2026-04-13T07:23:20Zhttps://recercat.cat/oai/request

oai:recercat.cat:2445/1891872025-11-20T10:15:10Zcom_2072_1057col_2072_478809col_2072_478917

00925njm 22002777a 4500 dc Esteller Moré, Alejandro author Rizzo, Leonzio author 2022-09-20T10:01:30Z 2024-02-01T06:10:25Z 2022-08-01 2022-09-20T10:01:31Z 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). 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 The Economic Costs of a Secessionist Conflict: The Case of Catalonia