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Un Marco de Consistencia Macroeconómica para la Economía Ecuatoriana: Un Regreso a los Fundamentos
[Macroeconomic Consistency Framework for the Ecuadorian Economy: Getting Back to Fundamentals]

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Author Info

  • Gachet, Ivan
  • Girjalva, Diego
  • Rivadeneira, Ana
  • Uribe, Carlos

Abstract

This document presents a Macroeconomic Consistency Model for a dollarized economy such as Ecuador. Based on a simply accounting framework that combined the social accounting matrix with the flow of funds, we integrate the different sectors of the economics through a matrix of income, expenditure, saving, and asset and liability accumulation. This is done by using Easterly's (1989) Consistency Accounting Matrix which specifies the linkages between sources and uses of funds as well as between institutional sector accounts. This approach ensures the numerical consistency of data drawn from different sources in such a way that, both, the sectoral budget constraints as well as the overall economy-wide budget constraints are simultaneously satisfied. From this model we were able to estimate the liquidity of the economy, the actual amount of government subsidies, and the gaps in the Ecuadorian economy.

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Bibliographic Info

Paper provided by University Library of Munich, Germany in its series MPRA Paper with number 16799.

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Date of creation: 2007
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Publication status: Published in Cuestiones Económicas 3.23(2007): pp. 5-65
Handle: RePEc:pra:mprapa:16799

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Related research

Keywords: Macroeconomics; Financial Programing; Macroeconomic Consistency;

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References

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  1. William Easterly, 2007. "Was Development Assistance a Mistake?," American Economic Review, American Economic Association, vol. 97(2), pages 328-332, May.
  2. Taylor, Lance, 1987. "Macro policy in the tropics: How sensible people stand," World Development, Elsevier, vol. 15(12), pages 1407-1435, December.
  3. Jonathan Temple, 1999. "The New Growth Evidence," Journal of Economic Literature, American Economic Association, vol. 37(1), pages 112-156, March.
  4. Easterly, William, 2007. "Inequality does cause underdevelopment: Insights from a new instrument," Journal of Development Economics, Elsevier, vol. 84(2), pages 755-776, November.
  5. Easterly, William, 1999. "Life during growth : international evidence on quality of life and per capita income," Policy Research Working Paper Series 2110, The World Bank.
  6. Everaert, Luc & Garcia-Pinto, Fernando & Ventura, Jaume, 1990. "A RMSM-X model for Turkey," Policy Research Working Paper Series 486, The World Bank.
  7. J. J. Polak, 1957. "Monetary Analysis of Income Formation and Payments Problems," IMF Staff Papers, Palgrave Macmillan, vol. 6(1), pages 1-50, November.
  8. Bolnick, B.R., 1999. "The Role of Financial Programming in Macroeconomic Policy Management," Papers 720, Harvard - Institute for International Development.
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Cited by:
  1. Gachet, Ivan & Maldonado, Diego & Oliva, Nicolas & Ramirez, Jose, 2011. "Hechos Estilizados de la Economía Ecuatoriana: El Ciclo Económico 1965-2008
    [Stylized Facts of the Ecuadorian Economy: The Economic Chicle 1965-2008]
    ," MPRA Paper 30280, University Library of Munich, Germany.

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