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Sectoral Balances And Stock-Flow Consistent Models

Author

Listed:
  • Jonáš, Jan

    (Masaryk University, Brno, Czech Republic)

  • Komínek, Ondřej

    (Masaryk University, Brno, Czech Republic)

Abstract

The European banking and sovereign debt crisis has revealed severe financial imbalances among countries and institutional sectors. In reaction, economic policy and theory has focused on the role of finance in mitigating economic imbalances and finding ways to deal with them. Policy makers launched data gap initiatives to enhance economic and financial statistics, an important pillar of these initiatives being the integrated framework of the System of National Accounts, unifying product, income, capital, and financial accounts. In this framework, there are elaborated Stock-Flow Consistent models that model any interconnections of institutional sectors, in both real and financial aspects, in a consistent way. This article aims to illustrate the principles and possibilities of Stock Flow Consistent models and their relation to the System of National Acounts. To accomplish this, we construct a simplified Stock Flow Consistent model applied to the sectoral (im)balances between the private, government, and foreign sectors, which were a notable feature of the recent European crisis.

Suggested Citation

  • Jonáš, Jan & Komínek, Ondřej, 2017. "Sectoral Balances And Stock-Flow Consistent Models," Journal of Economic Integration, Center for Economic Integration, Sejong University, vol. 32(3), pages 689-722.
    • Handle: RePEc:ris:integr:0724
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    More about this item

    Keywords

    Stock-Flow Consistent Models; System of National Accounts; Financial Accounts; ESA 2010; Euro Crisis;
    All these keywords.

    JEL classification:

    • B50 - Schools of Economic Thought and Methodology - - Current Heterodox Approaches - - - General
    • C69 - Mathematical and Quantitative Methods - - Mathematical Methods; Programming Models; Mathematical and Simulation Modeling - - - Other
    • E12 - Macroeconomics and Monetary Economics - - General Aggregative Models - - - Keynes; Keynesian; Post-Keynesian; Modern Monetary Theory

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