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On Imputing for Financial Services in the National Accounts Commercial Banking in General Equilibrium

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  • Hartwick, John M.

Abstract

We combine the income and capital accounts of nancial intermediaries commercial banks and of nonnancial rms and households to obtain a full accounting of the value of services provided by commercial banks to both depositors and borrowers We track the payments for such services and nd no missing items that need to be imputed for Socalled imputation turns out to be integration of the accounts of nancial institutions with their borrowers and depositors We also nd that a large fraction of banking services are purely intermediate and thus that the net valueadded after integration of the commercial banking sector in the total valueadded of the economy is small We also isolate terms that should be in the national accounts to represent the burden of riskbearing by equity holders an entry for apparent prots of rms Deposits as a stock of money in our economy is analyzed

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  • Hartwick, John M., 1997. "On Imputing for Financial Services in the National Accounts Commercial Banking in General Equilibrium," Queen's Institute for Economic Research Discussion Papers 273380, Queen's University - Department of Economics.
    • Handle: RePEc:ags:queddp:273380
    DOI: 10.22004/ag.econ.273380
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    References listed on IDEAS

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    1. Dwight B. Yntema, 1947. "National Income Originating in Financial Intermediaries," NBER Chapters, in: Studies in Income and Wealth, Volume 10, pages 23-50, National Bureau of Economic Research, Inc.
    2. Zvi Griliches, 1992. "Output Measurement in the Service Sectors," NBER Books, National Bureau of Economic Research, Inc, number gril92-1, June.
    3. Hartwick, John M., 1996. "The Financial Capital Constraint and the Valuation of Commercial Banking Activity," Queen's Institute for Economic Research Discussion Papers 273374, Queen's University - Department of Economics.
    4. Fixler, Dennis & Zieschang, Kimberly D, 1991. "Measuring the Nominal Value of Financial Services in the National Income Accounts," Economic Inquiry, Western Economic Association International, vol. 29(1), pages 53-68, January.
    5. Eisner, Robert, 1989. "The Total Incomes System of Accounts," University of Chicago Press Economics Books, University of Chicago Press, edition 1, number 9780226196381, October.
    6. Hancock, Diana, 1985. "The Financial Firm: Production with Monetary and Nonmonetary Goods," Journal of Political Economy, University of Chicago Press, vol. 93(5), pages 859-880, October.
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    1. Hartwick, John M., 1997. "On imputing for financial services in the national accounts," Economics Letters, Elsevier, vol. 56(1), pages 63-70, September.

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