Credit institutions provide financial intermediation services indirectly measured(FISIM). The consideration of those services by national accounts raise many problems.SEC-70 and SEC-95 (chapter 3) decided to include FISIM in a fictitious sector. Thissolution does not seem to be the best one as...

The paper analyzes differences in economic conditions of Spanish regions and theirevolution from the point of view of growth theory, emphasizing the convergence process.The characterization of this process varies depending on the type of data we use: thetraditional source, elaborated since 1955...

This paper presents the first results of a broader research carried out by the Instituto Valenciano deInvestigaciones Económicas (IVIE) on public capital and regional development in Spain. An estimation ofpublic capital endowments, for the years 1980, 1985 and 1990, is obtained, for the first...

The aim of this paper is to analyze the role of public capital, specially the role played by the different types of infrastructures and their territorial distribution in the productivity gains of the Spanish private sector. The analysis is carried out starting from an estimation of Spanish...

Este trabajo analiza el efecto del precio de las acciones extranjeras enlos mercados nacionales. El método que aquí se propone identifica, para cadauno de los mercados estudiados, dos elementos distintos hasta ahora nodiferenciados: primero, la importancia de un mercado atribuible a...

This paper ana1yzes the behavior of productive efficiency in the Spanish Regions for the period 1964-1989. From a growth accounting approach, it describes the regional evolution of total factor productivity (TFPs), based on a private input production function. A more strict efficiency measure is...

Evidence of the existence of overeducation in the Spanish labour market has drawn the attention of research on the transitory character of overeducation (Alba-Ramirez, 1993 and García and Malo, 1995). Our main interest lies on whether overeducation is a source of inefficiency in the allocation...

This article analyzes the way in which intemational stock markets transmit information around the world. We are able to decompose the influenced of one market on another one in two elements: the capability of one market to exercise influence on any other market and the sensitivity of every...

The objective of this paper is to improve the estimator of Powell (1986) in the truncated Tobit model. The Powell estimator is the least squares alternative to the maximum likelihood estimator for the Tobit model. Only symmetry of the distribution of the error term is assumed, but no...

The empirical evidence for the Spanish automobile exports reflects the segmentation of international markets, and the existence of a strategy of markup adjustments aimed at the stabilisation of prices in terms of each one of the OECD countries' local currency. However, this strategy will mostly...