CONICET | Buscador de Institutos y Recursos Humanos

This paper proposes to analyze the methodology of estimation of capital services in Argentinaand its impact in the performance of the productivity growth during the 1990´s. The capital stock isestimated according to the recommendations of the recent economic literature, mainly the OECD CapitalStock Manual; regarding how to use the hedonic valuation method (HV) to test the empirical depreciationof capital goods using a high desegregate data instead of the most known Perpetual Inventory Method(PIM) without empirical support. It is also presented a theoretical analysis about the methodologicalproblems of both methods pointed out by the economic literature: the several assumptions in the PIM andthe information problems regarding the use of traded used market prices in the HV case. The level ofcapital stock estimation is founded macroeconomic consistent with the principal national accountsaggregates. Taking into account the main recommendations of the OECD Productivity Manual and theOECD Capital Stock Manual, the paper reviews the proposals of estimation of capital services:efficiency-age profiles, level of aggregation, index number problem and the user cost approach in thecontext of their application of empirical estimation in Argentina. Given the relevance and dynamism ofcapital stock services for growth processes, an accurate measurement of this variable is critical. Thus,heterogeneity acquires more relevance, as well as the type of weights and the index numbers used toestimate its contribution to output. According to these results, evidences may indicate that during thenineties there was no productivity gain in the sense of Solow in Argentina. In any case, it may be inferredthat the profile of economic growth was of the extensive type based on the accumulation of capital ratherthan disembodied technological progress or non-pecuniary spillovers.

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