Maddison‐style estimates of the evolution of the world economy: A new 2023 update

IF 5.9 2区 经济学 Q1 ECONOMICS Journal of Economic Surveys Pub Date : 2024-04-04 DOI:10.1111/joes.12618
Jutta Bolt, Jan Luiten van Zanden
{"title":"Maddison‐style estimates of the evolution of the world economy: A new 2023 update","authors":"Jutta Bolt, Jan Luiten van Zanden","doi":"10.1111/joes.12618","DOIUrl":null,"url":null,"abstract":"This paper surveys the literature on historical national accounting, discusses the importance of relative income benchmarks for, in particular, historical income estimates, and presents an update of long run global economic development with a new version of the Maddison Project Database (MPD). As benchmarks are central to methodologies for global income comparisons over time, and therefore vital to MPD, we analyze the consequences and biases of three benchmarks, the 1990 benchmark, the 2011 benchmark and the multiple benchmark method following the recent Penn World Tables (PWT) methodology, for pre‐1940 income estimates. We develop a methodology to determine which benchmark in combination with time series produces the best anchor for the historical income estimates in the MPD. We conclude that the best way forward for the Maddison Project is to stick to the original 1990 benchmark, yet with two important changes. First, we integrate the 2011 benchmark for the post‐1990 period, and second, we fine tune the dataset for the pre‐1940 period by integrating a new historical benchmark for the US/UK comparison in 1909. By integrating more benchmarks, the MPD moves closer to a multiple benchmark approach as developed by the PWT.","PeriodicalId":51374,"journal":{"name":"Journal of Economic Surveys","volume":"34 1","pages":""},"PeriodicalIF":5.9000,"publicationDate":"2024-04-04","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":"0","resultStr":null,"platform":"Semanticscholar","paperid":null,"PeriodicalName":"Journal of Economic Surveys","FirstCategoryId":"96","ListUrlMain":"https://doi.org/10.1111/joes.12618","RegionNum":2,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":null,"EPubDate":"","PubModel":"","JCR":"Q1","JCRName":"ECONOMICS","Score":null,"Total":0}
引用次数: 0

Abstract

This paper surveys the literature on historical national accounting, discusses the importance of relative income benchmarks for, in particular, historical income estimates, and presents an update of long run global economic development with a new version of the Maddison Project Database (MPD). As benchmarks are central to methodologies for global income comparisons over time, and therefore vital to MPD, we analyze the consequences and biases of three benchmarks, the 1990 benchmark, the 2011 benchmark and the multiple benchmark method following the recent Penn World Tables (PWT) methodology, for pre‐1940 income estimates. We develop a methodology to determine which benchmark in combination with time series produces the best anchor for the historical income estimates in the MPD. We conclude that the best way forward for the Maddison Project is to stick to the original 1990 benchmark, yet with two important changes. First, we integrate the 2011 benchmark for the post‐1990 period, and second, we fine tune the dataset for the pre‐1940 period by integrating a new historical benchmark for the US/UK comparison in 1909. By integrating more benchmarks, the MPD moves closer to a multiple benchmark approach as developed by the PWT.
查看原文
分享 分享
微信好友 朋友圈 QQ好友 复制链接
本刊更多论文
麦迪逊式的世界经济演变估算:2023 年更新版
本文对历史国民经济核算方面的文献进行了调查,讨论了相对收入基准对历史收入估算的重要性,并通过新版麦迪逊项目数据库(MPD)对全球长期经济发展进行了更新。 由于基准是全球收入长期比较方法的核心,因此对 MPD 至关重要,我们分析了 1990 年基准、2011 年基准和采用最新宾大世界表(PWT)方法的多重基准法这三种基准对 1940 年前收入估算的影响和偏差。我们制定了一种方法,以确定哪种基准与时间序列相结合,能为 MPD 中的历史收入估算提供最佳锚。我们得出的结论是,麦迪逊计划的最佳前进方向是坚持使用 1990 年的原始基准,但有两个重要变化。首先,我们整合了 1990 年后的 2011 年基准;其次,我们通过整合 1909 年美国/英国比较的新历史基准,对 1940 年前的数据集进行了微调。通过整合更多基准,MPD 更接近于 PWT 开发的多基准方法。
本文章由计算机程序翻译,如有差异,请以英文原文为准。
求助全文
约1分钟内获得全文 去求助
来源期刊
CiteScore
11.30
自引率
3.80%
发文量
57
期刊介绍: As economics becomes increasingly specialized, communication amongst economists becomes even more important. The Journal of Economic Surveys seeks to improve the communication of new ideas. It provides a means by which economists can keep abreast of recent developments beyond their immediate specialization. Areas covered include: - economics - econometrics - economic history - business economics
期刊最新文献
Issue Information Beyond fads and magic bullets: The promise of behavioral approaches in development economics Climate change, institution, and the economy Measuring multinational production with foreign direct investment statistics: A survey of challenges and recent developments Why do famines still occur in the 21st Century? A review on the causes of extreme food insecurity
×
引用
GB/T 7714-2015
复制
MLA
复制
APA
复制
导出至
BibTeX EndNote RefMan NoteFirst NoteExpress
×
×
提示
您的信息不完整,为了账户安全,请先补充。
现在去补充
×
提示
您因"违规操作"
具体请查看互助需知
我知道了
×
提示
现在去查看 取消
×
提示
确定
0
微信
客服QQ
Book学术公众号 扫码关注我们
反馈
×
意见反馈
请填写您的意见或建议
请填写您的手机或邮箱
已复制链接
已复制链接
快去分享给好友吧!
我知道了
×
扫码分享
扫码分享
Book学术官方微信
Book学术文献互助
Book学术文献互助群
群 号:481959085
Book学术
文献互助 智能选刊 最新文献 互助须知 联系我们:info@booksci.cn
Book学术提供免费学术资源搜索服务,方便国内外学者检索中英文文献。致力于提供最便捷和优质的服务体验。
Copyright © 2023 Book学术 All rights reserved.
ghs 京公网安备 11010802042870号 京ICP备2023020795号-1