IDEAS home Printed from https://ideas.repec.org/a/oup/econjl/v131y2021i633p129-155..html
   My bibliography  Save this article

Wealth in Spain 1900–2017 A Country of Two Lands
[The real estate and credit bubble: evidence from Spain]

Author

Listed:
  • Miguel Artola Blanco
  • Luis Bauluz
  • Clara Martínez-Toledano

Abstract

This study reconstructs Spain’s national wealth from 1900 to 2017. By combining new sources with existing accounts, we estimate the wealth of both private and government sectors and use a new asset-specific decomposition of the long-run accumulation of wealth. We find that, during the twentieth century, the national wealth-to-income ratio remained within a relatively narrow range—between 400% and 600%—until the housing boom of the early 2000s led to an unprecedented rise to 800% in 2007. Our results highlight the importance of land, housing capital gains and international capital flows as key elements of wealth accumulation.

Suggested Citation

  • Miguel Artola Blanco & Luis Bauluz & Clara Martínez-Toledano, 2021. "Wealth in Spain 1900–2017 A Country of Two Lands [The real estate and credit bubble: evidence from Spain]," The Economic Journal, Royal Economic Society, vol. 131(633), pages 129-155.
    • Handle: RePEc:oup:econjl:v:131:y:2021:i:633:p:129-155.
    as

    Download full text from publisher

    File URL: http://hdl.handle.net/10.1093/ej/ueaa103
    Download Restriction: Access to full text is restricted to subscribers.
    ---><---

    As the access to this document is restricted, you may want to search for a different version of it.

    More about this item

    Statistics

    Access and download statistics

    Corrections

    All material on this site has been provided by the respective publishers and authors. You can help correct errors and omissions. When requesting a correction, please mention this item's handle: RePEc:oup:econjl:v:131:y:2021:i:633:p:129-155.. See general information about how to correct material in RePEc.

    If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.

    We have no bibliographic references for this item. You can help adding them by using this form .

    If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your RePEc Author Service profile, as there may be some citations waiting for confirmation.

    For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: Oxford University Press or the person in charge (email available below). General contact details of provider: https://edirc.repec.org/data/resssea.html .

    Please note that corrections may take a couple of weeks to filter through the various RePEc services.

    IDEAS is a RePEc service. RePEc uses bibliographic data supplied by the respective publishers.