Spanish paper explores low TFP growth during expansion
Research highlights misallocation of production factors within industry
Conditions prevailing during the Spanish growth period between 1995 and 2007 suggest the expansion was driven by a "demand boom" rather than structural reforms, a working paper published by the Bank of Spain has found.
In Growing Like Spain: 1995–2007, Manuel García-Santana, Enrique Moral-Benito, Josep Pijoan-Mas and Roberto Ramos note the economy expanded by an average of 3.5% each year during the period. Total factor productivity (TFP), meanwhile, fell at an annual rate of 0.7%.
The authors
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