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GTAP Resource #6998

"Refining Savings in the GTAP Data Base"
by Aguiar, Angel, Maria Filipa Seara Pereira and Erwin Corong

The standard GTAP Data Base provides a snapshot of the global economy for a reference year. The level of savings in each country is among the information provided by the database. In previous versions, as in the latest version, several countries in GTAP report negative savings. Aguiar et al. (2022) explain that the level of Savings is computed as a residual due to one of the macroeconomic conditions that need to be ensured by GTAP for economic modelling.

In this study we look to refine Savings in the GTAP framework by considering remittances (in and out) sourced from the GMIG, foreign flows (receipts and payments) sourced from GDYN, and international foreign aid flows (in and out) sourced from the OECD. The latter information needs to be preprocessed in order to obtain a consistent bilateral matrix of foreign aid.

Another objective of this study is to further examine the assumption on the depreciation rate used and capital stock source. The PWT provides depreciation values by country that GTAP could be using instead of the current 4% assumption across countries. Alternatively, we could follow the IMF in considering depreciation rates that depend on country’s income grouping (IMF, 2021). Both will be presented and analyzed.

In terms of the source for capital stock, we are going to consider alternative sources as initial comparisons against OECD sources show a large discrepancy, see Gouma and Inklaar (2021). PWT is an attractive source because of its geographic coverage. IMF may also provide the same coverage.

Resource Details (Export Citation) GTAP Keywords
Category: 2023 Conference Paper
Status: Not published
By/In: Presented during the 26th Annual Conference on Global Economic Analysis (Bordeaux, France)
Date: 2023
Created: Aguiar, A. (4/15/2023)
Updated: Aguiar, A. (6/16/2023)
Visits: 303
- Model extension/development
- GTAP Data Base and extensions

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