The Sources of Long-Run Growth in Spain,1850-2000 Articles uri icon

publication date

  • April 2009

start page

  • 1063

end page

  • 1091

issue

  • 4

volume

  • 69

International Standard Serial Number (ISSN)

  • 0022-0507

Electronic International Standard Serial Number (EISSN)

  • 1471-6372

abstract

  • Between 1850 and 2000, Spainâ's real income increased by about 40-fold, at an average rate of 2.5 percent. The sources of this long-run growth are investigated using Jorgenson-type growth accounting analysis. We find that growth upsurges are closely related to increases in TFP. Spanish economic growth went through three successive phases. The century before 1950 was characterized by slow growth driven by factor accumulation. TFP improvements pushed up explosive growth during the Golden Age and mitigated the deceleration during the transition to democracy years (1975-86). Since the accession to the European Union Spain has experienced a dramatic productivity slowdown.