Sources of sustained growth in Spain and G7 countries (1970-2001)

Abstract

This paper reviews the experience of sustained growth in Spain and those countries belonging to the G7 in light of Kaldor’s stylized facts, as well as the process of Spain’s convergence towards the most developed countries. We analyze sources of growth over the extensive period of 1970-2001, and in particular the effects of both direct and indirect technical progress on the accumulation de capital. Finally, we examine the changes that took place in the nineties - a time when the United States showed a behavior that was influenced by new technologies, whereas in Spain the contribution of productivity to growth lost importance.Growth, productivity, convergence