Inequality and Globalization

Name: Inequality and Globalization | Improving Measurement through Integrated Financial Accounts
Brand: Princeton University Press
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Improving Measurement through Integrated Financial Accounts

Archawa Paweenawat Robert M. Townsend(Autor*in)

Princeton University Press

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Erschienen am 9. Juli 2024

240 Seiten

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Inhalt

Cover
Contents
List of Illustrations
Acknowledgments
1. Introduction
1.1 High Inequality in Income and Wealth
1.1.1 Situation in the U.S
1.1.2 An International, Advanced Country Perspective: Inequality with a Large but Inefficient Financial Sector
1.1.3 The Geography of Inequality Is Part of the Mix
1.1.4 Repressive Policies Follow
1.1.5 Yet the Measurement of Inequality Is Problematic, despite All the Above Perceived Facts and Policy Actions
1.1.6 An Obvious Remedy to the Measurement Problem: Integrated Financial Accounts
1.1.7 Where Do the Current Inequality Facts Come From?
1.1.8 Integrated Macro Accounts in the U.S.: The Conceptual Framework Is Correct and Clear
1.2 Implications for Policy, What We Can Say Currently but with Limitations: The China Shock and Manufacturing Shocks
1.2.1 The Adverse Impact of Trade and Manufacturing Shocks
1.2.2 The China Shock and Manufacturing Shocks through the Lens of Open Economy Accounting Identities
1.2.3 Integrated Financial Accounts in an Emerging Market Setting
1.3 Implications for Policy: The Limitations of What We Can Say Currently in the U.S.Regarding the Impact of COVID-19
1.4 Inequality and Liberalization in Developing Countries: The Same Questions in Reverse
1.5 Outline of the Monograph
1.5.1 Thailand
1.5.2 Summary of Work in the U.S
2. Townsend Thai Surveys and Financial Accounts
2.1 Household Surveys and Household Finance
2.2 Townsend Thai Data
2.3 Households as Corporate Firms: Financial Statements of Individual Households
2.4 Overview of Financial Accounting
2.4.1 Balance Sheet
2.4.2 Income Statement
2.4.3 Statement of Cash Flows
2.5 Household Consolidated Financial Statements
2.6 Constructing Household Financial Statements from a Household Survey
2.6.1 Tangible Assets, Liabilities, and Wealth
2.6.2 Gifts and Transfers
2.6.3 General Treatment of Gifts and Transfers
2.6.4 Remittances
2.6.5 Inventories
2.6.6 Multi-period Production: Cultivation, Livestock, and Non-retail Business Activities
2.6.7 Consumption of Household-Produced Outputs and Other Consumption Expenditures
2.6.8 In-Kind Transactions
2.6.9 Depreciation of Fixed Assets
2.6.10 Livestock
2.6.11 Loan Payments, Principal Repayments, and Interest Payments
2.7 Transaction-Based Accounting
2.8 Financial Statements of Example Households
2.8.1 Household A
2.8.2 Household B
2.8.3 Household C
2.9 Local Heterogeneity
2.9.1 Productivity and Its Distribution
2.9.2 The Distribution of Household Wealth
2.10 Financial Frictions and Borrowing Limits
2.11 Revisions to the Construction of Household Financial Accounts
2.11.1 Remittances, Gifts, and Transfers
2.11.2 Depreciation of Assets
2.11.3 Capital Gains and Losses
2.11.4 Insurance Premium and Payments to Funeral Funds
2.11.5 Land and Land Improvement
2.11.6 Rice Consumption
2.11.7 Case Studies
3. Constructing Community-Level Economic Accounts
3.1 Some Special Issues for Village Economic Accounts
3.2 Issue Concerning Consumption
3.3 Issue Concerning Labor Income
3.4 Owner-Occupied Housing
3.5 Creating Economic Accounts of a Typical Household
3.5.1 Production Account
3.5.2 Appropriation Account
3.5.3 Saving-Investment Account
3.6 Village Economic Accounts
4. A Model Economy for the Thai Data
4.1. Relation to the Literature
4.2 Stylized Facts for Local, Regional, and National Thai Economies
4.2.1 Price Indices, Inflation, and Relative Prices
4.2.2 Factor Prices
4.3 Comparison to the Thai National Economy
4.4 Outline of the Model
4.5 Preference, Entrepreneurial Ability, and Technology
4.6 Occupational Choice
4.7 Markets for Capital and Labor
4.8 Mechanics of the Model
4.9 Calibration
4.9.1 Calibration Exercises
4.9.2 Calibration Procedure for the Dynamics
4.9.3 Calibration Result
4.9.4 Evaluating the Performance of the Model
4.10 The Model through the Lens of Illustrative Micro Data-Our Case Studies
4.10.1 Household A
4.10.2 Household B
4.10.3 Household C
4.11 Counterfactual Exercise
4.11.1 Disentangling Real and Financial Factors
4.11.2 Lopburi
4.12 Trade and Financial Frictions
4.12.1 Lopburi
4.12.2 Effects on Households' Occupation and Income
4.13 Case Studies
4.13.1 Household A
4.13.2 Household C
4.14 Regional Comparison: Buriram
5. Taking Integrated Financial Accounts to the U.S
5.1 Overview of U.S. Household Surveys
5.2 Details of the Statement of Cash Flows
5.3 Assessment of Integration in U.S. Household Surveys
5.3.1 Balance Sheets and Income Statements
5.4 Quantifying Integration by Coverage
5.5 Quantifying Integration by Dynamics
5.6 DCPC
5.6.1 Measuring Cash Flows CPC Survey Instruments
5.6.2 Measurement by Recall versus Recording
5.7 An Innovation toward Better Integration
5.7.1 Payment Instruments and Balance Sheet Accounts
5.7.2 A Comprehensive Statement of Liquidity Accounts
5.8 Improvements to the 2015 DCPC
5.9 Related Literature
6. U.S. Integrated Macro Accounts
6.1 Conceptual Framework
6.2 Discrepancies between Changes in Assets, Stocks, and Savings Flows
6.3 Other Sectors
6.4 Data from BEA and SCF, Geographically Disaggregated
7. Construction of Disaggregated Integrated Accounts for the U.S
7.1 Bottom-Up, Starting on the Ground
7.2 Top-Down
7.3 Conclusion
Appendix
References
Index

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