Long-run Estimates of Physical Capital in Spain, 1850-2000

Joan Rosés
Authors registered in the RePEc Author Service: Leandro Prados de la Escosura ()

IFCS - Working Papers in Economic History.WH from Universidad Carlos III de Madrid. Instituto Figuerola

Abstract: In this paper, new series of Spain’s capital stock and input are constructed for the last one-and-a-half centuries. Capital stock and input grew at average rates of 3.5 and 3.7 percent per year but not at a steady pace since rates accelerated dramatically during the ‘Golden Age’. Two major structural changes accompanied this process. Composition of capital stock and remuneration changed gradually as the contribution of productive capital rose while that of structures declined. Spanish economy experienced capital deepening in the long-run. Although the capital-output ratio increased over time, in phases of accelerated growth the productivity of capital rose.

Keywords: Capital; stock; and; input; Spain; Capital; deepening; Capital; productivity (search for similar items in EconPapers)
JEL-codes: E22 N13 N14 O16 (search for similar items in EconPapers)
Date: 2008-04
New Economics Papers: this item is included in nep-his and nep-mac
References: View references in EconPapers View complete reference list from CitEc
Citations: View citations in EconPapers (3)

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Persistent link: https://EconPapers.repec.org/RePEc:cte:whrepe:wp08-07

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