Investment and Saving in Russian Macroeconomy. Compilation and Analyses of an aggregated SAM for Russia, 1995
Assessing investment activity is a key to understanding the present Russian economy; the Russian official national accounts, however, do not give very much information on it because of their large statistical discrepancies. Using a matrix balancing method, we construct an aggregated Social Accounting Matrix (SAM), which integrates a Russian Flow of Funds table into the Russian national accounts and contains no discrepancies. Comparing the Russian SAM with Japanese and US SAMs, we find some characteristics of the Russian economy such as: a large current deficit in the non-financial corporation sector, different tax burdens for the institutional sectors, a low level of financial intermediation, and wage arrears as a kind of forced saving.
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- Schaffer, Mark E., 1998. "Do Firms in Transition Economies Have Soft Budget Constraints? A Reconsideration of Concepts and Evidence," Journal of Comparative Economics, Elsevier, vol. 26(1), pages 80-103, March.
- Defourny, Jacques & Thorbecke, Erik, 1984. "Structural Path Analysis and Multiplier Decomposition within a Social Accounting Matrix Framework," Economic Journal, Royal Economic Society, vol. 94(373), pages 111-136, March.
- P.G. Hare, 1997. "Investment, Growth and Industrial Renewal in the Transition Economies," CERT Discussion Papers 9701, Centre for Economic Reform and Transformation, Heriot Watt University.
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