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

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Author Info

  • Carolina Cosculluela Martínez

    ()
    (Departamento de Economía Aplicada I, Universidad Rey Juan Carlos, Pº de los Artilleros, s/n 28032, Madrid, Spain)

  • Rafael Flores de Frutos

    ()
    (Departamento de Fundamentos de Análisis Económico II, Universidad Complutense de Madrid. Campus de Somosaguas, 28223, Ma-drid, Spain)

Abstract

This paper studies dynamic responses of employment and GDP growth to a permanent, uni-tary 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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File URL: http://eprints.ucm.es/11737/1/1003.pdf
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Bibliographic Info

Paper provided by Universidad Complutense de Madrid, Facultad de Ciencias Económicas y Empresariales in its series Documentos del Instituto Complutense de Análisis Económico with number 1003.

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Length: pages 20
Date of creation: 2010
Date of revision:
Handle: RePEc:ucm:doicae:1003

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Keywords: Housing capital stock; Spanish economy; Building industry; Labour growth.;

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References

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  1. David Aschauer, 1988. "Does public capital crowd out private capital?," Staff Memoranda 88-10, Federal Reserve Bank of Chicago.
  2. David Aschauer, 1988. "Is public expenditure productive?," Staff Memoranda 88-7, Federal Reserve Bank of Chicago.
  3. Johansen, Soren, 1988. "Statistical analysis of cointegration vectors," Journal of Economic Dynamics and Control, Elsevier, vol. 12(2-3), pages 231-254.
  4. Alfredo M. Pereira & Jorge M. Andraz, 2005. "Public Investment in Transportation Infrastructure and Economic Performance in Portugal," Review of Development Economics, Wiley Blackwell, vol. 9(2), pages 177-196, 05.
  5. Alfredo M. Pereira, 2000. "Is All Public Capital Created Equal?," The Review of Economics and Statistics, MIT Press, vol. 82(3), pages 513-518, August.
  6. Johansen, Soren, 1991. "Estimation and Hypothesis Testing of Cointegration Vectors in Gaussian Vector Autoregressive Models," Econometrica, Econometric Society, vol. 59(6), pages 1551-80, November.
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