In our previous article, Tsujimura and Tsujimura,1 we explicated that the input-output table, which depicts the transactions of goods and services between industries, had been intensively used to prepare the U.S. economy for World War II, and to rebuild Europe after the war. As Leontief,2 the architect of the system, has asserted, "a definitive input-output analysis will require the incorporation of purely monetary transactions as are represented by credit operation, taxes, subsidies, and other unilateral transfers. The release of the study by the Board of Governors of the Federal Reserve System should contribute much to the development of realistic analysis within the framework of the input-output approach." In this sequel, we will explore this original and unique statistics, Flow of Funds in the United States 1939-1953, one of the greatest works in the history of national accounting, to find out how the war was financed and how the postwar economy was formed using the Leontief's tools of structural analysis.

In his memoir published in 2002, George Dantzig, who had invented the simplex algorithm to solve linear programming problems, praised Wassily Leontief as a great pioneer for proposing a large but simple matrix model that represents the interindustry input-output structure of an economy. Input-output tables, which depict the transactions of goods and services between industries, have been intensively used to prepare the U.S. economy for World War II, and to eventually liberate Europe. This paper not only revisits the early development of structural analysis but also applies it to the 1939, 1947 and 1958 U.S. input-output tables using triangulation and dispersion indices as fundamental tools. The degree of integrity represented in the Leontief inverse significantly increased as the division of work progressed in the time of war to achieve maximum productivity. The structural changes ensured a smooth transition of the American economy from peacetime to wartime, and later, the fast rebuilding of European economies that had been completely devastated during the war.

Application of accounting discipline to the organization of economic data aids in both collection and interpretation of economic and jurisprudential knowledge, for it highlights gaps in the basic statistics and clarifies interrelations among the parts of the structure. The legal systems of nearly all countries are generally modeled upon four legal systems: Mesopotamian law, Roman law, Islamic law and Anglo-Norman law. The first half of the paper compares the four legal systems in detail. The foundation of any accounting system, including national accounting, is a balance sheet that lists assets and liabilities; assets include both property rights and claims while liabilities are legal responsibilities and obligations. Therefore, special attention is given to the Roman law of things, which has furnished the foundations of much of the modern law of property and obligations in civil law systems. Usus, fructus and abusus have been recognized as pillars of private property since the antiquity. Although the concepts are intrinsic to property rights, they are useful tools to delineate the characteristics of claims and obligations. Some accounting examples are given at the end of the paper.

Application of accounting discipline to the organization of economic data aids in both collection and interpretation of economic and jurisprudential knowledge, for it highlights gaps in the basic statistics and clarifies interrelations among the parts of the structure. The legal systems of nearly all countries are generally modeled upon four legal systems: Mesopotamian law, Roman law, Islamic law and Anglo-Norman law. The first half of the paper compares the four legal systems in detail. The foundation of any accounting system, including national accounting, is a balance sheet that lists assets and liabilities; assets include both property rights and claims while liabilities are legal responsibilities and obligations. Therefore, special attention is given to the Roman law of things, which has furnished the foundations of much of the modern law of property and obligations in civil law systems. Usus , fructus and abusus have been recognized as pillars of private property since the antiquity. Although the concepts are intrinsic to property rights, they are useful tools to delineate the characteristics of claims and obligations. Some accounting examples are given at the end of the paper. Keywords National accounting , Sumerian economy , Mesopotamian law , Roman law , Islamic law , Anglo-Norman law

Great inventions and substantial productivity growth of the Roaring Twenties brought unprecedented prosperity to the United States. After Black Thursday in the fall of 1929 however, the U.S. economic landscape changed dramatically. To ensure that the bitter experience of the Great Depression does not recur, Wesley Mitchell and Morris Copeland, the architects of flow-of-funds analysis, urged a better understanding of the circulation of funds, the means of payment. The new century has so far brought us many technological innovations and new ways of doing business. The objective of the paper is to find out if and how well the funds have been flowing in the U.S. economy over the past two decades, using the flow-of-funds matrix (payer-payee matrix) proposed by Tsujimura and Tsujimura ([2018]. A flow of funds analysis of the U.S. quantitative easing.Economic Systems Research,30(2), 137-177. https://doi.org/10.1080/09535314.2018.1443908). The industrial revolution of the new century does not seem to have enough momentum circulating funds, the lifeblood of the economy.

The 1920s was a decade of great inventions and of substantial productivity growth; people found it difficult to understand why the Great Depression could follow a decade of unprecedented prosperity.Wesley Mitchell and Morris Copeland, who have initiated the flow of funds analysis, urged a better understanding of the circulation of funds between the financial and nonfinancial economy.Since funds, which is the sole currency in the pure credit economy we live today, exist only in the bank's balance sheets, accounting is a necessity for the virtual currency.Furthermore, the assets and liabilities in the bankers' accounts mean claims and obligations so that law is another prerequisite for the existence of funds.The present paper is an attempt to detail the historical background of the 'flow of funds' analysis tracing back to ancient Rome to clarify the interdependence between law, accounting and economics; and to revive the original idea of Mitchel and Copeland -to understand the interactions between the financial and nonfinancial economy.

After the global financial crisis of 2008-2009, the governments of the world are piling up deficits to close the saving-investment gap in the private sector. The governments cannot accumulate deficits endlessly so that they must urg ently promote the investments in the private industries. It is obvious that lowering the market rate of interest is one of the best policies to boost the capital investment. The probl em is that what inflation rate they have in their mind when the entrepreneurs make investmen t d cisions. Not only the output prices, but also the composition of inputs and thei r prices differ from one industry to another. Therefore, the value added deflator or eve n th operating surplus deflator for each industry are better alternative to calculate t he real interest rate. JEL Classification: C43, C67, E31

After the Bank of Japan first introduced a quantitative easing policy in 2001, Tsujimura and Mizoshita [(2003) Asset-Liability-Matrix Analysis Derived From Flow-of-Funds Accounts: the Bank of Japan's Quantitative Monetary Policy Examined. Economic Systems Research, 15, 51-67] applied input-output analysis to analyze its effects. Some central bankers criticized the analysis as misleading because it was based on the asset-liability matrix derived from the financial balance sheets. In this vein, the real policy effects on production and employment were overlooked. Herein, we answer such criticism by introducing a new method of tracking the flow of funds. It covers both real and financial transactions to show the mechanism and the effects of the US quantitative easing.

As Copeland (1947; 1952) demonstrated with his money-flows accounts more than half a century ago, the balance sheets of economic entities are closely interrelated through a lender–borrower relationship. This paper is an attempt to describe the US subprime mortgage crisis in the framework of ‘balance sheet economics’, which was originally proposed by Stone (1966) and Klein (1977; 1983). Since it is almost impossible to collect all the balance sheets of economic entities, we use flow-of-funds accounts instead to simulate the negative consequences resulting from home mortgage delinquencies. We show that the pass-through sequence converges when the original delinquency is made up by loss of net worth in any of the economic entities. Most of the eventual loss is incurred by ‘Households and Nonprofit Organizations’ and ‘Rest of the World’. A portion of pass-through loss is eventually incurred by foreign countries with excess external assets, such as Japan, Ireland, etc.

The following sections are included:IntroductionAsset Liability MatrixE- and R-tablesY- and Y*-tablesMethodologiesALM with BOJ as exogenous institutional sectorEvaluation of quantitative monetary policyContributing factors to fluctuations in NIIEstimation ResultsMonthly fluctuations and the degree of contribution to NIIExamination of money market operation methodsPolicy ImplicationsAppendixY and Y* matriceseY and ρY in the Y-tableeY and ρY in the Y*-tableReferences

In this paper, we will examine the effects of the launch of the euro from the perspective of the international banking positions by a combination of the gravity model, widely used to explain the structure of world trade, and the mixed effects model, which is a hybrid version of the fixed and random effects models of panel data analysis. The specification could be examined by the likelihood ratio tests by decomposing the model into fixed and random effects elements. The empirical study indicates that the new currency is certain to benefit the euro area, but the effects on the non-euro members of the EU are not as clear as superficial analysis suggests.

国民経済計算は所得支出勘定や資本調達勘定など一連の勘定から成り立っており，それぞれの勘定は複式簿記の記帳方法にしたがって記録されている．本稿ではまず，国民経済計算の背後にある勘定間の関係について，企業会計を基にミクロ的な視点に立脚して整理する．さらに企業会計と国民経済計算とを接続する際に横たわる論点を浮き彫りにする目的から，各国の会計報告書を統一様式に変換しようというBACH データベースの試み，フランス会計基準の影響を受けかつてOCAM 諸国で採用されていた企業会計基準であるPlan OCAM について紹介する．

レオンティエフによって考案された産業連関表が，国民経済計算体系に推計の基礎を与えていることは良く知られている．これに対して，コープランドが提案したマネーフロー表が，SNA の表象形式に重要な基礎を与えているという事実は，あまり認識されていない．初学者に93SNAの表象形式が一見複雑に見えるのは，これがモノではなくマネーをもとに発想されているからにほかならない．そこで本稿においては，マネーフロー表の構想を特徴づける重要な論点，すなわち制度部門別勘定，バランスステートメントと複々式記帳，現金主義と取得価額主義に焦点をしぼり，この3つの観点から現行の93SNAの表象形式を再検討する．

本稿では我が国の地域間資金循環構造に着目し,地域特性を分析するのみならず,これがマクロ経済に与える影響を考察することを企図している.その際,入手可能な個別銀行の財務諸表を用いて,日本銀行作成の資金循環勘定における国内銀行部門を地域別に細分化して分析を行った.この結果,地域間の資金偏在がいまだに存在することが確認された.今後,資金余剰の地域と資金不足の地域をマーケットメカニズムを通じて一体化する,全国規模のインターバンク市場の誕生が切に望まれる.

The first purpose of this paper is to present the compilation procedure of the Asset- Liability-Matrix (ALM) from the Flow-of-Funds (FOF) accounts in the balance sheet format that is widely available in IMF member countries. The introduction of ALM into the framework of FOF analysis enables us to utilize the affluent assets of input-output analysis, notably the concept of Leontief inverse. The second purpose of this article is to demonstrate the application of ALM to the examination of the quantitative monetary policy introduced by the Bank of Japan (BOJ) in March 2001. It can be said, as a conclusion, that there was a tactical error in the quantitative monetary policy adopted by BOJ in terms of the combination of money market operations. We believe that the ALM framework of FOF analysis is a powerful and practical device to fulfil this kind of examination.

本稿では資金循環分析の枠組みをもとに，外貨準備の保有形態，さらには政府短期証券の発行と国庫余裕金繰替使用との相違にまで遡って，外国為替平衡操作の効果を分析した．その結果，邦銀国内店や外銀国内拠点への預託のように，外貨準備を国内で運用する場合には為替相場への影響が限定的であるのに対して，海外で発行された外貨建債券の買入や海外の中央銀行への預託のように，これを国外で運用する場合には比較的大きな介入効果が得られることを確認した．また外国為替平衡操作に対する日本銀行の対応を一般化すると，非不胎化，不胎化，逆非不胎化，逆不胎化と４分類することができる．本稿ではそれぞれの場合に対して，利用する金融市場調節手段ごとに海外への資金流出と海外からの資金流入の値を計測することで外国為替相場に与える影響を峻別した．この結果，不胎化もしくは非不胎化が外国為替平衡操作の効果を減殺するかどうかはひとえに金融調節手段の選択に依拠しており，これを一概に定性的に論ずることはできないことを確認した．