New article from Econ Journal Watch: And the IMF Said, Let There Be Data, and There Was Data: Private Capital Stocks in the Eastern Bloc

From two graduates of the Suffolk University PhD program in Economics I had the pleasure of knowing and working with over the years. Here's Ryan Murphy and Colin O'Reilly's new paper. 

And the IMF Said, Let There Be Data, and There Was Data: Private Capital Stocks in the Eastern Bloc

Abstract

The International Monetary Fund has recently published a dataset on public and private capital stocks for 170 countries from 1960–2015 using the perpetual inventory methodology. Following a reckless assumption, opaquely imposed, the dataset likely overstates levels of private investment as a percentage of total investment in former Eastern bloc countries, and thereby likely overstates their private capital stocks. This comment explores the nature and implications of the assumption, and suggests that, in light of the problem, the scope of the IMF project be significantly diminished to address the issue.

Read more here (PDF). 

Hat tip to MarginalRevolution.com.