Travelling across the cosmos: Wealth creation measurement and the historical series of Spanish GDP

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Abstract

This paper provides an answer to Leandro Prados de la Escosura's response to my estimation of Spain's Gross Domestic Product time series (Revista de Economía Aplicada, no 49, 2009, pp. 5-45). It proves that the CPI is the best available deflator for rebuilding the GDP before the CNE because it correctly measures year-to-year changes of the general price level. It employs a linking procedure of the historical series of national accounts that is consistent with the newer SCN-93 and SEC-95 national accounts systems and which coincides with the systems used by all international economic organizations. The updating of the accounting system, with the inclusion of the non-observed economy and of own-account production of goods by households, has made previous estimations obsolete and requires the use of second generation estimations, with the inevitable re-adaptation of the relative levels of different economies.
Original languageEnglish
Pages (from-to)25-54
JournalRevista de Economia Aplicada
Volume17
Issue number51
Publication statusPublished - 1 Dec 2009

Keywords

  • Economic growth
  • Gross domestic product
  • Historical national accounts

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