An, Zidong; Kangur, Alvar; Papageorgiou, Chris - 2019
total physical capital as a key input. Implicitly this assumes that private and public capital stocks are perfect … substitutes. In this paper we test this assumption by estimating a nested-CES production function whereas the two types of capital … private capital stocks for 151 countries over a period of 1960-2014 consistent with Penn World Table version 9. We find …
