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

Carolina Cosculluela-Mart󹑺 and Rafael Flores de Frutos
Authors registered in the RePEc Author Service: Carolina Cosculluela-Martínez

Applied Economics, 2013, vol. 45, issue 14, 1835-1843

Abstract: 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.

Date: 2013
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DOI: 10.1080/00036846.2011.639740

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