Distortions and Imbalances in Spain's Economic Accumulation Dynamics
This paper explores the sectoral distortions in Spain’s capital accumulation dynamics between 1999 and 2014 from a political economy standpoint. Investment has been driven in large part by the revaluation of construction-related assets, which has profoundly reshaped the economic structure. As such,...
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| Tipo de recurso: | artículo |
| Estado: | Versión publicada |
| Fecha de publicación: | 2022 |
| País: | México |
| Institución: | UNIVERSIDAD NACIONAL AUTÓNOMA DE MÉXICO |
| Repositorio: | Problemas del Desarrollo. Revista Latinoamericana de Economía |
| Idioma: | español inglés |
| OAI Identifier: | oai:ojs.pkp.sfu.ca:article/58277 |
| Acceso en línea: | https://www.probdes.iiec.unam.mx/index.php/pde/article/view/58277 |
| Access Level: | acceso abierto |
| Palabra clave: | Capital accumulation economic growth productivity investment political economy acumulación de capital crecimiento económico productividad inversión economía política |
| Sumario: | This paper explores the sectoral distortions in Spain’s capital accumulation dynamics between 1999 and 2014 from a political economy standpoint. Investment has been driven in large part by the revaluation of construction-related assets, which has profoundly reshaped the economic structure. As such, it is necessary to conduct a study disaggregated by asset and sector. The crux of the matter is capital composition: the most dynamic sectors display a relatively low technical capital composition, giving rise to an absolute reduction in labor productivity, as well as a price effect that has completely distorted reproduction over time in the Spanish economy. |
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