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Title: |
Estimates of Capital Stock and Capital/Output
Coefficients by Industries: Korea (1953-86). |
| Author: |
Pyo, Hak K. |
| Author
Affiliation: |
Seoul U |
| Source: |
International Economic Journal, Autumn 1988, v. 2, no. 3, pp. 79-121 |
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Publication Date: |
Autumn 1988 |
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Abstract: |
This paper constructs a
polynomial-benchmark model to estimate gross and net capital stocks by
explicitly estimating implicit retirement rates and depreciation rates.
The model is applied to Korean data (1953-86) where such data as
national wealth survey, national income accounts and industrial census
are available. Three alternative series of capital stock estimates are
generated and compared with previous estimates. It is shown that the use
of a pure perpetual-inventory model of a benchmark-year method alone may
introduce a significant bias in the measurement of capital stocks for
developing economies. |
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