Come al solito invito il lettore ad analizzare la traduzione e ad esprimere eventuali critiche.
Aggiungo una nota sulla traduzione:
per tradurre "money of account" ho utilizzato "moneta di conto".
Per "financial claims" ho usato "rivendicazioni finanziarie", intendendo diritti economici legali (es. titoli, obbligazioni) su un altro soggetto.
Per "unit of account" ho utilizzato "unità di conto".
Per "Net financial asset" "attivi finanziari netti", mentre per "financial asset" "beni finanziari".
In alcuni casi ho utilizzato il termine "Moneta" sia per"currency" che per "money" in altri ho tradotto currency come valuta.
Nel post precedente avevo utilizzato pagherò per tradurre IOU, ma da adesso terrò IOU dato che è stato definito in questo secondo post nella tabella in fondo.
Buona Lettura,
Niccolò Sgaravatti
By L. Randall Wray
In this blog we are going to begin to build the necessary foundation to understand modern money. Please bear with us. It may not be obvious, yet, why this is important. But you cannot possibly understand the debate about the government’s budget (and critique the deficit hysteria that has gripped our nation across the political spectrum from right to left) without understanding basic macro accounting. So, be patient and pay attention. No higher math or knowledge of intricate accounting rules will be required. This is simple, basic, stuff. It is a branch of logic. But it is extremely simple logic.
A note on terminology: a simple table at the bottom of this post will define some terms that will be used throughout this Primer. You might want to refer to it first, then come back and read the blog.
One’s financial asset is another’s financial liability. It is a fundamental principle of accounting that for every financial asset there is an equal and offsetting financial liability. The checking deposit is a household’s financial asset, offset by the bank’s liability (or IOU). A government or corporate bond is a household asset, but represents a liability of the issuer (either the government or the corporation). The household has some liabilities, too, including student loans, a home mortgage, or a car loan. These are held as assets by the creditor, which could be a bank or any of a number of types of financial institutions including pension funds, hedge funds, or insurance companies. A household’s net financial wealth is equal to the sum of all its financial assets (equal to its financial wealth) less the sum of its financial liabilities (all of the money-denominated IOUs it issued). If that is positive, it has positive net financial wealth.
Inside wealth vs outside wealth. It is often useful to distinguish among types of sectors in the economy. The most basic distinction is between the public sector (including all levels of government) and the private sector (including households and firms). If we were to take all of the privately-issued financial assets and liabilities, it is a matter of logic that the sum of financial assets must equal the sum of financial liabilities. In other words, net financial wealth would have to be zero if we consider only private sector IOUs. This is sometimes called “inside wealth” because it is “inside” the private sector. In order for the private sector to accumulate net financial wealth, it must be in the form of “outside wealth”, that is, financial claims on another sector. Given our basic division between the public sector and the private sector, the outside financial wealth takes the form of government IOUs. The private sector holds government currency (including coins and paper currency) as well as the full range of government bonds (short term bills, longer maturity bonds) as net financial assets, a portion of its positive net wealth.
A note on nonfinancial wealth (real assets). One’s financial asset is necessarily offset by another’s financial liability. In the aggregate, net financial wealth must equal zero. However, real assets represent one’s wealth that is not offset by another’s liability, hence, at the aggregate level net wealth equals the value of real (nonfinancial) assets. To be clear, you might have purchased an automobile by going into debt. Your financial liability (your car loan) is offset by the financial asset held by the auto loan company. Since those net to zero, what remains is the value of the real asset—the car. In most of the discussion that follows we will be concerned with financial assets and liabilities, but will keep in the back of our minds that the value of real assets provides net wealth at both the individual level and at the aggregate level. Once we subtract all financial liabilities from total assets (real and financial) we are left with nonfinancial (real) assets, or aggregate net worth.
Net private financial wealth equals public debt. Flows (of income or spending) accumulate to stocks. The private sector accumulation of net financial assets over the course of a year is made possible only because its spending is less than its income over that same period. In other words, it has been saving, enabling it to accumulate a stock of wealth in the form of financial assets. In our simple example with only a public sector and a private sector, these financial assets are government liabilities—government currency and government bonds. These government IOUs, in turn, can be accumulated only when the government spends more than it receives in the form of tax revenue. This is a government deficit, which is the flow of government spending less the flow of government tax revenue measured in the money of account over a given period (usually, a year). This deficit accumulates to a stock of government debt—equal to the private sector’s accumulation of financial wealth over the same period. A complete explanation of the process of government spending and taxing will be provided in the weeks and months to come. What is necessary to understand at this point is that the net financial assets held by the private sector are exactly equal to the net financial liabilities issued by the government in our two-sector example. If the government always runs a balanced budget, with its spending always equal to its tax revenue, the private sector’s net financial wealth will be zero. If the government runs continuous budget surpluses (spending is less than tax receipts), the private sector’s net financial wealth must be negative. In other words, the private sector will be indebted to the public sector.
We can formulate a resulting “dilemma”: in our two sector model it is impossible for both the public sector and the private sector to run surpluses. And if the public sector were to run surpluses, by identity the private sector would have to run deficits. If the public sector were to run sufficient surpluses to retire all its outstanding debt, by identity the private sector would run equivalent deficits, running down its net financial wealth until it reached zero.
Rest of world debts are domestic financial assets. Another useful division is to form three sectors: a domestic private sector, a domestic public sector, and a “rest of the world” sector that consists of foreign governments, firms, and households. In this case, it is possible for the domestic private sector to accumulate net claims on the rest of the world, even if the domestic public sector runs a balanced budget, with its spending over the period exactly equal to its tax revenue. The domestic sector’s accumulation of net financial assets is equal to the rest of the world’s issue of net financial liabilities. Finally, and more realistically, the domestic private sector can accumulate net financial wealth consisting of both domestic government liabilities as well as rest of world liabilities. It is possible for the domestic private sector to accumulate government debt (adding to its net financial wealth) while also issuing debt to the rest of the world (reducing its net financial wealth). In the next section we turn to a detailed discussion of sectoral balances.
Basics of sectoral accounting, relations to stock and flow concepts. Let us continue with our division of the economy into three sectors: a domestic private sector (households and firms), a domestic government sector (including local, state or province, and national governments), and a foreign sector (the rest of the world, including households, firms, and governments). Each of these sectors can be treated as if it had an income flow and a spending flow over the accounting period, which we will take to be a year. There is no reason for any individual sector to balance its income and spending flows each year. If it spends less than its income, this is called a budget surplus for the year; if it spends more than its income, this is called a budget deficit for the year; a balanced budget indicates that income equalled spending over the year.
From the discussion above, it will be clear that a budget surplus is the same thing as a saving flow and leads to net accumulation of financial assets. By the same token, a budget deficit reduces net financial wealth. The sector that runs a deficit must either use its financial assets that had been accumulated in previous years (when surpluses were run), or must issue new IOUs to offset its deficits. In common parlance, we say that it “pays for” its deficit spending by exchanging its assets for spendable bank deposits (called “dis-saving”), or it issues debt (“borrows”) to obtain spendable bank deposits. Once it runs out of accumulated assets, it has no choice but to increase its indebtedness every year that it runs a deficit budget. On the other hand, a sector that runs a budget surplus will be accumulating net financial assets. This surplus will take the form of financial claims on at least one of the other sectors.
Another note on real assets. A question arises: what if one uses savings (a budget surplus) to purchase real assets rather than to accumulate net financial assets? In that case, the financial assets are simply passed along to someone else. For example, if you spend less than your income, you can accumulate deposits in your checking account. If you decide you do not want to hold your savings in the form of a checking deposit, you can write a check to purchase—say—a painting, an antique car, a stamp collection, real estate, a machine, or even a business firm. You convert a financial asset into a real asset. However, the seller has made the opposite transaction and now holds the financial asset. The point is that if the private sector taken as a whole runs a budget surplus, someone will be accumulating net financial assets (claims on another sector), although activities within the private sector can shift those net financial assets from one “pocket” to another.
Conclusion: One sector’s deficit equals another’s surplus. All of this brings us to the important accounting principle that if we sum the deficits run by one or more sectors, this must equal the surpluses run by the other sector(s). Following the pioneering work by Wynne Godley, we can state this principle in the form of a simple identity:
Domestic Private Balance + Domestic Government Balance + Foreign Balance = 0
For example, let us assume that the foreign sector runs a balanced budget (in the identity above, the foreign balance equals zero). Let us further assume that the domestic private sector’s income is $100 billion while its spending is equal to $90 billion, for a budget surplus of $10 billion over the year. Then, by identity, the domestic government sector’s budget deficit for the year is equal to $10 billion. From the discussion above, we know that the domestic private sector will accumulate $10 billion of net financial wealth during the year, consisting of $10 billion of domestic government sector liabilities.
As another example, assume that the foreign sector spends less than its income, with a budget surplus of $20 billion. At the same time, the domestic government sector also spends less than its income, running a budget surplus of $10 billion. From our accounting identity, we know that over the same period the domestic private sector must have run a budget deficit equal to $30 billion ($20 billion plus $10 billion). At the same time, its net financial wealth will have fallen by $30 billion as it sold assets and issued debt. Meanwhile, the domestic government sector will have increased its net financial wealth by $10 billion (reducing its outstanding debt or increasing its claims on the other sectors), and the foreign sector will have increased its net financial position by $20 billion (also reducing its outstanding debt or increasing its claims on the other sectors).
It is apparent that if one sector is going to run a budget surplus, at least one other sector must run a budget deficit. In terms of stock variables, in order for one sector to accumulate net financial wealth, at least one other sector must increase its indebtedness by the same amount. It is impossible for all sectors to accumulate net financial wealth by running budget surpluses. We can formulate another “dilemma”: if one of three sectors is to run a surplus, at least one of the others must run a deficit.
No matter how hard we might try, we cannot all run surpluses. It is a lot like those children at Lake Wobegone who are supposedly above average. For every kid above average there must be one below average. And, for every deficit there must be a surplus.
Notes on Terms. Throughout this primer we will adopt the following definitions and conventions:
The word “money” will refer to a general, representative unit of account. We will not use the word to apply to any specific “thing”—ie a coin or central bank note.
Money “things” will be identified specifically: a coin, a bank note, a demand deposit. Some of these can be touched (paper notes), others are electronic entries on balance sheets (demand deposits, bank reserves). So, “money things” is simply short-hand for “money denominated IOUs”.
A specific national money of account will be designated with a capital letter: US Dollar, Japanese Yen, Chinese Yuan, UK Pound, EMU Euro.
The word currency is used to indicate coins, notes, and reserves issued by government (both by the treasury and the central bank). When designating a specific treasury or its bonds, the word will be capitalized: US Treasury; US Treasuries.
Net financial assets are equal to total financial assets less total financial liabilities. This is not the same as net wealth (or net worth) because it ignores real assets.
An IOU (I owe you) is a financial debt, liability, or obligation to pay, denominated in a money of account. It is a financial asset of the holder. There can be physical evidence of the IOU (for example, written on paper, stamped on coin) or it can be recorded electronically (for example, on a bank balance sheet).
In this blog we are going to begin to build the necessary foundation to understand modern money. Please bear with us. It may not be obvious, yet, why this is important. But you cannot possibly understand the debate about the government’s budget (and critique the deficit hysteria that has gripped our nation across the political spectrum from right to left) without understanding basic macro accounting. So, be patient and pay attention. No higher math or knowledge of intricate accounting rules will be required. This is simple, basic, stuff. It is a branch of logic. But it is extremely simple logic.
A note on terminology: a simple table at the bottom of this post will define some terms that will be used throughout this Primer. You might want to refer to it first, then come back and read the blog.
One’s financial asset is another’s financial liability. It is a fundamental principle of accounting that for every financial asset there is an equal and offsetting financial liability. The checking deposit is a household’s financial asset, offset by the bank’s liability (or IOU). A government or corporate bond is a household asset, but represents a liability of the issuer (either the government or the corporation). The household has some liabilities, too, including student loans, a home mortgage, or a car loan. These are held as assets by the creditor, which could be a bank or any of a number of types of financial institutions including pension funds, hedge funds, or insurance companies. A household’s net financial wealth is equal to the sum of all its financial assets (equal to its financial wealth) less the sum of its financial liabilities (all of the money-denominated IOUs it issued). If that is positive, it has positive net financial wealth.
Inside wealth vs outside wealth. It is often useful to distinguish among types of sectors in the economy. The most basic distinction is between the public sector (including all levels of government) and the private sector (including households and firms). If we were to take all of the privately-issued financial assets and liabilities, it is a matter of logic that the sum of financial assets must equal the sum of financial liabilities. In other words, net financial wealth would have to be zero if we consider only private sector IOUs. This is sometimes called “inside wealth” because it is “inside” the private sector. In order for the private sector to accumulate net financial wealth, it must be in the form of “outside wealth”, that is, financial claims on another sector. Given our basic division between the public sector and the private sector, the outside financial wealth takes the form of government IOUs. The private sector holds government currency (including coins and paper currency) as well as the full range of government bonds (short term bills, longer maturity bonds) as net financial assets, a portion of its positive net wealth.
A note on nonfinancial wealth (real assets). One’s financial asset is necessarily offset by another’s financial liability. In the aggregate, net financial wealth must equal zero. However, real assets represent one’s wealth that is not offset by another’s liability, hence, at the aggregate level net wealth equals the value of real (nonfinancial) assets. To be clear, you might have purchased an automobile by going into debt. Your financial liability (your car loan) is offset by the financial asset held by the auto loan company. Since those net to zero, what remains is the value of the real asset—the car. In most of the discussion that follows we will be concerned with financial assets and liabilities, but will keep in the back of our minds that the value of real assets provides net wealth at both the individual level and at the aggregate level. Once we subtract all financial liabilities from total assets (real and financial) we are left with nonfinancial (real) assets, or aggregate net worth.
Net private financial wealth equals public debt. Flows (of income or spending) accumulate to stocks. The private sector accumulation of net financial assets over the course of a year is made possible only because its spending is less than its income over that same period. In other words, it has been saving, enabling it to accumulate a stock of wealth in the form of financial assets. In our simple example with only a public sector and a private sector, these financial assets are government liabilities—government currency and government bonds. These government IOUs, in turn, can be accumulated only when the government spends more than it receives in the form of tax revenue. This is a government deficit, which is the flow of government spending less the flow of government tax revenue measured in the money of account over a given period (usually, a year). This deficit accumulates to a stock of government debt—equal to the private sector’s accumulation of financial wealth over the same period. A complete explanation of the process of government spending and taxing will be provided in the weeks and months to come. What is necessary to understand at this point is that the net financial assets held by the private sector are exactly equal to the net financial liabilities issued by the government in our two-sector example. If the government always runs a balanced budget, with its spending always equal to its tax revenue, the private sector’s net financial wealth will be zero. If the government runs continuous budget surpluses (spending is less than tax receipts), the private sector’s net financial wealth must be negative. In other words, the private sector will be indebted to the public sector.
We can formulate a resulting “dilemma”: in our two sector model it is impossible for both the public sector and the private sector to run surpluses. And if the public sector were to run surpluses, by identity the private sector would have to run deficits. If the public sector were to run sufficient surpluses to retire all its outstanding debt, by identity the private sector would run equivalent deficits, running down its net financial wealth until it reached zero.
Rest of world debts are domestic financial assets. Another useful division is to form three sectors: a domestic private sector, a domestic public sector, and a “rest of the world” sector that consists of foreign governments, firms, and households. In this case, it is possible for the domestic private sector to accumulate net claims on the rest of the world, even if the domestic public sector runs a balanced budget, with its spending over the period exactly equal to its tax revenue. The domestic sector’s accumulation of net financial assets is equal to the rest of the world’s issue of net financial liabilities. Finally, and more realistically, the domestic private sector can accumulate net financial wealth consisting of both domestic government liabilities as well as rest of world liabilities. It is possible for the domestic private sector to accumulate government debt (adding to its net financial wealth) while also issuing debt to the rest of the world (reducing its net financial wealth). In the next section we turn to a detailed discussion of sectoral balances.
Basics of sectoral accounting, relations to stock and flow concepts. Let us continue with our division of the economy into three sectors: a domestic private sector (households and firms), a domestic government sector (including local, state or province, and national governments), and a foreign sector (the rest of the world, including households, firms, and governments). Each of these sectors can be treated as if it had an income flow and a spending flow over the accounting period, which we will take to be a year. There is no reason for any individual sector to balance its income and spending flows each year. If it spends less than its income, this is called a budget surplus for the year; if it spends more than its income, this is called a budget deficit for the year; a balanced budget indicates that income equalled spending over the year.
From the discussion above, it will be clear that a budget surplus is the same thing as a saving flow and leads to net accumulation of financial assets. By the same token, a budget deficit reduces net financial wealth. The sector that runs a deficit must either use its financial assets that had been accumulated in previous years (when surpluses were run), or must issue new IOUs to offset its deficits. In common parlance, we say that it “pays for” its deficit spending by exchanging its assets for spendable bank deposits (called “dis-saving”), or it issues debt (“borrows”) to obtain spendable bank deposits. Once it runs out of accumulated assets, it has no choice but to increase its indebtedness every year that it runs a deficit budget. On the other hand, a sector that runs a budget surplus will be accumulating net financial assets. This surplus will take the form of financial claims on at least one of the other sectors.
Another note on real assets. A question arises: what if one uses savings (a budget surplus) to purchase real assets rather than to accumulate net financial assets? In that case, the financial assets are simply passed along to someone else. For example, if you spend less than your income, you can accumulate deposits in your checking account. If you decide you do not want to hold your savings in the form of a checking deposit, you can write a check to purchase—say—a painting, an antique car, a stamp collection, real estate, a machine, or even a business firm. You convert a financial asset into a real asset. However, the seller has made the opposite transaction and now holds the financial asset. The point is that if the private sector taken as a whole runs a budget surplus, someone will be accumulating net financial assets (claims on another sector), although activities within the private sector can shift those net financial assets from one “pocket” to another.
Conclusion: One sector’s deficit equals another’s surplus. All of this brings us to the important accounting principle that if we sum the deficits run by one or more sectors, this must equal the surpluses run by the other sector(s). Following the pioneering work by Wynne Godley, we can state this principle in the form of a simple identity:
Domestic Private Balance + Domestic Government Balance + Foreign Balance = 0
For example, let us assume that the foreign sector runs a balanced budget (in the identity above, the foreign balance equals zero). Let us further assume that the domestic private sector’s income is $100 billion while its spending is equal to $90 billion, for a budget surplus of $10 billion over the year. Then, by identity, the domestic government sector’s budget deficit for the year is equal to $10 billion. From the discussion above, we know that the domestic private sector will accumulate $10 billion of net financial wealth during the year, consisting of $10 billion of domestic government sector liabilities.
As another example, assume that the foreign sector spends less than its income, with a budget surplus of $20 billion. At the same time, the domestic government sector also spends less than its income, running a budget surplus of $10 billion. From our accounting identity, we know that over the same period the domestic private sector must have run a budget deficit equal to $30 billion ($20 billion plus $10 billion). At the same time, its net financial wealth will have fallen by $30 billion as it sold assets and issued debt. Meanwhile, the domestic government sector will have increased its net financial wealth by $10 billion (reducing its outstanding debt or increasing its claims on the other sectors), and the foreign sector will have increased its net financial position by $20 billion (also reducing its outstanding debt or increasing its claims on the other sectors).
It is apparent that if one sector is going to run a budget surplus, at least one other sector must run a budget deficit. In terms of stock variables, in order for one sector to accumulate net financial wealth, at least one other sector must increase its indebtedness by the same amount. It is impossible for all sectors to accumulate net financial wealth by running budget surpluses. We can formulate another “dilemma”: if one of three sectors is to run a surplus, at least one of the others must run a deficit.
No matter how hard we might try, we cannot all run surpluses. It is a lot like those children at Lake Wobegone who are supposedly above average. For every kid above average there must be one below average. And, for every deficit there must be a surplus.
Notes on Terms. Throughout this primer we will adopt the following definitions and conventions:
The word “money” will refer to a general, representative unit of account. We will not use the word to apply to any specific “thing”—ie a coin or central bank note.
Money “things” will be identified specifically: a coin, a bank note, a demand deposit. Some of these can be touched (paper notes), others are electronic entries on balance sheets (demand deposits, bank reserves). So, “money things” is simply short-hand for “money denominated IOUs”.
A specific national money of account will be designated with a capital letter: US Dollar, Japanese Yen, Chinese Yuan, UK Pound, EMU Euro.
The word currency is used to indicate coins, notes, and reserves issued by government (both by the treasury and the central bank). When designating a specific treasury or its bonds, the word will be capitalized: US Treasury; US Treasuries.
Net financial assets are equal to total financial assets less total financial liabilities. This is not the same as net wealth (or net worth) because it ignores real assets.
An IOU (I owe you) is a financial debt, liability, or obligation to pay, denominated in a money of account. It is a financial asset of the holder. There can be physical evidence of the IOU (for example, written on paper, stamped on coin) or it can be recorded electronically (for example, on a bank balance sheet).
In questo blog stiamo per iniziare a costruire le necessarie fondamenta per capire la moneta moderna. Vi preghiamo di pazientare. Potrebbe non essere ancora ovvio perché è importante. Voi però non potete capire il dibattito sul budget del governo (e criticare l'isteria da deficit che ha preso in pugno la nostra nazione, trasversalmente allo spettro politico, da destra a sinistra) senza capire la macrocontabilità basilare. Quindi, siate pazienti e prestate attenzione. Non serviranno né matematica avanzata ne la conoscenza di intricate regole di contabilità. Questa è roba semplice, basilare. È un ramo della logica. Ma è logica estremamente semplice.
Una nota sulla terminologia: una semplice tabella alla fine di questo post definirà alcuni termini che saranno utlizzati per tutto questo corso. Voi potreste voler fare prima riferimento a quella tabella, poi tornare indietro e leggere il blog.
Il bene finanziario di uno è il debito finanziario di un altro. È un principio fondamentale della contabilità che per ogni bene finanziario ci sia un debito finanziario uguale e controbilanciante. Un deposito in conto corrente è un bene finanziario per una famiglia, controbilanciato dal debito (o IOU) della banca. Un titolo del governo o di una società è un attivo per la famiglia, ma rappresenta un debito per l'emittente (il governo o la società). La famiglia ha pure dei debiti, tra i quali prestiti agli studenti, un mutuo sulla casa, o il finanziamento dell'auto. Questi sono tenuti come attivi dai creditori, che possono essere banche o ciascun tipo di istituti finanziari tra i quali fondi pensione, hedge funds, o compagnie assicurative. La ricchezza finanziaria netta di una famiglia è uguale alla somma di tutti i suoi beni finanziari (uguale alla sua ricchezza finanziaria) meno la somma di tutte le sue passività finanziarie (tutti gli IOU denominati in moneta che ha emesso). Se è positiva, ha una ricchezza finanziaria netta positiva.
Ricchezza interna contro ricchezza esterna. Spesso è utile distinguere tra tipi di settori nell'economia. La distinzione più basilare è tra il settore pubblico (che comprende tutti i livelli amministrativi) e il settore privato (che comprende famiglie e aziende). Se noi prendessimo tutti i beni e i debiti finanziari emessi privatamente, è una questione di logica che la somma dei beni finanziari deve eguagliare la somma dei debiti finanziari. In altre parole, se noi considerassimo solo il gli IOU del settore privato la ricchezza finanziaria netta sarebbe zero. Questa è chiamata a volte “ricchezza interna” perchè è “dentro” il settore privato. Perchè il settore privato possa accumulare ricchezza finanziaria netta, questa deve essere nella forma di “ricchezza esterna”, ossia rivendicazioni (claims) finanziarie su un altro settore. Data la nostra divisione basilare tra il settore pubblico e il settore privato, la ricchezza esterna prende la forma di IOU governativi. Il settore privato detiene valuta del governo (compresa le monete metalliche e le banconote) come la gamma completa dei bond governativi (buoni a breve termine, buoni a maturità più lunga) come attivi finanziari netti, parte della sua ricchezza positiva netta.
Una nota sulla ricchezza non finanziaria (beni reali). Il bene finanziario di uno è necessariamente compensato dal debito finanziario di un altro. A livello aggregato, la ricchezza finanziaria netta deve essere uguale a zero. Comunque, i beni reali costituiscono una la ricchezza di qualcuno che non è compensata dal debito di nessun altro, per cui, a livello aggregato la ricchezza netta aggregata è uguale al valore dei beni (non finanziari) reali. Per essere chiari, tu puoi avere comperato un automobile andando in debito. La tua passività finanziaria (il tuo finanziamento dell'auto) è compensata dal bene finanziario tenuto dalla auto loan company. Dal momento in cui il netto di queste è zero, ciò che rimane è il valore del bene reale—l'auto. In buona parte della discussione che segue ci preoccuperemo dei beni finanziari e dei debiti, ma terremo in un angolo della nostra nostra mente che il valore dei beni reali fornisce una ricchezza netta sia a livello individuale che aggregato. Una volta che sottraiamo tutte le passività finanziarie dalla totalità dei beni (reali e finanziari) ci rimangono beni non finanziari reali, o ricchezza netta aggregata.
La ricchezza finanziaria netta privata uguaglia il debito pubblico. I flussi (di entrate o di spese) si accumulano in stock. La accumulazione di attivi finanziari netti da parte del settore privato, durante il corso di un anno, è possibile solo perché la sua spesa durante quel periodo è inferiore alle sue entrate nello stesso periodo. In altre parole, il settore privato ha continuato a risparmiare, e ciò gli ha permesso di accumulare una riserva di ricchezza nella forma di beni finanziari. Nel nostro semplice esempio con solo un settore privato e un settore pubblico, questi beni finanziari sono debiti governativi—moneta del governo e bond del governo. Questi IOU del governo, possono, a loro volta, essere accumulati solo quando il governo spende di più di quello che riceve in forma di entrate fiscali. Questo è deficit del governo, che è il flusso della spesa del governo meno il flusso delle sue entrate fiscali misurati nella moneta di conto lungo un dato periodo (di solito, un anno). Questo deficit si accumula in uno stock di debito governativo—uguale all'accumulazione di ricchezza finanziaria da parte del settore privato nello stesso periodo. Una spiegazione completa del processo della spesa del governo sarà data nelle settimane e nei mesi a venire. Ciò che è necessario capire a questo punto è che gli attivi finanziari netti accumulati dal settore privato sono esattamente uguali ai debiti finanziari netti emessi dal governo nel nostro esempio a-due-settori. Se il governo andasse sempre a in pareggio di bilancio, con la sua spesa esattamente uguale alle sue entrate fiscali, la ricchezza finanziaria netta del settore privato sarebbe zero. Se il governo andasse in continuo surplus di budget (spesa inferiore agli introiti delle tasse), la ricchezza finanziaria netta del settore privato sarebbe negativa. In altre parole, il settore privato sarebbe indebitato con il settore pubblico.
Possiamo formulare un “dilemma” risultante: nel nostro modello a due settori è impossibile che entrambi i settori pubblico e privato vadano in surplus. E se in settore pubblico andasse in surplus, per identità il settore privato andrebbe in deficit. Se il settore pubblico registrasse surplus sufficienti per ritirare tutto il suo debito inevaso, per identità il settore privato registrerebbe deficit equivalenti, riducendo la sua ricchezza finanziaria netta finché non raggiungesse lo zero.
Il debito del resto del mondo è un bene finanziario nazionale. Formare tre settori è un'altra utile divisione: un settore privato nazionale, un settore pubblico nazionale, e un settore “del resto del mondo” che consiste di governi, aziende e famiglie esteri. In questo caso per il settore privato nazionale è possibile accumulare attivi finanziari netti sul resto del mondo anche se il settore pubblico nazionale ha registrato un pareggio di bilancio, con la sua spesa nel periodo esattamente uguale alle sue entrate fiscali. Per finire, più realisticamente, il settore privato nazionale può accumulare ricchezza finanziaria netta sia nella forma di debiti del governo sia nella forma di debiti del resto del mondo. Per il settore privato nazionale è possibile accumulare debito governativo (incrementando la sua ricchezza finanziaria netta) mentre emette debiti al resto del mondo (riducendo la sua ricchezza finanziaria netta). Nella prossima sezione ci spostiamo ad una discussione dettagliata sui bilanci settoriali.
Basi di contabilità settoriale, relazioni con i concetti di stock e di flusso. Continuiamo con la nostra divisione dell'economia in tre settori: un settore privato nazionale (famiglie e aziende), un settore governativo nazionale (che comprende amministrazioni locali, statali o provinciali, e nazionali). Ognuno di questi settori può essere trattato come se avesse un flusso di entrate e un flusso di spese lungo il periodo contabile, il quale considereremo un anno. Non c'è motivo per il quale un settore sia tenuto a bilanciare i suoi flussi di entrata e di spesa ogni anno. Se spende meno delle sue entrate, si dice che è andato in avanzo per un anno, se spende più delle sue entrate, si dice che ha avuto un deficit di bilancio per un anno, pareggio di bilancio indica che l'entrata è stata uguale alla spesa lungo l'anno.
Sarà chiaro dalla discussione sopra che l'avanzo di bilancio coincide con un flusso di risparmio e porta ad un'accumulazione netta di beni finanziari. Allo stesso modo, un deficit di bilancio riduce la ricchezza finanziaria netta. Il settore che va in deficit deve o usare i suoi beni finanziari che sono stati accumulati negli anni precedenti (quando sono stati registrati surplus) o deve emettere nuovi IOU per compensare i suoi deficit. Diciamo, nel parlare comune, che esso “paga per” la sua spesa a deficit scambiando i suoi beni per depositi bancari spendibili (si dice “dis-saving”, “de-risparmiare”) o esso emette debito (“va in prestito”) per ottenere depositi bancari spendibili. Una volta che ha esaurito la ricchezza accumulata, non ha altra scelta che incrementare il suo indebitamento ogni anno che registra un deficit di bilancio. D'altro canto, un settore che registra un avanzo di bilancio sarà in accumulo di attivi finanziari netti. Questo surplus prenderà la forma di reclami finanziari in almeno uno degli altri settori.
Un'altra nota sui beni reali. Sorge una domanda: che succede se uno usa i risparmi (un surplus di bilancio) per acquistare beni reali anziché accumulare attivi finanziari netti? In questo caso, i beni finanziari si sono semplicemente trasferiti a qualcun altro. Per esempio, se tu spendi meno delle tue entrate, puoi accumulare depositi nel tuo conto corrente. Se decidi che tu non vuoi tenere i tuoi risparmi nella forma di depositi sul contro corrente, puoi firmare un assegno per comperare—diciamo—un dipinto, un'auto antica, una collezione di francobolli, beni immobili, una macchina, o persino un'azienda. Puoi convertire un bene finanziario in un bene reale. Comunque, il venditore ha fatto la transazione opposta e ora tiene il bene finanziario. Il punto è che se il settore privato preso al completo registra un surplus di bilancio, qualcuno starà accumulando attivi finanziari netti (rivendicazioni su un altro settore), sebbene le attività all'interno del settore privato possono spostare questi attivi finanziari netti da una “tasca” ad un'altra.
Conclusione: il deficit di un settore equivale al surplus di un altro: Tutto questo ci porta all'importante principio contabile che, se noi sommiamo i deficit registrati da uno o più settori, questi devono eguagliare i surplus registrati dall'altro settore/i. In seguito al lavoro pionieristico di Wynne Godley, possiamo enunciare il principio nella forma di una semplice identità:
Bilancio Privato Nazionale + Bilancio Governativo Nazionale + Bilancio Estero = 0
Per esempio, ipotizziamo che il settore estero registri un pareggio di bilancio (nella identità soprastante, il bilancio dell'estero è zero). Ipotizziamo poi che le entrate del settore privato nazionale siano $100 miliardi mentre la sua spesa sia di $90 miliardi, per un surplus di bilancio di $10 miliardi lungo l'anno. Quindi, per identità, il deficit di bilancio del settore governativo nazionale per quell'anno è uguale a $10 miliardi. Dalla discussione di sopra, noi sappiamo che il settore privato nazionale accumulerà $10 miliardi di ricchezza finanziaria netta lungo l'anno, costituita da $10 miliardi di debiti del settore pubblico.
Per fare un altro esempio, ipotizziamo che il settore estero spenda meno delle sue entrate, con un surplus di bilancio di $20 miliardi. Allo stesso tempo, il settore pubblico nazionale spenda anche esso meno delle sue entrate, registrando un surplus di bilancio di $10 miliardi. Dalla nostra identità contabile, noi sappiamo che lungo lo stesso periodo il settore privato nazionale deve avere registrato un deficit di bilancio di $30 miliardi ($20 miliardi più $10 miliardi). Nello stesso tempo, la sua ricchezza finanziaria netta sarà scesa di $30 miliardi in quanto ha venduto beni e ha emesso debiti. Nel frattempo, il settore governativo pubblico avrà incrementato la sua ricchezza finanziaria netta di $10 miliardi (riducendo il suo debito inevaso o aumentando le sue rivendicazioni sugli altri settori), e il settore estero avrà aumentato la sua posizione finanziaria netta di $20 miliardi (sempre riducendo il debito inevaso o aumentando le sue rivendicazioni sugli altri settori).
È evidente che se un settore sta per registrare un avanzo di bilancio, almeno un altro settore deve registrare un deficit di bilancio. In termini di variabili di stock, perché un settore possa accumulare ricchezza finanziaria netta, almeno un settore deve aumentare il suo indebitamento per lo stesso importo. É impossibile accumulare ricchezza finanziaria netta per tutti i settori attraverso l'avanzo di bilancio. Possiamo formulare un altro “dilemma”: se uno dei tre settore va in surplus, almeno un altro deve andare in deficit.
Non conta quanto duramente ci possiamo provare, con possiamo andare tutti in surplus. È un po' come quei bambini del Lago Wobegone che si suppone siano sopra la media. Per ogni bambino sopra la media ce ne deve essere uno sotto la media. E per ogni deficit ci deve essere un surplus.
Nota sui temini. Durante tutto questo corso adotteremo le seguenti definizioni e convenzioni:
La parola “moneta” si riferirà ad una unità di conto generale e rappresentativa. Non useremo la parola per designare nessuna “cosa” specifica—per esempio monete o banconote
Le “cose” monetarie saranno identificate specificatamente: una moneta,
una banconota, un deposito a vista. Alcune di queste possono essere toccate (banconote), altre sono registrazioni elettroniche negli stati patrimoniali (depositi a vista, riserve bancarie). Quindi “cose monetarie” è semplicemente un modo veloce per dire “IOU denominati in moneta”.
Una specifica moneta di conto nazionale sarà designata con una lettera maiuscola: Dollari Usa, Yen Giapponesi, Yuan Cinesi, Sterline Inglesi, Euro EMU.
La parola valuta è usata per indicare monete, banconote e riserve emesse dallo Stato (sia dal tesoro che dalla banca centrale). Quando si designerà uno specifico tesoro o i suoi bond, la parola avrà la prima letta maiuscola: Tesoro USA, Bond del Tesoro USA.
Attivi finanziari netti sono uguali ai beni finanziari totali meno i debiti finanziari totali. Non è lo stesso di ricchezza netta (o valore netto)
Un IOU (I Owe You, “Io ti devo”) è un debito finanziario, una passività o un'obbligazione da pagare, denominati in una moneta di conto. E' un bene finanziario del proprietario. Può esserci un'evidenza fisica dell'IOU(per esempio, scritto in carta, impresso in una moneta) o può essere registrato elettronicamente ( per esempio, nello stato patrimoniale di una banca)
