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- Title
MEASURING THE NOMINAL VALUE OF FINANCIAL SERVICES IN THE NATIONAL INCOME ACCOUNTS.
- Authors
Fixler, Dennis; Zieschang, Kimberly D.
- Abstract
The recent growth in the U.S. financial service sector has resurrected the controversy over the treatment of financial services in the national income accounts. The main points of contention are the treatment of interest payments and the valuation of "free" financial services provided by banks. To examine different treatments of financial services, we employ a financial firm model that links financial service prices to the user cost of money. We show that our approach subsumes both the Department of Commerce and the U.N. Statistical Office approaches and thereby provides a heretofore absent economic foundation for their methods.
- Subjects
UNITED States; FINANCIAL services industry; NATIONAL income
- Publication
Economic Inquiry, 1991, Vol 29, Issue 1, p53
- ISSN
0095-2583
- Publication type
Article
- DOI
10.1111/j.1465-7295.1991.tb01252.x