Wealth Accounts in the IWR 2014 IWR 2012: Twenty countries which represented 72% of the GDP and 56 % of the Population

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1 Wealth Accounts in the IWR 4 IWR 2: Twenty countries which represented 72% of the GDP and 56 % of the Population 2

2 40 countries: 99% of the GDP and 96 % of the Population 3 Change in Inclusive Wealth per capita for the year 0 (base year = 990) 4 2

3 Change in Inclusive Wealth per capita for the year 0 (base year = 990) IWI 30% Thailand 5 Change in Inclusive Wealth per capita for the year 0 (base year = 990) GDP 95% IWI 30% Thailand 6 3

4 Change in IWI with respect to the 990 levels (per capita) Percentage % Change in IWI - () (40) Produced Capital Human Capital Natural Capital Inclusive Wealth Index 7 Change in IWI with respect to the 990 levels (per capita) Percentage Produced Capital - () (40) Produced Capital Human Capital Natural Capital Inclusive Wealth Index 8 4

5 Investment growth rates 0 Percentage (0) () (30) (40) (50) Percentage () (40) Produced Capital Human Capital Natural Capital Inclusive Wealth Index 9 Change in IWI with respect to the 990 levels (per capita) Percentage () IWI Produced Capital Human Capital (40) Natural Capital Produced Capital Human Capital Natural Capital Inclusive Wealth Index 0 5

6 Change in IWI with respect to the 990 levels (per capita) Percentage () IWI Produced Capital Human Capital: Edu: 5.5 yr to 7.5 yr (40) Natural Capital Produced Capital Human Capital Natural Capital Inclusive Wealth Index Change in Natural Capital with respect to the 990 levels (per capita) - (0) () Peercentage (30) (40) (50) (60) (70) Agricultural Land Forest Fisheries Fossil Fuels Minerals Natural Capital Index 2 6

7 Composition of Wealth (average 990-0, in %) 4 32 Percentage Composition of Natural Capital (average 990 0, in %) Produced Capital Human Capital Natural Capital Agricultural Land Total Forest Fisheries Fossil Fuels Minerals 3 Thank you 4 7

Adjusted Inclusive Wealth Index 5 Index Inclusive Wealth Factors that affect IWI Natural

+ Natural gas Roads Coal Etc Minerals Bauxite Nickel + Copper Phosphate Gold Silver Iron

Agricultural Land + Cropland Pastureland () Carbon Damages (2) capital Gains (3) Total

8 Adjusted Inclusive Wealth Index 5 Index Inclusive Wealth Factors that affect IWI Natural Capital + Human Capital + Produced Capital Fossil fuels Education Equipments Machinaries + Natural gas Roads Coal Etc Minerals Bauxite Nickel + Copper Phosphate Gold Silver Iron Tin Lead Zinc + Fisheries Forest resources + Timber Non timber forest resources Agricultural Land + Cropland Pastureland () Carbon Damages (2) capital Gains (3) Total Factor Productivity Overview on IWR 2: Methods and datasets Pablo Muñoz UNU IHDP Paris April 3 8

9 Inclusive Wealth Index = Natural Capital + Human Capital + Produced Capital 7 Inclusive Wealth Index = Natural Capital + Human Capital + Produced Capital 8 Fossil fuels Education Equipments Machinaries + Natural gas Roads Coal Etc Minerals Bauxite Nickel + Copper Phosphate Gold Silver Iron Tin Lead Zinc + Fisheries Forest resources + Timber Non timber forest resources Agricultural Land + Cropland Pastureland 9

10 Inclusive Wealth Index = Natural Capital + Human Capital + Produced Capital 9 Fossil ilfuels Education Equipments Machinaries + Natural gas Roads Coal Etc Minerals Bauxite Nickel + Copper Phosphate Gold Silver Iron Tin Lead Zinc + Fisheries Forest resources + Timber Non timber forest resources Agricultural Land + Cropland Pastureland Inclusive Wealth Index = Natural Capital + Human Capital + Produced Capital Fossil fuels Education Equipments Machinaries + Natural gas Roads Coal Etc Minerals Bauxite Nickel + Copper Phosphate Gold Silver Iron Tin Lead Zinc + Fisheries Forest resources + Timber Non timber forest resources Agricultural Land + Cropland Pastureland 0

11 Fossil Fuels and Minerals Rental Price Fossil Fuels and Minerals Rental Price Fossil Fuels Natural Gas Coal Minerals Bauxite Copper Gold Iron Lead Nickel Phosphate Silver Tin Zinc

12 Fossil Fuels and Minerals Rental Price Fossil Fuels Natural Gas Coal Minerals Bauxite Copper Gold Iron Lead Nickel Phosphate Silver Tin Zinc Physical stock estimates were based on reserves and production data: Stock t- = Stock t + Production t Fossil Fuels and Minerals Rental Price Fossil Fuels Natural Gas Coal Minerals Bauxite Copper Gold Iron Lead Nickel Phosphate Silver Tin Zinc Avg. International market prices of resource i. Physical stock estimates were based on reserves and production data: Stock t- = Stock t + Production t Sectoral rental rates (%) Data Sources: United States Energy Information Administration (EIA); British Geological Survey; United States Geological Survey (USGS); World Bank; BP Statistical Review of World Energy; Narayanan and Walmsley (08). 2

13 Fisheries Sectoral Rental Rates. Prices per tonne from the total landing value and quantity of the Sea Around Us Project. Proxi: Weighted (by quantity) price of those species reported by the Sea Around Us Project. * Available stock of fisheries within countries fishing areas from the RAM Legacy Stock Assessment Database. * The total biomass is expressed in tonnes. Data sources: Sea Around Us Project (); Sumaila et al. (05); Narayanan and Walmsley (08), RAM Legacy Stock Assessment Database - Richard et al. (2). Inclusive Wealth Index = Natural Capital + Human Capital + Produced Capital 26 Fossil fuels Education Equipments Machinaries + Natural gas Roads Coal Etc Minerals Bauxite Nickel + Copper Phosphate Gold Silver Iron Tin Lead Zinc + Fisheries Forest resources + Timber Non timber forest resources Agricultural Land + Cropland Pastureland 3

14 Human Capital Framework in the IWR Human capital (HC) is defined as: dt 0 Term I Term I: HC is a function of educational attainment ( Edu ) and the additional compensation over time of this training, ρ. Where average years of total schooling is used as a proxi of Educational attainment and obteained from Barro and Lee (0) database. Education: percentage change (990 08) in the average years of total Schooling Brazil Germany India China Saudi Arabia France Venezuela (Bolivarian Republic of) Kenya South Africa Colombia Nigeria Chile Russian Federation United Kingdom Norway Canada Japan Ecuador United States of America Australia Percentage in Avg. Years of Total Schooling 28 Average years of total Schooling: BRA=7.4 USA=3.02 4

15 Human Capital Framework in the IWR Human capital (HC) is defined as: dt 0 Term I Term II Term II: Population of the country who reach the years of total education, P. Source:United Nations Population Division (); Human Capital Framework in the IWR Human capital (HC) is defined as: dt 0 Term I Term II Term III Term III is obtained by computing the present value of the average labor compensation per unit of human capital, r, received by workers over an entire life s working period, T. Where: r: Conference Board (2);United Nations Statistics Division (a); OECD; National Stadistics Agencies. T: United Nations Population Division (); World Health Organization; (2); International Labour Organization () 5

16 Expected number of working years remaining for the average adult, T Germany France Saudi Arabia Russian Federation South Africa United Kingdom Japan Australia India Canada Norway Colombia United States of America Chile Venezuela (Bolivarian Republic of) Nigeria Brazil China Ecuador Kenya T is obtained by using the following demographic inputs by age group and gender : population, mortality rates, and participation in the labor force Expected number of working years remaining, T, for the average adult in Japan

17 Human Capital Framework in the IWR Human capital (HC) is defined as: dt dt 0 Term I Term II Term III Break Down of the changes in Human Capital (HC) for Brazil 60 ange with Respect to 990 % cha Change in HC per capita Term I: Change in HC per Adult Term II: Change in Relative Population Term III: Change in NPV

18 Break Down of the changes in Human Capital (HC) for Japan % cha ange with Respect to Term I: Change in HC per Adult Change in HC per capita Term II: Change in Relative Population Term III: Change in NPV Inclusive Wealth Index = Natural Capital + Human Capital + Produced Capital 36 Fossil fuels Education Equipments Machinaries + Natural gas Roads Coal Etc Minerals Bauxite Nickel + Copper Phosphate Gold Silver Iron Tin Lead Zinc + Fisheries Forest resources + Timber Non timber forest resources Agricultural Land + Cropland Pastureland 8

19 Produced Capital (PC) We based our calculations on the perpetual inventory method (PIM) by setting an initial capital estimate. PC = Initial capital estimate(k 0) + Invesment Ko Depreciation 0 Produced Capital Investment 0 / Depreciation rate Ko *Changes in Inv *Depreciation 37 Time Venezuela Percentage Produced Capital Human Capital Natural Capital IWI 38 9

20 VENEZUELA 60, Investment in Venezuela 90 Millions of USD 50,000 40,000 30,000,000 0, Prices (us$ 00/berrel) Inclusive Wealth Index = Natural Capital + Human Capital + Produced Capital Fossil ilfuels Education Equipments Machinaries + Natural gas Roads Coal Etc Minerals Bauxite Nickel + Copper Phosphate Gold Silver Iron Tin Lead Zinc + Fisheries Forest resources + Timber Non timber forest resources Agricultural Land + Cropland 40 Pastureland

21 Inclusive Wealth Index = Natural Capital + Human Capital + Produced Capital Health Capital Fossil fuels Education Equipments Longevity Machinaries + Natural gas Roads Coal Etc Minerals Bauxite Nickel + Copper Phosphate Gold Silver Iron Tin Lead Zinc + Fisheries Forest resources + Timber Non timber forest resources Agricultural Land + Cropland Pastureland

22 Thank you!

Environmentally Adjusted Multifactor Productivity: Methodology and Results for OECD and G20 Countries

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