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 |
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 |
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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