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A book published by the BBVA Foundation and the Ivie analyses the path of investment in the world economy and its effects on growth since 1985
The study presents a precise diagnosis on the world economic growth patterns and competitiveness problems. Special attention is provided to the case of Spain

The world's capital stock has more than doubled over the past 25 years. In this process of capital accumulation Asia has played the leading role, pushing the other developed world regions into the background. This is one of the results offered by the monograph Patrones de capitalización y crecimiento (1985-2008): Panorama internacional published by the BBVA Foundation and the Ivie. Francisco Pérez has directed this study and the Ivie technicians, Eva Benages and Juan Carlos Robledo, and also Marta Solaz from the University of Valencia are members of the research team.

The capital accumulation processes in the world economy between 1985 and 2008 are analysed from a double perspective. The role of the investment as a component of aggregate demand is taken into account, in particular, its contribution from the supply side. A wide sample of countries is analysed offering a comprehensive and detailed overview of its composition by types of investment asset, which is essential for a more accurate diagnosis of the patterns of growth and the competitiveness problems of the economies. First, the data from several sources, including those of the World Bank, the OECD and the EU KLEMS project, has been homogenized.

The data show that most countries have shifted their capital endowments towards potentially more productive assets, e.g. machinery and equipment, especially, the new technologies (ICT). However, construction assets still account for most of the accumulated stock. Also, generally speaking, the countries have intensified the use of capital, and the value added generated has exceeded the contribution (in quantity and quality) of the productive factors, labour and capital, and, as a result, efficiency gains have been obtained. But there are exceptions: some economies, such as the Spanish one, have been accumulating resources without improving their productivity.

This publication may be added to the many studies already published on capitalization and growth under BBVA Foundation-Ivie Research Programme, which has been carried out for almost two decades. The study provides detailed international information on which regions and countries have greater capacity to attract investment, how the trajectory and composition of investment affects growth and what are their effects in the short and long term.

Further information about the book:

- Index and introduction (in Spanish)
Book Google Books