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Wealth in Spain 1900–2017 A Country of Two Lands
[The real estate and credit bubble: evidence from Spain]

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  • Miguel Artola Blanco
  • Luis Bauluz
  • Clara Martínez-Toledano

Abstract

This study reconstructs Spain’s national wealth from 1900 to 2017. By combining new sources with existing accounts, we estimate the wealth of both private and government sectors and use a new asset-specific decomposition of the long-run accumulation of wealth. We find that, during the twentieth century, the national wealth-to-income ratio remained within a relatively narrow range—between 400% and 600%—until the housing boom of the early 2000s led to an unprecedented rise to 800% in 2007. Our results highlight the importance of land, housing capital gains and international capital flows as key elements of wealth accumulation.

Suggested Citation

  • Miguel Artola Blanco & Luis Bauluz & Clara Martínez-Toledano, 2021. "Wealth in Spain 1900–2017 A Country of Two Lands [The real estate and credit bubble: evidence from Spain]," The Economic Journal, Royal Economic Society, vol. 131(633), pages 129-155.
    • Handle: RePEc:oup:econjl:v:131:y:2021:i:633:p:129-155.
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    File URL: http://hdl.handle.net/10.1093/ej/ueaa103
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    Cited by:

    1. Fałkowski Jan & Wójcik Piotr, 2024. "New dataset on income support in Poland’s rural areas," Miscellanea Geographica. Regional Studies on Development, Sciendo, vol. 28(2), pages 54-65.

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