Publications

Structural analysis

From this page you can access thematically grouped Analytical Articles published in the Economic Bulletin from 1999, ordered by date of dissemination within each year.

  • 12/07/2018
    Investment and financing of Spanish non-financial corporations: an analysis using firm-level data  File PDF: Opens in a new window (613 KB) Daniel Dejuán, Álvaro Menéndez and Maristela Mulino

    According to the analysis conducted in this article, based on individual firms’ balance sheet information, Spanish corporate investment tended to pick up from 2014 and to do so with greater intensity at SMEs than at large corporations, after having contracted more forcefully during the early stages of the crisis at SMEs. In any event, as regards the stock of productive assets (tangibles and intangibles alike), the investment level attained in 2016 is expected to still be below pre-crisis figures. Analysis of investment determinants highlights the fact that the strength of the financial position and of profitability are positively related to business investment decisions, especially during the post-crisis period. As to the sources of financing used, firms with net positive investment resorted, throughout the period, both to own and borrowed funds, although the relative weight of the latter fell significantly from 2008. Firms investing intensively in intangibles – which were financed, until 2007, both with own and borrowed funds – began, with the onset of the crisis, to depend practically exclusively on own funds. That suggests the possible existence of greater difficulties for firms with a high concentration of intangible assets in gaining access to borrowed funds.

  • 08/02/2018
    The role of the social environment in household consumption decisions in Spain  File PDF: Opens in a new window (752 KB) José María Casado

    This article analyses the relationship between household consumption and that in their social
    environment, defined as those households that live in nearby geographical areas. The results, rawn from the Spanish Household Expenditure Survey, reveal that, on average, approximately one-third of the non-durable goods consumption of the average Spanish household is influenced to some extent by the decisions of its peer group, a magnitude that is in line with the evidence available for other countries. The influence of the social environment appears to be greater for certain specific goods, such as tobacco, clothing, leisure activities and alcohol. This analysis may help us understand how specific shocks, which initially have a direct bearing only on the expenditure of very specific population groups, ultimately affect the consumption of other, broader population groups.

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