Please use this identifier to cite or link to this item:
https://hdl.handle.net/2445/189187
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 Secessió Economia Flux de caixa Incertesa Control de costos Catalan independence referendum, 2017 Secession Economics Cash-flow Uncertainty 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: https://doi.org/10.1080/10242694.2021.1873084 |
It is part of: | Defence and Peace Economics, 2022, vol. 33, num. 6, p. 655-688 |
URI: | https://hdl.handle.net/2445/189187 |
Related resource: | https://doi.org/10.1080/10242694.2021.1873084 |
ISSN: | 1024-2694 |
Appears in Collections: | Articles publicats en revistes (Economia) |
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