COMMODITY BALANCES AND NATIONAL ACCOUNTS: A SAM PERSPECTIVE

Graham Pyatt

51 citations0/0 files storedReview of Income and Wealth

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Economic Theory and Policy Economic and Fiscal Studies Regional Economic and Spatial Analysis

Abstract

This paper is concerned with the treatment of commodity and activity balances in a national accounts context. It makes use of a general method for reducing the size of a social accounting matrix (SAM) by apportioning the elements of one or more accounts to the rest. The national accounts are looked at in terms of their usefulness for policy analysis, not least analysis of the impact of price changes. The SNA convention of separately distinguishing activities and commodities is endorsed. However, in contrast to the SNA, it is argued that for analytic purposes commodity transactions should be recorded at market prices, with a separate account for each of the markets for a given commodity in which a distinct price prevails. The SNA SAM is shown to be a reduced form of the SAM resulting from this recommended treatment of commodity transactions, while a further round of reductions (apportionments) yields SAMs which are familiar from input‐output analysis, in which activities and commodities are not separately distinguished. It is argued that no special effort would be required to produce SAMs in which commodity balances are recorded at market prices as recommended here (the necessary data are also required to produce the conventional SNA tableaux), and that all reduced form versions of such SAMs, including the SNA, are inferior as a basis for the analysis of price effects on the structure of production.

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References

1969A Theory of Demand for Products Distinguished by Place of Production (Une theorie de la demande de produits differencies d'apres leur origine) (Una teoria de la demanda de productos distinguiendolos segun el lugar de produccion)1983General Equilibrium Models for Development Policy.1980Macro models for developing countries

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2001A Taxonomy of Extractions 1994A brief review of some problems in using national accounts data in level of output comparisons and growth studies 1986Macroeconomic modeling based on social-accounting principles 1998North–South Trade and Occupational Wages: Some Evidence from North America 2002Trade and Income Growth in Vietnam: Estimates from a New Social Accounting Matrix 1992A Detailed Social Accounting Matrix for the USA, 1988 1991Data, Linkages and Models: US National Income and Product Accounts in the Framework of a Social Accounting Matrix 2012THE ROLE OF SUPPLY CONSTRAINTS IN MULTIPLIER ANALYSIS

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