Pré-Publication, Document De Travail (Working Paper) Année : 2022

A supermultiplier demand-led growth accounting analysis applied to the Spanish economy (1998-2019)

Résumé

In this paper, we analyse the demand-led determinants of Spanish economic growth from 1998-2019. We apply the supermultiplier demand-led growth accounting methodology by Freitas/Dweck (2013) with two modifications: First, we incorporate consumption out of public transfers, following Haluska et al. (2021) and Haluska (2021). Second, we incorporate consumption out of public wages as a source of autonomous demand, theoretically suggested by Serrano/Pimentel (2019). Our demand-led growth decomposition highlights (i) public demand and exports as important stable growth drivers, and a decreasing supermultiplier that reduces growth rates; (ii) the indirect effect of a real estate boom in the economic expansion of 1998-2008 caused by increasing public revenues and opening space to the expansion of public demand; (iii) the incapacity of exports to lead the recovery alone, as the latter started only with the resumption of the public and private demand.

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Dates et versions

hal-03989148 , version 1 (14-02-2023)

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  • HAL Id : hal-03989148 , version 1

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Héctor Labat Moles, Ricardo Summa. A supermultiplier demand-led growth accounting analysis applied to the Spanish economy (1998-2019). 2022. ⟨hal-03989148⟩
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