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GTAP Resource #5122

"Econometric Estimation of Capital-Labor Substitution Elasticities for Ukrainian CGE Model"
by Chepeliev, Maksym


Abstract
The paper presents econometric estimates of the capital-labor substitution elasticities in terms of 10 economic activities based on the 2003-2009 data. Elasticities are estimated in the context of computable general equilibrium (CGE) methodology, particularly, based on the constant elasticity of substitution in production functions and cost minimization assumptions.
Selection of methods and approaches to elasticities estimation is based on the literature review. Thus the paper considers several issues: minimum amount of statistical data, required to obtain reliable estimates; choice of functional forms; and specification of economic indicators for production functions variables representation.
According to the received estimates, values of Ukrainian capital-labor substitution elasticities are rather low – 0,13-0,82. Service industries are characterized by lower elasticity values, compared to the real sector of Ukrainian economy, which can be explained by the fact that services have higher labor intensity.


Resource Details (Export Citation) GTAP Keywords
Category: Other CGE Application
Econometric Application
Status: Published
By/In: Journal of Economy and Forecasting
Date: 2015
Version:
Created: Chepeliev, M. (5/4/2016)
Updated: Chepeliev, M. (5/4/2016)
Visits: 187
- Calibration and parameter estimation
- Model validation
- Other data bases and data issues
- Common Wealth of Independent States


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