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Empirical econometric evaluation of alternative methods of dealing with missing values in investment climate surveys

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  • Escribano, Alvaro
  • Pena, Jorge
  • Guasch, J. Luis

Abstract

Investment climate Surveys are valuable instruments that improve our understanding of the economic, social, political, and institutional factors determining economic growth, particularly in emerging and transition economies. However, at the same time, they have to overcome some difficult issues related to the quality of the information provided; measurement errors, outlier observations, and missing data that are frequently found in these datasets. This paper discusses the applicability of recent procedures to deal with missing observations in investment climate surveys. In particular, it presents a simple replacement mechanism -- for application in models with a large number of explanatory variables -- which in turn is a proxy of two methods: multiple imputations and an export-import algorithm. The performance of this method in the context of total factor productivity estimation in extended production functions is evaluated using investment climate surveys from four countries: India, South Africa, Tanzania, and Turkey. It is shown that the method is very robust and performs reasonably well even under different assumptions on the nature of the mechanism generating missing data.

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Bibliographic Info

Paper provided by The World Bank in its series Policy Research Working Paper Series with number 5346.

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Date of creation: 01 Jun 2010
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Handle: RePEc:wbk:wbrwps:5346

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Keywords: E-Business; Statistical&Mathematical Sciences; Economic Theory&Research; Information Security&Privacy; Information and Records Management;

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  1. Alvaro Escribano & J. Luis Guasch, 2008. "Robust methodology for investment climate assessment on productivity: application to investment climate surveys from Central America," Economics Working Papers we081911, Universidad Carlos III, Departamento de Economía.
  2. Cameron,A. Colin & Trivedi,Pravin K., 2005. "Microeconometrics," Cambridge Books, Cambridge University Press, number 9780521848053.
  3. Pagan, Adrian, 1984. "Econometric Issues in the Analysis of Regressions with Generated Regressors," International Economic Review, Department of Economics, University of Pennsylvania and Osaka University Institute of Social and Economic Research Association, vol. 25(1), pages 221-47, February.
  4. Newey, Whitney K., 1984. "A method of moments interpretation of sequential estimators," Economics Letters, Elsevier, vol. 14(2-3), pages 201-206.
  5. Escribano, Alvaro & Guasch, J. Luis, 2005. "Assessing the impact of the investment climate on productivity using firm-level data : methodology and the cases of Guatemala, Honduras, and Nicaragua," Policy Research Working Paper Series 3621, The World Bank.
  6. James J. Heckman, 1976. "The Common Structure of Statistical Models of Truncation, Sample Selection and Limited Dependent Variables and a Simple Estimator for Such Models," NBER Chapters, in: Annals of Economic and Social Measurement, Volume 5, number 4, pages 475-492 National Bureau of Economic Research, Inc.
  7. Griliches, Zvi, 1986. "Economic data issues," Handbook of Econometrics, in: Z. Griliches† & M. D. Intriligator (ed.), Handbook of Econometrics, edition 1, volume 3, chapter 25, pages 1465-1514 Elsevier.
  8. Escribano, Alvaro & Guasch, J. Luis & Pena, Jorge, 2010. "Assessing the impact of infrastructure quality on firm productivity in Africa : cross-country comparisons based on investment climate surveys from 1999 to 2005," Policy Research Working Paper Series 5191, The World Bank.
  9. J. G. Ibrahim & S. R. Lipsitz & M.-H. Chen, 1999. "Missing covariates in generalized linear models when the missing data mechanism is non-ignorable," Journal of the Royal Statistical Society Series B, Royal Statistical Society, vol. 61(1), pages 173-190.
  10. Alvaro Escribano & J. Luis Guasch & Manuel De Orte & Jorge Pena, 2008. "Investment climate assessment based on demean Olley and Pakes decompositions: methodology and application to Turkey's investment climate survey," Economics Working Papers we082012, Universidad Carlos III, Departamento de Economía.
  11. Alvaro Escribano & J. Luis Guasch & Manuel De Orte & Jorge Pena, 2008. "Investment climate and firm’s economic performance: econometric methodology and application to Turkey's investment climate survey," Economics Working Papers we082113, Universidad Carlos III, Departamento de Economía.
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