Measuring Real Capital Input in OECD Agriculture
V. Eldon Ball
Economic Research Service
U.S. Department of Agriculture
Washington, DC
Eball@ers.usda.gov
Jean-Pierre Butault
Laboratoire d’Economie Publique INRA-INA.PG.
Paris, France
Butault@nancy-engref.inra.fr
Carlos San Juan Mesonada
Department of Economics
Universidad Carlos III de Madrid
Madrid, Spain
Csj@eco.uc3m.es
Abstract: This paper provides a farm sector comparison of levels of capital input for seventeen
OECD countries. The estimates of capital input are derived by representing capital stock as a
weighted sum of past investments. The weights correspond to the relative efficiencies of capital
goods of different ages, so that the weighted components of capital stock have the same
efficiency. We convert estimates of capital stock into estimates of capital services by means of
capital rental prices. Comparisons of levels of capital input among countries requires data on
relative prices of capital input. We obtain relative price levels for capital input among countries
via relative investment goods prices, taking into account the flow of capital input per unit of
capital stock in each country.
Keywords: Capital stock; service prices; OECD agriculture
Résumé. Cet article se propose de comparer le niveau du capital dans l’agriculture de 17 pays de
l’OCDE. Les estimation du niveau de capital sont déduites en calculant un stock de capital
comme une somme pondérée des investissements passés. Les poids utilisés correspondent à
l’efficacité relative des biens capitaux à différents âges, de telle sorte que les différentes
composantes du stock du capital ait la même efficacité. Du stock du capital est déduite une
estimation des services du capital en utilisant un taux de rentabilité. Cette comparaison des
niveaux de capital entre pays nécessitent des données sur les prix relatifs du capital. Ces prix
dépendent des prix relatifs des biens capitaux mais aussi des flux de service générés dans chaque
pays par une unité de capital.
2
Measuring Real Capital Input in OECD Agriculture
1. Introduction
The purpose of this paper is to provide a farm sector comparison of levels of capital input for
seventeen OECD countries for the period 1973-1999.1 The starting point for construction of a
quantity index of capital input is the measurement of capital stock corresponding to each type of
asset. The estimates of capital input reported in this paper are derived by representing capital
stock at each point in time as a weighted sum of past investments. The weights correspond to the
relative efficiencies of capital goods of different ages, so that the weighted components of capital
stock have the same efficiency.
The next step in developing measures of capital input is to construct estimates of prices of
capital services. For each asset the price of investment goods is a weighted sum of future rental
prices, discounted by a factor that incorporates future rates of return. The weights are given by
the relative efficiencies of capital goods of different ages. Our estimates of capital input
incorporate the same data on relative efficiencies of capital goods into estimates of both capital
stock and capital rental prices.
A comparison of levels of capital input among countries requires data on the relative
prices of capital input among all the countries included in the comparison. We develop data on
relative prices of capital input for all seventeen countries. We obtain relative price levels for
capital input among countries via relative investment goods prices, taking into account the flow
of capital input per unit of capital stock in each country.
1
The countries are Belgium, Denmark, Germany, Greece, Spain, France, Ireland, Italy,
Luxembourg, the Netherlands, Austria, Portugal, Finland, Sweden, the United Kingdom, Canada,
and the United States.
3
The paper is organized as follows. Section 2 describes the mathematical model and the
underlying assumptions used to estimate capital input. Section 3 presents estimates of relative
levels of capital input for all seventeen countries. Section 4 concludes.
2. Measuring Capital Input
We require time series measures of capital input and capital service prices for each country in the
comparison. Construction of these series begins with estimating the capital stock and rental price
for each asset type in each country. We employ the perpetual inventory method to estimate
capital stocks from data on investment. Implicit rental prices for each asset are based on the
correspondence between the price of an asset and the discounted value of future service flows
derived from that asset.
The capital stock is disaggregated by asset type—transportation equipment, machinery,
and non-residential structures. For the United States, data on investment in current and constant
prices for each asset type are obtained from Fixed Reproducible Tangible Wealth in the United
States (U.S Department of Commerce). For members countries of the European Union, these
data are from Capital Stock Data for the European Union, Volume 17 (Statistical Office of the
European Communities). Investment data for Canada are obtained from the Strategic Policy
Branch, Agriculture and Agri-Food Canada.
Capital Stock
Under the perpetual inventory method, the capital stock at the end of each period, say K t , is
measured as the sum of all past investments, each weighted by its relative efficiency d  :
4

K t =  d  I t - .
(1)
 =0
We assume that the relative efficiency of capital goods declines with age, giving rise to
needs for replacement of productive capacity. The proportion of investment to be replaced at age
 , or m , is equal to the decline in efficiency from age  - 1 to age  :
m = - ( d  - d  -1 ) , = 1,..., L.
(2)
These proportions represent mortality rates for capital goods of different ages. Replacement
requirements at each point of time, say R t , can be expressed as a weighted sum of past
investments:

R t =  m I t - ,
(3)
 =1
where the weights are the mortality rates.
Taking the first difference of expression (1) and substituting from equations (2) and (3),
we can write:
(4)
K t - K t -1 = I t - Rt .
The change in capital stock in any period is equal to the acquisition of investment goods less
replacement requirements.
To estimate replacement requirements, we must introduce an explicit description of the
decline in efficiency. The relative efficiency of an asset  years of age is given by the hyperbolic
function:
(5)
d = ( L -  ) / ( L -   ) ,0    L
d  = 0 , > L ,
5
where L is the service life of the asset and β is a curvature or decay parameter.
2
Little empirical evidence is available to suggest a precise value for β. However, two
studies provide evidence that efficiency loss occurs more rapidly in the later years of service.
Utilizing data on expenditures for repairs and maintenance of 745 farm tractors covering the
period 1958-74, Penson, Hughes and Nelson (1977) found that the loss of efficiency was very
small in the early years and increased rapidly as the end of the asset's service life approached.
More recently, Romain, Penson and Lambert (1987) compared the explanatory power of
alternative capacity depreciation patterns for farm tractors in a model of investment behavior that
also includes the price of capital services. They found that the concave depreciation pattern better
reflects actual investment decisions.
Taken together, these studies suggest that estimates of β should be restricted to the zeroone interval. Ultimately, the β values selected for this study are 0.75 for structures and 0.5 for
machinery and transportation equipment. It is assumed that the efficiency of a structure declines
slowly over most of its service life until a point is reached where the cost of repairs exceeds the
increased service flows derived from the repairs, at which point the structure is allowed to
depreciate rapidly. The decay parameter for machinery and transportation equipment assumes
that the decline in efficiency is more uniformly distributed over the asset's service life.
Investment as used in this study is composed of different types of capital goods. Each
type of capital good is a homogeneous group of assets for which the actual service life L is a
2
The decay function defined by (5) incorporates many of the commonly used forms of
depreciation as special cases. The upper limit of β is unity. This corresponds to the “one-hoss
shay” form of depreciation. As the value of β approaches zero, decay occurs at an increasing rate
over time. If β is zero, the function corresponds to the formula for straight-line depreciation.
Finally, if β is negative, decay occurs most rapidly in the early years of service corresponding to
6
random variable. For each asset type, there exists some mean service life L around which there
exists some distribution of actual service lives of the assets in the group. In order to determine
the amount of capital available for production the actual service lives and their frequency of
occurrence must be determined. It is assumed that this distribution may be accurately depicted by
the standard normal distribution.3
One property of the normal distribution is related to the infinite nature of the distribution.
Without adjustment the distribution would yield cases where assets were discarded prior to their
purchase or assets with unrealistically long service lives. In order to avoid these extremes, the
distribution is truncated at points two standard deviations before and after the mean. Thus the
discard range encompasses approximately 95 percent of the area under the normal distribution.4
The area under the truncated normal curve is then adjusted upward within the allowed range of
asset lives. This allows calculation of the probability of service life L occurring given the
average age of the group of similar capital goods, the cut-off points of the distribution around the
average age, and the standard deviation of the distribution. In this study, two standard deviations
correspond to 0.98 times the mean service life. This dispersion parameter was chosen to conform
to the observation that assets are occasionally found that are considerably older than the mean
service life and that a few assets are accidentally damaged when new.
accelerated forms of depreciation such as geometric decay.
3
Very little data exist on the form of the distribution around the mean service life. The only
study available was conducted by Winfrey (1935) detailing the actual service lives of a group of
assets. Winfrey’s S-3 distribution had a bell-shaped appearance somewhat akin to the normal
distribution. No rigorous tests were performed to determine if this distribution was, in fact, a
normal distribution, but based on this admittedly sparse evidence it is assumed that there exists a
normal distribution about the mean life of a particular type of asset. This assumption is used
mostly for convenience since tables of values for the normal distribution are readily available.
4
As derived from a table of normal values.
7
Once the frequency of occurrence of a particular service life L is known, the efficiency
function for that particular service life is calculated using the assumed value of β. This process is
repeated for all other possible values of L . An aggregate efficiency function is then constructed
as a weighted sum of the individual efficiency functions using as weights the frequency of
occurrence. This function not only reflects changes in efficiency, but also the discard distribution
around the mean service life of the asset.
Capital Service Prices
Firms add to capital stock so long as the present value of the net revenue generated by an
additional unit of capital exceeds the purchase price of the asset. Following Coen (1975), this can
be stated algebraically as:


 
(6)
t =1
p
y
 
- w R t  (1 + r )- t > w,
K
K 
where p is the price of output, w is the price of investment goods, and r is the real discount
rate.
To maximize net present value, firms add to capital stock until this equation holds as an
equality. This requires that:5
p
(7)
5
If r  0 , then

 (1  r )
t

t 1
terms yields expression (7).

y
 Rt
=r w + r  w
(1 + r )-t  c.
K
K
t =1
1
1
 1  . Substituting this result in (6) and rearranging
r
 1 
1 

1 r 
8
The expression for c is the implicit rental price of capital corresponding to the mortality
distribution m . The rental price consists of two components. The first term, r w , represents the

opportunity cost of invested funds. The second term, r

w
t =1
 Rt
( 1 + r )- t , is the present value
K
of all future replacements required to maintain the productive capacity of the capital stock.
Let F denote the present value of the stream of capacity depreciation on one unit of
capital according to the mortality distribution m :

F =  mt ( 1 + r )- t .
(8)
t =1
Since replacement at time t is equal to capacity depreciation at time t :


(9)
t =1

 Rt
( 1 + r )- t =  F t
K
t =1
F
=
( 1- F )
and
(10)
c=
rw
.
( 1- F )
The real rate of return r in expression (10) above is calculated as the nominal yield on
government bonds of all maturities less the rate of inflation as measured by the implicit deflator
for gross domestic product. An ex ante rate is obtained by expressing observed real rates as an
ARIMA process.6 We then calculate F holding the required real rate of return constant for that
6
Observed real rates are expressed as an AR(1) process. We use this specification after
examining the correlation coefficients for autocorrelation, partial and inverse autocorrelation, and
performing the unit root and while noise tests. We centered each time series by subtracting its
9
vintage of capital goods. In this way, implicit rental prices c are calculated for each asset type.
3. Capital Input, 1973-1999
The measures of capital stock and capital rental prices presented in tables 1 and 2 provide the
basis for our estimates of capital input for each country.7 Translog price indexes of capital are
formed by aggregating over the various assets using cost-share weights based on asset-specific
rental prices. These price indexes are reported in table 3. The quantity indexes of capital input
reported in table 4 are formed implicitly as the ratio of the total value of capital service flows in
each country to the corresponding translog price index. Although these quantity indexes do not
have the form of translog index numbers, they are nonetheless well defined.
To compare levels of capital input among countries, we require data on the relative prices
of capital input. A price index that converts the ratio of the nominal value of capital service flows
between two countries into an index of relative real capital input is referred to as a purchasing
power parity in the international comparisons literature. The dimensions of the purchasing power
parities are the same as exchange rates. However, the purchasing power parities reflect the
relative prices of the components of aggregate capital input in each country.
Although we estimate the decline in efficiency of capital goods separately for all
seventeen countries, we assume that the relative efficiency of new capital goods is the same in
each country. Accordingly, the appropriate purchasing power parity for new capital goods is the
purchasing power parity for the corresponding component of investment goods output.8 To
obtain the purchasing power parities for capital input, we must take into account the flow of
sample mean. The analysis was performed on the centered data.
7
The estimates of capital input are available from the authors as an electronic data product.
10
capital services per unit of capital stock in each country. This is accomplished by multiplying the
purchasing power parity for investment goods by the ratio of the price of capital input for the
comparison and numeraire countries.
Table 5 presents purchasing power parities for capital input for all countries relative to
the United States. These results are based on translog multilateral indexes of relative prices in
the base year.9 The base-year purchasing power parities are then extrapolated to earlier and later
years in the sample via translog time series indexes of capital service prices for the individual
countries. Thus the benchmark purchasing power parities serve to adjust the levels of the price
and quantity series in relation to the numeraire country while preserving their original time paths.
In table 6, we report the value of capital services for all countries expressed in the
currency of the numeraire country, the United States. All countries in the comparison had
substantially higher levels of capital input relative to the United States in 1999 than they had at
the beginning of the sample period in 1973. The most dramatic gain in capital input was for
Portugal, with the level of capital input relative to the United States increasing more than 600
percent. The Netherlands increased its relative level of capital input by a factor of three. Five
countries, including Denmark, France, Ireland, Italy, and Austria, more than doubled their levels
of capital input relative to the United States.
All our time series comparisons of capital input relative to the United States presented in
table 6 are in current prices. This facilitates comparison for any single year, but it makes it
impossible to compare relative levels in different years. Such comparisons can only be
8
Purchasing power parities for investment goods are from OECD (1999, p. 162).
For a discussion of multilateral translog price indexes, see Caves, Christensen, and Diewert
(1982).
9
11
constructed by making use of time series indexes for the United States. We provide these
comparisons in table 7. In table 7, the entries for all countries are obtained by dividing the entries
in table 6 by the United States’ price index of capital input. All the entries in this table are
directly comparable. For example, in table 7 Belgium’s level of capital input in 1973 of 581
million dollars can be directly compared with Denmark’s level in 1999 of 1845 million dollars to
infer that Denmark’s 1999 level of capital input was 3.17 times Belgium’s 1973 level.
From table 6, we observed that all the countries in the comparison increased their level of
capital input relative to the United States over the sample period. Table 7 points to both relative
and absolute increases in capital input for fourteen of the sixteen countries in the comparison.
Only Luxembourg and the United Kingdom had lower levels of capital input in 1999 than at the
beginning of the period in 1973. By way of comparison, the level of capital input in United States
agriculture was reduced by nearly one-third over this period.
During the 1970s, United States agriculture experienced rapid growth, fueled by a surge
in exports that resulted from increased global liquidity, rising incomes, and production shortfalls
in other parts of the world.10,11 In addition, domestic forces—including a drop in interest rates
and rising inflation—contributed to an increase in borrowing for the purchase of land and
equipment. For a significant part of the 1970s, real interest rates were close to zero and at times
negative. During the period of expansion—roughly 1973-81—capital input in United States
10
United States farm exports surged from an average $4.8 billion in 1950-70 to $9.4 billion in
1972 and $17.7 billion in 1973. Exports continued to increase through 1981, when they peaked at
$43.3 billion.
11
Throughout the 1970s, a greatly increased flow of private funds was funneled at negative real
interest rates to developing country borrowers. OPEC surpluses were “recycled” and this capital
flow contributed to the export boom.
12
agriculture increased an average 2.5 percentage points per year.
However, the environment changed in the early 1980s. By then, the OECD countries were
vigorously pursuing anti-inflationary polices. The change to restrictive monetary policy initiated
by the Federal Reserve pushed up interest rates sharply. The dollar appreciated on foreign
exchange markets, and world export prices started to fall. The average real interest cost on
floating rate debt rose to nearly 16 percent in 1981-83 compared with a negative 8.7 percent in
1977-80. Real interest rates remained high thereafter, as the stringency of the Federal Reserve
policy was enhanced because of the large fiscal deficits. This macroeconomic policy mix of fiscal
stimulus combined with monetary restraint proved disastrous to export-dependent sectors of the
United States economy—including agriculture.12,13 Economic growth in United States agriculture
averaged less than 1 percent per year during the 1980s. Net investment in fixed capital was
negative. Moreover, a resurgence of growth during the 1990s failed to spur investment. Capital
input declined an average 3 percent per year over the period 1981 to 1999.
4. Concluding Remarks
We have compared seventeen OECD countries on the basis of levels of capital input in
agriculture. Internal consistency of a measure of capital input requires that the same pattern of
relative efficiency is employed in measuring both the level of capital stock and the rental price of
capital services. Our time series of capital stocks and capital rental prices assume a hyperbolic
12
The value of United States farm exports fell from $43.3 billion in 1981 to $26.2 billion in
1986, as declining volume combined with declining export prices.
The United States’ ability to export was further eroded when the European Union, under its
Common Agricultural Policy, embarked on a policy to subsidize agricultural exports to raise
market share. The United States’ share of world grain trade fell from 40.4 percent in 1974-76 to
13
13
efficiency function concave to the origin. The concave decay pattern is based on the observation
that efficiency of an asset is relatively high during the early years of service and only after some
time does the asset begin to deteriorate. The same patterns of decline in efficiency are used for
both capital stock and the rental price of each asset, so that the requirement for internal
consistency of measures of capital input is met.
In order to compare levels of capital input in different countries we require conversion
factors that reflect the comparative value of their currencies. The OECD and Eurostat regularly
construct estimates of the purchasing power of OECD currencies. Here we make use of
purchasing power parities for investment goods output, taking into account the flow of capital
input per unit of capital stock in each country.
35.6 percent in 1983-85 (Timms and Shane, 1987).
14
References
Beutel, J. Capital Stock Data for the European Union, Volume 17. Report to the Statistical
Office of the European Communities, January 1998.
Cahill, S. Constructing Capital Stock Data and Capital Service Indices for Canadian
Agriculture: 1961-1997, unpublished paper, Strategic Policy Branch, Agriculture and
Agri-Food Canada, Ottawa, Ontario, Canada.
Caves, D.W., L.R. Christensen, and W.E. Diewert, 1982. “Multilateral Comparisons of Output,
Input, and Productivity Using Superlative Index Numbers.” The Economic Journal 92:
73-86.
Coen, Robert, 1975. "Investment Behavior in Measurement of Depreciation and Tax Policy."
American Economic Review 65: 59-74.
Organization for Economic Cooperation and Development. Purchasing Power Parities and Real
Expenditures. Paris, 1999.
Penson, J.B., D.W. Hughes and G.L. Nelson, 1977. "Measurement of Capacity Depreciation
Based on Engineering Data." American Journal of Agricultural Economics 35: 321-329.
Romain, R., J.B. Penson, and R. Lambert, 1987. "Capacity Depreciation, Implicit Rental
Prices,and Investment Demand for Farm Tractors in Canada." Canadian Journal of
Agricultural Economics 35: 373-78.
Timms, Dan and Mathew Shane, 1987. World Agricultural Trade Shares, 1962-85. U.S.
Department of Agriculture Statistical Bulletin No. 760.
U.S. Department of Commerce, Bureau of Economic Analysis. Fixed Reproducible Tangible
Wealth in the United States, 1925-1994.Washington, DC: Government Printing Office,
15
August 1999.
Winfrey, R. Analysis of Industrial Property Retirement, Bulletin 125, Iowa Engineering
Experiment Station, 1935.
Table 1. Capital Stock, 1972-1999 (Millions of 1996 National Currencies Except Italy Billions of National Currencies)
Year
ending
Belgium
Denmark
Germany
Greece
Spain
France
Ireland
Italy
Luxembourg
Netherlands
Austria
Portugal
Finland
Sweden
United
Kingdom
Canada
United
States
Transportation Equipment
1972
1973
1974
1975
1976
1977
1978
1979
1980
1981
1982
1983
1984
1985
1986
1987
1988
1989
1990
1991
1992
1993
1994
1995
1996
1997
1998
1999
9245
10170
11134
11354
12036
12419
13119
13526
13338
12941
12476
12298
12484
12249
11955
12573
12883
13343
14144
13963
13735
13302
12972
12696
12450
12233
12043
11862
3326
3789
4372
4950
5698
6320
6639
6703
6432
6061
5732
5276
4880
4635
4439
4130
3792
3671
3638
3629
3558
3514
3400
3320
3256
3207
3173
3152
11169
11556
11896
12301
12940
13569
13999
14744
15301
16068
16271
16739
16898
17009
16967
17270
17533
17986
18436
19525
20087
19965
19804
19605
19337
19035
18738
18473
90193
99592
102409
105222
108644
111232
110691
107278
100793
93597
88948
82243
79204
77469
69862
61614
54860
53491
50692
48023
46185
43925
42178
39958
37384
34574
31703
28870
316790
353511
386974
414941
428003
435180
429411
409030
379017
333703
302090
265893
235817
208490
187949
177283
175062
177382
180893
181011
175397
167058
159122
152691
147154
142399
138726
135972
16322
18135
20079
21108
22453
22859
22868
23424
23747
24630
24522
24252
23729
22804
21440
21073
20272
20966
21826
22063
21957
21489
21440
21435
21482
21595
21861
22249
249
275
267
255
266
282
293
305
294
293
277
257
240
221
205
196
200
219
249
256
261
253
254
260
269
283
301
323
4502
4776
5062
5107
5237
5305
5346
5331
5484
5654
5778
5830
5802
5683
5701
5780
5884
6021
6121
6151
6112
5905
5728
5561
5406
5257
5135
5036
2062
2177
2180
2172
2086
2318
2401
2254
2463
2290
2176
2022
1828
1702
1560
1519
1518
1527
1448
1428
1412
1413
1395
1352
1288
1207
1118
1023
1267
1459
1675
1787
1918
2162
2401
2822
2935
3036
3089
3314
3350
3357
3385
3439
3489
3669
3874
4052
4163
4065
4010
3999
4003
4032
4102
4209
6651
6768
6962
7162
7631
8130
8176
8485
8763
9011
9568
10380
11196
11831
12232
12917
13586
14196
15047
15771
16179
16365
16521
16620
16659
16647
16592
16504
19042
22497
26753
31406
34444
37299
38502
39988
40485
40276
38744
36834
33807
30702
30480
32120
36594
40061
44196
47472
50628
52847
55067
57430
60012
62819
65628
68342
3867
4069
4254
4325
4325
4265
4162
4154
4153
4206
4161
4079
3963
3981
3931
3875
3851
3867
3808
3561
3274
2958
2730
2528
2371
2260
2185
2136
6372
6104
5963
5953
5945
5874
5638
5577
5432
5572
5465
5362
5270
5087
4853
4768
4651
4772
4746
4513
4380
4211
4072
3960
3870
3788
3714
3646
617
675
715
739
786
822
838
853
818
780
735
704
661
610
591
601
631
662
672
641
611
590
560
532
508
488
473
463
5774
6739
7521
8598
9593
10504
11387
12389
12553
12359
12052
11779
11327
10392
9474
8601
7739
7005
6236
5712
5245
4719
4256
3971
3633
3445
3310
3217
21462
21626
21544
21687
22998
24322
25434
26358
26095
25051
23753
22878
21878
20550
19207
18614
18344
18328
18406
18141
17708
17442
17182
17169
17622
18625
19810
20707
Table 1. (Cont'd) Capital Stock, 1972-1998 (Millions of 1996 National Currencies Except Italy Billions of National Currencies)
Year
ending
Belgium
Denmark
Germany
Greece
Spain
France
643073
723387
781976
847255
899293
942678
955357
965924
955096
942643
925753
912949
932137
949695
910476
858845
819194
784246
755318
725634
700027
677216
658338
635196
608422
578765
547813
2233920
2476514
2712878
2892269
3024831
3103862
3141780
3111596
3038883
2879105
2763792
2616609
2512796
2405504
2312843
2248684
2212941
2183991
2157823
2110540
2031682
1931863
1838668
1758475
1687770
1625850
1574501
228827
248817
267535
281611
294037
299030
305495
311518
313775
315275
317182
316217
314763
311486
306201
301905
301181
302330
303947
302246
297735
291645
287687
284296
281575
279652
279184
Ireland
Italy
Luxembourg
Netherlands
Austria
Portugal
Finland
Sweden
United
Kingdom
Canada
United
States
Machinery
1972
1973
1974
1975
1976
1977
1978
1979
1980
1981
1982
1983
1984
1985
1986
1987
1988
1989
1990
1991
1992
1993
1994
1995
1996
1997
1998
117295
125072
130106
131416
136094
140260
147297
150172
151557
148904
148776
149040
149157
148718
148171
148090
147517
147251
149249
146460
144383
140634
137114
133833
130649
127544
124501
22877
26998
30996
34410
38203
42137
45910
49707
50845
50049
49481
48497
48255
48960
48852
47705
45932
45060
44834
43583
42385
41208
40244
39521
38903
38400
38052
83187
85561
85767
85884
86391
87843
89789
91322
91470
89906
88678
88389
87325
86206
85142
83752
82895
82683
83143
83066
82587
81133
79832
78562
77163
75787
74619
982
1156
1216
1255
1404
1557
1702
1833
1891
2000
2031
2029
2007
1963
1886
1847
1846
1872
1905
1868
1839
1767
1709
1671
1653
1654
1676
47648
51751
55821
60048
66145
72142
77287
83051
89113
93130
95605
96984
98161
99230
99867
100126
101182
101896
101678
100674
99983
98359
97461
96539
95595
94538
93630
10631
11102
11466
11490
10826
10435
10839
11341
10842
10814
11517
11879
11949
11703
11411
11317
11333
11348
11464
11646
11800
12022
12117
12109
11991
11767
11471
16765
18184
19365
19973
20663
22035
23808
25530
26359
26824
27387
28166
28401
28824
29547
29572
30000
30660
31407
31959
32270
32212
31965
31935
31974
32137
32496
70518
73224
75463
77919
80465
84050
87057
89156
89874
89728
95086
101285
106752
112599
116590
119734
122852
125932
130542
134316
136350
137713
139893
141666
142992
143961
144643
96944
116377
141678
170403
194421
219346
235087
254107
275348
292692
302348
302948
301202
300018
319711
343860
380932
412131
448442
483442
519390
548435
577717
608716
641846
676869
711739
25880
27207
28352
29704
30982
31804
32245
32946
34087
35077
36200
36989
37698
38324
38336
37957
37439
37869
37809
36530
34256
31998
30085
28761
27796
27161
26782
60496
59867
58966
58860
59194
59593
59436
58897
58766
58767
59450
59968
60690
60996
60598
60352
60852
61729
61612
60260
58431
56328
54767
53445
52324
51268
50299
8760
8929
8824
8676
8607
8567
8588
8394
8011
7555
7249
7068
6805
6465
6285
6075
6066
6011
5884
5650
5458
5363
5174
5013
4892
4799
4748
15246
15994
17324
18866
20727
22055
23259
24764
25817
26849
26762
26173
25659
24910
24025
22985
21894
20741
19632
18429
17310
17085
16708
16299
15948
15980
15881
145700
154936
162219
166081
169813
172427
177512
182768
183111
180627
173112
164882
156605
146062
135477
128078
121684
117036
113490
109275
105235
101711
98325
94944
92261
90282
89108
Table 1. (Cont'd) Capital Stock, 1972-1998 (Millions of 1996 National Currencies Except Italy Billions of National Currencies)
Year
ending
Belgium
Denmark
Germany
Greece
Spain
France
Ireland
3920591
4019712
4066361
4134577
4203079
4312399
4401297
4514301
4586552
4637939
4679684
4718920
4798732
4879326
4897507
4895083
4910606
4921068
4930409
4931417
4927726
4916997
4901539
4877326
4844813
4804644
4758675
16079498
16482045
16852529
17187669
17485159
17788676
18081585
18298483
18356780
18276881
18292056
18257870
18364002
18451179
18567450
18720150
18912560
19123634
19343999
19516024
19588989
19637762
19679285
19735893
19798012
19865392
19946618
116327
124946
133078
140048
146689
151998
157700
163580
171968
179573
186373
192455
198266
203719
208520
213544
219569
226287
233036
238285
242255
245107
248346
251550
254770
258072
261747
6892
7103
7188
7254
7437
7667
7922
8249
8454
8720
8953
9095
9230
9356
9433
9542
9688
9889
10148
10341
10557
10662
10815
11013
11258
11551
11904
Italy
Luxembourg
Netherlands
Austria
Portugal
Finland
Sweden
United
Kingdom
Canada
United
States
45961
46358
46859
47664
49228
48075
47524
47037
47052
47137
46906
47313
47195
46839
46079
45432
44897
44604
44285
44014
43725
43503
43153
42722
42200
41589
40917
11489
12689
13716
14474
15336
16670
18245
19895
21242
22398
23466
24675
25553
26501
27761
28649
29813
31114
32432
33641
34694
35473
36178
36984
37805
38675
39639
64607
65233
66346
67759
69155
70713
72098
73092
73853
74514
76682
78990
81338
83833
85756
87586
89371
90959
92987
94825
96413
97939
99619
101233
102768
104240
105659
452227
479716
513280
552262
588566
632222
674811
724652
776310
824155
868293
905306
947756
985348
1050383
1117461
1194679
1265703
1340958
1419715
1502188
1577622
1655613
1740174
1832355
1932358
2037718
77803
78953
79872
81330
82714
84025
85558
87125
88964
90419
92526
94644
96163
97635
99119
100282
101707
102585
103429
104003
104054
103761
103240
102666
102338
102271
102418
25150
25815
26383
27090
27844
28807
29697
30461
32720
34743
36797
38881
41004
43170
45047
46882
48907
51178
52981
54256
55190
55931
56769
57636
58514
59344
60135
10451
10841
11218
11454
11580
11650
11760
11879
12076
12203
12396
12581
12791
12840
13011
13168
13476
13783
14012
14091
14170
14238
14194
14161
14152
14159
14199
21434
21679
22069
22482
22825
23228
23685
24179
25020
26039
26928
27464
27995
27854
27601
27614
27667
27674
27393
27091
26753
26385
26128
25956
25968
26069
26128
137314
139753
143157
144295
146414
148848
152873
156740
158180
157822
156734
154817
152771
149558
146473
143674
140327
137195
134120
131020
127634
124527
121590
118473
115846
113269
110982
Non-residential Structures
1972
1973
1974
1975
1976
1977
1978
1979
1980
1981
1982
1983
1984
1985
1986
1987
1988
1989
1990
1991
1992
1993
1994
1995
1996
1997
1998
60889
65793
69784
72295
76103
80205
85411
89509
93971
96598
99771
103067
106033
109602
113580
117714
121502
125202
129902
132521
135426
137369
139302
141205
143013
144725
146339
80486
86156
91282
95918
101250
107667
114379
122226
126037
127706
129444
130936
133447
137180
140170
142367
143959
146169
148838
149695
151029
151848
152653
153580
154475
155354
156271
140018
140663
141696
142864
144183
145693
147204
148364
149345
150003
150718
151622
152299
152896
153214
153404
153577
153763
154006
154182
154187
153837
153566
153255
152846
152393
151962
Table 2. Capital Service Prices, 1973-99
Year
ending
Belgium
Denmark
Germany
Greece
Spain
France
Ireland
Italy
Luxembourg
Netherlands
Austria
Portugal
Finland
Sweden
United
Kingdom
Canada
United
States
0.0506
0.0519
0.0494
0.0571
0.0626
0.0597
0.0660
0.0767
0.0826
0.0866
0.0814
0.0934
0.0986
0.0924
0.0848
0.1021
0.1121
0.1397
0.1131
0.1081
0.1045
0.1103
0.1193
0.1146
0.1199
0.1162
0.1134
0.0035
0.0043
0.0046
0.0051
0.0058
0.0070
0.0093
0.0122
0.0151
0.0182
0.0203
0.0223
0.0260
0.0348
0.0404
0.0494
0.0576
0.0866
0.1131
0.1265
0.1434
0.1542
0.1516
0.1871
0.2058
0.2477
0.2611
0.0201
0.0234
0.0244
0.0234
0.0287
0.0384
0.0401
0.0466
0.0554
0.0670
0.0748
0.0882
0.0998
0.1135
0.1121
0.1345
0.1543
0.1564
0.1467
0.1465
0.1439
0.1711
0.1947
0.1745
0.1739
0.1783
0.1802
0.0353
0.0434
0.0451
0.0478
0.0567
0.0625
0.0656
0.0749
0.0998
0.1139
0.1160
0.1075
0.1192
0.1304
0.1361
0.1485
0.1624
0.1751
0.1765
0.1762
0.1710
0.1869
0.1898
0.1848
0.1817
0.1776
0.1811
0.0288
0.0341
0.0438
0.0490
0.0601
0.0709
0.0777
0.0784
0.0867
0.0953
0.1051
0.1062
0.1352
0.1430
0.1514
0.1733
0.1766
0.1649
0.1616
0.1754
0.1773
0.1687
0.1888
0.1856
0.1825
0.1607
0.1584
0.0180
0.0257
0.0300
0.0328
0.0375
0.0447
0.0483
0.0478
0.0522
0.0605
0.0698
0.0779
0.0891
0.0991
0.1047
0.1187
0.1345
0.1394
0.1418
0.1578
0.1557
0.1639
0.1914
0.1809
0.1695
0.1782
0.1913
0.0385
0.0463
0.0495
0.0561
0.0574
0.0689
0.0770
0.0907
0.1041
0.1010
0.0949
0.1071
0.0865
0.1069
0.1182
0.1294
0.1326
0.1294
0.1463
0.1474
0.1370
0.1448
0.1743
0.1851
0.2075
0.2208
0.2464
0.0757
0.0843
0.0916
0.0929
0.0934
0.0966
0.1069
0.1190
0.1380
0.1417
0.1293
0.1479
0.1610
0.1505
0.1628
0.1815
0.1880
0.1945
0.1932
0.1835
0.1742
0.1834
0.1878
0.1814
0.1841
0.1833
0.1759
0.0401
0.0444
0.0453
0.0461
0.0499
0.0526
0.0576
0.0679
0.0856
0.0772
0.0669
0.0761
0.0827
0.0806
0.0877
0.0903
0.0993
0.1131
0.1086
0.1110
0.1005
0.1032
0.1123
0.1018
0.0976
0.1135
0.1161
0.0051
0.0053
0.0057
0.0065
0.0123
0.0191
0.0247
0.0264
0.0310
0.0365
0.0554
0.0676
0.0729
0.0994
0.1162
0.1164
0.1354
0.1340
0.1523
0.1370
0.1383
0.1497
0.1586
0.1637
0.1653
0.1686
0.1818
0.0300
0.0356
0.0460
0.0478
0.0510
0.0562
0.0612
0.0673
0.0708
0.0765
0.0814
0.0879
0.0967
0.0997
0.1077
0.1128
0.1192
0.1439
0.1296
0.1345
0.1421
0.1504
0.1583
0.1444
0.1466
0.1483
0.1532
0.0239
0.0250
0.0322
0.0351
0.0393
0.0441
0.0458
0.0616
0.0673
0.0742
0.0853
0.0877
0.0954
0.0987
0.1060
0.1084
0.1132
0.1328
0.1280
0.1390
0.1556
0.1420
0.1567
0.1444
0.1441
0.1456
0.1501
0.0292
0.0415
0.0493
0.0577
0.0669
0.0739
0.0831
0.0976
0.1077
0.1135
0.1263
0.1420
0.1567
0.1024
0.1190
0.1221
0.1281
0.1384
0.1413
0.1490
0.1670
0.1762
0.1935
0.1922
0.1847
0.1784
0.1755
0.0508
0.0568
0.0582
0.0598
0.0633
0.0781
0.0908
0.0922
0.1130
0.1145
0.1186
0.1494
0.1613
0.1644
0.1695
0.1604
0.1664
0.1766
0.1785
0.1792
0.1809
0.2044
0.2185
0.2095
0.2118
0.2180
0.2284
0.0553
0.0649
0.0679
0.0722
0.0743
0.0816
0.0977
0.1101
0.1288
0.1282
0.1216
0.1526
0.1583
0.1469
0.1564
0.1694
0.1659
0.1660
0.1652
0.1661
0.1684
0.1947
0.1927
0.1959
0.1916
0.1824
0.1879
Transportation Equipment
1973
1974
1975
1976
1977
1978
1979
1980
1981
1982
1983
1984
1985
1986
1987
1988
1989
1990
1991
1992
1993
1994
1995
1996
1997
1998
1999
0.0689
0.0807
0.0773
0.0783
0.0887
0.1020
0.1147
0.1296
0.1538
0.1417
0.1364
0.1499
0.1489
0.1421
0.1545
0.1658
0.1672
0.1610
0.1798
0.1778
0.1665
0.1760
0.1912
0.1851
0.1884
0.1815
0.1835
0.0316
0.0414
0.0415
0.0447
0.0485
0.0622
0.0702
0.0882
0.1055
0.1157
0.0940
0.1061
0.1097
0.1158
0.1345
0.1306
0.1389
0.1461
0.1446
0.1555
0.1457
0.1579
0.1671
0.1590
0.1535
0.1530
0.1576
Table 2. (Cont'd) Capital Service Prices, 1973-99
Year
ending
Belgium
Denmark
Germany
Greece
Spain
France
Ireland
Italy
Luxembourg
Netherlands
Austria
Portugal
Finland
Sweden
United
Kingdom
Canada
United
States
0.0273
0.0365
0.0356
0.0382
0.0413
0.0541
0.0614
0.0784
0.0940
0.1025
0.0785
0.0891
0.0924
0.0987
0.1161
0.1106
0.1195
0.1256
0.1235
0.1349
0.1241
0.1358
0.1444
0.1353
0.1287
0.1274
0.1311
0.0582
0.0597
0.0540
0.0612
0.0666
0.0649
0.0729
0.0866
0.0933
0.0961
0.0901
0.1015
0.1049
0.0991
0.0908
0.1064
0.1166
0.1268
0.1242
0.1208
0.1172
0.1243
0.1332
0.1282
0.1333
0.1296
0.1269
0.0033
0.0044
0.0043
0.0044
0.0046
0.0055
0.0072
0.0098
0.0128
0.0147
0.0164
0.0189
0.0213
0.0268
0.0303
0.0381
0.0438
0.0668
0.0889
0.0982
0.1109
0.1177
0.1069
0.1345
0.1437
0.1760
0.1794
0.0134
0.0158
0.0183
0.0199
0.0255
0.0364
0.0234
0.0412
0.0469
0.0564
0.0636
0.0781
0.0726
0.0831
0.0788
0.1000
0.1199
0.1197
0.1072
0.1073
0.1043
0.1230
0.1444
0.1217
0.1191
0.1220
0.1224
0.0274
0.0366
0.0354
0.0357
0.0409
0.0439
0.0459
0.0536
0.0797
0.0891
0.0862
0.0799
0.0894
0.0934
0.1016
0.1104
0.1204
0.1329
0.1329
0.1305
0.1201
0.1285
0.1317
0.1268
0.1237
0.1195
0.1232
0.0221
0.0282
0.0358
0.0353
0.0440
0.0522
0.0625
0.0632
0.0711
0.0768
0.0816
0.0878
0.1116
0.1154
0.1126
0.1249
0.1286
0.1090
0.1093
0.1247
0.1263
0.1159
0.1360
0.1330
0.1302
0.1093
0.1081
0.0121
0.0182
0.0198
0.0211
0.0247
0.0297
0.0324
0.0335
0.0368
0.0424
0.0491
0.0562
0.0651
0.0735
0.0756
0.0865
0.1010
0.1077
0.1083
0.1241
0.1196
0.1215
0.1471
0.1342
0.1205
0.1272
0.1381
0.0279
0.0328
0.0337
0.0386
0.0397
0.0489
0.0580
0.0717
0.0836
0.0798
0.0729
0.0840
0.0827
0.0791
0.0912
0.1012
0.1027
0.0963
0.1123
0.1120
0.0987
0.1059
0.1271
0.1271
0.1378
0.1386
0.1504
0.0492
0.0582
0.0621
0.0620
0.0603
0.0641
0.0759
0.0878
0.1070
0.1057
0.0890
0.1052
0.1132
0.1036
0.1118
0.1277
0.1326
0.1388
0.1361
0.1269
0.1161
0.1270
0.1310
0.1234
0.1250
0.1229
0.1141
0.0442
0.0494
0.0491
0.0496
0.0547
0.0601
0.0650
0.0777
0.0988
0.0922
0.0799
0.0895
0.0961
0.0932
0.1003
0.1026
0.1125
0.1278
0.1232
0.1193
0.1065
0.1079
0.1170
0.1066
0.1025
0.1185
0.1212
0.0038
0.0041
0.0046
0.0048
0.0095
0.0138
0.0173
0.0192
0.0230
0.0302
0.0471
0.0627
0.0626
0.0773
0.0867
0.0857
0.0966
0.0930
0.1130
0.0915
0.0901
0.0955
0.1024
0.1055
0.1050
0.1062
0.1174
0.02300
0.02808
0.03721
0.03889
0.04227
0.04643
0.05118
0.06175
0.06978
0.07580
0.08214
0.09419
0.09976
0.09774
0.10458
0.10615
0.11807
0.14587
0.12570
0.12309
0.11686
0.13309
0.12836
0.11459
0.11482
0.11507
0.11836
0.0237
0.0270
0.0317
0.0325
0.0344
0.0371
0.0406
0.0523
0.0588
0.0636
0.0702
0.0756
0.0848
0.0862
0.0919
0.0984
0.1038
0.1292
0.1195
0.1168
0.1086
0.1126
0.1271
0.1146
0.1142
0.1155
0.1200
0.0311
0.0468
0.0527
0.0604
0.0640
0.0666
0.0757
0.0852
0.0969
0.0968
0.1131
0.1231
0.1334
0.1139
0.1305
0.1293
0.1358
0.1423
0.1319
0.1300
0.1419
0.1553
0.1677
0.1602
0.1472
0.1363
0.1294
0.0404
0.0465
0.0509
0.0518
0.0522
0.0675
0.0805
0.0818
0.0997
0.0992
0.1032
0.1332
0.1369
0.1335
0.1362
0.1239
0.1248
0.1316
0.1406
0.1405
0.1438
0.1677
0.1763
0.1653
0.1693
0.1761
0.1925
0.0323
0.0407
0.0445
0.0477
0.0487
0.0536
0.0643
0.0777
0.0914
0.0900
0.0848
0.1152
0.1186
0.1010
0.1096
0.1218
0.1183
0.1203
0.1170
0.1145
0.1121
0.1336
0.1338
0.1391
0.1389
0.1331
0.1366
Machinery
1973
1974
1975
1976
1977
1978
1979
1980
1981
1982
1983
1984
1985
1986
1987
1988
1989
1990
1991
1992
1993
1994
1995
1996
1997
1998
1999
0.0548
0.0633
0.0576
0.0566
0.0657
0.0783
0.0887
0.1008
0.1235
0.1115
0.1045
0.1176
0.1144
0.1064
0.1186
0.1295
0.1300
0.1225
0.1407
0.1377
0.1229
0.1307
0.1457
0.1384
0.1406
0.1325
0.1334
Table 2. (Cont'd) Capital Service Prices, 1973-99
Year
ending
Belgium
Denmark
Germany
Greece
Spain
France
Ireland
Italy
Luxembourg
Netherlands
Austria
Portugal
Finland
Sweden
United
Kingdom
Canada
United
States
0.0011
0.0013
0.0011
0.0011
0.0011
0.0015
0.0022
0.0045
0.0038
0.0041
0.0046
0.0046
0.0055
0.0077
0.0129
0.0151
0.0143
0.0307
0.0489
0.0577
0.0714
0.0785
0.0759
0.0807
0.0900
0.1171
0.1080
0.0028
0.0035
0.0038
0.0037
0.0052
0.0114
0.0100
0.0112
0.0134
0.0189
0.0201
0.0283
0.0182
0.0271
0.0221
0.0432
0.0628
0.0647
0.0502
0.0512
0.0400
0.0563
0.0759
0.0472
0.0413
0.0419
0.0401
0.0131
0.0193
0.0169
0.0154
0.0174
0.0171
0.0172
0.0218
0.0430
0.0462
0.0382
0.0334
0.0388
0.0409
0.0526
0.0590
0.0667
0.0776
0.0743
0.0736
0.0645
0.0728
0.0758
0.0700
0.0659
0.0608
0.0639
0.0042
0.0080
0.0095
0.0064
0.0079
0.0103
0.0171
0.0161
0.0196
0.0181
0.0208
0.0216
0.0378
0.0432
0.0456
0.0586
0.0576
0.0525
0.0490
0.0671
0.0584
0.0466
0.0661
0.0596
0.0536
0.0300
0.0270
0.0043
0.0053
0.0058
0.0056
0.0069
0.0071
0.0084
0.0086
0.0111
0.0124
0.0131
0.0169
0.0226
0.0293
0.0292
0.0382
0.0499
0.0511
0.0450
0.0591
0.0510
0.0506
0.0742
0.0544
0.0393
0.0364
0.0421
0.0144
0.0174
0.0149
0.0150
0.0182
0.0269
0.0342
0.0455
0.0635
0.0516
0.0424
0.0530
0.0497
0.0432
0.0546
0.0642
0.0640
0.0550
0.0700
0.0676
0.0515
0.0577
0.0758
0.0703
0.0748
0.0682
0.0717
0.0214
0.0280
0.0291
0.0270
0.0235
0.0258
0.0359
0.0462
0.0628
0.0588
0.0405
0.0552
0.0659
0.0519
0.0596
0.0759
0.0800
0.0863
0.0829
0.0725
0.0615
0.0731
0.0761
0.0664
0.0666
0.0625
0.0521
0.0123
0.0147
0.0136
0.0121
0.0141
0.0169
0.0207
0.0310
0.0501
0.0391
0.0246
0.0322
0.0376
0.0335
0.0400
0.0420
0.0512
0.0660
0.0595
0.0538
0.0391
0.0399
0.0485
0.0361
0.0305
0.0456
0.0465
0.0012
0.0014
0.0020
0.0013
0.0036
0.0060
0.0070
0.0066
0.0075
0.0123
0.0226
0.0284
0.0247
0.0252
0.0272
0.0217
0.0294
0.0318
0.0543
0.0356
0.0318
0.0298
0.0346
0.0356
0.0328
0.0318
0.0413
0.0081
0.0106
0.0147
0.0133
0.0129
0.0126
0.0139
0.0204
0.0255
0.0278
0.0289
0.0333
0.0401
0.0380
0.0417
0.0473
0.0531
0.0809
0.0606
0.0504
0.0369
0.0496
0.0602
0.0449
0.0439
0.0441
0.0476
0.0085
0.0099
0.0126
0.0111
0.0108
0.0110
0.0121
0.0191
0.0234
0.0259
0.0283
0.0321
0.0395
0.0375
0.0424
0.0476
0.0536
0.0800
0.0606
0.0502
0.0368
0.0465
0.0598
0.0449
0.0430
0.0430
0.0463
0.0170
0.0334
0.0312
0.0338
0.0311
0.0299
0.0350
0.0402
0.0479
0.0482
0.0666
0.0860
0.1004
0.0577
0.0752
0.0628
0.0615
0.0640
0.0535
0.0543
0.0682
0.0825
0.0917
0.0780
0.0601
0.0474
0.0394
0.0212
0.0251
0.0234
0.0243
0.0233
0.0332
0.0415
0.0354
0.0481
0.0461
0.0496
0.0768
0.0840
0.0778
0.0842
0.0737
0.0739
0.0820
0.0866
0.0835
0.0834
0.1031
0.1037
0.0885
0.0891
0.0880
0.1009
0.0150
0.0210
0.0192
0.0193
0.0177
0.0204
0.0284
0.0375
0.0462
0.0401
0.0321
0.0605
0.0656
0.0489
0.0594
0.0721
0.0643
0.0640
0.0571
0.0510
0.0473
0.0683
0.0660
0.0694
0.0695
0.0650
0.0704
Non-residential Structures
1973
1974
1975
1976
1977
1978
1979
1980
1981
1982
1983
1984
1985
1986
1987
1988
1989
1990
1991
1992
1993
1994
1995
1996
1997
1998
1999
0.0266
0.0311
0.0236
0.0207
0.0276
0.0394
0.0487
0.0606
0.0830
0.0669
0.0554
0.0675
0.0615
0.0518
0.0645
0.0752
0.0735
0.0632
0.0805
0.0760
0.0575
0.0640
0.0795
0.0703
0.0709
0.0609
0.0601
0.0101
0.0161
0.0123
0.0130
0.0143
0.0252
0.0307
0.0453
0.0579
0.0616
0.0303
0.0388
0.0403
0.0444
0.0609
0.0521
0.0604
0.0654
0.0588
0.0693
0.0549
0.0659
0.0731
0.0605
0.0504
0.0465
0.0479
0.0258
0.0242
0.0157
0.0218
0.0259
0.0216
0.0276
0.0394
0.0444
0.0444
0.0360
0.0473
0.0509
0.0423
0.0320
0.0486
0.0587
0.0629
0.0576
0.0473
0.0402
0.0460
0.0550
0.0499
0.0556
0.0505
0.0465
Table 3. Translog Price Indexes of capital Input
Year
1973
1974
1975
1976
1977
1978
1979
1980
1981
1982
1983
1984
1985
1986
1987
1988
1989
1990
1991
1992
1993
1994
1995
1996
1997
1998
1999
Belgium
Denmark
Germany
Greece
Spain
France
Ireland
Italy
Luxembourg
Netherlands
Austria
Portugal
Finland
Sweden
United
Kingdom
Canada
United
States
0.3934
0.4559
0.4032
0.3905
0.4622
0.5682
0.6558
0.7607
0.9568
0.8395
0.7643
0.8757
0.8390
0.7624
0.8733
0.9702
0.9666
0.8886
1.0500
1.0172
0.8680
0.9351
1.0760
1.0000
1.0136
0.9285
0.9297
0.1856
0.2727
0.2354
0.2513
0.2742
0.4123
0.4841
0.6675
0.8298
0.8923
0.5438
0.6547
0.6799
0.7379
0.9445
0.8468
0.9525
1.0190
0.9500
1.0854
0.9135
1.0561
1.1534
1.0000
0.8796
0.8364
0.8612
0.4776
0.4730
0.3847
0.4653
0.5227
0.4819
0.5648
0.7172
0.7871
0.8020
0.7116
0.8517
0.8966
0.8035
0.6864
0.8899
1.0164
1.1139
1.0391
0.9435
0.8724
0.9505
1.0629
1.0000
1.0686
1.0108
0.9661
0.0153
0.0183
0.0168
0.0175
0.0186
0.0231
0.0322
0.0561
0.0535
0.0584
0.0684
0.0713
0.0861
0.1166
0.1736
0.2030
0.2033
0.3930
0.6024
0.7087
0.8665
0.9526
0.9345
1.0000
1.1162
1.4299
1.3411
0.0770
0.0941
0.1036
0.1060
0.1417
0.2550
0.2061
0.2662
0.3135
0.4162
0.4515
0.6073
0.4471
0.6067
0.5204
0.8976
1.2508
1.2810
1.0248
1.0397
0.8529
1.1558
1.5190
1.0000
0.8965
0.9118
0.8814
0.2060
0.2788
0.2663
0.2650
0.3036
0.3219
0.3347
0.3953
0.6145
0.6822
0.6422
0.5887
0.6632
0.6965
0.7844
0.8594
0.9464
1.0585
1.0456
1.0305
0.9387
1.0217
1.0515
1.0000
0.9653
0.9208
0.9540
0.1041
0.1632
0.1996
0.1649
0.2043
0.2518
0.3501
0.3415
0.3988
0.3995
0.4421
0.4647
0.7010
0.7707
0.7928
0.9698
0.9672
0.8652
0.8249
1.0648
0.9701
0.8110
1.0828
1.0000
0.9227
0.5967
0.5582
0.0921
0.1142
0.1307
0.1329
0.1589
0.1729
0.1975
0.2004
0.2513
0.2833
0.3092
0.3694
0.4542
0.5459
0.5537
0.6769
0.8385
0.8733
0.8195
1.0085
0.9156
0.9198
1.2390
1.0000
0.8195
0.7967
0.8919
0.2090
0.2503
0.2304
0.2449
0.2780
0.3835
0.4742
0.6136
0.8102
0.6916
0.5890
0.7161
0.6750
0.6140
0.7509
0.8662
0.8686
0.7700
0.9505
0.9284
0.7467
0.8228
1.0458
1.0000
1.0739
1.0201
1.0884
0.3813
0.4583
0.4873
0.4792
0.4567
0.4875
0.5943
0.7035
0.8799
0.8590
0.6905
0.8449
0.9389
0.8235
0.9052
1.0681
1.1141
1.1769
1.1472
1.0484
0.9394
1.0521
1.0878
1.0000
1.0098
0.9786
0.8797
0.3960
0.4483
0.4405
0.4354
0.4841
0.5386
0.5959
0.7475
1.0094
0.8973
0.7262
0.8389
0.9179
0.8753
0.9621
0.9906
1.1127
1.3027
1.2353
1.1819
1.0124
1.0285
1.1411
1.0000
0.9398
1.1389
1.1645
0.0341
0.0394
0.0504
0.0410
0.0956
0.1491
0.1800
0.1841
0.2153
0.3109
0.5283
0.6783
0.6307
0.7113
0.7857
0.7063
0.8650
0.8811
1.2724
0.9267
0.8722
0.8749
0.9724
1.0000
0.9630
0.9569
1.1355
0.1932
0.2430
0.3278
0.3204
0.3313
0.3475
0.3828
0.4974
0.5845
0.6361
0.6753
0.7740
0.8721
0.8433
0.9133
0.9810
1.0948
1.5164
1.2098
1.0892
0.9164
1.1278
1.2412
1.0000
0.9891
0.9931
1.0510
0.2034
0.2307
0.2754
0.2785
0.2936
0.3156
0.3441
0.4564
0.5187
0.5649
0.6242
0.6766
0.7714
0.7738
0.8366
0.9039
0.9695
1.2701
1.1073
1.0409
0.9252
0.9982
1.1687
1.0000
0.9857
0.9940
1.0428
0.2036
0.3407
0.3550
0.3978
0.4010
0.4066
0.4670
0.5307
0.6135
0.6169
0.7742
0.9199
1.0384
0.7137
0.8723
0.7941
0.8062
0.8433
0.7480
0.7505
0.8804
1.0151
1.1155
1.0000
0.8394
0.7196
0.6441
0.2475
0.2857
0.2935
0.3007
0.3032
0.3965
0.4751
0.4636
0.5796
0.5747
0.6016
0.8101
0.8581
0.8326
0.8673
0.7860
0.7956
0.8553
0.9002
0.8880
0.8981
1.0672
1.1042
1.0000
1.0156
1.0334
1.1457
0.2343
0.3009
0.3120
0.3290
0.3286
0.3649
0.4529
0.5542
0.6595
0.6296
0.5717
0.8370
0.8762
0.7236
0.8116
0.9265
0.8746
0.8816
0.8351
0.7974
0.7724
0.9729
0.9616
1.0000
0.9970
0.9466
0.9894
Table 4. Capital Input (Millions of 1996 National Currencies Except Italy Billions of National Currencies)
Year
Belgium
Denmark
Germany
Greece
Spain
France
Ireland
Italy
Luxembourg
Netherlands
Austria
Portugal
Finland
Sweden
United
Kingdom
Canada
United
States
1973
1974
1975
1976
1977
1978
1979
1980
1981
1982
1983
1984
1985
1986
1987
1988
1989
1990
1991
1992
1993
1994
1995
1996
1997
1998
1999
22079
23657
24797
25169
26188
27105
28563
29334
29854
29660
29804
30054
30326
30474
30627
31036
31303
31621
32381
32172
32048
31569
31161
30799
30439
30076
29709
8288
9261
10211
11072
12056
13076
14028
15015
15373
15351
15335
15206
15258
15537
15681
15628
15450
15465
15600
15493
15410
15297
15209
15160
15115
15081
15073
18884
19254
19374
19491
19697
20036
20415
20749
20881
20813
20722
20786
20716
20627
20502
20371
20310
20349
20470
20591
20595
20371
20173
19973
19745
19514
19306
432345
456987
473050
493161
510913
528903
537483
547249
549174
548326
546257
543985
552780
561602
552760
540833
532337
526404
522045
517237
512916
508417
504096
498217
490995
482802
473909
1058612
1124366
1186955
1238022
1275862
1302495
1320316
1321588
1307718
1273807
1253396
1226426
1210192
1192437
1180015
1177471
1183024
1191196
1200014
1203567
1197274
1186964
1178581
1171512
1164391
1158310
1154291
40594
44101
47429
49918
52223
53270
54453
55694
56560
57423
58090
58264
58307
58016
57372
57095
57284
58029
58864
59063
58748
58089
57815
57614
57499
57494
57729
557
606
619
626
668
715
757
799
817
850
863
864
863
860
850
850
859
878
904
912
923
918
919
927
941
960
986
17172
17895
18620
19360
20409
21407
22259
23163
24393
25307
25978
26487
26976
27446
27889
28292
28915
29463
29803
30023
30202
30206
30326
30443
30515
30534
30589
4974
5086
5170
5223
5203
5117
5143
5144
5120
5099
5149
5198
5171
5096
4981
4916
4878
4860
4839
4837
4834
4847
4831
4792
4728
4640
4535
3063
3351
3604
3747
3910
4210
4574
4969
5181
5335
5484
5698
5792
5909
6085
6158
6301
6504
6722
6904
7033
7061
7071
7120
7180
7262
7381
10548
10880
11183
11522
11900
12400
12782
13071
13201
13239
13948
14777
15521
16296
16830
17296
17754
18191
18822
19353
19670
19891
20200
20460
20660
20813
20935
29065
32617
36904
41949
46227
50705
54038
58004
62130
65647
68192
69620
70846
71727
76126
81374
88909
95322
102378
109290
116495
122607
128835
135499
142695
150401
158278
6958
7193
7392
7624
7839
7986
8084
8234
8450
8638
8859
9036
9175
9316
9379
9385
9395
9485
9517
9377
9066
8731
8466
8267
8118
8025
7977
8851
8775
8680
8697
8764
8835
8816
8774
8837
8948
9104
9245
9418
9537
9556
9614
9763
10002
10093
9981
9792
9555
9403
9282
9179
9080
8992
2303
2371
2396
2397
2404
2409
2424
2404
2352
2283
2245
2231
2210
2158
2142
2123
2150
2170
2166
2125
2093
2080
2042
2009
1983
1962
1951
5511
5849
6261
6775
7325
7770
8184
8681
8964
9187
9183
9079
8962
8649
8304
7967
7623
7292
6937
6614
6311
6137
5962
5822
5694
5669
5630
33949
35412
36632
37287
38245
39062
40278
41463
41558
40976
39547
38059
36597
34663
32725
31416
30260
29396
28704
27848
26960
26201
25477
24789
24320
24058
23961
Table 5. Purchasing Power Parities for Capital Input (National Currencies per U.S. Dollar)
Year
1973
1974
1975
1976
1977
1978
1979
1980
1981
1982
1983
1984
1985
1986
1987
1988
1989
1990
1991
1992
1993
1994
1995
1996
1997
1998
1999
Belgium
63.813
57.585
49.108
45.108
53.448
59.175
55.020
52.157
55.129
50.668
50.804
39.756
36.388
40.036
40.889
39.793
41.993
38.306
47.780
48.473
42.701
36.523
42.521
38.000
38.635
37.274
35.707
Denmark
6.470
7.404
6.163
6.239
6.817
9.231
8.731
9.838
10.277
11.577
7.770
6.390
6.339
8.330
9.507
7.466
8.896
9.442
9.293
11.119
9.661
8.867
9.798
8.169
7.207
7.218
7.110
Germany
3.095
2.387
1.872
2.147
2.415
2.005
1.893
1.965
1.812
1.934
1.890
1.545
1.554
1.686
1.284
1.458
1.764
1.918
1.889
1.796
1.715
1.483
1.678
1.518
1.627
1.621
1.482
Greece
23.443
21.788
19.291
19.070
20.284
22.625
25.417
36.232
29.051
33.226
42.847
30.516
35.194
57.676
76.605
78.447
83.229
159.617
258.296
318.239
401.714
350.596
348.007
358.079
400.910
540.893
485.376
Spain
37.673
35.856
38.068
36.946
49.447
80.131
52.180
55.086
54.514
75.810
90.558
83.205
58.512
96.151
73.525
111.096
163.986
166.628
140.726
149.519
126.618
136.228
181.150
114.674
103.123
110.460
102.161
France
5.022
5.292
4.875
4.600
5.276
5.038
4.219
4.073
5.320
6.187
6.415
4.016
4.322
5.496
5.519
5.297
6.178
6.856
7.149
7.379
6.940
5.996
6.244
5.710
5.529
5.555
5.506
Ireland
0.241
0.294
0.347
0.271
0.337
0.374
0.419
0.334
0.328
0.344
0.419
0.301
0.433
0.577
0.529
0.567
0.599
0.532
0.535
0.723
0.680
0.452
0.610
0.542
0.501
0.341
0.306
Italy
582.032
562.283
620.683
598.510
716.039
701.753
645.750
535.502
564.358
666.636
801.046
653.754
767.854
1117.539
1010.666
1082.280
1419.979
1467.359
1453.638
1873.357
1755.961
1400.408
1908.526
1481.253
1217.530
1246.654
1335.247
Luxembourg
33.730
31.465
27.931
28.148
31.997
39.743
39.597
41.872
46.459
41.543
38.962
32.354
29.133
32.089
34.990
35.356
37.557
33.031
43.045
44.030
36.557
31.983
41.131
37.818
40.735
40.755
41.601
Netherlands
3.553
3.326
3.410
3.180
3.034
2.917
2.865
2.771
2.913
2.979
2.637
2.204
2.339
2.484
2.435
2.517
2.781
2.914
2.999
2.870
2.655
2.361
2.470
2.183
2.211
2.257
1.941
Austria
13.091
11.541
10.937
10.251
11.410
11.432
10.191
10.446
11.855
11.039
9.838
7.763
8.114
9.370
9.182
8.281
9.853
11.445
11.458
11.479
10.152
8.188
9.191
7.745
7.301
9.319
9.116
Portugal
17.249
15.495
19.125
14.747
34.457
48.414
47.074
39.355
38.680
58.506
109.464
96.004
85.266
116.449
114.683
90.310
117.154
118.408
180.497
137.664
133.767
106.527
119.790
118.463
114.428
119.752
135.959
Finland
3.312
3.246
4.221
3.913
4.050
3.826
3.396
3.606
3.561
4.059
4.746
3.715
3.999
4.682
4.521
4.254
5.029
6.911
5.820
5.488
4.767
4.657
5.186
4.018
3.986
4.215
4.268
Sweden
5.881
5.195
5.981
5.736
6.052
5.860
5.147
5.579
5.328
6.079
7.398
5.476
5.964
7.245
6.984
6.609
7.509
9.761
8.984
8.843
8.115
6.951
8.234
6.775
6.698
7.114
7.140
United
Kingdom
0.677
0.882
0.886
0.941
0.950
0.867
0.803
0.745
0.724
0.763
1.054
0.856
0.923
0.768
0.837
0.667
0.718
0.745
0.697
0.733
0.887
0.812
0.903
0.778
0.655
0.592
0.507
Canada
1.700
1.528
1.514
1.471
1.485
1.749
1.688
1.346
1.414
1.469
1.693
1.558
1.576
1.852
1.720
1.365
1.464
1.561
1.735
1.792
1.871
1.765
1.848
1.609
1.639
1.757
1.864
United
States
1.000
1.000
1.000
1.000
1.000
1.000
1.000
1.000
1.000
1.000
1.000
1.000
1.000
1.000
1.000
1.000
1.000
1.000
1.000
1.000
1.000
1.000
1.000
1.000
1.000
1.000
1.000
Table 6. Value of Capital Services, 1973-1999 (Millions of U.S. Dollars)
Year
Belgium
Denmark
Germany
Greece
Spain
France
Ireland
Italy
Luxembourg
Netherlands
Austria
Portugal
Finland
Sweden
United
Kingdom
Canada
United
States
1973
1974
1975
1976
1977
1978
1979
1980
1981
1982
1983
1984
1985
1986
1987
1988
1989
1990
1991
1992
1993
1994
1995
1996
1997
1998
1999
136
187
204
218
226
260
340
428
518
491
448
662
699
580
654
757
721
734
712
675
651
808
789
810
799
749
774
238
341
390
446
485
584
778
1019
1241
1183
1073
1558
1637
1376
1558
1773
1654
1669
1595
1512
1457
1822
1790
1856
1845
1748
1826
2914
3816
3981
4223
4264
4816
6091
7575
9071
8631
7803
11460
11957
9831
10960
12432
11701
11816
11260
10816
10478
13055
12777
13156
12967
12167
12582
283
384
412
453
469
539
680
847
1011
964
872
1272
1353
1135
1253
1399
1300
1296
1217
1152
1106
1381
1354
1391
1367
1276
1309
2163
2950
3229
3552
3656
4145
5215
6387
7521
6994
6249
8952
9247
7524
8351
9513
9023
9157
8739
8369
8064
10070
9883
10216
10123
9561
9959
1666
2324
2591
2876
3005
3404
4319
5405
6533
6331
5816
8540
8947
7352
8154
9264
8774
8959
8608
8248
7947
9897
9736
10090
10039
9531
10003
241
336
356
380
406
481
633
817
995
987
910
1335
1397
1149
1274
1453
1387
1429
1393
1343
1316
1648
1631
1711
1732
1677
1801
2716
3635
3922
4300
4528
5273
6806
8666
10861
10756
10026
14967
15957
13407
15280
17696
17074
17535
16802
16162
15749
19840
19687
20552
20539
19513
20432
31
40
43
45
45
49
62
75
89
85
78
115
120
97
107
120
113
113
107
102
99
125
123
127
125
116
119
329
462
515
565
589
704
949
1261
1565
1539
1436
2185
2325
1958
2262
2614
2524
2626
2571
2522
2488
3147
3114
3262
3279
3149
3345
319
423
450
489
505
584
747
935
1124
1076
1029
1597
1756
1522
1763
2069
2005
2070
2029
1992
1962
2498
2508
2642
2659
2544
2674
57
83
97
116
128
156
207
271
346
349
329
492
524
438
522
636
656
709
722
736
760
1007
1046
1144
1201
1202
1322
406
539
574
624
641
725
911
1136
1387
1354
1261
1883
2001
1678
1895
2164
2045
2081
1978
1861
1743
2114
2026
2058
2015
1891
1965
306
390
400
422
425
476
589
718
860
832
768
1142
1218
1019
1145
1315
1260
1301
1244
1175
1116
1372
1335
1370
1351
1269
1313
693
916
960
1013
1015
1129
1410
1712
1993
1847
1649
2399
2488
2006
2233
2527
2416
2457
2324
2177
2077
2599
2523
2581
2540
2386
2480
802
1093
1214
1385
1496
1762
2303
2989
3674
3594
3262
4722
4880
3889
4188
4587
4143
3994
3600
3277
3029
3710
3563
3618
3528
3335
3461
7954
10654
11428
12266
12568
14254
18244
22979
27408
25799
22609
31855
32066
25082
26559
29107
26467
25914
23970
22206
20824
25491
24498
24789
24247
22773
23707
Table 7. Value of Capital Services, 1973-1999 (Millions of 1996 U.S. Dollars)
Year
Belgium
Denmark
Germany
Greece
Spain
France
Ireland
Italy
Luxembourg
Netherlands
Austria
Portugal
Finland
Sweden
United
Kingdom
Canada
United
States
1973
1974
1975
1976
1977
1978
1979
1980
1981
1982
1983
1984
1985
1986
1987
1988
1989
1990
1991
1992
1993
1994
1995
1996
1997
1998
1999
581
623
653
662
689
713
752
772
786
781
784
791
798
802
806
817
824
832
852
847
843
831
820
810
801
791
782
1015
1134
1250
1355
1476
1601
1717
1838
1882
1879
1877
1862
1868
1902
1920
1913
1891
1893
1910
1897
1886
1873
1862
1856
1850
1846
1845
12439
12683
12761
12838
12974
13198
13447
13668
13754
13709
13649
13692
13646
13587
13505
13419
13378
13404
13483
13564
13566
13419
13288
13156
13006
12854
12717
835
859
872
890
909
935
953
975
987
994
998
1001
1017
1034
1022
1003
990
980
972
961
951
940
928
913
894
872
847
9232
9805
10351
10796
11126
11358
11514
11525
11404
11108
10930
10695
10553
10399
10290
10268
10316
10388
10465
10496
10441
10351
10278
10216
10154
10101
10066
7109
7723
8306
8742
9146
9329
9536
9753
9905
10056
10173
10203
10211
10160
10047
9999
10032
10162
10309
10343
10288
10173
10125
10090
10069
10069
10110
1028
1118
1142
1156
1234
1319
1397
1475
1508
1568
1592
1595
1594
1588
1569
1569
1586
1621
1668
1684
1703
1694
1697
1711
1737
1772
1821
10809
11278
11723
12197
12877
13499
14016
14564
15362
15956
16379
16695
16996
17283
17551
17791
18178
18513
18708
18820
18904
18871
18913
18954
18963
18937
18941
132
134
137
138
138
135
136
136
135
135
136
137
137
135
132
130
129
129
128
128
128
128
128
127
125
123
120
1403
1535
1651
1717
1791
1928
2095
2276
2373
2444
2512
2610
2653
2707
2787
2821
2886
2979
3079
3163
3222
3234
3239
3262
3289
3327
3381
1362
1405
1444
1488
1536
1601
1650
1688
1704
1709
1801
1908
2004
2104
2173
2233
2292
2349
2430
2499
2540
2568
2608
2642
2667
2687
2703
245
275
312
354
390
428
456
490
524
554
576
588
598
605
643
687
751
805
864
923
983
1035
1088
1144
1205
1270
1336
1732
1790
1840
1898
1951
1988
2012
2049
2103
2150
2205
2249
2284
2319
2334
2336
2338
2361
2369
2334
2257
2173
2107
2058
2021
1998
1986
1306
1295
1281
1284
1294
1304
1301
1295
1304
1321
1344
1365
1390
1408
1411
1419
1441
1476
1490
1473
1445
1410
1388
1370
1355
1340
1327
2959
3045
3078
3080
3089
3095
3113
3088
3021
2933
2884
2866
2839
2772
2751
2728
2762
2787
2783
2730
2689
2672
2623
2581
2548
2521
2506
3424
3634
3890
4210
4552
4828
5086
5394
5570
5708
5706
5641
5569
5374
5160
4951
4736
4531
4311
4110
3921
3813
3705
3618
3538
3523
3498
33949
35412
36632
37287
38245
39062
40278
41463
41558
40976
39547
38059
36597
34663
32725
31416
30260
29396
28704
27848
26960
26201
25477
24789
24320
24058
23961