The contradictory path of the capital accumulation process in Spain under the Euro

Mateo Tome, Juan (2015) The contradictory path of the capital accumulation process in Spain under the Euro. (Discussion Paper) Kingston upon Thames, U.K. : Faculty of Arts and Social Sciences, Kingston University. 24 p. (Economics Discussion Paper, no. 2015-03)

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Abstract

The object of study is the dynamic of capital accumulation in Spain between 1999 and 2012, a period in which the Spanish economy has had first a system of fixed exchange rates, and then monetary integration within the Eurozone. Investment has been largely driven by the revaluation of assets related to construction (mainly residential), which has generated a profound reshaping of the economic structure. The relationship between investment, productivity and costs is first approached from a macroeconomic perspective, followed with an analysis of the composition by assets and sectors. It is shown that the most dynamic sectors have been those with relative low technical composition of capital, leading to absolute declines in labour productivity, as well as a price-effect that has completely distorted the reproduction of the Spanish economy.

Item Type: Monograph (Discussion Paper)
Uncontrolled Keywords: capital accumulation; growth; productivity; investment
Research Area: Economics and econometrics
Faculty, School or Research Centre: Faculty of Arts and Social Sciences (until 2017) > School of Economics, History and Politics (from November 2012)
Depositing User: Andrea Ingianni
Date Deposited: 23 Jun 2015 13:21
Last Modified: 23 Jun 2015 13:21
DOI: 2015-3
URI: http://eprints.kingston.ac.uk/id/eprint/31858

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