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

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  • Carolina Cosculluela-Mart󹑺
  • Rafael Flores de Frutos

Abstract

This article studies dynamic responses of employment and Gross Domestic Product (GDP) growth to a permanent, unitary 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.

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  • Carolina Cosculluela-Mart󹑺 & Rafael Flores de Frutos, 2013. "Housing investment in Spain: has it been the main engine of growth?," Applied Economics, Taylor & Francis Journals, vol. 45(14), pages 1835-1843, May.
    • Handle: RePEc:taf:applec:45:y:2013:i:14:p:1835-1843
    DOI: 10.1080/00036846.2011.639740
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