By Cadman Atta Mills
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Additional info for Analytical approaches to stabilization and adjustment programs
Depending on the rate of return on domestic investment or the level per capita consumption, the cost may not be negligible. 1 it can be shown that: This states that the assets of the monetary system, in the form of changes in credit to the government and the private sector and foreign assets (reserves), are identical to broad money and other liabilities of the monetary system. Rewriting the expression gives: Equation (2-8b) states that change in external reserves is identical to the demand for money (assuming that other liabilities of the monetary system are held constant) less the change in domestic credit.
1 Consistency Accounting Matrix Source: William Easterly (1989). Page 12 The sum of wages, salaries, the incomes of own-account producers (that is, compensation of employees, as these three items are referred to in the United Nations System of National Accounts (SNA)) and the operating surplus of all enterprises (including funds set aside for depreciation by producing units) is value added at producers' value or at factor costs (Yfc) as opposed to purchasers' value or market prices (Ymp). By convention, value added at producers' value accrues to households (and to the government in the case of the operating surplus of government owned enterprises) even though a portion of the operating surplus might be retained by enterprises on behalf of households or the government to finance accumulation.
Government savings (Sg at the intersection of row 6 and column 2) is the difference between government revenue and expenditure. The monetary system identified in the consistency matrix includes central or reserve banks and all commercial banks, as well as credit unions, private savings banks, and other public savings institutions. Page 13 Because, ultimately, we are only interested in the role of the monetary system as an intermediary for channeling savings from one group of transactors to another, for example, from the private sector to the government, such an aggregation makes sense.
Analytical approaches to stabilization and adjustment programs by Cadman Atta Mills