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Inversión y capital: Chile, 1833-2010

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  • José Dïaz
  • Gert Wagner

Abstract

This paper reports sources and methods utilized when estimating Chilean gross investment and net capital stock of fixed assets between 1833 and 2010.Two types of assets are identified: (i)machinery and equipment and (ii)construction (total). The main source for machinery investments is imports and a price for such goods based on Chilean import structure and export data of providing countries. In the case of construction, we rely on public expenditure on infrastructure and indirect measures for private activity. From 1940 onwards all data is obtained from national accounts. Capital is generated applying the perpetual inventory method. Main findings are: (i)Chile starts from a quite low capital output ratio around 1830, (ii)in the second half of the 19th Century, and specially due to the expansion of construction, the economy reaches capital output ratios comparable with other countries, (iii)the relative importance of machinery and equipment in total investment starts at practically zero increasing along the 170 years, (iv)capital per laborer expands systematically but slowly.

Suggested Citation

  • José Dïaz & Gert Wagner, 2016. "Inversión y capital: Chile, 1833-2010," Documentos de Trabajo 479, Instituto de Economia. Pontificia Universidad Católica de Chile..
  • Handle: RePEc:ioe:doctra:479
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    File URL: http://www.economia.uc.cl/docs/dt_479.pdf
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    More about this item

    JEL classification:

    • E22 - Macroeconomics and Monetary Economics - - Consumption, Saving, Production, Employment, and Investment - - - Investment; Capital; Intangible Capital; Capacity
    • N16 - Economic History - - Macroeconomics and Monetary Economics; Industrial Structure; Growth; Fluctuations - - - Latin America; Caribbean
    • O16 - Economic Development, Innovation, Technological Change, and Growth - - Economic Development - - - Financial Markets; Saving and Capital Investment; Corporate Finance and Governance

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