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Medición económica del capital y depreciación endógena: una aplicación a la economía española y sus regiones

Author

Listed:
  • Escribá-Pérez, Javier

    () (Universitat de València)

  • Murgui-García, María José

    () (Universitat de València)

  • Ruiz-Tamarit, J. Ramón

    () (Universitat de València,)

Abstract

En la literatura económica cuantitativa y aplicada es frecuente encontrar referencias a la medición estadística del capital y la depreciación. En este trabajo presentamos una forma diferente de estimar el stock de capital y la tasa de depreciación. Las ecuaciones que resuelven el problema de optimización de la empresa también permiten calcular endógenamente las variables tasa de depreciación y stock de capital, obteniendo una estimación económica de ambas. Nuestro método de cálculo usa los valores bursátiles de la ratio q de Tobin, y genera unos resultados que difieren de los obtenidos al aplicar el método del inventario permanente para el conjunto de la economía española y sus regiones durante el periodo 1964-2011. La tasa de depreciación económica fluctúa alrededor de la tasa estadística. El stock de capital económico ofrece un perfil temporal diferente del que muestra la medida estadística, y esto se visualiza en unas diferencias claras en sus correspondientes tasas de crecimiento. Los shocks económicos desvían la tasa de depreciación económica de la tasa estadística con diferente intensidad en las regiones españolas. Ello permite aproximar la resiliencia regional relativa centrada en el comportamiento de la depreciación y establecer tres grupos de regiones en función de su capacidad de absorción y adaptación ante los diferentes shocks. In the quantitative and applied economic literature it is frequent to find references to the statistical measurement of capital and depreciation. In this paper we present an alternative method of estimating the capital stock and the depreciation rate. The equations that solve the dynamic optimization problem of the neoclassical firm also enable us to endogenously calculate the rate of depreciation and capital stock variables, yielding an economic estimate of both. Our calculation method uses profitability indicators such as distributed profits and Tobin’s q ratio. Our results differ from those obtained by applying the permanent inventory method for Spanish economy and its regions during the period 1964-2011. The economic depreciation rate fluctuates around the statistical rate. Two time profiles for the economic and statistical capital are markedly different, as attested to by the disparity of their growth rates. The paper also shows that economic shocks turn aside the economic depreciation rate of the statistical rate with different intensity in the Spanish regions. This allows us to approximate the relative regional resilience based on the behaviour of depreciation and to establish three groups of regions according to their capacity of absorption and adaptation to the different shocks.

Suggested Citation

  • Escribá-Pérez, Javier & Murgui-García, María José & Ruiz-Tamarit, J. Ramón, 2017. "Medición económica del capital y depreciación endógena: una aplicación a la economía española y sus regiones," INVESTIGACIONES REGIONALES - Journal of REGIONAL RESEARCH, Asociación Española de Ciencia Regional, issue 38, pages 153-180.
  • Handle: RePEc:ris:invreg:0351
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    Keywords

    capital; depreciación; resiliencia; regiones;

    JEL classification:

    • D92 - Microeconomics - - Micro-Based Behavioral Economics - - - Intertemporal Firm Choice, Investment, Capacity, and Financing
    • E22 - Macroeconomics and Monetary Economics - - Consumption, Saving, Production, Employment, and Investment - - - Investment; Capital; Intangible Capital; Capacity
    • R34 - Urban, Rural, Regional, Real Estate, and Transportation Economics - - Real Estate Markets, Spatial Production Analysis, and Firm Location - - - Input Demand Analysis

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