Capital accumulation in the long run: The case of Spain, 1850–2000

Abstract

New series of Spain's capital stock and input are provided for the last one and a half centuries for the first time. Capital stock and input grew at average rates of 3.5 and 3.7 percent per year, respectively, but not at a steady pace since rates accelerated dramatically during the “Golden Age.” Two major structural changes accompanied this process. The composition of the capital stock and returns to it changed gradually as the contribution of producer durables rose while that of structures declined. Capital deepening took place in the long run. Although the capital–output ratio increased over time, in phases of accelerated growth the productivity of capital rose.

Citation

Prados de la Escosura, L. and Rosés, J.R. (2010), "Capital accumulation in the long run: The case of Spain, 1850–2000", Field, A.J. (Ed.) Research in Economic History (Research in Economic History, Vol. 27), Emerald Group Publishing Limited, Leeds, pp. 141-200. https://doi.org/10.1108/S0363-3268(2010)0000027005