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Monitoring the evolution of Latin American economies using a flow-of-funds framework

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  • Cruz Luzuriaga, Manuel
  • Pérez Caldentey, Esteban

Abstract

Flow-of-funds accounting permit to monitor the financial sector in terms of flows and stocks and to analyze its relationship with the real sector. These show inter-sectoral financial flows, capture balance sheet positions and all financial transactions by instrument, type and economic sector. In this paper we explain the methodology for the construction of flow-of-funds accounts and we exemplify their use for two source cases of study: the Mexican Crisis (1994-1995) and the Asian Crisis (1997-1998). Using similar sources of data, the same methodology and approach for the construction of all the flow-of-funds matrices allow comparisons among countries relating to the impact, manifestations of these crisis episodes and policy reactions to confront their effects. The use of homogeneous data and methodology also permits to trace contagion effects between countries.

Suggested Citation

  • Cruz Luzuriaga, Manuel & Pérez Caldentey, Esteban, 2017. "Monitoring the evolution of Latin American economies using a flow-of-funds framework," Financiamiento para el Desarrollo 42362, Naciones Unidas Comisión Económica para América Latina y el Caribe (CEPAL).
    • Handle: RePEc:ecr:col035:42362
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    1. John C. Dawson, 2004. "The Asian crisis and flow‐of‐funds analysis," Review of Income and Wealth, International Association for Research in Income and Wealth, vol. 50(2), pages 243-260, June.
    2. -, 2015. "Neoestructuralismo y corrientes heterodoxas en América Latina y el Caribe a inicios del siglo XXI," Libros de la CEPAL, Naciones Unidas Comisión Económica para América Latina y el Caribe (CEPAL), number 37648 edited by Cepal, September.
    3. Lawrence S. Ritter, 1963. "The Flow‐Of‐Funds Accounts: A New Approach To Financial Market Analysis: An Exposition Of The Structure Of The Flow‐Of‐Funds Accounts," Journal of Finance, American Finance Association, vol. 18(2), pages 219-230, May.
    4. Honohan, Patrick & Atiyas, Izak, 1993. "Intersectoral Financial Flows in Developing Countries," Economic Journal, Royal Economic Society, vol. 103(418), pages 666-679, May.
    5. Pérez Caldentey, Esteban, 2015. "Una coyuntura propicia para reflexionar sobre los espacios para el debate y el diálogo entre el (neo)estructuralismo y las corrientes heterodoxas," Libros de la CEPAL, Naciones Unidas Comisión Económica para América Latina y el Caribe (CEPAL), number 39622, September.
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    Cited by:

    1. Lorenzo Nalin & Giuliano Toshiro Yajima, 2021. "Commodities fluctuations, cross border flows and financial innovation: A stock‐flow analysis," Metroeconomica, Wiley Blackwell, vol. 72(3), pages 539-579, July.

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