Housing investment in Spain:has it been the main engine of growth?

  1. Cosculluela Martínez, Carolina
  2. Flores de Frutos, Rafael
Revista:
Documentos de Trabajo (ICAE)

ISSN: 2341-2356

Año de publicación: 2010

Número: 3

Páginas: 1-20

Tipo: Documento de Trabajo

DIALNET GOOGLE SCHOLAR lock_openDocta Complutense editor

Otras publicaciones en: Documentos de Trabajo (ICAE)

Resumen

This paper studies dynamic responses of employment and GDP growth to a permanent, uni-tary shock in the housing capital stock for the Spanish economy. It quantifies the importance of this variable in the boom experienced by the Spanish economy during the pre-crisis years. Results confirm that building industry has been the most important engine for output and labour growth.

Referencias bibliográficas

  • Aschauer D.A. (1989a) Does public capital crowd out private capital? Journal of Monetary Economics, 24,171–188.
  • Aschauer D.A. (1989b) Is public expenditure productive? Journal of Monetary Economics, 23,177–200.
  • Granger, C. W. J. and Engle, R. F. (1987) Co-integration and error correction: representation, estimation and testing, Econometrica, 251–276.
  • Flores, R., Gracia, M., and Perez, T. (1998) Public capital stock and economic growth: an analysis of the Spanish economy, Applied Economics, 30, 985–994.
  • Jenkins G.M., and Alavi, A.S. (1981) Some aspects of modelling and forecasting multivariate time series. Journal of time series analysis, 2, 1-47.
  • Johansen S. (1988), Statistical analysis of cointegration vectors, Journal of Economic Dynamics and Control, 12, 231–254.
  • Johansen S. (1991), Estimation and hypothesis testing of cointegration vectors in gaussian vector autoregressive models, Econometrica, 59, 1551–1580.
  • Mas Ivars M., Pérez García P. and Uriel Jiménez E. (2007), El stock y los servicios del capital en España y su distribución territorial, Fundación BBVA.
  • Pereira, A. M. (2000). Is all public capital created equal? Review of Economics and Statistics, 82(3), 513–518, Aug.
  • Pereira, A. M. and Andráz, J. M. (2005). Public investment in transportation infrastructure and economic performance in portugal, Review of Development Economics 9, 177–96.
  • Pereira, A. M. and Andráz, J. M. (2010). On the economic effects of investment in railroad infrastructures in Portugal, College of William and Mary, Working Papers in economics, No. 96, Universidade do Algarve, Portugal.
  • Pereira, A. M. and Flores de Frutos, R. (1999). Public Capital Accumulation and Private Sector Performance. Journal of Urban Economics, 46, 300–22.
Fuente de los datos: Dialnet