Un Marco de Consistencia Macroeconómica para la Economía Ecuatoriana: Un Regreso a los Fundamentos

Macroeconomic Consistency Framework for the Ecuadorian Economy: Getting Back to Fundamentals

Ivan Gachet, Diego Girjalva, Ana Rivadeneira and Carlos Uribe

MPRA Paper from University Library of Munich, Germany

Abstract: This document presents a Macroeconomic Consistency Model for a dollarized economy such as Ecuador. Based on a simply accounting framework that combined the social accounting matrix with the flow of funds, we integrate the different sectors of the economics through a matrix of income, expenditure, saving, and asset and liability accumulation. This is done by using Easterly's (1989) Consistency Accounting Matrix which specifies the linkages between sources and uses of funds as well as between institutional sector accounts. This approach ensures the numerical consistency of data drawn from different sources in such a way that, both, the sectoral budget constraints as well as the overall economy-wide budget constraints are simultaneously satisfied. From this model we were able to estimate the liquidity of the economy, the actual amount of government subsidies, and the gaps in the Ecuadorian economy.

Keywords: Macroeconomics; Financial Programing; Macroeconomic Consistency (search for similar items in EconPapers)
JEL-codes: E58 B22 E60 (search for similar items in EconPapers)
Date: 2007
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Published in Cuestiones Económicas 3.23(2007): pp. 5-65

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