In earlier work Meijers, Muysken (and Sleijpen) have developed an open economy stock-flow consistent (SFC) macroeconomic model of the Dutch economy with an elaborated financial sector. This model has been used to analyse several stylised facts of the Dutch economy, such as the deposit financing gap, the excessive trade surplus, the impact of firms accumulating financial assets and the impact of quantitative easing. However, the stylised facts were collected in an ad hoc way and the parameters used in the model were taken from the international literature, without proper reference to Dutch data. In the present paper we develop a stock flow consistent data set for the Dutch economy 1995 - 2015 in order to stimulate further research in the SFC tradition using actual data, and to enhance our understanding of the Dutch economy. The data set is based on data from the Central Bureau of Statistics (CBS) for most sectors - these are consistent with the AMECO data published by Eurostat. However, for the financial sector we show that the CBS-data are incomplete and also use data provided by the Dutch Central Bank (DNB). We distinguish between households, firms, government, a foreign sector and within the financial sector between a central bank, banks and pension funds. For each sector we provide a somewhat simplified balance sheet and consistent flows, which can be used in the model.
|Publisher||UNU-MERIT working papers|
|Publication status||Published - 3 Oct 2017|
- e01 - "Measurement and Data on National Income and Product Accounts and Wealth; Environmental Accounts"
- e44 - Financial Markets and the Macroeconomy
- c54 - Quantitative Policy Modeling
- g21 - "Banks; Depository Institutions; Micro Finance Institutions; Mortgages"
- g32 - "Financing Policy; Financial Risk and Risk Management; Capital and Ownership Structure; Value of Firms; Goodwill"
- o11 - Macroeconomic Analyses of Economic Development
- stock-flow consistent modelling
- Dutch economy
- current account surplus
Muysken, J., Bonekamp, B., & Meijers, H. (2017). Stock-flow consistent data for the Dutch economy, 1995-2015. (045 ed.) UNU-MERIT working papers. http://www.merit.unu.edu/publications/wppdf/2017/wp2017-045.pdf