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

IHS—Miess, Schmelzer/SFC Model Austria—43
Regarding the choice of liabilities, figure 23 shows the financing structure of Austrian NFC
(firms) very well: funds are obtained primarily by issuing equity or taking up loans, less by
issuing securities (corporate bonds). As a comparison, figure 24 depicts that Austrian banks
finance more than about 65 % of their liabilities by deposits (from households and on inter-bank
market), then via securities and in the third place via equity.
Figure 23: Liability Choice of NFC sector (shares of 100 %)
0%
10%
20%
30%
40%
50%
60%
70%
80%
90%
100%
2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025
lambda 
F6 - firm - dum
F5F7 - firm - dum
F4F8 - firm - dum
F3 - firm - dum
FA
S
dir/finp
time
Sum of value
par
Legend - F6: Insur. techn. res., F5F7: Stocks, F522: IFU shares, F4F8: Loans, F3: Securities, F2: Deposits, F1: Mon. Gold and SDRs
Figure 24: Liability Choice of Banks (shares of 100 %)
0%
10%
20%
30%
40%
50%
60%
70%
80%
90%
100%
2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025
lambda 
F6 - bank - dum
F5F7 - bank - dum
F4F8 - bank - dum
F3 - bank - dum
F2 - bank - dum
FA
S
dir/finp
time
Sum of value
par
Legend - F6: Insur. techn. res., F5F7: Stocks, F522: IFU shares, F4F8: Loans, F3: Securities, F2: Deposits, F1: Mon. Gold and SDRs
        

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