IDEAS home Printed from
MyIDEAS: Log in (now much improved!) to save this article

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

Listed author(s):
  • 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.)

Registered author(s):

    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

    If you experience problems downloading a file, check if you have the proper application to view it first. In case of further problems read the IDEAS help page. Note that these files are not on the IDEAS site. Please be patient as the files may be large.

    File URL:
    File Function: Link to full text PDF
    Download Restriction: Access to full text is restricted to subscribers.

    File URL:
    File Function: Link to full text HTML
    Download Restriction: Access to full text is restricted to subscribers.

    As the access to this document is restricted, you may want to look for a different version under "Related research" (further below) or search for a different version of it.

    Article provided by Palgrave Macmillan & Association for Comparative Economic Studies in its journal Comparative Economic Studies.

    Volume (Year): 50 (2008)
    Issue (Month): 1 (March)
    Pages: 79-110

    in new window

    Handle: RePEc:pal:compes:v:50:y:2008:i:1:p:79-110
    Contact details of provider: Web page:

    Web page:

    More information through EDIRC

    Order Information: Web:

    No references listed on IDEAS
    You can help add them by filling out this form.

    This item is not listed on Wikipedia, on a reading list or among the top items on IDEAS.

    When requesting a correction, please mention this item's handle: RePEc:pal:compes:v:50:y:2008:i:1:p:79-110. See general information about how to correct material in RePEc.

    For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: (Sonal Shukla)

    or (Rebekah McClure)

    If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.

    If references are entirely missing, you can add them using this form.

    If the full references list an item that is present in RePEc, but the system did not link to it, you can help with this form.

    If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your profile, as there may be some citations waiting for confirmation.

    Please note that corrections may take a couple of weeks to filter through the various RePEc services.

    This information is provided to you by IDEAS at the Research Division of the Federal Reserve Bank of St. Louis using RePEc data.