A Structural Analysis of the U.S. Financial Economy
by Masako Tsujimura and Kazusuke Tsujimura
The Flow-of-Funds Accounts of the Unites States have been published on a quarterly basis since 1945 up to the present time. In this paper, we will construct 'sector x sector' Stone and Klein-formula asset-liability matrices fully exploiting the huge accumulation of data. It allows us to trace the changes in the roles of the institutional sectors over the years by application of useful input-output analytical tools, such as triangulation and dispersion indices. Although there is not too much change in the characteristics of non- financial sectors, the roles of financial institutions have been changing as the financial market develops and the deregulation advances.
Keywords: flow-of-funds accounts, asset-liability matrices, financial net worth, triangulation, dispersion indices
JEL classification: C67, E44, O11
Please note that discussion papers are works in various stages of progress and most have not been edited and proofread and may contain errors of fact or judgment. Revised versions of these papers may subsequently appear in more formal publication series. The views expressed in this publication are those of the author(s). The IDE does not guarantee the accuracy of the data included and accepts no responsibility for any consequences arising from its use.