Santos, Susana (2021): Matrix representations of the national accounts’ transaction values.
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Abstract
The values of economic flows measured by the national accounts, associated to transactions of goods, services, and assets, as well as transfers, represent interactions between institutional units, to whom legal responsibility for their actions and the fulfilment of specific economic functions is recognized. These flows are defined by the underlying system - System of National Accounts (SNA) as transactions. When represented in the matrix form, depending on the classification and organization of the institutional units, in the origin and the destination of the corresponding flows, the “from-whom-to-whom” transactions can be measured and modelled, benefiting from the underlying network of linkages. By adopting the nomenclatures and rules of the current version of the above-mentioned system (SNA 2008), this study uses a top-down methodology to introduce two matrix representations of the national accounts’ transaction values. In these representations, the transactions are the same and the difference is in the form of classification and organization of the institutional units, in the origin and the destination of the corresponding flows, that is in the way how the rows and the columns of the matrices are represented. In one of these forms, the so-called National Accounting Matrix (NAM), the mentioned institutional units are only organized by institutional sectors, following the sequence of accounts defined by the SNA. In the other form, the so-called Social Accounting Matrix (SAM), only a part is organized in the same way as the previous, being given a different emphasis to the process of production in which these units are involved, namely, to the factors of production, activities (or industries) and products (or goods and services). The correspondence and the differences between both are identified and a SAM-based approach is developed. Thus, inspired in the Transaction Value (TV) Approach presented in Drud et al. 1986, empirical and theoretical descriptions of the economic activity of a country, allowed by numerical and algebraic versions of the SAM, are adopted to approach the multiplier effects and the corresponding economic adjustments of fiscal policy measures associated to the production of real estate activities. An application to Portugal follows the various aspects of the description.
Item Type: | MPRA Paper |
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Original Title: | Matrix representations of the national accounts’ transaction values. |
English Title: | Matrix representations of the national accounts’ transaction values. |
Language: | English |
Keywords: | National Accounts; Social Accounting Matrix; Economic Adjustments |
Subjects: | E - Macroeconomics and Monetary Economics > E0 - General > E01 - Measurement and Data on National Income and Product Accounts and Wealth ; Environmental Accounts E - Macroeconomics and Monetary Economics > E1 - General Aggregative Models > E16 - Social Accounting Matrix E - Macroeconomics and Monetary Economics > E6 - Macroeconomic Policy, Macroeconomic Aspects of Public Finance, and General Outlook > E65 - Studies of Particular Policy Episodes |
Item ID: | 109488 |
Depositing User: | Susana Santos |
Date Deposited: | 04 Sep 2021 14:58 |
Last Modified: | 04 Sep 2021 14:58 |
References: | Drud, D. et al.,”Macroeconomic Modeling Based on Social-Accounting Principles”, Journal of Policy Modeling 8, 111-145, Spring 1986 European Union, European System of National and Regional Accounts in the European Union, Regulation (EU) No. 549/2013 of the European Parliament and of the European Council of 21 May 2013, Official Journal of the European Union, L174, Volume 56, 26 June 2013. Inter-Secretariat Working Group on National Accounts (United Nations, European Commission, International Monetary Fund, Organisation for Economic Cooperation and Development and World Bank) – ISWGNA, System of National Accounts 2008, Series F, No. 2, Rev. 5, United Nations, New York, 2009. Pyatt, G., “Fundamentals of Social Accounting”, Economic Systems Research 3, 315-34, September 1991. Pyatt, G., “A SAM Approach to Modeling”, Journal of Policy Modeling, 10, 327-352 Fall 1988. Pyatt, G. and Round, J., “Accounting and Fixed-Price Multipliers in a Social Accounting Matrix Framework”, in: G. Pyatt, and J. Round, (coord.), Social Accounting Matrices. A Basis for Planning. A World Bank Symposium, World Bank, 52-69, 1985. Santos, S., “A matrix approach to the socioeconomic activity of a country”, Theoretical Economics Letters 8, 1083-1135, Winter 2018. Stone, R., “Nobel Memorial Lecture 1984. The Accounts of Society”, Journal of Applied Econometrics, 1, 5-28, January 1986. |
URI: | https://mpra.ub.uni-muenchen.de/id/eprint/109488 |