evolution of productivity. These macroeconomic fluctuations were coupled with an unprecedented credit boom fueled by a housing … the fall in aggregate productivity. The allocation of credit across firms and municipalities, the softening of banks … lending standards, and the low productivity of Spanish firms can partly explain this deterioration …

elevada PTF ; Total factor productivity (TFP) is considered the key determinant of long-term and sustainable economic growth … productivity is more muted, and iii) an across-the-board increase in firms’ capital-to-labor ratios accounts for most of the TFP …

(citizen’s preferences), supply forces (different trends in sectorial productivity), or a combination of both due to the …