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Estimating Aggregate Capital Stocks Using the Perpetual Inventory Method: A Survey of Previous Implementations and New Empirical Evidence for 103 Countries

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  • Berlemann Michael

    () (Helmut-Schmidt-University Hamburg, Faculty of Economics & Social Sciences, Holstenhofweg 85, 22008 Hamburg, Germany, CESifo Munich and ifo Institute of Economic Research Munich)

  • Wesselhöft Jan-Erik

    (Helmut-Schmidt-University Hamburg, Faculty of Economics & Social Sciences, Holstenhofweg 85, 22008 Hamburg, Germany)

Abstract

Almost all attempts to construct capital stock data base on some variant of the Perpetual Inventory Method. While various countries employ this method to construct suitable proxies of national capital stocks, the implementation and the underlying assumptions differ considerably, thereby rendering the results internationally incomparable. Only a few attempts to construct internationally comparable capital stock data have yet been undertaken in the scientific literature. In this paper we outline the idea of the Perpetual Inventory Method and deliver a survey of previous implementations of the method. Based on a critical assessment of these implementations we propose a unified approach and construct estimations of aggregate capital stocks for the 1970 to 2010 period for 103 countries.

Suggested Citation

  • Berlemann Michael & Wesselhöft Jan-Erik, 2014. "Estimating Aggregate Capital Stocks Using the Perpetual Inventory Method: A Survey of Previous Implementations and New Empirical Evidence for 103 Countries," Review of Economics, De Gruyter, vol. 65(1), pages 1-34, April.
  • Handle: RePEc:lus:reveco:v:65:y:2014:i:1:p:1-34
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    Cited by:

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    2. Chang, Juin-Jen & Lin, Chang-Ching & Lin, Hsieh-Yu, 2016. "Great ratios and international openness," International Review of Economics & Finance, Elsevier, vol. 41(C), pages 110-121.
    3. Rycx, Francois & Saks, Yves & Tojerow, Ilan, 2016. "Misalignment of Productivity and Wages across Regions? Evidence from Belgian Matched Panel Data," IZA Discussion Papers 10336, Institute of Labor Economics (IZA).
    4. Jean-marc SOLLEDER, 2018. "Market Power and Export Taxes," Working Papers P237, FERDI.
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    6. Gong, Binlei, 2018. "Interstate competition in agriculture: Cheer or fear? Evidence from the United States and China," Food Policy, Elsevier, vol. 81(C), pages 37-47.
    7. Rueda Maurer, Maria, 2017. "Supply chain trade and technological transfer in the ASEAN+3 region," China Economic Review, Elsevier, vol. 46(C), pages 277-289.
    8. Fakhri Hasanov & Fuad Mammadov & Nayef Al-Musehel, 2018. "The Effects of Fiscal Policy on Non-Oil Economic Growth," Economies, MDPI, Open Access Journal, vol. 6(2), pages 1-21, April.
    9. Lin, Boqiang & Ahmad, Izhar, 2016. "Energy substitution effect on transport sector of Pakistan based on trans-log production function," Renewable and Sustainable Energy Reviews, Elsevier, vol. 56(C), pages 1182-1193.
    10. Enrica Cian & Ian Sue Wing, 2019. "Global Energy Consumption in a Warming Climate," Environmental & Resource Economics, Springer;European Association of Environmental and Resource Economists, vol. 72(2), pages 365-410, February.
    11. Urgaia, Worku R., 2018. "The Role of Human Capital Resources in East African Economies," GLO Discussion Paper Series 218, Global Labor Organization (GLO).
    12. Martini, Gianmaria & Scotti, Davide & Viola, Domenico & Vittadini, Giorgio, 2020. "Persistent and temporary inefficiency in airport cost function: An application to Italy," Transportation Research Part A: Policy and Practice, Elsevier, vol. 132(C), pages 999-1019.
    13. Enrica De Cian & Ian Sue Wing, 2016. "Global Energy Demand in a Warming Climate," Working Papers 2016.16, Fondazione Eni Enrico Mattei.
    14. Guonan Ma & Ivan Roberts & Gerard Kelly, 2016. "A Rebalancing Chinese Economy: Challenges and International Implications," RBA Annual Conference Volume (Discontinued), in: Iris Day & John Simon (ed.),Structural Change in China: Implications for Australia and the World, Reserve Bank of Australia.
    15. De Cian, Enrica & Wing, Ian Sue, 2016. "Global Energy Demand in a Warming Climate," EIA: Climate Change: Economic Impacts and Adaptation 232222, Fondazione Eni Enrico Mattei (FEEM).
    16. Guonan Ma & Ivan Roberts & Gerard Kelly, 2017. "A Rebalancing Chinese Economy: Drivers and Challenges," GRU Working Paper Series GRU_2017_010, City University of Hong Kong, Department of Economics and Finance, Global Research Unit.
    17. Asafu-Adjaye, John & Byrne, Dominic & Alvarez, Maximiliano, 2016. "Economic growth, fossil fuel and non-fossil consumption: A Pooled Mean Group analysis using proxies for capital," Energy Economics, Elsevier, vol. 60(C), pages 345-356.
    18. Gong, Binlei, 2020. "Multi-dimensional interactions in the oilfield market: A jackknife model averaging approach of spatial productivity analysis," Energy Economics, Elsevier, vol. 86(C).

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