Stock and capital services
Since 1995, the Ivie and the BBVA Foundation have been conducting a research program on capital stock which includes a database with information on the accumulation of capital in Spain over the last five decades. Specifically, this database examines the series at national level for the period 1964 to 2014 and at regional level until 2013. In addition, the database updates the contribution of productive capital and offers information of the assets invested in, which include, for the first time, R&D expenditure. For this purpose, net capital stock (wealth) and capital services (productive capital) are measured.
At national level, the 31 industries considered are disaggregated into 19 types of assets, following NACE Rev. 2 classification. The 2016 update of the BBVA Foundation-Ivie series has been adapted to the new European System of Accounts (ESA 2010) defined by Regulation (EU) No. 549/2013 of the European Parliament and of the Council of 21 May 2013. The classification distinguishes between tangible and intangible assets, including R&D expenditure for the first time.
In addition, this classification includes three information and communication technology (ICT) assets (software, hardware and communications) and offers a great asset breakdown in public infrastructure which is a distinctive characteristic of the BBVA Foundation-Ivie series. In addition, data by autonomous communities and provinces are disaggregated into 19 types of assets, and 25 and 15 industries, respectively. This classification by asset and industry became available for the first time in the 2012 update.
The updating of the database has been adapted to the changes resulting from the implementation of the European System of National and Regional Accounts (ESA 2010). The most important change in ESA 2010 is the identification and treatment of research and development expenditure as investment (gross fixed capital formation). Therefore, R&D expenditure has been included for the first time in the database.
The capital stock estimates follow the most recent methodological orientation developed by the OECD (2009), which also coincide with the procedure followed by the Bureau of Labor Statistics and the EU KLEMS project. The new estimates replace the previous lines of research based on the OECD 2001 and 1992 methodological recommendations (see methodology for further details).
The extensive database, that Ivie and BBVA Foundation have made public, is accompanied by numerous dynamic graphs that facilitate the analysis of the evolution and composition of capital endowments in Spain and its regions. Over 800 published specialized works have been based on this information, as of December 2016. Publications:
- Acumulación y productividad del capital en España y sus comunidades autónomas en el siglo XXI
- Inversión y stock de capital en España. La salida de la crisis
- El stock y los servicios del capital en España y su distribución territorial en el periodo 1964-2012 (CNAE-2009)
- Inversión y stock de capital en España (1964-2011). Evolución y perspectivas del patrón de acumulación
- El stock y los servicios del capital en España y su distribución territorial y sectorial (1964-2010)
BBVA Foundation and Ivie (Instituto Valenciano de Investigaciones Económicas). El stock y los servicios del capital en España y su distribución territorial y sectorial (1964-2013). June 2015. Database available at: http://www.fbbva.es/TLFU/microsites/stock09/fbbva_stock08_index.html