Comprehensive Wealth, Intangible Capital, and Development

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...

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Main Authors:	Ferreira, Susana, Hamilton, Kirk
Format:	Policy Research Working Paper
Language:	English
Published:	2012
Subjects:	ACCOUNTABILITY ACCOUNTING ACCOUNTING FRAMEWORK ACCOUNTING SYSTEMS AFFILIATED ORGANIZATIONS ASSET VALUE ASSET VALUES ASSETS AVERAGE PRODUCTIVITY BALANCE SHEET BALANCE SHEETS BANK POLICY BENCHMARK CAPITAL ACCOUNTS CAPITAL ASSETS CAPITAL INTENSITIES CAPITAL NEEDS CAPITAL STOCKS CD CONSTANT RETURNS TO SCALE CONTRACT ENFORCEMENT COUNTRY DUMMIES COUNTRY FIXED EFFECTS DEVELOPING COUNTRIES DEVELOPMENT PATH DIMINISHING RETURNS DISCOUNTED VALUE ECONOMIC DEVELOPMENT ECONOMIC GROWTH ECONOMIC PERFORMANCE ECONOMIC SURVEYS ECONOMIC THEORY ECONOMICS ELASTICITY EMPLOYMENT EXPENDITURE EXPENDITURES EXTERNAL ASSETS EXTERNALITIES FACTORS OF PRODUCTION FINANCIAL ASSETS FINANCIAL INTEGRATION FOREIGN ASSETS GDP GOVERNANCE INDICATORS GROWTH RATE GROWTH RATES HUMAN CAPITAL INCOME INCOME FLOW INCOME GROUP INCOME LEVELS INSTRUMENT INTANGIBLE INTANGIBLE ASSETS INTEREST PAYMENTS INTEREST RATE INTERNATIONAL BANK INTERNATIONAL ECONOMICS INTERNATIONAL INVESTMENT INVENTORY INVESTING INVESTMENT LOCATION DECISIONS LABOR MARKET LABOR MARKETS MACROECONOMICS MARGINAL PRODUCT NATIONAL ECONOMY NATIONAL INCOME NATURAL CAPITAL NATURAL RESOURCE NATURAL RESOURCES NET FOREIGN ASSETS NPL PATENTS POLITICAL STABILITY POSITIVE COEFFICIENTS PRESENT VALUE PRODUCTION FUNCTION PROPERTY RIGHTS RATE OF RETURN RATES OF RETURN REGRESSION ANALYSIS REMITTANCES RETURN RETURN ON ASSETS RULE OF LAW SAVINGS SOCIAL CAPITAL SUSTAINABLE DEVELOPMENT TOTAL FACTOR PRODUCTIVITY TOTAL FACTOR PRODUCTIVITY GROWTH TOTAL OUTPUT WEALTH WORLD DEVELOPMENT INDICATORS
Online Access:	http://www-wds.worldbank.org/external/default/main?menuPK=64187510&pagePK=64193027&piPK=64187937&theSitePK=523679&menuPK=64187510&searchMenuPK=64187283&siteName=WDS&entityID=000158349_20101020103459 http://hdl.handle.net/10986/3935

id	okr-10986-3935
recordtype	oai_dc
spelling	okr-10986-39352021-04-23T14:02:13Z Comprehensive Wealth, Intangible Capital, and Development Ferreira, Susana Hamilton, Kirk ACCOUNTABILITY ACCOUNTING ACCOUNTING FRAMEWORK ACCOUNTING SYSTEMS AFFILIATED ORGANIZATIONS ASSET VALUE ASSET VALUES ASSETS AVERAGE PRODUCTIVITY BALANCE SHEET BALANCE SHEETS BANK POLICY BENCHMARK CAPITAL ACCOUNTS CAPITAL ASSETS CAPITAL INTENSITIES CAPITAL NEEDS CAPITAL STOCKS CD CONSTANT RETURNS TO SCALE CONTRACT ENFORCEMENT COUNTRY DUMMIES COUNTRY FIXED EFFECTS DEVELOPING COUNTRIES DEVELOPMENT PATH DIMINISHING RETURNS DISCOUNTED VALUE ECONOMIC DEVELOPMENT ECONOMIC GROWTH ECONOMIC PERFORMANCE ECONOMIC SURVEYS ECONOMIC THEORY ECONOMICS ELASTICITY EMPLOYMENT EXPENDITURE EXPENDITURES EXTERNAL ASSETS EXTERNALITIES FACTORS OF PRODUCTION FINANCIAL ASSETS FINANCIAL INTEGRATION FOREIGN ASSETS GDP GOVERNANCE INDICATORS GROWTH RATE GROWTH RATES HUMAN CAPITAL INCOME INCOME FLOW INCOME GROUP INCOME LEVELS INSTRUMENT INTANGIBLE INTANGIBLE ASSETS INTEREST PAYMENTS INTEREST RATE INTERNATIONAL BANK INTERNATIONAL ECONOMICS INTERNATIONAL INVESTMENT INVENTORY INVESTING INVESTMENT LOCATION DECISIONS LABOR MARKET LABOR MARKETS MACROECONOMICS MARGINAL PRODUCT NATIONAL ECONOMY NATIONAL INCOME NATURAL CAPITAL NATURAL RESOURCE NATURAL RESOURCES NET FOREIGN ASSETS NPL PATENTS POLITICAL STABILITY POSITIVE COEFFICIENTS PRESENT VALUE PRODUCTION FUNCTION PROPERTY RIGHTS RATE OF RETURN RATES OF RETURN REGRESSION ANALYSIS REMITTANCES RETURN RETURN ON ASSETS RULE OF LAW SAVINGS SOCIAL CAPITAL SUSTAINABLE DEVELOPMENT TOTAL FACTOR PRODUCTIVITY TOTAL FACTOR PRODUCTIVITY GROWTH TOTAL OUTPUT WEALTH WORLD DEVELOPMENT INDICATORS 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. 2012-03-19T18:42:27Z 2012-03-19T18:42:27Z 2010-10-01 http://www-wds.worldbank.org/external/default/main?menuPK=64187510&pagePK=64193027&piPK=64187937&theSitePK=523679&menuPK=64187510&searchMenuPK=64187283&siteName=WDS&entityID=000158349_20101020103459 http://hdl.handle.net/10986/3935 English Policy Research working paper ; no. WPS 5452 CC BY 3.0 IGO http://creativecommons.org/licenses/by/3.0/igo/ World Bank Publications & Research :: Policy Research Working Paper The World Region The World Region
repository_type	Digital Repository
institution_category	Foreign Institution
institution	Digital Repositories
building	World Bank Open Knowledge Repository
collection	World Bank
language	English
topic	ACCOUNTABILITY ACCOUNTING ACCOUNTING FRAMEWORK ACCOUNTING SYSTEMS AFFILIATED ORGANIZATIONS ASSET VALUE ASSET VALUES ASSETS AVERAGE PRODUCTIVITY BALANCE SHEET BALANCE SHEETS BANK POLICY BENCHMARK CAPITAL ACCOUNTS CAPITAL ASSETS CAPITAL INTENSITIES CAPITAL NEEDS CAPITAL STOCKS CD CONSTANT RETURNS TO SCALE CONTRACT ENFORCEMENT COUNTRY DUMMIES COUNTRY FIXED EFFECTS DEVELOPING COUNTRIES DEVELOPMENT PATH DIMINISHING RETURNS DISCOUNTED VALUE ECONOMIC DEVELOPMENT ECONOMIC GROWTH ECONOMIC PERFORMANCE ECONOMIC SURVEYS ECONOMIC THEORY ECONOMICS ELASTICITY EMPLOYMENT EXPENDITURE EXPENDITURES EXTERNAL ASSETS EXTERNALITIES FACTORS OF PRODUCTION FINANCIAL ASSETS FINANCIAL INTEGRATION FOREIGN ASSETS GDP GOVERNANCE INDICATORS GROWTH RATE GROWTH RATES HUMAN CAPITAL INCOME INCOME FLOW INCOME GROUP INCOME LEVELS INSTRUMENT INTANGIBLE INTANGIBLE ASSETS INTEREST PAYMENTS INTEREST RATE INTERNATIONAL BANK INTERNATIONAL ECONOMICS INTERNATIONAL INVESTMENT INVENTORY INVESTING INVESTMENT LOCATION DECISIONS LABOR MARKET LABOR MARKETS MACROECONOMICS MARGINAL PRODUCT NATIONAL ECONOMY NATIONAL INCOME NATURAL CAPITAL NATURAL RESOURCE NATURAL RESOURCES NET FOREIGN ASSETS NPL PATENTS POLITICAL STABILITY POSITIVE COEFFICIENTS PRESENT VALUE PRODUCTION FUNCTION PROPERTY RIGHTS RATE OF RETURN RATES OF RETURN REGRESSION ANALYSIS REMITTANCES RETURN RETURN ON ASSETS RULE OF LAW SAVINGS SOCIAL CAPITAL SUSTAINABLE DEVELOPMENT TOTAL FACTOR PRODUCTIVITY TOTAL FACTOR PRODUCTIVITY GROWTH TOTAL OUTPUT WEALTH WORLD DEVELOPMENT INDICATORS
spellingShingle	ACCOUNTABILITY ACCOUNTING ACCOUNTING FRAMEWORK ACCOUNTING SYSTEMS AFFILIATED ORGANIZATIONS ASSET VALUE ASSET VALUES ASSETS AVERAGE PRODUCTIVITY BALANCE SHEET BALANCE SHEETS BANK POLICY BENCHMARK CAPITAL ACCOUNTS CAPITAL ASSETS CAPITAL INTENSITIES CAPITAL NEEDS CAPITAL STOCKS CD CONSTANT RETURNS TO SCALE CONTRACT ENFORCEMENT COUNTRY DUMMIES COUNTRY FIXED EFFECTS DEVELOPING COUNTRIES DEVELOPMENT PATH DIMINISHING RETURNS DISCOUNTED VALUE ECONOMIC DEVELOPMENT ECONOMIC GROWTH ECONOMIC PERFORMANCE ECONOMIC SURVEYS ECONOMIC THEORY ECONOMICS ELASTICITY EMPLOYMENT EXPENDITURE EXPENDITURES EXTERNAL ASSETS EXTERNALITIES FACTORS OF PRODUCTION FINANCIAL ASSETS FINANCIAL INTEGRATION FOREIGN ASSETS GDP GOVERNANCE INDICATORS GROWTH RATE GROWTH RATES HUMAN CAPITAL INCOME INCOME FLOW INCOME GROUP INCOME LEVELS INSTRUMENT INTANGIBLE INTANGIBLE ASSETS INTEREST PAYMENTS INTEREST RATE INTERNATIONAL BANK INTERNATIONAL ECONOMICS INTERNATIONAL INVESTMENT INVENTORY INVESTING INVESTMENT LOCATION DECISIONS LABOR MARKET LABOR MARKETS MACROECONOMICS MARGINAL PRODUCT NATIONAL ECONOMY NATIONAL INCOME NATURAL CAPITAL NATURAL RESOURCE NATURAL RESOURCES NET FOREIGN ASSETS NPL PATENTS POLITICAL STABILITY POSITIVE COEFFICIENTS PRESENT VALUE PRODUCTION FUNCTION PROPERTY RIGHTS RATE OF RETURN RATES OF RETURN REGRESSION ANALYSIS REMITTANCES RETURN RETURN ON ASSETS RULE OF LAW SAVINGS SOCIAL CAPITAL SUSTAINABLE DEVELOPMENT TOTAL FACTOR PRODUCTIVITY TOTAL FACTOR PRODUCTIVITY GROWTH TOTAL OUTPUT WEALTH WORLD DEVELOPMENT INDICATORS Ferreira, Susana Hamilton, Kirk Comprehensive Wealth, Intangible Capital, and Development
geographic_facet	The World Region The World Region
relation	Policy Research working paper ; no. WPS 5452
description	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.
format	Publications & Research :: Policy Research Working Paper
author	Ferreira, Susana Hamilton, Kirk
author_facet	Ferreira, Susana Hamilton, Kirk
author_sort	Ferreira, Susana
title	Comprehensive Wealth, Intangible Capital, and Development
title_short	Comprehensive Wealth, Intangible Capital, and Development
title_full	Comprehensive Wealth, Intangible Capital, and Development
title_fullStr	Comprehensive Wealth, Intangible Capital, and Development
title_full_unstemmed	Comprehensive Wealth, Intangible Capital, and Development
title_sort	comprehensive wealth, intangible capital, and development
publishDate	2012
url	http://www-wds.worldbank.org/external/default/main?menuPK=64187510&pagePK=64193027&piPK=64187937&theSitePK=523679&menuPK=64187510&searchMenuPK=64187283&siteName=WDS&entityID=000158349_20101020103459 http://hdl.handle.net/10986/3935
_version_	1764389097961422848

Comprehensive Wealth, Intangible Capital, and Development

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