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An Analysis of Productivity Performance in Spain Before and During the Crisis: Exploring the Role of Institutions

Author

Listed:
  • Juan S. Mora Sanguinetti

    (Banco de España)

  • Andrés Fuentes

    (OECD)

Abstract
The Spanish economy experienced significantly weaker labour productivity growth than other OECD economies and failed to catch up with the most advanced economies in the period 1996-2007. In recent years labour productivity growth has accelerated, but this recovery is likely to be due to cyclical and temporary factors. The aim of this paper is to identify what factors weigh on weak trend productivity growth. The relatively weak performance largely reflects the low growth of total factor productivity within a wide range of sectors, with very limited impact of composition effects, while the capital stock and educational attainment of the workforce have grown relatively strongly. The paper investigates the role of some institutions in deterring innovation, competition and the growth of successful firms. It argues that Spain needs to have a more flexible labour market and collective bargaining system to improve productivity performance. Productivity performance would also benefit from a more flexible business environment in such a way that both entry and exit of firms in the economy are less costly, including a reform of bankruptcy legislation, steps to make civil judicial procedures more efficient and a greater reduction of barriers to entry into the retail trade sector. Analyse de la performance de la productivité en Espagne avant et durant la crise : Le rôle des institutions L’économie espagnole a enregistré une croissance nettement plus faible de la productivité du travail que les autres économies de l’OCDE et elle n’a pas réussi à rattraper les économies les plus avancées sur la période 1996-2007. Ces dernières années, la croissance de la productivité du travail s’est accélérée, mais ce redressement est vraisemblablement dû à des facteurs conjoncturels et temporaires. L’objet de cette étude est d’identifier les facteurs qui pèsent sur la croissance de la productivité. La faiblesse relative de la performance reflète en grande partie la médiocre progression de la productivité totale des facteurs dans un large éventail de secteurs, avec un impact très limité des effets de composition, alors que le stock de capital et le niveau de formation de la main-d’oeuvre ont assez fortement progressé. Cette étude examine dans quelle mesure certains dispositifs institutionnels ont joué contre l’innovation, la concurrence et le développement d’entreprises prospères. L’Espagne, est-il observé, doit pouvoir s’appuyer sur un marché du travail et un système de négociations collectives plus flexibles pour améliorer sa performance en termes de productivité. La performance sur le plan de la productivité bénéficierait aussi de davantage de flexibilité dans l’environnement des entreprises, de façon qu’aussi bien les entrées que les sorties d’entreprises de l’économie soient moins coûteuses, ce qui suppose une réforme de la législation sur les faillites, des mesures pour rendre les procédures judiciaires au civil plus efficientes et un abaissement plus marqué des barrières à l’entrée dans le secteur du commerce de détail.

Suggested Citation

  • Juan S. Mora Sanguinetti & Andrés Fuentes, 2012. "An Analysis of Productivity Performance in Spain Before and During the Crisis: Exploring the Role of Institutions," OECD Economics Department Working Papers 973, OECD Publishing.
    • Handle: RePEc:oec:ecoaaa:973-en
    DOI: 10.1787/5k9777lqshs5-en
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    Citations

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    Cited by:

    1. Philippe Martin & Thomas Philippon, 2017. "Inspecting the Mechanism: Leverage and the Great Recession in the Eurozone," American Economic Review, American Economic Association, vol. 107(7), pages 1904-1937, July.
    2. Laura Hospido & Eva Moreno-Galbis, 2015. "The Spanish productivity puzzle in the Great Recession," Working Papers 1501, Banco de España.
    3. Miguel García-Posada & Juan Mora-Sanguinetti, 2015. "Entrepreneurship and enforcement institutions: disaggregated evidence for Spain," European Journal of Law and Economics, Springer, vol. 40(1), pages 49-74, August.
    4. López, Alberto, 2012. "Productivity effects of ICTs and organizational change: A test of the complementarity hypothesis in Spain," MPRA Paper 40400, University Library of Munich, Germany.
    5. Leandro Prados de la Escosura & Joan R. Rosés, 2021. "Accounting For Growth: Spain, 1850–2019," Journal of Economic Surveys, Wiley Blackwell, vol. 35(3), pages 804-832, July.
    6. Margarita Rubio & José A. Carrasco-Gallego, 2017. "Spain And The Crisis: Housing Prices, Credit And Macroprudential Policies," The Singapore Economic Review (SER), World Scientific Publishing Co. Pte. Ltd., vol. 62(01), pages 109-133, March.
    7. repec:hal:spmain:info:hdl:2441/78jqkj5bb48tgb9ah9a0kqhplu is not listed on IDEAS
    8. repec:spo:wpecon:info:hdl:2441/78jqkj5bb48tgb9ah9a0kqhplu is not listed on IDEAS
    9. repec:hal:wpspec:info:hdl:2441/78jqkj5bb48tgb9ah9a0kqhplu is not listed on IDEAS
    10. Juan de Lucio & Juan S. Mora-Sanguinetti, 2021. "New dimensions of regulatory complexity and their economic cost. An analysis using text mining," Working Papers 2107, Banco de España.
    11. Rodríguez-Gulías, María Jesús & Fernández-López, Sara & Rodeiro-Pazos, David, 2024. "Foreign knowledge sources and innovation: Differences across large and small and medium-size multinational enterprises (MNEs)," International Review of Economics & Finance, Elsevier, vol. 92(C), pages 741-757.
    12. Miguel García-Posada & Juan Mora-Sanguinetti, 2015. "Does (average) size matter? Court enforcement, business demography and firm growth," Small Business Economics, Springer, vol. 44(3), pages 639-669, March.
    13. Dan Andrews & David Hansell, 2021. "Productivity‐Enhancing Labour Reallocation in Australia†," The Economic Record, The Economic Society of Australia, vol. 97(317), pages 157-169, June.
    14. Juan S. Mora-Sanguinetti & Ricardo Pérez-Valls, 2020. "¿Cómo afecta la complejidad de la regulación a la demografía empresarial? Evidencia para España," Working Papers 2002, Banco de España.
    15. de Lucio, Juan & Mora-Sanguinetti, Juan S., 2022. "Drafting “better regulation”: The economic cost of regulatory complexity," Journal of Policy Modeling, Elsevier, vol. 44(1), pages 163-183.
    16. Juan S. Mora-Sanguinetti & Ricardo Pérez-Valls, 2021. "How does regulatory complexity affect business demography? Evidence from Spain," European Journal of Law and Economics, Springer, vol. 51(2), pages 203-242, April.
    17. repec:spo:wpmain:info:hdl:2441/78jqkj5bb48tgb9ah9a0kqhplu is not listed on IDEAS

    More about this item

    JEL classification:

    • J24 - Labor and Demographic Economics - - Demand and Supply of Labor - - - Human Capital; Skills; Occupational Choice; Labor Productivity
    • K0 - Law and Economics - - General
    • O4 - Economic Development, Innovation, Technological Change, and Growth - - Economic Growth and Aggregate Productivity

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