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

  • Carolina Cosculluela-Martínez
  • Rafael Flores de Frutos
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    This article studies dynamic responses of employment and Gross Domestic Product (GDP) growth to a permanent, unitary 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://hdl.handle.net/10.1080/00036846.2011.639740
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    Article provided by Taylor & Francis Journals in its journal Applied Economics.

    Volume (Year): 45 (2013)
    Issue (Month): 14 (May)
    Pages: 1835-1843

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    Handle: RePEc:taf:applec:45:y:2013:i:14:p:1835-1843
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