The ICT-based techno-economic paradigm shift was sharpened by income inequalities in all over the world. The economic performance of USA and Europe were seemed to more different thanks to global economic events. The main purpose of this study is to estimate various macroeconomic variables such as GDP and labour for the period of 1993-2013. In order to indicate economic growth an alternative growth accounting method was used to decompose impacts of physical capital accumulation, technological changes and labour. Analysing the time series data of various OECD countries we could conclude that a large part of the variations in the output gap stem from the cyclical variations of total labour input and the total factor productivity (TFP). Hence, our results were reflected the relevance of technological progress.
{"title":"Measuring and Decomposing Output Gap: A Production Function Approach of the USA and EU-27 Countries","authors":"D. Máté, Julianna Csugány","doi":"10.15208/PIEB.2012.13","DOIUrl":"https://doi.org/10.15208/PIEB.2012.13","url":null,"abstract":"The ICT-based techno-economic paradigm shift was sharpened by income inequalities in all over the world. The economic performance of USA and Europe were seemed to more different thanks to global economic events. The main purpose of this study is to estimate various macroeconomic variables such as GDP and labour for the period of 1993-2013. In order to indicate economic growth an alternative growth accounting method was used to decompose impacts of physical capital accumulation, technological changes and labour. Analysing the time series data of various OECD countries we could conclude that a large part of the variations in the output gap stem from the cyclical variations of total labour input and the total factor productivity (TFP). Hence, our results were reflected the relevance of technological progress.","PeriodicalId":398400,"journal":{"name":"ERN: Other Macroeconomics: National Income & Product Accounts (Topic)","volume":"21 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2012-10-03","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"126031815","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
The present paper takes the explanatory superiority of the integrated monetary approach for granted. It will be demonstrated that the accounting approach could do even better provided it frees itself from theoretically ill-founded notions like GDP and other artifacts of the equilibrium approach. National accounting as such does not provide a model of the economy but is the numerical reflex of the underlying theory. It is this theory that will be scrutinized, rectified and ultimately replaced in the following. The formal point of reference is ‘the integrated approach to credit, money, income, production and wealth’ of Godley and Lavoie.
{"title":"The Common Error of Common Sense: An Essential Rectification of the Accounting Approach","authors":"Egmont Kakarot-Handtke","doi":"10.2139/ssrn.2153218","DOIUrl":"https://doi.org/10.2139/ssrn.2153218","url":null,"abstract":"The present paper takes the explanatory superiority of the integrated monetary\u0000approach for granted. It will be demonstrated that the accounting approach\u0000could do even better provided it frees itself from theoretically ill-founded\u0000notions like GDP and other artifacts of the equilibrium approach. National\u0000accounting as such does not provide a model of the economy but is the numerical\u0000reflex of the underlying theory. It is this theory that will be scrutinized,\u0000rectified and ultimately replaced in the following. The formal point of reference\u0000is ‘the integrated approach to credit, money, income, production and\u0000wealth’ of Godley and Lavoie.","PeriodicalId":398400,"journal":{"name":"ERN: Other Macroeconomics: National Income & Product Accounts (Topic)","volume":"37 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2012-08-05","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"130043843","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
This paper examines the quality of data collected in the Consumer Expenditure (CE) Survey, which is the source for the Consumer Price Index weights and is the main source of U.S. consumption microdata. We compare reported spending on a large number of categories of goods and services to comparable national income account data. We do this separately for the two components of the CE--the Interview Survey and the Diary Survey--rather than a combination that has been used in past comparisons. We find that most of the largest categories of consumption are measured well in the Interview Survey as the ratio to the national account data is close to one and has not declined appreciably over time. Several other large categories are reported at a low rate or have seen the ratio to the national accounts decline over time. The results are less encouraging for the Diary Survey. There is no large Diary category that is both measured well and reported at a higher rate than in the Interview Survey. We also compare the ownership of and the value of durables, such as homes and cars, in the CE to other sources. This evidence suggests the CE performs fairly well. Based on observable characteristics, the CE Survey appears to be fairly representative, although there is strong evidence of under-representation at the top of the income distribution and under-reporting of income and expenditures at the top. We then examine the precision of the two surveys and the frequency of no spending overall or for a given spending category. In the Diary Survey, we find much greater dispersion in spending and the dispersion relative to the Interview Survey varies across goods and over time. Diary respondents are much more likely to report zero spending for a consumption category, and a high and increasing fraction of respondents reporting zero for all categories. These results suggest that using Diary data to assess inequality trends and other distributional outcomes is likely to lead to biased and misleading results. Our results have important implications for interpreting and properly using CE data and how best to redesign the CE.
{"title":"The Validity of Consumption Data: Are the Consumer Expenditure Interview and Diary Surveys Informative?","authors":"Adam Bee, Bruce D. Meyer, James X. Sullivan","doi":"10.3386/W18308","DOIUrl":"https://doi.org/10.3386/W18308","url":null,"abstract":"This paper examines the quality of data collected in the Consumer Expenditure (CE) Survey, which is the source for the Consumer Price Index weights and is the main source of U.S. consumption microdata. We compare reported spending on a large number of categories of goods and services to comparable national income account data. We do this separately for the two components of the CE--the Interview Survey and the Diary Survey--rather than a combination that has been used in past comparisons. We find that most of the largest categories of consumption are measured well in the Interview Survey as the ratio to the national account data is close to one and has not declined appreciably over time. Several other large categories are reported at a low rate or have seen the ratio to the national accounts decline over time. The results are less encouraging for the Diary Survey. There is no large Diary category that is both measured well and reported at a higher rate than in the Interview Survey. We also compare the ownership of and the value of durables, such as homes and cars, in the CE to other sources. This evidence suggests the CE performs fairly well. Based on observable characteristics, the CE Survey appears to be fairly representative, although there is strong evidence of under-representation at the top of the income distribution and under-reporting of income and expenditures at the top. We then examine the precision of the two surveys and the frequency of no spending overall or for a given spending category. In the Diary Survey, we find much greater dispersion in spending and the dispersion relative to the Interview Survey varies across goods and over time. Diary respondents are much more likely to report zero spending for a consumption category, and a high and increasing fraction of respondents reporting zero for all categories. These results suggest that using Diary data to assess inequality trends and other distributional outcomes is likely to lead to biased and misleading results. Our results have important implications for interpreting and properly using CE data and how best to redesign the CE.","PeriodicalId":398400,"journal":{"name":"ERN: Other Macroeconomics: National Income & Product Accounts (Topic)","volume":"10 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2012-08-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"125356188","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 2012-06-01DOI: 10.1111/j.1467-9442.2012.01696.x
X. Pautrel
In this paper, we demonstrate that, in a two‐period overlapping‐generations model, the relationship between environmental taxation and economic activity (output level and growth) has an inverted‐U shape when we take into account the detrimental impact of pollution on health and the individual decision of each working‐age agent to improve her health. We also demonstrate that the link between environmental tax and lifetime welfare also has an inverted‐U shape, and that a tighter environmental policy might enhance economic activity while reducing steady‐state lifetime welfare. Finally, we investigate the social optimum and the determinants of the optimal environmental tax.
{"title":"Pollution, Private Investment in Healthcare, and Environmental Policy","authors":"X. Pautrel","doi":"10.1111/j.1467-9442.2012.01696.x","DOIUrl":"https://doi.org/10.1111/j.1467-9442.2012.01696.x","url":null,"abstract":"In this paper, we demonstrate that, in a two‐period overlapping‐generations model, the relationship between environmental taxation and economic activity (output level and growth) has an inverted‐U shape when we take into account the detrimental impact of pollution on health and the individual decision of each working‐age agent to improve her health. We also demonstrate that the link between environmental tax and lifetime welfare also has an inverted‐U shape, and that a tighter environmental policy might enhance economic activity while reducing steady‐state lifetime welfare. Finally, we investigate the social optimum and the determinants of the optimal environmental tax.","PeriodicalId":398400,"journal":{"name":"ERN: Other Macroeconomics: National Income & Product Accounts (Topic)","volume":"90 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2012-06-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"134398249","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 2012-06-01DOI: 10.1111/j.1467-9442.2011.01688.x
Moshe Kim, E. G. Kristiansen, Bent Vale
We derive empirical implications from a theoretical model of bank–borrower relationships. The interest-rate mark-ups of banks are predicted to follow a life-cycle pattern over the age of the borrowing firms. Because of endogenous bank monitoring by competing banks, borrowing firms initially face a low mark-up, and thereafter an increasing mark-up as a result of informational lock-in, until it falls for older firms when the lock-in is resolved. By applying a large sample of predominantly small unlisted firms and a new measure of asymmetric information, we find that firms with significant asymmetric-information problems have a more pronounced life-cycle pattern of interest-rate mark-ups. Additionally, we examine the effects of concentrated banking markets on interest-rate mark-ups. The results indicate that the life cycle of mark-ups is mainly driven by asymmetric-information problems and not by concentration. However, we find evidence that bank market concentration matters for older firms†
{"title":"Life‐Cycle Patterns of Interest‐Rate Mark‐Ups in Small‐Firm Finance","authors":"Moshe Kim, E. G. Kristiansen, Bent Vale","doi":"10.1111/j.1467-9442.2011.01688.x","DOIUrl":"https://doi.org/10.1111/j.1467-9442.2011.01688.x","url":null,"abstract":"We derive empirical implications from a theoretical model of bank–borrower relationships. The interest-rate mark-ups of banks are predicted to follow a life-cycle pattern over the age of the borrowing firms. Because of endogenous bank monitoring by competing banks, borrowing firms initially face a low mark-up, and thereafter an increasing mark-up as a result of informational lock-in, until it falls for older firms when the lock-in is resolved. By applying a large sample of predominantly small unlisted firms and a new measure of asymmetric information, we find that firms with significant asymmetric-information problems have a more pronounced life-cycle pattern of interest-rate mark-ups. Additionally, we examine the effects of concentrated banking markets on interest-rate mark-ups. The results indicate that the life cycle of mark-ups is mainly driven by asymmetric-information problems and not by concentration. However, we find evidence that bank market concentration matters for older firms†","PeriodicalId":398400,"journal":{"name":"ERN: Other Macroeconomics: National Income & Product Accounts (Topic)","volume":"129 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2012-06-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"123615707","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 2012-06-01DOI: 10.1111/j.1467-9442.2012.01702.x
A. Korpos
As the European Economic and Monetary Union grows, power over monetary policy is shifting away from the original founders. Previously, researchers have analyzed the impact of replacing an exchange-rate peg with a monetary union in the presence of labor unions. In these studies, the authors have consistently concluded that unemployment in the country that originally controlled monetary policy will rise, although they cite very different reasons. In this paper, we present a more general model that reproduces the previous results in special cases and clarifies the relations across the results. In addition, the more general model shows that the results are reversed in certain conditions.
随着欧洲经济与货币联盟(European Economic and Monetary Union)的发展，货币政策的决定权正从最初的创始国手中转移。此前，研究人员分析了在工会存在的情况下用货币联盟取代汇率挂钩的影响。在这些研究中，作者一致认为，最初控制货币政策的国家的失业率将上升，尽管他们引用了非常不同的原因。在本文中，我们提出了一个更一般的模型，在特殊情况下再现了以前的结果，并澄清了结果之间的关系。此外，更一般的模型表明，在某些条件下，结果是相反的。
{"title":"Monetary Union and Pegging in the Presence of Labor Unions","authors":"A. Korpos","doi":"10.1111/j.1467-9442.2012.01702.x","DOIUrl":"https://doi.org/10.1111/j.1467-9442.2012.01702.x","url":null,"abstract":"As the European Economic and Monetary Union grows, power over monetary policy is shifting away from the original founders. Previously, researchers have analyzed the impact of replacing an exchange-rate peg with a monetary union in the presence of labor unions. In these studies, the authors have consistently concluded that unemployment in the country that originally controlled monetary policy will rise, although they cite very different reasons. In this paper, we present a more general model that reproduces the previous results in special cases and clarifies the relations across the results. In addition, the more general model shows that the results are reversed in certain conditions.","PeriodicalId":398400,"journal":{"name":"ERN: Other Macroeconomics: National Income & Product Accounts (Topic)","volume":"9 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2012-06-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"129105162","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
This paper examines the select domains of database on agriculture in India and its use in the national accounts statistics. Though the share of agriculture in total value added has declined considerably to less than a quarter at the national level, several states are still agriculture-dependent. Besides, agriculture provides sources of livelihood to more than half of the total work force. Hence, the reliability of agricultural statistics and their integration to national accounts are of great significance from the productivity and sustainability point of view. The paper examines the methods and sources used to collect statistics on acreage and yield of agricultural crops and also their limitations. It also discusses evolution of the national accounts statistics in India and treatment of the agriculture sector therein. The paper concludes, highlighting some of the problems related to the treatment of the agriculture sector in the national accounts in its present form. In suggesting that the services sector value added has expanded much faster than that in the agriculture sector, many issues such as, how well the agriculture sector data compare and can be integrated with the value added originating from the industrial sector or the services sector, need to be tackled very carefully.
{"title":"Agriculture and Its Integration with National Accounts Statistics: The Indian Case","authors":"Ankush Agarwal, A. Mitra","doi":"10.2139/SSRN.2091496","DOIUrl":"https://doi.org/10.2139/SSRN.2091496","url":null,"abstract":"This paper examines the select domains of database on agriculture in India and its use in the national accounts statistics. Though the share of agriculture in total value added has declined considerably to less than a quarter at the national level, several states are still agriculture-dependent. Besides, agriculture provides sources of livelihood to more than half of the total work force. Hence, the reliability of agricultural statistics and their integration to national accounts are of great significance from the productivity and sustainability point of view. The paper examines the methods and sources used to collect statistics on acreage and yield of agricultural crops and also their limitations. It also discusses evolution of the national accounts statistics in India and treatment of the agriculture sector therein. The paper concludes, highlighting some of the problems related to the treatment of the agriculture sector in the national accounts in its present form. In suggesting that the services sector value added has expanded much faster than that in the agriculture sector, many issues such as, how well the agriculture sector data compare and can be integrated with the value added originating from the industrial sector or the services sector, need to be tackled very carefully.","PeriodicalId":398400,"journal":{"name":"ERN: Other Macroeconomics: National Income & Product Accounts (Topic)","volume":"24 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2012-04-23","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"132828716","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Euroland is in a crisis that is slowly but surely spreading from one periphery country to another; it will eventually reach the center. The blame is mostly heaped upon supposedly profligate consumption by Mediterraneans. But that surely cannot apply to Ireland and Iceland. In both cases, these nations adopted the neoliberal attitude toward banks that was pushed by policymakers in Europe and America, with disastrous results. The banks blew up in a speculative fever and then expected their governments to absorb all the losses. The situation was similar in the United States, but in our case the debts were in dollars and our sovereign currency issuer simply spent, lent, and guaranteed 29 trillion dollars' worth of bad bank decisions. Even in our case it was a huge mistake—but it was "affordable." Ireland and Iceland were not so lucky, as their bank debts were in "foreign" currencies. By this I mean that even though Irish bank debt was in euros, the Government of Ireland had given up its own currency in favor of what is essentially a foreign currency-the euro, which is issued by the European Central Bank (ECB). Every euro issued in Ireland is ultimately convertible, one to one, to an ECB euro. There is neither the possibility of depreciating the Irish euro nor the possibility of creating ECB euros as necessary to meet demands for clearing. Ireland is in a situation similar to that of Argentina a decade ago, when it adopted a currency board based on the US dollar. And yet the authorities demand more austerity, to further reduce growth rates. As both Ireland and Greece have found out, austerity does not mean reduced budget deficits, because tax revenues fall faster than spending can be cut. Indeed, as I write this, Athens has exploded in riots. Is there an alternative path? In this piece I argue that there is. First, I quickly summarize the financial foibles of Iceland and Ireland. I will then-also quickly-summarize the case for debt relief or default. Then I will present a program of direct job creation that could put Ireland on the path to recovery. Understanding the financial problems and solutions puts the jobs program proposal in the proper perspective: a full implementation of a job guarantee cannot occur within the current financial arrangements. Still, something can be done.
{"title":"The Euro Crisis and the Job Guarantee: A Proposal for Ireland","authors":"L. Randall Wray","doi":"10.2139/SSRN.2007283","DOIUrl":"https://doi.org/10.2139/SSRN.2007283","url":null,"abstract":"Euroland is in a crisis that is slowly but surely spreading from one periphery country to another; it will eventually reach the center. The blame is mostly heaped upon supposedly profligate consumption by Mediterraneans. But that surely cannot apply to Ireland and Iceland. In both cases, these nations adopted the neoliberal attitude toward banks that was pushed by policymakers in Europe and America, with disastrous results. The banks blew up in a speculative fever and then expected their governments to absorb all the losses. The situation was similar in the United States, but in our case the debts were in dollars and our sovereign currency issuer simply spent, lent, and guaranteed 29 trillion dollars' worth of bad bank decisions. Even in our case it was a huge mistake—but it was \"affordable.\" Ireland and Iceland were not so lucky, as their bank debts were in \"foreign\" currencies. By this I mean that even though Irish bank debt was in euros, the Government of Ireland had given up its own currency in favor of what is essentially a foreign currency-the euro, which is issued by the European Central Bank (ECB). Every euro issued in Ireland is ultimately convertible, one to one, to an ECB euro. There is neither the possibility of depreciating the Irish euro nor the possibility of creating ECB euros as necessary to meet demands for clearing. Ireland is in a situation similar to that of Argentina a decade ago, when it adopted a currency board based on the US dollar. And yet the authorities demand more austerity, to further reduce growth rates. As both Ireland and Greece have found out, austerity does not mean reduced budget deficits, because tax revenues fall faster than spending can be cut. Indeed, as I write this, Athens has exploded in riots. Is there an alternative path? In this piece I argue that there is. First, I quickly summarize the financial foibles of Iceland and Ireland. I will then-also quickly-summarize the case for debt relief or default. Then I will present a program of direct job creation that could put Ireland on the path to recovery. Understanding the financial problems and solutions puts the jobs program proposal in the proper perspective: a full implementation of a job guarantee cannot occur within the current financial arrangements. Still, something can be done.","PeriodicalId":398400,"journal":{"name":"ERN: Other Macroeconomics: National Income & Product Accounts (Topic)","volume":"45 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2012-02-17","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"129899291","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
We assess the business cycle synchronization features of aggregate output in the 27 EU countries using annual data for the period 1970-2009. In particular, we compute measures of synchronisation for private consumption, government spending, gross fixed capital formation, exports and imports. Our results show a rise in synchronization over the full period, and although private consumption is the biggest component of GDP, external demand tends to be a more important determinant of business cycle synchronization.
{"title":"Revisiting Business Cycle Synchronisation in the European Union","authors":"António Afonso, Ana Sequeira","doi":"10.2139/ssrn.1715851","DOIUrl":"https://doi.org/10.2139/ssrn.1715851","url":null,"abstract":"We assess the business cycle synchronization features of aggregate output in the 27 EU countries using annual data for the period 1970-2009. In particular, we compute measures of synchronisation for private consumption, government spending, gross fixed capital formation, exports and imports. Our results show a rise in synchronization over the full period, and although private consumption is the biggest component of GDP, external demand tends to be a more important determinant of business cycle synchronization.","PeriodicalId":398400,"journal":{"name":"ERN: Other Macroeconomics: National Income & Product Accounts (Topic)","volume":"5 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2010-11-26","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"121757048","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
This work investigates the relationship between intellectual capital and value creation in the sector of Production and Assembly of Vehicles and Auto-parts in Brazil. Through the access of the database from the Annual Industrial Research conducted by the Brazilian Institute of Geography and Statistics, we gathered 865 observations, from 2000 to 2006, of public and private Brazilian companies with more than 100 employees. The database allows the estimate of relevant aggregated variables such as national accounts, gross domestic product, intermediate consumption, as well as propitiates a sectorial study of business strategies and performance, including value added by individual companies. In particular, in this study we use data on variables associated to intellectual capital. To achieve the goal of the study, we consider intellectual capital as defined by Pulic (2000, 2002), including human capital and structural capital. For the analysis of business performance, we used Pulic’s VAIC index as a measure of efficiency of the employed financial and intellectual capital. Regression models were run to verify the relationship among the efficiency in the use of intellectual capital and the profitability of Brazilian companies. The gross income, calculated as before selling, general and administrative expenses, depreciation expenses, amortization and interest expenses, was used as measure of the flows of value creation and the profitability was measured by the gross income to the total assets of the companies. Considering the constructs defined by Pulic (2000, 2002), we tested, for the Brazilian sector of Production and Assembly of Vehicles and Auto-parts, the following hypotheses: (i) there is a positive relationship between value creation and intellectual capital, (ii) there is a positive relationship between value creation and stock of intellectual capital, (iii) there is a positive relationship between value creation and efficiency of the employed capital , (iv) there is a positive relationship between value creation and efficiency of the human capital, (v) there is a positive relationship between value creation and efficiency of the structural capital. The results of the study, obtained through panel data analysis and through the use static and dynamic models, support the hypotheses that the intellectual capital of the companies, in its flow and stock dimensions, is positively and significantly related to value creation.
{"title":"Intellectual Capital and Value Creation in the Production and Assembly of Vehicles and Auto-Parts Sector in Brazil","authors":"L. C. Basso, H. Kimura, J. F. Aguiar","doi":"10.2139/ssrn.1505522","DOIUrl":"https://doi.org/10.2139/ssrn.1505522","url":null,"abstract":"This work investigates the relationship between intellectual capital and value creation in the sector of Production and Assembly of Vehicles and Auto-parts in Brazil. Through the access of the database from the Annual Industrial Research conducted by the Brazilian Institute of Geography and Statistics, we gathered 865 observations, from 2000 to 2006, of public and private Brazilian companies with more than 100 employees. The database allows the estimate of relevant aggregated variables such as national accounts, gross domestic product, intermediate consumption, as well as propitiates a sectorial study of business strategies and performance, including value added by individual companies. In particular, in this study we use data on variables associated to intellectual capital. To achieve the goal of the study, we consider intellectual capital as defined by Pulic (2000, 2002), including human capital and structural capital. For the analysis of business performance, we used Pulic’s VAIC index as a measure of efficiency of the employed financial and intellectual capital. Regression models were run to verify the relationship among the efficiency in the use of intellectual capital and the profitability of Brazilian companies. The gross income, calculated as before selling, general and administrative expenses, depreciation expenses, amortization and interest expenses, was used as measure of the flows of value creation and the profitability was measured by the gross income to the total assets of the companies. Considering the constructs defined by Pulic (2000, 2002), we tested, for the Brazilian sector of Production and Assembly of Vehicles and Auto-parts, the following hypotheses: (i) there is a positive relationship between value creation and intellectual capital, (ii) there is a positive relationship between value creation and stock of intellectual capital, (iii) there is a positive relationship between value creation and efficiency of the employed capital , (iv) there is a positive relationship between value creation and efficiency of the human capital, (v) there is a positive relationship between value creation and efficiency of the structural capital. The results of the study, obtained through panel data analysis and through the use static and dynamic models, support the hypotheses that the intellectual capital of the companies, in its flow and stock dimensions, is positively and significantly related to value creation.","PeriodicalId":398400,"journal":{"name":"ERN: Other Macroeconomics: National Income & Product Accounts (Topic)","volume":"2 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2009-11-13","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"122717887","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
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