Integrated capital shares
Juuti, T. (2020). Integrated capital shares. Applied Economics Letters, 27(18), 1533-1540. https://doi.org/10.1080/13504851.2019.1693695
Published inApplied Economics Letters
© 2019 Informa UK Limited, trading as Taylor & Francis Group
In empirical macroeconomics, inter-dependencies between countries are often analysed using cross-country correlations or graphical investigation of time series. This study shows that applying an alternative methodological approach - identification of common unobservable factors and using them as explanatory variables for country-specific time series - indicates a stronger cross-country integration of functional income distributions than the standard methods. The results vary only little between different samples, where both the country and year coverage change. Moreover, the main findings are not sensitive to the way capital depreciation is taken into account. The primary driving factor seems to be the same irrespective of the set of countries and time period. Furthermore, in the majority of the countries, this factor is strongly correlated with both trade openness and total factor productivity, which have been suggested to be key drivers behind the changes in the division of income between capital and labour. ...
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- Kauppakorkeakoulu 
Additional information about fundingThis work was supported by the Finnish Cultural Foundation, South Savo Regional Fund under [Grant 12181963].
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