Bankpolitik

Bibliographic data

Monograph

Identifikator:: 1006296646

URN:: urn:nbn:de:zbw-retromon-19592

Document type:: Monograph

Author:: Somary, Felix http://d-nb.info/gnd/119189518

Title:: Bankpolitik

Place of publication:: Tübingen

Publisher:: Verlag von J.C.B. Mohr (Paul Siebeck)

Year of publication:: 1915

Scope:: 1 Online-Ressource (XI, 289 Seiten)

Digitisation:: 2017

Collection:: Economics Books

Usage license:: Get license information via the feedback formular.

Document type:: Monograph

Structure type:: Contents

Collection:: Economics Books

1048 PONTIFICIAE ACADEMIAE SCIENTIARVM SCRIPTA VARIA - 28 Thus, so far as the original 1959 growth rates are concerned the projections shown on Table II are based on the same 5% and respectively 3% figure as the projections presented on Table I. The actual domestically financed 1959 investment of the Underdeveloped countries is estimated in Table I at $18 billion, while in Table II at only $11 billion. Accordingly, the implicit estimate of the capital-output ratio, b,, falls from 3.76 on Table I to 2.56 on Table II. With any given absolute amount of investment, the lower is the capital-output ratio, the higher must be the rate of growth. This explains why in the third projection on Table IT with a base year transfer of $15 billion, the Underdeveloped countries attained — over the ten year period, 1959-1969 — an average annual growth rate of 5.4%, which is higher than the corresponding growth rate of the Developed Areas, shown to be 5.2%. A comparison of the implicit capital-output ratios of the two areas throws light on the plausibility of some of the base year estimates from which the different sets of projections have been derived. For example, in Table VI, b,=3.15 and b, =5.64. It seems to be quite unlikely that the average capital intensity of production would be so much higher in the less advanced than in the more advanced areas. A combination of a high growth rate for the Developed, with a low growth rate and a high investment figure for the less developed Areas must be rejected as implausible. This throws considerable doubt also on the validity of all the four alternative projections of future economic growth presented on Table VI. For reasons similar to those described above, or for some other reasons, a critical examination of the alternative factual assessments of the state in which both groups of countries actually found themselves in 1950 might lead some experts to reject, out-of-hand, some other of the 24 different proiections presented in these tables. The examination of all the alternative projections of the prospective growth of the two groups of countries over the 113] Leontief - pag. io

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