2,590 results on '"National Accounts"'
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2. Cloud Computing, Cross-Border Data Flows and New Challenges for Measurement in Economics.
- Author
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Coyle, Diane and Nguyen, David
- Subjects
CLOUD computing ,DIGITAL technology ,ECONOMIC statistics ,ECONOMICS ,VALUE chains - Abstract
When economists talk about 'measurement' they tend to refer to metrics that can capture changes in quantity, quality and distribution of goods and services. In this paper we argue that the digital transformation of the economy, particularly the rise of cloud computing as a general-purpose technology, can pose serious challenges to traditional concepts and practices of economic measurement. In the first part we show how quality-adjusted prices of cloud services have been falling rapidly over the past decade, which is currently not captured by the deflators used in official statistics. We then discuss how this enabled the spread of data-driven business models, while also lowering entry barriers to advanced production techniques such as artificial intelligence or robotic-process-automation. It is likely that these process innovations are not fully measured at present. A final challenge to measurement arises from the fragmentation of value chains across borders and increasing use of intangible intermediate inputs such as intellectual property and data. While digital technologies make it very easy for these types of inputs to be transferred within or between companies, existing economic statistics often fail to capture them at all. [ABSTRACT FROM AUTHOR]
- Published
- 2019
- Full Text
- View/download PDF
3. Wealth Inequality: A Hybrid Approach toward Multidimensional Distributional National Accounts in Europe
- Author
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Sofie R. Waltl
- Subjects
Economics and Econometrics ,101018 Statistik ,Inequality ,101018 Statistics ,business.industry ,502025 Ökonometrie ,502018 Macroeconomics ,media_common.quotation_subject ,National accounts ,Net worth ,Pareto principle ,Distribution (economics) ,502018 Makroökonomie ,Hybrid approach ,Econometrics ,Economics ,502025 Econometrics ,Survey data collection ,business ,media_common - Abstract
This article proposes a practically feasible framework for compiling Multidimensional Distributional National Accounts (MDINAs) serving two functions: a comprehensive measure of (components of) net worth and their distribution, and a link to macroeconomic statistics. I break down 12 components of marketable wealth by wealth and income groups, and three functions of wealth for Austria, Finland, France, Germany, and Spain. MDINA complemented by summary indicators reveal large heterogeneity in the degree of inequality, and shed light on differences in the structure of wealth portfolios across and within countries. I combine data collected in the largely harmonized HFCS survey and adjust for remaining differences in survey modes regarding the treatment of the top tail using (Generalized) Pareto models estimated from rich lists or top wealth shares derived from tax data and leaked information on wealth held in offshore tax havens. Measured inequality increases strongest in countries where surveys refrain from appropriate top-tail corrections.
- Published
- 2022
4. Age-Specific Income Trends in Europe: The Role of Employment, Wages, and Social Transfers
- Author
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Sonja Spitzer, Alexia Prskawetz, and Bernhard Hammer
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medicine.medical_specialty ,Younger age ,Sociology and Political Science ,Lohn ,Decomposition analysis ,Older population ,Intergenerational equity ,Gerechtigkeit ,Arts and Humanities (miscellaneous) ,Einkommenspolitik, Lohnpolitik, Tarifpolitik, Vermögenspolitik ,Human geography ,Developmental and Educational Psychology ,medicine ,Economics ,media_common.cataloged_instance ,difference in income ,European union ,Social sciences, sociology, anthropology ,Generationenverhältnis ,old age ,Original Research ,media_common ,Sozialwissenschaften, Soziologie ,income situation ,National accounts ,Public health ,General Social Sciences ,Intergenerational relations ,Einkommensverhältnisse ,Age specific ,justice ,Europe ,generational economy ,intergenerational equity ,EU-SILC 2008-2017 ,Generational economy ,Beschäftigung ,employment ,Income ,ddc:300 ,wage ,Alter ,Demographic economics ,Einkommensunterschied ,Europa ,EVS ,Income Policy, Property Policy, Wage Policy - Abstract
This study analyses age-specific differences in income trends in nine European countries. Based on data from National Accounts and the European Union Statistics on Income and Living Conditions, we quantify age-specific changes in income between 2008 and 2017 and decompose these changes into employment, wages, and public transfer components. Results show that income of the younger age groups stagnated or declined in most countries since 2008, while income of the older population increased. The decomposition analysis indicates that the main drivers of the diverging trends are higher employment among the older population and a strong increase in public pensions, especially for women. Supplementary Information The online version contains supplementary material available at 10.1007/s11205-021-02838-w users.
- Published
- 2021
5. How the shadow economy can be detected in National Accounts
- Author
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Sami Oinonen and Matti Virén
- Subjects
National accounts ,Keynesian economics ,Economics ,General Medicine ,Shadow (psychology) - Abstract
The paper examines how indicators of the shadow economy correspond to the National Accounts values. More precisely, we focus on household accounts assuming that the shadow economy should be visible in the difference between household income and consumption, as household (disposable) income is grossly underreported. Household consumption seems therefore to be a more accurate indicator in this context, as most shadow economy income is eventually spent on consumption. This implies that household savings figures should be negatively related to the values of the shadow economy; consequently, if the values relating to the shadow economy are high, savings should be low, or even negative, and vice versa. We verify this hypothesis using European cross-country data covering the years 1991–2017 with the application of MIMIC model calculations as a point of reference. The estimation results lend very little support to the hypothesis assuming that the shadow economy depresses household savings, even though we can otherwise explain comparatively well the cross-country variation in household savings and consumption growth rates.
- Published
- 2021
6. Monetary Business Cycle Accounting Analysis of Indian Economy
- Author
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Kshitiz Mishra and Partha Chatterjee
- Subjects
Consumption (economics) ,Inflation ,History ,Economics and Econometrics ,Polymers and Plastics ,Liberalization ,National accounts ,media_common.quotation_subject ,Economics, Econometrics and Finance (miscellaneous) ,Business cycle accounting ,Asset market ,Development ,Investment (macroeconomics) ,Wedge (geometry) ,Industrial and Manufacturing Engineering ,Interest rate ,Economy ,Economics ,Business cycle ,Business and International Management ,media_common ,Financial sector - Abstract
In this paper we quantitatively analyze the real and nominal frictions which have shaped up economic fluctuations in the past two decades for the Indian economy. Our results provide guidelines for building future structural models to replicate its business cycle properties, for both real and monetary variables. We use the Monetary Business Cycle Accounting framework (Sustek in Rev Econ Dyn 14(4):592–612, 2011; Chari et al. in Econometrica 75(3):781–836, 2007), and quarterly data from 1999–2017, which is a first for the Indian economy. We find that the distortions in efficiency and investment wedges capture most of the fluctuations in output, investment and hours worked. Up to half of consumption dynamics however are accounted for by the labor wedge. We also find that investment frictions have decreased but labor market frictions have increased over time, indicating reforms in financial sector making an impact and the need for reforms in labor markets. Taylor’s Rule wedge matches up to 50% of inflation, and interest rate is well accounted by the asset market wedge.
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- 2021
7. Theoretical and Methodological Approach to the Study of Residual Value
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050208 finance ,National accounts ,05 social sciences ,Context (language use) ,Residual value ,Residual ,Capital formation ,Microeconomics ,0502 economics and business ,Sustainability ,Economics ,Production (economics) ,Environmental impact assessment ,050207 economics - Abstract
The purpose of this article is to expand the understanding of the negative environmental load from production activities. It is based on the theoretical foundations relating to residual value. It also makes use of environmental and economic accounting introduced for deep analyses of hidden residual values, in particular in discussing concluding terminal costs and remedial costs in the context of dynamics of environmental sustainability. A complex understanding of the hidden residual value is suggested on macroeconomic in the capital concept and global levels. The macroeconomic measures (indicators) are considered in accounting the hidden environmental impact resulting from production activity.
- Published
- 2021
8. ON MOLDOVA’S INCREMENTAL CAPITAL-OUTPUT RATIO AND THE DESIGN OF ECONOMIC POLICY
- Author
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Apostolos Papaphilippou
- Subjects
050208 finance ,Gross fixed capital formation ,Economic policy ,National accounts ,05 social sciences ,Incremental capital-output ratio ,A share ,Gross domestic product ,Term (time) ,0502 economics and business ,Value (economics) ,Economics ,050207 economics ,Sustainable growth rate - Abstract
The paper analyses the notion of an economy’s Incremental Capital‐Output Ratio and proceeds to provide estimates of the Incremental Capital‐Output Ratio for the Moldovan economy utilising National Accounts data. The purpose of the study is to calculate estimates of the Incremental Capital‐Output Ratio for the Moldovan economy’s transition period to date, utilise the derived estimates to analyse aspects of economic growth in Moldova over its transition period and use the average value of the Incremental Capital‐Output Ratio over the recent period for simulation and forecasting purposes. On the whole the reported empirical estimates of the Incremental Capital‐Output Ratio for the Moldovan economy lie within the range of values reported in the economic literature. Furthermore, the evolution of the Incremental Capital‐Output Ratio in the first few years of sustainable growth in Moldova reflects the wide availability of unemployed or underemployed resources in the economy at the time thus allowing the achievement significant economic growth which was associated with low values of the Incremental Capital‐Output Ratio over the period. The paper proceeds to utilise the recent Incremental Capital‐Output Ratio estimates for the Moldovan economy over the period 2015 to 2019 inclusive to calculate an average estimate of the Incremental Capital‐Output Ratio and use this average estimate to generate estimates of the Gross Fixed Capital Formation ratios as a share of GDP required to reach a number of indicative growth paths in the medium to long term. It is notable that the growth path which is attainable given current conditions in the economy is close to the latest medium term forecasts by International Financial Institutions and the Ministry of Economy and Infrastructure. The paper concludes by discussing the design of economic policy and development planning in Moldova and suggesting areas for further work.
- Published
- 2021
9. On Possible Macro Consequences of Society Aging: Economic and Statistical Analysis on the Basis of National Transfer Accounts
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Consumption (economics) ,education.field_of_study ,Population ageing ,Government ,Public economics ,National accounts ,05 social sciences ,Population ,Consumer spending ,0507 social and economic geography ,Government debt ,0502 economics and business ,Economics ,Per capita ,050702 demography ,050207 economics ,education - Abstract
The article discusses research results of socio-economic challenges in modern society using selected international statistics and presented in the format of National Transfer Accounts (NTA) as a follow-up to the author’s prior publications in the journal «Voprosy Statistiki» (Issues 4 and 11 of 2019; Issue 5 of 2020). Introduction to the article rationalizes the subject matter topicality both given the pressing problem of ageing of modern society and in connection with the necessity of practical adoption of National Transfer Accounts in the system of Russian statistics as a coherent derivation and elaboration of the System of National Accounts (SNA), expanding analytical capabilities of statistics. Going into the main part of the article, the author applies statistical methods to explore the key macroeconomic consequences of the global ageing of modern societies. The article provides evidence that macroeconomic challenges and risks to sustainable development emerge primarily in the countries featuring low birth rates, a high share of seniors, and significant levels of government support to the households. The author studies how shifts in the population age distribution translate into changes in consumer spending and incomes. The article presents and analyzes initial findings of the quantitative evaluation of these correlations based on historical data on healthcare expenditures and per capita labor income. The paper identifies the factors and the extent of their impact on how people choose the economic behavior model that ultimately determines the volume and structure of consumption in high inflation economies. Finally, the article lays down a number of conclusions to the following essence: (1) empirical estimates confirm the hypothesis that ageing society presents a heavier «economic burden» for the government finances rather than for the economy as a whole and (2) further advances in macro-statistic work (SNA core sections, National Transfer Accounts, satellite accounts within SNA) become increasingly important for expanding analytical capabilities required to seek for a more effective mechanism to build-up and utilize national resources in the face of population ageing.
- Published
- 2021
10. Dating the Great Divergence
- Author
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Jack Andrew Goldstone
- Subjects
History ,Sociology and Political Science ,National accounts ,Per capita ,Economics ,Population growth ,Great Divergence ,Demographic economics ,Income growth ,Per capita income ,China ,Industrial Revolution - Abstract
New data on Dutch and British GDP/capita show that at no time prior to 1750, perhaps not before 1800, did the leading countries of northwestern Europe enjoy sustained strong growth in GDP/capita. Such growth in income per head as did occur was highly episodic, concentrated in a few decades and then followed by long periods of stagnation of income per head. Moreover, at no time before 1800 did the leading economies of northwestern Europe reach levels of income per capita much different from peak levels achieved hundreds of years earlier in the most developed regions of Italy and China. When the Industrial Revolution began in Britain, it was not preceded by patterns of pre-modern income growth that were in any way remarkable, neither by sustained prior growth in real incomes nor exceptional levels of income per head. The Great Divergence, seen as the onset of sustained increases in income per head despite strong population growth, and achievement of incomes beyond pre-modern peaks, was a late occurrence, arising only from 1800.
- Published
- 2021
11. Parametric representation of the top of income distributions: Options, historical evidence, and model selection
- Author
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Vladimir Hlasny
- Subjects
Economics and Econometrics ,050208 finance ,National accounts ,Model selection ,05 social sciences ,Pareto principle ,Generalized Pareto distribution ,Microdata (HTML) ,0502 economics and business ,Econometrics ,Economics ,050207 economics ,Empirical evidence ,Extreme value theory ,Parametric statistics - Abstract
Empirical distributions of top incomes suffer from statistical problems affecting the measurement of inequality and its trend. Researchers and practitioners have been increasingly noting parametric regularities across income distributions and turning to parametric functions to approximate or supplement the observed distributions, both for descriptive purposes and for correcting distributional statistics derived from data. The proliferation of distinct branches of modeling literature has highlighted the need to compare the alternative modeling options, and develop systematic tools to discriminate between them. This paper reviews the state of methodological and empirical knowledge regarding the adoptable parametric functions, and lists references and statistical programs allowing practitioners to apply these models to microdata in household surveys and administrative registers, or grouped‐records data from national accounts statistics. Implications for modeling the distributions of other economic outcomes including consumption and wealth, and incomes below the topmost tail, are drawn. For incomes, a handful of distribution functions hold promise for modeling the top tails based on theoretical and empirical properties—namely the extreme values distributions, the generalized Pareto, the Singh–Maddala and the generalized beta type 2. Understanding these functions in relation to other commonly invoked alternatives is a contribution of this review.
- Published
- 2021
12. Changes of base-year and Indian GDP growth: an agnostic look
- Author
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Manisha Chakrabarty and Partha Ray
- Subjects
Estimation ,Economics and Econometrics ,050208 finance ,National accounts ,As is ,05 social sciences ,Geography, Planning and Development ,Base (topology) ,Gross domestic product ,Consistency (database systems) ,0502 economics and business ,Econometrics ,Economics ,050207 economics ,Business and International Management - Abstract
Purpose World over, change of base year in the gross domestic product (GDP) is a standard practice of GDP estimation. However, unless a consistent series of GDP is released with respect to the new base for the earlier period, the existence of multiple growth rates creates problems for applied researchers, policymakers and the general public alike. Faced with such a menu of GDP series researchers often try to interpolate a consistent series of GDP. The main purpose of this paper is to analyses the nature of the data generating process of such multiple interpolated series of quarterly growth rates and tries to discern the consistency of such processes. Design/methodology/approach The present paper tries to look into the statistical implications and complications of such interpolated quarterly GDP/growth series in India in terms of three series of GDP, namely, with 1999–2000, 2004–2005 and 2011–2012 as its bases. Findings The analysis reveals that as a result of a change of base year, the nature of the data generating process of the old and new GDP series could undergo changes and experience different breakpoints. While all these conclusions seem to be valid for GDP growth at quarterly intervals, taking the data at annual frequency is less problematic. Practical implications The observation suggests that in most applied work, researchers may not have the luxury of only working with annual data and certain consistency checks will be necessary to check the veracity of the results based on quarterly data with those based on annual data. Second, moving forward it may be useful for the Authorities to make a transition to a chain-based linking method rather than fixed time-period-based bases as is currently done. Originality/value The analysis of Indian GDP in this paper is, perhaps, indicative of the fact that usage of quarterly GDP data is to be handled with caution and it is preferable that any serious empirical analysis uses annual GDP data whenever it is available/feasible. The comparison of GDP growth rates at different frequencies and examining the true nature of the process are quite unique in their contribution towards empirical macroeconomic research.
- Published
- 2021
13. An Input–Output Ex Ante Regional Model to Assess the Short-Term Net Effects of the 16 April 2016 Earthquake in Ecuador
- Author
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Jorge Salgado, Diego Mancheno, and José Ramírez-Álvarez
- Subjects
Sustainable development ,Consumption (economics) ,Global and Planetary Change ,Ex-ante ,National accounts ,05 social sciences ,Geography, Planning and Development ,Management, Monitoring, Policy and Law ,010502 geochemistry & geophysics ,01 natural sciences ,Term (time) ,Capital accumulation ,Natural hazard ,0502 economics and business ,Economics ,Econometrics ,Product (category theory) ,050207 economics ,Safety Research ,0105 earth and related environmental sciences - Abstract
The 16 April 2016 earthquake in Ecuador exposed the significant weaknesses concerning the methodological designs to compute—from an economic standpoint—the consequences of a natural hazard-related disaster for productive exchanges and the accumulation of capital in Ecuador. This study addressed one of these challenges with an innovative ex ante model to measure the partial and net short-term effects of a natural hazard-related catastrophe from an interregional perspective, with the 16 April 2016 earthquake serving as a case study. In general, the specified and estimated model follows the approach of the extended Miyazawa model, which endogenizes consumption demand in a standard input–output model with the subnational interrelations and resulting multipliers. Due to the country’s limitations in its regional account records the input–output matrices for each province of Ecuador had to be estimated, which then allowed transactions carried out between any two sectors within or outside a given province to be identified by means of the RAS method. The estimations provide evidence that the net short-term impact on the national accounts was not significant, and under some of the simulated scenarios, based on the official information with respect to earthquake management, the impact may even have had a positive effect on the growth of the national product during 2016.
- Published
- 2021
14. Between communism and capitalism: long-term inequality in Poland, 1892–2015
- Author
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Pawel Bukowski and Filip Novokmet
- Subjects
inequality ,Ungleichheit ,Distribution (economics) ,Sociology & anthropology ,Economic inequality ,Allgemeine Soziologie, Makrosoziologie, spezielle Theorien und Schulen, Entwicklung und Geschichte der Soziologie ,Economics ,Income inequality ,European Union Statistics on Income and Living Conditions (EU-SILC) ,capitalism ,050207 economics ,Kapitalismus ,D31 ,050205 econometrics ,media_common ,Income shares ,geography.geographical_feature_category ,social inequality ,N34 ,Polen ,05 social sciences ,Kommunismus ,1. No poverty ,Capitalism ,8. Economic growth ,post-socialist country ,ddc:301 ,Einkommensunterschied ,DK Russia. Soviet Union. Former Soviet Republics ,Economics and Econometrics ,Inequality ,media_common.quotation_subject ,HC Economic History and Conditions ,soziale Ungleichheit ,Article ,Transformation ,0502 economics and business ,Development economics ,difference in income ,postsozialistisches Land ,General Sociology, Basic Research, General Concepts and History of Sociology, Sociological Theories ,Communism ,geography ,business.industry ,National accounts ,transformation ,Fell ,communism ,Soziologie, Anthropologie ,J3 ,E01 ,Poland ,business - Abstract
We construct the first consistent series on the long-term distribution of income in Poland by combining tax, household survey and national accounts data. We document a U-shaped evolution of inequalities from the end of the nineteenth century until today: (1) inequality was high before WWII; (2) abruptly fell after the introduction of communism in 1947 and stagnated at low levels during the whole communist period; (3) experienced a sharp rise with the return to capitalism in 1989. We find that official survey-based measures strongly under-estimate the rise in inequality since 1989. Our results highlight the prominent role of capital income in driving the U-shaped evolution of top income shares. The unique inequality history of Poland speaks to the central role of institutions and policies in shaping inequality in the long run. Supplementary Information The online version contains supplementary material available at 10.1007/s10887-021-09190-1.
- Published
- 2021
15. Estimation of Real Incomes of the Russian Economy Amidst Changes in Foreign Trade Conditions
- Author
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B. A. Zamaraev
- Subjects
Macroeconomics ,Real income ,050208 finance ,Profit (accounting) ,Reproduction (economics) ,National accounts ,media_common.quotation_subject ,05 social sciences ,Recession ,Gross domestic product ,Globalization ,0502 economics and business ,Economics ,Lost Decade ,050207 economics ,media_common - Abstract
The article covers the results of the author’s study on improving the methodology for measuring (estimating) the impact of foreign trade on the nature of reproduction processes in the Russian economy. The parameters and nature of domestic economic development are largely determined by its reproductive model based on raw material exports. The shift in external conditions (from very positive to severe negative) was, according to the author, one of the main factors in the transition from the spectacular growth during «boom» years from 1999 to 2008, and stagnation of the «lost decade» from 2010 to 2019.The article reviews methodological provisions of the international statistical standard – 2008 SNA for calculating aggregates of real income for the total economy, profit (or loss) from foreign economic activity with emphasis on the need to take into account changes in terms of foreign trade in recent Russian history, before the coronavirus pandemic of 2020–2021. Various approaches to calculating macro-indicators of foreign trade activity – trading gains and losses and real income for the total economy are analyzed within the concept of a system of national accounting. In this regard, the article analyzes indicators under consideration in the context of terms-of-trade changes and highlights the relationship between GDP volume (at comparable prices) and real income characteristics in the macroeconomic system.To ascertain the evolution of characteristics of the impact of the export-raw commodity orientation of Russian foreign trade on the reproduction in general, the author within the 20-year period under consideration selected several separate periods: 1995–1998 – transformational recession, 1999–2008 – uniquely favorable conditions, 2009–2014 – recovery from the global crisis, 2015–2019 – transition to macroeconomic stability. The impact of foreign trade on the national economy was analyzed. There is a conclusion about the additional analytical capacity of researchers dealing with problems of reproduction amidst globalization using the following national accounts indicators: profit (loss) from foreign trade and real income aggregates - in a rapidly changing external economic environment.
- Published
- 2021
16. TD 2643 -Variações na Renda Real não Captadas pelo PIB: decomposição em efeito termos de troca e efeito preços relativos entre comerciáveis e não comerciáveis – Brasil (1948-2018)
- Author
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Estêvão Kopschitz Xavier Bastos and Beatriz Cordeiro Araujo
- Subjects
Goods and services ,Real gross domestic product ,Welfare economics ,National accounts ,Economics ,International literature ,Relative price ,Terms of trade ,Gross domestic income ,Gross domestic product - Abstract
Os ganhos (ou perdas) reais de renda decorrentes de variações nos termos de troca e nos preços relativos entre bens comerciáveis e não comerciáveis, denominados “ganhos de comércio”, não são contabilizados na variação real do produto interno bruto (PIB). O agregado cuja variação computa esses ganhos é a renda interna bruta real (RIBR), cujo cálculo consta nas recomendações internacionais do System of National Accounts 2008 (SNA, 2008), mas não é realizado para o Brasil pelo Instituto Brasileiro de Geografia e Estatística (IBGE). Neste trabalho, é feita a extensão, aperfeiçoamento e atualização desse cálculo para o período 1948-2018, incluindo a separação entre os efeitos termos de troca e preços relativos, presente na literatura internacional, mas não constante do SNA 2008. A diferença entre RIBR e PIB real (PIBR) é relevante para países com grande abertura comercial e, mesmo para países menos abertos, em períodos de grandes variações nos termos de troca e preços relativos, como ocorre em alguns períodos para o Brasil.
- Published
- 2021
17. Constructing a social accounting matrix for Saudi Arabia: sources and methods
- Author
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Imtithal Abdullah Al-thumairi
- Subjects
Economics and Econometrics ,050208 finance ,Middle East ,Economy ,National accounts ,0502 economics and business ,05 social sciences ,Economics ,050207 economics ,Social accounting matrix - Abstract
Even though Saudi Arabia is the largest country in the Middle East, and despite the magnitude of its economy, there have been no attempts to build a social accounting matrix (SAM) for Saudi Arabia ...
- Published
- 2021
18. The Euro and SUT-RAS methods: some further considerations
- Author
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Juan Manuel Valderas-Jaramillo, José Manuel Rueda-Cantuche, Joerg Beutel, and Universidad de Sevilla. Departamento de Economía Aplicada I
- Subjects
Economics and Econometrics ,GRAS method ,Non-survey techniques ,National accounts ,05 social sciences ,010501 environmental sciences ,01 natural sciences ,Constructive ,Updating supply and use tables ,0502 economics and business ,Economics ,050207 economics ,Positive economics ,Euro method ,0105 earth and related environmental sciences - Abstract
The main objective of this paper is to revisit the Euro method in a critical and constructive way.Wehave analysed some arguments against the Euro method published recently in the literature as well as some other relevant aspects of the SUT-Euro and SUT-RAS methods not covered before. Although not being the Euro method perfect, we believe that there is still space for the use of the Euro method in updating/regionalizing Supply and Use tables.
- Published
- 2021
19. Green growth versus economic growth: Do sustainable technology transfer and innovations lead to an imperfect choice?
- Author
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João J. Ferreira, Cristina I. Fernandes, Mathew Hughes, Pedro Veiga, and uBibliorum
- Subjects
Green growth ,Natural resource economics ,Strategy and Management ,Geography, Planning and Development ,Population ,010501 environmental sciences ,Management, Monitoring, Policy and Law ,01 natural sciences ,0502 economics and business ,Sustainable design ,Economics ,Climate change ,Business and International Management ,education ,Economic growth ,0105 earth and related environmental sciences ,Sustainable technology transfer ,Consumption (economics) ,education.field_of_study ,National accounts ,05 social sciences ,Viewpoints ,Environmental policy ,Econometric model ,Sustainable innovation ,Sustainability ,050203 business & management - Abstract
A concern with the mitigation of climate change cuts a transversal line across economic agents, epitomized by two contradictory viewpoints. Some defend that green growth can be achieved without harming economic growth; others argue that it is not possible to respect sustainability if intensive consumption of goods continues to foster economic growth. Our research aims to analyze the role that sustainable technology transfer and sustainable innovations play in green growth and ascertain the impact of green growth on economic growth. We use aggregated country-level data provided by the OECD, including national accounts, population, and environment statistics (including patents) between 1990 and 2013 for 32 countries, corresponding to an unbalanced panel of 591 observations. We estimate econometric models based on dynamic panel methodologies to capture differences that exist over time. The results show that sustainable technology transfer and sustainable innovation promote green growth, which in turn positively impacts economic growth. We contribute new insight to the green growth versus economic growth debate and provide several political and management implications.
- Published
- 2021
20. Distribución del ingreso y desigualdad en el Perú: 1980 - 2014
- Author
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Renato Alfredo Lazo Paz and Diego Alonso Lazo Paz
- Subjects
education.field_of_study ,Inequality ,Gini coefficient ,business.industry ,media_common.quotation_subject ,National accounts ,Welfare economics ,Population ,Distribution (economics) ,Globalization ,Economic inequality ,Financial crisis ,Economics ,business ,education ,media_common - Abstract
La creciente preocupación sobre la desigualdad y la falta de oportunidades equitativas para el desarrollo económico y social de la población son cuestiones que han generado amplio debate. Esta discusión cobro aun mayor importancia a partir de la crisis financiera internacional del año 2008, hecho ampliamente estudiado (Stiglitz, 2012, 2015; Piketty, 2008, 2013). Históricamente, el Perú ha sido uno de los países con mayor desigualdad económica de Sudamérica, medido por el coeficiente de Gini, el cual ha fluctuado alrededor de 0.6. Basado en los estudios de Mendoza, Leyva y Flor (2011), Yamada y Castro (2006) y Figueroa (1993) el presente artículo desarrolla un análisis descriptivo y econométrico, con el objetivo de estudiar la evolución y principales determinantes de la desigualdad en el Perú. Para tal fin, fue estimado el coeficiente de Gini ajustado por cuentas nacionales. Adicionalmente, fue utilizado un modelo de globalización y desigualdad desarrollado por el FMI (WEO, 2007), para analizar el efecto del proceso de globalización sobre la distribución de los ingresos. Finalmente, fue aplicado un modelo dinámico simple de series temporales, con el objeto de estudiar si el crecimiento del PBI puede por sí solo explicar la variabilidad de la distribución. Los resultados muestran que al realizar el ajuste en la estimación del coeficiente de Gini el nivel de inequidad es mayor al estimado por la metodología clásica. De esta forma, la evidencia encontrada está en concordancia con los resultados obtenidos en estudios previos.
- Published
- 2021
21. Measuring macroeconomic uncertainty: A cross-country analysis
- Author
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Samad Sarferaz, Andreas Dibiasi, Aix-Marseille Sciences Economiques (AMSE), École des hautes études en sciences sociales (EHESS)-Aix Marseille Université (AMU)-École Centrale de Marseille (ECM)-Centre National de la Recherche Scientifique (CNRS), KOF Swiss Economic Institute, ANR-20-CE26-0013,DEMUR,Prise de décision en période d'incertitude(2020), ANR-17-EURE-0020,AMSE (EUR),Aix-Marseille School of Economics(2017), and ANR-11-IDEX-0001,Amidex,INITIATIVE D'EXCELLENCE AIX MARSEILLE UNIVERSITE(2011)
- Subjects
JEL: C - Mathematical and Quantitative Methods/C.C5 - Econometric Modeling/C.C5.C51 - Model Construction and Estimation ,JEL: C - Mathematical and Quantitative Methods/C.C5 - Econometric Modeling/C.C5.C53 - Forecasting and Prediction Methods • Simulation Methods ,Economics and Econometrics ,Cross country ,Employment protection legislation ,JEL: E - Macroeconomics and Monetary Economics/E.E3 - Prices, Business Fluctuations, and Cycles/E.E3.E32 - Business Fluctuations • Cycles ,JEL: C - Mathematical and Quantitative Methods/C.C8 - Data Collection and Data Estimation Methodology • Computer Programs/C.C8.C82 - Methodology for Collecting, Estimating, and Organizing Macroeconomic Data • Data Access ,Uncertainty shocks Real-time data ,Real-time data ,National accounts ,JEL: J - Labor and Demographic Economics/J.J8 - Labor Standards: National and International ,Perspective (graphical) ,[SHS.ECO]Humanities and Social Sciences/Economics and Finance ,Uncertainty Shocks ,Rational forecast error ,Econometrics ,Economics ,Dimension (data warehouse) ,System of national accounts ,Finance ,Communication channel - Abstract
This paper constructs internationally consistent measures of macroeconomic uncertainty. Our econometric framework extracts uncertainty from revisions in data obtained from standardized national accounts. Applying our model to post-WWII real-time data, we estimate macroeconomic uncertainty for 39 countries. The cross-country dimension of our uncertainty data allows us to study the impact of uncertainty shocks under varying degrees of employment protection legislation. Our empirical findings suggest that the effects of uncertainty shocks are stronger and more persistent in countries with low employment protection compared to countries with high employment protection. These empirical findings are in line with a theoretical model under varying firing cost., European Economic Review, 153, ISSN:0014-2921, ISSN:1873-572X
- Published
- 2023
22. THE IMPACT OF THE BUDGETARY COMPONENT OF FISCAL POLICY ON MACROECONOMIC GROWTH IN CONDITIONS OF FINANCIAL DECENTRALIZATION: CASE OF UKRAINE
- Author
-
V. V. Martynenko and O. A. Shevchuk
- Subjects
Finance ,Capital expenditure ,Index (economics) ,business.industry ,National accounts ,Economics ,Context (language use) ,business ,Decentralization ,Fiscal policy - Abstract
The article examines the role of the budget component of Ukraine’s fiscal policy in macroeconomic growth. The directions of increase of economic growth under the influence of financial decentralization are offered. The expediency of using multifactor economic and mathematical modelling in the study of the dynamics of the national accounts of Ukraine under the influence of indicators of the budget component of fiscal policy is substantiated. The purpose of this study is to investigate the dynamics of national accounts under the influence of the budget component of fiscal policy in the context of financial decentralization. A number of methods have been widely used in the study, including economic and mathematical modelling, correlation-regression analysis, factor analysis, and so on. These methods will underpin the development of strategic prospects for economic growth of the Ukrainian economy under conditions of financial decentralization. It is substantiated that an increase in the share of local budget expenditures in consolidated budget expenditures and a decrease in the share of state budget expenditures in GDP lead to an increase in the physical volume index of GDP and an increase in GDP in actual prices. It is also proven that the share of local budget expenditures in consolidated budget expenditures has an immediate direct impact on the GDP physical volume index. Another significant factor of direct influence on the GDP physical volume index is identified – the share of capital expenditures (development expenditures) in local budgets, as one of the indicators of financial decentralization efficiency. It is substantiated that the share of state budget expenditures in consolidated budget expenditures is a factor of inverse effect on GDP (in actual prices), and the share of capital expenditures is a factor of direct influence. It is proved that financial decentralization in Ukraine is an important factor of economic growth of the Ukrainian economy, as the increase of the share of local budget expenditures in the consolidated budget expenditures and the reduction of the share of state budget expenditures in GDP lead to an increase in the GDP physical volume index and an increase in actual GDP.
- Published
- 2021
23. The legacy of Wynne Godley
- Author
-
Jacques Mazier
- Subjects
Economics and Econometrics ,050208 finance ,National accounts ,Keynesian economics ,0502 economics and business ,05 social sciences ,Economics ,050207 economics ,Stock (geology) - Abstract
Godley’s approach is macroeconomic without micro-foundations, based on national accounts with an integrated treatment of the real and financial sides of the economy, stock flow consistent (SFC). In...
- Published
- 2021
24. An Approach to Economics-Environmental Relations from Expanding the Input-Output System
- Author
-
Thai Nguyen Quang and Trinh Bui
- Subjects
Input/output ,law ,Order (exchange) ,National accounts ,Economics ,Environmental pollution ,Linkage (mechanical) ,Economic system ,law.invention - Abstract
In the last few decades, the relationship between economy and environment has become the concern of many scholars, there have been many studies linking economic development and environmental pollution. Even the United Nations has introduced an economic-environmental linkage framework such as System of Environmental-Economics Accounts (SEEA) that is compatible with the System of National Accounts (SNA). This study attempts to provide a theoretical framework based on Miyazawa’s ideas on interregional model and demographic-economic model in order to improve the integration between economy and waste.
- Published
- 2021
25. Integrating Natural Capital into National Accounts: Three Decades of Promise and Challenge
- Author
-
Carter Brandon, Alison J. Fairbrass, Rachel Neugarten, and Katrina Brandon
- Subjects
Economics and Econometrics ,Economic indicator ,National accounts ,Humanity ,Sustainability ,Development economics ,Economics ,Natural capital ,Management, Monitoring, Policy and Law - Abstract
Economists and ecologists have worked for decades on measuring sustainability by supplementing or adjusting traditional economic indicators such as GDP. Given the threats to humanity from c...
- Published
- 2021
26. On the Interpretation of the Disposable Household Income Statistical Indicator
- Author
-
Aleksandra Sil'chuk, Yurii Ivanov, and Alexey Ponomarenko
- Subjects
Official statistics ,education.field_of_study ,Index (economics) ,National accounts ,Population ,Econometrics ,In kind ,Economics ,Household income ,Yearbook ,education ,General Economics, Econometrics and Finance ,Deflation - Abstract
Currently, several similar but not identical statistical indicators characterizing the income of the population/households in Russia are published and all of these indicators are more or less official. Namely these are the following indicators: (a) an indicator of the real disposable monetary income of the population, published in all major statistical datasets, usually in the form of corresponding indices and officially used by government agencies;(b) an indicator of gross disposable income of households published in the official statistical yearbook «National accounts of Russia» as an absolute value at current prices; (c) an indicator of real disposable household income published in form of index in the statistical yearbook of the international organization (OECD) based on data for Russia received from Rosstat. The difference between them is that one of them focuses only on monetary incomes, while the other two use the classical interpretation of disposable income used in the system of national accounts, which also includes incomes in kind. There are also differences in approaches to deflation. But, objectively, the simultaneous use of all of these indicators is not so much due to the difference in their content or methodology, but rather to the peculiarities of the organization of the statistical system and the incomplete implementation of the system of national accounts in Russia. However, the simultaneous use of several indicators that are similar in terms of content leads to some confusion among users who do not have special statistical qualifications. The article examines the methodological differences between the indicators listed above, which lead to differences in their size and semantic content, as well as differences in the formats of their publication, and also provides recommendations for their correct use and interpretation.
- Published
- 2021
27. The Productivity J-Curve: How Intangibles Complement General Purpose Technologies
- Author
-
Daniel Rock, Chad Syverson, and Erik Brynjolfsson
- Subjects
National accounts ,Capital (economics) ,Economics ,Business model ,Investment (macroeconomics) ,General Economics, Econometrics and Finance ,Total factor productivity ,Productivity ,Human capital ,Industrial organization ,Complement (complexity) - Abstract
General purpose technologies (GPTs) such as AI enable and require significant complementary investments, including co-invention of new processes, products, business models and human capital. These complementary investments are often intangible and poorly measured in the national accounts, even when they create valuable assets for the firm. We develop a model that shows how this leads to an underestimation of productivity growth in the early years of a new GPT, and how later, when the benefits of intangible investments are harvested, productivity growth will be overestimated. Our model generates a Productivity J-Curve that can explain the productivity slowdowns often accompanying the advent of GPTs, as well as the increase in productivity later. We use our model to analyze empirically the historical roles of intangibles tied to R&D, software, and computer hardware. We find substantial and ongoing Productivity J-Curve effects for software in particular and computer hardware to a lesser extent. Our adjusted measure TFP is 11.3% higher than official measures at the end of 2004, and 15.9% higher than official measures at the end of 2017. We then assess how AI-related intangible capital may be currently affecting measured productivity and find the effects are small but growing.
- Published
- 2021
28. Productivity Measurement, R&D Assets, and Mark‐Ups in OECD Countries
- Author
-
Paul Schreyer and Maria Belen Zinni
- Subjects
Marginal cost ,Economics and Econometrics ,Returns to scale ,National accounts ,Econometrics ,Economics ,Capital services ,Investment (macroeconomics) ,Productivity ,Sunk costs ,Technical change - Abstract
A key feature of the 2008 revision of the System of National Accounts was the treatment of R&D expenditure as investment. The question arises whether the standard approach towards accounting for growth contribution of assets is justified given the special nature of R&D that provides capital services by affecting the working of other inputs as a whole – akin to technical change and often requires up-front investment with sunk costs. We model R&D inputs with a restricted cost function and compare econometric estimates with those derived under a standard index number approach but find no significant differences. However, we cannot reject the hypothesis of increasing returns to scale. The standard MFP measure is then broken down into a scale effect and a residual productivity effect, each of which explains about half of overall MFP change. The scale effect points to the importance of the demand side and market size for productivity growth. We also compute mark-up rates of prices over marginal cost and find widespread evidence of rising mark-ups for the period 1985-2016.
- Published
- 2020
29. Measuring the Value of Data and Their Treatment in Macroeconomic Statistics
- Author
-
A. A. Tatarinov
- Subjects
Present value ,National accounts ,05 social sciences ,0502 economics and business ,Productivity paradox ,Statistics ,Economics ,Production (economics) ,Digital economy ,Asset (economics) ,050207 economics ,Productivity ,050203 business & management ,Valuation (finance) - Abstract
The paper studies the role of data as an economic asset in the digital economy. The research is focused on the development of an approach to comprehensive data valuation and their adequate treatment in macroeconomic statistics. The first part of the paper reviews the major publications on the so-called Solow productivity paradox: the impact of digital technologies on the productivity growth slowdown. Considering points of view of various researchers, the author takes an opinion that the existing statistical methodology does not permit comprehensive measuring of the digital economy contribution to the productivity dynamics. At the same time, the author does not support the proposal to include the value of data generated by unpaid household activities in macroeconomic accounting and expand the scope of key macroeconomic indicators such as GDP. In the second and the third parts the methods of data valuation used by companies as assets in production, as well as major discussed proposals on methods for measuring the value of data in macroeconomic statistics, are considered. These two aspects of data valuation are closely related, both informationally and methodologically. The author concludes that an increase in the need for the valuation of data at the micro level will inevitably lead to corresponding changes in the methodology of macroeconomic statistics. The last part of the paper explores more elaborately the issues of data valuation as a non-produced asset. The need for such an approach is caused by the existing gap between the marketed assessment of the contribution of data to production and the existing possibilities for accounting for them at the costs of their production. In the author’s opinion, this is a promising direction, allowing to overcome the indicated gap. In support of this, the article provides examples of experimental calculations based on IFRS reports of four Russian companies involved in the production of digital services. Experimental valuation of non-produced assets using the net present value method shows that the value of the non-produced assets involved in the production of data-driven companies differs from the values recorded in their financial statements. This, in particular, occurs due to the underestimation or overestimation of the value of the data used in production, which, according to the author, constitutes the bulk of the unidentified unproduced assets of digital companies. The author concludes that the development of methods for accounting for the value of data as a non-produced asset used in the production of digital products is one of the priority tasks of developing the methodology of the system of national accounts.
- Published
- 2020
30. Implications of labor supply specifications in CGE models: A demonstration for employment of Palestinian labor in Israel and its impact on the West Bank economy
- Author
-
Johanes Agbahey, Khalid Siddig, and Harald Grethe
- Subjects
Computable general equilibrium ,Economics and Econometrics ,Labor mobility ,General equilibrium theory ,National accounts ,media_common.quotation_subject ,05 social sciences ,Economics, Econometrics and Finance (miscellaneous) ,0211 other engineering and technologies ,Wage ,02 engineering and technology ,Supply and demand ,Real gross domestic product ,Economy ,0502 economics and business ,Unemployment ,Economics ,021108 energy ,050207 economics ,media_common - Abstract
Results of general equilibrium models are sensitive to model parameterization and specification. The role of macroeconomic closures and the effect of trade elasticities are documented in the literature, but there is no systematic analysis of the implications of different labor supply specifications for the effect of shocks to labor markets. This study analyzes these implications, using data for the West Bank economy and a general equilibrium model with four different labor market specifications. The findings indicate that increased Palestinian employment in Israel leads to changes in real GDP in the range of −1.8% to +3.4%, depending on the model specification. This wide range of effects on macroeconomic aggregates stems from the definition of the production boundary, the implicit assumptions on the opportunity cost of labor in activities outside the production boundary, and the conditions for a transfer of labor across the boundary. Economic theory indicates that the labor-leisure trade-off specification is the most consistent framework for modeling labor supply decisions. However, in the absence of data for activities outside the production boundary of the system of national accounts, the fixed labor supply (full-employment) assumption may be the second-best alternative, although it risks overstating the changes in real wage rates. The surplus labor and upward-sloping labor supply curve specifications both tend to understate the increases in wage rates and overstate the welfare gains.
- Published
- 2020
31. Developing Land and Structure Price Indices for Ottawa Condominium Apartments
- Author
-
W. Erwin Diewert, Kate Burnett-Isaacs, and Ning Huang
- Subjects
condominium apartment price indices ,Apartment ,land and structure price indices ,system of national accounts ,National accounts ,Service flow ,05 social sciences ,Statistics ,Agricultural economics ,HA1-4737 ,Commerce ,Price index ,0502 economics and business ,Economics ,Depreciation rate ,net depreciation rates ,050207 economics ,Communal land ,Stock (geology) ,hedonic regressions ,050205 econometrics - Abstract
Measuring the service flow and the stock value of condominium apartments in Canada and decomposing these values into constant quality price and quantity components is important for many purposes. In addition, the System of National Accounts requires that these service flows and stock values for condos be decomposed into constant quality land and structure components. In Canada and most other countries, such a land and structure decomposition of condominium apartment sale prices does not currently exist. In this article, we provide such a decomposition of condominium apartment sales in Ottawa for the period 1996–2009. Specific attention is paid to the roles of communal land and structure space on condominium apartment unit selling prices. Key findings include methods to allocate land and building space to a single condominium unit, identifying the characteristics that best explain condominium prices, and developing an average depreciation rate for condos for the 14-year time period.
- Published
- 2020
32. Vietnam's sustainable tourism and growth: a new approach to strategic policy modelling
- Author
-
Jo Vu, Tran Van Hoa, and Pham Quang Thao
- Subjects
Economic integration ,Endogenous growth theory ,National accounts ,Measures of national income and output ,Commodity ,lcsh:Economic theory. Demography ,vietnam's growth ,econometric modelling ,strategic tourism policy ,lcsh:HD72-88 ,lcsh:Economic growth, development, planning ,lcsh:HB1-3840 ,United Nations System of National Accounts ,economic integration theory ,Economics ,tourism ,Economic system ,Sustainable tourism ,Tourism ,economic and trade policy - Abstract
The paper introduces a new approach to develop a model of endogenous tourism and growth for Vietnam and, estimated by official national accounting data, provides credible inputs for strategic policy analysis. The country is a major transition high-growth ASEAN economy and a WTO member with successful opening up policies since its Doi Moi (Renovation) reform in 1987. Significantly, due to these policies and its natural, historical and cultural attractions, Vietnam has also been receiving in recent years increasing tourist inflows with substantial contribution to its national income. In spite of these developments, appropriate and rigorous studies of Vietnam's tourism and impact on growth have been very limited. The paper addresses this gap. As a significant innovative feature, the study is carried out appropriately from an economic integration growth framework, which is also the expenditure (as opposed to conventional production or income) perspective of the United Nations System of National Accounts 1993/2008. The model is a multi-simultaneous equation model of Vietnam's endogenous growth and tourism determination. It explicitly incorporates gravity theory and classical consumer demand contributors, Ironmonger-Lancaster new commodity attributes and importantly Johansen policy impact add- and sub-factors in its specification. The model is then estimated by system methods with official 1997–2017 economic and tourism data from the World Tourism Organisation and other international agencies. The research will advance the literature and the findings will provide useful new, appropriate and evidence-based causal insights on the determination and contributors of tourism to Vietnam's growth. Recommendations will be made for key stake-holders such as tourism policy-makers, academic analysts and tourism operators for strategic policy analysis and practical implementation. The approach is of the economic integration modelling class and generic, and has wide applications in the field.
- Published
- 2020
33. Actual Problems of Statistical Study of Economic Assets in Modern Conditions
- Author
-
V. N. Salin, M. V. Vakhrameeva, and O. Y. Sitnikova
- Subjects
financial instruments ,economic assets ,national accounts ,Economics as a science ,Financial economics ,Economics ,non-financial assets ,financial liabilities ,balance of assets and liabilities ,HB71-74 - Abstract
Purpose of research. It is necessary to clearly define the composition and structure of economic assets to conduct a systematic statistical analysis of the state and development of the national economy, including at the level of sectors, subsectors and institutional units.The purpose of the work is to systematize data on the availability and movement of economic assets in the context of information sources, methods of their assessment and analysis of the practice of macroeconomic calculations.Materials and methods. In this paper, the authors considered the classification of economic assets, applied structural and dynamic data analysis, as well as methods of theoretical research in the form of generalization, comparison, and special analytical procedures.Results. Statistical study of economic transactions with assets involves a detailed review of the groupings and classifications of assets at the level of institutional units, sectors of the economy and the economy as a whole, which will provide reliable information about their availability and movement. In addition, it is necessary to understand the essence of statistical indicators that reflect the state and change in the value of assets, the methodology for their calculation, comprehensive analysis and practical use. The paper defines the main directions for studying economic assets based on current international standards, taking into account national statistical practice.Conclusion. As part of a systematic statistical analysis of the state and development of the national economy in various areas, it is necessary to clearly define the composition and structure of economic assets, their place and significance in the production of goods and services.The issue of assessing the value of economic assets, which should reflect their market value, is of significant importance. Improving methods for assessing economic assets is an urgent problem not only for macroeconomic calculations, but also for adequately reflecting economic operations at the level of institutional units and sectors of the economy.Economic assets are recognized as such if they bring economic benefits to their owner. Evaluating the effectiveness of asset use in economic activities or asset ownership is no less challenging for analysts. Such analytical procedures require a comprehensive analysis of data on the availability and movement of assets, their composition and structure, including from an international perspective.The authors of the article have repeatedly addressed the issues of macroeconomic calculations in their publications, which allowed them to consider in more detail topical issues related to the accumulation of non-financial and financial assets.
- Published
- 2020
34. The potential resource rent from Norwegian fisheries.
- Author
-
Greaker, Mads, Grimsrud, Kristine, and Lindholt, Lars
- Subjects
NATIONAL account systems ,FISHERIES ,WEALTH ,NATURAL resources ,MARINE resources ,ECONOMICS - Abstract
National wealth can be estimated via the System of National Accounts (SNA). According to SNA-numbers, Norwegian fisheries contributed negatively to the national wealth in the period 1984–2016 with exception of the years 2010–2011 and 2015–2016. Because all parameter values entering the calculation of national wealth are conditional on the existing management regime, the potential value of the natural resources may be concealed. This paper finds that this is the case for the Norwegian fishery sector. Using a numerical optimization model, the paper estimates the contra factual resource rent to be 1.6 billion USD if the fishing quotas were harvested efficiently with the currently available technology. This is 1.2 billion USD more than the observed resource rent in 2011 and means that Norwegian fisheries contribute to national wealth four times more than indicated by 2011 SNA-numbers. Hence, national wealth calculations based on official statistics may trivialize the role of natural resources. [ABSTRACT FROM AUTHOR]
- Published
- 2017
- Full Text
- View/download PDF
35. Long-Term Receivables and Liabilities in Accounting and Reporting
- Author
-
Valentyna Glivenko and Vasyl Len
- Subjects
Present value ,long-term liabilities ,present value ,business.industry ,media_common.quotation_subject ,National accounts ,accounting ,Accounting ,capital rate ,General Medicine ,calculation of present value ,Long-term liabilities ,lcsh:HF5601-5689 ,Term (time) ,Interest rate ,lcsh:Accounting. Bookkeeping ,Debt ,Accounting information system ,lcsh:Finance ,lcsh:HG1-9999 ,Economics ,Balance sheet ,business ,long-term receivables ,media_common - Abstract
The purpose of the article is to disclose the types of long-term debt liabilities, which need to be evaluated at the balance sheet date at their present value, to substantiate the procedure for calculating the present value and reflecting of accounting differences in accounting system. The requirements of national accounting standards regarding the display of long-term receivables and liabilities in accounting and reporting are discussed in the article. The methods of selecting the interest rates and the procedure of calculating their present value are described. It is proved that considering the national accounting standards there is uncertainty and multivariation concerning discount rates and the procedure of calculating the present value of long-term liabilities and distribution of discount variances. Due to this fact, the decision on the application of discount rates and the procedure of calculating the present value are made by accounting entities on their own based on the professional judgment of an accountant. It is proved that it is advisable to calculate the present value of long-term liabilities on the first balance sheet date after their occurrence using a quarterly period. It is argued that during the transferring long-term liabilities to current ones, discount variances should be written off at the same time. It is concluded that the discount variances should be accounted with applying the accounts of other income and expenses. An example of calculating the present value of long-term liabilities and accounting entries to it are also given. It is determined that the reflection of the present value of long-term liabilities in the accounting and reporting, that arose in connection with the acquisition of assets, does not affect their initial and further assessment. It is proposed to form and approve at the state level the Guidelines for determining the present value of long-term liabilities, that are to be discounted, and the distribution of discount variances between reporting periods.
- Published
- 2020
36. Valuing knowledge: The political economy of human capital accounting
- Author
-
David Yarrow
- Subjects
Economics and Econometrics ,Sociology and Political Science ,business.industry ,National accounts ,05 social sciences ,welfare policy ,Accounting ,Economic statistics ,Human capital ,Global governance ,050601 international relations ,0506 political science ,global governance ,Political Science and International Relations ,Value (economics) ,050602 political science & public administration ,Economics ,World Bank ,human capital ,measurement ,business ,national accounting - Abstract
This article analyzes recent attempts to integrate the economic value of knowledge into global statistical frameworks. It outlines how emerging human capital accounting (HCA) standards apply concepts developed to value physical capital goods to the knowledge embodied in national populations, making its value dependent on lifetime labor market incomes. The intellectual legacy of neoclassical capital theory thereby frames the way in which the value of knowledge is understood in contemporary global governance in politically consequential ways. Drawing upon Karl Polanyi and recent literature on the political economy of measurement, it argues these methodologies reproduce the ‘economistic fallacy’, as they assume the exchange value of educational investment can be meaningfully isolated from its broader economic, cultural and social functions. Such valuation methods consequently naturalize politically contestable assumptions, reflecting comparative institutional factors rather than the substantive contribution of education to economic welfare. A case study of the influence of HCA on the World Bank's Human Capital Project demonstrates how the diffusion of these valuation methods has implications for which national policy agendas are deemed ‘sustainable’, particularly within debates on the future of welfare policy. This case illustrates the wider importance of global accounting practices in constructing national economic policy space.
- Published
- 2020
37. Towards a new ecological and human type of national accounting for developing economies (the CARE/TDL model)
- Author
-
Jacques Richard
- Subjects
green finance ,National accounts ,environmental accounting ,05 social sciences ,Developing country ,020302 automobile design & engineering ,050201 accounting ,02 engineering and technology ,Human type ,human accounting ,ecological accounting against IFRS ,green national accounting ,0203 mechanical engineering ,0502 economics and business ,Development economics ,Economics ,General Economics, Econometrics and Finance - Abstract
The goal of this article is to propose a radical reform of the today’s financial accounting system of businesses accompanied by a corresponding reform of the system of national accounts. It transforms them into genuine ecological and human systems of accounts that can systematically conserve the three main types of capitals which are necessary for the functioning of any economic system. This is a radical means of overcoming the dramatic ecological and human crisis in which the humanity is buried today. This can be done by applying traditional weapons of capital conservation, invented at the end of the Middle Ages by big capitalists for the protection of their financial investments, to human and natural capital. We notably use the famous double entry accounting depicted by Werner Sombart and Max Weber like certain martial arts use the force of the adversary against him. As a result, we come to a complete redefinition of the main concepts of the economics, especially the concepts of capital, profit and market, and to the possibility of a new type of firm management that allows us to get out of the capitalist system.
- Published
- 2020
38. The size of the informal economy in Nigeria: a structural equation approach
- Author
-
Omobola Adu and Roberto Dell'Anno
- Subjects
Estimation ,Economics and Econometrics ,education.field_of_study ,Informal sector ,National accounts ,05 social sciences ,Population ,Nigeria ,General Social Sciences ,Structural equation approach ,Total population ,01 natural sciences ,Gross domestic product ,MIMIC ,Informal economy ,010104 statistics & probability ,0502 economics and business ,Economics ,Econometrics ,0101 mathematics ,education ,050203 business & management - Abstract
PurposeThis paper contributes to the literature concerning the Nigerian informal economy (IE) by estimating its size from 1991 to 2017 and identifying the major causes.Design/methodology/approachA structural equation approach in the form of the multiple indicators multiple causes (MIMIC) method is used to estimate the size of the Nigerian IE.FindingsThe results indicate that vulnerable employment and urban population as a percentage of the total population are the main drivers of the IE in Nigeria. The IE in Nigeria ranges from 38.83% to 57.55% of gross domestic product (GDP).Research limitations/implicationsAs a result of the empirical challenges in the estimation of the IE, the estimates of Nigeria's IE are considered to be rough estimates.Originality/valueThe authors calibrated the MIMIC model with the official estimate of the informal sector published by the Nigerian National Bureau of Statistics (NBS). This was an attempt to combine the national accounting approach, to estimate the size of IE, with the MIMIC approach, and to estimate the trend of informality.
- Published
- 2020
39. A three-frequency dynamic factor model for nowcasting Canadian provincial GDP growth
- Author
-
Tony Chernis, Gabriella Velasco, and Calista Cheung
- Subjects
Variable (computer science) ,Econometric model ,Work (electrical) ,Nowcasting ,Dynamic factor ,National accounts ,Economics ,Econometrics ,Market price ,Business and International Management ,Gross domestic product - Abstract
This paper estimates a three-frequency dynamic factor model for nowcasting the Canadian provincial gross domestic product (GDP). The Canadian provincial GDP at market prices is released by Statistics Canada annually with a significant lag (11 months). This necessitates a mixed-frequency approach that can process timely monthly data, the quarterly national accounts, and the annual target variable. The model is estimated on a wide set of provincial, national and international data. In a pseudo real-time exercise, we find that the model outperforms simple benchmarks and is competitive with more sophisticated mixed-frequency approaches (MIDAS models). We also find that variables from the Labour Force Survey are important predictors of real activity. This paper expands previous work that has documented the importance of foreign variables for nowcasting Canadian GDP. This paper finds that including national and foreign predictors is useful for Ontario, while worsening the nowcast performance for smaller provinces.
- Published
- 2020
40. Distance functions, bank output, and productivity
- Author
-
David B. Humphrey
- Subjects
Economics and Econometrics ,media_common.quotation_subject ,National accounts ,05 social sciences ,Monetary policy ,Technical change ,Interest rate ,0502 economics and business ,Econometrics ,Business cycle ,Economics ,Capacity utilization ,Balance sheet ,050202 agricultural economics & policy ,050207 economics ,Business and International Management ,Productivity ,Social Sciences (miscellaneous) ,media_common - Abstract
The current approach to determining banking productivity using multioutput distance functions or Malmquist indices is not appropriate. This problem is specific to banking and involves a balance sheet constraint. A solution involves respecifying the distance function; measuring banking output via user cost rather than balance sheet values; and including the output service flow from bank liabilities. The last two adjustments follow what is now done by government agencies for the banking industry in the national accounts. Productivity results from current distance function specifications are contrasted with our proposed solution to the balance sheet constraint using U.S. banking data from 2001, 2005, and 2010. Changes in bank productivity over this period are due primarily to interest rate changes associated with monetary policy, rather than technical change or improvements in efficiency. This is similar to the variation in manufacturing productivity over the business cycle resulting from changes in excess capacity and disruption of business plans.
- Published
- 2020
41. Reconciling conflicting cross-border data sources for updating national accounts: The cross-entropy econometrics approach
- Author
-
Marek Cierpiał-Wolan and Second Bwanakare
- Subjects
Economics and Econometrics ,Cross entropy ,National accounts ,Econometrics ,Economics ,Statistics, Probability and Uncertainty ,Management Information Systems - Published
- 2020
42. A tool for fiscal policy planning in a medium-term fiscal framework: The FMM-MTFF model
- Author
-
Rodrigo Suescun
- Subjects
Macroeconomics ,Economics and Econometrics ,Stylized fact ,050208 finance ,National accounts ,05 social sciences ,Developing country ,Fiscal policy ,Scale (social sciences) ,0502 economics and business ,Dynamic stochastic general equilibrium ,Economics ,050207 economics ,Macro ,Emerging markets - Abstract
This paper describes the FMM-MTFF model, a dynamic stochastic general equilibrium model developed to support the implementation of a Medium-Term Fiscal Framework (MTFF) in emerging market and developing economies. The model exhibits the following features. First, fiscal policy is defined in terms of multi-year fiscal plans, instead of restricting attention to univariate, single-period fiscal shocks. Second, the model temporarily deactivates the fiscal rule to avoid forcing fiscal policy to be mechanically countercyclical and sustainable. Third, the model is calibrated to match a three-sector, stylized version of a country’s input-output table, and finally, the model uses a chain-weighted procedure to measure GDP, a method consistent with what national account compilers do. The model is calibrated to Colombian and Peruvian data to illustrate the use of the model as a tool to quantify the scale of the fiscal challenges, to provide consistent medium-term macro fiscal projections and to assess the quantitative implications of past reforms and alternative fiscal policy plans on the economies, i.e., the typical questions of interest to an MTFF.
- Published
- 2020
43. Commercial Property Price Indices and Indicators: Review and Discussion of Issues Raised in the CPPI Statistical Report of Eurostat (2017)
- Author
-
Robert J. Hill and Miriam Steurer
- Subjects
Economics and Econometrics ,Financial stability ,National accounts ,05 social sciences ,Hedonic index ,Statistical Report ,Property price ,Investment decisions ,0502 economics and business ,Econometrics ,Economics ,050207 economics ,Construct (philosophy) ,050205 econometrics - Abstract
Commercial property price indices (CPPIs) are needed to monitor financial stability, guide investment decisions by firms, and improve national accounts. Due to a lack of suitable data, however, reliable CPPIs are often hard to construct. Here we survey the current state of the CPPI literature and assess the contribution of the recently published Eurostat CPPI report.
- Published
- 2020
44. Are the European Commission’s Business and Consumer Survey Results Coincident Indicators for Maltese Economic Activity?
- Author
-
Reuben Ellul and Aaron George Grech
- Subjects
Vintage ,Economics and Econometrics ,National accounts ,language.human_language ,Maltese ,Consumer survey ,Real gross domestic product ,Value (economics) ,Economics ,language ,Demographic economics ,European commission ,Statistics, Probability and Uncertainty ,Business and International Management ,Finance ,Public finance - Abstract
The European Commission’s business and consumer surveys are the most extensive regular surveys of Maltese firms and households. The Economic Sentiment Indicator (ESI) for Malta is closely correlated with real GDP growth, particularly when one focuses on the first vintage of national accounts data. This suggests that the opinions expressed by economic agents are partly driven by news prevailing at the time. The sectoral confidence indicators that underpin the ESI are quite highly correlated, with construction sentiment being the most synchronised with sentiment in other sectors. In general, sectoral expectations on future activity appear to be less strongly correlated to changes in national accounts sectoral value added than survey responses to planned employment changes are to observed changes in sectoral employment. Maltese household economic expectations appear to be mostly reflective of current conditions and could be useful to forecast variables that are issued with some time lag, like real GDP.
- Published
- 2020
45. DYNAMICS OF GROSS DOMESTIC PRODUCT: СURRENT PROBLEMS OF MEASUREMENTS IN TERMS OF DIGITALIZATION OF THE ECONOMY
- Author
-
A. S. Abroskin and N. A. Abroskina
- Subjects
Correctness ,gross value added ,system of national accounts ,measurement methods ,Gross value added ,Gross domestic product ,HM401-1281 ,National economy ,industrial approach ,0502 economics and business ,Economics ,digital segments ,Sociology (General) ,Digital economy ,050207 economics ,monitoring system ,HB71-74 ,Structure (mathematical logic) ,050208 finance ,gross domestic product ,National accounts ,05 social sciences ,digital infrastructure ,digitalization of the economy ,Economics as a science ,Russian economy ,Economic system - Abstract
The relevant for Russian statistics issues of digitalization processes accounting in the construction of gross domestic product indicator have been considered. Special attention to the problem of formation of the methodological basis for digital economy measurements – the definition of its boundaries, structure and principles of accounting for this object in the system of macroeconomic indicators – has been paid. An important aspect in the analysis are problems specific to measuring the impact of digitalization processes of the Russian economy on the level and dynamics of gross domestic product. These are the problems of use in the Russian practice the industrial approach, interpretation and correctness of the estimates obtained. As an alternative, an approach based on the allocation of digital segments in the industries of the national economy and taking into account their impact on gross domestic product dynamics in accordance with the general principles of the System of National Accounts, – has been proposed.
- Published
- 2020
46. The problem of savings exclusion and gross savings in the new European Union member states
- Author
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Robert Huterski, Agnieszka Anna Huterska, Justyna Łapińska, and Ewa Zdunek-Rosa
- Subjects
Technological innovations. Automation ,Entrepreneurship ,Economics, Econometrics and Finance (miscellaneous) ,020101 civil engineering ,02 engineering and technology ,Management, Monitoring, Policy and Law ,0201 civil engineering ,Management of Technology and Innovation ,0202 electrical engineering, electronic engineering, information engineering ,Economics ,media_common.cataloged_instance ,GE1-350 ,Business and International Management ,European union ,Financial services ,media_common ,Gini coefficient ,business.industry ,National accounts ,HD45-45.2 ,Environmental sciences ,Value (economics) ,020201 artificial intelligence & image processing ,Demographic economics ,business ,Household debt ,Panel data - Abstract
The problem of the exclusion of some households, in particular those less affluent, from the use of financial services available on the market, including savings, is an important issue in the literature due to the objectively identified negative social and economic consequences of such exclusion. The research objective of the article is to attempt to identify factors related to savings exclusion which determine the share of gross savings in GDP in the new European Union member states. To achieve the goal, a panel data model was estimated. The set of statistically significant factors that adversely affect the creation of gross savings in the economy, and thus the higher level of savings exclusion, include the unemployment rate, social contributions, household debt, the Gini coefficient, and the share of people aged 25-49 in the total population. All these variables are negatively correlated with the explained variable, which means that an increase in their value causes a fall in gross savings. The results of the research have shown that such a highly aggregated measure as gross savings in the economy can be useful for analysing selected aspects of savings exclusion occurring in the examined new member states of the EU.
- Published
- 2020
47. The Contribution of Maurice Allais to Contemporary Macroeconomics: From French Planning to National Accounting
- Author
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Arnaud Diemer
- Subjects
History of economic thought ,Macroeconomics ,Economic thinking ,State (polity) ,General theory ,General equilibrium theory ,Applied economics ,media_common.quotation_subject ,National accounts ,World War II ,Economics ,media_common - Abstract
__kindeditor_temp_url__If the history of macroeconomics is still largely associated with John Maynard Keynes’ masterpiece, The General Theory of Employment, Interest and Money (Keynes, 1936), macronomics also includes a branch of economics which has gained recognition through the use of mathematical models, the notion of general equilibrium, the development of an empirical basis (applied economics), and the evaluation of the effects of economic policy. These elements of macroeconomic theory are found in Maurice Allais’ work, mainly his Theorie du rendement social (Allais, 1946) and his Fondements comptables de la macroeconomie (Allais, 1954). In the aftermath of the Second World War, Allais was able to use a corpus composed of a theory—the Walrasian General Equilibrium, a doctrine—competitive planning, an empirical basis—his work on national accounting and economic policy prescriptions, “la planification a la francaise” and monetary dynamics. This work, combined with the development of national statistics and national accounting, highlights the French tradition of economic thinking and reminds us, that in the history of economic thought, the Keynesian precepts took some time to “colonize” the minds of French economists.
- Published
- 2020
48. ANALYSIS OF THE DEPENDENCE OF THE STATE BUDGET ON THE INDICATORS OF THE SYSTEM OF NATIONAL ACCOUNTS
- Author
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Zaria Zalilova and Nuria Rafikova
- Subjects
Macroeconomics ,State (polity) ,media_common.quotation_subject ,National accounts ,Economics ,media_common - Published
- 2020
49. Approbation of the Methodology for Estimating Municipal Gross Value Added
- Author
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A. A. Romashina, M. E. Dmitriev, and P. A. Chistyakov
- Subjects
Economics and Econometrics ,National accounts ,0502 economics and business ,05 social sciences ,Regional science ,Economics ,Russian federation ,050207 economics ,0509 other social sciences ,Gross value added ,050905 science studies ,Municipal level ,Field (geography) - Abstract
The paper studies the matters of methodological approaches to estimating gross value added (GVA) for municipalities and their application in the field of spatial policy using available municipal level statistical data. The approach proposed by the authors of this article, ensures maximum coordination with the indicators, based on the System of National Accounts. On the basis of this approach calculations of GVA for all municipal areas and city districts of the Russian Federation were carried out by the authors, and their contribution to economic growth of the country were estimated. A method of calculating GVA for municipalities proposed by the authors can consider the specifics and potential of the territories for the development and implementation of spatial policy measures at the Federal and regional levels, and evaluate its results.
- Published
- 2020
50. National Income Accounts
- Author
-
Farrokh K. Langdana
- Subjects
Macroeconomics ,Net national income ,Economic growth ,Gross fixed capital formation ,business.industry ,National accounts ,Measures of national income and output ,Economics ,Distribution (economics) ,National Income and Product Accounts ,Intermediate consumption ,Policy analysis ,business - Abstract
This foundation chapter begins with definitions of key macrovariables and policy instruments essential to macroeconomic policy analysis.
- Published
- 2022
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