The contradictory path of the capital accumulation process in Spain under the Euro

Juan Pablo Mateo Tomé ()
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Juan Pablo Mateo Tomé: Kingston University London

No 2015-3, Economics Discussion Papers from School of Economics, Kingston University London

Abstract: The object of study is the dynamic of capital accumulation in Spain between 1999 and 2012, a period in which the Spanish economy has had first a system of fixed exchange rates, and then monetary integration within the Eurozone. Investment has been largely driven by the revaluation of assets related to construction (mainly residential), which has generated a profound reshaping of the economic structure. The relationship between investment, productivity and costs is first approached from a macroeconomic perspective, followed with an analysis of the composition by assets and sectors. It is shown that the most dynamic sectors have been those with relative low technical composition of capital, leading to absolute declines in labour productivity, as well as a price-effect that has completely distorted the reproduction of the Spanish economy.

Keywords: capital accumulation; growth; productivity; investment (search for similar items in EconPapers)
JEL-codes: E11 E22 O33 O40 (search for similar items in EconPapers)
Pages: 24 pages
Date: 2015-06-11
New Economics Papers: this item is included in nep-eec and nep-mac
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Persistent link: https://EconPapers.repec.org/RePEc:ris:kngedp:2015_003

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