Open Access
There was monetary autonomy in Europe on the eve of EMU? The German dominance hypothesis reexamined
(1999) Bajo Rubio, Óscar; Montávez Garcés, María Dolores; Economía; Ekonomia
In this paper we re-examine the German dominance hypothesis, as a way to assess whether the loss of monetary autonomy in Europe associated with EMU had been significant. We use Granger-causality tests between the interest rates of Germany and all the countries participating at any time in the European Monetary System, with the sample period running until December 1998. Our results would support a weak version of the hypothesis, with Germany playing a certain “leadership” or special role in the EMS, although she would not had been strictly the “dominant” player.
Open Access
Foreign direct investment and trade: a causality analysis
(1999) Bajo Rubio, Óscar; Montero Muñoz, María; Economía; Ekonomia
We analyse in this paper the relationship between outward FDI and exports, with Spanish quarterly data for the period 1977-1992. The empirical methodology makes use of Granger-causality tests in a cointegration framework, where the order of lags for each variable has been selected by means of Hsiao’s sequential approach. The tests have been performed both in a bivariate and multivariate setting, in the latter case including as additional variables a proxy for world income and the relative price of exports. Since cointegration between outward FDI and exports was found, error-correction mechanisms under three alternative specifications were included, which allowed us to discriminate between short- and long-run Granger-causality. Our results point to the existence of long-run Granger-causality from outward FDI to exports, according to a complementary relationship, for the Spanish case during the period of analysis.
Open Access
Fiscal policy and growth revisited: the case of the Spanish regions
(1999) Bajo Rubio, Óscar; Díaz Roldán, Carmen; Montávez Garcés, María Dolores; Economía; Ekonomia
This paper presents an assessment of the effects of fiscal policy on economic growth. Starting from a theoretical model in which only those fiscal policy instruments presumed to strictly influence the production process (i. e., public capital and transfers) are incorporated into the production function, we provide an empirical application for the case of the Spanish regions during the period 1967-1991. The results confirm the positive effect of public investment on growth, together with a positive effect of transfers but only for poorer regions.
Open Access
An industry analysis of foreign direct investment in Spanish manufacturing, 1986-1992
(1998) Bajo Rubio, Óscar; López Pueyo, Carmen; Economía; Ekonomia
This paper tries to analyse the main features associated with foreign direct investment (FDI) directed to Spanish manufacturing, both across industries and through time. To this end, we will make use of a data set on 20 manufacturing industries for the years 1986-1992, in which Spanish manufacturing industry experienced a sustained period of growth. Then, a relative FDI measure will be related to several industry indicators, as well as to some macroeconomic variables, which will allow us to obtain a general characterization of FDI in Spanish manufacturing over that period.
Open Access
A further generalization of the Solow growth model: the role of the public sector
(1999) Bajo Rubio, Óscar; Economía; Ekonomia
We develop in this paper an augmented version of the Solow (1956) growth model, including the role of government. The model leads to a non-monotonic relationship between the rate of growth of per capita output and government size, generalizing previous results by Barro (1990) to the case in which returns to scale to private factors are not constant.
Open Access
¿Existe un efecto Fisher en el largo plazo? Evidencia para la economía española, 1962-1996
(1998) Bajo Rubio, Óscar; Esteve, Vicente; Economía; Ekonomia
En este trabajo se contrasta empíricamente el cumplimiento del efecto Fisher a largo plazo para el caso español, utilizando datos trimestrales para el periodo 1962-1996. Para ello se utilizan nuevas técnicas de raíces unitarias y cointegración, donde se tienen en cuenta explícitamente la presencia de posibles cambios estructurales en la tendencia de las series. Los resultados son favorables a la existencia de un efecto Fisher parcial en el largo plazo, con una transición al tipo de interés nominal de aproximadamente un tercio por cada punto de incremento en la tasa de inflacción.
Open Access
¿Es sostenible el sistema de Seguridad Social en España? Situación actual y perspectivas
(1999) Montero Muñoz, María; Da Rocha Álvarez, José M.; Bajo Rubio, Óscar; Economía; Ekonomia
En este trabajo se analiza la sostenibilidad del sistema de la Seguridad Social en España. Para ello se examinan los principales componentes de los ingresos y gastos del sistema que han caracterizado su evolución en los últimos años, así como aquellos factores que más han contribuido a la actual configuración de la estructura de la población de España, como son la evolución de la esperanza de vida y de la tasa de la natalidad. La evidencia que ofrecen los datos, unida a los resultados de los trabajos disponibles sobre el tema, llevan a poner en cuestión la viabilidad futura del sistema si se mantienen las circustancias actuales.
Open Access
Inequality foundations of concentration measures: an application to the Hannah-Kay indices
(1999) Bajo Rubio, Óscar; Salas, Rafael; Economía; Ekonomia
In this paper we provide a connection between concentration and inequality by showing that the inequality measures consistent with the whole class of Hannah-Kay concentration indices are the general entropy inequality indices. We isolate the inequality component underlying the concentration measures, obtaining an explicit additive decomposition of the change in concentration into the change in its two components: inequality and the number of firms. This relationship proves to be valid for the whole class of Hannah-Kay concentration indices, and embodies as particular cases other previously found in the literature. Finally, our proposed decomposition is shown by means of an empirical example, which illustrates the sources of a change in sectoral concentration between two points in time.
Open Access
Monetary and fiscal policies in dynamic models of the open economy
(1998) Bajo Rubio, Óscar; Economía; Ekonomia
This paper discusses the relative effectiveness of monetary and fiscal policies in a series of dynamic models of the open economy, by embodying in a unified general framework some different assumptions previously stated in the literature. In addition to the final steady-state results, we also examine those effects arising both on impact of policy measures, and on announcement when such policies are perfectly anticipated by the agents.
Open Access
Efectos de cambios impositivos en un modelo de equilibrio general aplicado: un análisis de la reforma de 1995
(1999) Bajo Rubio, Óscar; Gómez Gómez-Plana, Antonio; Economía; Ekonomia
En este trabajo se analizan los efectos de una disminución de los tipos de las cotizaciones sociales, compensada con un incremento en los tipos del impuesto sobre el valor añadido, como la que tuvo lugar en España en 1995. Para ello se utiliza un modelo de equilibrio general aplicado a la economía española, que se presenta en dos versiones: una donde los sectores productivos se modelizan en competencia perfecta, y otra donde los mismos sectores se modelizan como oligopolistas a la Cournot, lo cual nos permite analizar la influencia del supuesto de competencia imperfecta sobre los resultados. Se ha realizado asimismo una simulación adicional aplicando un supuesto de equal yield por el que el déficit público y el nivel de bienestar del sector público se mantienen constantes tras la aplicación de la nueva política, con objeto de aislar los efectos secundarios que se podrían derivar de un cambio en el comportamiento del sector público.