February 11, 2018
Written by WID.world

New Paper on the long-run accumulation of wealth in Spain, 1900-2014 (WID.world Working Paper 2018/5)

This new paper by Miguel Artola Blanco, Luis E. Bauluz and Clara Martínez-Toledano presents new finding on the long-run accumulation of wealth in Spain (1900-2014) by combining new official wealth data with historical sources.

Their findings reveal the quick change from an agrarian country towards a service-oriented economy, reflected in the predominance of agricultural land in the first half of the 20th century and the rapid shift to urban land in the subsequent period. In particular, they document the larger role of land in Spain, relative to other rich countries, and how capital gains from these assets account for a large part of the long-run dynamics of wealth in Spain.