Please use this identifier to cite or link to this item: https://hdl.handle.net/10419/326913 
Year of Publication: 
2024
Series/Report no.: 
UNU-MERIT Working Papers No. 2024-017
Publisher: 
United Nations University (UNU), Maastricht Economic and Social Research Institute on Innovation and Technology (UNU-MERIT), Maastricht
Abstract: 
The overarching main purpose of this paper is to detail all data collection and data manipulation and choices to be made to come to a consistent dataset to estimate and calibrate an SFC model, for which we use the model as specified in Meijers and Muysken (2022) as reference. This also enables us to show more in general how data collection from national accounts in a stock-flow consistent way influences the modelling of an economy. We give examples for the composition of the wealth of households by including non-traded assets, the composition of the wealth of firms by identifying direct investments – both outward and inward, and the composition of the wealth of government by pointing out the substantial amount of assets owned by the government, which we ignore. Next to that, we identify the impact of pension funds on both decisions made by households, including forced savings, and on the entire financial sector. We show how the net foreign debt accumulates through a persistent trade balance surplus and is financed to a large extent by pension funds. Finally, we show that corrections in income and savings are required to retain the consistency of the model while staying close to the national accounts. All these observations have important consequences for modelling the savings and investment behaviour of the various sectors.
Subjects: 
national accounts
financialisation
wealth accumulation
stock-flow consistent modelling
JEL: 
E01
B50
E60
F47
G21
G32
E44
E47
Creative Commons License: 
cc-by-nc-sa Logo
Document Type: 
Working Paper

Files in This Item:
File
Size





Items in EconStor are protected by copyright, with all rights reserved, unless otherwise indicated.