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Size and linkages of the Spanish construction industry: key sector or deformation of the economy?

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Author Info

  • Jorge Bielsa
  • Rosa Duarte

Abstract

Until its recent end, the Spanish construction industry enjoyed a decade of unprecedented growth, absorbing labour and capital from other sectors of the economy in huge amounts. Using the input--output methodology, we compare the picture for different countries in order to seek patterns and identify possible distortions associated with the extraordinary growth of the construction sector in Spain. We find that the sector is plainly oversized in Spain in comparison to its closest benchmarks, namely a group of OECD advanced economies. The available input--output data for Spain, covering several years, also provide evidence of a process of 'deformation' of the economy. On this basis, we provide an initial estimate of the impact a hypothetical adjustment in the industry would have on total income and employment in the economy. Copyright The Author 2010. Published by Oxford University Press on behalf of the Cambridge Political Economy Society. All rights reserved., Oxford University Press.

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File URL: http://hdl.handle.net/10.1093/cje/beq016
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Bibliographic Info

Article provided by Oxford University Press in its journal Cambridge Journal of Economics.

Volume (Year): 35 (2011)
Issue (Month): 2 ()
Pages: 317-334

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Handle: RePEc:oup:cambje:v:35:y:2011:i:2:p:317-334

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Cited by:
  1. Klose, Jens & Weigert, Benjamin, 2013. "Sovereign yield spreads during the Euro-crisis: Fundamental factors versus redenomination risk," Working Papers 07/2012 [rev.], German Council of Economic Experts / Sachverständigenrat zur Begutachtung der gesamtwirtschaftlichen Entwicklung.
  2. Schmidt, Christoph M & Weigert, Benjamin, 2013. "Weathering the crisis and beyond: Perspectives for the Euro Area," CEPR Discussion Papers 9414, C.E.P.R. Discussion Papers.
  3. López, Luis Antonio & Arce, Guadalupe & Zafrilla, Jorge Enrique, 2013. "Parcelling virtual carbon in the pollution haven hypothesis," Energy Economics, Elsevier, vol. 39(C), pages 177-186.
  4. Kapelko, Magdalena & Oude Lansink, Alfons G.J.M. & Stefanou, Spiro E., 2012. "Assessing dynamic efficiency of the Spanish construction sector pre- and post-financial crisis," 131st Seminar, September 18-19, 2012, Prague, Czech Republic 135790, European Association of Agricultural Economists.

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