Front Matter Page
© 2004 International Monetary Fund
March 2004
IMF Country Report No. 04/90
Spain: Selected Issues
This Selected Issues paper for Spain was prepared by a staff team of the International Monetary Fund as background documentation for the periodic consultation with the member country. It is based on the information available at the time it was completed on February 10, 2004. The views expressed in this document are those of the staff team and do not necessarily reflect the views of the government of Spain or the Executive Board of the IMF.
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Front Matter Page
INTERNATIONAL MONETARY FUND
SPAIN
Selected Issues
Prepared by Teresa Dabán, Mercedes García-Escribano, and Alexander W. Hoffmaister
Approved by the European Department
February 10,2004
Contents
EU Enlargement and Spain: More Opportunities than Challenges
A. Introduction
B. Stylized Facts of Spanish Exports and FDI
Spanish exports
FDI in Spain
C. The Gravity Mode
Estimation results
D. Third Market Effects
E. European Structural Funds
F. Migration
G. Summary and Policy Conclusions
Figures
1. Share of EU Imports and Importance of Exports to EU, 1990–2002
2. Third Market Effects: “EU-14” Imports
3. Third Market Effects: “EU-14” Outward FDI Flows
4. Distribution of Structural Funds Among EU Members, 1989–2006
Tables
1. Geography of Spanish Exports
2. EU Exports to Accession Countries
3. Structure of Spanish Exports
4. Structure Spanish Exports Compared to Accession Countries
5. FDI in Spain and Accession Countries, Average 1999–2001
6. Characterizing EU-15 Exports
7. Exports and Previous EU Enlargements
8. Exports and Southern EU Enlargement
9. Characterizing “EU-25” Exports
10. Characterizing EU-15 FDI
11. FDI and Previous Enlargements
12. FDI and Southern EU Enlargement
13. Characterizing “EU-25” FDI
14. Characterizing “EU-25” Migration
Boxes
1. European Structural Funds
2. Estimating the Long-Term Equilibrium of Migrants from Eastern Europe
Appendix: Data Definitions and Sources
References