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

14—Miess, Schmelzer/SFC Model Austria—IHS
ICPF: Insurance Corporations (S128) and Pension Funds (S129)
• S128. all FCs engaged in financial intermediation as a consequence of the pooling of risk,
mainly in the form of direct insurance or reinsurace. This includes all life and non-life insur-
ance as well as reinsurance services by insurance corporations, but excludes social insurance
services as provided by law/regulation and/or managed by the general government.
• S129. all FCs engaged in financial intermediation as a consequence of the pooling of social
risk and needs of the insured persons (social insurance). They provide income in retirement
and often include benefits for death or disability. Again, social insurance provided by the
government sector is excluded.
Aggregation and Disaggregation of Flows To fit our model structure, we have constructed
the following aggregate flows, subsuming several types of flows under one category. On the other
hand, since we split up FC sector into sub-units, we had to take care of the issue that for
non-financial transactions data, FC are only denoted as an aggregate. Flows thus had to be
disaggregated concerning the institutional dimension to obtain flows to and from sub-units of
the FC sector when applicable.
Aggregation according to type of flow: The following flows were aggregated with respect
to NASA data.
• Wages: All wage income for the households including employers’ social contributions (D11
+ D12) was denoted as one aggregate flow of wages, i.e. households receive gross wages
from NFC, FC, government and from their own sector (self employed and NPISH), and
then pay an aggregate wage tax Tw, see below.
• Consumption: is the line comprising net consumption and own value added generated
in the FC, government and household sector. The remainder of consumption not covered
by own production of a sector is attributed to the NFC sector, creating consistency in the
matrix as described above.
• SubTrans comprises subsidies on products (D3), all other current transfers (D7), adjust-
ments for pension entitlements (D8), investments grants (D92) and other capital transfers
(D99). It is treated in the model as an exogenous variable, the trend of which is taken
from the data.
• FDIV is an aggregate of distributed income of corporations (D42) and reinvested earnings
on foreign direct investment (D43).
• ICPFDIV is property income due to holders of insurance papers (D441) and to holders of
pension funds (D442).
• Investment is an aggregate of gross investment including depreciation (P51G), change in
inventories (P52), as well as acquisition and disposition of valuables (P53). All investment
is assumed to be carried out by the NFC sector, thus gross investment by all sectors is
accounted in the received (RECV) entry of NFC, i.e. its current account, as an inflow of
funds. Expenditure on NFC investment and depreciation are given in the paid column of
NFC, i.e. the capital account of NFC, as an outflow of funds (financing of investment).
Depreciation of investment by other sectors is contained in their gross investment, and does
not need to be accounted for separately.

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