| Summary: | This article presents a study of the process of capital accumulation in the Spanish economy during the 1995-2007 period. The objective is to analyze the imbalances of an economic model based on the rise in the price of assets associated with construction, mainly residential, given the central role it has played in the economic growth during that period. The study is carried out using the relationship between investment, productivity, and price indexes, to reveal the specificities of capital accumulation in Spain. We highlight the importance of the composition of investment, together with the divergence between the different price indexes as well as the reconfiguration of the economic structure, in order to explain the different imbalances that have been generated over this period.
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