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# MACROECONOMIC STATISTICS

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### MACROECONOMIC STATISTICS

Sponsored by a Grant TÁMOP-4.1.2-08/2/A/KMR-2009-0041 Course Material Developed by Department of Economics,

Faculty of Social Sciences, Eötvös Loránd University Budapest (ELTE) Department of Economics, Eötvös Loránd University Budapest

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## I. SNA

### National accounts are “the presentation, in a rigorous accounting framework, of all the quantitative information relating to the nation’s economic activity”.*

*/Edmond Malinvaud,

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## The essence of SNA

### – For Hungary:

http://portal.ksh.hu/pls/ksh/docs/hun/xtabla/integralt/int2009a.html

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uses resources

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## SNA and ESA

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### II. The use of macro-indicators

PPP!

For international comparisons!

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+NFTK!

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### 1.

”GNP” GNI

2. Current account (CA) X–M, but CA = X–M +NFI+NFTC, 3. S GNI (”GNP”) – C, but S = GNDI – C

thus

CA GNI (”GNP”) – C – I, but CA= GNDI – C– I.

4.a) What textbooks call ”capital account” is termed ”financial account”

by the SNA (and BOP)

4.b) According to the SNA/BOP, the ”capital account” consists of unilateral capital transfers, rather than capital flows in the usual sense

Most importantly:

5. S – I = CA is valid in an accounting sense, but irrelevant from the point of view of analysis and policy; the relevant relationship is:

S+NFTK – I = CA +KA =NL

Net foreign

income Net current transfers

Capital transfer

Capital account

Net lending

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### – Easy to plug into the framework

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Source: Ley(2009) +KA

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### Exercise: Synonyms

There are a number of terms that are used in national accounts, but

economists use a wide range of synonyms for them. Choose from the list in italics below all the correct synonyms for:

(A) GDP at current prices;

(B) GDP in volume;

(C) GDP deflator;

(D) Public deficit. Beware that not all of them are synonyms for any of the above.

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### • Theoretical foundations

– Kohli, Ulrich: Real GDP, real domestic income, and terms-of- trade changes. Journal of International Economics 62 (2004)

### • Application of the concept

– VINTROVÁ, Ruzena: What GDP Indicators Do Not Tell You:

Alternative Indicators of Economic Growth and Real

Convergence. Czech Journal of Economics and Finance, 55, 2005.

http://journal.fsv.cuni.cz/storage/1040_s_578_594.pdf

### • International comparisons

– Macdonald, R.: Real Gross Domestic Income, Relative Prices and Economic Performance Across the OECD.

http://dsp-psd.pwgsc.gc.ca/collection_2010/statcan/11F0027M/11f0027m2010059- eng.pdf

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