, for the period 2004-2015, by means of a semi-parametric analysis of two stages. The aims of the research are to estimate the levels of relative technical efficiency, reached by the territorial delegations, in the management of the taxes with the most important incomes. These taxes are the property tax, the inheritance and donations tax, the tax on onerous patrimonial transmissions and documented legal acts; and the taxes on the game. The tax collection obtained by the previous taxes, represent in 2014, 77% of the collection obtained by the taxes with tax autonomy, wich managed by the autonomous regions. Also, the research aims to identify the factors that cause efficiency levels, by means of parametric regression techniques. Methodology This study uses a semi-parametric methodology of two stages, which consists in applying, in a first stage, the data enveloping analysis -DEA- of Charnes, Cooper and Rhodes (1978), to estimate the levels of technical efficiency relative, of the 46 territorial Delegations, corresponding to the 15 spanish autonomous regions, financed by the common regimen. The variables used in the research are obtained from the General Budgets of the State. An entry is used, which is the personnel that carries out the management of the transferred taxes. As well as 5 outputs that are, the number of records instructed, the number of providences issued, the number of complementary liquidations of the property tax, the number of autoliquidations sent of the tax on onerous patrimonial transmissions and documented legal acts, the number of files sent of the inheritance and donations tax; and the number of self-liquidations presented by automatic machines and devices. These variables are representative of the functions that compose the tax procedures carried out by the autonomous tax administrations in the management of the ceded taxes, which are the management, the fundraising, the inspection and the application of the sanctioning regime. In the second stage, through the Tobit regression model (Tobin, 1958), the environmental factors that affect the efficiency levels are identified. The model dependent variable is the level of efficiency obtained in the first stage of the investigation. The returns considered in the study are the environmental factors that represent the economic context, measured by GDP per capita and with the number of mortgages constituted; the situation of fiscal policy, measured with public debt as a percentage of GDP; the social context, determined by potential contributors and with the level of training achieved by society; the geographical environment, measured with the km2 of the regions; the legislation in force in the period of analysis, established by organic law 3/2009 of 18 December, on the financing of the autonomous Communities; and the form of organization of the tax management, carried out through a tax Administration or through an autonomous tax Agency. Additionally, through the binary logistic regression model, a predictive model is established that reports the probability that the autonomous public administration will be efficient, based on the future values of the environmental variables, wich are significant in the study. Main results The results of the DEA show an average technical efficiency in the tax management of 85%, for the 2004-2015. This means that for the autonomous tax administrations to achieve optimal behaviors with the amount of work factor used, they should expand their outputs radially by 17.64%. In addition, the minimum level of technical efficiency obtained is 33%, which is reached by the territorial delegation of Ourense. Also, the results show a tendency of the average technical efficiency decreasing, during the 12 years of the period analyzed. The Tobit model determines a significant direct relationship of efficiency with GDP and the level of higher education obtained by the population. It is to be hoped that greater tax capacity of the region will achieve a higher level of efficiency. Also, there is a inverse significant relationship between efficiency and the variables public debt and km2. This implies that a lower level of efficiency in management could lead to lower levels of tax revenue. This deficit could be financed with higher levels of public debt. For its part, a greater extension of the territory where the management is carried out, can produce more efforts by the tax managers, reducing their levels of efficiency. Conclusions In this paper we study the tax management of spanish regional territorial Delegations during the 2004-2015. The technical efficiency levels estimated with the DEA are 85%, on average. The delegations that are considered reference for the remainder in each of the 12 years of study are, Salamanca in 2004, Asturias and Ciudad Real in 2005, Asturias in 2006, Asturias in 2007, Madrid in 2008, Madrid in 2009, la Rioja in 2010, Tarragona in 2011, Barcelona in 2012, Segovia and Valencia in 2013, Barcelona and Málaga in 2014; and Malaga in 2015. According to Tobit's regression, the variables that denote direct significance with efficiency are the GDP and the higher education level reached by the population. The factors that have an inverse significance with efficiency are the public debt and the geographical extension, measured with the km2 of the regions.

José Francisco Sedeño López

No abstract is available for this record.

Santiago Larrazábal Basáñez

ResumenLa tesis que se defiende en este trabajo es que el complejo modelo institucional y territorial vasco funciona aceptablemente bien, a pesar de sus luces y sombras, y puede ser un ejemplo de la idea ampliamente generalizada de cómo un modelo de organización territorial descentralizada (y sus complejas, pero al mismo tiempo, valiosas formas de interacción entre los distintos niveles de gobierno), pueden mejorar la calidad del gobierno de sus instituciones, ayudar en el desarrollo humano, económico y social, aumentar la transparencia, administrar los recursos disponibles para ofrecer mejores servicios públicos y, en definitiva, mejorar la calidad democrática de la sociedad.Summary1. Introduction. 2. The distribution of competences between the Common Institutions of the Autonomous Community of Euskadi and the Regional Administrative Bodies of the Historical Territories ofBizkaia, Gipuzkoa and Álava. 2.1. The distribution of competences in the Statute of Autonomy of the Basque Country. 2.2. The distribution of competences in the Law of Historical Territories. 3. The competences of the municipal institutions of Euskadi. 4. Conclusion.AbstractThe thesis defended in this paper is that the complex Basque institutional and territorial model works acceptably well, despite its lights and shadows, and can be an example of the widespread idea of how a model of decentralized territorial organization (and their complex, but at the same time valuable forms of interaction between the various levels of government), can enhance the quality of government of their institutions, help in the human, economic and social development, raise transparency and manage available resources to deliver better public services and, in short, improve the democratic quality of society.

Miguel Ángel Vázquez-Gutiérrez

El objetivo de esta investigación fue saber si realmente las inversiones en el Bitcoin son riesgosas o no, y conocer más acerca de este nuevo mercado de Monedas Virtuales. Esta investigación se llevó acabo de manera documental, analizando la información disponible en el campo para así buscar la principal causa de incertidumbre de este mercado internacional, y conocer así sus principales ventajas y desventajas, con esto identificar si son riesgosas o no, y así poder ayudar a los lectores a tener una mejor y más sencilla idea, sobre este mercado para saber si la inversión resultara o no. Los resultados mostraron que invertir en este momento en Bitcoins no es lo más indicada, pero en un futuro, no muy lejano, este mercado será más estable y seguro para hacer cualquier tipo de inversión y transacción.

Ubaldo González de Frutos

Este trabajo ha obtenido el 1.er Premio «Estudios Financieros» 2018 en la modalidad de Tributación. La tecnología de los mayores distribuidos está apenas en su infancia, pero como evidencia la inclusión de los criptoactivos en el último comunicado del G20, estamos entrando en la era Blockchain, una tecnología para el intercambio de valor en red sin mediación de intermediarios que es lo más disruptivo desde de la aparición de internet. Blockchain, que forma parte ya del sistema de pagos, tiene un alto potencial para transformar los servicios privados y públicos. A medida que las monedas virtuales ganan terreno, se acrecienta la conveniencia de que los hechos imponibles a que da lugar su acuñación, intermediación o utilización como resguardo de valor o medio de pago gocen de regulación específica o, cuando menos, de criterios interpretativos claros. Estos, a su vez, precisan de una especificación por parte del regulador internacional de la naturaleza contable de las criptomonedas, algo improbable a corto plazo. En su ausencia, el tratamiento fiscal que emerge en derecho comparado es el de activos en impuestos directos y el de dinero en IVA, calificación que es, como mínimo, inconsistente. Más allá de las preocupaciones por la seguridad jurídica y la integridad del sistema financiero y tributario, debido a la pseudopacidad que garantizan, la aplicación de la nueva tecnología a los servicios públicos es un vasto campo que roturar, con prometedoras experiencias comparadas en lugares como Estonia, Dinamarca o Australia.

Rafael Araujo González

Se realiza un análisis de los componentes esenciales del proceso de gestión del desarrollo local, que han de constituirse en principios para la gestión del mismo. Se proponen cuatro principios para la gestión del desarrollo local, a saber: la descentralización, la financiación, la objetividad de la gestión y la participación. El proceso de desarrollo local no es posible al margen de la descentralización, para lo cual se necesita la definición de competencias de gestión local, comprendidas en su doble perspectiva, a saber, en sus componentes normativo y cognitivo. La financiación garantiza la autonomía para la gestión local. Para poder gestionar el desarrollo local se hace necesario poder tener una representación de la situación demográfica del territorio, pero para ello hace falta hacer una caracterización que identifique la situación real del territorio. Ello garantiza la objetividad en el proceso de gestión. Se presenta un algoritmo cuyos componentes constituyen pasos necesarios a cumplir para la instrumentación de indicadores sociodemográficos para la elaboración de las estrategias de desarrollo local. En la participación como principio, hay que tener en cuenta dos componentes ineludibles del mismo, a saber: la información-comunicación y la informatización, en el contexto del entramado institucional que le da cobertura a esa participación y los procedimientos para bregar con sus contenidos y evaluar su efecto. La información-comunicación garantiza el contenido de la participación mientras que la informatización es lo que garantiza la universalidad del acceso a la información como base para la participación social en el desarrollo local. An analysis is made of the essential components of the local development managing process, which are to be principles for managing local development. Those as principles for the management of local development are identified. And are proposed four principles for the management of local development, namely: decentralization, financing, management objectivity and participation. The process of local development is not possible taking it into apart the decentralization, necessary to define competences included from a dual perspective, namely in its normative and cognitive components. Financing is critical for local management autonomy. In order to manage local development, it is necessary a representation of territorial demographic situation, that`s why it is also necessary a characterization to identify the real demographic situation of the territory. This guarantees objectivity in the management process. An algorithm whose components are necessary steps to be followed for the instrumentation of sociodemographic indicators for local development strategies elaboration is presented. In participation principle, it is necessary to take into account two inescapable components of the same, namely: information-communication and computerization. Information-communication guarantees the content of participation while computerization is guarantees for the universal access to information as basis for social participation in local development.

Gregorio Cámara Villar

Resumen:En este trabajo se reflexiona con amplia perspectiva histórica sobre la cuestiónde la organización territorial del Estado en España hasta desembocar en la situación actual y ofrecer, a la luz de esa evolución, algunas claves para la reforma constitucional en sentido federal que se entiende necesaria en nuestros días. Partiendo de la evidencia de que la respuesta ofrecida por el constitucionalismo histórico español ante la forma territorial del Estado ha sido, como tónica general, la de configurar a España como un Estado unitario, centralizado, simbolizado por la Monarquía, se analizan sumariamente los dosgrandes intentos de distinto signo que existieron antes de la Constitución de 1978 para salir del unitarismo y poner en pie modelos de descentralizaciónpolítica. La primera experiencia, de cuño federal, gestada durante la Primera República (1873-1874) se consumió en unos meses sin que pudiera discutirse siquiera el Proyecto de Constitución Federal de 1873, elaborado en el marco de una situación política y social extremadamente convulsa que desembocó en la anarquía del cantonalismo. La segunda, que durante el quinquenio de la Segunda República (1931-1936) ensayó la compatibilidad de un llamado «Estado integral» con la autonomía de las regiones, fue llevada muy parcialmente a la práctica y acabó con la sublevación militar encabezada por el general Franco y la guerra civil (1936-1939).Tras el franquismo y la Transición democrática, la Constitución de 1978 no constitucionalizó un modelo preciso y acabado de descentralización políticasino que prefiguró un Estado «descentralizable», abierto a distintas posibilidades, dando curso a un «proceso autonómico» a partir del reconocimiento del derecho a la autonomía de las nacionalidades y regiones en su Título Preliminar y el establecimiento de complejas reglas en el Título VIII. La apertura de este proceso fue evolucionando hacia el llamado «Estado autonómico» mediante la práctica política y la doctrina del Tribunal Constitucional, desarrollándose paulatinamente con las técnicas del federalismo y en su campo de atracción hasta configurar un Estado federal en los hechos, aunque con notorias carencias e incoherencias de estructura y funcionamiento. El estado autonómico entró en crisis a partir, sobre todo, de los embates del nacionalismo político en el País Vasco a comienzos de la década de 2000 y especialmente en Cataluña desde mitad de la década pasada hasta la actualidad, momento álgido del desafío secesionista. A lo largo del trabajo se intenta mostrar primero que si bien en 1873, 1931 y 1978 hubo un rotundo rechazo del centralismo y una aspiración indubitada al establecimiento de la autonomía regional bajo distintas formas, no pudo fraguarse en ninguno de estos momentos, por diferentes razones, una neta voluntad constituyente en esta materia que estuviera en condiciones de sostener eficazmente un modelo definido. Se considera que por esta y otras causas la cuestión territorial sigue estando recurrentemente abierta en canal, a la espera de una constitucionalización adecuada que permita vertebrar con la estabilidad necesaria el Estado español. Tras un diagnóstico general del modelo autonómico en su evolución en la órbita del federalismo, se abordan, de acuerdo con este planteamiento, los elementos centrales que se consideran necesarios para una reforma constitucional en clave federal que racionalice un Estado que ya es federal en los hechos y que permita integrar todos los territorios con sus singularidades, dedicando una especial atención a la cuestión catalana en el marco del actual desafío independentista.Abstract:In this work we reflect from a broad historical perspective on the question of the territorial organization of the State in Spain leading to the current situation and offer, in light of this evolution, some keys to the constitutional reform in a federal sense that is deemed necessary in our days. Starting from the evidence that the answer offered by the Spanish historical constitutionalism to the territorial shape of the State has been, in general, to configure Spain as a unitary, centralized state, symbolized by the Monarchy, we analyzed the two large and different attempts that existed prior to the 1978 Constitution to emerge from unitarianism and to establish models of political decentralization. The first experience, with a federal character, developed during the First Republic (1873-1874) was consumed in a few months without even being able to discuss the Draft of the Federal Constitution of 1873, elaborated in the context of an extremely convulsive political and social situation that ended in the anarchy of cantonalism. The second, which during the five-year period of the Second Republic (1931-1936) tested the compatibility of a so-called «integral state» with the autonomy of the regions, was taken very partially into practice and ended with the military uprising led by general Franco and the Civil War (1936-1939).After Franco’s regime and the democratic Transition, the Constitution of 1978 did not constitutionalize a precise model of political decentralization but prefigured a «decentralized» State, open to different possibilities, giving way to an «autonomic process» from the recognition of the right to the autonomy of nationalities and regions in their Preliminary Title and the establishment of complex rules in Title VIII. The opening of this process evolved towards the so-called «Autonomous State» through political practice and the doctrine of the Constitutional Court, developing gradually with the techniques of federalism and in its field of attraction until setting up a the facto federal State, although with notorious deficiencies and inconsistencies in structure and functioning. The autonomous state came into crisis starting, above all, from the clashes of political nationalism in the Basque Country in the early 2000s and especially in Catalonia from the middle of the last decade to the present, the height of the secessionist challenge.In the course of this work we try to show that, although in 1873, 1931 and 1978 there was a resounding rejection of centralism and a clear aspiration to establish regional autonomy under different forms, it could not be forged in any of these moments, for different reasons , a net constituent will in this matter that would be able to effectively support a defined model. It is considered that for this and other causes the territorial question is still recurrently open in a channel, pending the appropriate constitutionalization that allows to vertebrate with the necessary stability the Spanish State. Following a general diagnosis of the autonomous model in its evolution in the orbit of federalism, the central elements are considered according to this approach, which are are regarded as necessary for a constitutional reform in a federal key that rationalizes a State that is already federal in the facts and that allows to integrate all the territories with their singularities, devoting a special attention to the Catalan questionwithin the framework of the present independence challenge. Summary:1. Introduction. 2. The Republican Federal Constitution Project of 1873. 3. The Constitution of 1931 and the Second Republic. 4. The opening of the autonomous process with the Constitution of 1978. 5. The evolution of the Autonomous State. 6. Towards a constitutional reform? Some keys in federal sense. 7. Special reference to the Catalan question. BIBLIOGRAPHICNOTE

Víctor Ramírez-Gracia

This research work aims to study the intrinsic characteristics of the most
\nrepresentative virtual currency among all the existing cryptocurrencies in the market,
\nBitcoin, considering it under two points of view: as a means of payment in the
\nexchange of goods and services and as a financial or investment asset for
\nspeculative purposes in the short and medium term.
\nLikewise, reference will be made to the different regulatory flows in terms of their
\nlegal nature and, in particular, to the tax treatment in the European Union, the United
\nStates and other selected jurisdictions.
\nThe ultimate goal of this research is to analyze the current deficiencies of the global
\nlegal status of Bitcoin in order to carry out the corresponding recommendations that
\nallow an approximation to the global control of taxation and consumer protection.

Luis Copano Ortiz

The Law 5/2010 of Local Autonomy of Andalusia deepens in the capacities of the municipalities to decide on themselves: the procedures of segregation of municipal terms need express conformity of the absolute majority of the plenary session of the local government of the municipality that suffers the segregation. On the other hand, the municipalities have the possibility of spatially organizing their municipal area, or part of it, in territorial districts as a manifestation of their full political autonomy, and may be of a deconcentrated nature (hamlets, parishes, villages, neighborhoods, churches, councils, districts, adjoining and other analogous places) or decentralized (Autonomous Local Entities or Neighborhood Entities). As for the Autonomous Local Entities conformed in Andalusia, they are usually a previous step to the creation of a new municipality, for which the Law 27/2013, of Rationalization and Sustainability of the Local Administration has established a population limit that, in the practice, suppresses segregationist aspirations.

María Jesús García-Torres Fernández

No abstract is available for this record.

Diego de Miguel, M.S. Ruíz Rodríguez

El crecimiento exponencial de los bitcoins ha llevado a la necesidad de la AEAT de potenciar sus herramientas de seguimiento de las transacciones relacionadas con monedas virtuales, y a la Dirección General de Tributos a pronunciarse (aunque de manera escasa) sobre su tributación. En materia de imposición directa, las rentas derivadas de la compraventa y de minado de bitcoins tributarán como rendimientos de actividades económicas en el Impuesto sobre la Renta de las Personas Físicas (o, en su caso, como ganancias/pérdidas patrimoniales) o como ingresos en el Impuesto sobre Sociedades. Desde el punto de vista del Impuesto sobre el Valor Añadido, la compraventa de bitcoins se considera una actividad sujeta y exenta, mientras que el minado de bitcoins no tendría la consideración de prestación de servicios onerosa en el sentido de la jurisprudencia del Tribunal de Justicia de la Unión Europea. En el Impuesto de Actividades Económicas, tales actividades deberán incluirse, como regla general, en el epígrafe 831.9 de la sección primera, «Otros servicios financieros n.c.o.p.» y en materia del Impuesto sobre el Patrimonio, los bitcoins deberán ser declarados por su valor de mercado a 31 de diciembre de cada año. Finalmente, y respecto del modelo 720, el Anteproyecto de Ley de Medidas de Prevención y Lucha contra el Fraude Fiscal contempla expresamente la obligación de informar sobre la tenencia de monedas virtuales situadas en el extranjero.

Antonio V. Lozano Peña, Felicidad García de Bustos

Resumen:Las sucesivas reformas del sistema de financiación de las Comunidades Autónomas han permitido a éstas avanzar en su grado de autonomía financiera, pese a lo cual, continúa siendo escasa en la práctica. Si tenemos en cuenta los retos que los servicios públicos fundamentales que ellas gestionan suponen para las finanzas públicas en el medio y largo plazo, en particular, los servicios de cuidados de larga duración, resultaría conveniente reflexionar sobre la necesidad de establecer procedimientos que eviten que las CC.AA. tengan que recurrir periódicamente a la presión sobre la Administración Central para obtener recursos suficientes para financiar sus competencias, junto con algunos otros aspectos que permitirían mejorar el funcionamiento del futuro nuevo sistema.Abstract: The intense process of Spanish political decentralization has been accompanied by a permanent debate about regional demands to finance their competencies. The result of this has been a malfunctioning system, and an image of fiscal irresponsibility of the Autonomous Communities that does not correspond to reality. This has damaged their credibility, and also the whole of the territorial system born of the 1978 Constitution. Two factors have contributed to this conflict: the imbalances between the capacity to decide between income and expenditure at different levels of government (vertical imbalances), and a division of powers that has assigned to the regional governments the management of three out of the four pillars of the welfare state, whose expenditure is structural and growing. With each reform of the funding system, the vertical gap is revised, although without knowing exactly how the insufficiency is estimated. This approach does not seem to be correct, since it encourages the expectations of the Autonomous Communities of receiving additional funds, and harms the system's efficiency. On the part of the central government, system reviews always end up with an injection of funds whose amount is not associated with known and transparent criteria. Spain was relatively late in developing a system of Long-Term Care, only after Law 39/2006 to Support the Personal Autonomy and Dependent Care, which attempted to overcome a model based on family support and informal care for another that consecrated the universality, accessibility and equity of beneficiaries to services. To finance the service, the Government favored a mixed model in which the central government would contribute 50% and the regions the remaining 50% from its own resources, but without altering the financial system. The implementation of this fourth pillar of the welfare state has implied a huge public financial effort, going from 0.3% of GDP of expenditure in 2003 that was estimated before the implementation of the law by the White Book to 1% which is reflected by the Commission in its latest report on ageing dated in 2013. Spending on long-term care has grown 64% since 2009, having tripled in ten years, well above all forecasts. However, while the private contribution to funding has doubled, the public contribution has increased only 55%. Within it, the evolution is very different between the central government and the regions: the latter have increased their contribution making it 62.7% of the total, while the central government has reduced it, representing now 18%. If the expenditure differential with the European Union already foresees a growth of our long-term care expenditure, the predictable evolution of the three factors that influence spending on these cares, as indicated by different international organizations: increased longevity, longer duration of dependency and evolution of the price of care services, , an exponential growth of the financial effort will be necessary. If we take the convergence scenario in care and cost systems with the EU average, in 15 years the spending will be at 1.6% of GDP and by the 2060 horizon it will exceed 4%. That means that expenditure on long-term care would be above education expenditure and not far from health expenditure, i.e. the three major welfare state policies managed by the Autonomous Communities will account for almost 15% of GDP. If the current distribution is not changed, the Autonomous Communities should assume an additional 2.5 points of GDP, which is impossible with the current financing system. The overwhelming intensity of the economic crisis and the fiscal consolidation process have revealed a phenomenon that the medium-term forecasts were already pointing out: how to fit within the public budget constraints the expected growth of the expenditure associated with the ageing of the population, which with the Spanish territorial organization leads to discuss the distribution of resources between the various levels of government. The Autonomous Communities have proved that raising their own taxes is not enough to obtain resources with which to mitigate the adjustment that has been demanded. The need to have a margin for the exercise of autonomy is indispensable since the growth of expenditure is restricted by the limit established in Article 12 of the Organic Law of Budgetary Stability and Financial Sustainability. If the Autonomous Communities can hardly modify their revenues through taxes, the application of the expenditure benchmark implies to anchor the expenditure to a percentage of the GDP. This can only be modified by means of an agreement with the Central Government so that it can transfer a part of its income to regions. As long as this does not take place, the pressure on the regional spending on basic public services will force to reduce the rest of the items and, in particular, will hamper the recovery of public investment. Projections of age-related expenditure (health services and long-term care, mainly), together with the new regulatory scenario established by the budgetary stability law (structural balance and expenditure rule, mainly) reveal the need to correct vertical funding gaps. Regulated procedures that do not place on one side the role of perpetual claimant and, at the same time, serve the State to require greater fiscal discipline to the Autonomous Communities are needed. Besides, the debate and decisions about which and what level of public services people are demanding, their financing and it consequent distribution among governments surpass existing Fiscal and Financial Policy Council. Economic recovery is boosting public revenues, but the expenditure rule established in the stability law impede similar expenditure increases, so we can expect the appearance of regional budgetary surpluses in the short term. With current regulations, regions can only use these surpluses to pay off debt. We would consider very interesting a reform of the law in order to have the option to create rainy-day funds that would allow the Autonomous Communities to accumulate the product of those surpluses and use it in future crisis. In short, the new system of regional financing should be simpler than the existing model and should not be just a new injection of funds. It is necessary to advance in solving the structural problems of our territorial architecture and funding and in particular in the reduction of vertical imbalances, in order to avoid a regression in the welfare state.

Olga Gouveia, Enestor Dos Santos, Santiago Fernández de Lis, Alejandro Neut · 5 authors

Los libros contables distribuidos (distributed ledgers, en ingles) constituyen una tecnología que permite una version digitalizada del dinero en efectivo al tiempo que potencialmente mantiene sus cuatro características principales: la universalidad, el anonimato, la intercambiabilidad entre pares (P2P) y un valor nominal constante.

Hilda Victoria Monroy-Olmos, Diana Marcela Bernal-Monroy

This article presents the result of an analysis on the measurement of compliance with the medium-term fiscal framework (MFMP) in the department of Boyaca, and has as its starting point, a review of the literature on the history and evolution of the concept of decentralization established by some authors from the seventeenth century until the epoch of neo - institutionalism and the approach both political, economic and political - administrative approach.Next, a brief review of the fiscal decentralization process in Colombia will be made, with reference to fiscal federalism - understood as the degree to which local tax decisions are decentralized; and finally, the effects of the structural reforms implemented in Colombia concerning fiscal decentralization and implications for fiscal responsibility and transparency in territorial entities; Finally, the methodology to be applied is presented, by means of which a descriptive analytical study is made to arrive at an explanatory study, in order to know how this form of organization has evolved in Colombia and its incidence in the department of Boyaca , focusing the study on compliance with the MFMP as the main tool of public finance planning.

Ignacio Rabasa Martínez

espanolEl presente trabajo busca analizar los posibles problemas que plantea el uso y aceptacion de criptodivisas como bitcoin en las distintas modalidades de crowdfunding practicadas en la actualidad. Para ello se explican las formas de crowdfunding mas utilizadas en funcion de la relacion contractual promotor- inversor y la normativa juridica a la que estan sometidas. EnglishThe present work seeks to analyze the possible legal difficulties that may arise from the use and acceptance of cryptocurrencies as bitcoin in crowfunding context. To do this, the different forms of crowdfunding are summarized in terms of the contractual promoter-investorrelationship and the legal regulations to which they are subject

Elisa Muzzini, Beatriz Eraso Puig, Sebastián Anapolsky, Tara Lonnberg · 5 authors

The economic empowerment of urban local bodies is essential for the effective delivery of urban development programmes. These institutions are to be provided adequate financial resources to carry out various development activities in the cities. They are to be empowered to raise tax and collect fees from their municipal areas and also get due share of the grant-in-aid from the central and provincial governments in time. The financial aspects of intergovernmental relations veritably influence the nature, scope, and depth of democratic decentralization. Urban finances are critical elements in sustainable urban development. Moreover, effective and efficient urban financial management system will go a long way to improve the financial health of the local bodies. It would enhance their economic competitiveness; make the delivery of urban services effective; expand and diversify their revenue; and generate fund through capital investments. Thus, municipal finance is one of the most important areas of the urban development system. Smart urban finance is the key requirement without which the quality of life of people in urban areas cannot be effectively improved.

Mohamed Ammar

The Spain state, unitary state is for years a reference for decentralization for several countries including Morocco wich now leads a project of reform and territorial organization. We want to return to the subject of decentralization and its relation to the democratic process in Spain.Obviously in the light evolution of this country and its constitution a remarkable evolution crowned by the accession to the European union with strong productive and autonomous regions.

Manuel Jesús Sarmiento Acosta

espanolLos Cabildos Insulares canarios son organos de gobierno y administracion de cada una de las islas. Desde la Ley de 11 de julio de 1912 hasta la actualidad han adquirido un gran arraigo en la Administracion local de Canarias. Con el advenimiento del “Estado autonomico” han enriquecido su naturaleza, puesto que no son solo corporaciones locales, sino instituciones de la Comunidad Autonoma (arts. 8. 2 y 23 del Estatuto de Autonomia). Esto ha supuesto la plasmacion de una opcion claramente descentralizadora, que erige a las Corporaciones insulares en piezas esenciales del sistema, ya que disponen de un elenco de competencias de evidente significacion. En el siglo XXI es claro que no seria razonable prescindir de estas instituciones, al margen de la existencia de fuertes crisis economicas o de reformas organizativas, porque los Cabildos ni tienen ni han tenido nunca la posicion institucional d EnglishThe Canary Island Councils are organs of government and administration of each of the island. Since the Law of July 11, 1912 to the present have acquired a great importance in the local government of the Canary Islands. With the advent of the “Autonomous State” have enriched their nature, since they are not only local corporations, but institutions of the Autonomous Community (arts 8.2 and 23 of the Statute of Autonomy). This has involved the demonstration of clear decentralization option, which stands to the Island Corporations essential parts of the system, as they have a list of competencies of significance. In the XXI century is clear that it would be unreasonable without these institutions, regardless of the existence of strong economic crises or organizational reforms because the Councils neither have nor have ever had the institutional position of the Provincial questioned today.

Eva Sáenz Royo

After over thirty years of decentralization in Spain and having to face the acute economic crisis, it may be time to raise new proposals that could increase the economic efficiency by means of increasing the responsible performance of regional demand and supply of public goods and services. This is the context of this article, which is a critical analysis of expenditure and revenue responsibilities in Spain from a comparative law perspective. Regarding the expenditure responsibility, this article highlights the imprecision of the Spanish system and its underdeveloped legal theory and judicial cases on the subject compared to federal states. After a comparative analysis on the revenue responsibility, this article highlights some of the major drawbacksof Spanish system of regional financing, and finally it makes severalproposals addressed to improve the fiscal responsibility of the autonomous communities.

Otto Alonso Acosta Bermedo, Adriana del Pilar Tapia Quintanilla, Christian Fernando Wong Vargas

Public finance is of much importance for the sustainability of a State. For that purpose,there are diverse tax mechanisms that are key to achieve that purpose, such as the case of Property Taxes. However, can we affirm that this tax achieves that goal in Peru? Is the rate properly fixed? Is there an adequate administration and recollection of taxes? In this investigation, THĒMIS studies the diverse challenges that come up in fiscal decentralization in this country, showing off a legal perspective as well. It also brings a dynamic study of Property Taxes, concluding that it has a very decisive impact on public finance, and for that reason, the rate must be progressively modified and increased. It will be fundamental that the recollection may be done with good governance that allows both the decentralization and maximization of the funds use, in order to benefit all sectors.