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Comprehensive wealth, intangible capital, and development
 
Author:Ferreira, Susana; Hamilton, Kirk; Collection Title:Policy Research working paper ; no. WPS 5452
Country:World; Date Stored:2010/10/20
Document Date:2010/10/01Document Type:Policy Research Working Paper
SubTopics:Economic Theory & Research; Emerging Markets; Banks & Banking Reform; Debt Markets; Investment and Investment ClimateLanguage:English
Major Sector:Energy and mining; Agriculture, fishing, and forestry; Water, sanitation and flood protectionRel. Proj ID:1W-Research Papers From K Hamilton Wdr2010 Background Papers -- -- P118749;
Region:The World RegionReport Number:WPS5452
Sub Sectors:General agriculture, fishing and forestry sector; General water, sanitation and flood protection sector; General energy sectorVolume No:1 of 1

Summary: Existing wealth estimates show that in most countries intangible capital is the largest share of total wealth. Intangible capital is calculated as the difference between total wealth and tangible (produced and natural) capital. This paper uses new estimates of total wealth, natural capital, and physical capital for a panel of countries to shed light on the constituents of the intangible capital residual. In a development-accounting framework, the authors show that factors of production are very successful in explaining the variation in output per worker when they use intangible capital instead of human capital as a factor of production. This suggests that intangible capital captures a broad range of assets typically included in the total factor productivity residual. Human capital is an important factor, both in statistical and economic terms, in regressions decomposing intangible capital.

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