The Measurement of a Nation's Terms of Trade Effect and Real National Disposable Income Within a National Accounting Framework

Mick Silver and Khashayar Mahdavy

Journal of the Royal Statistical Society Series A, 1989, vol. 152, issue 1, 87-107

Abstract: Changes in a nation's real income may differ from changes in domestic production due to gains (losses) arising from changes in the prices of exports relative to imports (terms of trade effect) and changes in net factor income and current transfers from abroad. Measures of these components in real terms are contingent on a particular utilization of the income arising (foregone) from these sources. This paper proposes a national accounting framework for the measurement of real income, surveys and proposes alternative deflators and provides empirical evidence of how misleading a measure contingent on one spending scenario is. An interpretative framework based on more than one measure is proposed.

Date: 1989
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