The devil is in the details: Capital stock estimation and aggregate productivity growth—An application to the Spanish economy

Escribá-Pérez, Francisco-Javier; Murgui-García, María-José; Ruiz-Tamarit, José Ramón

doi:10.1007/s10258-020-00187-z

Cited by 5 publications

(4 citation statements)

References 21 publications

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“…The second linear regression model (model 2) includes, in addition to the independent variables of the first model, three more: capital stock, labor and exports. All the variables that contribute to the explanation of the great paradoxes and macroeconomic problems and all those that are found in the literature of economic growth are always correlated, directly or indirectly, with the capital stock (Escribá-Pérez et al, 2020). International tourism is a form of foreign trade, and all economic processes have an impact on the labor market, so we added these variables to the regression model.…”

Section: Methods and Methodologymentioning

confidence: 99%

The Contraction of European Economic Distances through Sustainable Tourism in the Pre-Pandemic Period

Haller

2021

Zagreb International Review of Economics and Business

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The current importance of tourism leads us to analyze the extent to which the receipts from international tourism, and tourism in general, influence the capacity of European countries to reduce the development gaps of this sector in the European context and the extent to which the economic growth is sensitive to changes in tourist arrivals, tourism receipts and expenditures. Studying the GDP per capita and the receipts from international tourism for the period 1995-2017, we find that the European tourism has an important role in economy but secondary to capital stock and exports. The methodology used is a sensitivity analysis and a multiple linear regression with two models. The results show that, on short term, the gap in the European tourism sector is explained by the ability to attract income from the international tourism. The European growth of the tourism sector depends to a large extent on the amount of expenditures that tourists are making, on tourism receipts and, to a lesser extent, on tourist arrivals, but in all cases, the connection is a direct and positive one but, even so, the capital stock and the exports continue to play a very important role for the European economy. The analysis suggests that tourism is not a panacea for growth. On the contrary, it is one of the activities that stimulate growth along with investments, technology, or any other form of capital, together with exports and labor market conditions.

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Section: Methods and Methodologymentioning

confidence: 99%

The Contraction of European Economic Distances through Sustainable Tourism in the Pre-Pandemic Period

Haller

2021

Zagreb International Review of Economics and Business

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“…In fact, we abstract from any other capital and focus on the stock of private and productive physical capital. 7 The database with the series used in this paper is available in Escribá-Pérez et al (2018, 2022, 2023. Our empirical analysis is based on the USA and Spanish data for the series of gross investment, depreciation, and capital stock.…”

Section: The Indexes At Workmentioning

confidence: 99%

Economic resilience and the dynamics of capital stock

Escribá-Pérez,

Murgui-García,

Ruiz-Tamarit

2024

Macroecon. Dynam.

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The role of capital in measuring resilience is investigated. Focusing on the current short-run and potential long-run growth paths of the economic system, we propose new indexes to separately measure adaptability and resistance to shocks, which are the essence of a system’s resilience. Capital dynamics during the transition and along the balanced growth path are used here instead of employment to represent the evolution of the size and composition of the economy. Our indexes measure adaptability and resistance by comparing the two capital growth rates. They are built by mimicking the average and variance of the difference in growth rates. In this new setting, investment and depreciation flows play an important role in explaining what the partial index of adaptability reveals. The available data on the USA and Spanish capital allow us to empirically compute the indexes and draw conclusions about their ability to resist shocks and absorb their effects. We conclude that the US economy is more adaptable and has a greater capacity to absorb impacts than the Spanish economy, but it is less resistant to disturbances.

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“…In the existing research, there are two main methods for measuring capital stock. One is to directly use the relevant statistical data estimation value as the capital stock [29,30], and the other is the perpetual inventory method [31,32]. This study uses the perpetual inventory method commonly used in academia to estimate the capital stock of each prefecture-level city.…”

Section: Data and Processingmentioning

confidence: 99%

Research on the Influence Mechanism of Factor Misallocation on the Transformation Efficiency of Resource-Based Cities Based on the Optimization Direction Function Calculation Method

Luo

2023

Sustainability

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Reasonable evaluation of the transformation efficiency of resource-based cities can provide a reliable basis for correcting factor misallocation and optimizing factor allocation. This study improves the directional distance function from the aspects of direction vector endogeneity, relative distance and exogenous weight. Based on the improved model, the data of China’s prefecture-level cities from 2003 to 2018 are used to measure and compare the transformation efficiency of resource-based cities and non-resource-based cities. By setting different exogenous weights, the transformation efficiency considering the total factor and the transformation efficiency only considering the energy factor are obtained. Further comparative analysis shows that the two transformation efficiencies of resource-based cities are lower than those of non-resource-based cities, and the two keep the same change trend. Whether it is a resource-based city or a non-resource-based city, the level of transformation efficiency that only considers energy factors is lower. Further, this study decomposes the transformation efficiency of resource-based cities according to the three dimensions of transformation efficiency and finds that the energy efficiency, output efficiency and environmental efficiency of China’s resource-based cities are different, and the transformation efficiency in the three dimensions of energy conservation, economic growth and environmental friendliness is also different.

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The devil is in the details: Capital stock estimation and aggregate productivity growth—An application to the Spanish economy

Cited by 5 publications

References 21 publications

The Contraction of European Economic Distances through Sustainable Tourism in the Pre-Pandemic Period

The Contraction of European Economic Distances through Sustainable Tourism in the Pre-Pandemic Period

Economic resilience and the dynamics of capital stock

Research on the Influence Mechanism of Factor Misallocation on the Transformation Efficiency of Resource-Based Cities Based on the Optimization Direction Function Calculation Method

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