Wealth in Spain 1900– 2017 A Country of Two Lands

Wealth in Spain 1900– 2017 A Country of Two Lands. Artola Blanco, M., Bauluz, L., & Martínez-Toledano, Clara The Economic Journal, 131(633):129–155, January, 2021.

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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.

@article{ArtolaBlancoetal2021,
  title = {Wealth in {{Spain}} 1900\textendash 2017 {{A}} Country of Two Lands},
  author = {Artola Blanco, Miguel and Bauluz, Luis and {Mart{\'i}nez-Toledano}, Clara},
  year = {2021},
  month = jan,
  journal = {The Economic Journal},
  volume = {131},
  number = {633},
  pages = {129--155},
  doi = {10.1093/ej/ueaa103},
  url = {https://doi.org/10.1093/ej/ueaa103},
  abstract = {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\textemdash between 400\% and 600\%\textemdash 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.},
  keywords = {Determinants of Wealth and Wealth Inequality,Trends in Aggregate Wealth and Wealth Inequality}
}

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