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Measurement of National Non-Visible Wealth through Intellectual Capital


  • Lopez Ruiz, Víctor Raul

    () (Department of Applyed Economy – Econometrics, University of Castilla La Mancha – UCLM)

  • Nevado Pena, Domingo

    () (Department of Financial Economics and Accounting, UCLM)

  • Alfaro Navarro, Jose Luis

    () (Faculty of Economic and Business Sciences, UCLM)

  • Badea, Leonardo

    () (Department of Accounting-Finance, Valahia University of Targoviste)

  • Grigorescu, Adriana

    () (Faculty of Public Administration, National School of Political Studies and Public Administration, Bucharest)

  • Voinea, Liviu

    (Faculty of International Business , Academy of economic Studies, Bucharest)


The economy of knowledge requires measures of national wealth that take into account aspects not contemplated by GDP, in order to portray the situation of a country more truthfully. In this paper, we use a new model to measure the intellectual capital of nations, adapted from microeconomics. It is based on the observation of hidden capital as implicit generator of long-term wealth, considering not only sustainability and social wellbeing, but also intangible assets such as human development, economic structure, international trade, foreign image and innovation. This empirical study reveals the importance of hidden capital in a nation’s wealth, making the difference where economic growth is concerned, as the most developed countries record the highest scores of efficiency in terms of intangible capital.

Suggested Citation

  • Lopez Ruiz, Víctor Raul & Nevado Pena, Domingo & Alfaro Navarro, Jose Luis & Badea, Leonardo & Grigorescu, Adriana & Voinea, Liviu, 2011. "Measurement of National Non-Visible Wealth through Intellectual Capital," Journal for Economic Forecasting, Institute for Economic Forecasting, vol. 0(3), pages 200-212, September.
  • Handle: RePEc:rjr:romjef:v::y:2011:i:3:p:200-212

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    References listed on IDEAS

    1. Adrian Blundell-Wignall & Paul Atkinson, 2010. "Thinking beyond Basel III: Necessary Solutions for Capital and Liquidity," OECD Journal: Financial Market Trends, OECD Publishing, vol. 2010(1), pages 9-33.
    2. Rinaldi, Laura & Sanchis-Arellano, Alicia, 2006. "Household debt sustainability: what explains household non-performing loans? An empirical analysis," Working Paper Series 570, European Central Bank.
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    Cited by:

    1. José Luis Alfaro Navarro & Víctor Raúl López Ruiz & Domingo Nevado Pena, 2013. "A theoretical intellectual capital model applied to cities," The AMFITEATRU ECONOMIC journal, Academy of Economic Studies - Bucharest, Romania, vol. 15(34), pages 455-468, June.
    2. Domingo Nevado-Peña & Víctor-Raúl López-Ruiz & José-Luis Alfaro-Navarro, 2015. "The Effects of Environmental and Social Dimensions of Sustainability in Response to the Economic Crisis of European Cities," Sustainability, MDPI, Open Access Journal, vol. 7(7), pages 1-15, June.
    3. repec:gam:jsusta:v:9:y:2017:i:5:p:860-:d:99108 is not listed on IDEAS
    4. José-Luis Alfaro Navarro & Victor-Raúl López Ruiz & Domingo Nevado Peña, 2014. "Economic Growth and Intangible Capitals: Europe versus Asia," Panoeconomicus, Savez ekonomista Vojvodine, Novi Sad, Serbia, vol. 61(3), pages 261-274, June.

    More about this item


    knowledge economy indicators; hidden wealth; intangibles; GDP;

    JEL classification:

    • F02 - International Economics - - General - - - International Economic Order and Integration
    • J24 - Labor and Demographic Economics - - Demand and Supply of Labor - - - Human Capital; Skills; Occupational Choice; Labor Productivity
    • O3 - Economic Development, Innovation, Technological Change, and Growth - - Innovation; Research and Development; Technological Change; Intellectual Property Rights
    • O57 - Economic Development, Innovation, Technological Change, and Growth - - Economywide Country Studies - - - Comparative Studies of Countries


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