Accounting for growth in Spain, 1850-2019

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dc.contributor.author Prados de la Escosura, Leandro
dc.contributor.author Roses Vendoiro, Juan Ramon
dc.contributor.editor Universidad Carlos III de Madrid. Instituto Figuerola de Historia y Ciencias Sociales
dc.date.accessioned 2020-11-23T17:30:28Z
dc.date.available 2020-11-23T17:30:28Z
dc.date.issued 2020-11-23
dc.identifier.issn 2341-2542
dc.identifier.uri http://hdl.handle.net/10016/31465
dc.description.abstract The current productivity slowdown has stimulated research on the causes of growth. We investigate here the proximate determinants of long-term growth in Spain. Over the last 170 years output per hour worked raised nearly 24-fold dominating GDP growth, while hours worked per person shrank by one-fourth and population trebled. Half of labour productivity growth resulted from capital deepening, one-third from total factor productivity, and labour quality contributed the rest. In phases of acceleration (the 1920s and 1954-85), TFP was labour productivity's main driver complemented by capital deepening. Since Spain's accession to the European Union(1985), labour productivity has sharply decelerated as capital deepening slowed down and TFP stagnated. Up to the Global Financial Crisis (2008) GDP growth mainly resulted from an increase in hours worked per person and, to a less extent, from sluggish labour productivity coming mostly from weak capital deepening. Institutional constraints help explain the labour productivity slowdown.
dc.description.sponsorship Prados de la Escosura acknowledges a research grant from Fundación Rafael del Pino.
dc.language.iso eng
dc.relation.ispartofseries Working Papers in Economic History
dc.relation.ispartofseries 20-10
dc.rights Atribución-NoComercial-SinDerivadas 3.0 España
dc.rights.uri http://creativecommons.org/licenses/by-nc-nd/3.0/es/
dc.subject.other Growth
dc.subject.other Labour Productivity
dc.subject.other Capital Deepening
dc.subject.other Labour Quality
dc.subject.other Total Factor Productivity
dc.subject.other Spain
dc.title Accounting for growth in Spain, 1850-2019
dc.type workingPaper
dc.subject.jel D24
dc.subject.jel E01
dc.subject.jel O47
dc.subject.jel N13
dc.subject.jel N14
dc.identifier.uxxi DT/0000001853
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