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

Author

Listed:
  • Carolina Cosculluela Martínez

    (Departamento de Economía Aplicada I, Universidad Rey Juan Carlos, Pº de los Artilleros, s/n 28032, Madrid, Spain)

  • Rafael Flores de Frutos

    (Departamento de Fundamentos de Análisis Económico II, Universidad Complutense de Madrid. Campus de Somosaguas, 28223, Ma-drid, Spain)

Abstract

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.

Suggested Citation

  • Carolina Cosculluela Martínez & Rafael Flores de Frutos, 2010. "Housing investment in Spain: has it been the main engine of growth?," Documentos de Trabajo del ICAE 1003, Universidad Complutense de Madrid, Facultad de Ciencias Económicas y Empresariales, Instituto Complutense de Análisis Económico.
    • Handle: RePEc:ucm:doicae:1003
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    References listed on IDEAS

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    Cited by:

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    Keywords

    Housing capital stock; Spanish economy; Building industry; Labour growth.;
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