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This research analysed the effect of gender inequality on the economic growth of seventeen countries in the Latin America and Caribbean (LAC) region from 1990 to 2016 using an ordinary least squares (OLS) regression model with fixed effects and a quantiles via moments model. Electricity consumption from new renewable energy sources, general government capital stock, private capital stock, trade openness, and urban population were used as control variables, and a battery of preliminary and post-estimation tests were conducted to guarantee the adequacy and suitability of both methodologies. The OLS model with fixed effects supports that gender inequality negatively affects gross domestic product (GDP) per capita. The quantiles via moments (QvM) model confirms the results of the OLS model with fixed effects and reveals that with increasing quantiles (25th, 50th, and 75th), gender inequality leads to decreases in LAC countries’ growth. LAC countries’ policymakers and institutions should improve gender equality to reach a higher development level and a more prosperous society. Developing policies that contribute to increasing women’s participation in the labour market, reducing the gender pay gap, supporting women’s education and training, constructing a more women-friendly and less patriarchal society, and developing measures to limit violence against women and early pregnancy and maternal mortality rates and increase women’s decision-making positions, particularly in public policy decision making, must be implemented.

This article shows how the behavioral asymmetry between workers and rentiers, whether in relation to the possibility of inheriting (or not) assets, or in relation to the magnitude of the inherited assets, impacts the decisions of the agents in relation to consumption, savings and capital stock. An alternative approach to the Baranzini (1991) model is presented for the continuous case, allowing technical progress and introducing behavioral differences between rentiers and workers, not only from the point of view of their initial endowments but also from their preferences. The technical-conceptual framework of the present approach extends Baranzini's original model by emphasizing how agents incorporate the assets into their constraints. A micro-based version of Kalecki's famous aphorism is also obtained.

This paper examines the unemployment invariance hypothesis by exploring the importance of labor force, capital stock change and productivity in unemployment determination in OECD (Organization for Economic Co-operation and Development) countries. Using the cross-sectional distributed lag (CS-DL) approach this study shows that aggregate unemployment-labor force participation linkage is not significant in OECD counties. Moreover, the result shows that capital stock change is a crucial determinant in male rather than female unemployment. These findings lead to questioning the empirical relevance of the unemployment invariance hypothesis. This article provides potentially valuable insights into the labor market inequality in OECD countries and has important policy implications.

A reform of a pay-as-you-go social security in a one sector model makes the pensioners worse off and the working generations better off in the period of the reform (in a dynamically efficient economy without altruism). The observed reluctance across all age groups to support such reforms is usually explained by the insurance properties of these schemes. I propose an alternative in a two sector setting. Since the old consume labor-intensive goods like health-care, etc., the reform causes labor demand to fall and reduces wages. This effect could dominate the lower social security payments for the young. Thus both the young and old oppose the reform (that makes the unborn generations better off–the new steady welfare, with a higher capital stock, is higher).

The Turkish social insurance system has been feverishly debated for years, particularly through its burden on the economy. The most recent reform is an attempt to neutralize the deterioration within the social security system and its effects on the economy. After the recent reform, ‘the way that retirement benefits are calculated’ is changed unfavorably for workers and the minimum age for retirement is increased. In particular, for an agent with 25 years of social security tax payments, the replacement rate is down from 65 percent to 50 percent. On the other hand, retirement age is up from 60 to 65. The aim of this paper is to investigate the macroeconomic effects of these changes using an OLG model. The author’s findings indicate that labor supply, output and capital stock increase when changes above are applied to the benchmark economy calibrated to the Turkish economy data in 2005. A critical change with the current reform is that the marginal benefit of working has become uniform over ages. In a simulation exercise, the marginal retirement benefit in the benchmark economy is changed to be uniform over ages while keeping the size of social security system unchanged. As a result, the benefit of retiring at a later period increases. However, uniform distribution of the marginal benefits itself decreases both the capital stock and output of the economy. Increasing the retirement age, on the other hand, has positive effects on the economy since agents obtain retirement benefits for fewer years and at an older age. Age increase has substantial positive effects on the labor supply, the capital stock, and the output.

Basic materials such as steel and cement have been instrumental to modern society, but the production requires high energy inputs and is associated with significant CO2 emissions. Long investment cycles, slow turnover rate of the capital stock, and high capital intensity mean that basic materials industries are among the economic activities that will be the most difficult to decarbonize. Although the importance of addressing industrial emissions has been increasingly recognized, the development of measures and technologies that could deliver deeper emissions cuts has been relatively slow. In this paper, we present a conceptual framework focusing on four categories of barriers—market, technology, regulatory, and coordination—that hamper deep decarbonization in the basic materials industries. We use the Swedish basic materials industries and policy context to illustrate how the proposed framework can be understood and applied and broadly discuss policies that can facilitate the climate transition.

Purpose:The paper aims to estimate the effect of inequality on the economic growth of Balkan countries for the period 2001-2017. In addition, the effect of capital stock on GDP per capita (GDPpc) for the Balkan countries was estimated. The low level of financial inclusion on the Balkan region produces an underinvestment of human capital and affects the low-income households, leading to an increase in inequality. Low levels of equality and capital stock negatively impact economic growth.

A seminal result Yaari holds that all pension savings should be in life-annuities. Annuities offer a higher return than standard assets and diversify mortality risk and therefore it is individually optimal to save in annuities only. This is a cornerstone result in the pensions literature where many attempts have been made to explain that individual savings in annuities is very low, the socalled annuity puzzle. But is the result that all pension savings should be in life-annuities also socially optimal? We show in a standard setting with fair annuities and dynamic efficiency that full annutization of all pensions saving is not socially optimal. Less than full annutization implies unintentional bequests and thus transfers from the old to the young, which is welfare improving under dynamic efficiency. Further, we show that no annutization can implement the Golden Rule capital stock level and analyse whether some annutization is socially optimal using a numerical analysis, which shows that it is the case under a wide range of parameter constellations.

This paper develops a parsimonious model by incorporating a boundedly rational agent-based model from the finance literature into the macroeconomic framework. An empirical investigation using US data shows that firm investment depends on sentiment and interest rate, while sentiment and short-term interest rate are influenced by the stock market. The stock market is subject to the influences of firm performance as well as the sentiment. It is found that sentiment serves as a bridge connecting the macroeconomy and the stock market. On the one hand, the macroeconomy influences the stock market through sentiment as sentiment affects the derived fundamental value of the stock market. On the other hand, the stock market has an indirect influence on the macroeconomy in terms of investment and capital stock through its impact on sentiment and interest rate.

This study aims to clarify whether innovation spillover effects can be observed between domestic firms in China. Using listed firms’ data and the R&D capital stock and R&D workers’ data at the indu...

We investigate the wealth decumulation decision from the perspective of a retiree who is averse to the prospect of fully annuitizing her accumulated savings. We field a large online survey of hypothetical product choices for phased drawdown offerings and annuities. While the demand for annuities remains low in our sample, we find significant demand for phased withdrawal products with equity-based asset allocations and flexible payout structures. Consistent with the product choice, the most important self-reported considerations for the wealth decumulation decision are a low probability of depleting the capital stock early, the size of the withdrawal rates, and flexibility in the timing of their withdrawal. As determinants of the decision of how much wealth individuals are willing to draw down, we identify consumers’ attitudes towards future economic conditions, the extent to which they are protected against longevity risk, and their desire to leave bequests. Policy implications are discussed.

The study employs the data envelopment analysis (DEA) approach with three inputs (real capital stock, labor, and energy consumption) and one output (real gross domestic product; real GDP) to examin...

This study evaluates the effect of capital stock, labor and total factor productivity on economic growth in Vinh Phuc province based on the growth accounting approach. The results showed that the total factor productivity factor was the greatest contribution to the economic growth of Vinh Phuc province during 2001-2018 with 74.38%. Despite the unstable level of growth, the employed workers have also made small contributions to the economic growth of Vinh Phuc province. The capital stock factor has also retained its contribution to the province's economic growth with a general average of 20.35% for the 2001-2018 period. However, the efficiency of using resource factors for economic growth still needs to be improved in the future.

Long-term temperature change and variability are expected to have significant impacts on future electric capacity and investments. This study improves upon past studies by accounting for hourly and monthly dynamics of electricity use, long-term socioeconomic drivers, and interactions of the electric sector with rest of the economy for a comprehensive analysis of temperature change impacts on cooling and heating services and their corresponding impact on electric capacity and investments. Using the United States as an example, here we show that under a scenario consistent with a socioeconomic pathway 2 (SSP2) and representative concentration pathway 8.5 (RCP 8.5), mean temperature changes drive increases in annual electricity demands by 0.5-8% across states in 2100. But more importantly, peak temperature changes drive increases in capital investments by 3-22%. Moreover, temperature-induced capital investments are highly sensitive to both long-term socioeconomic assumptions and spatial heterogeneity of fuel prices and capital stock characteristics, which underscores the importance of a comprehensive approach to inform long-term electric sector planning., Temperature changes as a result of climate change are expected to impact electric capacity and investment. Here, the authors show that in the United States under socioeconomic pathway 2 and RCP 8.5 mean temperature rises will drive increased electricity demand (0.5-8%) by 2100, along increases in capital investments by 3-22%.

This study aims to analyse the impact of financial development on economic growth for fragile five economies, which are based on the country classification by Morgan Stanley. Accordingly, Shin cointegration, Fourier Shin cointegration, and Toda-Yamamoto causality analyses were performed for the annual observations from 1980 to 2017. Fourier Shin cointegration test results reveal the existence of a long-run relationship between economic growth and financial development, capital stock, and human development index for four countries, namely Brazil, India, South Africa, and Turkey. On the other hand, Shin cointegration test results indicate the existence of cointegration relationship between series for Brazil, Indonesia, and South Africa. Dynamic Least Squares estimator shows that financial development has positive and statistically significant coefficients for four countries, namely India, Indonesia, South Africa, and Turkey (except Brazil). Finally, Toda-Yamamoto causality analyses reveal that there is only a unidirectional causality running from financial development to economic growth for Indonesia and South Africa. The findings reveal that the level of financial development is a significant parameter in fragile economies' sustainable growth processes.

PurposeThe author augments an otherwise standard business-cycle model with a rich government sector and adds monopolistic competition in the product market and rigid prices, as well as rigid wages a la Calvo (1983) in the labor market.Design/methodology/approachThis specification with the nominal wage rigidity, when calibrated to Bulgarian data after the introduction of the currency board (1999–2018), allows the framework to reproduce better observed variability and correlations among model variables and those characterizing the labor market in particular.FindingsAs nominal wage frictions are incorporated, the variables become more persistent, especially output, capital stock, investment and consumption, which help the model match data better, as compared to a setup without rigidities.Practical implicationsThe findings suggest that technology shocks seem to be the dominant source of economic fluctuations, but nominal wage rigidities as well as the monopolistic competition in the product market, might be important factors of relevance to the labor market dynamics in Bulgaria, and such imperfections should be incorporated in any model that studies cyclical movements in employment and wages.Originality/valueThe computational experiments performed in this paper suggest that wage rigidities are a quantitatively important model ingredient, which should be taken into consideration when analyzing the effects of different policies in Bulgaria, which is a novel result.

This paper makes a theoretical contribution by providing clear and detailed derivation of economic agents’ decision problems including elastic labor supply in Gertler’s overlapping generation (OLG) model. We apply the model to the Korean economy by calibration based on Korean economic data. It also analyzes the impact of current social issues such as aging and extension of retirement age, on the Korean economy in a long-run equilibrium. Subsequently, we also discuss the implications of the analysis. Aging has prolonged the period of retirement; therefore, population structure changes by the increase in the proportion of retirees, the total consumption-to- GDP ratio decreases, and capital stock increases due to reduced propensity to consume out of wealth in preparation for an individual’s retirement life. The implementation of retirement age extension increases the proportion of retirees relatively less and alleviates fluctuations in labor supply and the share of financial assets for both economic agents. However, the decrements in consumption-to-GDP ratio is larger than before, and this leads to a larger rise in the capital stock compared to when there is only an aging effect.

How relevant could capital income tax be as a growth engine? We analyse the Chilean experience that since the mid-80s has shown significant increase in its growth rate, outperforming most Latin American countries in the same period. This paper analyses the contribution of capital stock to the Chilean business cycle from 1960 to 2019. We do so by constructing a dynamic general equilibrium model in which firms accumulate capital and capital income taxation occurs at both firm and individual levels. In line with previous studies, we find that productivity shocks were an important driver of growth but unlike them, we find that capital income taxation policies also played an important role in explaining the Chilean miracle. The large adjustments in capital stock that Chile experienced are in line with the reasoning that interest rates in small open economies like Chile respond less to increases in capital taxation, and therefore do not diminish the impact of tax reforms.

The foremost purpose of the study is to explore the impact of renewable energy consumption (REC) on the economic growth of ASEAN countries. Data were extracted from the World Bank and ASEAN Energy Information Administration (EIA). The “Generalized Method of Moments (GMM)” approach has been used by using the STATA software for the analysis. The results unprotected that the REC and non-renewable energy consumption (NREC), growth in labor force and capital stock has positive nexus with the economy growth of the ASEAN countries. These findings provide the guidelines to the regulators that they should make the policies for the REC and NREC that increase the economy growth of the world.Keywords: Economy Growth, Renewable Energy, Non-renewable Energy, Growth of Capital, Growth of Labor Force, ASEAN countriesJEL Classifications: Q1, N7DOI: https://doi.org/10.32479/ijeep.10589

Using the workweek of capital as a measure of capital utilization, we empirically test whether news shocks actually increase capital utilization. To this end, by estimating a panel VAR on two-digit manufacturing data identifying news shocks as innovations to stock returns orthogonal to the variations in current-period TFP growth, we find the positive response of capital utilization to news shocks. Moreover, to explain the positive response of capital utilization to news shocks in terms of plant-level investment behavior, we propose a heterogeneous plant model that combines the fixed cost of capital adjustment and an endogenous capital utilization choice. With the presence of fixed costs, except for the plants that have recently adjusted capital stock, news shock shortens the effective time horizon of currently installed capital stock and increases capital utilization. When the model economy is calibrated to match the salient features of the plant-level investment rate distribution, the economy generates a news-driven positive response of capital utilization.

This paper examines the dynamic effects of consumption externalities in Bosi and Seegmuller (J Math Econ 46:475–492, 2010). We show that only the patient agent holds the entire capital stock at the steady state, while the impatient agent works to finance his consumption. Our main result states that consumption externalities represent the main mechanism that explains the emergence of endogenous fluctuations due to self-fulfilling expectations. Finally, consumption externalities promote the appearance of deterministic cycles of period two.

This paper reports on the availability of regional capital stock data,1 in the form of new/updated regional (NUTS2 level) capital stock estimates,2 building on an approach (Perpetual Inventory Method) which had been previously developed for the European Commission. The particular focus here is on the UK and how these data are used to shed light on regional labour productivity disparities. Using a NUTS2 level dataset constructed for the period 2000–16, we use a dynamic spatial panel approach from Baltagi et al. (2019) to estimate a model relating productivity to output (growth or levels) and augmented by explicit incorporation of capital stock plus various other covariates such as human capital. We find that regional variations in capital stocks per worker make a significant contribution to regional variations in labour productivity, but the geography of human capital is also highly relevant. Moreover, we give evidence to show that as human capital rises, notably as we move from the regions to London, the impact of capital stock per worker is less. The effect of capital stock depends on the level of human capital.

In this paper, we consider a one-sector model of economic growth with several infinitely-lived heterogeneous agents, who are endowed with diverse discount factors as well as preferences over consumption. In line with the classical Ramsey model, agents are not allowed to borrow against future income. Unlike the traditional assumption of ex post wage payment, wages are paid ex ante in our model. We first explain the difference between the assumptions of wages being paid ex ante and wages being paid ex post in the framework of a simple illustrative two-class model. Our main result shows that in contrast to the many-agent Ramsey model with ex post wage payment, the capital stock sequence converges to the steady state stock irrespective of production technology employed by the firms. Further, all impatient agents own zero capital stock, whereas the most patient agent owns the entire capital stock from some time onward. Thus, we have shown that a slight modification in the timing of wage payment in growth models can lead to significant changes in the stability properties of equilibrium dynamics.

This paper shows that the decline in the labor share over the past 30 years was not offset by an increase in the capital share. Capital costs are the product of the required rate of return on capital and the value of the capital stock, and the capital share is the ratio of capital costs to gross value added. The capital share is declining, driven by a large decline in the cost of capital. Measured in percentage terms, the decline in the capital share (30%) is much more dramatic than the decline in the labor share (10%). The profit share has increased by more than 12 percentage points. The value of this increase in profits amounts to over $1.1 trillion in 2014, or $14 thousand per employee. The decline in the capital share is unlikely to be driven by unobserved capital. In a standard model, a decline in competition is necessary to generate simultaneous declines in the labor and capital shares. A calibrated model shows that a decline in competition quantitatively matches the data. This paper provides reduced form empirical evidence that a decline in competition plays a significant role in the decline in the labor share. Increases in industry concentration are associated with declines in the labor share. These results suggest that the decline in the shares of labor and capital are due to a decline in competition and call into question the conclusion that the decline in the labor share is an efficient outcome.

Public debt is intended to bridge the gap between domestic savings and investment. This paper examines the effect of public debt on economic growth in Bangladesh using autoregressive distributed lag bound testing approach to cointegration. It finds a negative relationship between public debt and economic growth both in the short-run and the long-run. That is, a significant rise in the public debt in Bangladesh appears to be a burden for the economic growth controlling for other determinants of growth. The findings suggest that funds obtained through public debt are not utilized in the productive economic avenues which may improve the growth scenario in Bangladesh. Also, the adverse effect exerted by public debt may further be responsible for a reduction in investment and slower growth of capital stock, which eventually can hamper the labour productivity growth in the country in long run.

The logistics sector is an important link of increasing international trade, increasing competitiveness and playing an important role in economic growth and the country's economic development. This study aims to determine the impact of the development of the logistics sector on economic growth. In this study the logistics sector has indicators of capital stock, air transportation, railways, shipp, internet users, warehousing and employment in Asian emerging market s countries in 2005-2017. The data used in this study are secondary data originating from the World Bank which is processed by the panel data regression method. Based on the estimation results, the results obtained together with variables of capital stock, air transportation, railways, shipp, internet users, warehousing and employment have a significant effect on economic growth. While partially the variables of capital stock, air transportation, railways, shipp, internet users, warehousing and employment connectivity have a significant positive effect on economic growth in Asian emerging market countries.

This study aims to determine the impact of the development of the logistiks sector on economic growth. In this study the logistiks sector has indicators of capital stock, air transportation, railways, shipp, internet users, warehousing and employment in Asian emerging markets countries in 2005-2017. The data used in this study are secondary data originating from the World Bank which is processed by the panel data regression method. Based on the estimation results, the results obtained together with variables of capital stock, air transportation, railways, shipp, internet users, warehousing and employment have a significant effect on economic growth. While partially the variables of capital stock, air transportation, railways, shipp, internet users, warehousing and employment connectivity have a significant positive effect on economic growth in Asian emerging market countries.

In this paper we analyze the impact of an export- oriented grant scheme created in anticipation of accession of a country to the European Union. The scheme aimed to support activities for the introduction of new or existing products to foreign markets and technology development. We find this new policy exerted a positive effect on firm export value, total sales, profits, and value added. The policy design differentiates two types of supported activities. Technological development grants have an additionality effect on exports by increasing significantly capital and commercialization grants by increasing intermediate inputs. We have no evidence for an effect on employment and only a slight effect on total factor productivity when technological development grants were received. Overall grants targeted at technological development had more relevant economic effects than did grants for commercialization activities. A cost-benefit analysis suggests that the benefits created in value added are 139.5% of the grant scheme cost.

Turkey is a developing country where the transportation sector receives a considerable economic share. Roads are the pioneer mode of transportation in Turkey and the common opinion is that increasing highway networks lead to major changes in economic development. This paper focuses on the growth impact of highway infrastructure on economic development and recommends a dynamic panel data approach which is not common in the transportation economics literature. This model is applied to local regions that are located in the eastern and northern parts of Turkey to measure the effects of highway capital stocks on Gross Domestic Product (GDP) change between 2004 and 2016. The analysis reveals that the relationship between GDP and highway capital stock is positive, and statistically significant for local regions in Turkey. It is indicated that the findings of this paper can be a guide for policy and decision-makers and implemented into different regions and locations.

This paper adopts the sample of heavily polluting industry listed companies’ data from 2013 to 2018, takes the amount of investment related to environmental protection in “projects under construction” divided by the capital stock as the proxy variable of environmental investment, takes the shareholding ratio of management as the proxy variable of shareholding incentive, empirically tests the relationship between the environmental investment and the incentive of stock ownership, and finds that the incentive of stock ownership significantly promotes the level of environmental investment. In addition, the incentive effect of stock ownership on the level of environmental investment only exists in the sample’s fierce industry competition.

In this paper, the Kaldor business cycle model with variable depreciation rate of the capital stock are investigate the existence, uniqueness and stability of the positive equilibrium point, and the existence of the periodic solution and Hopf bifurcation respectively. Finally, we analyze the dynamic behaviors of the specific system and perform numerical simulations.

This paper measures and analyzes the institutional influence on the development of China's high-tech industry from 1995 to 2016. The following discoveries are shown. The institutional environment on which China's high-tech industry depends has shown an increasing trend in recent years, but its momentum is obviously weaker than that in the early stage. The calculation results are the same and comprehensive whether the institutional variable is substituted directly into the production function as the explanatory variable or if it is put into the capital stock, labor force and Total factor productivity regression equations. The institutional influences on the input-output of the high-tech industry are very clear and positive, and its influence on the TFP is the greatest. Therefore, the continuous improvement of the institutional environment of high-tech industries is conducive to promoting the high-quality development of the industry.

The objective of the United Nations Paris Agreement to limit global warming to well below 2°C, with efforts to reach 1.5°C, requires a strict limitation of future global greenhouse gas (GHG) emissions based on a global carbon budget. Applying equity considerations allows for the derivation of national carbon budgets. A key question then arises: How can these national budgets be allocated at the sectoral level? A new method is proposed to allocate carbon budgets at the sectoral level. First, a cost-based approach is used to indicate a necessary carbon budget for each sector. However, the aggregation of these initial sectoral carbon budgets usually exceeds the available national carbon budget. This indicates the relevance of working with sectoral carbon budgets and the required reductions to remain within the overall national carbon budget. This conceptual approach aims at, first, a cost-effective sectoral effort-sharing; second, the design of corresponding strict carbon emission reduction pathways (at both the sector and aggregate levels); and, third, the redesign of investment policies for capital stock improvements to remain within the aggregate carbon budget (involving trade-offs in investment induced emissions for operational emission reduction). 'Policy relevance' Limiting global warming according to the United Nations Paris Agreement requires a strict limitation of future global GHG emissions. A new method is presented to allocate national carbon budgets to the national sectoral level. The carbon budget concept has the potential to provide a transparent and informative tool for the analysis, policy design and monitoring of GHG emission pathways, particularly for the long time horizons involved. The area of activity involving the construction and use of buildings, termed embodied and operational GHGs, requires a particularly large fraction of the national carbon budget. Compared with other sectors, these activities have the highest potential for keeping countries within their national carbon budgets as far as enabling capital stock improvements are concerned that over-proportionally reduce use emissions. The approach can link carbon budgets at the municipal, city and regional levels. It could lend itself to an initially voluntary initiative, later compulsory policy framework for substantial and cost-effective emission reductions.

Our understanding of past natural catastrophes has important implications for catastrophe modeling and disaster risk management, mitigation, and adaptation. To assess past events, loss “nor...

Uno de los elementos trascendentales de la teoría neoclásica del capital es el papel que desempeña el capital físico como input esencial para entender los procesos productivos. Una medición adecuada del mismo debe considerar su naturaleza de stock en un entorno dinámico a lo largo de su vida útil. Esta tesis doctoral profundiza en los aspectos más relevantes de cara a una correcta valoración del stock de capital de la flota pesquera española de arrastre congelador dedicada a la captura de crustáceos, así como de los flujos de inversión que han marcado el ritmo de acumulación de capital desde sus orígenes hasta la actualidad. Para ello ha sido imprescindible la obtención del perfil edad-precio de los barcos que componen la flota y que nos aproxima al análisis de la influencia que el mercado ha ejercido sobre los precios en las transacciones de buques pertenecientes a esta modalidad, proceso en el que la depreciación se configura como variable decisiva. A partir de los valores estimados del stock de capital se ha obtenido la serie de inversión neta anual en esta flota. A finales de los años 50 del pasado siglo el sector pesquero español era principalmente artesanal y costero. A partir de los años 60, el modelo de explotación pesquera cambió con la incorporación del frío industrial. En 1962 comienzan a incorporarse en Huelva los primeros barcos congeladores. Esta flota, mayoritariamente onubense, va a protagonizar la expansión de la flota pesquera andaluza hasta mediados de los 70. Un rasgo característico de la misma es su dedicación a la captura de crustáceos, especies de alto valor comercial que la convierten en un segmento con rendimientos muy elevados en relación al resto de flotas de altura. Los buques de esta flota son de grandes dimensiones y alto desarrollo tecnológico y desarrollan su actividad en aguas de terceros países. La estimación del stock de capital se ha realizado en el contexto metodológico propuesto por los organismos internacionales como la OCDE. La metodología más ampliamente utilizada para la valoración del capital es el Método de Inventario Permanente, que estima las series de stock de capital a precio de reposición considerando tanto las corrientes de inversión como los flujos de depreciación. La aplicación de esta metodología para la medición del stock de capital de una flota pesquera ha supuesto la estimación del valor bruto del stock de capital de un barco de una edad determinada a partir del valor de adquisición de barcos nuevos y de segunda mano. Para ello, ha sido necesaria reconstruir el censo de esta flota. En la aplicación empírica, se ha estimado la forma funcional que determina el valor de construcción de un barco de esta flota a partir de características técnicas, del astillero en el que se construyó, así como de la existencia en la historia previa de cada barco de procesos de transformación de fresco a congelador. Esto nos ha permitido disponer del valor bruto de las unidades que ejercieron la actividad. Tras incorporar para cada año el valor de construcción de los barcos construidos ese año, se han obtenido los flujos de inversión bruta anual. Se ha estimado el valor de mercado de un barco para cada uno de los barcos de esta flota a lo largo de su vida útil, a partir del valor de construcción, la edad, la potencia y el año de construcción. La serie con los valores del barco para cada uno de los años presentes en la flota define el perfil de depreciación de un barco. Tras la agregación de los valores de los barcos, se ha obtenido el valor del stock de capital de esta pesquería para cada año. Se ha procedido a estimar la tasa de depreciación de cada buque, así como las cifras de inversión neta anual. Entre las conclusiones más relevantes destacamos que no resulta demasiado prolija en la literatura al uso sobre valoración de capital la incorporación del valor de construcción de cada buque, por lo que creemos que ésta es una importante contribución. Por otro lado, en la estimación del valor de mercado de un barco, queda reflejado el impacto de la incorporación progresiva en los buques de pesca de mejoras tecnológicas, el valor que el mercado asigna al mayor poder de pesca y el paulatino proceso de penalización que asigna a las unidades más obsoletas. La valoración de esta flota a través de las cifras de stock de capital estimadas difiere en gran medida de la que se realizaría, erróneamente, si cuantificamos la flota a partir del número de buques. Finalmente, se concluye que el patrón de depreciación geométrico es el más adecuado para representar la pérdida de valor que sufren estos barcos, en consonancia con las propuestas de organismos internacionales referentes en metodología de valoración de capital y autores relevantes como Hulten y Wykoff (1981) o Jorgenson (1989)., One of the transcendental elements of the neoclassical theory of capital is the role that physical capital plays as an essential input to understand productive processes. An adequate measurement must consider its nature of stock in a dynamic environment throughout its service life. This doctoral thesis delves into the most relevant aspects for a correct assessment of the capital stock of the Spanish shellfish freezer trawling fleet as well as the investment flows that have established the rate of capital accumulation from its origins to the present day. To do it, it has been essential to obtain the age-price profile of the fleet ships that brings us closer to the analysis of the influence that market has had on prices in the transactions of ships belonging to this kind. In this process depreciation is considered the decisive variable. The annual net investment series in this fleet has been obtained from the estimated values of the capital stock. At the end of the 1950s, the Spanish fishing sector was mainly artisanal and coastal. From the 1960s, fishing exploitation changed due to the introduction of industrial cooling. In 1962 the first freezer ships began to be incorporated in Huelva. This fleet, which was mainly from Huelva, will lead the expansion of the Andalusian fishing fleet until the mid-1970s. A characteristic feature of this fleet is that it worked to catch crustaceans. As this species have high commercial value, it is a segment with high profits in comparison with the rest of the high seas fleets. The vessels in this fleet are large with high technology and carry out their fishing activities in third country waters. The estimation of the capital stock has been made using the methodological approach suggested by international organisations such as the OECD. The most widely used methodology for capital valuation is the Permanent Inventory Method, which estimates the series of capital stock at replacement price considering both investment flows and depreciation flows. The application of this methodology to measure the capital stock of a fishing fleet has involved the estimation of the gross value of the capital stock of a vessel of a certain age from the acquisition value of new and second-hand vessels. To do it, it has been necessary to reconstruct the census of this fleet. In the empirical application, the functional form that determines the ship building value in this fleet has been estimated based on technical characteristics, the shipyard in which it was built and the existence of a transformation process where a non-freezer ship has turned into a freezer one in the ship history. This has allowed us to have the gross value of the ships that carried out the fishing activity. After including for each year the building value of the ships built that year, the gross annual investment flows have been obtained. The market value of a ship has been estimated for each of the boats in this fleet using its useful life, based on the building value, age, engine power and building year. The series which includes the ship values for the years in which it is part of the fleet defines the depreciation profile of a ship. After adding the values of the vessels, the value of the capital stock of this fishery has been obtained for each year. The depreciation rate of each vessel and the annual net investment figures have been estimated. Among the most relevant conclusions, it is worth highlighting that the incorporation of the building value of each ship is not too extensive in the current literature on capital valuation. Therefore, we believe that this is an important contribution. Furthermore, the impact of the progressive incorporation in fishing vessels of technological improvements, the value that the market assigns to the greater fishing power and the gradual process of penalisation that assigns to the most obsolete ships are reflected when estimating the market value of a ship. The valuation of this fleet using the estimated capital stock figures differs to a great extent from that which would be made, erroneously, if we quantify the fleet based on the number of vessels. Finally, geometric depreciation pattern is the most appropriate to represent the loss of value experienced by these ships in line with the proposals of international organisations about capital valuation methodology and relevant authors such as Hulten and Wykoff (1981) or Jorgenson (1989).

This paper extends the Q -theory of investment to capital goods with arbitrary efficiency profiles. When efficiency is non-geometric, the firm’s capital stock and the replacement cost of its assets are fundamentally different aggregates of the firm’s investment history. If capital goods have constant efficiency over a finite useful life, simple proxies are readily available for both the replacement cost of assets in place and capital stock. Under this assumption, we decompose the total investment rate along two dimensions: into its net and replacement components, and into its cash and non-cash components. We show these components exhibit significantly different economic determinants and behavior.

The objective of this work is to estimate the capital stock invested in the Spanish freezer trawler fleet dedicated to the capture of crustaceans on the African coast, for the period from 1964 to 2019. The importance of having methods for the correct measurement of the capital invested in a fishing fleet is to be able to express in monetary terms the excess catch capacity, which is a signal of overexploitation of a fishery, that is, the fleet operates at a level of effort or capacity higher than the minimum amount required to capture the desired quantity at the lowest possible cost. Following a methodology based on the permanent inventory method, we obtained a model that explains the construction value of a fishing vessel as a function of its technical characteristics. The market value in successive sales was estimated as a function of the construction value, the age of vessel and other variables. In this way, we estimated the value that the market assigns to the possible increases in individual fishing capacity and the decrease in value derived from the technical obsolescence of the vessels. Finally, we calculated the gross and net investment series and net capital stock

This thesis studies the effects of automation, artificial intelligence (AI) and robotics technologies on the capital-labor elasticity of substitution over time and in the presence of intellectual property products (IPPs) on the one hand and the news industry’s view on the relative potentials of these labor-substituting technologies on the other hand. The first chapter investigates two questions for the US manufacturing sector: first, have the estimates of the capital-labor elasticity of substitution changed over time? And second, how does capitalizing intellectual property products (IPPs) effect the estimates of the capital-labor elasticity of substitution? Using the data on input and output quantities and prices from the NBER-CES Database between 1958 and 2007, I estimated a normalized supply-side system of equations allowing for variation over time in the capital-labor elasticity of substitution. I found that capital and labor are gross-substitute and the estimates display a positive long-run linear trend, unconditional on capitalizing IPPs. Furthermore, I found there is no long-term equilibrium relationship between the user’s cost of capital and the capital output ratio. Both labor-augmenting and capital-augmenting technological change co-exist, with the former being sustainable in the long-run. The second chapter, extends the investigation of the time-trend of the capital-labor elasticity of substitution into the US non-manufacturing sectors. The central question here is whether the effects of labor-substituting technologies on the easiness to substitute labor for capital over time is different across non-manufacturing sectors. Using the data mainly from the Bureau of Economic Analysis (BEA) for the period going from 1955 to 2015, I found that the capital-labor elasticity of substitution does have a heterogeneous long-run time trend across US non-manufacturing sectors. This result, with the existing evidence on the sectoral heterogeneity of the effects of labor-substituting innovations suggests that sectors with the highest levels of penetration of automation technologies have experienced an increase in their easiness to substitute labor for capital whereas those with a high level of new created tasks where humans have comparative advantage, have experienced a decrease in their easiness to substitute labor for capital. With regards to the effects of IPPs capitalization, two results emerged: IPPs capitalization does not reverse the trend in the labor share of value-added in any sector while leaving the nature and the trend of the easiness to substitute labor for capital for the majority of sectors unaltered. The third chapter investigates how the news industry perceives the potentials of AI and robotics technologies. From a well defined set of articles in The New York Times archive, I constructed an index of the news industry tone on AI and robotics potentials, from 1980 to 2020. Firstly, the index displays a decreasing trend overtime, suggesting the existence of irrational exuberance in the valuation of labor-substituting technologies’ relative potentials. Secondly, for comparison purposes, I found that a similar tone index for the microprocessor technology displays an upwards trend during the same period. This points to an upwards updating of the valuation of the potentials of the microprocessor discovery in contrary to AI and robotics technologies. Finally, I found that the constructed news tone index on AI and robotics is correlated with the investment flow from venture capital going to AI and robotics projects in the US.

Adverse environmental effects of international trade are emphasized in the literature frequently. Nevertheless, following a theoretical trade logic, the production of goods in regions with higher resource efficiency may lead to reduced global resource use. In this article, major drivers of food-related material footprint (MF) are analyzed at the global, regional, and country levels. Changes in consumption, the supply chain's efficiency, and participation in international trade are considered drivers of MF. An index decomposition analysis was conducted to assess the contribution of these factors to the variation of the MF in time. Our results partially prove that the optimization regarding natural resource use may contribute to a lower MF of food consumption. Regions and countries with increasing food imports reinforce their efficiency improvement with the lower resource intensity of imported goods, and the international trade counteracted the effects on additional resource requirements of increasing consumption throughout the analyzed period (1990-2013). Furthermore, the impact of international trade on capital stock is discussed. In line with the descending flow-type material intensity by approximately 5%, the material composition of the footprint has shifted toward stock building materials. Additionally, the intensity of the trade was found to be negatively correlated with domestic efficiency improvements.

Resilient crop-livestock production systems become crucial to face environmental challenges such as climate mitigation. Progress in the SDG 2.4.1 indicator (proportion of agricultural area under productive and sustainable agriculture) requires robustness, adaptability, and transformation. Most literature considers gender equality and crops livestock investment as drivers to environmental sustainability. In Cosculluela-Martínez (2020), the productivity and the employing capacity of the investment in agricultural capital stock has been analyzed. However, nobody has examined the long and short-run effects on climate change and the gender gap of investing in the crop-livestock production system’s assets. In this paper, the investment’s empowerment is assessed by estimating the impact of an investment in capital stock on climate, gender gap drop-down, and production through a Vector Error Correction Model. To reduce the gender gap in the agricultural sector in 8 of the 11 countries. Policy and implications of different weights in the distribution of the investment of European Funds are discussed.

This paper presents updated estimates for state‐level private capital and investment for 1950–2015. We improve upon the procedure of Garofalo and Yamarik (2002) and Yamarik (2013) using quantity measures to apportion the mining capital stock and a geometric pattern of depreciation to derive investment data. We provide a brief overview of our new estimates, discuss their reliability, and present the website where the data are posted and updated annually.

Financial sector development (FSD) has been recognised as a supportive factor, acting as a shift variable in the growth function, besides the fundamental variables of capital stock and labour. Since the beginning of the new millennium, rapid strides in the spread of information and communication technology (ICT) have enabled the hitherto reluctant, urban-based banking institutions to reach the rural masses for mobilising savings. Digitisation through various innovations has made it possible that ‘brick and mortar less’ bank branches now increasingly provide financial services to rural India. This study examines the role of digitisation as a contingent factor in India’s FSD and growth nexus during the last 13 years (2003–2015). The findings of the empirical study through employment of ARDL methodology and application of bounds testing procedure by utilising 52 quarterly observations of the data series of relevant variables reveal that digitisation has indeed emerged a significant factor in the FSD and growth nexus, by playing a complementary role to FSD. There are two policy implications: (a) as ICT has emerged a major tool, it has to be supported at all levels, and (b) the financial inclusion process should be carried forward as it has all the potential to speed up economic growth and development. JEL: G21, O16, O33