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Institutional interrelations in distributive transactions seen through a magnifying glass : a proposal to improve national accounts data for use in inputoutput analysis
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Orientador(es)
Resumo(s)
“A System of National Accounts” released in 1968 and conceived under the chairmanship of Richard
Stone, was the first step to integrate input-output analysis in national accounts. In the first paragraph
of its third chapter, with the title “The system as a basis for input-output analysis” of Stone’s
authorship, according with his autobiography (Stone, 1992), it can be read: “The input-output data
contained in the system appear in the rows and columns relating to commodities and industries. In
order to explain and illustrate how these data can be used for input-output analysis, a magnifying
glass has been applied to the relevant parts of table 2.1 …” (UN, 1968, p. 35; table 2.1 is an illustration
of the complete system, in a matrix form, that is, in a social accounting matrix).
Later, in 1981, Richard Stone wrote “… from a formal point of view, input-output analysis could be
carried out with other parts of the national accounts or, indeed, with several related parts. In a ... study
..., published in 1977... Graham Pyatt and his associates presented an analysis ... in which they wanted
to emphasise the distribution of income … to set up a framework within which they could analyse
actual and potential policies …” (Stone, 1981, pp. 62-63).
This paper is based on the works of Richard Stone, Graham Pyatt and some of their followers and
addresses the measurement of institutional interrelations in distributive transactions, within the
conceptual framework of the current version of the “System of National Accounts”.
Without an “A” before, the “System of National Accounts” (SNA, for short) in its current version
was released in 2008 and conceived under the responsibility of the Intersecretariat Working Group
on National Accounts (ISWGNA, 2009). It covers industry interrelations in transactions in products
with the supply and use tables (from which input-output accounts can be conceived). It covers
institutional interrelations in financial transactions with the flow-of-funds tables or matrices, but it
does not cover distributive transactions. This means that, in the study of the economic system, while
the parts relating to the production and financial processes can be supported by (more or less,
powerful) magnifying glasses provided by the national accounts, the part relating to the distribution
process has no support at all.
Thus, for the six groups of institutional sectors identified by the SNA, starting from the published
totals of the current and capital accounts, organized in the defined sequence, the nine categories of
distributive transactions (disaggregated at the second level) are analysed individually and the
possibilities of filling in the so called from-whom-to-whom matrices are explored. Since the resources
of some are the uses of others, it will be shown how information about the origin of the resources
(from-whom), or the destination of the uses (to-whom) can complete the filling in of these matrices.
Therefore, albeit for a reduced magnification level, this proposal can be seen as a starting point for
something more amplified, capable of being used within the scope of input-output analysis. Its
implementation would enable a better treatment of the networks of transactions between institutional
sectors underlying the distribution process, which would certainly be reflected in the study of the
distribution and redistribution of income, in any possible aspect, namely, inequality, poverty, wealth,
corruption, etc.
Descrição
This paper was presented to the 30th International Input-Output Conference, promoted by IIOA
(International Input-Output Association). Santiago (Chile), 2-5/7/2024 and is also available in:
https://www.iioa.org/conferences/30th/papers.html.
Palavras-chave
National Accounts Social Accounting Matrices Input-Output Analysis
Contexto Educativo
Citação
Santos, Susana (2024). "Institutional interrelations in distributive transactions seen through a magnifying glass : a proposal to improve national accounts data for use in inputoutput
analysis". REM Working paper series, nº 0340/2024
Editora
ISEG – REM (Research in Economics and Mathematics)