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

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dc.citation.journalTitleReview of Income and Wealtheng
dc.contributor.affiliationUniversidad EAFIT, Medellín, Colombiaspa
dc.contributor.affiliationUniversidad EAFIT, Medellín, Colombiaspa
dc.contributor.authorBreton,Theodore Rspa
dc.contributor.authorGarcÍa, John J.spa
dc.contributor.departmentEscuela de Economía y Finanzasspa
dc.contributor.departmentEconomíaspa
dc.contributor.programEstudios en Economía y Empresaspa
dc.date2015
dc.date.accessioned2015-11-06T16:24:56Z
dc.date.available2015-11-06T16:24:56Z
dc.date.issued2015
dc.description.abstractConstruction 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.eng
dc.identifier.doi10.1111/roiw.12170
dc.identifier.issn1475-4991
dc.identifier.urihttp://hdl.handle.net/10784/7507
dc.language.isoengeng
dc.publisherInternational Association for Research in Income and Wealtheng
dc.relation.isversionofhttp://onlinelibrary.wiley.com/journal/10.1111/(ISSN)1475-4991
dc.relation.urihttp://onlinelibrary.wiley.com/journal/10.1111/(ISSN)1475-4991
dc.rightsrestrictedAccesseng
dc.rights© 2015 International Association for Research in Income and Wealthspa
dc.rights.accessrightsinfo:eu-repo/semantics/restrictedAccesseng
dc.rights.localAcceso restringidospa
dc.subject.keywordColombiaeng
dc.subject.keywordconstruction priceseng
dc.subject.keywordICP 2005eng
dc.subject.keywordPenn World Tableeng
dc.subject.keywordprice indiceseng
dc.titleICP 2005 CONSTRUCTION PRICES: ARE THEY UNDERESTIMATED IN DEVELOPING COUNTRIES?eng
dc.typearticleeng
dc.typeinfo:eu-repo/semantics/articleeng
dc.typeinfo:eu-repo/semantics/publishedVersioneng
dc.type.hasVersionpublishedVersioneng
dc.type.localArtículospa

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