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Stock-flow consistent data for the Dutch economy, 1995-2015


  • Muysken, Joan

    () (UNU-MERIT, and SBE, Maastricht University)

  • Bonekamp, Bas

    () (SBE, Maastricht University)

  • Meijers, Huub

    () (UNU-MERIT, and SBE, Maastricht University)


In earlier work Meijers, Muysken (and Sleijpen) have developed an open economy stock-flow consistent (SFC) macroeconomic model of the Dutch economy with an elaborated financial sector. This model has been used to analyse several stylised facts of the Dutch economy, such as the deposit financing gap, the excessive trade surplus, the impact of firms accumulating financial assets and the impact of quantitative easing. However, the stylised facts were collected in an ad hoc way and the parameters used in the model were taken from the international literature, without proper reference to Dutch data. In the present paper we develop a stock flow consistent data set for the Dutch economy 1995 - 2015 in order to stimulate further research in the SFC tradition using actual data, and to enhance our understanding of the Dutch economy. The data set is based on data from the Central Bureau of Statistics (CBS) for most sectors - these are consistent with the AMECO data published by Eurostat. However, for the financial sector we show that the CBS-data are incomplete and also use data provided by the Dutch Central Bank (DNB). We distinguish between households, firms, government, a foreign sector and within the financial sector between a central bank, banks and pension funds. For each sector we provide a somewhat simplified balance sheet and consistent flows, which can be used in the model.

Suggested Citation

  • Muysken, Joan & Bonekamp, Bas & Meijers, Huub, 2017. "Stock-flow consistent data for the Dutch economy, 1995-2015," MERIT Working Papers 2017-045, United Nations University - Maastricht Economic and Social Research Institute on Innovation and Technology (MERIT).
  • Handle: RePEc:unm:unumer:2017045

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    References listed on IDEAS

    1. Michalis Nikiforos & Gennaro Zezza, 2017. "Stock-flow Consistent Macroeconomic Models: A Survey," Economics Working Paper Archive wp_891, Levy Economics Institute.
    2. Davis, E P, 1987. "A Stock-Flow Consistent Macro-econometric Model of the UK Economy--Part I," Journal of Applied Econometrics, John Wiley & Sons, Ltd., vol. 2(2), pages 111-132, April.
    3. Burgess, Stephen & Burrows, Oliver & Godin, Antoine & Kinsella, Stephen & Millard, Stephen, 2016. "A dynamic model of financial balances for the United Kingdom," Bank of England working papers 614, Bank of England.
    4. Graham Gudgin & Ken Coutts & Neil Gibson, 2015. "The CBR Macro-Economic Model of the UK Economy (UKMOD)," Working Papers wp472, Centre for Business Research, University of Cambridge.
    5. Huub Meijers & Joan Muysken & Olaf Sleijpen, 2016. "Firms’ excess savings and the Dutch current-account surplus: a stock-flow consistent approach," European Journal of Economics and Economic Policies: Intervention, Edward Elgar Publishing, vol. 13(3), pages 339-353, December.
    6. Huub Meijers & Joan Muysken & Olaf Sleijpen, 2015. "The deposit financing gap: another Dutch disease," European Journal of Economics and Economic Policies: Intervention, Edward Elgar Publishing, vol. 12(1), pages 32-50, April.
    7. Gennaro Zezza, 2008. "U.S. growth, the housing market, and the distribution of income," Journal of Post Keynesian Economics, M.E. Sharpe, Inc., vol. 30(3), pages 375-401, April.
    8. Stefan Kühn & Joan Muysken & Tom Van Veen, 2010. "The Adverse Effect Of Government Spending On Private Consumption In New Keynesian Models," Metroeconomica, Wiley Blackwell, vol. 61(4), pages 621-639, November.
    9. Hollanders, David, 2016. "Pension systems do not suffer from ageing or lack of home-ownership but from financialisation," Other publications TiSEM 101cb77f-ea9c-47bc-930d-0, Tilburg University, School of Economics and Management.
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    More about this item


    stock-flow consistent modelling; Dutch economy; current account surplus;
    All these keywords.

    JEL classification:

    • E01 - Macroeconomics and Monetary Economics - - General - - - Measurement and Data on National Income and Product Accounts and Wealth; Environmental Accounts
    • E44 - Macroeconomics and Monetary Economics - - Money and Interest Rates - - - Financial Markets and the Macroeconomy
    • C54 - Mathematical and Quantitative Methods - - Econometric Modeling - - - Quantitative Policy Modeling
    • F45 - International Economics - - Macroeconomic Aspects of International Trade and Finance - - - Macroeconomic Issues of Monetary Unions
    • G21 - Financial Economics - - Financial Institutions and Services - - - Banks; Other Depository Institutions; Micro Finance Institutions; Mortgages
    • G32 - Financial Economics - - Corporate Finance and Governance - - - Financing Policy; Financial Risk and Risk Management; Capital and Ownership Structure; Value of Firms; Goodwill
    • O11 - Economic Development, Innovation, Technological Change, and Growth - - Economic Development - - - Macroeconomic Analyses of Economic Development

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