Wealth in Spain 1900–2017 A Country of Two Lands
重建了西班牙1900至2017年的国民财富，发现20世纪财富收入比在400%至600%之间，直到2000年代初的房地产繁荣使其在2007年升至800%，并强调土地、住房资本收益和国际资本流动的重要性。
Abstract This study reconstructs Spain’s national wealth from 1900 to 2017. By combining new sources with existing accounts, we estimate the wealth of both private and government sectors and use a new asset-specific decomposition of the long-run accumulation of wealth. We find that, during the twentieth century, the national wealth-to-income ratio remained within a relatively narrow range—between 400% and 600%—until the housing boom of the early 2000s led to an unprecedented rise to 800% in 2007. Our results highlight the importance of land, housing capital gains and international capital flows as key elements of wealth accumulation.