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And the IMF Said, Let There Be Data, and There Was Data: Private Capital Stocks in the Eastern Bloc

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  • Ryan H. Murphy
  • Colin O'Reilly

Abstract

The International Monetary Fund has recently published a dataset on public and private capital stocks for 170 countries from 1960–2015 using the perpetual inventory methodology. Following a reckless assumption, opaquely imposed, the dataset likely overstates levels of private investment as a percentage of total investment in former Eastern bloc countries, and thereby likely overstates their private capital stocks. This comment explores the nature and implications of the assumption, and suggests that, in light of the problem, the scope of the IMF project be significantly diminished to address the issue.

Suggested Citation

  • Ryan H. Murphy & Colin O'Reilly, 2018. "And the IMF Said, Let There Be Data, and There Was Data: Private Capital Stocks in the Eastern Bloc," Econ Journal Watch, Econ Journal Watch, vol. 15(3), pages 290–300-2, September.
    • Handle: RePEc:ejw:journl:v:15:y:2018:i:3:p:290-300
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    References listed on IDEAS

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    Cited by:

    1. Kacprzyk, Andrzej & Kuchta, Zbigniew, 2020. "Shining a new light on the environmental Kuznets curve for CO2 emissions," Energy Economics, Elsevier, vol. 87(C).

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    More about this item

    Keywords

    national accounts; investment and capital stock dataset; public capital stock; public investment; International Monetary Fund;
    All these keywords.

    JEL classification:

    • H54 - Public Economics - - National Government Expenditures and Related Policies - - - Infrastructures
    • P33 - Political Economy and Comparative Economic Systems - - Socialist Institutions and Their Transitions - - - International Trade, Finance, Investment, Relations, and Aid
    • N10 - Economic History - - Macroeconomics and Monetary Economics; Industrial Structure; Growth; Fluctuations - - - General, International, or Comparative

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    1. And the IMF Said, Let There Be Data, and There Was Data: Private Capital Stocks in the Eastern Bloc (EJW 2018) in ReplicationWiki

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