Who Shrunk China? Puzzles in the Measurement of Real GDP
The latest World Bank estimates of real GDP per capita for China are significantly lower than previous ones. We review possible sources of this puzzle including substitution bias in consumption, reliance on urban prices, which we estimate are higher than rural ones, and the use of an expenditure-wei...
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| Veröffentlicht in: | The Economic journal (London) 2013-12, Vol.123 (573), p.1100-1129 |
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| container_title | The Economic journal (London) |
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| creator | Feenstra, Robert C. Ma, Hong Peter Neary, J. Prasada Rao, D.S. |
| description | The latest World Bank estimates of real GDP per capita for China are significantly lower than previous ones. We review possible sources of this puzzle including substitution bias in consumption, reliance on urban prices, which we estimate are higher than rural ones, and the use of an expenditure-weighted rather than an output-weighted measure of GDP. Taking all these together, we estimate that Chinese real per capita GDP was 30% higher in 2005 than the World Bank estimates. Our empirical procedures have implications more broadly for international comparisons of living standards and real GDP. |
| doi_str_mv | 10.1111/ecoj.12021 |
| format | Article |
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Puzzles in the Measurement of Real GDP</title><title>The Economic journal (London)</title><addtitle>Econ J</addtitle><description>The latest World Bank estimates of real GDP per capita for China are significantly lower than previous ones. We review possible sources of this puzzle including substitution bias in consumption, reliance on urban prices, which we estimate are higher than rural ones, and the use of an expenditure-weighted rather than an output-weighted measure of GDP. Taking all these together, we estimate that Chinese real per capita GDP was 30% higher in 2005 than the World Bank estimates. Our empirical procedures have implications more broadly for international comparisons of living standards and real GDP.</description><subject>China</subject><subject>Commodities</subject><subject>Consumer goods</subject><subject>Consumer Price Index</subject><subject>Consumer prices</subject><subject>Consumer spending</subject><subject>Consumption</subject><subject>Estimates</subject><subject>Estimating techniques</subject><subject>Estimation</subject><subject>Expenditure</subject><subject>GDP</subject><subject>Geary-Khamis and GAIA Indexes</subject><subject>GEKS</subject><subject>Gerschenkron Effect</subject><subject>Gross Domestic Product</subject><subject>International comparisons</subject><subject>International comparisons of real income and GDP</subject><subject>Measurement economics</subject><subject>Per capita</subject><subject>Prices</subject><subject>Purchasing power parity</subject><subject>Real gross domestic product</subject><subject>Standard of living</subject><subject>Studies</subject><subject>Substitution bias</subject><subject>Urban areas</subject><subject>World Bank</subject><issn>0013-0133</issn><issn>1468-0297</issn><fulltext>true</fulltext><rsrctype>article</rsrctype><creationdate>2013</creationdate><recordtype>article</recordtype><recordid>eNp9kM1v00AQxVcVlRpSLtyRVuKCkJzul3e9J0SdEIoCsSBVpF5W6_VYceLYZdcWtH89DoYeODDSaA7v90ZPD6GXlMzoMFfg2v2MMsLoGZpQIZOIMK2eoQkhlEfD8gv0PIQ9GYZxMUHJdtfibzvfNwec7qrGvsNZ__hYQ8BVg7sd4M9gQ-_hCE2H2xJ_BVvj5Ty7ROelrQO8-HOn6PbDYpN-jFbr5U36fhU5oWMasVyWquRS2NKqItFCxDmPweXgNNe2LJJYFYxLBbmjRS6dlHlZxA4oFMpayafozfj33rffewidOVbBQV3bBto-GCo0kzIWMRnQ1_-g-7b3zZBuoBTRCSVMDNTbkXK-DcFDae59dbT-wVBiTiWaU4nmd4kDTEf4R1XDw39Is0jXn_56Xo2efeha_-QRTFPN1ClmNOpV6ODnk279wUjFVWy2X5bmbjNXPNtem4z_Ar3ziyI</recordid><startdate>201312</startdate><enddate>201312</enddate><creator>Feenstra, Robert C.</creator><creator>Ma, Hong</creator><creator>Peter Neary, J.</creator><creator>Prasada Rao, D.S.</creator><general>Blackwell Publishing Ltd</general><general>Wiley-Blackwell</general><general>Oxford University Press</general><scope>BSCLL</scope><scope>AAYXX</scope><scope>CITATION</scope><scope>8BJ</scope><scope>FQK</scope><scope>JBE</scope></search><sort><creationdate>201312</creationdate><title>Who Shrunk China? 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Puzzles in the Measurement of Real GDP</atitle><jtitle>The Economic journal (London)</jtitle><addtitle>Econ J</addtitle><date>2013-12</date><risdate>2013</risdate><volume>123</volume><issue>573</issue><spage>1100</spage><epage>1129</epage><pages>1100-1129</pages><issn>0013-0133</issn><eissn>1468-0297</eissn><coden>ECJOAB</coden><abstract>The latest World Bank estimates of real GDP per capita for China are significantly lower than previous ones. We review possible sources of this puzzle including substitution bias in consumption, reliance on urban prices, which we estimate are higher than rural ones, and the use of an expenditure-weighted rather than an output-weighted measure of GDP. Taking all these together, we estimate that Chinese real per capita GDP was 30% higher in 2005 than the World Bank estimates. 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| ispartof | The Economic journal (London), 2013-12, Vol.123 (573), p.1100-1129 |
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| source | Jstor Complete Legacy; Oxford University Press Journals All Titles (1996-Current); Wiley Online Library Journals Frontfile Complete; Business Source Complete |
| subjects | China Commodities Consumer goods Consumer Price Index Consumer prices Consumer spending Consumption Estimates Estimating techniques Estimation Expenditure GDP Geary-Khamis and GAIA Indexes GEKS Gerschenkron Effect Gross Domestic Product International comparisons International comparisons of real income and GDP Measurement economics Per capita Prices Purchasing power parity Real gross domestic product Standard of living Studies Substitution bias Urban areas World Bank |
| title | Who Shrunk China? Puzzles in the Measurement of Real GDP |
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