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Title: Multilateral comparisons of productivity, terms-of-trade and factor accumulation
Authors: Shiu, A 
Issue Date: 2003
Publisher: Wiley-Blackwell
Source: Review of income and wealth, 2003, v. 49, no. 1, p. 35-52 How to cite?
Journal: Review of income and wealth 
Abstract: This paper proposes a new approach for multilateral comparisons using index numbers. The new approach combines two recently-proposed innovative techniques to examine differences among economies at various levels. The Minimum Spanning Tree algorithm, based on the idea of minimizing substitution bias of bilateral comparisons, provides a possible ordering for panel data. Making use of the suggested ordering, bilateral Törnqvist price and quantity indexes are calculated and multilateral indexes are obtained by chaining. An index-number based approach is then used to decompose the differences in GDP at the bilateral level. Different sources that contribute to the differences in GDP are considered: productivity differences, terms of trade differences, factor endowments differences and domestic output price differences. The newly formed indexes are base-invariant which provides strong support for using the technique for multilateral comparisons. An illustration of the technique using data from China and four OECD countries is included.
ISSN: 0034-6586 (print)
1475-4991 (online)
DOI: 10.1111/1475-4991.00073
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