Macroeconomic stability and economic growth: the case of Spain

Blanca Sanchez-Robles

Applied Economics Letters, 1998, vol. 5, issue 9, 587-591

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.

Date: 1998
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Persistent link: https://EconPapers.repec.org/RePEc:taf:apeclt:v:5:y:1998:i:9:p:587-591

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DOI: 10.1080/758529505

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