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Sectoral interlinkages in balance sheet approach

The financial crises have emphasised the need to identify sectoral interlinkages, which indicate financial linkages either among economic sectors or between residents and non-residents. This paper aims to identify and analyze sectoral interlinkages among entire Japanese financial system by applying balance sheet approach. First, this paper estimates entire sectoral interlinkages in Japan more accurately than current estimations, using not only the flow of funds but also detail sectoral data of loans and stock outstanding amounts. Moreover, time series analysis on structural changes of sectoral interlinkages is examined. Second, this paper applies input-output analysis to sectoral interlinkage approach and simulates ripple effects of financial shocks transmitted between sectors.