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Resurrecting The U.K. Historic Sector National Accounts

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  • Bill Martin

Abstract

The U.K. national accounts no longer provide a full set of sector income and expenditure data before 1987, a weakness that seriously impedes macroeconomic research. Using a strict accounting framework to combine the best quality official data taken from alternative sources, I show that a historic sector dataset can be resurrected, albeit at a high level of sector aggregation. Particular attention is paid to transfer incomes and associated inter‐sector flows. Household saving and corporate retentions data are also derived. Benefits of the historic dataset are described and implications drawn for research and data management.

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  • Bill Martin, 2009. "Resurrecting The U.K. Historic Sector National Accounts," Review of Income and Wealth, International Association for Research in Income and Wealth, vol. 55(3), pages 737-751, September.
    • Handle: RePEc:bla:revinw:v:55:y:2009:i:3:p:737-751
    DOI: 10.1111/j.1475-4991.2009.00342.x
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    1. Shiller, Robert J. & Perron, Pierre, 1985. "Testing the random walk hypothesis : Power versus frequency of observation," Economics Letters, Elsevier, vol. 18(4), pages 381-386.
    2. Michael Lahr & Louis de Mesnard, 2004. "Biproportional Techniques in Input-Output Analysis: Table Updating and Structural Analysis," Economic Systems Research, Taylor & Francis Journals, vol. 16(2), pages 115-134.
    3. Bill Martin, 2007. "Resurrecting the UK Historic Sector National Accounts," Working Papers wp356, Centre for Business Research, University of Cambridge.
    4. Dalgaard, Esben & Eff, Christoffer & Thomsen, Annette, 2000. "Reinvested Earnings in the National Accounts," Review of Income and Wealth, International Association for Research in Income and Wealth, vol. 46(4), pages 401-419, December.
    5. Alfred A. Haug, 2002. "Temporal Aggregation and the Power of Cointegration Tests: a Monte Carlo Study," Oxford Bulletin of Economics and Statistics, Department of Economics, University of Oxford, vol. 64(4), pages 399-412, September.
    6. Michael Sumner, 2008. "Corporate Consumption: A Postscript," Manchester School, University of Manchester, vol. 76(2), pages 196-203, March.
    7. Teresa Sbano, 2008. "New historical data for assets and liabilities in the UK," Economic & Labour Market Review, Palgrave Macmillan;Office for National Statistics, vol. 2(4), pages 40-46, April.
    8. Feldstein, Martin S., 1973. "Tax incentives, corporate saving, and capital accumulation in the United States," Journal of Public Economics, Elsevier, vol. 2(2), pages 159-171, April.
    9. Bennett, Adam, 1986. "Expenditure, wealth and the rate of interest," Economic Modelling, Elsevier, vol. 3(1), pages 72-80, January.
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    Cited by:

    1. Bill Martin, 2020. "Resurrecting the UK Corporate Sector Accounts," Working Papers wp519, Centre for Business Research, University of Cambridge.

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