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Trade And Financial Flows In A World Accounting Framework: A Balanced Wam For 1990

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  • Rob Vos
  • Niek de Jong

Abstract

How accurately do we measure the external deficit of the U.S. or the surplus of Japan? If checked at the global level, statistics on international trade and finance show large discrepancies. Such global statistical discrepancies hamper the analysis and understanding of world economic developments. An accounting framework—labelled World Accounting Matrix (WAM)—is proposed to cross‐check the statistical consistency of commodity flows, international payments and internal balances across countries. The framework is applied to data for 1990. To obtain global consistency, substantial adjustments had to be made to the estimates of the external balances of the U.S. and Japan. The implications for global modelling work are potentially vast.

Suggested Citation

  • Rob Vos & Niek de Jong, 1995. "Trade And Financial Flows In A World Accounting Framework: A Balanced Wam For 1990," Review of Income and Wealth, International Association for Research in Income and Wealth, vol. 41(2), pages 139-159, June.
    • Handle: RePEc:bla:revinw:v:41:y:1995:i:2:p:139-159
    DOI: 10.1111/j.1475-4991.1995.tb00105.x
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