Housing investment in Spain:: has it been the main engine of growth?

• Autores: Carolina Cosculluela Martínez, Rafael Flores de Frutos
• Localización: Documentos de Trabajo (ICAE), ISSN-e 2341-2356, Nº. 3, 2010, págs. 1-20
• Idioma: inglés
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• Resumen

  • This paper studies dynamic responses of employment and GDP growth to a permanent, uni-tary shock in the housing capital stock for the Spanish economy. It quantifies the importance of this variable in the boom experienced by the Spanish economy during the pre-crisis years. Results confirm that building industry has been the most important engine for output and labour growth.