"Investment deflation and the dynamics of fixed capital in Russia and the assessment of the contribution of ICT and intangible assets to long-term economic growth", a report by Ksenia Bobyleva at HSE University’s 23rd Yasin International Academic Conference on Economic and Social Development (formerly known as the April Conference).
As part of the 23rd Yasin Conference, Ksenia Bobyleva presented at session A-5-4 on Measuring Economic Growth.
Investment in ICT capital and intangible assets are a significant growth factor in the knowledge economy. This presentation clarified the contribution of these assets to the growth of the Russian economy using Russia KLEMS industry data. Taking into account the contribution of ICT and intangible assets in growth is a difficult task (Schreyer 2009). However, by taking into account the role of investment deflators in the overall dynamics of fixed capital (Bessonov, Voskoboynikov 2006) and its individual types when assessing the dynamics of capital services (Voskoboynikov, Timmer 2014), it can be assumed that, with the accuracy of accounting for the contribution of these assets to growth, the most essential element is the change in prices for the relevant assets. The results in the extensive literature on developed countries show an important element in the deflation of ICT capital is the constant quality effect (Wyckoff, 1995), which has not yet been introduced into Russian official statistics, although it is presented in separate studies (Turuntseva, Zyamalov 2020).