ICP 2005 CONSTRUCTION PRICES: ARE THEY UNDERESTIMATED IN DEVELOPING COUNTRIES?

Construction prices are lower in developing countries in ICP 2005, which has raised these countries’ capital/output ratio in Penn World Tables 7 and 8 and affected growth analyses. We estimate the Colombia/U.S. price ratio for office and apartment buildings in 2005 as a test of the validity of the I...

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Autores:
Breton,Theodore R
GarcÍa, John J.
Tipo de recurso:
Fecha de publicación:
2015
Institución:
Universidad EAFIT
Repositorio:
Repositorio EAFIT
Idioma:
eng
OAI Identifier:
oai:repository.eafit.edu.co:10784/7507
Acceso en línea:
http://hdl.handle.net/10784/7507
Palabra clave:
Colombia
construction prices
ICP 2005
Penn World Table
price indices
Rights
License
restrictedAccess
id REPOEAFIT2_659ca27673527597e468cc80aae74f65
oai_identifier_str oai:repository.eafit.edu.co:10784/7507
network_acronym_str REPOEAFIT2
network_name_str Repositorio EAFIT
repository_id_str
spelling 20152015-11-06T16:24:56Z20152015-11-06T16:24:56Z1475-4991http://hdl.handle.net/10784/750710.1111/roiw.12170Construction prices are lower in developing countries in ICP 2005, which has raised these countries’ capital/output ratio in Penn World Tables 7 and 8 and affected growth analyses. We estimate the Colombia/U.S. price ratio for office and apartment buildings in 2005 as a test of the validity of the ICP 2005 methodology for estimating these prices. Our estimate of the Colombia/U.S. price ratio is almost twice the ICP 2005 estimate. We confirm the validity of our results by estimating the cost of constructing office and apartment buildings using 2005 prices for construction materials, equipment, and labor in both countries.engInternational Association for Research in Income and Wealthhttp://onlinelibrary.wiley.com/journal/10.1111/(ISSN)1475-4991http://onlinelibrary.wiley.com/journal/10.1111/(ISSN)1475-4991restrictedAccess© 2015 International Association for Research in Income and WealthAcceso restringidohttp://purl.org/coar/access_right/c_16ecICP 2005 CONSTRUCTION PRICES: ARE THEY UNDERESTIMATED IN DEVELOPING COUNTRIES?articleinfo:eu-repo/semantics/articleinfo:eu-repo/semantics/publishedVersionArtículopublishedVersionObra publicadahttp://purl.org/coar/version/c_970fb48d4fbd8a85http://purl.org/coar/resource_type/c_6501http://purl.org/coar/resource_type/c_2df8fbb1Colombiaconstruction pricesICP 2005Penn World Tableprice indicesEscuela de Economía y FinanzasEconomíaBreton,Theodore RGarcÍa, John J.Universidad EAFIT, Medellín, ColombiaUniversidad EAFIT, Medellín, ColombiaEstudios en Economía y EmpresaReview of Income and Wealth10784/7507oai:repository.eafit.edu.co:10784/75072015-11-06 16:35:24.805metadata.onlyhttps://repository.eafit.edu.coRepositorio Institucional Universidad EAFITrepositorio@eafit.edu.co
dc.title.eng.fl_str_mv ICP 2005 CONSTRUCTION PRICES: ARE THEY UNDERESTIMATED IN DEVELOPING COUNTRIES?
title ICP 2005 CONSTRUCTION PRICES: ARE THEY UNDERESTIMATED IN DEVELOPING COUNTRIES?
spellingShingle ICP 2005 CONSTRUCTION PRICES: ARE THEY UNDERESTIMATED IN DEVELOPING COUNTRIES?
Colombia
construction prices
ICP 2005
Penn World Table
price indices
title_short ICP 2005 CONSTRUCTION PRICES: ARE THEY UNDERESTIMATED IN DEVELOPING COUNTRIES?
title_full ICP 2005 CONSTRUCTION PRICES: ARE THEY UNDERESTIMATED IN DEVELOPING COUNTRIES?
title_fullStr ICP 2005 CONSTRUCTION PRICES: ARE THEY UNDERESTIMATED IN DEVELOPING COUNTRIES?
title_full_unstemmed ICP 2005 CONSTRUCTION PRICES: ARE THEY UNDERESTIMATED IN DEVELOPING COUNTRIES?
title_sort ICP 2005 CONSTRUCTION PRICES: ARE THEY UNDERESTIMATED IN DEVELOPING COUNTRIES?
dc.creator.fl_str_mv Breton,Theodore R
GarcÍa, John J.
dc.contributor.department.spa.fl_str_mv Escuela de Economía y Finanzas
Economía
dc.contributor.author.spa.fl_str_mv Breton,Theodore R
GarcÍa, John J.
dc.contributor.affiliation.spa.fl_str_mv Universidad EAFIT, Medellín, Colombia
Universidad EAFIT, Medellín, Colombia
dc.contributor.program.spa.fl_str_mv Estudios en Economía y Empresa
dc.subject.keyword.eng.fl_str_mv Colombia
construction prices
ICP 2005
Penn World Table
price indices
topic Colombia
construction prices
ICP 2005
Penn World Table
price indices
description Construction prices are lower in developing countries in ICP 2005, which has raised these countries’ capital/output ratio in Penn World Tables 7 and 8 and affected growth analyses. We estimate the Colombia/U.S. price ratio for office and apartment buildings in 2005 as a test of the validity of the ICP 2005 methodology for estimating these prices. Our estimate of the Colombia/U.S. price ratio is almost twice the ICP 2005 estimate. We confirm the validity of our results by estimating the cost of constructing office and apartment buildings using 2005 prices for construction materials, equipment, and labor in both countries.
publishDate 2015
dc.date.available.none.fl_str_mv 2015-11-06T16:24:56Z
dc.date.issued.none.fl_str_mv 2015
dc.date.accessioned.none.fl_str_mv 2015-11-06T16:24:56Z
dc.date.none.fl_str_mv 2015
dc.type.eng.fl_str_mv article
info:eu-repo/semantics/article
info:eu-repo/semantics/publishedVersion
dc.type.coarversion.fl_str_mv http://purl.org/coar/version/c_970fb48d4fbd8a85
dc.type.coar.fl_str_mv http://purl.org/coar/resource_type/c_6501
http://purl.org/coar/resource_type/c_2df8fbb1
dc.type.local.spa.fl_str_mv Artículo
dc.type.hasVersion.eng.fl_str_mv publishedVersion
dc.type.hasVersion.spa.fl_str_mv Obra publicada
status_str publishedVersion
dc.identifier.issn.none.fl_str_mv 1475-4991
dc.identifier.uri.none.fl_str_mv http://hdl.handle.net/10784/7507
dc.identifier.doi.none.fl_str_mv 10.1111/roiw.12170
identifier_str_mv 1475-4991
10.1111/roiw.12170
url http://hdl.handle.net/10784/7507
dc.language.iso.eng.fl_str_mv eng
language eng
dc.relation.isversionof.none.fl_str_mv http://onlinelibrary.wiley.com/journal/10.1111/(ISSN)1475-4991
dc.relation.uri.none.fl_str_mv http://onlinelibrary.wiley.com/journal/10.1111/(ISSN)1475-4991
dc.rights.eng.fl_str_mv restrictedAccess
dc.rights.spa.fl_str_mv © 2015 International Association for Research in Income and Wealth
dc.rights.coar.fl_str_mv http://purl.org/coar/access_right/c_16ec
dc.rights.local.spa.fl_str_mv Acceso restringido
rights_invalid_str_mv restrictedAccess
© 2015 International Association for Research in Income and Wealth
Acceso restringido
http://purl.org/coar/access_right/c_16ec
dc.publisher.eng.fl_str_mv International Association for Research in Income and Wealth
institution Universidad EAFIT
repository.name.fl_str_mv Repositorio Institucional Universidad EAFIT
repository.mail.fl_str_mv repositorio@eafit.edu.co
_version_ 1814110352349069312

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