A NEW DATABASE ON HUMAN-CAPITAL STOCK IN DEVELOPING AND INDUSTRIAL-COUNTRIES - SOURCES, METHODOLOGY, AND RESULTS

The paper describes the techniques and data adopted for the constructi on of a new series of estimates of the stock of education in 85 countr ies over 28 years (1960-87). The series are built from enrollment data using the perpetual inventory method, adjusted for mortality. Estimat es are corrected for grade repetition among school-goers and country-s pecific drop-out rates for primary and secondary students. Enrollment data series used start as far back as 1930 for most countries, and eve n earlier for others. This reduces the need for backward extrapolation of enrollements to provide the initial estimates of the investment in ventory.