A Multi-asset and Country Analysis of Capital-output Ratios

B. Anthony Billings, Cedric L. Knott and Buagu N. Musazi

The International Trade Journal, 2023, vol. 37, issue 6, 633-652

Abstract: Several studies have considered factors influencing capital output differences among countries and reported that factors such as education of the workforce, capital allocation, taxes, and business profits partly explain capital-output differences. We disaggregate capital investment into six categories for nine major industrialized nations during the 1998 to 2016 period. The regression estimates of capital-output against several production factors show that capital-output ratios are a positive function of the education level of the workforce and R&D intensity, and a decreasing function of the tax burden on business profits. Among the countries studied, China, the UK, Italy, and India appear to be the most efficient in terms of capital-output ratios for the several capital investment categories examined.

Date: 2023
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DOI: 10.1080/08853908.2021.2007821

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