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Data Appendix

Published online by Cambridge University Press:  03 February 2010

Maurice Obstfeld
Affiliation:
University of California, Berkeley
Alan M. Taylor
Affiliation:
University of California, Davis
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Summary

Saving, investment and the current account

The basic data from Taylor (2002a) consist of annual saving and investment rates for each of the 15 countries in the sample. Data were collected for every available year between 1850 and 1992. For some purposes in this book the data were revised and extended up to year 2000, based on the IMF's International Financial Statistics for the entire 1975–2000 period.

1850–1945: The investment rate measure (I/Y)t is the ratio of gross investment It to national income Yt at current local prices; the saving rate (S/Y)t was usually calculated implicitly, via the current account identity, as the investment rate (I/Y)t plus the ratio of the current account CAt to national income: (I/Y)t = It/Yt, (S/Y)t = (It/Yt) + (CAt/Yt). Except as otherwise indicated, these data are taken from Jones and Obstfeld (2001), who revised the standard sources to correct for flows of gold and changes in stocks.

1946–1959: The investment and saving rates are defined as for 1850–1945: saving rates are still calculated residually from the current account. Except as otherwise indicated, these data are taken from Mitchell (1992; 1993; 1995) using his national income and overall current balance series at current prices. The overall current balance series are converted from U.S. dollars using his exchange-rate series as necessary.

1960–1992: Estimates of gross domestic saving, gross domestic investment, and gross domestic saving at current prices from World Bank (1994).

Type
Chapter
Information
Global Capital Markets
Integration, Crisis, and Growth
, pp. 301 - 314
Publisher: Cambridge University Press
Print publication year: 2004

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  • Data Appendix
  • Maurice Obstfeld, University of California, Berkeley, Alan M. Taylor, University of California, Davis
  • Book: Global Capital Markets
  • Online publication: 03 February 2010
  • Chapter DOI: https://doi.org/10.1017/CBO9780511616525.009
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  • Data Appendix
  • Maurice Obstfeld, University of California, Berkeley, Alan M. Taylor, University of California, Davis
  • Book: Global Capital Markets
  • Online publication: 03 February 2010
  • Chapter DOI: https://doi.org/10.1017/CBO9780511616525.009
Available formats
×

Save book to Google Drive

To save content items to your account, please confirm that you agree to abide by our usage policies. If this is the first time you use this feature, you will be asked to authorise Cambridge Core to connect with your account. Find out more about saving content to Google Drive.

  • Data Appendix
  • Maurice Obstfeld, University of California, Berkeley, Alan M. Taylor, University of California, Davis
  • Book: Global Capital Markets
  • Online publication: 03 February 2010
  • Chapter DOI: https://doi.org/10.1017/CBO9780511616525.009
Available formats
×