期刊名称：Euro Area Balance of Payments and International Investment Position Statistics
印刷版ISSN：1830-3420
电子版ISSN：1830-3439
出版年度：2009
卷号：1
出版社：European Central Bank
摘要：The fi nancial crisis has enhanced the need for close monitoring of fi nancial fl ows in the economy of the euro area and at the global level focusing, in particular, on the development of fi nancial imbalances and fi nancial intermediation. In this context fl ow-of-funds analysis appears particularly useful, as fl ow-of-funds data provide the most comprehensive and consistent set of macro-fi nancial information for all sectors in the economy. This occasional paper presents different uses of fl ow-of-funds statistics for economic and monetary analysis in the euro area. Flow-of-funds data for the euro area have developed progressively over the past decade. The fi rst data were published in 2001, and fully-fl edged quarterly integrated economic and fi nancial accounts by institutional sector have been published since 2007. The paper illustrates how fl ow-of-funds data enable portfolio shifts between money and other fi nancial assets to be assessed and trends in bank intermediation to be monitored, in particular. Based on data (and fi rst published estimates) on fi nancial wealth over the period 1980-2007, the paper analyses developments in the balance sheet of households and non-fi nancial corporations in euro area countries over the last few decades and looks at fi nancial soundness indicators using fl ow-of-funds data, namely debt and debt service ratios, and measures of fi nancial wealth. Interactions with housing investment and saving are also analysed. In addition, the paper shows how fl ow-of-funds data can be used for assessing fi nancial stability. Finally, the paper presents the framework for and use of fl ow-of-funds projections produced in the context of the Eurosystem staff macroeconomic projection exercises, and reports the outcome of a sensitivity analysis that considers the impact of interest rate changes on the interest payments and receipts of households and non-fi nancial corporations.
关键词：fl ow of funds; fi nancial account;saving; sector balance sheet; fi nancial;projections
