 A supermultiplier demand-led growth accounting analysis applied to the Spanish economy (1998-2019)Héctor Labat-Moles and Ricardo de Figueiredo Summa No 200/2022, IPE Working Papers from Berlin School of Economics and Law, Institute for International Political Economy (IPE) Abstract: In this paper, we analyse the demand-led determinants of Spanish economic growth from 1998-2019. We apply the supermultiplier demand-led growth accounting methodology by Freitas/Dweck (2013) with two modifications: First, we incorporate consumption out of public transfers, following Haluska et al. (2021) and Haluska (2021). Second, we incorporate consumption out of public wages as a source of autonomous demand, theoretically suggested by Serrano/Pimentel (2019). Our demandled growth decomposition highlights (i) public demand and exports as important stable growth drivers, and a decreasing supermultiplier that reduces growth rates; (ii) the indirect effect of a real estate boom in the economic expansion of 1998-2008 caused by increasing public revenues and opening space to the expansion of public demand; (iii) the incapacity of exports to lead the recovery alone, as the latter started only with the resumption of the public and private demand. Keywords: Supermultiplier; demand-led accounting; Spanish economy (search for similar items in EconPapers) Downloads: (external link) Related works: Export reference: BibTeX RIS (EndNote, ProCite, RefMan) HTML/Text Persistent link: https://EconPapers.repec.org/RePEc:zbw:ipewps:2002022 Access Statistics for this paper More papers in IPE Working Papers from Berlin School of Economics and Law, Institute for International Political Economy (IPE) Contact information at EDIRC. |
Is your work missing from RePEc? Here is how to contribute.
Questions or problems? Check the EconPapers FAQ or send mail to .
EconPapers is hosted by the
School of Business at Örebro University.