Page 89 - Invited Paper Session (IPS) - Volume 2

IPS184 Ivette F. et al.

From-whom-to-whom matrices: Analysis of the
sectoral interlinkages in Chile
Ivette Fernández, Alfredo Fuentes
Central Bank of Chile

Abstract
This paper presents the methodology followed by the Central Bank of Chile
for measuring the sectoral interlinkages or from-whom-to-whom (FWTW)
matrices of the following instruments for the period 2003-2018: Currency,
deposits, debt securities, loans, money market fund shares and Non-MMF
investment fund shares. In addition, the relationships between debtor and
creditor sectors for financial instruments are shown. The FWTW matrices
indicates which sectors are providing financing to which other sectors, by
giving a breakdown of financing by holder and counterparty sector. The results
expose, mainly, the important relationships of Deposit-taking corporations
with Households and Non-financial corporations, for deposits, loans and debt
securities.

Keywords
Flow of funds; sectoral accounts; financial accounts

1. Introduction
In Chile, the National Accounts by Institutional Sector (NA-IS) measures
1
the current accounts, accumulation accounts and financial balance sheets ,
following the recommendations of the System of National Accounts 2008
(2008, SNA - FMI, 2008). These statistics have been compiled since 1996 at an
annual frequency, with a lag of 15 months in their publication. As of 2011, data
was measured at a quarterly frequency, with a lag of 115 days. At present,
series have been available at a quarterly frequency since 2003 with a lag of
100 days.
In this context, the from-whom-to-whom matrices (FWTW) were published
in 2013 for deposits and loans . These data have been increasing in the last
2
years, currently the FWTW matrices are published for currency, deposits, debt
securities, loans, money market fund shares and Non-MMF investment fund
shares. These data are published by flows (financial transactions) and stock
(outstanding amounts).

1 For more information, see: National Accounts by Institutional Sectors, NA-SI. Methodologies
and Results 2005-2011q1” (CBCh, 2011).
2 For more information, see: “Sectoral Interlinkages in Chile: An Implementation of
National Accounts by Institutional Sector” (Fernández, 2013).
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