A BALANCED SYSTEM OF NATIONAL ACCOUNTS FOR THE UNITED KINGDOM

Terry Berker, Frederick (Rick) van der Ploeg and Martin Weale

Review of Income and Wealth, 1984, vol. 30, issue 4, 461-485

Abstract: This paper describes the construction of a disaggregated system of 262 national accounts for the U.K. economy in 1975. The objective is to remove the discrepancies between income, expenditure, production and financial estimates which occur in practice. This is done with the aid of a generalized least squares algorithm for adjusting national accounts with subjective estimates of reliability of the various account items. The balanced system of accounts provides the cross‐section data base needed for the estimation of a consistent multisectoral dynamic model of the U.K. economy and yields the classification converters and input‐output tables necessary for such a model.

Date: 1984
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