PCAP: Data set on _Public Capital Stocks_

In pvars: VAR Modeling for Heterogeneous Panels

Data set on Public Capital Stocks

Description

The data set PCAP consists of annual observations for

• the governmental capital stocks G and their logarithm g,

• the private capital stocks K and their logarithm k,

• the total hours worked L and their logarithm l, and

• the real GDP Y and its logarithm y.

It is constructed from the annual observations for

• the governmental investments IG,

• the private non-residential investments and capital stocks IB and B,

• the private housing investments and capital stocks IH and H, and

• the persons employed ET and hours worked per person HRS.

It covers the period 1960 to 2019 (T=60) for N=23 OECD countries. All monetary values are given in US-Dollars at 2005 prices, i.e. constant PPP.

Usage

data("PCAP")

Format

A long-format data panel of class 'data.frame', where the columns id_i and id_t indicate the country and year respectively.

Source

Own compilation based on data from PWT, Eurostat, and OECD's Economic Outlook. Capital stocks are derived by the Perpetual Inventory Method as described by Kamps (2006). This is open data under the CC BY 4.0 license.

References

Empting, L. F. T., and Herwartz, H. (2025): "Revisiting the 'Productivity of Public Capital': VAR Evidence on the Heterogeneous Dynamics in a New Panel of 23 OECD Countries".

Feenstra, R. C., Inklaar, R., and Timmer, M. P. (2015): "The Next Generation of the Penn World Table", American Economic Review, 105, pp. 3150-3182.

Kamps, C. (2006): "New Estimates of Government Net Capital Stocks for 22 OECD Countries, 1960-2001", IMF Staff Papers, 53, pp. 120-150.

See Also

Other data sets: ERPT, EURO, EU_w, ICAP, MDEM, MERM, PCIT

Examples

### Latex figure: public capital stocks ###
data(PCAP)
names_i = c("DEU", "FRA", "GRC", "ITA", "NLD")  # select 5 exemplary countries
idx_i  = PCAP$id_i %in% names_i
idx_pl = c(1, 3, 5, 9, 10)
pallet = c(RColorBrewer::brewer.pal(n=11, name="Spectral")[idx_pl], "#000000")
names(pallet) = c(names_i, "\\O23")
breaks = factor(c(names_i, "\\O23"), levels=c(names_i, "\\O23"))
events = data.frame(
  label   = paste0("\\quad \\textbf{ ",
            c("Oil Crisis", "Oil Crisis II", "Early 1990s", "Early 2000s", 
              "Great Recession", "European Debt Crisis", "COVID-19"), " }"), 
  t_start = c(1973, 1979, 1990, 2000, 2007, 2010, 2020),
  t_end   = c(1975, 1982, 1993, 2003, 2010, 2013, 2022))

# plot events #
library("ggplot2")
F.base <- ggplot() + 
  geom_hline(yintercept = 0, color="grey") +
  geom_rect(data=events, aes(xmin=t_start, xmax=t_end, ymin=-Inf, ymax=+Inf), 
            fill="black", alpha=0.2) +
  geom_text(data=events, aes(x=(t_start+t_end)/2, y=-Inf, label=label), 
            hjust=0, angle=90, colour='white') +
  scale_x_continuous(breaks = seq(1960, 2020, 10), limits = c(1960, 2022)) +
  theme_bw(base_size=10)

# add levels #
F.G <- F.base +
  geom_line(data=PCAP[idx_i, ], aes(x=id_t, y=G/1e+12, colour=id_i, group=id_i), 
            linewidth=2) +
  stat_summary(data=PCAP[idx_i, ], aes(x=id_t, y=G/1e+12, color="\\O23"), 
               fun=mean, geom="line", linewidth=0) +
  geom_text(data=events, aes(x=(t_start+t_end)/2, y=-Inf, label=label), 
            hjust=0, angle=90, colour='white', alpha=0.6) +
  scale_colour_manual(values=pallet, breaks=breaks) +
  labs(x=NULL, y="Trillion US-\\$ at 2005 prices", colour="Country", title=NULL) +
  guides(colour=guide_legend(override.aes = list(linewidth=2))) +
  theme(legend.position="inside", legend.position.inside=c(0.01, 0.99), 
        legend.justification = c(0, 1), 
        legend.title=element_text(size=8), legend.text=element_text(size=6), 
        legend.key.width = unit(0.35, "cm"), legend.key.height = unit(0.35, "cm"))

# add growth rates #
PCAP$gG = ave(PCAP$G, PCAP$id_i, FUN=function(x) 
  c(diff(x), NA)/x*100)  # beginning-of-the-year observations!
F.gG <- F.base +
  geom_line(data=PCAP[idx_i, ], aes(x=id_t, y=gG, colour=id_i, group=id_i), 
            linewidth=2) +
  stat_summary(data=PCAP, aes(x=id_t, y=gG, color="\\O23"), 
               fun=mean, geom="line", linewidth=2) +
  geom_text(data=events, aes(x=(t_start+t_end)/2, y=-Inf, label=label), 
            hjust=0, angle=90, colour='white', alpha=0.6) +
  scale_colour_manual(values=pallet, breaks=breaks, guide="none") +
  labs(x="Year", y="Growth in \\%", colour="Country", title=NULL)

# export to Latex #

library(tikzDevice)
textwidth = 15.5/2.54  # LaTeX textwidth from "cm" into "inch"
file_fig  = file.path(tempdir(), "Fig_G.tex")

tikz(file=file_fig, width=1.2*textwidth, height=0.8*textwidth)
 # gridExtra::grid.arrange(grobs=list(F.G, F.gG), layout_matrix=cbind(1:2))
 ggpubr::ggarrange(F.G, F.gG, ncol=1, nrow=2, align="v")
dev.off()

pvars documentation built on Nov. 5, 2025, 6:57 p.m.