IDEAS home Printed from https://ideas.repec.org/a/eee/streco/v64y2023icp236-244.html
   My bibliography  Save this article

Standardized capital stock estimates for the Greek economy 1948–2020

Author

Listed:
  • Passas, Costas

Abstract

In this study we present new estimates of the capital stock of the Greek economy for the period 1948 to 2020 using the Perpetual Inventory Method (PIM). Asset detail is at the fourth digit level for construction and equipment and at the third digit level for all other assets. Our estimates are derived using the OECD methodology from National Accounts data on gross fixed capital formation coupled with a number of official and semi-official publications. The results are subjected to a sensitivity analysis by varying estimates of a number of critical magnitudes. Our results indicate the significance of measurement and estimation issues, especially the choice of survival functions and age-efficiency profiles, for the implementation of the PIM approach and therefore for the estimation of key macroeconomic variables such as the capital–output ratio.

Suggested Citation

  • Passas, Costas, 2023. "Standardized capital stock estimates for the Greek economy 1948–2020," Structural Change and Economic Dynamics, Elsevier, vol. 64(C), pages 236-244.
    • Handle: RePEc:eee:streco:v:64:y:2023:i:c:p:236-244
    DOI: 10.1016/j.strueco.2022.12.009
    as

    Download full text from publisher

    File URL: http://www.sciencedirect.com/science/article/pii/S0954349X22001758
    Download Restriction: Full text for ScienceDirect subscribers only
    File URL: https://libkey.io/10.1016/j.strueco.2022.12.009?utm_source=ideas
    LibKey link: if access is restricted and if your library uses this service, LibKey will redirect you to where you can use your library subscription to access this item
    ---><---

    As the access to this document is restricted, you may want to search for a different version of it.

    References listed on IDEAS

    as
    1. Larson, David F. & Butzer, Rita & Mundlak, Yair & Crego, Al, 2000. "A Cross-Country Database for Sector Investment and Capital," The World Bank Economic Review, World Bank, vol. 14(2), pages 371-391, May.
    2. Avi J. Cohen, 2003. "Retrospectives: Whatever Happened to the Cambridge Capital Theory Controversies?," Journal of Economic Perspectives, American Economic Association, vol. 17(1), pages 199-214, Winter.
    3. Nils Groes, 1976. "Measurement Of Capital In Denmark," Review of Income and Wealth, International Association for Research in Income and Wealth, vol. 22(3), pages 271-286, September.
    4. Dale W. Jorgenson & Marcel P. Timmer, 2011. "Structural Change in Advanced Nations: A New Set of Stylised Facts," Scandinavian Journal of Economics, Wiley Blackwell, vol. 113(1), pages 1-29, March.
    5. Robert C. Feenstra & Robert Inklaar & Marcel P. Timmer, 2015. "The Next Generation of the Penn World Table," American Economic Review, American Economic Association, vol. 105(10), pages 3150-3182, October.
    6. André A. Hofman, 1992. "Capital Accumulation In Latin America: A Six Country Comparison For 1950–89," Review of Income and Wealth, International Association for Research in Income and Wealth, vol. 38(4), pages 365-401, December.
    7. Franz Hahn & Ingo Schmoranz, 1984. "Estimates Of Capital Stock By Industries For Austria," Review of Income and Wealth, International Association for Research in Income and Wealth, vol. 30(3), pages 289-307, September.
    8. Thomas Piketty & Gabriel Zucman, 2014. "Capital is Back: Wealth-Income Ratios in Rich Countries 1700–2010," The Quarterly Journal of Economics, President and Fellows of Harvard College, vol. 129(3), pages 1255-1310.
    9. Berlemann Michael & Wesselhöft Jan-Erik, 2017. "Aggregate Capital Stock Estimations for 122 Countries: An Update," Review of Economics, De Gruyter, vol. 68(2), pages 75-92, August.
    10. Maddison, Angus, 1994. "Standardised Estimates of Fixed Capital Stock: A Six Country Comparison," GGDC Research Memorandum 199409, Groningen Growth and Development Centre, University of Groningen.
    11. Raymond W. Goldsmith, 1951. "A Perpetual Inventory of National Wealth," NBER Chapters, in: Studies in Income and Wealth, Volume 14, pages 5-73, National Bureau of Economic Research, Inc.
    12. Harcourt,G. C., 1972. "Some Cambridge Controversies in the Theory of Capital," Cambridge Books, Cambridge University Press, number 9780521096720.
    13. Hofman, Andre A, 2000. "Standardised Capital Stock Estimates in Latin America: A 1950-94 Update," Cambridge Journal of Economics, Cambridge Political Economy Society, vol. 24(1), pages 45-86, January.
    14. Xi Chen & Tatiana Plotnikova, 2018. "The Measurement of Capital: Retrieving Initial Values from Panel Data," Review of Income and Wealth, International Association for Research in Income and Wealth, vol. 64(3), pages 542-562, September.
    15. Harcourt, G C, 1976. "The Cambridge Controversies: Old Ways and New Horizons-Or Dead End?," Oxford Economic Papers, Oxford University Press, vol. 28(1), pages 25-65, March.
    16. Garbellini, Nadia, 2020. "Measurement without theory, and theory without measurement: What's wrong with Piketty's capital in the XXI century?," Structural Change and Economic Dynamics, Elsevier, vol. 52(C), pages 50-62.
    17. B. Bohm & A. Gleiss & M. Wagner & D. Ziegler, 2002. "Disaggregated capital stock estimation for Austria - methods, concepts and results," Applied Economics, Taylor & Francis Journals, vol. 34(1), pages 23-37.
    18. repec:dgr:rugggd:199409 is not listed on IDEAS
    19. ÅKe Tengblad & Nana Westerlund, 1976. "Capital Stock And Capital Consumption Estimates By Industries In The Swedish National Accounts," Review of Income and Wealth, International Association for Research in Income and Wealth, vol. 22(4), pages 331-344, December.
    20. Tengblad, Ake & Westerlund, Nana, 1976. "Capital Stock and Capital Consumption Estimates by Industries in the Swedish National Accounts," Review of Income and Wealth, International Association for Research in Income and Wealth, vol. 22(4), pages 331-344, December.
    21. Joan Robinson, 1953. "The Production Function and the Theory of Capital," The Review of Economic Studies, Review of Economic Studies Ltd, vol. 21(2), pages 81-106.
    22. Berlemann Michael & Wesselhöft Jan-Erik, 2014. "Estimating Aggregate Capital Stocks Using the Perpetual Inventory Method: A Survey of Previous Implementations and New Empirical Evidence for 103 Countries," Review of Economics, De Gruyter, vol. 65(1), pages 1-34, April.
    23. Costa, Paolo & Marangoni, Giandemetrio, 1995. "Productive Capital in Italy: A Disaggregated Estimate in Sectors of Origin and Destination: 1985-88," Review of Income and Wealth, International Association for Research in Income and Wealth, vol. 41(4), pages 439-458, December.
    24. J. Hibbert & T. J. Griffin & R. L. Walker, 1977. "Development Of Estimates Of The Stock Of Fixed Capital In The United Kingdom," Review of Income and Wealth, International Association for Research in Income and Wealth, vol. 23(2), pages 117-135, June.
    25. Anwar Shaikh, 2005. "Nonlinear Dynamics and Pseudo-Production Functions," Eastern Economic Journal, Eastern Economic Association, vol. 31(3), pages 447-466, Summer.
    26. Barbara Rudolf & Mathias Zurlinden, 2009. "Measuring Capital Stocks and Capital Services in Switzerland," Swiss Journal of Economics and Statistics (SJES), Swiss Society of Economics and Statistics (SSES), vol. 145(I), pages 61-105, March.
    27. Matilde Mas & Francisco Pérez & Ezequiel Uriel, 2000. "Estimation Of The Stock Of Capital In Spain," Review of Income and Wealth, International Association for Research in Income and Wealth, vol. 46(1), pages 103-116, March.
    28. Shaikh, Anwar, 1974. "Laws of Production and Laws of Algebra: The Humbug Production Function," The Review of Economics and Statistics, MIT Press, vol. 56(1), pages 115-120, February.
    29. Charles I. Jones & Paul M. Romer, 2010. "The New Kaldor Facts: Ideas, Institutions, Population, and Human Capital," American Economic Journal: Macroeconomics, American Economic Association, vol. 2(1), pages 224-245, January.
    30. Thomas Piketty & Gabriel Zucman, 2014. "Capital is Back: Wealth-Income Ratios in Rich Countries 1700–2010," The Quarterly Journal of Economics, President and Fellows of Harvard College, vol. 129(3), pages 1255-1310.
    31. Paolo Costa & Giandemetrio Marangoni, 1995. "Productive Capital In Italy: A Disaggregated Estimate By Sectors Of Origin And Destination: 1985–88," Review of Income and Wealth, International Association for Research in Income and Wealth, vol. 41(4), pages 439-458, December.
    32. Daniel Gallardo‐Albarrán & Robert Inklaar, 2021. "The Role Of Capital And Productivity In Accounting For Income Differences Since 1913," Journal of Economic Surveys, Wiley Blackwell, vol. 35(3), pages 952-974, July.
    33. Nicholas Kaldor, 1961. "Capital Accumulation and Economic Growth," International Economic Association Series, in: D. C. Hague (ed.), The Theory of Capital, chapter 0, pages 177-222, Palgrave Macmillan.
    Full references (including those not matched with items on IDEAS)

    Citations

    Citations are extracted by the CitEc Project, subscribe to its RSS feed for this item.
    as


    Cited by:

    1. Jian Zhou & Jingjing Deng & Li Li & Shuang Wang, 2023. "The Demographic Dividend or the Education Dividend? Evidence from China’s Economic Growth," Sustainability, MDPI, vol. 15(9), pages 1-17, April.

    Most related items

    These are the items that most often cite the same works as this one and are cited by the same works as this one.
    1. Nadia Garbellini, 2018. "Inequality in the 21st Century:A Critical Analysis of Piketty`s Work," Working Papers Series 69, Institute for New Economic Thinking.
    2. Jesus Felipe & John S.L. McCombie, 2013. "The Aggregate Production Function and the Measurement of Technical Change," Books, Edward Elgar Publishing, number 1975.
    3. G. C. Harcourt, 2015. "On the Cambridge, England, Critique of the Marginal Productivity Theory of Distribution," Review of Radical Political Economics, Union for Radical Political Economics, vol. 47(2), pages 243-255, June.
    4. Villar Otálora, Juan Camilo, 2021. "Una revisión sobre los métodos convencionales de la contabilidad del crecimiento: La tiranía de la identidad [A review of the conventional methods of growth accounting: The tyranny of identity]," MPRA Paper 106683, University Library of Munich, Germany.
    5. Piketty, Thomas & Zucman, Gabriel, 2014. "Wealth and Inheritance in the Long Run," CEPR Discussion Papers 10072, C.E.P.R. Discussion Papers.
    6. Geoffrey Harcourt & Peter Kriesler, 2012. "Introduction [to Handbook of Post-Keynesian Economics: Oxford University Press: USA]," Discussion Papers 2012-33, School of Economics, The University of New South Wales.
    7. Yara Zeineddine, 2021. "Institutional Aspects of Capital in Joan Robinson's 'Rules of the Game': Rentier versus Entrepreneurs in Managerial Capitalism," Working Papers hal-03230146, HAL.
    8. Luigi L. Pasinetti, 2000. "Critique of the neoclassical theory of growth and distribution," Banca Nazionale del Lavoro Quarterly Review, Banca Nazionale del Lavoro, vol. 53(215), pages 383-431.
    9. Luigi L. Pasinetti, 2000. "Critique of the neoclassical theory of growth and distribution," BNL Quarterly Review, Banca Nazionale del Lavoro, vol. 53(215), pages 383-431.
    10. Leandro Prados de la Escosura, 2022. "Capital in Spain, 1850–2019," Cliometrica, Journal of Historical Economics and Econometric History, Association Française de Cliométrie (AFC), vol. 16(1), pages 1-28, January.
    11. Gregor Semieniuk, 2017. "Piketty’s Elasticity of Substitution: A Critique," Review of Political Economy, Taylor & Francis Journals, vol. 29(1), pages 64-79, January.
    12. Jakub Growiec, 2019. "The Hardware–Software Model: A New Conceptual Framework of Production, R&D, and Growth with AI," Working Paper series 19-18, Rimini Centre for Economic Analysis.
    13. Lucilene Morandi & Eustáquio J. Reis, 2004. "Estoque De Capital Fixo No Brasil, 1950-2002," Anais do XXXII Encontro Nacional de Economia [Proceedings of the 32nd Brazilian Economics Meeting] 042, ANPEC - Associação Nacional dos Centros de Pós-Graduação em Economia [Brazilian Association of Graduate Programs in Economics].
    14. Jakub Growiec, 2018. "The Digital Era, Viewed From a Perspective of Millennia of Economic Growth," KAE Working Papers 2018-034, Warsaw School of Economics, Collegium of Economic Analysis.
    15. Hellwagner, Timon & Weber, Enzo, 2021. "Labour Market Adjustments to Population Decline," VfS Annual Conference 2021 (Virtual Conference): Climate Economics 242455, Verein für Socialpolitik / German Economic Association.
    16. S K Mishra, 2010. "A Brief History of Production Functions," The IUP Journal of Managerial Economics, IUP Publications, vol. 0(4), pages 6-34, November.
    17. Javier López-Bernardo & Félix López-Martínez & Engelbert Stockhammer, 2016. "A Post-Keynesian Response to Piketty's ‘Fundamental Contradiction of Capitalism’," Review of Political Economy, Taylor & Francis Journals, vol. 28(2), pages 190-204, April.
    18. Robert S. Chirinko & Debdulal Mallick, 2014. "The Substitution Elasticity, Factor Shares, Long-Run Growth, and the Low-Frequency Panel Model," CESifo Working Paper Series 4895, CESifo.
    19. Yashin, Pete, 2016. "Кризис И Рост Неравенства. Оптимальный Путь Экономического Роста [The crisis and increasing inequality. The best equilibrium growth path]," MPRA Paper 73544, University Library of Munich, Germany.
    20. Up Sira Nukulkit, 2018. "Neutral Technical Progress and the Measure of Value: along the Kaldor-Kennedy line," Working Paper Series, Department of Economics, University of Utah 2018_05, University of Utah, Department of Economics.

    More about this item

    Keywords

    Capital stock; Perpetual inventory method; Capital–output; Greek economy; Historical statistics;
    All these keywords.

    JEL classification:

    • E22 - Macroeconomics and Monetary Economics - - Consumption, Saving, Production, Employment, and Investment - - - Investment; Capital; Intangible Capital; Capacity
    • C82 - Mathematical and Quantitative Methods - - Data Collection and Data Estimation Methodology; Computer Programs - - - Methodology for Collecting, Estimating, and Organizing Macroeconomic Data; Data Access
    • O52 - Economic Development, Innovation, Technological Change, and Growth - - Economywide Country Studies - - - Europe

    Statistics

    Access and download statistics

    Corrections

    All material on this site has been provided by the respective publishers and authors. You can help correct errors and omissions. When requesting a correction, please mention this item's handle: RePEc:eee:streco:v:64:y:2023:i:c:p:236-244. See general information about how to correct material in RePEc.

    If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.

    If CitEc recognized a bibliographic reference but did not link an item in RePEc to it, you can help with this form .

    If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your RePEc Author Service profile, as there may be some citations waiting for confirmation.

    For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: Catherine Liu (email available below). General contact details of provider: http://www.elsevier.com/locate/inca/525148 .

    Please note that corrections may take a couple of weeks to filter through the various RePEc services.

    IDEAS is a RePEc service. RePEc uses bibliographic data supplied by the respective publishers.