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Foreign trade and economic growth in Spain (1900–2012): the role of energy imports

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  • Jacint Balaguer

    ()

  • Tatiana Florica

    ()

  • Jordi Ripollés

    ()

Abstract

We take a long-term perspective (1900–2012) to examine the causal relationship between foreign trade and economic growth for Spain. Results from both Johansen’s (J Econ Dyn Control 12:231–254, 1988 ) and Toda and Yamamoto’s (J Econom 66:225–250, 1995 ) methodologies are quite consistent. For the first six decades of the 20th century, a sub-period characterised by an inward oriented trade policy, we find that growth is fairly independent of foreign trade. This outcome contrasts with findings for the sub-period after the Stabilisation and Liberalisation Plan (1959), where a causal network among variables is supported. We find that both exports and energy imports have been a direct cause of the growth experienced since the sixties. Empirical results from Toda and Yamamoto suggest that the rest of the imports may have also played an important role but after the incorporation of Spain into the European Community (1986). Copyright Springer International Publishing Switzerland 2015

Suggested Citation

  • Jacint Balaguer & Tatiana Florica & Jordi Ripollés, 2015. "Foreign trade and economic growth in Spain (1900–2012): the role of energy imports," Economia Politica: Journal of Analytical and Institutional Economics, Springer;Fondazione Edison, vol. 32(3), pages 359-375, December.
  • Handle: RePEc:spr:epolit:v:32:y:2015:i:3:p:359-375
    DOI: 10.1007/s40888-015-0021-z
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    References listed on IDEAS

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    More about this item

    Keywords

    Exports; Energy imports; Non-energy imports; Economic growth; Granger causality; F43; N1; N7; O11; Q43;

    JEL classification:

    • F43 - International Economics - - Macroeconomic Aspects of International Trade and Finance - - - Economic Growth of Open Economies
    • N1 - Economic History - - Macroeconomics and Monetary Economics; Industrial Structure; Growth; Fluctuations
    • N7 - Economic History - - Economic History: Transport, International and Domestic Trade, Energy, and Other Services
    • O11 - Economic Development, Innovation, Technological Change, and Growth - - Economic Development - - - Macroeconomic Analyses of Economic Development
    • Q43 - Agricultural and Natural Resource Economics; Environmental and Ecological Economics - - Energy - - - Energy and the Macroeconomy

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