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Title: The Economic Costs of a Secessionist Conflict: The Case of Catalonia
Author: Esteller Moré, Alejandro
Rizzo, Leonzio
Keywords: Referèndum de l'1 d'octubre de 2017, Catalunya
Flux de caixa
Control de costos
Catalan independence referendum, 2017
Cost control
Issue Date: 1-Aug-2022
Publisher: Taylor and Francis
Abstract: Due to the pro-independence demands of part of its electorate, the political fit of Catalonia within Spain has given rise to notable political tensions over the last few years. This conflict has progressively affected several dimensions of Catalan society, including, potentially, the economy. The illegal referendum on independence, held in October 2017, marked the climax of political and social tensions, leading to a Constitutional crisis and further stoking the conflict as opposed to offering any hope of an early resolution. We analyze a complete set of margins potentially affected by the referendum, including real (aggregate demand and supply) and financial responses. Using a synthetic control method, we find strong evidence of the outflow of short-term bank deposits after the referendum; while, on the real side, we find evidence of responses in aggregate supply (number of capital increases and number of new firms registered).
Note: Versió postprint del document publicat a:
It is part of: Defence and Peace Economics, 2022, vol. 33, num. 6, p. 655-688
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ISSN: 1024-2694
Appears in Collections:Articles publicats en revistes (Economia)

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