• Medientyp: E-Artikel
  • Titel: Wealth in Spain 1900–2017 A Country of Two Lands
  • Beteiligte: Blanco, Miguel Artola; Bauluz, Luis; Martínez-Toledano, Clara
  • Erschienen: Oxford University Press (OUP), 2021
  • Erschienen in: The Economic Journal
  • Sprache: Englisch
  • DOI: 10.1093/ej/ueaa103
  • ISSN: 0013-0133; 1468-0297
  • Schlagwörter: Economics and Econometrics
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  • Beschreibung: <jats:title>Abstract</jats:title><jats:p>This study reconstructs Spain’s national wealth from 1900 to 2017. By combining new sources with existing accounts, we estimate the wealth of both private and government sectors and use a new asset-specific decomposition of the long-run accumulation of wealth. We find that, during the twentieth century, the national wealth-to-income ratio remained within a relatively narrow range—between 400% and 600%—until the housing boom of the early 2000s led to an unprecedented rise to 800% in 2007. Our results highlight the importance of land, housing capital gains and international capital flows as key elements of wealth accumulation.</jats:p>