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Macroeconomic stability and economic growth: the case of Spain

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  • Blanca Sanchez-Robles

Abstract

Recent contributions have pointed out to a beneficial effect of macroeconomic stability and market liberalization on economic growth. This paper analyses this issue empirically by means of cointegration techniques, using annual data from the Spanish economy, 1962-95. Some proxies of macroeconomic instability - such as inflation, public deficit and various types of public expenditure as a share of GDP - and market distortions are included in the equations as regressors. The results show a negative correlation of these proxies and economic growth. Therefore, the Spanish experience suggests that macroeconomic stability and market liberalization are prerequisites for economic growth.

Suggested Citation

  • Blanca Sanchez-Robles, 1998. "Macroeconomic stability and economic growth: the case of Spain," Applied Economics Letters, Taylor & Francis Journals, vol. 5(9), pages 587-591.
  • Handle: RePEc:taf:apeclt:v:5:y:1998:i:9:p:587-591
    DOI: 10.1080/758529505
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    References listed on IDEAS

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    1. Engle, R. F. & Granger, C. W. J. (ed.), 1991. "Long-Run Economic Relationships: Readings in Cointegration," OUP Catalogue, Oxford University Press, number 9780198283393.
    2. Michael Bruno, 1993. "Inflation and Growth in an Integrated Approach," NBER Working Papers 4422, National Bureau of Economic Research, Inc.
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    Cited by:

    1. Zied Ftiti, 2010. "Stabilité-croissance et performance économique : quelle relation selon une revue de la littérature ?," Post-Print halshs-00537009, HAL.
    2. ISMIHAN Mustafa & METIN-OZCAN Kivilcim & TANSEL Aysit, "undated". "Macroeconomic Instability, Capital Accumulation and Growth: The Case of Turkey 1963-1999," EcoMod2003 330700071, EcoMod.
    3. Ftiti, Zied, 2010. "The macroeconomic performance of the inflation targeting policy: An approach based on the evolutionary co-spectral analysis (extension for the case of a multivariate process)," Economic Modelling, Elsevier, vol. 27(1), pages 468-476, January.
    4. Ali, Amjad & Ur Rehman, Hafeez, 2015. "Macroeconomic Instability and Its Impact on Gross Domestic Product: An Empirical Analysis of Pakistan," MPRA Paper 71037, University Library of Munich, Germany.

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