Measuring capital [electronic resource] : OECD manual : measurement of capital stocks, consumption of fixed capital and capital services

134 Pages·2001·3.7 MB·English

by  Organisation for Economic Co-operation and Development

STATISTICS
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Measuring
Capital
OECD Manual
MEASUREMENTOF
CAPITALSTOCKS,
CONSUMPTION
OFFIXEDCAPITALAND
CAPITALSERVICES
OECD
©OECD,2001.
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STATISTICS
Measuring
Capital
OECD Manual
MEASUREMENTOF
CAPITALSTOCKS,
CONSUMPTION
OFFIXEDCAPITALAND
CAPITALSERVICES
:
ORGANISATIONFORECONOMICCO-OPERATIONANDDEVELOPMENT
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©OECD2001
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ORGANISATIONDECOOPERATIONETDEDEVELOPPEMENTECONOMIOUES
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2,rueAndre-Pascal,75775ParisCedex16,France.
FOREWORD
In1995theUnitedNationsStatisticalCommissionrequestedastudyintocriticalproblems
ineconomicstatistics. Thestudyidentifiedmanyproblemsrelatedtothemeasurementofcapital
stocks.MeasuringCapital:AManualontheMeasurementofCapitalStocks,ConsumptionofFixed
CapitalandCapitalServicesisanimportantinitiativetoovercometheseproblems. Itisaimedat
compilersinallcountries,bothdevelopedanddeveloping. Whilefocusingmainlyoncompilation
issues,theManualalsoclarifiestheconceptualissuesassociatedwithcapitalmeasurement. Itis
importantthatcompilersofanystatistichaveasoundunderstandingofthatstatistic’sconceptualbase.
Thisisparticularlyimportantthoughinthecasecapitalstatistics,whicharemorecomplexthanmost.
TheManualshouldalsobeusefultousersofcapitalstockandrelatedstatistics,byproviding
informationonthewaythatthestatisticsareputtogether.
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accordancewiththepracticesdescribedintheManualcanbeuseddirectlyinthecompilationofthe
nationalaccounts. AnotherimportantfeatureoftheManualisitsemphasisonconsistencybetween
thevariousmeasuresofcapital.Inparticular,itisimportantthatthenationalaccountsmeasuresof
cimsaespauiset,aulrieatrmpcerncootvnisodifesstperanotnduwicimttpihovirttthyaosnsettaultsiienstkdicibsneptisrwoeddeeunscctritivheibteySdNainnAaldyeastinasdi.lpTrionhdrutochutegivhOiEttyhCesDMtaatMniuastanilcu’sa.sldiToshnceuPsrtsohideouoncrotyifvtaihntidys
Measurement:aGuidetotheMeasurementofIndustry-LevelandAggregateProductivityGrowth.
Thetwomanualsarecomplementary.
AnumberofpersonscontributeddirectlytothepreparationoftheManual.Foremostamong
thesewasDerekBladesoftheOECD,whowastheprincipalauthor. Otherswhomadedirect
contributionswerePeterHarperandCharlesAspdenoftheAustralianBureauofStatisticswho
providedtheinitialdraftofChapter2,MikeHarper(USBureauofLaborStatistics)andBarbara
Fraumeni(USBureauofEconomicAnalysis)whowerecloselyinvolvedinthepreparationofChapter
9,andPeterHill,whoprovidedtheinitialdraftofAnnex4.Specialmentionshouldalsobemadeof
RobEdwards(AustralianBureauofStatistics)whowasinstrumentalinestablishingandguidingthe
“CanberraGrouponCapitalStockStatistics”.TheGroup'sworkwasessentialtothedevelopmentof
theManualandtheparticipantsintheGroup'smeetingsarelistedattheendofChapter1.
TheManualtakesthemeasurementofcapitalalongwayforward. However,thereremain
unresolvedissuesthatrequirefurtherinvestigation.ThesearediscussedinAnnex4,whichprovides
anagendaforfutureresearchoncapitalmeasurement.Theissuesarcchallenging,butwiththebase
providedbytheManualandthroughthecontinuedeffortsofexpertsinthefieldtheforward
momentumalreadyestablishedcanbemaintained.
TheworkispublishedontheresponsibilityoftheSecretaryGeneraloftheOECD.
3

TABLEOFCONTENTS
FOREWORD 3
(’HAPTF.RIINTRODUCTION 9
Purpose 9
WhalUkManualdocsnolcover 9
ContentsoftheManual 10
HowIheManualwas.wrillen 11
CHAPTER2CONCEPTSINCAPITALMEASUREMENT 13
IHnotwmdan.csstektivnaluesaredetermined .1156
Relationshipbetweenrentalsandassetprices 17
Afie-efficiencyandage-priceprofiles 19
Consumptionoffixedcapital 20
Aggregatingassetstoobtainstocks 20
Volumeindicesofcapitalservices 21
CHAPTER3COVERACtF.ANDCT.ASSTHCATIONOFSTOCKSANDFLOWS
Coverage 23
Classifications 23
Classificationaccordingtousersorowners 25
Classificationbytypeofasset 25
Classificationbyinstitutionalsector 26
Classificationbykindofactivity 27
CHAPTER4CAPITALSTOCKSANDFl.OWS:BASICDEHNITIONSANDUSES 29
Valuingcapitalstocks 29
Grossfixedcapitalstock 31
Consumptionoffixedcapital 32
SNAdefinition 32
ConsumptionoffixedcapitalintheSNA 33
Consumptionoffixedcapitalandtheage-efficiencyprofile 34
Netcapitalstock 35
NIleltusctarpaittiavelcsatloccuklsatiniotnheSNA .3S.7*!
Capitalservices 38
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CHAPTER5OVERVIEWOFMEASUREMENTMETHODS 39
Grosscapitalstock 39
Netcapitalstock 39
Consumptionoffixedcapital 40
Capitalservices 41
TwowaysofapplyingthePerpetualInventoryMethod 43
StandardapplicationofthePIM 44
Grosscapitalstock 44
Initialestimateofthecapitalstock 44
Grossfixedcapitalformation 45
Assetpriceindices 46
Servicelivesofassets.
Mortalitypatterns 52
Consumptionoffixedcapital 58
Netcapitalstock 59
PracticalapplicationofthePerpetualInventoryModel 59
AlternativeapplicationofthePIM 59
CHAPTER7MEASURINGCONSUMPTIONOFFIXEDCAPITAL 62
Directversusindirectmeasurementofdepreciation 63
Layout 63
Empiricalevidence 64
Age-efficiencyprofiles,assetpricesanddepreciation 65
Depreciationmethods 70
Howwelldodepreciationmethodsperforminpractice? 72
CHAPTER8SURVEYSANDOTHERDIRECTMEASUREMENTMETHODS 75
Publishedcompanyaccounts 75
RalanceoffixedAssets 76
Statisticalsurveysinmarketeconomies 77
Administrativerecords 80
Summary 80
CHAPTER9CAPITALSERVICES 83
Capacityutilisation 84
Volumeindexofcapitalservices 85
Stocksofassetsinstandardefficiencyunits 85
Indexcalculation 89
Developmentofcapitalservicemeasures 89
6
ANNEX1GLOSSARYOFTECHNICALTERMSUSEDINTHEMANUAL 91
ANNEX2F.STTMATF.SOFCAPITA!.STOCKSANDFI.OWSINFOURCOUNTRIES 96
Introduction 97
A.SingaporeDepartmentofStatistics.(DOS) 97
R.France.-INSF.F. 98
C.UnitedStatesBureauofEconoinicAnalysis 99
ANNEX.3SERVICELIVESOEASSETSUSEDINFOURCOUNTRIES 104
CUanniatedda-States , 110084
CzechRepublic 110
Netherlands Ill
ANNEX4THERESEARCHAGENDAEORCAPITALSTOCKSANDELOWS 113
SIenrtvriodcuecvtailounesanddepreciation 111133
FinancialCapital * 116
Intangiblefixedassets 116
Miscellaneoustopics 117
CapitalInputsintheproductionaccountoftheSNA 118
Summary 119
BIBLIOGRAPHY 121
CanberraGroupPapers 121
March1997,Canberra 121
September1998,Paris 123
November1999,Washington 125
OtChaepritSatludsiteosckestimates 112266
Depreciation 127
Multifactorproductivityandcapitalservices 129
Retirementpatterns 131
Servicelivesofcapitalassets 131
7