FEITOS ESTILIZADOS DO PATRÓN DE INVESTIMENTO NA ECONOMÍA ESPAÑOLA, 1981-2013

O obxecto principal deste traballo e presentar un conxunto de feitos estilizados sobre o patron de investimento que amosou a economia espanola nas derradeiras decadas. A realizacion deste tipo de analise e relevante como punto de partida para posteriores estudos sobre o investimento en Espana, especialmente pola importancia central que ten o investimento no crecemento economico. Utilizanse os datos da base BBVA-IVIE pero cun enfoque metodoloxico distinto, mais achegado as categorias do BEA estadounidense. Grazas a isto, neste traballo aportase nova evidencia sobre os trazos caracteristicos do patron de capitalizacion, dos que os mais interesantes son: i) Existiu unha “aceleracion” no crecemento entre os dous ciclos expansivos; ii) A nivel de composicion tecnica, o investimento en equipamentos e o que amosou un maior dinamismo; iii) a nivel de axentes investidores, o investimento corporativo tivo unha gran constancia no seu crecemento, vendose complementado polo “relevo” dos outros axentes, e dicir, o investimento das AA.PP: creceu mais no primeiro ciclo expansivo (1981-1993) e o investimento dos fogares no segundo (1994-2007), e iv) a nivel sectorial o investimento concentrouse en sectores con maior dinamismo en creacion de emprego, sendo paradigmatico o caso do sector da construcion. The main aim of this report is to introduce a set of stylized facts about the investment pattern displayed by the Spanish economy in the past decades. This type of analysis is relevant as a starting point for further studies on investment in Spain, especially given the importance of investment in economic growth. Information from the BBVA-IVIE database has been used with a different methodological approach, closer to the categories of the American BEA. As a result, new evidence is exposed along with the characteristics of the capitalization pattern, of which the most interesting ones are the following: (i) There was an "acceleration" in growth between both expansive cycles. (ii) As far as technical composition is concerned, investment in equipment is the one that has been more dynamic. (iii) From the agent investment point of view, business capitalization has been hugely consistent with growth, being complemented by the "relay" of the other two agents, i.e., the government investment in the first expansionary cycle (1981-1993) and household investment in the second (1994-2007). (iv) At a sectoral level, investment has been concentrated in industries with greater dynamism in terms of job creation and, in this sense, the building industry is paradigmatic.