Journal
PORTUGUESE ECONOMIC JOURNAL
Volume 9, Issue 1, Pages 35-74Publisher
SPRINGER HEIDELBERG
DOI: 10.1007/s10258-010-0053-9
Keywords
Capital services; TFP; Portugal
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This paper presents capital services estimates for 26 Portuguese industries for the 1977-2003 period. The estimation procedure follows an integrated approach under which the flows of capital services are approximated as a proportion of the capital stock converted into standard efficiency units. Our findings suggest a close proximity between the evolution of capital flows and the observed fluctuations of Portuguese macroeconomic growth. TFP growth estimates based on growth accounting reveal, furthermore, a very disappointing performance of the Portuguese economy during the period under study, with an average annual rate of TFP growth of 0.8% being observed. Performance varies across industries, but the bulk of activities show very modest rates of TFP growth.
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