By relying on a new dataset, this paper presents an econometric strategy to test the Fenoaltea’s thesis with regard to both the genesis of current account fluctuations and of the investment cycle. We perform a Granger causality test that shows that the persistent current account deficits in...

By relying on a new dataset, this paper presents an econometric strategy to test the Fenoaltea’s thesis with regard to both the genesis of current account fluctuations and of the investment cycle. We perform a Granger causality test that shows that the persistent current account deficits in...

We take a long-term perspective (1900-2008) to examine the causal relationship between foreign trade and economic growth for Spain. Results from both Johansen's (1988) and Toda and Yamamoto's (1995) methodologies are quite consistent. For the first six decades of the 20th century, a sub-period...