Stock de Recursos de la Economía Chilena

Soledad Arellano and Matias Braun ()

Cuadernos de Economía (Latin American Journal of Economics), 1999, vol. 36, issue 107, pages 639-684

Abstract: This paper presents the methodology used to estimate the Chilean stock of human capital, physical capital and natural resources in 1995. Physical capital stock was estimated based mainly on a direct quantification of different types of capital. It amounted in 1995 to 2.4 times GDP. Unlike previous studies, natural resources were not estimated based on fiscal valuation, but on direct quantification of them. Land’s total value and mineral reserves amounted to US$ 181.033 million and US$ 17.095 million, respectively. Both direct and indirect costs (tuition and fees and foregone earnings) were taken into account to estimate human capital’s replacement cost. Using a rate of discount of 10%, human capital stock amounted to US$ 521.661 million (8 times GDP) in 1995. Physical to human capital ratio was in the United States 2.6 times Chile’s ratio. This increased accuracy in the estimation of Chilean resources will be very useful for the empirical estimation of economic growth models and also for quantitative evaluations of the impact of economic policies on growth.

Keywords: Human Capital Stock; Physical Capital Stock; Natural Resources; Chile (search for similar items in EconPapers)
JEL-codes: E25 O15 O54 (search for similar items in EconPapers)
Date: 1999
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Persistent link: http://EconPapers.repec.org/RePEc:ioe:cuadec:v:36:y:1999:i:107:p:639-684

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