Distribution of aggregate income in Portugal from 1995 to 2000 within a SAM (Social Accounting Matrix) framework. Modeling the household sector



The predominance of gross capital formation is evident, with a slight fluctuation from 1995
to 2000. Once again, the direct influence of a unitary change in the (now capital) receipts of
households was most noted in the products account (12).

Table 8 shows the global influences of a similar change.

Table 8: Global influences of unitary changes in the exogenous capital receipts of households

1995

1996

1997

1998

1999

2000

Aggregate income of households

0.853

0.837

0.727

0.735

0.718

0.713

Aggregate investment /investment
funds of households_________________

1.087

1.071

1.053

1.053

1.043

1.055

Compensation of labour

0.661

0.663

0.595

0.609

0.605

0.612

Compensation of capital

0.551

0.546

0.487

0.499

0.483

0.460

Production value/total costs

2.645

2.642

2.398

2.428

2.363

2.396

Aggregate demand/supply

3.307

3.304

3.018

3.085

3.021

3.075

Source: Portuguese accounting multiplier matrices (Ma) from 1995 to 2000.

Therefore, apart from the effect on the investment funds/aggregate investment of
households, where 1 is the initial injection of income, the greatest effects of unitary changes
in the capital receipts of households were felt in production values and aggregate demand, just
as in the case of current receipts, but now with higher values, reflecting the large share of
gross capital formation in the total capital outlays of households.

Table 9: Additional extragroup influences of unitary changes in the exogenous capital
receipts of households

1995

1996

1997

1998

1999

2000

Aggregate income of households

0.752

0.738

0.643

0.651

0.638

0.633

Aggregate investment /investment
funds of households_________________

0.051

0.042

0.030

0.030

0.024

0.031

Compensation of labour

0.526

0.527

0.473

0.484

0.482

0.486

Compensation of capital

0.439

0.434

0.388

0.397

0.385

0.365

Production value/total costs

2.412

2.411

2.196

2.229

2.171

2.204

Aggregate demand/supply

2.731

2.730

2.499

2.558

2.507

2.554

Source: Additional extragroup effects matrices ((M3-I)*M2*M1) from 1995 to 2000.

- 16 -



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