Retropolation of the investment series (GFCF) and estimation of fixed capital stocks on the ESA-95 basis for the French balance sheets

G. Brilhault
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G. Brilhault: Insee

Documents de Travail de l'Insee - INSEE Working Papers from Institut National de la Statistique et des Etudes Economiques

Abstract: The estimation of fixed capital stocks for the French balance sheets uses the "perpetual inventory method" (PIM). The PIM simulates the accumulation process of the capital stock using past investment flows. To construct series of fixed capital stocks on the ESA-95 basis, one requires, for each fixed asset, historical series of gross fixed capital formation (GFCF). In the first part of the paper, the retropolation of GFCF, needed for the calculation of fixed capital stocks from 1970 onwards, is discussed. The second part describes how the fixed capital stocks are estimated using the longrun investment series. Fixed capital stocks are calculated for each institutional sector by branch and by each item of the classification of fixed assets in the balance sheets (series beginning in 1970). The third part compares the fixed capital stocks of the 1980 and 1995 Revisions, and shows that much of the discrepancies between the two Revisions are due to conceptual and methodological differences.

Keywords: national accounts; balance sheets; fixed capital; GFCF; PIM; permanent inventory (search for similar items in EconPapers)
JEL-codes: C82 E22 (search for similar items in EconPapers)
Date: 2002
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