Please use this identifier to cite or link to this item: https://hdl.handle.net/10419/290104 
Year of Publication: 
2024
Citation: 
[Journal:] European Journal of Economics and Economic Policies: Intervention (EJEEP) [ISSN:] 2052-7772 [Volume:] 21 [Issue:] 1 [Year:] 2024 [Pages:] 42-72
Publisher: 
Edward Elgar Publishing, Cheltenham
Abstract: 
In this paper, we analyse the demand-led determinants of Spanish economic growth from 1998-2019. We apply the supermultiplier demand-led growth accounting methodology by with two modifications: First, we incorporate consumption out of public transfers, following and . Second, we incorporate consumption out of public wages as a source of autonomous demand, theoretically suggested by . Our demand-led growth decomposition highlights: (i) public demand and exports as important stable growth drivers, and a decreasing supermultiplier that reduces growth rates; (ii) the indirect effect of a real estate boom in the economic expansion of 1998-2008 caused by increasing public revenues and opening space to the expansion of public demand; and (iii) the incapacity of exports to lead the recovery alone, as the latter started only with the resumption of the public and private demand.
Subjects: 
supermultiplier
demand-led growth accounting
Spanish economy
JEL: 
O47
E11
E12
Persistent Identifier of the first edition: 
Creative Commons License: 
cc-by Logo
Document Type: 
Article

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