Improving International Comparisons of Real Output: The ICP 2005 Benchmark and its Implications for China
The latest round of the International Comparisons Program (ICP 2005) compares the purchasing power of currencies and real output of 146 countries. Using price quote data from nine countries in the Asia-Pacific region, we consider ways of improving the methods used in ICP 2005 and new applications of these methods (e.g., for calculating rural-urban price differentials). The most striking result in ICP 2005 was that China came out 40 percent smaller than previously thought. We also evaluate the extent to which this finding can be attributed to excessive sampling of prices in China from urban areas or of unrepresentative products.
|Date of creation:||Dec 2010|
|Contact details of provider:|| Postal: Australian School of Business Building, Sydney 2052|
Fax: +61)-2- 9313- 6337
Web page: http://www.economics.unsw.edu.au/
More information through EDIRC
Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile, click on "citations" and make appropriate adjustments.:
- Brandt, Loren & Holz, Carsten A, 2006.
"Spatial Price Differences in China: Estimates and Implications,"
Economic Development and Cultural Change,
University of Chicago Press, vol. 55(1), pages 43-86, October.
- Loren Brandt & Carsten A. Holz, 2006. "Spatial Price Differences in China: Estimates and Implications," Economic Development and Cultural Change, University of Chicago Press, vol. 55, pages 43-86.
- Loren Brandt & Carsten Holz, 2005. "Spatial Price Differences in China: Estimates and Implications," Microeconomics 0512001, EconWPA.
- Loren BRANDT & Carsten A HOLZ, 2005. "Spatial Price Differences in China: Estimates and Implications," Development and Comp Systems 0504010, EconWPA.
- Ravallion, Martin & van de Walle, Dominique, 1991. "Urban-rural cost-of-living differentials in a developing economy," Journal of Urban Economics, Elsevier, vol. 29(1), pages 113-127, January.
- Mick Silver, 2009. "The Hedonic Country Product Dummy Method and Quality Adjustments for Purchasing Power Parity Calculations," IMF Working Papers 09/271, .
- Hill, Robert J. & Hill, T. Peter, 2009. "Recent Developments In The International Comparison Of Prices And Real Output," Macroeconomic Dynamics, Cambridge University Press, vol. 13(S2), pages 194-217, September.
- Summers, Robert, 1973. "International Price Comparisons Based Upon Incomplete Data," Review of Income and Wealth, International Association for Research in Income and Wealth, vol. 19(1), pages 1-16, March.
- Angus Deaton & Alan Heston, 2010. "Understanding PPPs and PPP-Based National Accounts," American Economic Journal: Macroeconomics, American Economic Association, vol. 2(4), pages 1-35, October.
- Angus Deaton & Alan Heston, 2008. "Understanding PPPs and PPP-based national accounts," NBER Working Papers 14499, National Bureau of Economic Research, Inc.
- Angus Deaton & Alan Heston, 2009. "Understanding PPPs and PPP-based national accounts," Working Papers 1186, Princeton University, Woodrow Wilson School of Public and International Affairs, Research Program in Development Studies..
- Breusch, T S & Pagan, A R, 1979. "A Simple Test for Heteroscedasticity and Random Coefficient Variation," Econometrica, Econometric Society, vol. 47(5), pages 1287-1294, September.
- Gong, Cathy Honge & Meng, Xin, 2008. "Regional Price Differences in Urban China 1986-2001: Estimation and Implication," IZA Discussion Papers 3621, Institute for the Study of Labor (IZA).
- Robert J. Hill, 1999. "Comparing Price Levels across Countries Using Minimum-Spanning Trees," The Review of Economics and Statistics, MIT Press, vol. 81(1), pages 135-142, February. Full references (including those not matched with items on IDEAS)