Building original series of physical capital stocks for China's economy methodological problems,proposals for solutions and a new database |
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| Institution: | 1. UMR 8174 Centre d''Économie de la Sorbonne, Maison des Sciences économiques de l''Université de Paris 1 Panthéon-Sorbonne, 106-112 boulevard de l''Hôpital, 75013, Paris, France;2. CNRS (National Center for Scientific Research), UMR 8174 Centre d''Économie de la Sorbonne, Maison des Sciences économiques de l''Université de Paris 1 Panthéon-Sorbonne, 106-112 boulevard de l''Hôpital, 75013, Paris, France;1. Resources Environmental Economic Research Center of China University of Geosciences (Wuhan), Wuhan, Hubei 430074, China;2. School of Economics and Management, China University of Geosciences (Wuhan), Wuhan, Hubei 430074, China;3. Department of Geography, Kent State University, Kent, 800 E Summit St, Kent, OH 44240, USA;1. Research School of Finance, Actuarial Studies and Statistics, Australian National University, Level 4 RSFAS, CBE Building 26C, Kingsley Street, Acton, ACT 2601, Australia;2. Sloan School of Management, Massachusetts Institute of Technology, 50 Memorial Drive, E52-551, Cambridge, MA 02142-1347, United States;1. Center for Economic Research, Shandong University, Jinan, Shandong 250100, China;2. Institute for Studies in County Development, Shandong University, Jinan, Shandong 250100, China;3. Centre for the Health Economy, Macquarie University, New South Wales 2109, Australia;4. Department of Economics, Monash Business School, Monash University, Victoria 3800, Australia;1. College of Economics and Management, Northwest A&F University, Yangling 712100, Shaanxi, China;2. The World Bank, United States;3. College of Economics and Management, China Agricultural University, Beijing, China;4. Postdoctoral Programme, China Huarong Asset Management Corporation, China;5. Renmin University, China;1. Queen Mary University of London, UK;2. University of the Balearic Islands, Spain |
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| Abstract: | There are to date no official Chinese statistics relating to capital stocks. This lacking data hinders econometric studies of growth in this country. Series of such stocks are proposed in the literature, but most available empirical work on this topic suffers multiple deficiencies. The purpose of this article is to build the most reliable and longest possible statistical series of capital stocks for China. Our initial capital stocks are calculated on the basis of an output-capital ratio which is less approximate (and lower) than those generally provided. Our investment flows are consistent with the perimeters of the initial stocks. Our investment price indices are strictly tailored to the content of these stocks, and the unit root tests show that all the indices are non-stationary and cointegrated to the order of 2. This means they cannot be substitutes, as supposed in many other studies. Our depreciation rates are estimated by type of capital, under assumptions consistent with age-efficiency and retirement. Investment shares are used to approximate an overall capital structure and to calculate a total depreciation rate. Built from 1952 to 2014, our original series are available to econometricians seeking to conduct new empirical studies on China, over the long run. |
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