Capital Accumulation in the Long Run: The Case of Spain, 1850-2000 Articles uri icon

publication date

  • February 2010

start page

  • 141

end page

  • 200

volume

  • 27

International Standard Serial Number (ISSN)

  • 0363-3268

abstract

  • New series of Spain's capital stock and input are constructed for the last one-and-a-half centuries. Capital stock and input grew at average rates of 3.5 and 3.7 percent per year but not at a steady pace since
    rates accelerated dramatically during the 'Golden Age'. Two major
    structural changes accompanied this process. Composition of capital
    stock and remuneration changed gradually as the contribution of
    productive capital rose while that of structures declined. Spanish
    economy experienced capital deepening in the long-run. Although the
    capital-output ratio increased over time, in phases of accelerated
    growth the productivity of capital rose.