| Data: |
Adjusted net savings, including particulate
emission damage (% of GNI) |
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| Year: |
1960 - 2013 |
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| Country: |
Philippines |
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| Source: |
World Bank (the
information in this section is direct quotation from World Bank development
data) |
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| Series Code: |
NY.ADJ.SVNG.GN.ZS |
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| Topic: |
Economic Policy &
Debt: National accounts: Adjusted savings & income |
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| Short Definition: |
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| Long Definition: |
Adjusted net
savings are equal to net national savings plus education expenditure and
minus energy depletion, mineral depletion, net forest depletion, and carbon
dioxide and particulate emissions damage. |
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| Unit of Measurement: |
0 |
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| Periodicity: |
Annual |
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| Base Period: |
0 |
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| Reference Period: |
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| Aggregation method: |
Weighted average |
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| Limitations and exceptions: |
The
exercise treats public education expenditures as an addition to savings.
However, because of the wide variability in the effectiveness of public
education expenditures, these figures cannot be construed as the value of
investments in human capital. A current expenditure of $1 on education does
not necessarily yield $1 of human capital. The calculation should also
consider private education expenditure, but data are not available for a
large number of countries.
While extensive, the accounting of natural resource depletion and pollution
costs still has some gaps. Key estimates missing on the resource side include
the value of fossil water extracted from aquifers, net depletion of fish
stocks, and depletion and degradation of soils. Important pollutants
affecting human health and economic assets are excluded because no
internationally comparable data are widely available on damage from
ground-level ozone or sulfur oxides. |
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| Notes from original source: |
0 |
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| General Comments: |
0 |
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| Original Source: |
World Bank
staff estimates based on sources and methods in World Bank's "The
Changing Wealth of Nations: Measuring Sustainable Development in the New
Millennium" (2011). |
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| Statistical
concept and methodology: |
Adjusted
net savings are derived from standard national accounting measures of gross
savings by making four adjustments. First, estimates of fixed capital
consumption of produced assets are deducted to obtain net savings. Second,
current public expenditures on education are added to net savings (in
standard national accounting these expenditures are treated as consumption).
Third, estimates of the depletion of a variety of natural resources are
deducted to reflect the decline in asset values associated with their
extraction and harvest. And fourth, deductions are made for damages from
carbon dioxide emissions and local pollution.
Estimates of resource depletion are based on the "change in real
wealth" method described in Hamilton and Ruta (2008), which estimates
depletion as the ratio between the total value of the resource and the
remaining reserve lifetime. The total value of the resource is the present
value of current and future rents from resource extractions. An economic rent
represents an excess return to a given factor of production. Natural
resources give rise to rents because they are not produced; in contrast, for
produced goods and services competitive forces will expand supply until
economic profits are driven to zero. For each type of resource and each
country, unit resource rents are derived by taking the difference between
world prices (to reflect the social opportunity cost of resource extraction)
and the average unit extraction or harvest costs (including a “normal” return
on capital). Unit rents are then multiplied by the physical quantity
extracted or harvested to arrive at total rent. To estimate the value of the
resource, rents are assumed to be constant over the life of the resource (the
El Serafy approach), and the present value of the rent flow is calculated
using a 4 percent social discount rate. |
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| Development relevance: |
Adjusted
net savings measure the change in value of a specified set of assets,
excluding capital gains. If a country's net savings are positive and the
accounting includes a sufficiently broad range of assets, economic theory
suggests that the present value of social welfare is increasing. Conversely,
persistently negative adjusted net savings indicate that an economy is on an
unsustainable path. |
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