Who Shrunk China? Puzzles in the Measurement of Real GDP
AbstractThe latest World Bank estimates of real GDP per capita for China are significantly lower than previous ones.ï¿½ We review possible sources of this puzzle and conclude that it reflects a combination of factors, including substitution bias in consumption, reliance on urban prices which we estimate are higher than rural ones, and the use of an expenditure-weighted rather than an output-weighted measure of GDP.ï¿½ Taking all these together, we estimate that real per-capita GDP in China was 50% higher relative to the U.S. in 2005 than the World Bank estimates.
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Bibliographic InfoArticle provided by Royal Economic Society in its journal The Economic Journal.
Volume (Year): 123 (2013)
Issue (Month): 12 (December)
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Other versions of this item:
- Feenstra, Robert & Ma, Hong & Neary, J Peter & Rao, DS Prasada, 2011. "Who Shrunk China? Puzzles in the Measurement of Real GDP," CEPR Discussion Papers 8592, C.E.P.R. Discussion Papers.
- Robert C. Feenstra & Hong Ma & J. Peter Neary & D.S. Prasada Rao, 2012. "Who Shrunk China? Puzzles in the Measurement of Real GDP," NBER Working Papers 17729, National Bureau of Economic Research, Inc.
- Peter Neary & Robert C. Feenstra, 2011. "Who Shrunk China?� Puzzles in the Measurement of Real GDP," Economics Series Working Papers 566, University of Oxford, Department of Economics.
- F10 - International Economics - - Trade - - - General
- C43 - Mathematical and Quantitative Methods - - Econometric and Statistical Methods: Special Topics - - - Index Numbers and Aggregation
- O53 - Economic Development, Technological Change, and Growth - - Economywide Country Studies - - - Asia including Middle East
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