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Hechos estilizados del patrón de inversión en la economía española (1981-2013)

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  • Luis CARDENAS DEL REY

Abstract

El objeto principal de este trabajo es presentar un conjunto de hechos estilizados sobre el patrón de inversión que ha mostrado la economía española en las últimas décadas. La realización de este tipo de análisis es relevante como punto de partida para posteriores estudios sobre la inversión en España, especialmente por la importancia central que tiene la inversión en el crecimiento económico. Utilizando los datos de la base BBVA-IVIE pero con un enfoque metodológico distinto, más próximo a las categorías del BEA estadounidense. Gracias a ello este trabajo se aporta nueva evidencia sobre los rasgos característicos del patrón de capitalización, los más interesantes son: i) Existió una “aceleración” en el crecimiento entre las dos ciclos expansivos, ii) A nivel de composición técnica, la inversión en equipamientos es la que ha mostrado un mayor dinamismo, iii) a nivel de agentes inversores, la corporativa ha tenido una gran constancia en su crecimiento, viéndose complementada por el “relevo” de los otros dos agentes, i.e., la inversión de las AA.PP. creció más en el primer ciclo expansivo (1981-1993) y la inversión de los hogares en el segundo (1994-2007), y iv) a nivel sectorial la inversión se ha concentrado en sectores con mayor dinamismo de la creación de empleo, siendo paradigmático el caso del sector de construcción. The main aim of this report is to introduce a set of stylized facts about the investment pattern that the Spanish economy showed the last decades. The realization of this type of analysis is relevant as a starting point for further studies on investment in Spain, especially by the importance of investment in economic growth. Utilizing information from the BBVA-IVIE database but with a different methodological approach, closer to the categories of the American BEA. As a result of this study, new evidence is exposed along the characteristics of the capitalization pattern, the most interesting are the following: (i) There was an "acceleration" in growth between the two expansive cycles. (ii) At the level of technical composition, the investment in equipment is the one that has shown more dynamism. (iii) At the level of agent investment, the company capitalization has had great constancy in its increment, being complemented by the "relay" of the other two agents, i.e., the government investment in the first expansionary cycle (1981-1993) and household investment in the second (1994-2007). (iv) At the sectoral level, investment has been concentrated in sectors with greater dynamism in job creation, it is the paradigmatic case of the building sector.

Suggested Citation

  • Luis CARDENAS DEL REY, 2017. "Hechos estilizados del patrón de inversión en la economía española (1981-2013)," Revista Galega de Economía, University of Santiago de Compostela. Faculty of Economics and Business., vol. 26(2), pages 5-14.
    • Handle: RePEc:sdo:regaec:v:26:y:2017:i:2_1
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    References listed on IDEAS

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    1. Mary O'Mahony & Marcel P. Timmer, 2009. "Output, Input and Productivity Measures at the Industry Level: The EU KLEMS Database," Economic Journal, Royal Economic Society, vol. 119(538), pages 374-403, June.
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    3. Luis Ángel Maza & Juan M.ª Peñalosa, 2010. "La situación actual del ajuste de la inversión residencial en España," Boletín Económico, Banco de España, issue DEC, pages 65-79, Diciembre.
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    More about this item

    Keywords

    Inversión; hechos estilizados; economía española. Investment; stylized facts; Spanish economy.;
    All these keywords.

    JEL classification:

    • E20 - Macroeconomics and Monetary Economics - - Consumption, Saving, Production, Employment, and Investment - - - General (includes Measurement and Data)
    • E22 - Macroeconomics and Monetary Economics - - Consumption, Saving, Production, Employment, and Investment - - - Investment; Capital; Intangible Capital; Capacity
    • E32 - Macroeconomics and Monetary Economics - - Prices, Business Fluctuations, and Cycles - - - Business Fluctuations; Cycles

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