. 2021 Sep 8;152:106306. doi: 10.1016/j.jbankfin.2021.106306

Table A.5.

Balance sheet matrix of the EIRIN economy. Each column represents the balance sheet of an agent or sector. Assets are reported with no sign while liabilities with a negative sign. Each column always sums to zero to highlight the definition of equity (or net worth). Except for real assets, the table's rows also sum to zero to highlight the financial interlinkages among sectors, i.e. that what is a financial asset for a sector is a liability for another sector. In the matrix each subscript represents the index of the agent to which the stock refers.

	$H_{w}$	$H_{k}$	$F_{K}$	$F_{L}$	$K$	$E N$	$B A$	$C B$	$G$	$R O W$	$\sum$
Tangible capital			$p_{K} K_{F_{K}}$	$p_{K} K_{F_{L}}$		$p_{K} K_{E N}$					$p_{K} K$
Inventories			$p_{C_{k}} I_{F_{K}}$								$p_{F_{K}} I_{F_{K}}$
Gold in the vault								$M_{C B}$			$M_{C B}$
gov bonds		$p_{B} n_{H_{k}}$					$p_{B} n_{B A}$	$p_{B} n_{C B}$	$- p_{B} n_{G}$		0
Bank’s loans			$- L_{F_{K}}$	$- L_{F_{L}}$		$- L_{E N}$	$L_{B A}$				0
CB’s loan							$- L_{C B}$	$L_{C B}$			0
Bank’s deposits	$M_{H_{w}}$	$M_{H_{k}}$	$M_{F_{K}}$	$M_{F_{L}}$	$M_{K}$	$M_{E N}$	$- D_{B A}$		$M_{G}$		0
CB’s reserves							$M_{B A}$	$- M_{f i a t}$		$M_{R O W}$	0
Equity (net worth)	$- E_{H_{w}}$	$- E_{H_{k}}$	$- E_{F_{K}}$	$- E_{F_{L}}$	$- E_{K}$	$- E_{E N}$	$- E_{B A}$	$- E_{C B}$	$- E_{G}$	$- E_{R O W}$	$- E_{E I R I N}$
$\sum$	0	0	0	0	0	0	0	0	0	0	0