Financial Social Accounting Matrix: a useful tool for understanding the macro-financial linkages of an economy

Henry Aray (), Luis Pedauga and Agustín Velázquez

Economic Systems Research, 2017, vol. 29, issue 4, 486-508

Abstract: This article extends the traditional methodology of social accounting by building a Financial Social Accounting Matrix (FSAM) and a corresponding Satellite Asset–Liability Matrix for Spain. In so doing, the difficulties that typically arise in consolidating data from the National Bureau of Statistics (INE) and the Bank of Spain (BdE) were overcome. This is the first FSAM for the Spanish economy and might provide new tools to deepen the analysis of the financial sector and of the determinants of financial vulnerability associated with interactions with other sectors of the economy. As a novel contribution to the literature, this paper incorporated a structural path analysis grounded in the FSAM multiplier to identify the principal paths through which financial shocks are transmitted.

Date: 2017
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DOI: 10.1080/09535314.2017.1365049

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