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Importancia De Las Perturbaciones Externas En La Economía Española Tras La Integración: ¿Tamaño Del Shock O Grado De Respuesta?

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  • Pedro José Pérez

    ()
    (Universitat de València)

  • José Ramón García

    (Dpto. Análisis Económico, Universitat de València)

  • Luisa Escriche

    (Universitat de València)

Abstract

This paper analyses whether the impact of European shocks in the Spanisheconomy has increased after the entry of Spain in the European Community. UsingVAR models, we try to disentangle whether the change in the importance of Europe isdue to a change in the size of the shocks or in the propagation effects. The results showsthat after 1986, despite the decrease in the size of European shocks, their impact on theSpanish business cycle has increases due to a larger sensitivity of the Spanish economyto these shocks. El objetivo de este trabajo es analizar si ha aumentado la influencia de los shocks europeos en la economía española tras el proceso de integración en Europa, distinguiendo si los cambios observados se deben a un cambio en la magnitud relativa de los shocks (mundiales, europeos e internos) y/o a cambios en el grado de respuesta. Los resultados muestran que los efectos de un shock europeo han aumentado: un shock del mismo tamaño afectaría hoy más a la economía española de lo que lo hacía en los setenta, mientras que un shock doméstico provocaría hoy una respuesta sustancialmente menor.

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File URL: http://www.ivie.es/downloads/docs/wpasec/wpasec-2005-07.pdf
File Function: Fisrt version / Primera version, 2005
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Bibliographic Info

Paper provided by Instituto Valenciano de Investigaciones Económicas, S.A. (Ivie) in its series Working Papers. Serie EC with number 2005-07.

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Length: 31 pages
Date of creation: Mar 2005
Date of revision:
Publication status: Published by Ivie
Handle: RePEc:ivi:wpasec:2005-07

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Keywords: fluctuaciones económicas; integración europea; volatilidad economic fluctuations; European integration; volatility;

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References

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