Electronic Resource
Oxford, UK
:
Blackwell Publishing Ltd
Review of income and wealth
35 (1989), S. 0
ISSN:
1475-4991
Source:
Blackwell Publishing Journal Backfiles 1879-2005
Topics:
Economics
Notes:
The analysis of international trade, finance and adjustment is hampered by major statistical inadequacies. In theory current account balances of all economies that make up the world economy should add to zero. However, available balance-of-payments data and other major statistical sources show a huge discrepancy. A major source of the discrepancy is found in the inadequate recording of international financial assets and liabilities and related factor income payments. In this paper the author proposes a global economic accounting framework, labelled as the World Accounting Matrix (WAM), which integrates world investment-savings balances, trade flows, factor payments and international flow of funds into one consistent data system on a source-use basis. Data discrepancies can thus be traced and adjusted more systematically. The WAM will provide a new tool for studies on international trade, debt and adjustment and present the accounting framework and the consistent data basis for models of the world economy.
Type of Medium:
Electronic Resource
URL:
http://dx.doi.org/10.1111/j.1475-4991.1989.tb00600.x
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