Resumen

MATEO, Juan Pablo. Distortions and Imbalances in Spain's Economic Accumulation Dynamics. Prob. Des [online]. 2017, vol.48, n.191, pp.55-82. ISSN 0301-7036.

This paper explores the sectoral distortions in Spain's capital accumulation dynamics between 1999 and 2014 from a political economy standpoint. Investment has been driven in large part by the revaluation of construction-related assets, which has profoundly reshaped the economic structure. As such, it is necessary to conduct a study disaggregated by asset and sector. The crux of the matter is capital composition: the most dynamic sectors display a relatively low technical capital composition, giving rise to an absolute reduction in labor productivity, as well as a price effect that has completely distorted reproduction overtime in the Spanish economy.

Palabras llave : Capital accumulation; economic growth; productivity; investment; political economy.

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