Capital in Spain, 1850-2019

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dc.contributor.author Prados de la Escosura, Leandro
dc.contributor.editor Universidad Carlos III de Madrid. Instituto Figuerola de Historia y Ciencias Sociales
dc.date.accessioned 2020-11-23T17:15:26Z
dc.date.available 2020-11-23T17:15:26Z
dc.date.issued 2020-11-23
dc.identifier.issn 2341-2542
dc.identifier.uri http://hdl.handle.net/10016/31464
dc.description.abstract The rising trend in the capital-output ratio and the productivity slowdown have put capital back in the economist's agenda. This paper contributes to the debate by providing new estimates of net capital stock and services for Spain over the last 170 years. The net capital (wealth) stock-GDP ratio rose over time and doubled in the last half-a-century. Capital services grew fast over the long-run accelerating in the 1920s and from the mid-1950s to 2007. Until 1975 its acceleration was helped by an increase in the 'quality' of capital. Capital deepening proceeded steadily, accelerating during 1955-1985, and slowing down thereafter for expanding sectors attracted less investment-specific technological progress. Although capital consumption rose over time, the rate of depreciation fell from 1970 to 2007 as new capital goods' relative prices declined due to embodied technological change.
dc.description.sponsorship A research grant from Fundación Rafael del Pino is gratefully acknowledged
dc.language.iso eng
dc.relation.ispartofseries Working Papers in Economic History
dc.relation.ispartofseries 20-09
dc.rights Atribución-NoComercial-SinDerivadas 3.0 España
dc.rights.uri http://creativecommons.org/licenses/by-nc-nd/3.0/es/
dc.subject.other Capital Stock And Services
dc.subject.other Capital Deepening
dc.subject.other Capital-Output Ratio
dc.subject.other Spain
dc.title Capital in Spain, 1850-2019
dc.type workingPaper
dc.subject.jel D24
dc.subject.jel E01
dc.subject.jel E22
dc.subject.jel N33
dc.subject.jel N34
dc.identifier.uxxi DT/0000001852
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