A Compositional Statistical Analysis of Capital per Worker
Most of economic literature has presented its analysis under the assumption of homogeneous capital stock composition. However, capital composition differs across countries. What has been the pattern of capital composition associated with World economies? I make an exploratory statistical analysis based on the Aitchinson logratio transformations and the related tools for visualizing and measuring statistical estimators of association among the components. As initial findings could be cited that: 1. It is observed a clear correlation in terms of capital stock participation between two building-industry- related components, 2. Manufacturing behaves differently, especially durable goods sector. 3. There are differences among subsamples.
|Date of creation:||18 Jan 2003|
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|Note:||Type of Document - Acrobat PDF; prepared on IBM PC; to print on HP; pages: 24 ; figures: included. 24 pages, postscript, prepared from MS Word - figures prepared from MS Excel|
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- J. Bradford De Long & Lawrence H. Summers, 1991.
"Equipment Investment and Economic Growth,"
The Quarterly Journal of Economics,
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- Canning, David & Bennathan, Esra, 2000. "The social rate of return on infrastructure investments," Policy Research Working Paper Series 2390, The World Bank.
- John Aitchison & Michael Greenacre, 2002.
"Biplots of compositional data,"
Journal of the Royal Statistical Society Series C,
Royal Statistical Society, vol. 51(4), pages 375-392.
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