__Ps  A013
POLICY RESEARCH WORKING PAPER   2013
A New  Database on                                                   Documentation for a new
cross-country database on
Investment and  Capital                                              agricultural investment and
for Agriculture and                                                  capital, along with
comrpatible measures for
Manufacturing                                                        manufacturing arid
aggregate investment and
capital.
Al Crt,go
Donzald Larsoi
Rita Bitzer
Yair Munidlak
The World Bank
Developnmenit Researclh Group
Rural Development
Noveim]ber 1998



| POLICY RESEARCH WORKING PAPER 2013
Summary findings
In this paper, Crego, Larson, Butzer, and Mundlak               for electronic diistribution and will soon be posted on the
document a new database on sectoral investment and             World Wide Web.
capital, providing details about sources of investment            They broadly define agricultural capital and calculate
data and the method used to convert those data series           separate series for fixed capital as well as capital
into capital stock series.                                      embodied in livestock and treestock.
They also provide a copy of the computer program
used to implement the method. The data set is available
This data set - a product of Rural Development, Development Research Group - was developed as part of a larger study
of the determinants of agricultural growth. This paper was designed as a reference that the authors hope will encourage
others to make use of the data and expand its content. Companion papers by the authors discuss alternative methods and
discuss the connection between capital accumulation and growth. The study was funded by the Bank's Research Support
Budget under the research project "Total Investment, Agricultural Investment, and Investment in Manufacturing" (RPO
680-50). Copies of this paper are available free from the World Bank, 1818 H Street NW, Washington, DC 20433. Please
contact Pauline Kokila, room MC3-544, telephone 202-473-3716, fax 202-522-1150, Internet address
pkokila@worldbank.org. Donald Larson may be contacted at dlarson@worldbank.org. November 1998. (55 pages)
The Policy Researcb Working Paper Sedies disseminates the finditgs of iork in progres n to encourage the exchange of ideas about
development issues. An objective of the series is to get the findings out q,uickly, even if the presentations are less than fully polished. The
papers carry the names of the authors and sbould be cited accordingly. The findings, interpretations, and conclusions expressed in this
paper are entirely those of the authors. They do not necessarily represent the view of the Wlorld Bank, its Executive Directors, or the
countries they represent.
Produced by the Policy Research Dissemination Center



A NEW DATABASE ON INVESTMENT AND CAPITAL FOR. AGRICULTURE AND
MANUFACTURING
Al Crego, Donald Larson, Rita Butzer, and Yair Mundlak
Yair Mundlak is a professor emeritus in the Economics Departmnent, University of
Chicago and the Hebrew University of Jerusalem; Donald Larson is an economist with
the World Bank's Research Group; Al Crego and Rita Butzer are both consultants with
the World Bank. The authors would like to thank Eldon Ball for his comments on earlier
drafts. This research was conducted at the World Bank as part of a larger research effort
on the determinants of agricultural growth (RPO 680-50).



Summary findings
This paper presents a new data base for sectoral investment and capital. The paper
documents in detail sources of investment data and the method used to convert those
series into capital stock series. A copy of the computer program used to implement the
method is given as well. Agricultural capital is broadly defined and separate series are
calculated for fixed capital, and capital embodied in livestock, and treestock.
The construction of the data set was part of a larger research effort to examine the
determinants of growth in agriculture. Companion papers by t]he authors discuss
alternative methods and discuss the connection between capital accumulation and
growth. This paper is designed as a reference that will hopefully encourage others to
make use of the data and expand its content. The data set is available for electronic
distribution and will soon be posted on the World Wide Web. Currently copies can be
requested by contacting Donald Larson at dlarson@worldbank.org.
i



Table of Contents
Introduction                                                                           1
Structure of the series                                                                2
Fixed Capital                                                                        2
Livestock Capital                                                                    7
Orchard or Tree Capital                                                              8
Choice of deflators                                                                    9
Country and time coverage                                                              9
Conclusion                                                                            11
Data Sources                                                                          12
Bibliography                                                                            55
. .



A NEW DATABASE ON INVESTMENT AND CAPITAL FORt AGRICULTURE AND
MANUFACTURING
Al Crego, Donald Larson, Rita Butzer, and Yair Mundlak
INTRODUCTION
The purpose of this paper is to document a new cross-country database for
agricultural investment and capital, along with compatible measures for manufacturing
and aggregate investment and capital. Developed as part of a larger research project on
the determinants of agricultural growth, the database fills what we see as a long-standing
need to measure a primary determinant of economic production in a methodologically
consistent way. A somewhat similar effort for a smaller group of countries was taken
also by Ball et al (1993).
The paper reports the data sources used and the methods employed in calculating
the capital series. A forthcoming companion paper will provide a description of the
economic characteristics of the data set and will compare the resulting series with those
generated by alternative methods. Related papers employing thte data for analysis include
Mundlak, Larson, and Crego (1997), Mundlak, Larson and Butzer (1997a) and Martin
and Mitra (1996).
This paper is organized as follows. The body of the report discusses the methods
used to convert measures of fixed investment, livestock investment and investments in
orchards into measures of capital. There is an elaborate literature on the subject, but we
chose not survey it here, because the procedure is in essence familiar. The purpose of our
discussion is to outline the essential conceptual background for the decisions that had to
be made in the construction of the series. Ball et al (1993) provide an eclectic discussion
of the literature on some of the pertinent topics. The final section discusses the country
and time coverage for the capital series as well as the investment series used as input for
the fixed capital calculations. Annex I is a comprehensive list of sources for the data on
deflators and investment in the agricultural and manufacturing sectors, as well as for the
economy as a whole. Annex II gives the computer program, wiitten in SAS and used to



calculate the capital series. A spreadsheet file containing the data is available for
electronic dissemination. Please contact DLarson@WorldBank.org.
STRUCTURE OF THE SERIES
The series of overall agricultural capital presented here consists of three
components: fixed capital, livestock, and orchards. These components account for most
of agricultural capital.' As described in the United Nations System of National
Accounts, fixed capital investment does not include direct investment in livestock or
trees. Therefore, each of these components is computed separately. In addition we
present a series for fixed capital in manufacturing and for the economy as a whole.
The construction of the fixed capital series is based on aggregate national
accounts investment data. This construction requires the integration of the investment
data to obtain capital stocks. On the other hand, the initial data for livestock and
orchards are basically stock data for individual components. The construction of the
aggregate series requires the aggregation of the different components. We turn now to
describe the methods followed for each type of capital. The computer program in Annex
II provides the details.
Fixed Capital
Let It be the investment made during year t, Kt be the capital stock at the end of
year t and 6 be the depreciation rate. Then, the capital formation is given by
Kt+1 (I (- 6) Kt + It
Substituting back in time to an initial period, 0, we obtain
K, = (lI-)t Ko +    (l_)t-iI
i=1
1 Other components are not covered by the series such as changes in inventory or on-
farm land improvements.
2



To construct the series { Kt } we need the depreciation rate and the initial capital
stock, both of which are unknown and have to be estimated. We now discuss their
calculation.
There are two concepts of capital of immediate interest in most economic
analyses: physical productivity and value. Physical productivity indicates the potential
contribution of the asset to current production. It can be measured relative to the initial
productivity at the time of the purchase. The difference between the initial and the
current productivity is the accumulated physical depreciation. Dividing the depreciation
by the initial productivity gives the accumulated productivity depreciation inr relative
terms (with the initial productivity set at unity).
The value of the asset is the present value of the expected flow of net value output
emanating from the use of the asset from the present to the end of its life. The
accumulated depreciation is the difference between the initial value at the time of
acquisition and the current value. Dividing the depreciation by the initial value gives the
accumulated value depreciation in relative terms (with the initial value set at unity).
The concept of physical productivity is relevant for productivity analysis, or
estimation of a production function. The value concept is pertinent to decisions on the
ownership of the asset because it allows for the comparison at any time of its value in
production with its market value. When the latter is higher, it is profitable to sell the
asset. This is the essence of capital theory, and it applies to a machine as it applies to the
time of selling stored wine or the cutting of a tree.
The time path of the productivity and the value of an asset are in general quite
different because the productivity is related to the performance in a given period whereas
the value covers more than one period. This is best illustrated in Figure 1, taken from
Ball et al. (1993), for the case of a "one hoss shay" capital asset, such as a light bulb.
The relative productivity remains constant at the initial value for the lifetime of the asset.
Once the asset reaches the end of its lifetime (after L units of use), the productivity drops
to zero. Plotting the asset's productivity versus its time in use yields a concave path,
ADL.
3



Figure 1: "One hoss shay" capital assets
Physical Efficiency,
Remaining Asset Value
ax
.B
a2
* Time in
0   1      2              L    Use
The value is determined by the following components:
1. the physical productivity of the asset at each point in time for the remaining life,
2. the expected price of the asset's net product,
3. a discount factor, and
4. the number of remaining years of service left for the asset.
In what follows, expected prices are taken to be constant, and thus the value time
path depends on the decline in future performance due to the passage of time and the
expected length of the remaining life. To illustrate, assume an asset of life length L that
produces x dollars a year. Ignoring discounting, the value of the asset depreciates by x
dollars with each year of use, and after j years of use the value is (L-j)x dollars. This
value falls linearly with time along the line segment AL in Figure 1. When we also
discount the future returns from the asset, the value path changes to the graph ABCL
which falls below the path AL of the undiscounted value. The depreciation along this
path reflects the decline in both the productivity of the asset and the discounted future
returns. Consequently, the path ABCL, can be convex even when the productivity path
is not.
To trace the behavior of the value over time, let the discount rate be or and the
L
value of capital at the end of period 0: V0 =   x' xi . I'o simplify, assume xi = x for all
i=l
i and write:
VO= ax+ a2x+...+ aLx
4



ax+Vl
a x +  2x + V2
where Vj is the value, taken at period 0, of the income stream after j periods of use, or
simply of an asset of age j. We can draw the value path to trace Vj as a function of j (the
time use of the asset). For nontrivial discounting ( a <1), we obtain V1 - V2 < VO - V1
so that the value path is convex, as illustrated by the curve ABCL. In the extreme case of
no discounting, a =1 and the path follows a straight line. This is an upper bound for the
value curve, implying that, unlike the productivity path, it cannot be strictly concave.
Our procedure is to use the productivity depreciation, but the question is at what
rate. The "one hoss shay" is an extreme case in the sense that the productivity does not
decline throughout the use of the asset. More generally, the productivity of the asset
depreciates with time and thus follows a concave curve. In this case, the path of the
relative productivity at age j, Sj, can be formulated by (Ball et al, 1993):
Sj = (L - j)/(L - jj) , 0 < j < L
Sj =0, j 2L .
where, L is the lifetime of the asset, , is a parameter bounded from above by one in order
to restrict the productivity to be nonnegative. When new, the asset has a relative
productivity of unity; when the asset expires at L, its relative productivity becomes zero,
for 0<j<L, dSj/dj = L(,B - 1)/(L - 1j)2 < 0, indicating that the productivity falls with age
(use). With a "one hoss shay" asset, 13 is unity and the produclivity is unchanged for j<L,
and when j=L, the derivative is undefined. In general, the speed of the change in the
depreciation with age depends on the sign of curvature parameter .:
> 0, /A< °1
d2S /dj2 = 2L,/(,8 - 1)/(L -/t)3   <  0, 1 > / >  0
= 0, A =1 I
If P is positive but less than unity, d2Sj/dj2 < 0, the depreciation accelerates with
time (use) and the productivity curve is concave . Conversely, when P is negative, the
productivity curve is convex.
5



In addition to the curvature parameter, the depreciation path depends also on the
life span of the asset. Figure 2 illustrates the dependence of the productivity patterns on
the parameters in question. It is drawn for the parameters used by Ball et al. for buildings
and agricultural machinery: ,=0.75, L=38 years for buildings and P=0.50, L=9 years for
machinery.2 These are the values they used to construct their data on agricultural capital
which are based on data disaggregated into two categories: buildings and machinery.
The data sources that we used do not provide any information on individual components
(see Annex I for data sources). Thus the parameter values have to be chosen accordingly.
A detailed discussion of the assumption of service lives in calculating capital stocks is
given by Blades (1983). Judging the available evidence we used the following
parameters (Table 1).
Table 1: Parameters used to generate capital stoks from investment data
Parameter           Agriculture   Manufacturing   Total Investment
Decay                   0.70            0.70              0.70
Mean service life     20 years        15 years          20 years
Standard deviation     8 years         6 years           8 years
2 Different capital goods have different decay parameters and different lengths of service
life. Also, within each group, these two parameters may be stochastic. To aggregate such assets
with different parameters, their distribution has to be established or, less desirable but more
practical, to be assumed. The aggregation is then based on the assumed distribution. We do not
have investment figures by disaggregated goods and will therefore ignore this topic of
aggregation.
3 Blades (1983) reports average service lives by type of asset and sector for OECD countries
along with the sources of the data. For machinery and equipment in manufacturing, the average
service lives range from 10-33 years.
6



Figure 2: Effects of depreciation on physical efficiency
Physical Efficiency,
Remaining Asset Value
\, =0.75
Time in
LM           LB       Use
Using the values in Table 1, we aggregate the investment of different ages to
obtain the capital stock accumulated over the period covered by the data. To complete
the procedure, we need a value of the initial stock Ko. Our procedure has been to generate
invesment data going back to 1913 rather than attempting to seed an initial value of
capital. For the sample period, for each country, we regress the log of the ratio of
investment to output on time. We then use the regression to "backcast" to 1913 this ratio,
and use the output data to generate the needed investment data. Missing output data were
similarly filled. In so doing, we introduce a probability distribution of actual service
lives, leading to a distribution of productivity curves. The aggregation was done over
investment of different ages and different productivity curves.
Livestock Capital
A considerable amount of agricultural capital is embodied in livestock herds.
Herd sizes are monitored and reported by FAO. The values of stocks change constantly
with the prevailing markets for meat and breeding stocks. Ideally observations on live
animal sales prices would be used to value local herds, but these data were not
7



consistently available. In their stead, we used regional export unit values, based on FAO
trade data to value domestic herds. Separate prices were calculated for cattle, sheep,
pigs, poultry, etc. for each region by dividing regional dollar export values by regional
export quantities. These unit prices were then applied to national herd statistics for each
category of livestock. Dollar exchange rates were used to calculate nominal stock values
in local currency.
Orchard or Tree Capital
Another significant investment in agriculture is represented by standing orchards,
plantations, and smallholder trees. For some countries such as Indonesia, investments in
palm oil, rubber and coconut trees represent a significant portion of agricultural capital.
Similarly, coffee trees in Uganda represent a large share of agricultural investment.
Still, a lack of price and quantity data constrains the ease with which orchard
capital can be estimated. There are no direct prices available for whole, productive trees.
Neither are there data on quantities of trees. Available data, however, have been used in
this paper to glean an indirect measure of the value of orchards. The methodology relies
upon two pieces of information: the value of production and land area. The FAO
maintains data that cover, for countries' major tree crops, area harvested by crop. The
value of a tree in any period is the discounted stream of future revenues that it will yield
through production, less production costs. Yield, in terms of revenue, is available by
crop from the FAO. So, therefore, is yield per acre. The net revenue associated with
each acre of tree crops is imputed forward in time (with discounting) and, when
aggregated, taken as the value of capital in the form of trees.
Because trees die, future production capacity is limited. For some countries and
some crops, it is possible to use historical planting data to discern the age of different
cohorts of trees. (For example, the International Rubber Studies Group recently
established a remarkable series on rubber plantings spanning the current century.) For
our work, however, a simplifying assumption is made that at any point in time the
average tree is halfway through its assumed lifetime. The assumed lifetime of trees can be
easily adjusted within the computer program. A crucial assumption, however, is made
8



in moving from revenue per acre to profit per acre. The value of an acre of trees, of
course, hinges on the profit that the acre will generate. There are no known, widely
applicable estimates to account for per-acre production costs of countries' various types
of tree crops. Again, a simplifying assumption is made that production costs represent
about 80 percent of export value.
CHOICE OF DEFLATORS
Raw data on livestock and treestocks were reported in nominal US dollars, while
data on investment in fixed capital were generally reported in nominal local currency
units. For fixed capital calculations, nominal investment was converted to constant 1990
prices, using country specific investment deflators when they wvere available. More
frequently, however, economy-wide GDP deflators were utilized. Investment in constant
local currency was used to generate fixed capital of the same denomination. The
aggregation of fixed capital with livestock and treestocks was done in nominal US
dollars. For this purpose, fixed capital in nominal local currency units was converted to
nominal US dollars using the relevant exchange rates. This wats added to the nominal
dollar values of livestock and treestocks, resulting in total nominal agricultural capital.
Finally, US GDP deflators were used to convert the data into 1990 US dollars. All
deflators and exchange rates used in the project are included with the investment and
capital series.
COUNTRY AND TIME COVERAGE
The following countries are included in the investment data set: Argentina,
Australia, Austria, Belgium-Luxembourg, Canada, Chile, China, Colombia, Costa Rica,
Czechoslovakia (former), Cyprus, Denmark, Dominican Republic, Egypt, El Salvador,
Finland, France, Greece, Guatemala, Honduras, Indonesia, India, Ireland, Iran, Iraq,
Iceland, Israel, Italy, Jamaica, Japan, Kenya, Morocco, Madagascar, Malta, Mauritius,
Malawi, Netherlands, Norway, New Zealand, Pakistan, Peru, Philippines, Poland,
Portugal, South Africa, South Korea, Sri Lanka, Sweden, Syria, Trinidad & Tobago,
9



Tunisia, Turkey, Taiwan, Tanzania, Uruguay, United Kingdom, United States,
Venezuela, West Germany (former), and Zimbabwe.
Observations on fixed investment vary from year to year and series to series. The
investment series from Argentina begins in 1948 -- although most series begin in the
1960s. Figure 3 provides a frequency count for the fixed investment components. All
series on livestock and orchards begin in 1961 and end in 1992.
Figure 3: Observations on fixed investment
Reported investment series
60
450
140                                                U~~~~~~~~~~~~~~~~~~~ Agriculture i
'30                                                                U Manufacturing
~~~~~~~~~20 ~~~~~~~~~~~~~~~~~~~~~~~lOTotal
,I 
20-
i 10
0
The number of corresponding capital series that are estimated varies by sector and
subsector. For most of the countries, the data were deemed sufficiently complete to
estimate capital stocks for 1967 to 1992. The number of series is summarized in Table 2.
Table 2: Number of countries included in capital
stock estimates, by period.
1967-69  1970-92
Agriculture                    56       57
Tree stocks                    52       52
Livestock                      57       57
Agricultural fixed capital     56       57
Manufacturing                  53       55
Total fixed capital            56       57
10



CONCLUSION
This paper reports time series on fixed investment data and related data on
deflators and exchange rates for a large number of countries. A common method is
applied to derive sector-level capital stock estimates for fifty-five countries. Still,
numerous sources of error are possible and indeed likely. Definitions of fixed
investment, agriculture, and manufacturing differ from country to country and possibly
within countries over time. Reporting errors are likely as well. Still, the database fills a
long-standing need for a sectoral measure of one of the basic components of economic
production and a key determinant of the process of growth. Moreover, we show
elsewhere (Mundlak, Larson and Butzer, 1997b) that the resuliing capital stocks are
robust to alternative methods of calculation. At the same time, we hope and expect that
further research can extend and improve upon our initial work.
11



Annex I: Sources of Agricultural, Manufacturing and Total Fixed Investment
Data, Organized by Country
ARGENTINA
Agricultural Investment
1913-79: Mundlak, Yair, Domingo Cavallo and Roberto Domenech, Agriculture
and Economic Growth in Argentina, 1913-84, International Food
Policy Research Institute, Research Report 76, 1989.
1980-92: Direct correspondence of Yair Mundlak with Domingo Cavallo.
Total Investment
1913-84: Mundlak, Yair, Domingo Cavallo and Roberto Domenech, Agriculture
and Economic Growth in Argentina, 1913-84, International Food
Policy Research Institute, Research Report 76, 1989.
1985-92: International Financial Statistics, International Monetary Fund.
Deflator
1960-92: GDP Deflator from the International Financial Statistics, International
Monetary Fund.
AUSTRALIA
Agricultural Investmnent
1950-92: Direct correspondence with Eldon Ball (USDA-ERS).
Manufacturing Investment
1950:    Yearbook of National Accounts Statistics, 1964, United Nations.
1951-52: Norton, W.E. Australian Economic Statistics, 1949-50 to 1982-83: 1
Tables. Reserve Bank of Australia Occasional Paper No. 8A, 1984.
Data reported as new fixed capital expenditures by private enterprises.
1953-59: Australian National Accounts, National Income and Expenditure,
1953-54 to 1965-1966, Commonwealth Bureau of Census and
Statistics.
1960-62: National Accounts Statistics, 1960-71, OECD.
1963:    Yearbook of National Accounts Statistics, 1975, United Nations.
1964-72: National Accounts of OECD Countries, 1975, OECD.
1973-85: Industrial Statistics, United Nations Industrial Development
Organization.
1986-88: Australian Economic Indicators, February 1991, Australian Bureau of
Statistics. Data reported as private new capital expenditures.
1989-92: Australian Economic Indicators, December 1993, Australian Bureau
of Statistics. Data reported as private new capital expenditures.
Total Investmnent
1950-59: Official Year Book of the Commonwealth of Australia, No. 56, 1970,
Commonwealth Bureau of Census and Statistics.
1960-92: World Bank National Accounts.
Deflator
1960-92: GDP deflator from World Bank National Accounts.



data sources (continued)
AUSTRIA
Agricultural Investment
1970-79: National Accounts, 1970-1982, OECD.
1980-92: National Accounts, 1980-1992, OECD.
Manufacturing Investment
1970-72: National Accounts, 1970-1982, OECD.
1973-80: National Accounts, 1973-1985, OECD.
1981-91: National Accounts, 1981-1993, OECD.
Total Investment
1950-92: National Accounts, International Financial Statistics, International
Monetary Fund.
Deflators
Agricultural
1950-92: GDP Deflator from World Bank National Accounts.
Total
1960-92: World Bank National Accounts.
BELGwUM
Agricultural Investment and Total Investment
1953-59: Statistics of National Accounts, 1950-1961, OECD.
1960-69: National Accounts of OECD Countries, 1960-1971, OECD.
1970-79: National Accounts, 1970-1982, OECD.
1980-92: National Accounts, 1980-1992, OECD.
Manufacturing Investment
1953-54: Bulletin d'information et de documentation, 1964, Banque Nationale
de Belgique.
1955-62: Yearbook of National Accounts Statistics, 1966, United Nations.
1963-69: National Accounts Statistics, 1960-71, OECD.
1970-74: United Nations National Accounts.
1975-80: National Accounts Statistics: Main Aggregates and Detailed Tables,
1985, United Nations.
1981-92: National Accounts, 1981-1993, OECD.
Deflator
Agricultural Investment and Total Investment
1953-59: Statistics of National Accounts, 1950-1961, OECD.
1960-69: National Accounts of OECD Countries, 15'60-1971, OECD.
1970-79: National Accounts, 1970-1982, OECD.
1980-92: National Accounts, 1980-1992, OECD.
CANADA
Agricultural Investment
1950-60: Statistics of National Accounts, 1950-1961, OECD.
1961-69: National Accounts of OECD Countries, 15'60-1971, OECD.
1970-79: National Accounts, 1970-1982, OECD.
1980-92: National Accounts, 1980-1992, OECD.
13



data sources (continued)
Manufacturing Investment
1948:    The Growth of World Industry, 1938-1961, National Tables, United
Nations.
1949:    Interpolation.
1950-54: Yearbook of National Accounts Statistics, 1957, United Nations.
1955-59: Yearbook of National Accounts Statistics, 1966, United Nations.
1960-69: National Accounts Statistics, 1960-1971, OECD.
1970-80: National Accounts, 1970-1982, OECD.
1981-92: National Accounts, 1981-1993, OECD.
Total Investment
1950-78: Fixed Capital Flows and Stocks, 1926-1978, Statistics Canada.
1979:    National Accounts, 1970-1982, OECD.
1980-92: National Accounts, 1980-1992, OECD.
Deflators
Agricultural
1950-92: Direct correspondence with Eldon Ball (USDA-ERS).
Total
1950-59: GDP Deflator from International Financial Statistics, International
Monetary Fund.
1960-92: GDP Deflator from World Bank National Accounts.
CHILE
Agricultural Investment and Manufacturing Investment
1961-82: Coeymans, Juan Eduardo, and Yair Mundlak, Sectoral Growth in
Chile: 1962-82, International Food Policy Research Institute, Research
Report 95, 1993.
Total Investment
1961-82: Coeymans, Juan Eduardo, and Yair Mundlak, Sectoral Growth in
Chile: 1962-82, International Food Policy Research Institute, Research
Report 95, 1993.
1983-92: World Bank National Accounts.
Deflator
1960-92: GDP Deflator from the International Financial Statistics, International
Monetary Fund.
COLOMBIA
Agricultural Investment and Total Investment
1965-69: Cuentas Nacionales de Colombia, 1965-1986, Departamento
Administrativa Nacional de Estadisticas.
1970-87: Cuentas Nacionales de Colombia, 1970-1988, Departamento
Administrativa Nacional de Estadisticas.
1988-90: Cuentas Nacionales de Colombia, 1970-1991, Departamento
Administrativa Nacional de Estadisticas.
14



data sources (continued)
Manufacturing Investment
1963-84 & 1986: Industrial Statistics, United Nations Industrial Development
Organization.
1985 & 1989-91: International Yearbook of Industrial Statistics, 1995, United
Nations Industrial Development Organization.
1987-88: Industrial Statistics Yearbook, 1991, United Nations.
Deflators
Agricultural Investment and Total Investment
1965-69: Cuentas Nacionales de Colombia, 1965-1986, Departamento
Administrativa Nacional de Estadisticas.
1970-87: Cuentas Nacionales de Colombia, 1970-11988, Departamrento
Administrativa Nacional de Estadisticas.
1988-90: Cuentas Nacionales de Colombia, 1970-15991, Departamento
Administrativa Nacional de Estadisticas.
COSTA RICA
Agricultural Investment
1965-72: Cifras de Cuentas Nacionales de Costa Rica, Serie 1957-1972, Banco
Central de Costa Rica.
1973:    Cifras de Cuentas Nacionales de Costa Rica, Serie 1970-78, Banco
Central de Costa Rica.
1974-82: Cuentas Nacionales de Costa Rica, Serie 1973-1982, Banco Central de
Costa Rica.
1983-89: Cuentas Nacionales de Costa Rica, Banco Central de Costa Rica.
Faxed from Costa Rica. Date on publication: September 1992.
1990-91: National Accounts Statistics: Main Aggregates and Detailed Tables,
1992, United Nations.
Manufacturing Investment
(mining is included)
1965-69: Yearbook of National Accounts Statistics, 1975, United Nations.
1970-79: Yearbook of National Accounts Statistics, 1980, United Nations.
1980-84: National Accounts Statistics: Main Aggregates and Detailed Tables,
1985, United Nations.
1985-91: National Accounts Statistics: Main Aggregates and Detailed Tables,
1991, United Nations.
Total Investment
1960-72: Cifras de Cuentas Nacionales de Costa Rica, Serie 1957-1972, Banco
Central de Costa Rica.
1973:    Cifras de Cuentas Nacionales de Costa Rica, Serie 1973-82, Banco
Central de Costa Rica.
1974-81: Cuentas Nacionales de Costa Rica, Serie 1974-83, Banco Central de
Costa Rica.
1982-89: Cuentas Nacionales de Costa Rica, Banco Central de Costa Rica.
Faxed from Costa Rica. Date on publication: September 1992.
15



data sources (continued)
1990-91: National Accounts Statistics: Main Aggregates and Detailed Tables,
1992, United Nations.
Deflator
1960-92: GDP Deflator from the International Financial Statistics, International
Monetary Fund.
CYPRUS
Agricultural Investment
1953-54: Statistical Abstract, 1956, No. 2, Statistics Office, Financial
Secretary's Office, Republic of Cyprus.
1955-62: Statistical Abstract, 1962, No. 8, Republic of Cyprus.
1963-64: Statistical Abstract, 1964, No. 10, Statistics and Research Department,
Ministry of Finance, Republic of Cyprus.
1965-66: Statistical Abstract, 1967, No. 13, Statistics and Research Department,
Ministry of Finance, Republic of Cyprus.
1967-74: Yearbook of National Accounts Statistics, 1975, United Nations.
1975-77: Yearbook of National Accounts Statistics, 1978, United Nations.
1978-81: Yearbook of National Accounts Statistics, 1982, United Nations.
1982-85: National Accounts Statistics: Main Aggregates and Detailed Tables,
1991, United Nations.
1986-92: Bulletin, September 1994, Number 124, Central Bank of Cyprus.
Manufacturing Investment
1963:    The Growth of World Industry, 1971 Edition, United Nations.
1964 & 1966: Interpolation.
1965:    Yearbook of National Accounts Statistics, 1978, United Nations.
1967-72: Yearbook of National Accounts Statistics, 1975, United Nations.
1973-78: National Accounts Statistics: Main Aggregates and Detailed Tables,
1983, United Nations.
1979-81: National Accounts Statistics: Main Aggregates and Detailed Tables,
1988, United Nations.
1982-91: National Accounts Statistics: Main Aggregates and Detailed Tables,
1992, United Nations.
1992:    Industrial Statistics, 1993, Department of Statistics and Research,
Ministry of Finance, Republic of Cyprus.
Total Investment
1953-54: Statistical Abstract, 1956, No. 2, Statistics Office, Financial
Secretary's Office, Republic of Cyprus.
1955-62: Statistical Abstract, 1962, No. 8, Republic of Cyprus.
1963-64: Statistical Abstract, 1964, No. 10, Statistics and Research Department,
Ministry of Finance, Republic of Cyprus.
1965-66: Statistical Abstract, 1967, No. 13, Statistics and Research Department,
Ministry of Finance, Republic of Cyprus.
1967-72: Yearbook of National Accounts Statistics, 1975, United Nations.
1973-79: Yearbook of National Accounts Statistics, 1982, United Nations.
16



data sources (continued)
1980-85: National Accounts Statistics: Main Aggregates and Detailed Tables,
1991, United Nations.
1986-92: Bulletin, September 1994, Number 124 Central Bank of Cyprus.
Deflators
1950-57: GDP Deflator from the International Financial Statistics, International
Monetary Fund.
1958-59: Statistical Abstract, 1963, No. 9, Statistics and Research Department,
Ministry of Finance, Republic of Cyprus.
1960-74: United Nations National Accounts.
1975-92: World Bank National Accounts.
CZECHOSLOVAKIA (FORMER)
Agricultural Investment and Total Investment
1960-62: Yearbook of National Accounts Statistics, 1967, United Nations.
1963-69: Yearbook of National Accounts Statistics, 1972, United Nations.
1970-79: Yearbook of National Accounts Statistics, 1980, United Nations.
1980-90: National Accounts Statistics: Main Aggregates and Detailed Tables,
1991, United Nations.
Manufacturing Investment
(mining and electricity are included)
1953 & 1955-59: Yearbook of National Accounts Statistics, 1966, UJnited
Nations.
1954:   Interpolation.
1960-69: Yearbook of National Accounts Statistics, 1971, United Nations.
1970-74: Yearbook of National Accounts Statistics, 1980, United Nations.
1975-81: National Accounts Statistics: Main Aggregates and Detailed Tables,
1985, United Nations.
1982-90: National Accounts Statistics: Main Aggregates and Detailed Tables,
1992, United Nations.
Deflators
Agricultural Investment and Total Investment
1960-62: Yearbook of National Accounts Statistics, 1967, United Nations.
1963-69: Yearbook of National Accounts Statistics, 1972, United Nations.
1970-79: Yearbook of National Accounts Statistics, 1980, United Nations.
1980-90: National Accounts Statistics: Main Aggregates and Detailed Tables,
1991, United Nations.
DENMARK
Agricultural Investment and Total Investment
1950-59: Statistics of National Accounts, 1950-1961, OECD.
1960-69: National Accounts of OECD Countries, 1960-1971, OECD.
1970-79: National Accounts, 1970-1982, OECD.
1980-92: National Accounts, 1980-1992, OECD.
17



data sources (continued)
Manufacturing Investment
1948:    The Growth of World Industry, 1938-1961, National Tables, United
Nations.
1949:   Interpolation.
1950-59: Statistics of National Accounts, 1950-1961, OECD.
1960-69: National Accounts Statistics, 1960-1971, OECD.
1970:    National Accounts Statistics: Main Aggregates and Detailed Tables,
1985, United Nations.
1971-72: United Nations National Accounts.
1973-80: National Accounts, 1973-1985, OECD.
1981-92: National Accounts, 1981-1993, OECD.
Deflators
Agricultural Investment and Total Investment
1950-59: Statistics of National Accounts, 1950-1961, OECD.
1960-69: National Accounts of OECD Countries, 1960-1971, OECD.
1970-79: National Accounts, 1970-1982, OECD.
1980-92: National Accounts, 1980-1992, OECD.
DOMINICAN REPUBLIC
Agricultural Investment
1950-59: Cuentas Nacionales de la Republica Dominicana, Producto Bruto
Nacional, 1950-1964, Banco Central de la Republica Dominicana.
1960-69: Cuentas Nacionales, Producto Nacional Bruto, 1960-1971, Banco
Central de la Republica Dominicana.
1970-74: Cuentas Nacionales, Producto Nacional Bruto, 1970-1976, Banco
Central de la Republica Dominicana.
1975-79: Cuentas Nacionales, Producto Nacional Bruto, 1975-1979, Banco
Central de la Republica Dominicana.
1980-89: Cuentas Nacionales e Investigacion Economica, Fax from Lic. Olga
Diaz Mora, Banco Central de la Republica Dominicana.
Total Investment
1950-59: Cuentas Nacionales de la Republica Dominicana, Producto Bruto
Nacional, 1950-1964, Banco Central de la Republica Dominicana.
1960-67: Cuentas Nacionales de la Republica Dominicana, Producto Nacional
Bruto, 1960-1971, Banco Central de la Republica Dominicana.
1968-69: Cuentas Nacionales de la Republica Dominicana, Producto Nacional
Bruto, 1968-1973, Banco Central de la Republica Dominicana.
1970-74: Cuentas Nacionales de la Republica Dominicana, Producto Nacional
Bruto, 1970-1976, Banco Central de la Republica Dominicana.
1975-79: Cuentas Nacionales de la Republica Dominicana, Producto Nacional
Bruto, 1975-1979, Banco Central de la Republica Dominicana.
1980-92: Cuentas Nacionales e Investigacion Economica, Fax from Lic. Olga
Diaz Mora, Banco Central de la Republica Dominicana.
Deflator
1960-92: GDP Deflator from World Bank National Accounts.
18



data sources (continued)
ECUADOR
Manufacturing Investment
1962:    Encuesta Industrial, 1962-64, Junta Nacional de Planificacion y
Coordinacion, Ecuador.
1963-90: Industrial Statistics, United Nations Industrial Development
Organization.
1991:    Encuesta Anual de Manufactura y Mineria, Tomo 1, 1991, Instituto
Nacional de Estadistica y Censos.
EGYPT
Agricultural Investment and Total Investment
1960-65: Statistical Yearbook, Arab Republic of Egypt, 1965.
1966-70: Statistical Yearbook, Arab Republic of Egypt, 1971.
1971:    Statistical Yearbook, Arab Republic of Egypt, 1973.
1972-76: Economic Bulletin, 1979, National Bank of Egypt.
1977-82: Economic Bulletin, 1984, National Bank of Egypt.
1983-91: Economic Bulletin, 1993, National Bank of Egypt.
Manufacturing Investment
1967-68: Industrial Statistics, United Nations Industrial Development
Organization.
1969-71: Yearbook of National Accounts Statistics, 1975, United Nations.
1972-74: Yearbook of National Accounts Statistics, 1980, United Nations.
1975-79: National Accounts Statistics: Main Aggregates and Detailed Tables,
1985, United Nations.
1980-86: National Accounts Statistics: Main Aggregates and Detailed Tables,
1991, United Nations.
1987-89: International Yearbook of Industrial Statistics, 1995, United Nations
Industrial Development Organization.
Deflator
1960-92: GDP Deflator from World Bank National Accounts.
EL SALVADOR
Agricultural Investment
1965-72: Yearbook of National Accounts Statistics, 1975, United Nations.
1973-75: Yearbook of National Accounts Statistics, 1978, United Nations.
1976-80: National Accounts Statistics: Main Aggregates and Detailed Tables,
1986, United Nations.
1981-87: National Accounts Statistics: Main Aggregates and Detailed Tables,
1991, United Nations.
1988-92: Revista Trimestral, October-November-December 1993, Banco
Central de Reserva de El Salvador.
19



data sources (continued)
Manufacturing Investment
(mining is included)
1958-59, 1961-62 & 1964: Yearbook of National Accounts Statistics, 1966,
United Nations.
1960 & 1966: Yearbook of National Accounts Statistics, 1975, United Nations.
1963, 1965 & 1967-72: Yearbook of National Accounts Statistics, 1976, United
Nations.
1973-75: United Nations National Accounts.
1976:    Revista Mensual, January 1982, Banco Central de Reserva de El
Salvador.
1977-80: Revista del Banco Central de Reserva de El Salvador, January-
February-March 1984, Banco Central de Reserva de El Salvador.
1981-87: National Accounts Statistics: Main Aggregates and Detailed Tables,
1991, United Nations.
1988-92: Revista Trimestral, October-November-December 1993, Banco
Central de Reserva de El Salvador.
Total Investment
1965-72: Yearbook of National Accounts Statistics, 1975, United Nations.
1973-74: Yearbook of National Accounts Statistics, 1978, United Nations.
1975-79: National Accounts Statistics: Main Aggregates and Detailed Tables,
1986, United Nations.
1980-87: National Accounts Statistics: Main Aggregates and Detailed Tables,
1991, United Nations.
1988-92: Revista Trimestral, October-November-December 1993, Banco
Central de Reserva de El Salvador.
Deflator
1960-92: GDP Deflator from World Bank National Accounts.
FiNLAND
Agricultural Investment and Total Investment
1960-69: National Accounts of OECD Countries, 1960-1971, OECD.
1970-79: National Accounts, 1970-1982, OECD.
1980-92: National Accounts, 1980-1992, OECD.
Manufacturing Investment
1948, 1950, 1960 & 1962-69: Suomen tilastollinen vuosikirja: Statistical
yearbook of Finland, 1978, Central Statistical Office of Finland.
1949, 1951-52 & 1954: Interpolation.
1953, 1955-59 & 1961: Yearbook of National Accounts Statistics, 1966, United
Nations.
1970-79: National Accounts, 1970-1982, OECD.
1980:    National Accounts, 1980-1992, OECD.
1981-92: National Accounts, 1981-1993, OECD.
Deflator
Agricultural Investment and Total Investment
1960-69: National Accounts of OECD Countries, 1960-1971, OECD.
20



data sources (continued)
1970-79: National Accounts, 1970-1982, OECD.
1980-92: National Accounts, 1980-1992, OECD.
FRANCE
Agricultural Investment and Total Investment
1960-69: National Accounts of OECD Countries, 1960-1971, OECD.
1970-79: National Accounts, 1970-1982, OECD.
1980-92: National Accounts, 1980-1992, OECD.
Manufacturing Investment
1963-78: Industrial Statistics, United Nations Industrial Developrnent
Organization.
1979-80: National Accounts Statistics: Main Aggregates and Detailed Tables,
1988, United Nations.
1981-92: National Accounts, 1981-1993, OECD.
Deflators
Agricultural Investment and Total Investment
1960-69:   National Accounts of OECD Countries, J960-1971, OECD.
1970-79:   National Accounts, 1970-1982, OECD.
1980-92:   National Accounts, 1980-1992, OECD.
GERMANY (FORMER WEST GERMANY)
Agricultural Investment and Total Investment
1950-59: Statistics of National Accounts, 1950-1961, OECD.
1960-69: National Accounts, 1960-1971, OECD.
1970-79: National Accounts, 1970-1982, OECD.
1980-92: National Accounts, 1980-1992, OECD.
Manufacturing Investment
1960-63: National Accounts ESA: Detailed Tables by Branches 1970-1978.
Section II: Structural Data Base, 1960-19,78, Eurostat, Statistical
Office of the European Communities.
1964-69: Industrial Statistics, United Nations Industrial Developrnent
Organization.
1970-72: National Accounts, 1970-1982, OECD.
1973-79: National Accounts, 1973-1985, OECD.
1980:    National Accounts, 1980-1992, OECD.
1981-92: National Accounts, 1981-1993, OECD.
Def ators
Agricultural Investment and Total Investment
1950-59: Statistics of National Accounts, 1950-1961, OECD.
1960-69: National Accounts, 1960-1971, OECD.
1970-79: National Accounts, 1970-1982, OECD.
1980-92: National Accounts, 1980-1992, OECD.
21



data sources (continued)
GREECE
Agricultural Investment and Total Investment
1950-59: Statistics of National Accounts, 1950-1961, OECD.
1960-69: National Accounts of OECD Countries, 1960-1971, OECD.
1970-79: National Accounts, 1970-1982, OECD.
1980-81: National Accounts, 1980-1992, OECD.
1982-92: National Accounts, 1981-1993, OECD.
Manufacturing Investment
1948:    The Growth of World Industry, 1938-1,961, National Tables, United
Nations.
1949:    Interpolation.
1950-55: Yearbook of National Accounts Statistics, 1957, United Nations.
1956-59: Yearbook of National Accounts Statistics, 1966, United Nations.
1960-68: National Accounts Statistics, 1960-1971, OECD.
1969-72: Yearbook of National Accounts Statistics, 1978, United Nations.
1973-80: National Accounts, 1973-1985, OECD.
1981-92: National Accounts, 1981-1993, OECD.
Deflators
Agricultural Investment and Total Investment
1950-59: Statistics of National Accounts, 1950-1961, OECD.
1960-69: National Accounts of OECD Countries, 1960-1971, OECD.
1970-79: National Accounts, 1970-1982, OECD.
1980-81: National Accounts, 1980-1992, OECD.
1982-92: National Accounts, 1981-1993, OECD.
GUATEMALA
Agricultural Investment
1958-64: Cuentas Nacionales de Guatemala, 1968, Departamento de Estudios
Economicas.
1965-78: Estadisticas de los Cuentas Nacionales de Guatemala, 1965-1979,
Banco de Guatemala.
1979-86: Boletin Estadistico, Fax from Roberto Rosenberg of the Embassy of
Guatemala, July 14, 1988.
1987:    Boletin Estadistico, Banco de Guatemala, Fax from Roberto
Rosenberg of the Embassy of Guatemala, July 14, 1988, and Boletin
Estadistico, January-September 1991, Banco de Guatemala.
1988-89: Boletin Estadistico, January-September 1991, Banco de Guatemala.
1990-92: Boletin Estadistico, January-February-March 1994, Banco de
Guatemala.
Manufacturing Investment
(mining is included)
1960, 1963 & 1965-74: Yearbook of National Accounts Statistics, 1975, United
Nations.
1961-62 & 1964: Interpolation.
22



data sources (continued)
1975-81: National Accounts Statistics: Main Aggregates and Detailed Tables,
1985, United Nations.
1982-92: National Accounts Statistics: Main Aggregates and Detailed Tables,
1992, United Nations.
Total Investment
1958-64: Cuentas Nacionales de Guatemala, 1968, Departamento de Estudios
Economicas.
1965-78: Estadisticas de los Cuentas Nacionales de Guatemala, 1965-1979,
Banco de Guatemala.
1979:    Boletin Estadistico, Banco de Guatemala, Fax from Roberto
Rosenberg of the Embassy of Guatemala, Jluly 14, 1988.
1980-89: Boletin Estadistico, January-September 1991, Banco de Guatemala.
1990-92: Boletin Estadistico, January-February-March 1994, Banco de
Guatemala.
Deflator
1950-92: GDP Deflator from the International Financial Statistics, International
Monetary Fund.
HoNDuRAs
Agricultural Investment and Total Investment
1960-75: Cuentas Nacionales de Honduras, 1960-1975, Banco Central de
Honduras.
1976-77: National Accounts Statistics: Main Aggregates and Detailed Tables,
1984, United Nations.
1978-90: Cuentas Nacionales de Honduras, 1978-1990, Banco Central de
Honduras.
Deflator
1950-92: GDP Deflator from the International Financial Statistics, International
Monetary Fund.
ICELAND
Agricultural Investment and Total Investment
1950-59: Statistics of National Accounts, 1950-196i', OECD.
1960-69: National Accounts of OECD Countries, 1960-1971, OECD.
1970-79: National Accounts, 1970-1982, OECD.
1980-92: National Accounts, 1980-1992, OECD.
Manufacturing Investment
(mining is included)
1948 & 1950-54: The Growth of World Industry, 1938-1961, National Tables,
United Nations.
1949:    Interpolation.
1955-59: Yearbook of National Accounts Statistics, 1964, United Nations.
1960-70: National Accounts Statistics, 1960-1971, OECD.
1971-77: National Accounts, 1970-1982, OECD.
23



data sources (continued)
1978-80: National Accounts, 1973-1985, OECD.
1981-92: National Accounts, 1981-1993, OECD.
Deflators
Agricultural Investment and Total Investment
1950-59: Statistics of National Accounts, 1950-1961, OECD.
1960-69: National Accounts of OECD Countries, 1960-1971, OECD.
1970-79: National Accounts, 1970-1982, OECD.
1980-92: National Accounts, 1980-1992, OECD.
INDIA
Agricultural Investment and Total Investment
1951-80: National Accounts Statistics, New Series, 1989: 1950-51 - 1979-80,
Central Statistical Organization, Department of Statistics, Ministry of
Planning, Government of India.
1981-84: National Accounts Statistics, New Series, 1989: 1980-81 - 1986-87,
Central Statistical Organization, Department of Statistics, Ministry of
Planning, Government of India.
1985-88: National Accounts Statistics, 1992, Central Statistical Organization,
Department of Statistics, Ministry of Planning and Program
Implementation, Government of India.
1989-92: National Accounts Statistics, 1993, Central Statistical Organization,
Department of Statistics, Ministry of Planning and Program
Implementation, Government of India.
Manufacturing Investment
1950-79: National Accounts Statistics, New Series, 1989: 1950-51 - 1979-80,
Central Statistical Organization, Department of Statistics, Ministry of
Planning, Government of India.
1980-91: National Accounts Statistics: Main Aggregates and Detailed Tables,
1991, United Nations.
Deflators
GDP Deflator computed from:
1951-80: National Accounts Statistics, New Series, 1989: 1950-51 - 1979-80,
Central Statistical Organization, Department of Statistics, Ministry of
Planning, Government of India.
1981-84: National Accounts Statistics, New Series, 1989: 1980-81 - 1986-87,
Central Statistical Organization, Department of Statistics, Ministry of
Planning, Government of India.
1985-88: National Accounts Statistics, 1992, Central Statistical Organization,
Department of Statistics, Ministry of Planning and Program
Implementation, Government of India.
1989-92: National Accounts Statistics, 1993, Central Statistical Organization,
Department of Statistics, Ministry of Planning and Program
Implementation, Government of India.
24



data sources (continued)
INDONESIA
Agricultural Investment
Domestic Component
1970-74: Statistik Indonesia, 1975, Central Bureau of Statistics, Indonesia.
1975-78: Interpolation.
1979-80: Statistik Indonesia, 1980/1981, Central Bureau of Statistics, Indonesia.
1981-82: Statistik Indonesia, 1983, Central Bureau of Statistics, Indonesia.
1983-84: Statistik Indonesia, 1985, Central Bureau of Statistics, Indonesia.
1985-88: Indonesian Financial Statistics, Jan. -May 1990, Bank Indonesia.
1989-92: Indonesian Financial Statistics, August 1990, Bank Indonesia.
Foreign Component
1970-74: Statistik Indonesia, 1975, Central Bureau of Statistics, Indonesia.
1975-78: Interpolation.
1979-81: Indonesian Financial Statistics, December 1985, Bank Indonesia.
1982-84: Indonesian Financial Statistics, September 1989, Bank Indonesia.
1985-88: Indonesian Financial Statistics, Jan.-May 1990, Bank Indonesia.
1989-92: Indonesian Financial Statistics, August 19594, Bank Indonesia.
Manufacturing Investment
1970-73 & 1975-89: Industrial Statistics, United Nations Industrial Development
Organization.
1974:    Interpolation.
1990-91: Statistik Indonesia (Statistical Yearbook of Indonesia), 1993, Biro
Pusat Statistik, Jakarta, Indonesia.
Total Investment
1960-92: World Bank National Accounts.
Deflator
1960-92: GDP Deflator from National Accounts.
IRAN
Agricultural Investment and Total Investment
1965-68: National Income of Iran, 1959-1972, Bureau of National Accounts,
Bank Markazi Iran.
1969 & 1971: Yearbook of National Accounts Statistics, 1978, United Nations.
1970 & 1972-79: Yearbook of National Accounts Statistics, 1982, United
Nations.
1980-90: National Accounts Statistics: Main Aggregates and Detailed Tables,
1991, United Nations.
Manufacturing Investment
(mining is included)
1965-68: National Income of Iran, 1959-1972, Bureau of National Accounts,
Bank Markazi Iran.
1969-72: Yearbook of National Accounts Statistics, 1978, United Nations.
1973-79: National Accounts Statistics: Main Aggregates and Detailed Tables,
1983, United Nations.
25



data sources (continued)
1980-90: National Accounts Statistics: Main Aggregates and Detailed Tables,
1991, United Nations.
Deflator
1960-73 GDP Deflator from United Nations National Accounts.
1974-92: GDP Deflator from World Bank National Accounts.
IRAQ
Agricultural Investment
1960-62: Yearbook of National Accounts Statistics, 1969, United Nations.
1963, 1965 & 1969-74: Yearbook of National Accounts Statistics, 1978, United
Nations.
1964 & 1966-68: Yearbook of National Accounts Statistics, 1971, United
Nations.
1975-84: National Accounts Statistics: Main Aggregates and Detailed Tables,
1985, United Nations.
1985-89: National Accounts Statistics: Main Aggregates and Detailed Tables,
1991, United Nations.
Manufacturing Investment
1953, 1955, 1958 & 1960-68: Yearbook of National Accounts Statistics, 1969,
United Nations.
1954, 1956-57 & 1959: Interpolation.
1969-74: Yearbook of National Accounts Statistics, 1978, United Nations.
1975-81: National Accounts Statistics: Main Aggregates and Detailed Tables,
1985, United Nations.
1982-91: National Accounts Statistics: Main Aggregates and Detailed Tables,
1991, United Nations.
Total Investment
1960-62: Yearbook of National Accounts Statistics, 1969, United Nations.
1963, 1965 & 1969-73: Yearbook of National Accounts Statistics, 1978, United
Nations.
1964 & 1966-68: Yearbook of National Accounts Statistics, 1971, United
Nations.
1974:    Yearbook of National Accounts Statistics, 1982, United Nations.
1975-84: National Accounts Statistics: Main Aggregates and Detailed Tables,
1985, United Nations.
1985-89: National Accounts Statistics: Main Aggregates and Detailed Tables,
1991, United Nations.
Deflator
1960-90: GDP Deflator from World Bank National Accounts.
IRELAND
Agricultural Investment and Total Investment
1950-59: Statistics of National Accounts, 1950-1961, OECD.
1960-69: National Accounts of OECD Countries, 1960-1971, OECD.
26



data sources (continued)
1970-81: National Accounts, 1970-1982, OECD.
1982-85: National Accounts, 1979-1991, OECD.
1986-92: National Accounts, 1980-1992, OECD.
Manufacturing Investment
1948 & 1951-52: The Growth of World Industry, 1938-1961, National Tables,
United Nations.
1949:    Interpolation.
1950, 1953 & 1955-59: Yearbook of National Accounts Statistics, 1964, United
Nations.
1954:    Yearbook of National Accounts Statistics, 1960, United Nations.
1960-64: National Accounts Statistics, 1960-1971, OECD.
1965-69: Yearbook of National Accounts Statistics, 1975, United Nations.
1970-72: National Accounts, 1970-1982, OECD.
1973-79: National Accounts, 1973-1985, OECD.
1980-85: National Accounts Statistics: Main Aggregates and Detailed Tables,
1991, United Nations.
1986-92: National Accounts, 1981-1993, OECD.
Deflators
Agricultural Investment and Total Investment
1950-59: Statistics of National Accounts, 1950-1961, OECD.
1960-69: National Accounts of OECD Countries, 1960-1971, OECD.
1970-81: National Accounts, 1970-1982, OECD,
1982-85: National Accounts, 1979-1991, OECD.
1986-92: National Accounts, 1980-1992, OECD.
ISRAEL
Agricultural Investment and Total Investment
1952-68: Statistical Abstract of Israel, 1970, Central Bureau of Statistics.
1969-70: Statistical Abstract of Israel, 1971-72, Central Bureau of Statistics.
1971-74: Statistical Abstract of Israel, 1980, Central Bureau of Statistics.
1975-79: Statistical Abstract of Israel, 1984, Central Bureau of Statistics.
1980-89: Statistical Abstract of Israel, 1991, Central Bureau of Statistics.
1990-92: Statistical Abstract of Israel, 1993, Central Bureau of Statistics.
Manufacturing Investment
(mining is included)
1962-68: Statistical Abstract of Israel, 1970, Central Bureau of Statistics.
1969-72: Yearbook of National Accounts Statistics, 1975, United Nations.
1973-74: National Accounts Statistics: Main Aggregates and Detailed Tables,
1983, United Nations.
1975-82: Statistical Abstract of Israel, 1984, Central Bureau of Statistics.
1983-92: National Accounts Statistics: Main Aggregates and Detailed Tables,
1992, United Nations.
Deflator
1950-59: GDP Deflator from World Bank National Accounts and United
Nations National Accounts.
27



data sources (continued)
1960-92: GDP Deflator from World Bank National Accounts.
ITALY
Agricultural Investment and Total Investment
1950-59: Statistics of National Accounts, 1950-1961, OECD.
1960-69: National Accounts of OECD Countries, 1960-1971, OECD.
1970-79: National Accounts, 1970-1982, OECD.
1980-92: National Accounts, 1980-1992, OECD.
Manufactuning Investment
(mining is included)
1960-69: National Accounts ESA: Detailed Tables by Branches 1970-1978.
Section II: Structural Data Base, 1960-1978, Eurostat, Statistical
Office of the European Communities.
1970-79: National Accounts, 1970-1982, OECD.
1980-90: National Accounts, 1980-1992, OECD.
Deflators
Agricultural Investment and Total Investment
1950-59: Statistics of National Accounts, 1950-1961, OECD.
1960-69: National Accounts of OECD Countries, 1960-1971, OECD.
1970-79: National Accounts, 1970-1982, OECD.
1980-92: National Accounts, 1980-1992, OECD.
JAMAICA
Agricultural Investment and Total Investment
1952-68: National Income and Product, 1968, Department of Statistics,
Jamaica.
1969-73: National Income and Product, 1974, Department of Statistics,
Jamaica.
1974-80: National Income and Product, 1981, Department of Statistics,
Jamaica.
1981-88: National Income and Product, 1989, Statistical Institute of Jamaica.
1989-92: National Income and Product, 1992, Statistical Institute of Jamaica via
Eliza Winters of the World Bank.
Manufacturing Investment
(For 1956-74, the series used is fixed capital formation in manufacturing. For 1975-92,
the series used is fixed capital formation as industrial machinery and equipment. The
correlation for the 12-year overlap of these series is 0.94.)
1956-58: Yearbook of National Accounts Statistics, 1966, United Nations.
1959-68: National Income and Product, 1968, Department of Statistics,
Jamaica.
1969-74: National Income and Product, 1974, Department of Statistics,
Jamaica.
1975-80: National Income and Product, 1981, Department of Statistics,
Jamaica.
28



data sources (continued)
1981-88: National Income and Product, 1989, Statistical Institate of Jamaica.
1989-92: National Income and Product, 1992, Statistical Institate of Jamaica.
Deflator
1956-92: GDP Deflator from Mrs. Annette McKenzie, Director of Economic
Accounting, Statistical Institute of Jamaica.
JAPAN
Agricultural Investment
1952-62: Annual Report on National Income Statistics, 1968, Economic
Planning Agency, Government of Japan.
1963-69: Annual Report on National Income Statistics, 1972, Economic
Planning Agency, Government of Japan.
1970-76: Yearbook of National Accounts Statistics, 1979, United Nations.
1977:    Agrstat Agricultural Accounts via Eldon Ball (of the USDA), OECD.
1978-79: Economic Accounts for Agriculture, 1978-1991, OECD.
1980-92: Agrstat Agricultural Accounts via Eldon Ball (of the USDA), OECD.
Manufacturing Investment
1951-66: Revised Report on National Income Statistics, 1951-1967, Economic
Planning Agency, Government of Japan.
1967-75: National Accounts of OECD Countries, 1975, OECD.
1976:    Yearbook of National Accounts Statistics, 1978, United Nations.
1977-84 & 1986-89: Industrial Statistics, United Nations Industrial Development
Organization.
1985 & 1990-92: International Yearbook of Industrial Statistics, 1995, United
Nations Industrial Development Organization.
Total Investment
1952-62: Annual Report on National Income Statistics, 1968, Economic
Planning Agency, Government of Japan.
1963-69: Annual Report on National Income Statistics, 1972, ]Economic
Planning Agency, Government of Japan.
1970-86: Report on the Revised National Accounts on the Basis of 1985, Tables
faxed from lomoaki Ohara of the Department of National Accounts in
the Economic Research Institute of the Economic Planning Agency,
Government of Japan.
1987-90: Annual Report on National Accounts, 1993, Economic Planning
Agency, Government of Japan.
1991-92: Report on the Revised National Accounts on the Basis of 1985, Tables
faxed from lomoaki Ohara of the Department of National Accounts in
the Economic Research Institute of the Economic Planning Agency,
Government of Japan.
Deflators
1952-59: GDP Deflator from National Accounts of the International Financial
Statistics of the IMF.
1960-92: GDP Deflator from World Bank National Accounts.
29



data sources (continued)
KENYA
Agricultural Investment
1964-87: Various editions of Statistical Abstract by the Statistics Division,
Ministry of Economic Planning and Development, Government of
Kenya.
Investment Date       Edition of Statistical Abstract
1964-66               1967
1967                  1968
1968                  1969
1969                  1970
1970                  1971
1971                  1972
1972                  1973
1973                  1974
1974-76               1977
1977-78               1979
1979-80               1981
1981                  1982
1982                  1984
1983                  1985
1984-85               1986
1986-87               1988
1988-92              Tables from Economic Survey
Central Bureau of Statistics
Transmitted to World Bank by Kenya Team.
Manufacturing Investment
1964 & 1966-68: Yearbook of National Accounts Statistics, 1973, United
Nations.
1965 & 1969-71: Yearbook of National Accounts Statistics, 1978, United
Nations.
1972-78: Yearbook of National Accounts Statistics, 1980, United Nations.
1979-88: National Accounts Statistics: Main Aggregates and Detailed Tables,
1988, United Nations.
1989-92: National Accounts Statistics: Main Aggregates and Detailed Tables,
1992, United Nations.
Total Investment
1964-87: Various editions of Statistical Abstract by the Statistics Division,
Ministry of Economic Planning and Development, Government of
Kenya.
Investment Date       Edition of Statistical Abstract
1964-66               1967
1967-71               1973
1972-74               1977
30



data sources (continued)
1975-79               1981
1980-82               1985
1983-92              Tables from Economic Survey.
Central Bureau of Statistics
Transmitted to World Bank by Kenya Team.
Deflator
1964-92: GDP Deflator from the International Financial Statistics, International
Monetary Fund.
LUXEMBOURG
Agricultural Investment and Total Investment
1970-79: National Accounts, 1970-1982, OECD.
1980-91: National Accounts, 1980-1992, OECD.
Manufacturing Investment
1953 & 1958-59: The Growth of World Industry, 1967 Edition, United Nations.
1954-57: Interpolation.
1960-67: National Accounts Statistics, 1960-1971, OECD.
1968-69 & 1971-72: National Accounts of OECD Countries, 1975, OECD.
1970 & 1975-79: National Accounts Statistics: Main Aggregates and Detailed
Tables, 1985, United Nations.
1973-74: National Accounts, 1973-1985, OECD.
1980-9 1: National Accounts, 1980-1992, OECD.
Deflators
Agricultural Investment and Total Investment
1970-79: National Accounts, 1970-1982, OECD.
1980-91: National Accounts, 1980-1992, OECD.
MADAGASCAR
Agricultural Investment, Manufacturing Investment and Total Investment
1970-72: Situation Economique, January 1, 1973, Direction de l'Institut
National de le Statistique et de la Recherche Economique (INSRE).
1973-75: Situation Economique, January 1, 1976, INSRE.
1976-77: Situation Economique, January 1, 1979, INSRE.
1978-79: Situation Economique, January 1, 1981, INSRE.
1980-81: Situation Economique, January 1, 1982, INSRE.
1982:    Situation Economique, January 1, 1983, INSRE.
1983-84: Situation Economique, January 1, 1985, INSRE.
1985:    Situation Economique, January 1, 1986, INSRE.
1986-89: Situation Economique, January 1, 1990, INSRE.
1990-91: Situation Economique, January 1, 1992, INSRE.
Deflator
1961-92: GDP Deflator from the International Financial Statistics of the IMF.
31



data sources (continued)
MALAWI
Agricultural Investment and Total Investment
1964-72: Malawi Statistical Yearbook, 1976, National Statistical Office.
1973-79: Malawi Statistical Yearbook, 1982, National Statistical Office.
1980-86: Malawi Statistical Yearbook, 1988, National Statistical Office.
Manufacturing Investment
(mining is included)
1955-63: Yearbook of National Accounts Statistics, 1966, United Nations.
1964-66: Census of Industrial Production, 1966, National Statistical Office.
1967-72: Industrial Statistics, United Nations Industrial Development
Organization.
1973-79: National Accounts Report, 1973-1979, National Statistical Office.
1980-86: National Accounts Report, 1980-1986, National Statistical Office.
Deflator
1960-92: GDP Deflator from the International Financial Statistics of the IMF.
MALTA
Agricultural Investment and Total Investment
1969-77: Yearbook of National Accounts Statistics, 1978, United Nations.
1978-82: Yearbook of National Accounts Statistics, 1982, United Nations.
1983-90: National Accounts Statistics: Main Aggregates and Detailed Tables,
1991, United Nations.
Manufacturing Investment
1969:    Yearbook of National Accounts Statistics, 1975, United Nations.
1970-74: Yearbook of National Accounts Statistics, 1980, United Nations.
1975-81: National Accounts Statistics: Main Aggregates and Detailed Tables,
1985, United Nations.
1982-90: National Accounts Statistics: Main Aggregates and Detailed Tables,
1992, United Nations.
Deflator
Agricultural
1960-92: GDP Deflator from World Bank National Accounts.
MAURITIUS
Agricultural Investment
1955 & 1958-67: Yearbook of National Accounts Statistics, 1970, United
Nations.
1956-57: Yearbook of National Accounts Statistics, 1963-64, United Nations.
1968-74: Yearbook of National Accounts Statistics, 1975, United Nations.
1975-78: Bi-Annual Digest of Statistics, December 1979, Central Statistical
Office, Ministry of Planning and Development, Government of
Mauritius.
32



data sources (continued)
1979-81: Bi-Annual Digest of Statistics, December 1981, Central Statistical
Office, Ministry of Planning and Development, Government of
Mauritius.
1982:    Bi-Annual Digest of Statistics, December 1988, Central Statistical
Office, Ministry of Planning and Development, Government of
Mauritius.
1983:    Statistical Summary, 1984, Central Statistical Office, Ministry of
Planning and Development, Government of Mauritius.
1984-85: Annual Digest of Statistics, 1986, Central Statistical Office, Ministry
of Planning and Development, Government of Mauritius.
1986:    Annual Digest of Statistics, 1987, Cential Statistical Office, Ministry
of Planning and Development, Goverrnient of Mauritius.
1987-92: Quarterly Review, July-December 1993, Bank of Mauritius.
Manufacturing Investment
1953-54: Yearbook of National Accounts Statistics, 1960, United Nations.
1955-64: Yearbook of National Accounts Statistics, 1966, United Nations.
1965-72: Yearbook of National Accounts Statistics, 1975, United Nations.
1973-81: National Accounts Statistics: Main Aggregates and Detailed Tables,
1983, United Nations.
1982-91: National Accounts Statistics: Main Aggregates and Detailed Tables,
1992, United Nations.
1992:    Quarterly Review, July-December 1993, Bank of Mauritius.
Total Investment
1955 & 1958-67: Yearbook of National Accounts Statistics, 1970, United
Nations.
1956-57: Yearbook of National Accounts Statistics, 1963-64, UJnited Nations.
1968-74: Yearbook of National Accounts Statistics, 1975, United Nations.
1975-78: Bi-Annual Digest of Statistics, December 1979, Central Statistical
Office, Ministry of Planning and Development, Government of
Mauritius.
1979-82: Bi-Annual Digest of Statistics, December 1983, Central Statistical
Office, Ministry of Planning and Development, Government of
Mauritius.
1983:    Statistical Summary, 1984, Central Statistical Office, Ministry of
Planning and Development, Government of Mauritius.
1984-85: Annual Digest of Statistics, 1986, Central Statistical Office, Ministry
of Planning and Development, Government of Mauritius.
1986:    Annual Digest of Statistics, 1987, Central Statistical Office, Ministry
of Planning and Development, Government of Mauritius.
1987-92: Quarterly Review, July-December 1993, Bank of Mauritius.
Deflator
1953-92: GDP Deflator from the International Financial Statistics of the IMF.
33



data sources (continued)
MOROCCO
Agricultural Investment and Total Investment
1969-77: Le Maroc en Chiffres, 1977, Ministere du Plan.
1978:    Le Maroc en Chiffres, 1979, Ministere du Plan.
1979:    Le Maroc en Chiffres, 1981, Ministere du Plan.
1980-87: Le Maroc en Chiffres, 1987, Ministere du Plan.
1988-89: Le Maroc en Chiffres, 1990, Ministere du Plan.
1990-92: Le Maroc en Chiffres, 1992, Ministere des Affaires Economiques et
Sociales.
Deflator
1964-92: GDP Deflator from IMFIFS.
NETHERLANDS
Agricultural Investment and Total Investment
1950-59: Statistics of National Accounts, 1950-1961, OECD.
1960-69: National Accounts of OECD Countries, 1960-1971, OECD.
1970-76: National Accounts, 1976, OECD.
1977-79: National Accounts, 1970-1982, OECD.
1980-84: National Accounts, 1973-1985, OECD.
1985-92: National Accounts, 1980-1992, OECD.
Manufacturing Investment
1953 & 1958-62: The Growth of World Industry, 1967 Edition, United Nations.
1954-57: Interpolation.
1963:    Industrial Statistics, United Nations Industrial Development
Organization.
1964-72: National Accounts of OECD Countries, 1975, OECD.
1973-78: National Accounts, 1973-85, OECD.
1979-84: National Accounts Statistics: Main Aggregates and Detailed Tables,
1988, United Nations.
1985-91: National Accounts, 1981-93, OECD.
1992:    International Yearbook of Industrial Statistics, 1995, United Nations
Industrial Development Organization.
Deflators
Agricultural Investment and Total Investment
1950-59: Statistics of National Accounts, 1950-1961, OECD.
1960-69: National Accounts of OECD Countries, 1960-1971, OECD.
1970-75: National Accounts, 1976, OECD.
1976-84: National Accounts, 1973-1985, OECD.
1985-92: National Accounts, 1980-1992, OECD.
NEW ZEALAND
Agricultural Investment
1960-67: Johnson, R.W.M., Capital Fonnation in New Zealand Agriculture,
1946-67, Agricultural Economics Unit, Lincoln College, 1970.
34



data sources (continued)
1968-70: Forecast.
1971-79: National Accounts, 1970-1982, OECD.
1980-89: National Accounts, 1980-1992, OECD.
Manufacturing Investment
1963-70: Industrial Statistics, United Nations Industrial Development
Organization.
1971-72: National Accounts, 1970-1982, OECD.
1973-79: National Accounts, 1973-1985, OECD.
1980-89: National Accounts, 1980-1992, OECD.
Total Investment
1960-92: OECD National Accounts.
Deflator
1960-92: OECD National Accounts. Total GFCF Deflator.
NICARAGUA
Agricultural Investment, Manufacturing Investment and Total Investment
(Manufacturing Investment is the sum of gross investment in machinery and equipment
for industry and mining and private investment in industrial construction.)
1960-79: Indicadores Economicos, December 1979, Banco Central de
Nicaragua.
1980-92: Table from Mario Flores of Banco Central de Nicaragua via Ulrich
Laechler of the World Bank.
Deflator
1960-92: GDP Deflator from World Bank Natiornal Accounts.
NORWAY
Agricultural Investment and Total Investment
1950-59: Statistics of National Accounts, 1950-1961, OECD.
1960-69: National Accounts of OECD Countries,, 1960-1971, OECD.
1970-79: National Accounts, 1970-1982, OECD.
1980-9 1: National Accounts, 1980-1992, OECD.
Manufacturing Investment
1950-54: The Growth of Industry, 1938-1961, National Tables, United Nations.
1955-59: Yearbook of National Accounts Statistics, 1966, United Nations.
1960-69: National Accounts Statistics, 1960-1971, OECD.
1970-79: National Accounts, 1970-1982, OECD.
1980-91: National Accounts, 1980-1992, OECD.
1992:    International Yearbook of Industrial Statistics, 1995, United Nations
Industrial Development Organization.
Deflators
Agricultural Investment and Total Investment
1950-59: Statistics of National Accounts, 1950-1961, OECD.
1960-69: National Accounts of OECD Countries, 1960-1971, OECD.
1970-79: National Accounts, 1970-1982, OECD.
35



data sources (continued)
1980-91: National Accounts, 1980-1992, OECD.
PAKISTAN
Agricultural Investment and Total Investment
1965-69 & 1971: Yearbook of National Accounts Statistics, 1975, United
Nations.
1970 & 1972-79: NationalAccounts Statistics: Main Aggregates and Detailed
Tables, 1986, United Nations.
1980-91: National Accounts Statistics: Main Aggregates and Detailed Tables,
1991, United Nations.
1992:    Monthly Statistical Bulletin, February 1994, Federal Bureau of
Statistics, Economic Affairs and Statistics Division, Government of
Pakistan.
Manufacturing Investment
1969:    Yearbook of National Accounts Statistics, 1975, United Nations.
1970-74: Yearbook of National Accounts Statistics, 1980, United Nations.
1975-79: National Accounts Statistics: Main Aggregates and Detailed Tables,
1985, United Nations.
1980 & 1982-92: National Accounts Statistics: Main Aggregates and Detailed
Tables, 1992, United Nations.
1981:    United Nations National Accounts.
Deflator
1965-92: GDP Deflator from World Bank National Accounts.
PERU
Agricultural Investment, Manufacturing Investment and Total Investment
(Manufacturing Investment is industrial equipment and machinery.)
1970-79: Webb, Richard, and Graciela Fernandez Baca de Valdez, Peru en
Numeros, 1990.
1980-91: Webb, Richard, and Graciela Fernandez Baca de Valdez, Peru en
Numeros, 1992.
Deflator
1950-91: GDP Deflator from the International Financial Statistics of the IMF.
PEHLIPPINES
Agricultural Investment and Total Investment
1967-76: Philippine Statistical Yearbook, 1979.
1977-85: Philippine Statistical Yearbook, 1989.
1986-89: Philippine Statistical Yearbook, 1990.
1990-92: Philippine Statistical Yearbook, 1993, National Statistical
Coordination Board.
36



data sources (continued)
Manufacturing Investment
1956:    1956 Annual Survey of Manufactures, National Economic Council and
the Bureau of the Census and Statistics, Republic of the Philippines.
1957 & 1978: Interpolation.
1958-62: The Growth of World lndustry, 1967Edition, United Nations.
1963-66, 1968-77, 1979-84 & 1986: Industral Statistics, United Nations
Industrial Development Organization.
1967:    Economic Census of the Philippines, 1967, Bureau of the Census and
Statistics, Philippines.
1985 & 1987-89: International Yearbook of Industrial Statistics, 1995, United
Nations Industrial Development Organization.
Deflator
1950-92: GDP Deflator from the International Financial Statistics, International
Monetary Fund.
POLAND
Agricultural Investment and Total Investment
1956-62: Yearbook of National Accounts Statistics, 1965, United Nations.
1963-72: Yearbook of National Accounts Statistics, 1974, United Nations.
1973-83: National Accounts Statistics: Main Aggregates and Detailed Tables,
1983, United Nations.
1984-90: National Accounts Statistics: Main Aggregates and Detailed Tables,
1991, United Nations.
Manufacturing Investment
1969-86: Industrial Statistics, United Nations Industrial Development
Organization.
1987-89: Industrial Statistics Yearbook, 1991, United Nations.
1990-92: International Yearbook of Industrial Statistics, 1995, United Nations
Industrial Development Organization.
Deflator
Agricultural Investment and Total Investment
1956-92: United Nations National Accounts.
PORTUGAL
Agricultural Investment
1952-54: Yearbook of National Accounts Statistics, 1958, United Nations.
1955-64: Yearbook of National Accounts Statistics, 1966, United Nations.
1965-68: Yearbook of National Accounts Statistics, 1970, United Nations.
1969-76: Yearbook of National Accounts Statistics, 1978, United Nations.
1977-81: National Accounts Statistics: Main Aggregates and Detailed Tables,
1985, United Nations.
1982-86: National Accounts Statistics: Main Aggregates and Detailed Tables,
1991, United Nations.
37



data sources (continued)
1987-88: Estatisticas Agricoles, 1988, Instituto Nacional de Estatistica.
Portugal.
1989:    Estimate.
1990-91: Estatisticas Agricoles, 1991/1992, Instituto Nacional de Estatistica.
Portugal.
Manufacturing Investment
1953 & 1955-59: Yearbook of National Accounts Statistics, 1966, United Nations.
1954:    Interpolation.
1960-70: National Accounts Statistics, 1960-1971, OECD.
1971-76: Yearbook of National Accounts Statistics, 1980, United Nations.
1977-78: Industrial Statistics, United Nations Industrial Development
Organization.
1979-80: Estatisticas Industriais, 1980, Instituto Nacional de Estatistica,
Portugal.
1981-82: Estatisticas Industriais, 1982, Instituto Nacional de Estatistica,
Portugal.
1983-85: Estatisticas Industriais, 1983-84-85, Instituto Nacional de Estatistica,
Portugal.
1986:    Estatisticas Industriais, 1986, Instituto Nacional de Estatistica,
Portugal.
1987:    Estatisticas Industriais, 1987, Instituto Nacional de Estatistica,
Portugal.
1988:    Interpolation.
1989:    Estatisticas Industriais, 1989, Instituto Nacional de Estatistica,
Portugal.
Total Investment
1952-54: Yearbook of National Accounts Statistics, 1958, United Nations.
1955-57: Yearbook of National Accounts Statistics, 1966, United Nations.
1958-59: Yearbook of National Accounts Statistics, 1968, United Nations.
1960-62 & 1964: Yearbook of National Accounts Statistics, 1970, United
Nations.
1963, 1965 & 1969-76: Yearbook of National Accounts Statistics, 1976, United
Nations.
1966-68: Yearbook of National Accounts Statistics, 1975, United Nations.
1977-81: National Accounts Statistics: Main Aggregates and Detailed Tables,
1986, United Nations.
1982:    National Accounts Statistics: Main Aggregates and Detailed Tables,
1991, United Nations.
1983-92: World Bank National Accounts.
Deflators
Agricultural and Total
1952-92: United Nations National Accounts.
38



data sources (continued)
SOUTH AFRICA
Agricultural Investment and Total Investment
1950-59: Statistical Year Book, 1964, Bureau of Statistics, Republic of South
Africa.
1960-65: South African Statistics, 1970, Department of Statistics, Republic of
South Africa.
1966-75: South African Statistics, 1976, Department of Statistics, Republic of
South Africa.
1976-81: South African Statistics, 1986, Central Statistical Service, Republic of
South Africa.
1982-84: South African Statistics, 1990, Central Statistical Service, Republic of
South Africa.
1985-92: South African Statistics, 1993, Central Statistical Service, Republic of
South Africa.
Manufacturing Investment
1960 & 1962-64: Yearbook of National Accounts Statistics, 1973, United Nations.
1961:   Interpolation.
1965-74: Yearbook of National Accounts Statistics, 1975, United Nations.
1975-79: National Accounts Statistics: Main Aggregates and Detailed Tables,
1985, United Nations.
1980-81: National Accounts Statistics: Main Aggregates and Detailed Tables,
1991, United Nations.
1982-92: National Accounts Statistics: Main Aggregates and Detailed Tables,
1992, United Nations.
Deflator
1950-92: GDP Deflator from the National Accounts of the International Financial
Statistics, International Monetary Fund.
SouTH KOREA
Agricultural Investment and Total Investment
1953-55: Korea Statistical Yearbook, 1961.
1956-63: Korea Statistical Yearbook, 1968.
1964-72: Korea Statistical Yearbook, 1973.
1973-80: Korea Statistical Yearbook, 1983.
1981-85: Korea Statistical Yearbook, 1987.
1986-90: Korea Statistical Yearbook, 1992.
1991-92: Mr. Lin, Bank of Korea.
Manufacturing Investment
1953-54: Yearbook of National Accounts Statistics, 1960, United Nations.
1955:    Yearbook of National Accounts Statistics, 1966, United Nations.
1956-62: Korea Statistical Yearbook, 1968.
1963-69: Korea Statistical Yearbook, 1973.
1970-72: Yearbook of National Accounts Statistics, 1980, United Nations.
39



data sources (continued)
1973-78: National Accounts Statistics: Main Aggregates and Detailed Tables,
1983, United Nations.
1979-85: National Accounts Statistics: Main Aggregates and Detailed Tables,
1988, United Nations.
1986:    Korea Statistical Yearbook, 1992.
1987-91: Monthly Bulletin, 1993.4, The Bank of Korea.
Deflator
1953-92: GDP Deflator from the International Finencial Statistics, International
Monetary Fund.
SRi LANKA
Agricultural Investment and Total Investment
1959-68: Annual Report of the Monetary Board to the Minister of Finance,
1969, Central Bank of Ceylon.
1969-74: Annual Report of the Monetary Board to the Minister of Finance,
1974, Central Bank of Ceylon.
1975-79: Annual Report of the Monetary Board to the Minister of Finance and
Planning, 1980, Central Bank of Ceylon.
1980-85: Annual Report, 1985, Central Bank of Sri Lanka.
1986-92: Annual Report, 1993, Central Bank of Sri Lanka.
Manufacturing Investment
1975-78: National Accounts of Sri Lanka, 1975-1982, Department of Census
and Statistics, Ministry of Plan Implementation.
1979-84 & 1986: Industrial Statistics, United Nations Industrial Development
Organization.
1985 & 1988-90: International Yearbook of Industrial Statistics, 1995, United
Nations Industrial Development Organization.
1987:   Industrial Statistics Yearbook, 1991, United Nations.
Deflators
1950-59: GDP Deflator from the International Financial Statistics, International
Monetary Fund.
1960-92: GDP Deflator from World Bank National Accounts.
SWEDEN
Agricultural Investment and Total Investment
1950-59: Statistics of National Accounts, 1950-1961, OECD.
1960-69: National Accounts of OECD Countries, 1960-1971, OECD.
1970-79: National Accounts, 1970-1982, OECD.
1980-92: National Accounts, 1980-1992, OECD.
Manufacturing Investment
1955-59: Yearbook of National Accounts Statistics, 1966, United Nations.
1960 & 1963: Yearbook of National Accounts Statistics, 1975, United Nations.
1961-62: National Accounts Statistics, 1960-1971, OECD.
1964-69: National Accounts of OECD Countries, 1975, OECD.
40



data sources (continued)
1970-72: National Accounts, 1970-1982, OECD.
1973-79: National Accounts, 1973-1985, OECD.
1980:    National Accounts, 1980-1992, OECD.
1981-92: National Accounts, 1981-1993, OECD.
Deflators
Agricultural Investment and Total Investment
1950-59: Statistics of National Accounts, 1950-1961, OECD.
1960-69: National Accounts of OECD Countries, 1960-1971, OECD.
1970-79: National Accounts, 1970-1982, OECD.
1980-92: National Accounts, 1980-1992, OECD.
SYRIA
Agricultural Investment and Total Investment
1966-72: Quarterly Bulletin, Vol. XIII, No. 1-2-3-4, 1974, Central Bank of
Syria.
1973-78: Quarterly Bulletin, Vol. XVIII, No. 3-4, 1979, Central Bank of Syria.
1979-84: Quarterly Bulletin, Vol. XXIII, No. 1-2-3-4, 1985, Central Bank of
Syria.
1985-87: Quarterly Bulletin, Vol. XXVI, No. 1-2-3-4, 1988, Central Bank of
Syria.
1988-92: Quarterly Bulletin, Vol. XXIX-XXX, No, 1-2-3-4, 1991-1992, Central
Bank of Syria.
Manufacturing Investment
(mining and electricity are included)
1961-65: Yearbook of National Accounts Statistics, 1966, United Nations.
1966-69: Yearbook of National Accounts Statistics, 1975, United Nations.
1970-79: Yearbook of National Accounts Statistics, 1980, United Nations.
1980-81: National Accounts Statistics: Main Aggregates and Detailed Tables,
1991, United Nations.
1982-92: National Accounts Statistics: Main Aggregates and Detailed Tables,
1992, United Nations.
De/7ator
1963-92: GDP Deflator from the International Financial Statistics, International
Monetary Fund.
TAIWAN
Agricultural Investrnent, Manufacturing Investment and Total Investment
1951-92: National Income in Taiwan Area of the Republic of China 1993:
National Accounts for 1951-1992, Directorate-General of Budget,
Accounting and Statistics, Executive Yuan, Republic of China.
Deflator
1951-91: GDP Deflator from the National Accounts of the International
Financial Statistics of the IMF.
41



data sources (continued)
1992:    GDP Deflator from Quarterly National Economic Trends. Taiwan
Area, the Republic of China. August 1994, Directorate-General of
Budget, Accounting and Statistics.
TANZANIA
Agricultural Investment
1966-70: National Accounts of Tanzania, 1964-1972, Ministry of Economic
Affairs and Development Planning.
1971-75: National Accounts of Tanzania, 1966-76, Bureau of Statistics,
Ministry of Finance and Planning.
1976-80: NationalAccounts of Tanzania, 1976-86, Bureau of Statistics,
Ministry of Finance and Planning.
1981-92: NationalAccounts of Tanzania, 1976-92, Bureau of Statistics,
Ministry of Finance and Planning.
Manufacturing Investment
1966-69: Yearbook of National Accounts Statistics, 1975, United Nations.
1970-74: Yearbook of National Accounts Statistics, 1980, United Nations.
1975-79: National Accounts Statistics: Main Aggregates and Detailed Tables,
1985, United Nations.
1980-91: National Accounts Statistics: Main Aggregates and Detailed Tables,
1991, United Nations.
Total Investment
1964-70: National Accounts of Tanzania, 1964-1972, Ministry of Economic
Affairs and Development Planning.
1971-75: National Accounts of Tanzania, 1966-76, ]Bureau of Statistics,
Ministry of Finance and Planning.
1976-80: National Accounts of Tanzania, 1976-86, Bureau of Statistics,
Ministry of Finance and Planning.
1981-92: National Accounts of Tanzania, 1976-92, Bureau of Statistics,
Ministry of Finance and Planning.
Deflator
1960-92: GDP Deflator from World Bank National Accounts.
TRINIDAD AND TOBAGO
Agricultural Investment
1966-82: The National Income of Trinidad and Tobago, 1966-1985, Central
Statistical Office, Republic of Trinidad and Tobago.
1983-89: The National Income of Trinidad and Tobago, 1981-1991, Central
Statistical Office, Republic of Trinidad anci Tobago.
1990:    National Accounts Statistics: Main Aggregates and Detailed Tables,
1992, United Nations.
Manufacturing Investment
1966-80: The National Income of Trinidad & Tobago, 1966-1985, Central
Statistical Office.
42



data sources (continued)
1981-89: The National Income of Trinidad & Tobago, 1981-1991, Central
Statistical Office.
1990:    National Accounts Statistics: Main Aggregates and l)etailed Tables,
1992, United Nations.
Total Investment
1966-80: The National Income of Trinidad and Tobago, 1966-1985, Central
Statistical Office, Republic of Trinidad and Tobago.
1981-89: The National Income of Trinidad and Tobago, 1981-1991, Central
Statistical Office, Republic of Trinidad and Tobago.
1990-92: World Tables, 1995, The World Bank.
Deflators
1966-91: GDP Deflator from the International Financial Statistics, International
Monetary Fund.
1992:    Applied World Bank, World Tables 1991-1992, GDP Deflator growth
rate to 1991 Deflator from the International Financial Statistics,
International Monetary Fund.
TuNIsIA
Agricultural Investment and Total Investment
1960-61: Yearbook of National Accounts, 1970, lJnited Nations.
1962-71: Statistiques Financieres, February 1974, Banque Centrale de Tunisie.
1972-78: Statistiques Financieres, March 1983, 3anque Centrale de Tunisie.
1979-87:  Statistiques Financieres, September 1990, Banque Centrale de Tunisie.
1988-92:  Statistiques Financieres, September 1993, ]Banque Centrale de Tunisie.
Manufacturing Investment
1962-64: Statistiques Financieres, February 1974, Banque Centrale de Tunisie.
1965-74: Yearbook of National Accounts Statistics, 1975, United Nations.
1975-81: National Accounts Statistics: Main Aggregates and Detailed Tables,
1985, United Nations.
1982-86: National Accounts Statistics: Main Aggregates and Detailed Tables,
1992, United Nations.
1987-92:  Statistiques Financieres, September 1993, Banque Centrale de Tunisie.
Deflators
1960:    GDP Deflator from Yearbook of National Accounts Statistics, 1970,
United Nations.
1961-92: GDP Deflator from World Bank National Accounts.
TURKEY
Agricultural Investment
1963-75: Computed From....
(1)  Ag-To-Total GFCF Ratio from The Turkish Economy, 1980 by
Turkish Industrialists and Businessmen's Association; and
(2)  Total GFCF, see below.
1976:    1977 Annual Report, State Investment Bank.
43



data sources (continued)
1977:    1978 Annual Report, State Investment Bank.
1978:    1979 Annual Report, State Investment Bank.
1979:    1980 Annual Report, State Investment Bank.
1980:    1981 Annual Report, State Investment Bank.
1981:    1982 Annual Report, State Investment Bank.
1982:    1983 Annual Report, State Investment Bank.
1983:    1984 Annual Report, State Investment Bank.
1984-92: National accounts tables from the State Planning Organization of
Turkey obtained through Sebnem Akkaya of the World Bank.
Manufacturing Investment
1963-75: The Turkish Economy: Prospects for Growth within Stability, 1978,
Turkish Industrialists and Businessmen's Association.
1976:    1977Annual Report, State Investment Bank, Turkey.
1977:    1978 Annual Report, State Investment Banik, Turkey.
1978:    1979 Annual Report, State Investment Bank, Turkey.
1979:    1980 Annual Report, State Investment Bank, Turkey.
1980:    1981 Annual Report, State Investment Bank, Turkey.
1981:    1982 Annual Report, State Investment Bank, Turkey.
1982:    1983 Annual Report, State Investment Bank, Turkey.
1983:    1984 Annual Report, State Investment Bank, Turkey.
1984-91: National accounts tables from the State Planning Organization of
Turkey obtained through Sebnem Akkaya of the World Bank.
1992:    Annual Report, 1993, Central Bank of the Republic of Turkey.
Total Investment
1960-69: National Accounts Statistics, 1960-1971, OECD.
1970-79: National Accounts, 1970-1982, OECD.
1980-92: National Accounts, 1980-1992, OECD.
Deflator
1960-92: GDP Deflator from the International Financial Statistics, International
Monetary Fund.
UNITED KINGDOM
Agricultural Investment and Total Investment
1950-59: Statistics of National Accounts, 1950-1961, OECD.
1960-69: NationalAccounts of OECD Countries, 1960-1971, OECD.
1970-79: National Accounts, 1970-1982, OECD.
1980-91: National Accounts, 1980-1992, OECD.
Manufacturing Investment
1948 & 1951-54: The Growth of World Industry, 1938-61, National Tables,
United Nations.
1949:   Interpolation.
1950 & 1955-59: Yearbook of National Accounts Statistics, 1964, United
Nations.
1960-61: NationalAccounts Statistics, 1960-1971, OECD.
44



data sources (continued)
1962-64: Yearbook of National Accounts Statistics, 1973, United Nations.
1965-69: National Accounts of OECD Countries, 1975, OECD.
1970-72: National Accounts, 1970-1982, OECD.
1973-79: National Accounts, 1973-1985, OECD.
1980-91: National Accounts, 1980-1992, OECD.
1992:    United Kingdom National Accounts 1994, Central Statistical Office.
Great Britain.
Deflators
Agricultural Investment and Total Investment
1950-59: Statistics of National Accounts, 1950-1961, OECD.
1960-69: National Accounts of OECD Countries, 1960-1971, OECD.
1970-79: National Accounts, 1970-1982, OECD.
1980-91: National Accounts, 1980-1992, OECD.
UNITED STATES
Agricultural Investrnent and Total Investment
1950-59: Statistics of National Accounts, 1950-1961, OECD
1960-69: National Accounts of OECD Countries, 1960-1971, OECD.
1970-79: National Accounts, 1970-1979, OECD.
1980-92: National Accounts, 1980-1992, OECD.
Manufacturing Investment
1948:    The Growth of World Industry, 1938-1961, National Tables, United
Nations.
1949:   Interpolation.
1950-57: Statistics of National Accounts, 1950-1961, OECD.
1958-65: The Growth of World Industry, 1967 Edition, United Nations.
1966-69: Industrial Statistics, United Nations Industrial Development
Organization.
1970-72: National Accounts, 1970-1982, OECD.
1973-79: National Accounts, 1973-85, OECD.
1980:    National Accounts, 1980-1992, OECD.
1981-92: National Accounts, 1981-1993, OECD.
Deflators
Agricultural and Total
1950-59: Statistics of National Accounts, 1950-1961, OECD.
1960-69: The National Income and Product Accoznts of the United States,
1929-1982, Department of Commerce, Blureau of Economic Analysis.
1970-79: National Accounts, 1970-1982, OECD.
1980-92: National Accounts, 1980-1992, OECD.
URUGUAY
Agricultural Investment and Total Investment
1955-82: National Accounts data from Dr. Edgardo Favarro at the World Bank.
45



data sources (continued)
1983-92: Boletin Estadistico, No. 166, September 1994, Banco Central del
Uruguay.
Deflator
1955-92: GDP Deflator from the International Financial Statistics, International
Monetary Fund.
VENEZUELA
Agricultural Investment
1960-61: Informe Economico, 1962, Banco Central de Venezuela.
1962-63: Informe Economico, 1964, Banco Central de Venezuela.
1964-65: Informe Economico, 1966, Banco Central de Venezuela.
1966-68: Informe Economico, 1968, Banco Central de Venezuela.
1969-72: Anuario Estadistico, 1973, Tomo I, Republica de Venezuela,
Ministerio de Fomento.
1973-76: Anuario Estadistico, 1977, Republica de Venezuela, Presidencia de la
Republica, Oficina de Estadistica e Informatica.
1977-79: Anuario Estadistico, 1979, Tomo V, Republica de Venezuela,
Presidencia de la Republica, Oficina de Estadistica e Informatica.
1980-84: Anuario Estadistico, 1984, Tomo V, Republica de Venezuela,
Presidencia de la Republica, Oficina de Estadistica e Informatica.
1985:    Anuario Estadistico de Venezuela, 1985, Republica de Venezuela,
Presidencia de la Republica, Oficina de Estadistica e Informatica.
Manufacturing Investment
1968-69: Yearbook of National Accounts Statistics, 1975, United Nations.
1970-76: Yearbook of National Accounts Statistics, 1980, United Nations.
1977-79 & 1981-86: Industrial Statistics, United Nations Industrial Development
Organization.
1980:   Interpolation.
1987-89: Industrial Statistics Yearbook, 1991, Unilted Nations.
1990-92: International Yearbook of Industrial Statistics, 1995, United Nations
Industrial Development Organization.
Total Investment
1960-61: Informe Economico, 1962, Banco Central de Venezuela.
1962-63: Informe Economico, 1964, Banco Central de Venezuela.
1964-65: Informe Economico, 1966, Banco Central de Venezuela.
1966-68: Informe Economico, 1968, Banco Central de Venezuela.
1969-72: Anuario Estadistico, 1973, Tomo I, Republica de Venezuela,
Ministerio de Fomento.
1973-76: Anuario Estadistico, 1977, Republica de Venezuela, Presidencia de la
Republica, Oficina de Estadistica e Informatica.
1977-79: Anuario Estadistico, 1979, Tomo V, Republica de Venezuela,
Presidencia de la Republica, Oficina de Estadistica e Informatica.
1980-84: Anuario Estadistico, 1984, Tomo V, Republica de Venezuela,
Presidencia de la Republica, Oficina de Estadistica e Informatica.
46



data sources (continued)
1985:    Anuario Estadistico de Venezuela, 1985, !Republica de Venezuela,
Presidencia de la Republica, Oficina de Estadistica e Informatica.
1986-92: World Bank World Tables, 1995.
Deflator
1950-92: GDP Deflator from the International Financial Statistics, International
Monetary Fund.
ZIMBABWE (FORMER RHODESIA)
Agricultural Investment and Total Investment
1954-64: National Accounts and Balance of Payments of Rhodesia, 1954-64,
Central Statistical Office.
1965-67: National Accounts and Balance of Payments of Rhodesia, 1971,
Central Statistical Office.
1968-73: National Accounts of Rhodesia, 1976, Central Statistical Office.
1974-80: Statistical Yearbook of Rhodesia, 1985, Central Statistical Office.
1981-89: Quarterly Digest of Statistics, March 1994, Central Statistical Office.
Manufacturing Investment
1954:    National Accounts and Balance of Payments of Rhodesia, 1954-64,
Central Statistical Office.
1955-64: Yearbook of National Accounts Statistics. 1966, United Nations.
1965-69: Yearbook of National Accounts Statistics, 1975, United Nations.
1970-74: Yearbook of National Accounts Statistics, 1980, United Nations.
1975-81: National Accounts Statistics: Main Aggregates and Detailed Tables,
1985, United Nations.
1982-89: National Accounts Statistics: Main Aggregates and Detailed Tables,
1992, United Nations.
Deflators
1954-59: GDP Deflator computed from National Accounts and Balance of
Payments of Rhodesia, 1954-64.
1960-92: GDP Deflator computed from World Bark National Accounts.
47



Annex II: Program to calculate agricultural capital, written by Al Crego, 1996.
Note: Total fixed capital and manufacturing capital stocks are obtained in the same way as
agricultural fixed capital.
PROGRAM
options ls=78;                               if nmiss(of yield67-yield92) ne 26;
libname datadir '[]';
p65=.;p66=.;p93=.;p94=.;
/* Orchards. */                              yield65=.;yield66=.;yield93=.;yield94=.;
/* Input data on area harvested (land), prices  /* Compute moving averages of prices and
(p) and */                                   yields. From */
/* output (q) by comrnodity for each         /* these, compute the dollar value per
country. Also input */                       hectare for a */
/* data on nominal exchange rates (x) since  /* specific period using the assumption that
prices are */                                profits from. */
/* expressed in nominal local currencies. */  /* tree crops are 20% of revenues. */
/* note 67-92 suffixes indicate observation*/  do j=3 to 28;
/* year    */                                  avgp{jl=mean(of p{j-2} p{j-11 p{j}
data land; set datadir.land;                 p{j+l } p{j+21);
keep cou com land67-land92;                    avgy{j } =mean(of yield{j-2} yield{j- 1 I
yield{j } yield{jħl } yield{j+21);
data prodn; set datadir.prodn;                 dollacre{j] =(avgp{j }*avgy{j })*(0.2);
keep cou com p67-p92 q67-q92 x67-x92;         end;
keep cou com dolacr67-dolacr92 land67-
proc sort data=land; by cou com;             land92;
proc sort data=prodn; by cou com;
/* Restrict data set to tree crops. */
data pv; merge land prodn; by cou com;       data pv; set pv;
array land{* } land65-land94;                if substr(corn,l,l)='t';
array q{ *} q65-q94;                         dummy=9999;
array p{*} p65-p94;
array x{*} x65-x94;                          /* Input data on US nominal interest rates. */
array yield{ * } yield65-yield94;            data bondrate; set datadir.bondrate;
array avgp{ * } avgp65-avgp94;               dummy=9999;
array avgy{*} avgy65-avgy94;                 keep dummy brate67-brate92;
array dollacret * } dolacr65-dolacr94;
/* Input data on US gdp deflators and
/* Convert prices to nominal US$. */          compute infLation */
do h=3 to 28;                                /* rate. */
p{h}=p{h}*x{h};                             data inflate; set datadir.gdp_def; if
end;                                         cou='USA';
gdpdef93=gdpdef92*(1+0.0219);
/* Compute yield as output per hectare. */   array deflatort * I gdpdef67-gdpdef93;
do i=3 to 28;                                array inflate{ *I inflat67-inflat92;
yield{i}=q{i}/land{i};                      do i=l to dirn(inflate);
end;



Program to caluc,late capital stocks (continued)
inflate I i} =((deflator{ i+ }-               /* value by Ihe area harvested. */
do k=1 to dim(treecap);
deflator{i } )/deflator{i+l })* 100;            treecap{kl =presvalu{k} *land{k};
end;                                          end;
dummy=9999;
keep dummy inflat67-inflat92;                  /* The total value of the orchards in nominal
US$ is */
/* Convert nominal interest rates to real      /* obtained by summing over the present
interest rates. */                             values for all */
data bondrate; merge bondrate inflate; by     /* tree crops. */
dummy;                                        proc summary data=pv nway;
array inflate{*} inflat67-inflat92;             class cou;
array bondrate{ * I brate67-brate92;            var trecap67-trecap92;
do i=l to dim(bondrate);                       output out=pv sum=;
bondratet il}=(bondrate { i }-inflatet i })/100;
end;                                          /* Input data on values of livestock in
lifetime=26;                                  nominal US $. */
keep dummy lifetime brate67-brate92;           /* Sum ove:r values of different types of
livestock to */
/* Compute the present value per orchard      /* obtain aggregate livestock measure for
hectare as the */                              each country. */
/* discounted stream of future profits it will  proc summary data=datadir.livstokl nway;
yield */                                        class cou;
/* through production using the simplifying     var value67-value92;
assumption */                                 output out=:livestok sum=;
/* that at any point in time the average tree
is halfway */                                 proc sort data=pv; by cou;
/* through with its assumed lifetime. */       data pv; set pv; keep cou trecap67-trecap92;
data pv; merge pv bondrate;by dummy; drop
dummy;                                        proc sort data=livestok; by cou;
array land{*} land67-land92;                  data livestok; set livestok; keep cou
array bondrate{ * } brate67-brate92;          value67-value92;
array dollacre{ * } dolacr67-dolacr92;
array presvalu { * } preval67-preval92;       /* "Other capital" is the sum of livestock
array treecap{*} trecap67-trecap92;            and orchards. */
do i=l to dim(bondrate);                       data pv; merge pv livestok; by cou;
presvalu{i}=0;                                array treecap{ * I trecap67-trecap92;
do j=1 to (lifetime/2);                      array value { * } value67-value92;
array othcap{ * I othcap67-othcap92;
presvalu{i}=presvalu{il+((dollacre{il)*(ex     do i=l to dim(value);
p((-bondrate{ i })*j- 1))));                    othcap {i }=sum(of treecap { i} value{ i });
end;                                         end;
end;
/* Compute the total present value of the
orchards for */
/* each tree crop by multiplying the per
hectare present */
49



Program to caluclate capital stocks (continued)
/* Fixed Capital Part Begins ... */          aggdp=agincome fi };
year=1912+i;
/* Input data on gdp in agriculture in        output;
constant local */                           end;
/* currencies. */                           keep year cou ainvest aggdp beg end
data aggdp; set datadir.capagdp;            gdp_beg;
if realnom=XP';
keep cou aggdpl3-aggdp92;                   data ainvest; set ainvest;
if year It beg then ratio=O; else
/* Input data on agricultural investment in  ratio=ainvest/aggdp;
constant */                                 if ratio=O then log_yat=.; else
/* local currencies. "beg" and "end" are    log_rat=log(ratio);
variables that */                           if aggdp=O then log_gdp=.; else
/* note the beginning and ending years of   log_gdp=log(aggdp);
the investment */
/* series. */                               proc sort data=ainvest; by cou year;
data ainvest; set datadir.ainvest;
keep cou yearl913-yearI992 beg end;         proc model data=ainvest noprint;
by cou;
/* Backcast the investment series. Run       endogenous log_rat log_gdp;
regressions of */                            exogenous year;
/* the logs of gdp and the ratio of investment  parms a b c d;
to gdp */                                    log_rat=a+b*year;
/* on time. Use the estimated parameters to  log_gdp=c+d*year;
simulate */                                  fit log-rat lcg_gdp / ols outest=outsim;
/* these series backwards in time. Calculate
*/                                          proc sort data=outsim; by cou;
/* investment back to 1913.                 proc sort data=ainvest; by cou;
proc sort data=aggdp; by cou;
proc sort data=ainvest; by cou;             data ainvest; merge ainvest outsim; by cou;
if log-rat=. then lograt=a+b*year;
data ainvest; merge aggdp ainvest; by cou;  if log_gdp=. then log_gdp=c+d*year;
array aggdp f * I aggdp 1 3-aggdp92;        fakeinv=(exp(log_gdp))*(exp(log_rat));
gdp_beg=O;                                  if ainvest=. then ainvest=fakeinv;
do i=l to dim(aggdp);                       keep cou year ainvest beg end;
if aggdp{i}=. then gdp_beg=gdp_beg+O;
if aggdp {i} ne . and gdp_beg=O then
gdp_beg=i+1912;                             /* This program calculates capital stocks by
if aggdp{ i } ne . and gdp_beg gt 0 then   applying the */
gdpjeg=gdp_beg;                             /* Ball, Bureau, Butault and Witzke (1993)
end;                                        method to */
keep cou yearl913-yearl992 aggdpl3-         /* investment data for each country. */
aggdp92 beg end gdp_beg;                    /* The program requires the user to input the
desired */
data ainvest; set ainvest;                  /* mean and variance from the normnal
array invest{*) yearl913-yearI992;          distribution (from */
array agincomef *1 aggdpl3-aggdp92;         /* which capital assets' service lives derive)
do i=l to dim(invest);                      in */
ainvest=invest{ i };
50



Program to caluclate capital stocks (continued)
/* addition to the parameter, Beta',
governing the */* ******************** *1
/* physical decay of assets. *l             /* 8 LINES BELOW, IMMEDIATELY
AFTER THE CARDS STATEMENT, */
/* The output of the block which            /* THE USER MUST ENTER,
immediately follows is */                   RESPECTIVELY, THE DESIRED DECAY
/* the data set called WEIGHTS. Assets       */
have the same */                            /* PARAME]TER (BETA), THE MEAN
/* mean life, but, following the truncated  (MU), AND THE STANDARD */
normal */                                   /* DEVIATION (SIGMA). */
/* distribution, different assets will have
lifetimes */
/* longer and shorter than the mean.
WEIGHTS contains */                         /* For the case of agricultural capital and
/* the probability that any particular asset  total */
will */                                     /* capital, the following parameters were
/* actually live for any specified time     assigned: */
period. The */                              /* beta=.7, :ru=20 and sigma=8. */
/* variable 'pmeanlif' is assigned probability  /* For manufacturing capital: beta=.7,
that any */                                 mu=15 and sigma=6. */
/* asset will have a lifetime equal to the
mean lifetime, */                           data weights;
/* plus or minus half of a year. 'prsubl' is  input beta rnu sigma;
the */                                      cards;
/* probability that any asset will have a    .7 20 8
lifetime from */
/* 1.5 to 0.5 years below the mean. 'prsub2'
is the */                                   data weights; set weights;
/* probability that any asset will have a    keep beta mu sigma prsubl-prsub99
lifetime from */                            pmeanlif prsup 1 -prsup99;
/* 2.5 to 1.5 years below the mean, and so   xlow=mu-
on. 'prsupl'*/                              (2* sigma)+-(0.5);xhigh=mu+(2*sigma)-
/* is the assigned probability that any asset  (0.5);
will have a */                               zlow=(xlow-mu)/sigma;zhigh=(xhigh-
/* lifetime from 0.5 to 1.5 years greater than  mu)/sigma;
the mean, */                                 taillow=probnorm(zlow);
/* 'prsup2' is the probability that any asset  tailhigh=probnorm(zhigh);
will live */                                 denom=tailhigh-taillow;
/* between 1.5 and 2.5 years above the mean
lifetime, and */                             array sub{*} subl-sublOO;
/* so on. In addition to the variables prsubl-  do i=l to 100;
prsub99, */                                   subi }=mnu-i+(0.5);
/* pmeanlif, and prsupl-prsup99,             end;
WEIGHTS contains the */
/* underlying parameters Beta and the mean   array subpr{ * I subprl-subprlOO;
and variance */                              subprl=(l/denom)*(probnorm((mu-
/* of the truncated normal distribution from  mu)/sigma)-probnorm((subl-mu)/sigma));
which all */                                 do i=2 to 100;
/* probabilities are derived. */
51



Program to caluclate capital stocks (continued)
subpr{i}=(l/denom)*(probnorm((sub(i-         /* an asset lifetime which is between 2.5 and
11 -mu)/sigma)                                  1.5 years */
-probnorm((sub{i}-           /* less than the mean life of assets. 'freql-
mu)/sigma));                                    freql99' */
end;                                           /* are the probabilities associated with asset
lifetimes */
array subzero{*} subzl -subz lOO;             /* 'life l -lifel 99'. */
do i=l to 100;
subzero { i }=0;                              data service; set weights;
end;                                            keep mu sigma beta dummy freql -freql 99
lifel-lifel99;
array below{*} belowl-belowlOO;                 array lifeprob{*} prsubl-prsub99 pmeanlif
do i=1 to 100;                                 prsupl-prsup99;
if sub {i I It xlow then                       array freq{*} freql-freql99;
below{i}=subzero(i};                             do i=l to 99;
else below { i } =subpr{i 1;                    freq{ Ii =lifeprob{ 100-i};
end;                                            end;
freq{ 100}I=lifeprobI 1001;
array lifeprob{*} prsubl-prsub99 pmeanlif       do i=101 to 199;
prsupl -prsup99;                                  freq {i }-=lifeprob I i};
pmeanlif=2*belowl;                              end;
do i=2 to 100;
lifeprob{i-I }-=below {i };                    array lifetime{* } lifel -lifel99;
end;                                           lifetimef 100 }=mu;
do i=2 to 100;                                  do i=l to 99;
lifeprob{i+99 }=below {i 1;                     lifetime { i }=mu-(100-i);
end;                                            end;
do i=l to 99;
lifetimef l00+i}=mu+(i);
/* Below, the variables freql-freql99 are        end;
created, each */                                 dummy=9999;
/* of which correspond, respectively, to the
variables */                                    data year;
/* lifel-lifel99. lifelOO'is assigned to be     array years{*} yrl851-yr1992;
the mean */                                     yrl851=1851;
/* lifetime (plus or minus half of a year).     do z=2 to dirn(years);
lifelOl'is */                                    years{z}=years{z- }+1;
/* an asset lifetime which is between one       end;
half and one */                                 keep yrl851 -yr1992;
/* and one half years greater than the mean
lifetime. */                                    data year;set year;
/* 'lifelO2' is an asset lifetime which is      array years{*} yrl851-yrl992;
between 1.5 */                                  do z=l to dim(years);
/* and 2.5 years greater than the mean life,     year-years{ z};
and so on. */                                    dummy=9999;
/* 'life99' is an asset lifetime which is        output;
between 1.5 */                                  end;
/* and 0.5 years less than the mean life,       keep year dumnmy;
'life98' is */
52



Program to caluclate capital stocks (continued)
data service; merge service year; by dummy;      end;
drop dummy;                                      keep year cou beta mu sigma capl913-
proc delete data=weights;                        cap1992;
/* Below, the data set 'service' contains the    /* The follo wing calculates the capital
time paths */                                    stocks, by */
/* of services generated by a single capital     /* country, in each year by summing over
asset. */                                        the */
/* Take, for example, the year j, service{zI     /* contributions from each year. */
element. */
/* This is the efficiency (or service from 1     proc summary data=ainvest nway;
asset) in */                                      class cou;
/* year z of assets which were new in year j.     var capl913-cap1992;
*/                                               output out=astocks sum=;
data service; set service;                       data astocks; set astocks;
keep year beta mu sigma servl851-                keep cou capl913-cap1992;
servl992;                                        * Fixed Capital Stock in Constant Local
array lifetime{*} life 1-life 199;               Currency;
array freq{*} freql-freql99;
array service{*} servl851-servl992;              /* Input data on the total capital deflator to
do i=1 to dim(service);                          convert */
service{i}=0;                                   /* capital stock data to nominal local
do j= 1 to dim(lifetime);                       currencies. VI
if (lifetime{j }-(i-_n_)) le 0 or              data deflator; set datadir.deflator;
(lifetime{j }-(beta*(i-_n_))) le 0 then      keep cou defl913-def1992;
service { i } =service { i } +0;
else                                           proc sort data=deflator; by cou;
service I i }=serviceI i }+(freq{j })*(lifetime{j }
-(i-_n_))                                        data astocks; merge astocks deflator; by cou;
* ( l/(lifetime{j } -(beta*(i-_n_))));         array deflator{ * I def 19 3-def 1 992;
if year gt (i+1850) then service{i}=O;         array real{* } capl913-cap1992;
end;                                            array nomfixed{ * I fixcapl 3-fixcap92;
end;                                             do i=1 to dim(deflator);
nomfixed{ i } =((real { i }) *(deflator{ i }))/100;
data service; set service;                       end;
if year ge 1913;                                 keep cou fixcap67-fixcap92;
keep year beta mu sigma servl913-                * Fixed Capital Stock in Nominal Local
servl992;                                        Currency;
proc sort data=service; by year;                 /* Input data on nominal exchange rates to
proc sort data=ainvest; by year;                 convert */
/* capital stock data to nominal US $. */
data ainvest; merge service ainvest; by year;    data prodn; set prodn;
array service{*} servl913-servl992;              if cou ne lag(cou);
array capital{*} capl913-cap1992;                keep cou x67-x92;
do i=l to dim(service);
capital{i}=service{i}*ainvest;                  data astocks; merge astocks prodn; by cou;
53



Program to caluclate capital stocks (continued)
array nomfixed{*} fixcap67-fixcap92;           dummy=9999; keep gdpdef67-gdpdef92
array exchange{ * } x67-x92;                  dummy;
do i=l to dim(exchange);
nomfixed{i}=nomfixed{i}*exchange{i};         data astocks; merge astocks usdefl; by
end;                                           dummy;
keep cou fixcap67-fixcap92;                    if nmiss(of totcap67-totcap92) It 26;
* Fixed Capital Stock in Nominal US$;          array fixcap { * } fixcap67-fixcap92;
array livestok{ * I value67-value92;
proc sort data=pv; by cou;                     array trees{ * I trecap67-trecap92;
array othcap{ * I othcap67-othcap92;
/* Sum fixed capital and other capital         array totalcap { * I totcap67-totcap92;
(livestock and */                              array deflator{ * I gdpdef67-gdpdef92;
/* orchards) to obtain total value of          do i=1 to dim(deflator);
agricultural */                                if deflator(i I =. or deflator{ i} =0 then
/* capital in nominal US$. */                 fixcap{i}=.,
data astocks; merge pv astocks; by cou;         else fixcap{i}=(fixcap{i}/deflator{i})*100;
array nomfixed{ * I fixcap67-fixcap92;          if deflator{i}=. or deflator{i}=O then
array othercap{ * I othcap67-othcap92;        livestok{i}=.;
array totcap { * } totcap67-totcap92;           livestok{I i=(livestok{ i I/deflator i })* 100;
do i=l to dim(nomfixed);                       if deflator] i}=. or deflator{i}=O then
totcap{i}=sum(of nomfixed{i}                  trees{i}=.;
othercap i });                                 trees{ i }=(trees {i}/deflator{i })* 100;
end;                                            if deflatorI i1=. or deflator{ i} =0 then
dummy=9999;                                    othcap{i}=.;
keep cou fixcap67-fixcap92 value67-             othcap { i } =(othcap { i }/deflator{ i })* 100;
value92 trecap67-trecap92 othcap67-            if deflatorti}=. or deflator{i}=O then
othcap92 totcap67-totcap92 dummy;             totalcapfi}=*.;
* Agricultural Capital Stock in Nominal        totalcap Ii } =(totalcap { i }/deflator{ i} )* 100;
US$;                                           end;
keep cou fixcap67-fixcap92 value67-
/* Input data on US gdp deflators to convert   value92 trecap67-trecap92 othcap67-
capital */                                     othcap92 totcap67-totcap92;
/* stock measures to constant US$. */          * Agricultural Capital in 1990 US$;
data usdefl; set datadir.gdp_def; if
cou='USA';
54



Bibliography
Ball, V. E., J. Bureau, J. Butault, and H. Witzke. 1993. The Stock of Capital in European
Community Agriculture. European Review of Agricultural Economics 20:437-
450.
Blades, D. 1983. Service Lives of Fixed Assets. Organization of Economic Co-operation
and Development. Economics and Statistics Department. Working Papers No.
4:1-34 (March).
Martin, Will and Devashish Mitra. 1996. "Productivity Growth in Agriculutre and
Manufacturing." draft.
Mundlak, Y., D. Larson and R. Butzer. 1997a. "The Determinants of Agricultural
Production: A Cross-Country Analysis." World Bank Working Paper Number
1827. Washington: World Bank.
Mundlak, Y., D. Larson and R. Butzer. 1997b. "An International Comparison of
Investment and Capital Stocks for Agriculture and Manufacturing". draft
Mundlak, Y., D. Larson and A. Crego. 1997. Agricultural Development: Issues,
Evidence, and Consequences. Proceedings of the IEA Congress at Tunis,
World Bank Working Paper Number 1811. Washington: World Bank.
55



Policy Research Working Pgiper Series
Contact
Title                            Author                  Date              for paper
WPS1993 Financial Safety Nets and Incentive  Philip L. Brock      October '1998      K. Labrie
Structures in Latin America                                                 38256
WPS1994 Estimating Wealth Effects without   Deon Filmer           October 1998       S. Fallon
Expenditure Data - or Tears:     Lant Pritchett                             38009
with an Application to Educational
Enrollments in States of India
WPS1995 What Macroeconomic Policies       Mansoor Dailami         October 1998       B. Nedrow
Are 'Sound?"                     Nadeem ul Haque                            31585
WPS1996 Namibia's Social Safety Net:      Kalinidhi Subbarao      October 1998       P. Lizarondo
Issues and Options for Reform                                               87199
WPS1997 On Measuring Literacy             Kaushik Basu            October 1998       M. Mason
James E. Foster                            30809
WPS1 998 The Structure and Determinants of   Sudharshan Canagarajah  October 1998    A. Garscadden
Inequality and Poverty Reduction  Dipak Mazumdar                            38400
in Ghana, 1988-92                Xiao Ye
WPS1999 Heterogeneity among Mexico's      Wendy V. Cunningham    October 1998        T. Gomez
Micro-Enterprises: An Application    William F. Maloney                     32127
of Factor and Cluster Analysis
WPS2000 GATT Experience with Safeguards:  J. Michael Finger       October 1998       L. Tabada
Making Economic and Political                                               36896
Sense of the Possibilities that the
GATT Allows to Restrict Imports
WPS2001 Measuring the Dynamic Gains from   Romain Wacziarg        November 1998      S. Crow
Trade                                                                       30763
WPS2002 Accounting for Toxicity Risks in   Susmita Dasgupta       November 1998      Y. D'Souza
Pollution Control: Does It Matter?    Benott Laplante                       31449
Craig Meisner
WPS2003 Thailand's Corporate Financing    Pedro Alba              November 1998       R. Vo
and Governance Structures        Stijn Claessens                            33722
Simeon Djankov
WPS2004 What Can Be Expected from African  Alexander Yeats        November 1998       L. Tabada
Regional Trade Arrangements?                                                36896
Some Empirical Evidence
WPS2005 Fiscal Federalism and             Anwar Shah              November 1998       S. Valle
Macroeconomic Governance:                                                   84493
For Better or For Worse?
WP82006 Household Welfare Measurement    Jesko Hentschel          November 1998       PREM
and the Pricing of Basic Services    Peter Lanjouw                          87736



Policy Research Working Paper Series
Contact
Title                           Author                  Date              for paper
WPS2007 Regional Integration Arrangements:  Dean A. DeRosa        November 1998      L. Tabada
Static Economic theory, Quantitative                                       36896
Findings, and Policy Guidelines
WPS2008 Volatility and Contagion in a     Pedro Alba              November 1998     D. Fischer
Financially Integrated World:   Amar Bhattacharya                          38656
Lessons from East Asia's Recent    Stijn Claessens
Experience                      Swati Ghosh
Leonardo Hernandez
WPS2009 Poverty and the Economic Transition: Peter Lanjouw        November 1998      P. Sader
How Do Changes in Economies     Branko Milanovic                           33902
of Scale Affect Poverty Rates for    Stefano Paternostro
Different Households?
WPS2010 The Real Impact of Financial Shocks: Ilker Domac          November 1998      M. Greaves
Evidence from the Republic of Korea Giovanni Ferri                         81876
WPS201I Measuring Poverty Using Qualitative Menno Pradhan         November 1998      P. Sader
Perceptions of Welfare          Martin Ravallion                           33902
WPS2012 Export Quotas and Policy Constraints Sanjay Kathuria      November 1998      L. Tabada
in the Indian Textile and Garment    Anjali Bhardwaj                       36896
Industries