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Contribution of Institutional Sectors to Economic Growth

Author

Listed:
  • Ghizdeanu, Ion

    (President of National Commission of Prognosis, Research Professor, Institute for Economic Forecasting, Romanian Academy, Bucharest)

  • Bria, Tiuta

    (National Commission of Prognosis)

Abstract

This paper presents the main findings resulted from indicators analysis (gross value added, gross operating surplus, gross national income, etc.) which characterize the institutional sectors – the ones emphasizing the different behaviors and results between the competition and non-competition sectors (households and general government respectively). This analysis is very necessary, because the European Commission, through the specialized directorate - DGECFIN, has included in the forecast framework the indicators regarding incomes and expenditures of institutional sectors (compensation of employees, gross disposable income, gross saving) for member states. The macroeconomic forecast has not yet used this economic approach. The main inconvenience in estimating institutional sectors accounts forecast refers on one hand to the gap between the statistical and forecasting horizons, the statistical data regarding the institutional sectors are available only after a period of two years since the event has occurred (the data series for Romania end in 2004) and, on the other hand, the aggregates evaluation is only carried out in current prices, increasing thus the relativity of data series by using conventional deflators. Until now they are the first estimates referring to the compensation of employees and the gross disposable income. *This paper is partially based on the study “Overview of the economic results by institutional sectors”, NCP, 2007

Suggested Citation

  • Ghizdeanu, Ion & Bria, Tiuta, 2007. "Contribution of Institutional Sectors to Economic Growth," Journal for Economic Forecasting, Institute for Economic Forecasting, vol. 4(3), pages 54-62, September.
    • Handle: RePEc:rjr:romjef:v:4:y:2007:i:3:p:54-62
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    File URL: http://www.ipe.ro/rjef/rjef3_07_4/
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    References listed on IDEAS

    as
    1. Dobrescu, Emilian, 1996. "Macromodels of the Romanian transition Economy," MPRA Paper 35810, University Library of Munich, Germany.
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    More about this item

    Keywords

    institutional sector; households; gross value added; compensation of employees; gross operating surplus; gross national income;
    All these keywords.

    JEL classification:

    • E01 - Macroeconomics and Monetary Economics - - General - - - Measurement and Data on National Income and Product Accounts and Wealth; Environmental Accounts
    • E21 - Macroeconomics and Monetary Economics - - Consumption, Saving, Production, Employment, and Investment - - - Consumption; Saving; Wealth
    • E24 - Macroeconomics and Monetary Economics - - Consumption, Saving, Production, Employment, and Investment - - - Employment; Unemployment; Wages; Intergenerational Income Distribution; Aggregate Human Capital; Aggregate Labor Productivity

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