Braun, M. L., & Arellano, M. S. (1999). Stock de recursos de la economía chilena

Arellano S, M. S., & Braun Ll, M. (1999). " STOCK" DE RECURSOS DE LA ECONOMIA CHILENA. Cuadernos de economía, 639-684.

Abstract

This paper presents the methodology used to estimate the Chilean stock of human capital physical capital and natural resources in 1995, including the results obtained. Physical capital stock was estimated based mainly on a direct quantification of different types of capital. It amounted in 1995 to 2.4 times the GDP. Unlike previous studies, natural resources were not estimated based on fiscal valuation but on direct quantification of them. Lands 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 capitals replacement cost. Using a rate of discount of 10%, human capital stock amounted US$ 521.661 million (8 times GDP) in 1995. Physical to human capital ratio was in the United States 2.6 times Chilean 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.