Full text: Extension of the empirical stock-flow consistent (SFC) model for Austria (163)

16—Miess, Schmelzer/SFC Model Austria—IHS
1. According to length of balance sheet: Here, we took the length of the balance sheet
as a proxy for the activities of this sector, determining a corresponding amount of flows
implied by these FC sub-sectors to carry out these activities (to be discussed). The share
of the balance sheet length of the respective sub-unit of the FC sector in the total balance
sheet length of the FC sector was used to split the total flow of the FC sector among the
respective sub-units. This procedure applies to consumption, wages, investment, exports,
imports, social and other transfers (SocTrans, SubTrans), as well as other taxes (To) and
the firm income tax (Tfirm).
2. According to stock of a financial asset/liability held: In this case, we address a
stock-flow relation proper (interest or dividend payment) relating to the size of the stock of
a financial asset/liability held. The procedure here was to calculate the interest/dividend
rate paid on a stock of assets for the FC sector as a whole. Keeping this interest/dividend
rate fixed, we calculated the flow of interest payments to a sub-unit of the FC sector by
applying the interest rate to each asset class on the stock of assets held by each FC sub-unit.
This method applies to interest payments on loans (interest), as well as distributed income
of corporations (FDIV ), dividends on insurance and pension fund shares (ICPFDIV ), as
well as dividends on investment fund shares (IFUDIV )
Figure 2: Difference of Net Lending/Net Borrowing of Sectors from Non-Financial Transactions
(NFTR) Accounting and Financial Accounts (FA) (in Mio. EURO)
-10000
-8000
-6000
-4000
-2000
0
2000
4000
6000
8000
1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014
D
if
fe
re
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d
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Sa
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 in
 M
io
. E
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net lending/net borrowing:  non-financial account - financial account  
NFCs
FCs
Govt
HHs
RoW
Residual (Res) Generally, NLNB differ between the financial and the non-financial accounts.
After contacting experts from Austrian National Bank, we decided to take NLNB from the
financial account as link between the TFM and the balance sheet matrix (BSM), in order to
safeguard consistency with financial account and since the financial accounts seem to rely more
on data than assumptions as compared to the non-financial accounts. For constructing the large
TFM given in table 1, however, we used NLNB from non-financial accounts as the target variable,
        

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