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Further Thoughts On The Banking Imputation In The National Accounts

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  • T. K. Rymes

Abstract

The banking problem in the National Accounts arises because interest rates paid by banks on deposits are generally lower than the rates charged for loans and service charges levied by banks are generally less than the cost of the banking services provided. This paper offers two explanations for such observations: first there is the new neo‐classical theory of private banking and central banking which suggests that they arise because of distorting “taxes” levied by regulating central banks. Second there is the Keynesian theory which accounts for the observations by the fact that the public good services of monetary stabilization supplied directly by the central banks and indirectly by private banks cannot be priced. Both theories account for the empirical observations giving rise to the banking problem. Neither theory lends support to the banking imputation currently carried out in most National Accounts.

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  • T. K. Rymes, 1986. "Further Thoughts On The Banking Imputation In The National Accounts," Review of Income and Wealth, International Association for Research in Income and Wealth, vol. 32(4), pages 425-441, December.
    • Handle: RePEc:bla:revinw:v:32:y:1986:i:4:p:425-441
    DOI: 10.1111/j.1475-4991.1986.tb00549.x
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    Cited by:

    1. Lim, Terence & Lo, Andrew W. & Merton, Robert C. & Scholes, Myron S., 2006. "The Derivatives Sourcebook," Foundations and Trends(R) in Finance, now publishers, vol. 1(5–6), pages 365-572, April.

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