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Macroeconomic stability and economic growth: the case of Spain

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  • Blanca Sanchez-Robles

Abstract

Recent contributions have pointed out to a beneficial effect of macroeconomic stability and market liberalization on economic growth. This paper analyses this issue empirically by means of cointegration techniques, using annual data from the Spanish economy, 1962-95. Some proxies of macroeconomic instability - such as inflation, public deficit and various types of public expenditure as a share of GDP - and market distortions are included in the equations as regressors. The results show a negative correlation of these proxies and economic growth. Therefore, the Spanish experience suggests that macroeconomic stability and market liberalization are prerequisites for economic growth.

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Bibliographic Info

Article provided by Taylor & Francis Journals in its journal Applied Economics Letters.

Volume (Year): 5 (1998)
Issue (Month): 9 ()
Pages: 587-591

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Handle: RePEc:taf:apeclt:v:5:y:1998:i:9:p:587-591

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Cited by:
  1. Ftiti, Zied, 2010. "The macroeconomic performance of the inflation targeting policy: An approach based on the evolutionary co-spectral analysis (extension for the case of a multivariate process)," Economic Modelling, Elsevier, vol. 27(1), pages 468-476, January.
  2. Zied Ftiti, 2010. "Stabilité-croissance et performance économique : Quelle relation selon une revue de la littérature ?," Working Papers 1026, Groupe d'Analyse et de Théorie Economique (GATE), Centre national de la recherche scientifique (CNRS), Université Lyon 2, Ecole Normale Supérieure.
  3. Mustafa Ismihan & Aysit Tansel & Kivilcim Metin-Ozcan, 2002. "Macroeconomic Instability, Capital Accumulation and Growth : The Case of Turkey 1963-1999," Departmental Working Papers 0205, Bilkent University, Department of Economics.
  4. Zied Ftiti, 2010. "Stabilité-croissance et performance économique : quelle relation selon une revue de la littérature ?," Post-Print halshs-00537009, HAL.

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