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Measuring the Real Size of the World Economy : The Framework, Methodology, and Results of the International Comparison Program—ICP

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  • World Bank

Abstract

This book is the most comprehensive accounting ever presented by the International Comparison Program (ICP) of the theory and methods underlying the estimation of purchasing power parities (PPPs). PPPs reveal the relative sizes of economies by converting their gross domestic products and related measurements into a common currency, thereby enabling comparisons based on economic and statistical theory. By disclosing the theory, concepts, and methods underlying the estimates, this book increases the transparency of the ICP process. Greater transparency allows researchers, users of PPPs, and those involved in implementation of the program to better understand the strengths, limitations, and assumptions underlying its results. is book also provides a forward-looking view of methodological developments with an eye toward improving the quality of future comparisons. The ICP is now the largest and most complex statistical program in the world. In 2005 it included 100 countries and economies, working in parallel with the 46 countries in the Eurostat-Organisation for Economic Co-operation and Development (OECD) PPP program. Measuring the Real Size of the World Economy was prepared by the ICP Global Office in the World Bank, with contributions from the leading international experts in the fields of economics and statistics on international comparisons.

Suggested Citation

  • World Bank, 2013. "Measuring the Real Size of the World Economy : The Framework, Methodology, and Results of the International Comparison Program—ICP," World Bank Publications - Books, The World Bank Group, number 13329, December.
    • Handle: RePEc:wbk:wbpubs:13329
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    Cited by:

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    2. Deng, Kent & O'Brien, Patrick, 2017. "How Well Did Facts Travel to Support Protracted Debate on the History of the Great Divergence between Western Europe and Imperial China?," MPRA Paper 77290, University Library of Munich, Germany.
    3. Hajargasht, Gholamreza & Rao, D.S. Prasada, 2019. "Multilateral index number systems for international price comparisons: Properties, existence and uniqueness," Journal of Mathematical Economics, Elsevier, vol. 83(C), pages 36-47.
    4. Deng, Kent & O'Brien, Patrick, 2017. "How well did facts travel to support protracted debate on the history of the Great Divergence between Western Europe and Imperial China?," Economic History Working Papers 69923, London School of Economics and Political Science, Department of Economic History.
    5. Joanne S. Muller & Nicole Hiekel & Aart C. Liefbroer, 2020. "The Long-Term Costs of Family Trajectories: Women’s Later-Life Employment and Earnings Across Europe," Demography, Springer;Population Association of America (PAA), vol. 57(3), pages 1007-1034, June.
    6. Majumder Amita & Ray Ranjan & Santra Sattwik, 2017. "Sensitivity of Purchasing Power Parity Estimates to Estimation Procedures and their Effect on Living Standards Comparisons," Journal of Globalization and Development, De Gruyter, vol. 8(1), pages 1-25, June.
    7. Stefano Marchetti & Luca Secondi, 2017. "Estimates of Household Consumption Expenditure at Provincial Level in Italy by Using Small Area Estimation Methods: “Real” Comparisons Using Purchasing Power Parities," Social Indicators Research: An International and Interdisciplinary Journal for Quality-of-Life Measurement, Springer, vol. 131(1), pages 215-234, March.
    8. Rati Ram, 2016. "PPP GDP Per Capita for Countries of the World: A Comparison of the New ICP Results with World Bank Data," Social Indicators Research: An International and Interdisciplinary Journal for Quality-of-Life Measurement, Springer, vol. 127(3), pages 1057-1066, July.
    9. Nada Hamadeh & Michel Mouyelo-Katoula & Paulus Konijn & Francette Koechlin, 2017. "Purchasing Power Parities of Currencies and Real Expenditures from the International Comparison Program: Recent Results and Uses," Social Indicators Research: An International and Interdisciplinary Journal for Quality-of-Life Measurement, Springer, vol. 131(1), pages 23-42, March.
    10. Fahd Rehman & Russel J. Cooper, 2023. "Effective GDP: A Cross‐Country Comparison," The World Economy, Wiley Blackwell, vol. 46(3), pages 619-652, March.
    11. Alicia Gómez-Tello & Alfonso Díez-Minguela & Julio Martinez-Galarraga & Daniel A. Tirado, 2019. "Regional prices in early twentieth-century Spain: a country-product-dummy approach," Cliometrica, Springer;Cliometric Society (Association Francaise de Cliométrie), vol. 13(2), pages 245-276, May.
    12. Hai Long Vo & Duc Hong Vo, 2023. "The purchasing power parity and exchange‐rate economics half a century on," Journal of Economic Surveys, Wiley Blackwell, vol. 37(2), pages 446-479, April.
    13. Menggen Chen, 2022. "Engel’s law in China: Some new evidence," Review of Development Economics, Wiley Blackwell, vol. 26(3), pages 1640-1662, August.
    14. Ilaria Benedetti & Tiziana Laureti & Luigi Palumbo & Brandon M. Rose, 2022. "Computation of High-Frequency Sub-National Spatial Consumer Price Indexes Using Web Scraping Techniques," Economies, MDPI, vol. 10(4), pages 1-20, April.
    15. Menggen Chen & Yan Wang & D. S. Prasada Rao, 2020. "Measuring the spatial price differences in China with regional price parity methods," The World Economy, Wiley Blackwell, vol. 43(4), pages 1103-1146, April.
    16. Menggen Chen, 2021. "Sub-National PPPs Based on House and Real Income Disparity across China: a Distinctive Spatial Deflator," The Journal of Real Estate Finance and Economics, Springer, vol. 62(2), pages 187-219, February.
    17. Luigi Biggeri & Guido Ferrari & Yanyun Zhao, 2017. "Estimating Cross Province and Municipal City Price Level Differences in China: Some Experiments and Results," Social Indicators Research: An International and Interdisciplinary Journal for Quality-of-Life Measurement, Springer, vol. 131(1), pages 169-187, March.

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