Bitte verwenden Sie diesen Link, um diese Publikation zu zitieren, oder auf sie als Internetquelle zu verweisen: https://hdl.handle.net/10419/333442 
Erscheinungsjahr: 
2025
Quellenangabe: 
[Journal:] European Journal of Economics and Economic Policies: Intervention (EJEEP) [ISSN:] 2052-7772 [Volume:] 22 [Issue:] 3 [Year:] 2025 [Pages:] 317-344
Verlag: 
Edward Elgar Publishing, Cheltenham
Zusammenfassung: 
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 outwards 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, 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
Schlagwörter: 
national accounts
financialisation
wealth accumulation
stock-flow consistent modelling
JEL: 
E01
B5
E6
F45
G21
G32
E44
E47
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