Comprehensive Wealth, Intangible Capital, and Development
No hay miniatura disponible
Fecha
Autores
Título de la revista
ISSN de la revista
Título del volumen
Editor
Resumen
Descripción
Existing wealth estimates show that in
most countries intangible capital is the largest share of
total wealth. Intangible capital is calculated as the
difference between total wealth and tangible (produced and
natural) capital. This paper uses new estimates of total
wealth, natural capital, and physical capital for a panel of
countries to shed light on the constituents of the
intangible capital residual. In a development-accounting
framework, the authors show that factors of production are
very successful in explaining the variation in output per
worker when they use intangible capital instead of human
capital as a factor of production. This suggests that
intangible capital captures a broad range of assets
typically included in the total factor productivity
residual. Human capital is an important factor, both in
statistical and economic terms, in regressions decomposing
intangible capital.
Palabras clave
ACCOUNTABILITY, ACCOUNTING, ACCOUNTING FRAMEWORK, ACCOUNTING SYSTEMS, AFFILIATED ORGANIZATIONS, ASSET VALUE, ASSET VALUES, ASSETS, AVERAGE PRODUCTIVITY, BALANCE SHEET, BALANCE SHEETS, BANK POLICY, BENCHMARK, CAPITAL ACCOUNTS, CAPITAL ASSETS, CAPITAL INTENSITIES, CAPITAL NEEDS, CAPITAL STOCKS, CD, CONSTANT RETURNS TO SCALE, CONTRACT ENFORCEMENT, COUNTRY DUMMIES, COUNTRY FIXED EFFECTS, DEVELOPING COUNTRIES, DEVELOPMENT PATH, DIMINISHING RETURNS, DISCOUNTED VALUE, ECONOMIC DEVELOPMENT, ECONOMIC GROWTH, ECONOMIC PERFORMANCE, ECONOMIC SURVEYS, ECONOMIC THEORY, ECONOMICS, ELASTICITY, EMPLOYMENT, EXPENDITURE, EXPENDITURES, EXTERNAL ASSETS, EXTERNALITIES, FACTORS OF PRODUCTION, FINANCIAL ASSETS, FINANCIAL INTEGRATION, FOREIGN ASSETS, GDP, GOVERNANCE INDICATORS, GROWTH RATE, GROWTH RATES, HUMAN CAPITAL, INCOME, INCOME FLOW, INCOME GROUP, INCOME LEVELS, INSTRUMENT, INTANGIBLE, INTANGIBLE ASSETS, INTEREST PAYMENTS, INTEREST RATE, INTERNATIONAL BANK, INTERNATIONAL ECONOMICS, INTERNATIONAL INVESTMENT, INVENTORY, INVESTING, INVESTMENT LOCATION DECISIONS, LABOR MARKET, LABOR MARKETS, MACROECONOMICS, MARGINAL PRODUCT, NATIONAL ECONOMY, NATIONAL INCOME, NATURAL CAPITAL, NATURAL RESOURCE, NATURAL RESOURCES, NET FOREIGN ASSETS, NPL, PATENTS, POLITICAL STABILITY, POSITIVE COEFFICIENTS, PRESENT VALUE, PRODUCTION FUNCTION, PROPERTY RIGHTS, RATE OF RETURN, RATES OF RETURN, REGRESSION ANALYSIS, REMITTANCES, RETURN, RETURN ON ASSETS, RULE OF LAW, SAVINGS, SOCIAL CAPITAL, SUSTAINABLE DEVELOPMENT, TOTAL FACTOR PRODUCTIVITY, TOTAL FACTOR PRODUCTIVITY GROWTH, TOTAL OUTPUT, WEALTH, WORLD DEVELOPMENT INDICATORS