The document provides an introduction to social accounting matrices (SAM) and economywide analysis. It discusses key concepts such as:
- SAMs capture the circular flow of income and expenditures between households, firms, government, and the rest of the world.
- Economywide analysis considers how changes in one sector can impact other sectors through economic linkages.
- A SAM shows payments by columns and receipts by rows to ensure double-entry bookkeeping and macroeconomic consistency.
- Building a SAM requires data from various sources like national accounts and household surveys, which are reconciled using statistical techniques.
Macroeconomics deals with the economy as a whole; it examines the behavior of economic aggregates such as aggregate income, consumption, investment, and the overall level of prices.
Macroeconomics deals with the economy as a whole; it examines the behavior of economic aggregates such as aggregate income, consumption, investment, and the overall level of prices.
Macroeconomics deals with the economy as a whole; it examines the behavior of economic aggregates such as aggregate income, consumption, investment, and the overall level of prices.
Macroeconomics deals with the economy as a whole; it examines the behavior of economic aggregates such as aggregate income, consumption, investment, and the overall level of prices.
Macroeconomics deals with the economy as a whole; it examines the behavior of economic aggregates such as aggregate income, consumption, investment, and the overall level of prices.
Macroeconomics deals with the economy as a whole; it examines the behavior of economic aggregates such as aggregate income, consumption, investment, and the overall level of prices.
Macroeconomics deals with the economy as a whole; it examines the behavior of economic aggregates such as aggregate income, consumption, investment, and the overall level of prices.
Macroeconomics deals with the economy as a whole; it examines the behavior of economic aggregates such as aggregate income, consumption, investment, and the overall level of prices.
Macroeconomics deals with the economy as a whole; it examines the behavior of economic aggregates such as aggregate income, consumption, investment, and the overall level of prices.
Macroeconomics deals with the economy as a whole; it examines the behavior of economic aggregates such as aggregate income, consumption, investment, and the overall level of prices.
Macroeconomics deals with the economy as a whole; it examines the behavior of economic aggregates such as aggregate income, consumption, investment, and the overall level of prices.
Macroeconomics deals with the economy as a whole; it examines the behavior of economic aggregates such as aggregate income, consumption, investment, and the overall level of prices.
Macroeconomics deals with the economy as a whole; it examines the behavior of economic aggregates such as aggregate income, consumption, investment, and the overall level of prices.
Macroeconomics deals with the economy as a whole; it examines the behavior of economic aggregates such as aggregate income, consumption, investment, and the overall level of prices.
Macroeconomics deals with the economy as a whole; it examines the behavior of economic aggregates such as aggregate income, consumption, investment, and the overall level of prices.
Macroeconomics deals with the economy as a whole; it examines the behavior of economic aggregates such as aggregate income, consumption, investment, and the overall level of prices.
Macroeconomics deals with the economy as a whole; it examines the behavior of economic aggregates such as aggregate income, consumption, investment, and the overall level of prices.
Macroeconomics deals with the economy as a whole; it examines the behavior of economic aggregates such as aggregate income, consumption, investment, and the overall level of prices.
Macroeconomics deals with the economy as a whole; it examines the behavior of economic aggregates such as aggregate income, consumption, investment, and the overall level of prices.
Macroeconomics deals with the economy as a whole; it examines the behavior of economic aggregates such as aggregate income, consumption, investment, and the overall level of prices.
Macroeconomics deals with the economy as a whole; it examines the behavior of economic aggregates such as aggregate income, consumption, investment, and the overall level of prices.
Macroeconomics deals with the economy as a whole; it examines the behavior of economic aggregates such as aggregate income, consumption, investment, and the overall level of prices.
Macroeconomics deals with the economy as a whole; it examines the behavior of economic aggregates such as aggregate income, consumption, investment, and the overall level of prices.
Macroeconomics deals with the economy as a whole; it examines the behavior of economic aggregates such as aggregate income, consumption, investment, and the overall level of prices.
Macroeconomics deals with the economy as a whole; it examines the behavior of economic aggregates such as aggregate income, consumption, investment, and the overall level of prices.
Macroeconomics deals with the economy as a whole; it examines the behavior of economic aggregates such as aggregate income, consumption, investment, and the overall level of prices.
Macroeconomics deals with the economy as a whole; it examines the behavior of economic aggregates such as aggregate income, consumption, investment, and the overall level of prices.
Macroeconomics deals with the economy as a whole; it examines the behavior of economic aggregates such as aggregate income, consumption, investment, and the overall level of prices.
Macroeconomics deals with the economy as a whole; it examines the behavior of economic aggregates such as aggregate income, consumption, investment, and the overall level of prices.
Macroeconomics deals with the economy as a whole; it examines the behavior of economic aggregates such as aggregate income, consumption, investment, and the overall level of prices.
Macroeconomics deals with the economy as a whole; it examines the behavior of economic aggregates such as aggregate income, consumption, investment, and the overall level of prices.
Macroeconomics deals with the economy as a whole; it examines the behavior of economic aggregates such as aggregate income, consumption, investment, and the overall level of prices.
Introduction
In life, there are universal laws that govern everything we do. These laws are so perfect that if you were to align yourself with them, you could have so much prosperity that it would be coming out of your ears. This is because God created the universe in the image and likeness of him. It is failure to follow the universal laws that causes one to fail. The laws that were created consisted of the following: ·
Law of Gratitude: The Law of Gratitude states that you must show gratitude for what you have. By having gratitude, you speed your growth and success faster than you normally would. This is because if you appreciate the things you have, even if they are small things, you are open to receiving more.
Law of Attraction: The Law of Attraction states that if you focus your attention on something long enough you will get it. It all starts in the mind. You think of something and when you think of it, you manifest that in your life. This could be a mental picture of a check or actual cash, but you think about it with an image.
Law of Karma: the Law of Karma states that if you go out and do something bad, it will come back to you with something bad. If you do well for others, good things happen to you. The principle here is to know you can create good or bad through your actions. There will always be an effect no matter what.
Law of Love: the Law of Love states that love is more than emotion or feeling; it is energy. It has substance and can be felt. Love is also considered acceptance of oneself or others. This means that no matter what you do in life if you do not approach or leave the situation out of love, it won't work.
Law of Allowing: The Law of Allowing states that for us to get what we want, we must be receptive to it. We can't merely say to the Universe that we want something if we don't allow ourselves to receive it. This will defeat our purpose for wanting it in the first place.
Law of Vibration: the Law of Vibration states that if you wish on something and use your thoughts to visualize it, you are halfway there to get it. To complete the cycle you must use the Law of Vibration to feel part of what you want. Do this and you'll have anything you want in life.
For everything to function properly there has to be structure. Without structure, our world, or universe, would be in utter chaos. Successful people understand universal laws and apply them daily. They may not acknowledge that to you, but they do follow the laws. There is a higher power and this higher power controls the universe and what we get out of it. People who know this, but wish to direct their own lives, follow the reasons. Successful people don't sit around and say "I'll try," they say yes and act on it.
Chapter - 1
The Law of Attraction
The law of attraction is the most powerful force in the universe. If you work against it, it can only bring you pain and misery. Successful people know this but have kept it hidden from the lower class for centuries because th
Introduction
In life, there are universal laws that govern everything we do. These laws are so perfect that if you were to align yourself with them, you could have so much prosperity that it would be coming out of your ears. This is because God created the universe in the image and likeness of him. It is failure to follow the universal laws that causes one to fail. The laws that were created consisted of the following: ·
Law of Gratitude: The Law of Gratitude states that you must show gratitude for what you have. By having gratitude, you speed your growth and success faster than you normally would. This is because if you appreciate the things you have, even if they are small things, you are open to receiving more.
Law of Attraction: The Law of Attraction states that if you focus your attention on something long enough you will get it. It all starts in the mind. You think of something and when you think of it, you manifest that in your life. This could be a mental picture of a check or actual cash, but you think about it with an image.
Law of Karma: the Law of Karma states that if you go out and do something bad, it will come back to you with something bad. If you do well for others, good things happen to you. The principle here is to know you can create good or bad through your actions. There will always be an effect no matter what.
Law of Love: the Law of Love states that love is more than emotion or feeling; it is energy. It has substance and can be felt. Love is also considered acceptance of oneself or others. This means that no matter what you do in life if you do not approach or leave the situation out of love, it won't work.
Law of Allowing: The Law of Allowing states that for us to get what we want, we must be receptive to it. We can't merely say to the Universe that we want something if we don't allow ourselves to receive it. This will defeat our purpose for wanting it in the first place.
Law of Vibration: the Law of Vibration states that if you wish on something and use your thoughts to visualize it, you are halfway there to get it. To complete the cycle you must use the Law of Vibration to feel part of what you want. Do this and you'll have anything you want in life.
For everything to function properly there has to be structure. Without structure, our world, or universe, would be in utter chaos. Successful people understand universal laws and apply them daily. They may not acknowledge that to you, but they do follow the laws. There is a higher power and this higher power controls the universe and what we get out of it. People who know this, but wish to direct their own lives, follow the reasons. Successful people don't sit around and say "I'll try," they say yes and act on it.
Chapter - 1
The Law of Attraction
The law of attraction is the most powerful force in the universe. If you work against it, it can only bring you pain and misery. Successful people know this but have kept it hidden from the lower class for centuries because th
Panel on ‘Statistical Data for Policy Decision Making in Ethiopia’, African Statistics Day Workshop organized by the Ethiopian Statistics Service (ESS). 17-Nov-22.
Virtual roundtable meeting on the results and learnings from the P4G Sustainable Food Partnership. DanChurchAid together with SFP partners and in coordination with P4G Hub, Washington, and State of Green, Copenhagen. 23-Nov-22.
how to sell pi coins at high rate quickly.DOT TECH
Where can I sell my pi coins at a high rate.
Pi is not launched yet on any exchange. But one can easily sell his or her pi coins to investors who want to hold pi till mainnet launch.
This means crypto whales want to hold pi. And you can get a good rate for selling pi to them. I will leave the telegram contact of my personal pi vendor below.
A vendor is someone who buys from a miner and resell it to a holder or crypto whale.
Here is the telegram contact of my vendor:
@Pi_vendor_247
when officially can i withdraw my pi Network coins.DOT TECH
When will I be able to sell my Pi coins?
Pi open mainnet is in 3years time that is 2026. So if you can't wait till then you can still sell your pi coins to Chinese investors looking forward to hold massive amounts of pi coins before mainnet launch in 2026.
You can't meet the investors directly you have to go through their vendors.
A pi vendor is someone who buys pi coins from miners and resell them to investors.
I have a vendor I sell pi coins to and I and my friends have sold more than 10k coins to him.feel free to telegram him if you want to sell.
@Pi_vendor_247
#pi network
#sell pi coins
#money
Yes. Selling pi coins in Indonesia is the same as selling pi coins in any other country. Because there is only one way selling pi coins is possible. And this is through pi vendors or merchants
Who is a pi vendor.
A pi vendor is someone who buys and sell pi coins to investors looking forward to hold pi till mainnet launch.
I will leave the whatsapp contact of my personal pi vendor here, highly recommendable
@Pi_vendor_247
Falcon stands out as a top-tier P2P Invoice Discounting platform in India, bridging esteemed blue-chip companies and eager investors. Our goal is to transform the investment landscape in India by establishing a comprehensive destination for borrowers and investors with diverse profiles and needs, all while minimizing risk. What sets Falcon apart is the elimination of intermediaries such as commercial banks and depository institutions, allowing investors to enjoy higher yields.
USDA Loans in California: A Comprehensive Overview.pptxmarketing367770
USDA Loans in California: A Comprehensive Overview
If you're dreaming of owning a home in California's rural or suburban areas, a USDA loan might be the perfect solution. The U.S. Department of Agriculture (USDA) offers these loans to help low-to-moderate-income individuals and families achieve homeownership.
Key Features of USDA Loans:
Zero Down Payment: USDA loans require no down payment, making homeownership more accessible.
Competitive Interest Rates: These loans often come with lower interest rates compared to conventional loans.
Flexible Credit Requirements: USDA loans have more lenient credit score requirements, helping those with less-than-perfect credit.
Guaranteed Loan Program: The USDA guarantees a portion of the loan, reducing risk for lenders and expanding borrowing options.
Eligibility Criteria:
Location: The property must be located in a USDA-designated rural or suburban area. Many areas in California qualify.
Income Limits: Applicants must meet income guidelines, which vary by region and household size.
Primary Residence: The home must be used as the borrower's primary residence.
Application Process:
Find a USDA-Approved Lender: Not all lenders offer USDA loans, so it's essential to choose one approved by the USDA.
Pre-Qualification: Determine your eligibility and the amount you can borrow.
Property Search: Look for properties in eligible rural or suburban areas.
Loan Application: Submit your application, including financial and personal information.
Processing and Approval: The lender and USDA will review your application. If approved, you can proceed to closing.
USDA loans are an excellent option for those looking to buy a home in California's rural and suburban areas. With no down payment and flexible requirements, these loans make homeownership more attainable for many families. Explore your eligibility today and take the first step toward owning your dream home.
how can i use my minded pi coins I need some funds.DOT TECH
If you are interested in selling your pi coins, i have a verified pi merchant, who buys pi coins and resell them to exchanges looking forward to hold till mainnet launch.
Because the core team has announced that pi network will not be doing any pre-sale. The only way exchanges like huobi, bitmart and hotbit can get pi is by buying from miners.
Now a merchant stands in between these exchanges and the miners. As a link to make transactions smooth. Because right now in the enclosed mainnet you can't sell pi coins your self. You need the help of a merchant,
i will leave the telegram contact of my personal pi merchant below. 👇 I and my friends has traded more than 3000pi coins with him successfully.
@Pi_vendor_247
The European Unemployment Puzzle: implications from population agingGRAPE
We study the link between the evolving age structure of the working population and unemployment. We build a large new Keynesian OLG model with a realistic age structure, labor market frictions, sticky prices, and aggregate shocks. Once calibrated to the European economy, we quantify the extent to which demographic changes over the last three decades have contributed to the decline of the unemployment rate. Our findings yield important implications for the future evolution of unemployment given the anticipated further aging of the working population in Europe. We also quantify the implications for optimal monetary policy: lowering inflation volatility becomes less costly in terms of GDP and unemployment volatility, which hints that optimal monetary policy may be more hawkish in an aging society. Finally, our results also propose a partial reversal of the European-US unemployment puzzle due to the fact that the share of young workers is expected to remain robust in the US.
9th issue of our inhouse magazine Ingenious May 2024.pdfAnkur Shah
The Ingenious magazine is a quarterly magazine prepared by the alumni of FCFP under the able guidance of our Guru Shri Gopinath Radhakrishnan sir.
The magazine comprises of writeups related to economy; finance & industry based on our research.
how can i trade pi coins for Bitcoin easily.DOT TECH
Pi is not launched yet on any exchange, it is not sellable, but you can actually exchange your I network coins to other currencies. By selling your pi network coins to investors and holders of the coins.
How can I find a pi network investor
Lol, you don't need to find a investor all you have to do is to sell your pi coins to a vendor [ buys from miners and resells to the holders]
I will leave the whatsapp contact of my personal pi network vendor to trade Pi coins with.
@Pi_vendor_247
#pi network
#pi
#passive income
#legit
#bitcoin
how can I sell my mined pi coins profitabily.DOT TECH
Even tho. Pi is not launched yet on any exchange worldwide. You can easily sell your mined pi coins for cash or other cryptocurrencies, Through verified vendors/merchants
Who is a pi vendor?
A pi vendor is a person, that buys pi coins from miners and resell them to Investors interested in holding pi coins till mainnet launch in 2026…
I will leave the whatsapp contact of my personal pi vendor. Highly recommendable…………
@Pi_vendor_247
#pi network
#pi coins
#money
Resume
• Real GDP growth slowed down due to problems with access to electricity caused by the destruction of manoeuvrable electricity generation by Russian drones and missiles.
• Exports and imports continued growing due to better logistics through the Ukrainian sea corridor and road. Polish farmers and drivers stopped blocking borders at the end of April.
• In April, both the Tax and Customs Services over-executed the revenue plan. Moreover, the NBU transferred twice the planned profit to the budget.
• The European side approved the Ukraine Plan, which the government adopted to determine indicators for the Ukraine Facility. That approval will allow Ukraine to receive a EUR 1.9 bn loan from the EU in May. At the same time, the EU provided Ukraine with a EUR 1.5 bn loan in April, as the government fulfilled five indicators under the Ukraine Plan.
• The USA has finally approved an aid package for Ukraine, which includes USD 7.8 bn of budget support; however, the conditions and timing of the assistance are still unknown.
• As in March, annual consumer inflation amounted to 3.2% yoy in April.
• At the April monetary policy meeting, the NBU again reduced the key policy rate from 14.5% to 13.5% per annum.
• Over the past four weeks, the hryvnia exchange rate has stabilized in the UAH 39-40 per USD range.
PD ARRAY THEORY FOR INTERMEDIATE (1).pdfJerrySMaliki
Dealing range is the new trading range formed after buyside and sale side
is taken.
PD array is the distinction between Premium to Discount inside that
dealing range including the array list inside the two ranges.
Dealing range is the new trading range formed after buyside and sale side
is taken.
PD array is the distinction between Premium to Discount inside that
dealing range including the array list inside the two ranges. Dealing range is the new trading range formed after buyside and sale side
is taken.
PD array is the distinction between Premium to Discount inside that
dealing range including the array list inside the two ranges. Dealing range is the new trading range formed after buyside and sale side
is taken.
PD array is the distinction between Premium to Discount inside that
dealing range including the array list inside the two ranges. Dealing range is the new trading range formed after buyside and sale side
is taken.
PD array is the distinction between Premium to Discount inside that
dealing range including the array list inside the two ranges. Dealing range is the new trading range formed after buyside and sale side
is taken.
PD array is the distinction between Premium to Discount inside that
dealing range including the array list inside the two ranges. Dealing range is the new trading range formed after buyside and sale side
is taken.
PD array is the distinction between Premium to Discount inside that
dealing range including the array list inside the two ranges. Dealing range is the new trading range formed after buyside and sale side
is taken.
PD array is the distinction between Premium to Discount inside that
dealing range including the array list inside the two ranges. Dealing range is the new trading range formed after buyside and sale side
is taken.
PD array is the distinction between Premium to Discount inside that
dealing range including the array list inside the two ranges. Dealing range is the new trading range formed after buyside and sale side
is taken.
PD array is the distinction between Premium to Discount inside that
dealing range including the array list inside the two ranges. Dealing range is the new trading range formed after buyside and sale side
is taken.
PD array is the distinction between Premium to Discount inside that
dealing range including the array list inside the two ranges. Dealing range is the new trading range formed after buyside and sale side
is taken.
PD array is the distinction between Premium to Discount inside that
dealing range including the array list inside the two ranges. Dealing range is the new trading range formed after buyside and sale side
is taken.
PD array is the distinction between Premium to Discount inside that
dealing range including the array list inside the two ranges. Dealing range is the new trading range formed after buyside and sale side
is taken.
is it possible to sell pi network coin in 2024.DOT TECH
If you are in urgent need to do something which requires money. And you want to sell your pi network coins. I would advise you sell a portion of it Not all , so you can still cash out big when it's launched later. I will leave the telegram contact of my personal pi vendor.
@Pi_vendor_247
what is the future of Pi Network currency.DOT TECH
The future of the Pi cryptocurrency is uncertain, and its success will depend on several factors. Pi is a relatively new cryptocurrency that aims to be user-friendly and accessible to a wide audience. Here are a few key considerations for its future:
Message: @Pi_vendor_247 on telegram if u want to sell PI COINS.
1. Mainnet Launch: As of my last knowledge update in January 2022, Pi was still in the testnet phase. Its success will depend on a successful transition to a mainnet, where actual transactions can take place.
2. User Adoption: Pi's success will be closely tied to user adoption. The more users who join the network and actively participate, the stronger the ecosystem can become.
3. Utility and Use Cases: For a cryptocurrency to thrive, it must offer utility and practical use cases. The Pi team has talked about various applications, including peer-to-peer transactions, smart contracts, and more. The development and implementation of these features will be essential.
4. Regulatory Environment: The regulatory environment for cryptocurrencies is evolving globally. How Pi navigates and complies with regulations in various jurisdictions will significantly impact its future.
5. Technology Development: The Pi network must continue to develop and improve its technology, security, and scalability to compete with established cryptocurrencies.
6. Community Engagement: The Pi community plays a critical role in its future. Engaged users can help build trust and grow the network.
7. Monetization and Sustainability: The Pi team's monetization strategy, such as fees, partnerships, or other revenue sources, will affect its long-term sustainability.
It's essential to approach Pi or any new cryptocurrency with caution and conduct due diligence. Cryptocurrency investments involve risks, and potential rewards can be uncertain. The success and future of Pi will depend on the collective efforts of its team, community, and the broader cryptocurrency market dynamics. It's advisable to stay updated on Pi's development and follow any updates from the official Pi Network website or announcements from the team.
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3. Economywide analysis
• Several methods available to ex ante evaluate impact of policies and external shocks
to economies.
• For instance;
• Partial equilibrium frameworks focus on a few sectors (e.g., a single or multi- market/farm
models/agriculture sector) with strong ceteris paribus assumptions.
• Lack of coverage of economywide linkages – sectors/markets are interdependent.
• What is economywide analysis?
• Analysis frameworks that considers the whole economy.
• Markets and economic agents are interconnected, i.e., transact, interact, and respond to market signals.
• E.g., Computable General Equilibrium(CGE) models
• Reflects a country’s economic structure and linkages.(Theoretically grounded-see Theory of General Equilibrium-
neoclassical economics)
4. Economywide analysis cont.
• Captures the interactions between different decision-making agents in a market-
based economy.
• When does economywide analysis warrant?
• When linkages or size effects are significant enough to warrant a whole economy’s perspective.
• Examples?
(i) Government doubles import tariffs on selected commodities
(ii) A widespread drought causes the maize crop to fail
(iii) High fuel, fertilizer and commodity prices – War in Ukraine affecting global prices
• To understand these linkages, let us consider the circular flow of income in the
economy
• Circular flow of income is the underlying concept behind SAMs.
5. Circular flow of income
Factor
Markets
Households
Firms
Product/com
Markets Private
consumption
Intermediate
demand
Sales
Wages
& rents
Intermediate
demand
Sales
Factor
costs
Social transfers
Savings &
Investment
Government
Public
consumption
Investment
demand
Domestic private savings
Public savings
Direct taxes
Indirect taxes
Exports
Foreign
Markets
Imports
Foreign savings or capital inflows
GDP (market prices) =
C + I + G + X – M
C G I
X M
GDP (factor cost) = F
GDP (market prices) = F + T
T
F
Investment I = Savings S
S
S
S
6. Economywide analysis in summary should….
• Capture economic linkages
• Comprehensive: all income and expenditure flows between all actors (e.g., households, government & ROW)
• Adhere to economywide or macroeconomic consistency requirements(“no free lunch”)
• Incomes to one are spendings to others
• Accounts in SAMs
• Government (revenues, expenditure)
• Savings-investment
• Current account (foreign exchange)
• Factor markets (intensity of factors)
• And (ideally) account for competition for resources – expanding sector
• Factor markets (land, labor, capital) – relative prices
• Product markets (supply, demand, import, export)
• Economic structure influences how economic agents respond to market signals.
• E.g. Dependence on domestic or imports for inputs and consumption – the impact of demand expansion would differ.
• E.g. Share of value added/intermediate inputs in gross output – VA would create further demand.
• SAMs are starting point of economywide models – databased for economywide analysis.
7. What is a Social Accounting Matrix (SAM)?
• SAMs are (national) accounting frameworks or databases
• Capture the circular flow of receipts
and payments between agents and
markets during a given year
• The importance of a ‘normal’ year
• Include all sectors, factors,
households, government and the rest of the world
• Every payment becomes someone else’s income (i.e., consistent double-entry accounting)
• How are transactions captured in a SAM?
• Square matrix
• Payments (in columns) and receipts (in rows)
8. ACT COM FAC HHD GOV INV ROW TOT
ACT
Marketed
output
Activity
incomes
COM
Intermediate
demand
Private
consumption
Public
consumption
Investment
demand
Exports Total demand
FAC Value added
Factors
incomes
HHD
Income
distribution
Social
transfers
Remittances
Household
incomes
GOV
Producer
taxes
Tariffs, VAT &
excise taxes
Direct taxes Foreign aid
Government
revenues
SAV
Private
savings
Public savings
Foreign
savings
Total savings
ROW Imports
Repatriated
profits
Debt
repayments
Foreign
payments
TOT Gross output Total supply
Factor
payments
Household
expenditures
Government
expenditures
Total
investment
Foreign
receipts
SAM structure
Payments
Receipts
9. SAM in summary
• The impacts of policy reforms, spending, and investments are influenced by:
The initial structures of institutions (households, enterprises, the government, and the
rest of the world);
• E.g.: Impact import price of wheat on rural vs urban households
The input–output relationships across sectors; and
The factor and product market linkages between consumers and producers.
• Supply responses; consumers dependance on local products
• All these structures and linkages are captured in SAMs
• Also, most parameter/variables for CGE models are drawn from SAMs.
• Production and consumption elasticities from elsewhere
• Quality of SAM data greatly influences the empirical strength of CGE analysis.
• Are we using data that resembles the economy?
10. ACT COM FAC HHD GOV INV ROW TOT
ACT
Marketed
output
Activity
incomes
COM
Intermediate
demand
Private
consumption
Public
consumption
Investment
demand
Exports Total demand
FAC Value added
Factors
incomes
HHD
Income
distribution
Social
transfers
Remittances
Household
incomes
GOV
Producer
taxes
Tariffs, VAT &
excise taxes
Direct taxes Foreign aid
Government
revenues
SAV
Private
savings
Public savings
Foreign
savings
Total savings
ROW Imports
Repatriated
profits
Debt
repayments
Foreign
payments
TOT Gross output Total supply
Factor
payments
Household
expenditures
Government
expenditures
Total
investment
Foreign
receipts
SAM structure
Value-added or GDP at factor cost
Sum of payments from activities to
factors
When disaggregated it tells about the
relative factor intensities in different
sectors.
Intermediate demand
Goods and services used in production.
When disaggregated we can analyze
differences in production technologies
Compare to value added to calculate ratio
of factor to non-factor input spending
11. ACT COM FAC HHD GOV INV ROW TOT
ACT
Marketed
output
Activity
incomes
COM
Intermediate
demand
Private
consumption
Public
consumption
Investment
demand
Exports Total demand
FAC Value added
Factors
incomes
HHD
Income
distribution
Social
transfers
Remittances
Household
incomes
GOV
Producer
taxes
Tariffs, VAT &
excise taxes
Direct taxes Foreign aid
Government
revenues
SAV
Private
savings
Public savings
Foreign
savings
Total savings
ROW Imports
Repatriated
profits
Debt
repayments
Foreign
payments
TOT Gross output Total supply
Factor
payments
Household
expenditures
Government
expenditures
Total
investment
Foreign
receipts
SAM structure
Factor income distribution
Factor incomes paid to
households (and other
domestic institutions) or foreign
institutions (repatriated profits)
When disaggregated these
accounts can tell us more about
the distribution of household
income
12. ACT COM FAC HHD GOV INV ROW TOT
ACT
Marketed
output
Activity
incomes
COM
Intermediate
demand
Private
consumption
Public
consumption
Investment
demand
Exports Total demand
FAC Value added
Factors
incomes
HHD
Income
distribution
Social
transfers
Remittances
Household
incomes
GOV
Producer
taxes
Tariffs, VAT &
excise taxes
Direct taxes Foreign aid
Government
revenues
SAV
Private
savings
Public savings
Foreign
savings
Total savings
ROW Imports
Repatriated
profits
Debt
repayments
Foreign
payments
TOT Gross output Total supply
Factor
payments
Household
expenditures
Government
expenditures
Total
investment
Foreign
receipts
SAM structure
Private (household) consumption
Regular consumption expenditure.
When disaggregated by commodities
and household types, we can analyze
differences in consumption patterns
of different types of households (e.g.,
Engel’s Law)
What about own consumption?
Government recurrent spending
Government spending on goods and
services to maintain government
function.
Investment demand
Private and public gross capital
formation; spending is typically on
commodities such as cement and
construction services.
13. ACT COM FAC HHD GOV INV ROW TOT
ACT
Marketed
output
Activity
incomes
COM
Intermediate
demand
Private
consumption
Public
consumption
Investment
demand
Exports Total demand
FAC Value added
Factors
incomes
HHD
Income
distribution
Social
transfers
Remittances
Household
incomes
GOV
Producer
taxes
Tariffs, VAT &
excise taxes
Direct taxes Foreign aid
Government
revenues
SAV
Private
savings
Public savings
Foreign
savings
Total savings
ROW Imports
Repatriated
profits
Debt
repayments
Foreign
payments
TOT Gross output Total supply
Factor
payments
Household
expenditures
Government
expenditures
Total
investment
Foreign
receipts
SAM structure
Foreign trade
Export earnings and import
payments; commodity
disaggregation allows analysis
of specific trade patterns.
Which cell captures which?
14. ACT COM FAC HHD GOV INV ROW TOT
ACT
Marketed
output
Activity
incomes
COM
Intermediate
demand
Private
consumption
Public
consumption
Investment
demand
Exports Total demand
FAC Value added
Factors
incomes
HHD
Income
distribution
Social
transfers
Remittances
Household
incomes
GOV
Producer
taxes
Tariffs, VAT &
excise taxes
Direct taxes Foreign aid
Government
revenues
SAV
Private
savings
Public savings
Foreign
savings
Total savings
ROW Imports
Repatriated
profits
Debt
repayments
Foreign
payments
TOT Gross output Total supply
Factor
payments
Household
expenditures
Government
expenditures
Total
investment
Foreign
receipts
SAM structure
Government taxes
Indirect tax revenue: sales
tax and import duties
(lumped together here);
commodity disaggregation
would allow us to estimate
average tax rates by
commodity
Government taxes
Direct tax revenue: personal
income tax and corporate
profit tax
15. ACT COM FAC HHD GOV INV ROW TOT
ACT
Marketed
output
Activity
incomes
COM
Intermediate
demand
Private
consumption
Public
consumption
Investment
demand
Exports Total demand
FAC Value added
Factors
incomes
HHD
Income
distribution
Social
transfers
Remittances
Household
incomes
GOV
Producer
taxes
Tariffs, VAT &
excise taxes
Direct taxes Foreign aid
Government
revenues
SAV
Private
savings
Public savings
Foreign
savings
Total savings
ROW Imports
Repatriated
profits
Debt
repayments
Foreign
payments
TOT Gross output Total supply
Factor
payments
Household
expenditures
Government
expenditures
Total
investment
Foreign
receipts
SAM structure
Remittances and social transfers
Households can receive transfers
from government (e.g. pension or
social cash transfers), or
remit/receive transfers to/from
other domestic households or
to/from the rest of the world.
What does the latter entail?
16. ACT COM FAC HHD GOV INV ROW TOT
ACT
Marketed
output
Activity
incomes
COM
Intermediate
demand
Private
consumption
Public
consumption
Investment
demand
Exports Total demand
FAC Value added
Factors
incomes
HHD
Income
distribution
Social
transfers
Remittances
Household
incomes
GOV
Producer
taxes
Tariffs, VAT &
excise taxes
Direct taxes Foreign aid
Government
revenues
SAV
Private
savings
Public savings
Foreign
savings
Total savings
ROW Imports
Repatriated
profits
Debt
repayments
Foreign
payments
TOT Gross output Total supply
Factor
payments
Household
expenditures
Government
expenditures
Total
investment
Foreign
receipts
SAM structure
Grants, loans, and interest
on foreign debt
Transactions between
government and the rest of
the world.
What does the transaction
from government to the rest
of the world represent?
17. ACT COM FAC HHD GOV INV ROW TOT
ACT
Marketed
output
Activity
incomes
COM
Intermediate
demand
Private
consumption
Public
consumption
Investment
demand
Exports Total demand
FAC Value added
Factors
incomes
HHD
Income
distribution
Social
transfers
Remittances
Household
incomes
GOV
Producer
taxes
Tariffs, VAT &
excise taxes
Direct taxes Foreign aid
Government
revenues
SAV
Private
savings
Public savings
Foreign
savings
Total savings
ROW Imports
Repatriated
profits
Debt
repayments
Foreign
payments
TOT Gross output Total supply
Factor
payments
Household
expenditures
Government
expenditures
Total
investment
Foreign
receipts
SAM structure
Domestic and foreign savings
Households, government, and
the rest of the world all “save”.
What are savings used for?
18. SAM Structure
ACT COM FAC HHD GOV INV ROW TOT
ACT
Marketed
output
Activity
incomes
COM
Intermediate
demand
Private
consumption
Public
consumption
Investment
demand
Exports
Total
demand
FAC Value added
Factors
incomes
HHD
Income
distribution
Social
transfers
Remittances
Household
incomes
GOV
Producer
taxes
Tariffs, VAT &
excise taxes
Direct taxes Foreign aid
Government
revenues
SAV
Private
savings
Public
savings
Foreign
savings
Total savings
ROW Imports
Repatriated
profits
Debt
repayments
Foreign
payments
TOT Gross output Total supply
Factor
payments
Household
expenditures
Government
expenditures
Total
investment
Foreign
receipts
C G I
T
VA
GDP at factor cost
GDPfc = VA
GDPmp = GDPfc + T
Gross domestic product at
market prices
GDP = C + I + G + (X – M)
= domestic absorption
+ trade balance
X
M
19. Compilation and interpretation of a SAM
• The information needed to build a SAM comes from a variety of sources.
• Supply and Use Tables (SUTs) – input structure, source of demand, source of supply
• National accounts (sectoral production, exp and income),
• Household surveys (cons spending, and income), LFS
• Government financial statistics (rev and exp), and
• Balance of payments from NBE.
• Placing these data within the SAM framework almost always generates
inconsistencies –proto-SAMs.
• Disaggregation – depend on the purpose of the SAM and structure of the economy
• Data from different sources, inconsistencies in data across sources
• A number of statistical estimation techniques exist to balance SAM accounts.
• Cross-entropy estimation is frequently used method.
• Using cell and total controls when data is reliable.
• Allows for pre-specified degree of variation when uncertain.
20. Building a Macro-SAM→ Exercise 1 (Task 1)
Complete “Task 1 Worksheet.xls” in the
“Exercises” folder. The solution file is in the
“Solutions” sub-folder.
A brief look at the
Ethiopian micro-
SAM
Task 1:
Constructing a Macro-SAM for Ghana
• As part of this training, we designed a number of Microsoft Excel-based exercises.
• All exercises are based on the 2007 training SAM for Ghana.
• After finishing the exercises/tasks, you can check your answer by looking at the
solution worksheets.
• The exercises at hand help study the structure of a SAM and the data required to
build this database.
21. • Activity: Build an aggregate macro-SAM using 2007 data from Ghana
• Outcome: Familiar with a structure of a basic SAM and how to build one.
• Key data needed:
• National accounts (GDP at factor cost)
• National accounts (GDP at market price)
• Government financial statistics (revenue and spending)
• Balance of payments
• Extra task: Discuss each entry of the macro-SAM
• Value added—GDP at factor cost
• Intermediate demand
• Factor income distribution (share of labor and capital)
• Private consumption
• Government spending (recurrent and investment demand)
• Foreign trade – determine net importer or not
• Gov’t taxes
22. 2015 Rwanda SAM (in billions of RWF) –output of task 1.
Activit’s
C1
Comd’s
C2
Factors Househ’d
C4
Gover’t
C5
Invest’t
C6
Rest of
World
C7
Total
C3-1 C3-2
Activities
R1
24,996 24,996
CommoditiesR
2
12,029 12,142 1,805 4,680 5,151 35,807
Factors
Labor
R3-1
9,717 9,717
Capital
R3-2
3,250 3,250
Households
R4
9,717 3,250 1,387 2,001 16,354
Government
R5
2,372 940 739 4,052
Savings
R6
3,272 860 548 4,680
Rest of World
R7
8,439 8,439
Total 24,996 35,807 9,717 3,250 16,354 4,052 4,680 8,439
23. Macro-SAMs and National Accounts
• A “macro” SAM is an extension of the basic national income identities as follows:
• Y = C + G + I + X-M (GDP by Expenditure)
• C + T + SH = Y (Household income)
• G + SG = T (Government budget)
• I = SH + SG + SROW (Savings-investment)
• X + SROW = M (Trade balance)
24. • We have so far saw and worked on the macro-SAM
• We will now build a slightly disaggregated micro-SAM
• Where can further data come from to further disaggregate the macro-SAM?
• SUT (on supply and use of commodities)
• Agricultural surveys (on production and utilization)
• Labor force surveys
• Household and enterprise surveys (on income and expenditure patterns)
• Balance of payments data
25. A micro-SAM
Value added
Intermediate demand
Marketed output
Own
consumption
Domestic
absorption
Imports
Imports
Household income sources &
income distribution
26. Interpreting SAM values → Exercise 2 (Task 2)
Complete “Task 2 Worksheet.xls” in the
“Exercises” folder. The solution file is in the
“Solutions” sub-folder.
Task 2:
Interpreting the micro-SAM
• Activity: Calculate and interpret various indicators of the Rwanda’s
economic structure
• Output shares,
• Trade shares,
• Demand shares,
• Household income and expenditure shares, and
• Macroeconomic indicators
28. • SAMs and SAM-based models are useful
when economic linkages and spillover effects
matter
• But many developing countries don’t have SAMs or they are outdated
• Even when SAMs exist, they may not be suitable
• Limited information on sectors of interest (e.g., agriculture and processing)
• Inappropriate household classification (farm/nonfarm, rural/urban)
• Not necessarily comparable across countries
• Solution is a toolkit for building standardized SAMs that adhere to common data standards
and have a detailed structure with a wide range of applications
Nexus SAM Toolkit reconciles data from multiple sources
• Core toolkit tailored to national statistical reports
• Final data reconciliation uses cross-entropy estimation
• Coded in Microsoft Excel® and GAMS®
Nexus SAM-building toolkit
29. Maize | Sorghum + millet | Rice | Wheat + barley | Other cereals | Pulses | Groundnuts | Other oilseeds | Cassava | Irish
potatoes | Sweet potatoes | Other roots | Leafy vegetables | Other vegetables | Sugarcane | Tobacco | Cotton + fibers | Nuts
| Bananas + plantains | Other fruits | Tea | Coffee | Cocoa | Cut flowers | Rubber | Other crops | Cattle | Raw milk | Poultry |
Eggs | Sheep + goats | Other livestock | Forestry | Aquaculture | Capture fisheries
Nexus 86 sector SAM structure
Agricultural Sectors & Products
Coal | Crude oil | Natural gas | Other mining | Meat | Fish + seafood | Dairy | Fruits + vegetables | Fats + oils | Maize milling |
Sorghum + millet milling | Rice milling | Wheat + barley milling | Other grain milling | Sugar refining | Coffee processing | Tea
processing | Other foods | Animal feed | Beverages | Tobacco | Cotton yarn | Textiles | Clothing | Leather + footwear | Wood
| Paper | Petroleum | Chemicals | Non-metal minerals | Metals + metal products | Machinery | Equipment | Vehicles | Other
manufacturing | Electricity + gas | Water supply + sewage | Construction
Industrial Sectors & Products
Wholesale + retail trade | Transportation + storage | Accommodation | Food services | Information + communication |
Finance + insurance | Real estate activities | Business services | Public administration | Education | Health + social work |
Other services
Service Sectors & Products
35
39
12
Crop land | Crop, livestock, mining and nonagricultural capital | Rural and urban labor by education category
Factors of Production
Rural farm and nonfarm households and urban households by national per capita expenditure quintiles
Household groups
13
15
30. Macro data
National accounts (SNA 2008)
Balance of payments (IMF BOP6)
Gov. finance (IMF GFSM2014)
Micro data
Agriculture production (FAOSTAT)
Industrial + economic surveys
Energy balance (IEA)
Trade flows (COMTRADE)
Tariffs (TRAINS)
Labor force surveys
Household surveys (LSMS)
Input-output table
Rebased national accounts
Agriculture censuses + surveys
Industrial firm surveys
SAM Data Sources & Nexus Toolkit
Nexus SAM Toolkit reconciles data from multiple sources
• Core toolkit tailored to national statistical reports
• Final data reconciliation uses cross-entropy estimation
• Coded in Microsoft Excel® and GAMS®
31. Nexus SAM Building Process
Step 1: Macro SAM
Single aggregate activity, commodity,
labor and household accounts
Step 2: Supply-Use Table
Disaggregate and balance activity and
commodity accounts
Extension: Regional disaggregation
Split activity, factors, and household
accounts
Step 3: Income Distribution
Disaggregate and balance labor and
household accounts
33. Multiplier Model: Standard SAM
Activities Commodities Factors
House-
holds
Exog.
demand
Total
A1 A2 C1 C2 F H E
A1 X1 X1
A2 X2 X2
C1 Z11 Z12 C1 E1 Z1
C2 Z21 Z22 C2 E2 Z2
F V1 V2 V
H V1 + V2 Y
E L1 L2 S E
X1 X2 Z1 Z2 V Y E
X Gross output of each activity (X1 and X2)
Z Total demand for each commodity (Z1 and Z2)
V Total factor income
Y Total household income
E Exogenous demand for each commodity (GOV, INV, EXP)
34. Multiplier Model: Coefficient matrix
Activities Commodities Factors
House-
holds
Exog.
demand
Total
A1 A2 C1 C2 F H E
A1 b1= X1/Z1 X1
A2 b2= X2/Z2 X2
C1 a11=Z11/X1 a12=Z12/X2 c1 = C1/Y E1 Z1
C2 a21=Z21/X1 a22=Z22/X2 c2 = C2/Y E2 Z2
F v1=V1/X1 v2=V2/X2 V
H 1 Y
E l1 = L1/Z1 l2 = L2/Z2 s = S/Y E
X1 X2 Z1 Z2 V Y E
a Technical coefficients (intermediate input shares)
b Share of domestic output in total demand
v Share of value-added (factor income) in gross output
l Share of the value of total demand from imports or commodity taxes
c Household consumption expenditure shares
s Household savings rate (i.e., savings as a share of household income)
35. Activities Commodities Factors
House-
holds
Exog.
demand
Total
A1 A2 C1 C2 F H E
A1 b1= X1/Z1 X1
A2 b2= X2/Z2 X2
C1 a11=Z11/X1 a12=Z12/X2 c1 = C1/Y E1 Z1
C2 a21=Z21/X1 a22=Z22/X2 c2 = C2/Y E2 Z2
F v1=V1/X1 v2=V2/X2 V
H 1 Y
E l1 = L1/Z1 l2 = L2/Z2 s = S/Y E
X1 X2 Z1 Z2 V Y E
Multiplier Model: Coefficient matrix
Domestic production
𝑋1 = 𝑏1𝑍1 𝑋2 = 𝑏2𝑍2
𝑌 = 𝑣1𝑋1 + 𝑣2𝑋2
= 𝑣1𝑏1𝑍1 + 𝑣2𝑏2𝑍2
Household income
Substitute X’s and Y’s
𝑍1 = 𝑎11𝑋1 + 𝑎12𝑋2 + 𝑐1𝑌 + 𝐸1
𝑍2 = 𝑎21𝑋1 + 𝑎22𝑋2 + 𝑐2𝑌 + 𝐸2
Demand equations
36. Multiplier Model: Coefficient matrix
1 − 𝑎11𝑏1 − 𝑐1𝑣1𝑏1 𝑍1 + −𝑎12𝑏2 − 𝑐1𝑣2𝑏2 𝑍2 = 𝐸1
Simplify and reorganize with E on the right-hand side
−𝑎21𝑏1 − 𝑐2𝑣1𝑏1 𝑍1 + 1 − 𝑎22𝑏2 − 𝑐2𝑣2𝑏2 𝑍2 = 𝐸2
1 − 𝑎11𝑏1 − 𝑐1𝑣1𝑏1 −𝑎12𝑏2 − 𝑐1𝑣2𝑏2
−𝑎21𝑏1 − 𝑐2𝑣1𝑏1 1 − 𝑎22𝑏2 − 𝑐2𝑣2𝑏2
𝑍1
𝑍2
=
𝐸1
𝐸2
In matrix format
𝐼 − 𝑀 𝑍 = 𝐸
or
∆𝑍 = (𝐼 − 𝑀)−1
× ∆𝐸
Change in
exogenous demand
(simulation shock)
Change in total
demand
(simulation result)
Multiplier matrix: identity matrix minus
coefficient matrix