This paper focuses on the gap between the regionalized investment foreseen in the budget bill and that appropriated in the budget law, and between the latter and that executed by the Spanish Ministry of Public Works. After briefly discussing the ongoing process of “debudgetization” of investments, data problems are dealt with and a descriptive approach to the data is developed. Then, determinants of the differences between budget law and budget liquidation are empirically examined. Econometric estimates show that budgetary and managerial variables, taken together, are more relevant than political factors to account for both time-series and cross-section differences in the degree of budget execution.

Key words: Regionalized public investment, legislative budgeting, budget deviations.
JEL classification: H54, H61, H77.