IDEAS home Printed from https://ideas.repec.org/p/ecb/ecbsps/201723.html
   My bibliography  Save this paper

Estimating non-financial assets by institutional sector for the euro area

Author

Listed:
  • Hofmeister, Zlatina
  • der Helm, Ruben van

Abstract

Official euro area-wide statistics on the capital stock and its breakdowns by asset type and sector are not yet available, but would be very useful for economic and financial stability analysis. This paper proposes a constrained optimisation model with the help of which a full cross-sector classification of the capital stock by non-financial asset type can be estimated. The model is applied for the estimation of the capital stock by institutional sector, including households’ non-financial asset types and housing wealth, both for the euro area as a whole and for euro area countries currently not estimating and/or publishing such data. JEL Classification: C33, C82, E02, E22

Suggested Citation

  • Hofmeister, Zlatina & der Helm, Ruben van, 2017. "Estimating non-financial assets by institutional sector for the euro area," Statistics Paper Series 23, European Central Bank.
    • Handle: RePEc:ecb:ecbsps:201723
    as

    Download full text from publisher

    File URL: https://www.ecb.europa.eu//pub/pdf/scpsps/ecb.sps23.en.pdf
    Download Restriction: no
    ---><---

    References listed on IDEAS

    as
    1. Lindquist, Kjersti-Gro, 1995. "The Existence of Factor Substitution in the Primary Aluminum Industry: A Multivariate Error-Correction Approach Using Norwegian Panel Data," Empirical Economics, Springer, vol. 20(3), pages 361-383.
    2. 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.
    3. Sousa, Ricardo M., 2009. "Wealth effects on consumption: evidence from the euro area," Working Paper Series 1050, European Central Bank.
    4. Barnhart, Scott W. & Miller, Edward M., 1990. "Problems in the estimation of equations containing perpetual inventory measured capital," Journal of Macroeconomics, Elsevier, vol. 12(4), pages 637-651.
    5. Wolfson, P, 1993. "Compositional Change, Aggregation, and Dynamic Factor Demand: Estimates on a Panel of Manufacturing Firms," Journal of Applied Econometrics, John Wiley & Sons, Ltd., vol. 8(2), pages 129-148, April-Jun.
    6. Dean Baker, 2011. "The End of Loser Liberalism: Making Markets Progressive," CEPR Books, Center for Economic and Policy Research (CEPR), number 2011-01.
    7. Erik Biørn & Rolf Golombek* & Arvid Raknerud, 1998. "Environmental Regulations and Plant Exit," Environmental & Resource Economics, Springer;European Association of Environmental and Resource Economists, vol. 11(1), pages 35-59, January.
    8. repec:bla:revinw:v:31:y:1985:i:2:p:127-38 is not listed on IDEAS
    9. Usher, Dan (ed.), 1980. "The Measurement of Capital," National Bureau of Economic Research Books, University of Chicago Press, number 9780226843001, August.
    10. Chow, Gregory C & Lin, An-loh, 1971. "Best Linear Unbiased Interpolation, Distribution, and Extrapolation of Time Series by Related Series," The Review of Economics and Statistics, MIT Press, vol. 53(4), pages 372-375, November.
    11. Bughin, J, 1993. "Union-Firm Efficient Bargaining and Test of Oligopolistic Conduct," The Review of Economics and Statistics, MIT Press, vol. 75(3), pages 563-567, August.
    12. repec:bla:revinw:v:29:y:1983:i:3:p:283-96 is not listed on IDEAS
    13. Clovis Kerdrain, 2011. "How Important is Wealth for Explaining Household Consumption Over the Recent Crisis?: An Empirical Study for the United States, Japan and the Euro Area," OECD Economics Department Working Papers 869, OECD Publishing.
    14. Reynolds, Stanley S, 1986. "Strategic Capital Investment in the American Aluminum Industry," Journal of Industrial Economics, Wiley Blackwell, vol. 34(3), pages 225-245, March.
    15. repec:bla:revinw:v:41:y:1995:i:4:p:439-58 is not listed on IDEAS
    16. Skudelny, Frauke, 2009. "Euro area private consumption: Is there a role for housing wealth effects," Working Paper Series 1057, European Central Bank.
    17. Ohanian, Nancy Kane, 1994. "Vertical Integration in the U.S. Pulp and Paper Industry, 1900-1940," The Review of Economics and Statistics, MIT Press, vol. 76(1), pages 202-207, February.
    18. Dan Usher, 1980. "Introduction to "The Measurement of Capital"," NBER Chapters, in: The Measurement of Capital, pages 1-22, National Bureau of Economic Research, Inc.
    19. 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.
    20. Dan Usher, 1980. "The Measurement of Capital," NBER Books, National Bureau of Economic Research, Inc, number ushe80-1, June.
    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. Malin Andersson & Nina Blatnik & Stephen Byrne & Lorenz Emter & Valerie Jarvis & Belén Gonzalez Pardo & Martin Schmitz & Nico Zorell & Christoph Zwick, 2024. "Intangible assets of multinational enterprises in Ireland and their impact on euro area activity," IFC Bulletins chapters, in: Bank for International Settlements (ed.), External statistics in a fragmented and uncertain world, volume 62, Bank for International Settlements.
    2. Dimitrios Sideris & Georgia Pavlou, 2021. "Disaggregate income and wealth effects on private consumption in Greece," Working Papers 293, Bank of Greece.

    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. Zlatina Balabanova & Ruben van der Helm, 2015. "Enhancing euro area capital stock estimates," IFC Bulletins chapters, in: Bank for International Settlements (ed.), Indicators to support monetary and financial stability analysis: data sources and statistical methodologies, volume 39, Bank for International Settlements.
    2. Zlatina Balabanova & Maureen Ruben van der Helm, 2015. "Enhancing euro area capital stock estimates," IFC Working Papers 13, Bank for International Settlements.
    3. Dimitrios Sideris & Georgia Pavlou, 2021. "Disaggregate income and wealth effects on private consumption in Greece," Working Papers 293, Bank of Greece.
    4. de Bondt, Gabe & Gieseck, Arne & Zekaite, Zivile & Herrero, Pablo, 2019. "Disaggregate income and wealth effects in the largest euro area countries," Working Paper Series 2343, European Central Bank.
    5. Franz R. Hahn & Christa Magerl, 2006. "Sektorale Vermögensrechnung für Österreich," WIFO Studies, WIFO, number 25916.
    6. Nicholas Oulton & Sylaja Srinivasan, 2003. "Capital stocks, capital services, and depreciation: an integrated framework," Bank of England working papers 192, Bank of England.
    7. Hofman, André A., 1991. "The role of capital in Latin America: a comparative perspective of six countries for 1950-1989," Series Históricas 9579, Naciones Unidas Comisión Económica para América Latina y el Caribe (CEPAL).
    8. Depta, Peter & Ravalli, Frank & Harding, Don, 1994. "Extended Measures of Investment and Saving," MPRA Paper 3319, University Library of Munich, Germany.
    9. Nicholas Oulton, 2007. "Ex Post Versus Ex Ante Measures Of The User Cost Of Capital," Review of Income and Wealth, International Association for Research in Income and Wealth, vol. 53(2), pages 295-317, June.
    10. B. Balk & H. Lorenz & J. Whalley & V. Valli & M. Kräkel, 1999. "Book reviews," Journal of Economics, Springer, vol. 69(1), pages 96-111, February.
    11. Munisamy, Gopinath & Roe, Terry L., 1995. "General Equilibrium Analysis of Supply and Factor Returns in U.S. Agriculture, 1949-91," Bulletins 7516, University of Minnesota, Economic Development Center.
    12. Arnold J. Katz, 2008. "Accounting for Obsolescence: An Evaluation of Current NIPA Practice," BEA Papers 0089, Bureau of Economic Analysis.
    13. Charles R. Hulten, 2000. "Total Factor Productivity: A Short Biography," NBER Working Papers 7471, National Bureau of Economic Research, Inc.
    14. W. Diewert, 2011. "Measuring productivity in the public sector: some conceptual problems," Journal of Productivity Analysis, Springer, vol. 36(2), pages 177-191, October.
    15. Erwin Diewert, 2009. "The aggregation of capital over vintages in a model of embodied technical progress," Journal of Productivity Analysis, Springer, vol. 32(1), pages 1-19, August.
    16. 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.
    17. Stephen L. Parente, 2000. "Learning-by-Using and the Switch to Better Machines," Review of Economic Dynamics, Elsevier for the Society for Economic Dynamics, vol. 3(4), pages 675-703, October.
    18. Lichter, Andreas & Peichl, Andreas & Siegloch, Sebastian, 2015. "The own-wage elasticity of labor demand: A meta-regression analysis," European Economic Review, Elsevier, vol. 80(C), pages 94-119.
    19. Anwar M. Shaikh, 1995. "The Stock Market and the Corporate Sector: Profit-Based Approach," Economics Working Paper Archive wp_146, Levy Economics Institute.
    20. Nadiri, M Ishaq & Prucha, Ingmar R, 1996. "Estimation of the Depreciation Rate of Physical and R&D Capital in the U.S. Total Manufacturing Sector," Economic Inquiry, Western Economic Association International, vol. 34(1), pages 43-56, January.

    More about this item

    Keywords

    capital stock; constrained optimisation; euro area; households’ housing wealth; institutional sector; Perpetual Inventory Method;
    All these keywords.

    JEL classification:

    • C33 - Mathematical and Quantitative Methods - - Multiple or Simultaneous Equation Models; Multiple Variables - - - Models with Panel Data; Spatio-temporal Models
    • C82 - Mathematical and Quantitative Methods - - Data Collection and Data Estimation Methodology; Computer Programs - - - Methodology for Collecting, Estimating, and Organizing Macroeconomic Data; Data Access
    • E02 - Macroeconomics and Monetary Economics - - General - - - Institutions and the Macroeconomy
    • E22 - Macroeconomics and Monetary Economics - - Consumption, Saving, Production, Employment, and Investment - - - Investment; Capital; Intangible Capital; Capacity

    NEP fields

    This paper has been announced in the following NEP Reports:

    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:ecb:ecbsps:201723. 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: Official Publications (email available below). General contact details of provider: https://edirc.repec.org/data/emieude.html .

    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.