¿Se está rompiendo el mercado español? Una aplicación del enfoque de Feldstein-Horioka

Since the return to democracy with the 1978 Constitution, Spain has experienced a process of political and administrative decentralization, which has acquired the status of a quasi-federal structure. This, process, still incomplete, has lead to opposite signs tensions. On the one hand, some nationalist political groups claim to bring this process to its extreme, exercising self-determination. On the other hand, some voices have arisen suggesting that decentralization has gone too far and is causing fragmentation of the Spanish market, jeopardizing the efficient allocation of resources. This paper tries to check on the existence of empirical evidence about the possible fragmentation of the internal market, using for this purpose the approach of Feldstein and Horioka, which provides that perfect capital mobility (financial integration), imply that there is no correlation between saving and investment rates of different regions.