RT info:eu-repo/semantics/workingPaper T1 Optimality of the current account of the Spanish economy, 1850-2015 A1 Bajo Rubio, Óscar A1 Esteve, Vicente K1 External imbalances K1 Current account K1 Intertemporal approach K1 Spanish economy K1 Tipo de cambio real K1 Consume público K1 Inversión pública K1 Economía K1 Economics K1 Sociología K1 Sociology AB We analyse the possible optimality of the path followed by the current account ofthe Spanish economy over a very long period of more than 160 years (i.e., 1850-2015), according to the intertemporal approach to the current account and usinga present-value model. In particular, from the estimation of a bivariate VAR modelfor the current account, we try to assess to which extent the latter has been usedto smooth private consumption along time in the presence of temporary shocksthat the economy might suffer. In general, the evidence does not seem to beparticularly favourable to the validity of the model over the period of analysis. PB Universidad de Alcalá. Instituto Universitario de Análisis Económico y Social SN 2172-7856 YR 2020 FD 2020-04 LK http://hdl.handle.net/10017/43145 UL http://hdl.handle.net/10017/43145 LA eng NO 26 p. DS MINDS@UW RD 28-mar-2024