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A Comparison of PIM Estimates with Direct Stock Information for Dwellings

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  • Esben Dalgaard
  • Annette Thomsen

Abstract

One of the major sources of uncertainty in capital stock estimates stems from the use of the perpetual inventory method (PIM) in all the cases where direct stock information is not available. In the Danish capital stock estimates, it has been possible to dispense with the PIM as far as buildings are concerned. Instead, an administrative register of buildings is used together with a property register and the business register to produce an exhaustive enumeration of practically all buildings in the economy broken down by industry and sector. For the most important type of buildings, namely dwellings, the paper compares direct stock estimates derived by multiplying physical quantities (square meters) by the replacement prices per square meter with those that would result from applying the PIM to historical investment series. Dwellings are by far the most important non‐financial assets in most developed economies.

Suggested Citation

  • Esben Dalgaard & Annette Thomsen, 2003. "A Comparison of PIM Estimates with Direct Stock Information for Dwellings," Review of Income and Wealth, International Association for Research in Income and Wealth, vol. 49(3), pages 309-332, September.
    • Handle: RePEc:bla:revinw:v:49:y:2003:i:3:p:309-332
    DOI: 10.1111/1475-4991.00090
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    Cited by:

    1. Xavier Tafunell & Cristián Ducoing, 2016. "Non-Residential Capital Stock in Latin America, 1875–2008: New Estimates and International Comparisons," Australian Economic History Review, Economic History Society of Australia and New Zealand, vol. 56(1), pages 46-69, March.

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