Monitoring the Spanish Economy From a Regional Perspective: Main Elements of Analysis

44 Pages Posted: 27 Dec 2018

See all articles by Concha Artola

Concha Artola

Banco de España - Servicio de Estudios

Maria Gil

Banco de España

Javier J. Pérez

Banco de España - Research Department

Alberto Urtasun

Banco de España

Alejandro Fiorito

Universidad Nacional de Luján

Diego Vila

University of Amsterdam

Date Written: December 27, 2018

Abstract

In highly decentralized countries the subnational dimension of economic developments acquires particular relevance, given the existence of potential spillover effects across jurisdictions or the existence of asymmetric impacts of national-wide macroeconomic shocks. At the same time, though, the analysis of sub-national macroeconomic and public finance short-term developments tend to be restricted in many countries due to data limitations. Against this backdrop, the aim of this paper is to provide an overview of the available data for monitoring macroeconomic and public finance developments at the regional level in Spain, and to present some examples of its practical use in real time. After a thoroughly review of the publicly available information, we identify two key informational gaps in this area of conjunctural analysis, namely: (i) the lack of homogeneous and official quarterly measures of aggregate regional economic activity (in particular, real GDP), and (ii) the limited sample size of time series pertaining to government budgetary developments at the regional level.

Keywords: regional economics, regional data, macroeconomic forecasting, subnational public finances

JEL Classification: E01, E32, H72

Suggested Citation

Artola, Concha and Gil, Maria and Perez, Javier J. and Urtasun, Alberto and Fiorito, Alejandro and Vila, Diego, Monitoring the Spanish Economy From a Regional Perspective: Main Elements of Analysis (December 27, 2018). Banco de Espana Occasional papers 1809, Available at SSRN: https://ssrn.com/abstract=3307007 or http://dx.doi.org/10.2139/ssrn.3307007

Concha Artola (Contact Author)

Banco de España - Servicio de Estudios ( email )

28027 Madrid
Spain
(34) 91-338-5127 (Phone)
(34) 91-338-6041 (Fax)

Maria Gil

Banco de España ( email )

Alcala 50
Madrid 28014
Spain

Javier J. Perez

Banco de España - Research Department ( email )

Alcala 50
28014 Madrid
Spain

HOME PAGE: http://www.bde.es/investigador/staff/95.htm

Alberto Urtasun

Banco de España ( email )

Alcala 50
Madrid 28014
Spain

Alejandro Fiorito

Universidad Nacional de Luján ( email )

Ruta 5 y Avenida Constitución
Buenos Aires, Buenos Aires 6700
Argentina

HOME PAGE: http://www.unlu.edu.ar/

Diego Vila

University of Amsterdam ( email )

Spui 21
Amsterdam, 1018 WB
Netherlands

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