## Spain: Selected Issues

_IMF Staff Country Reports, January 30, 2017_

## Source details

**Canonical URL:** [Spain: Selected Issues](https://www.imf.org/en/publications/cr/issues/2017/01/30/spain-selected-issues-44600)

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- [Markdown version](/en/publications/cr/issues/2017/01/30/spain-selected-issues-44600/index.md)
- [Structured JSON version](/en/publications/cr/issues/2017/01/30/spain-selected-issues-44600/index.json)
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## Bibliographic details
- Published: January 30, 2017
- Series: IMF Staff Country Reports
- DOI: https://doi.org/10.5089/9781475572766.002

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### Summary findings
- Spain’s weak productivity performance has been linked to the dominance of many low-productivity small firms and inefficient allocation of resources.
- The biggest gain can be expected from lowering regulatory barriers to competition and the cost of doing business, including at the regional level.
- Further improving the access to equity and credit financing, in particular for innovative start-up companies, can make important contributions to raising productivity growth.
- Addressing potential disincentive effects of size-contingent rules can also make important contributions to raising productivity growth.
- Supporting innovation through increasing the efficiency of Research and Development (R&D) incentives and enhancing the private R&D investment should generate positive spillovers, which are difficult to capture empirically.

### Policy recommendations
- Lower regulatory barriers to competition and reduce the cost of doing business, including reforms at the regional level.
- Improve access to equity financing for firms, with a particular focus on innovative start-up companies.
- Improve access to credit financing for firms, including mechanisms that facilitate financing for smaller and innovative firms.
- Review and address size-contingent rules that create disincentives for firm growth.
- Increase the efficiency of R&D incentives and promote measures that enhance private R&D investment to foster innovation and generate positive spillovers.

### Subjects and keywords
- Subjects: Banking, Commercial banks, Export performance, Exports, Financial institutions, International trade, Production, Productivity, Total factor productivity
- Keywords: bank, Commercial banks, CR, Europe, export, Export performance, Exports, firm, firm growth, Global, ISCR, market discipline, market-financing cost, market-issued securities, procedure, Productivity, Spain, TFP dynamics, Total factor productivity

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- **Country Report**
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_Source: https://www.imf.org/en/publications/cr/issues/2017/01/30/spain-selected-issues-44600_