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Old Capital vs. New Investment in Post-Soviet Economies: Conceptual Issues and Estimates

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Author Info
Alexei Izyumov () (Department of Economics, College of Business, University of Louisville, Louisville, KY 40292, USA.)
John Vahaly () (Department of Economics, College of Business, University of Louisville, Louisville, KY 40292, USA.)
Abstract

The paper evaluates levels and trends in capital accumulation in countries of the Commonwealth of Independent States (CIS) since the start of market reforms. Based on certain assumptions about the survival rate of the old Soviet era capital and perpetual inventory method to account for new investments, we estimate the amount of ‘market-quality’ capital accumulated in the CIS economies in the 1992–2005 period. Over the period of observation, in Russia the losses of the 1990s were largely restored while most other countries saw a decline in capital stock. Russia remains the highest capitalised CIS country with capital–labour ratio (K/L) of about $40,000 per worker. The lowest capitalised countries have K/L's from $10 to $13,000. Growth accounting using market-quality capital stock shows that the key factor of GDP changes was the dynamics of total factor productivity. Comparative Economic Studies (2008) 50, 79–110. doi:10.1057/palgrave.ces.8100237

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Article provided by Palgrave Macmillan Journals in its journal Comparative Economic Studies.

Volume (Year): 50 (2008)
Issue (Month): 1 (March)
Pages: 79-110
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Handle: RePEc:pal:compes:v:50:y:2008:i:1:p:79-110

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  1. Brown, J. David & Earle, John S., 2002. "Gross Job Flows in Russian Industry Before and After Reforms: Has Destruction Become More Creative?," Journal of Comparative Economics, Elsevier, vol. 30(1), pages 96-133, March. [Downloadable!] (restricted)
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  2. Andreas Heinrich & Julia Kusznir & Heiko Pleines, 2002. "Foreign Investment and National Interests in the Russian Oil and Gas Industry," Post-Communist Economies, Taylor and Francis Journals, vol. 14(4), pages 495-507, December. [Downloadable!] (restricted)
  3. Petr Pavlínek, 2002. "The Role of Foreign Direct Investment in the Privatisation and Restructuring of the Czech Motor Industry," Post-Communist Economies, Taylor and Francis Journals, vol. 14(3), pages 359-379, September. [Downloadable!] (restricted)
  4. Jan Svejnar, 2002. "Transition Economies: Performance and Challenges," Journal of Economic Perspectives, American Economic Association, vol. 16(1), pages 3-28, Winter. [Downloadable!] (restricted)
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  5. Hall, Stephen G & Basdevant, Olivier, 2002. " Measuring the Capital Stock in Russia: An Unobserved Component Model," Economic Change and Restructuring, Springer, vol. 35(4), pages 365-70. [Downloadable!] (restricted)
  6. Vladimir Popov, 2006. "Shock Therapy Versus Gradualism Reconsidered: Lessons From Transition Economies After 15 Years Of Reforms," Working Papers w0068, Center for Economic and Financial Research (CEFIR). [Downloadable!]
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  7. S. Aukutsionek, 2004. "Are Russian Enterprises Capacity Constrained?," Problems of Economic Transition, M.E. Sharpe, Inc., vol. 46(10), pages 80-96, February. [Downloadable!] (restricted)
  8. Zsolt M. Darvas & András Simon, 2000. "Capital Stock and Economic Development in Hungary," The Economics of Transition, The European Bank for Reconstruction and Development, vol. 8(1), pages 197-223, March. [Downloadable!] (restricted)
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