Occasional Papers

The Occasional Papers series seeks to disseminate the work carried out by the Banco de España within its sphere of competence that is considered to be of general interest for knowledge of the functioning of the Spanish economy and of its international environment.

The opinions and analyses published in the Occasional Papers are the responsibility of the authors and are not necessarily shared by the Banco de España or the Eurosystem.

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  • 2004
    Determinants of investment in tangible and intangible fixed assets (410 KB) Miguel García-Posada, Álvaro Menéndez and Maristela Mulino

    We investigate which firm characteristics are associated with investment in tangible and intangible fixed assets, paying special attention to the case of R&D, and which funding sources are used for each type of investment. Regarding firm characteristics, we find that younger and more profitable firms tend to invest more in all asset types. In the case of size, larger firms invest more in R&D and intangibles but less in tangible fixed assets. In addition, there is a concave relationship between leverage and investment. Regarding funding sources, we find that cash flow is the most important source of funding for intangibles and R&D, whereas financial debt is the most important funding source for tangible fixed assets. Stock issues are used to fund R&D and, especially, tangible fixed assets. Firms use cash holdings to smooth investment in R&D.

  • 2003
    Structural transformation in the Spanish economy (1 MB) Omar Rachedi

    This paper studies how the variation in sectoral productivities shapes the sectoral
    composition of the Spanish economy from 1980 to 2015. I first document an asymmetric
    behavior of sectoral productivities: the productivity of services declines over time, whereas
    the productivity of manufacturing increases until the 1990s, before slowing down. I feed the
    path of sectoral productivities observed in the data into a model of structural transformation
    with two sectors (services and manufacturing) which are connected by an Input-Output
    matrix. The model reproduces the variation of the gross output services share of the
    Spanish economy between 1980 and 2015. The model implies that – even absent changes
    in the trends of sectoral productivities – the annual growth rate of GDP between 2015 and
    2050 shrinks by 0.6 percentage points with respect to the average growth rate between
    1980 and 2015. Hence, annual GDP growth would decline from 2.3% to 1.7%. If sectoral
    productivities were to equal the levels observed in the Euro Area between 1980 and 2015,
    the average growth rate of Spanish GDP between 2015 and 2050 would be 2.1%.

  • 2001
    The use of BVARs in the analysis of emerging economies (347 KB) Ángel Estrada, Luis Guirola, Iván Kataryniuk and Jaime Martínez-Martín

    The process of internationalisation that many Spanish banks have embarked upon in recent years has resulted in the need for much closer monitoring of the economies in which they are present, especially by a supervisory body such as the Banco de España. In this paper, we present a comprehensive theoretical and empirical modelling approach, developing a set of five country-specific structural BVARs for Brazil, Mexico, Turkey, Chile and Peru, the economies representing the largest exposures of Spanish banks to the emerging markets. The results obtained show that our modelling strategy provides useful tools to: (i) analyse the structural shocks that underlie their recent macroeconomic behaviour; (ii) study the impact of certain decisions of policymakers on GDP, inflation and other variables; and (iii) carry out accurate conditional and unconditional projections two years ahead of the most policy-relevant variables. These projections, together with the “analyst’s judgement”, constitute the bulk of our assessment of the future behaviour of these economies.

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