World Economics

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GDP figures: How the Financial Times gets it wrong
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David Henderson, World Economics,
Dollar market exchange rates are erroneously used by many publications to make cross-country comparisons of GDP. Exchange rates underestimate the relative size of developing economies and provide misleading estimates of important economic ratios such as energy intensity figures. The United Nations System of National Accounts recommend the use of Purchasing Power Parity converters which account for cross-country differences in price levels.
Greek Economic Statistics: A Decade of Deceit
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Brian Sturgess, World Economics, June 2010
This paper looks at the recent problems in official Greek economic data on public finances, whose reliability has been impaired by inappropriate accounting methods, the application of poor statistical methods and deliberate misreporting. Data on deficits and debt have been misleading from before Greeceā€™s eurozone entry, but despite a regular supply of public information about the problems, the rating agencies did not respond by downgrading Greek public debt until it was too late. These agencies reacted to, rather than leading, market tends that were already under way. The issue casts doubt on the fitness for purpose of the European Statistical System where the powers of Eurostat, the statistics arm of the European Commission have been inadequate to effectively monitor the fiscal status of eurozone countries. These powers, at present limited by the principle of subsidiarity to administering a Code of Practice, must be strengthened closer to approximating a power of audit.
Measuring Information Technology and Productivity in the New Economy
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Kevin J. Stiroh , World Economics, March 2002
The growing importance of information technology raises significant challenges for statisticians and economists. The US national accounts now incorporate sophisticated measurement tools to capture the rapid rates of technological change and dramatic improvements in the performance/price ratio of many hightech assets like computer hardware, software, and telecommunications goods. These data have been incorporated into traditional sources of growth analyses to identify the impact of information technology on the US economy. The emerging consensus is that information technology played a key role in the post-1995 revival of US productivity growth.

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