Inflation-adjusted sectoral saving and financial balances

Quarterly Bulletin 1989 Q2
Published on 01 June 1989

This article presents revised and updated estimates of sectoral saving and financial balances adjusted for the effects of actual price inflation on net monetary assets and liabilities together with estimates of the ex ante inflation gains and losses accruing to each sector based on a measure of implicit long-term market expectations. In recent years a lower rate of inflation has led to a greater convergence of these two estimates. The article also presents alternative figures for the ex post and ex ante adjustment for inflation based on net monetary positions for each sector derived from balance sheet data as opposed to cumulative flows.

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