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Improving The Estimates of the UK Capital Stock

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  • David Mayes
  • Garry Young

Abstract

There is a widespread view that official estimates of the capital stock in the UK may be subject to substantial error. However, until recently making any major improvement would have incurred costs beyond any reasonable budget, so the Central Statistical Office has only been able to make relatively marginal changes despite its continuing concern about the problem. Now, as the result of the computerisation of asset records and modern accounting requirements, a radical change from existing indirect estimates towards direct estimation is possible. This note, drawn from the results of a recent research project, appraises the problem, suggests how the estimates of the capital stock in the UK might be improved using existing methods and then shows how direct estimation could be used to derive improved current and retrospective estimates.
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Suggested Citation

  • David Mayes & Garry Young, 1994. "Improving The Estimates of the UK Capital Stock," National Institute Economic Review, National Institute of Economic and Social Research, vol. 147(1), pages 84-96, February.
    • Handle: RePEc:sae:niesru:v:147:y:1994:i:1:p:84-96
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    Cited by:

    1. Redward, Peter, 1996. "Structural reform in New Zealand : A review," Research Discussion Papers 12/1997, Bank of Finland.
    2. Redward, Peter, 1996. "Structural reform in New Zealand: A review," Bank of Finland Research Discussion Papers 12/1996, Bank of Finland.
    3. Werner Hölzl & Robert Leisch, 2004. "Estimates of capital stocks and capital productivity in Austrian manufacturing industries, 1978 -1994," Working Papers geewp41, Vienna University of Economics and Business Research Group: Growth and Employment in Europe: Sustainability and Competitiveness.
    4. Alan King, 2001. "A Two-Regime Model of Exports: U.K. Manufactures, 1980–1996," Open Economies Review, Springer, vol. 12(1), pages 75-94, January.
    5. Burda, Michael C. & Severgnini, Battista, 2014. "Solow residuals without capital stocks," Journal of Development Economics, Elsevier, vol. 109(C), pages 154-171.
    6. Ana Rincon-Aznar & Rebecca Riley & Garry Young, 2017. "Academic Review of Asset Lives in the UK," National Institute of Economic and Social Research (NIESR) Discussion Papers 474, National Institute of Economic and Social Research.
    7. repec:zbw:bofrdp:1997_012 is not listed on IDEAS
    8. Claude Picart, 2004. "Évaluer la rentabilité des sociétés non financières," Économie et Statistique, Programme National Persée, vol. 372(1), pages 89-116.
    9. Patrick Musso, 2006. "Capital Obsolescence, Growth Accounting and Total Factor Productivity," Revue de l'OFCE, Presses de Sciences-Po, vol. 97(5), pages 217-233.

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