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

4—Miess, Schmelzer/SFC Model Austria—IHS
2 Data
2.1 Preliminaries on National Annual Sectoral Accounts (NASA) Data
The European System of Accounts1 as laid down in Eurostat (2013) provides a consistent frame-
work to compile annual data on
1. Assets, liabilities, net worth;
2. Financial and non-financial transactions of and between all agents;
3. In the disaggregation necessary for our model;
4. for all EU countries, 1995-2014.
The datasets are constructed for Austria by Statistik Austria (non-financial transactions,
government sector) and the Austrian National bank (financial assets and liabilities, financial
transactions, revaluation account). They relate to the annual nominal flows between and stocks
of different assets/liabilities held by so-called “institutional units” (sectors of the economy), for
different years, economic activities, and regarding different asset classes.
The major institutional units are as following, Eurostat (2013)[chapter 2]:2
1. S1: Total economy
2. S11: Non-financial corporations (NFC)
3. S12: Financial corporations (FC)
4. S13: General government (Govt)
5. S14: Households
6. S15: Non-profit institutions serving households (NPISH)3
7. S2: Rest of World (Row)
In our model aggregation, 3. financial corporations will be disaggregated into sub-units due
to the focus of the SFC model on the financial side of the economy (see section 2.2.1), while 5.
households and 6. NPISH are aggregated in one household sector.
Essentially, there are five main data sets provided by Eurostat that form the basis of our
model dataset:
A. Balance sheet (BS) data for all agents, 1995 - 2014: These data document the yearly
stocks of assets and liabilities for the institutional units. They are valued at market prices. The
creation of a financial asset by one agent is always accompanied by the assumption of a respective
liability by another agent, thus the sum over financial assets and liabilities of one asset class is
always zero. Agents’ net worth is the residual (balancing item) on the liabilities side of the
1The reader already familiar with NASA data may choose to skip this introductory chapter.
2Similar to Input-Output tables, each digit signifies a sub-grouping of an existing group. For example, S11 is
as subgroup of S1.
3NPISHs are private legal entities which serve households and which are private non-market producsers, see
Eurostat (2013)[pp. 46]. Their principal source of revenue are voluntary contributions by households in cash or
in kind, from payments by the government and from property income. The main kinds of entities included in this
sector are trade unions, professional or learned societies, consumers’ associations, political parties, churches and
other religious societies, as well as charities, aid and relief organisations.

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