2012년 4월 19일 목요일

[자료] THE FLOW-OF-FUNDS ACCOUNTS: A NEW APPROACH TO FINANCIAL MARKET ANALYSIS


자료: http://cas.umkc.edu/econ/economics/faculty/wray/631Wray/Week%206/Ritter.pdf
지은이: Lawrence S. Ritter

(... ...) It is the purpose of this paper to attempt in some small measure to rectify this state of affairs by an exposition of the basic principles underlying the flow-of-funds accounts.

II.

The flow of funds is a system of social accounting in which (a) the economy is divided into a number of sectors and (b) a "sources and-uses-of-funds statement" is constructed for each sector. When all these sector sources-and-uses-of-funds statements are placed side by side, we obtain (c) the flow-of-funds matrix for the economy as a whole.2 That is the sum and substance of the matter.

In the national income accounts, the Department of Commerce divides the domestic economy into three sectors: households, business firms, and governments. In the flow-of-funds accounts, the board of Governors prefers four main domestic sectors, with financial institutions added to the above three. These main sectors are in turn divided into a number of subsectors. In any case, the sectoring should be exhaustive, i.e., the entire economy should be included, if necessary by the use of a residual "all other" category. In our discussion below we confine ourselves to a closed economy throughout.

(... ...)

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