Servizi finanziari imputati e interdipendenze settoriali: un'analisi settoriale del ruolo del credito nel sistema economico. (Imputed bank services and sectoral interdependences: a structural analysis of the role of credit in the economy)

C. BIANCHI

Abstract


I sistemi di contabilità nazionale in base alla metodologia SEC sono soliti comportarsi in modo da garantire l'impossibilità pratica di effettuare qualsiasi assegnazione significativa di servizi bancari imputati tra i singoli rami di attività economica.  Il presente lavoro mostra come questo vieta l'analisi strutturale del ruolo del credito nel sistema di interdipendenze. . L'analisi mette in evidenza la duplice natura del credito come contenuti a valore aggiunto altamente intermedio e alto. È in grado di influenzare forte su i costi di produzione degli altri rami, senza essere influenzato da loro. Queste proprietà conferiscono al settore bancario un potenziale molto elevato per l'inflazione.

National accounts systems based on the SEC methodology are usually thought to comport the practical impossibility of carrying out any meaningful allocation of imputed bank services among the single branches of economic activity. As a consequence, the total value of the net interest earned by the credit system as a whole is considered as a cost entry and a negative component of added value in an ad-hoc additional industry, to be aggregated to the main credit one in the typical input-output analysis. The present work shows how this prohibits the structural analysis of the role of credit in the system of interdependencies. A method of is proposed in which imputed services of credit are distributed by branches, on the basis of existing statistics, proving valuable in assessing the significance of certain quantities of national accounts, such as operating results. The analysis highlights the dual nature of credit as highly intermediate and high value-added content. It is able to strongly influence the production costs of the other branches, without being influenced by them. These properties give the banking industry a very high potential for inflation.

 

JEL: E51, G21


Parole chiave


National accounts, SEC methodology, imputed bank services, input-output analysis, credit

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ISSN 2037-3651

Reg. Tribunale di Roma n.377/2009 del 19/11/2009