Monetary Tables Research Articles

Toward the development of subnational hybrid input–output tables in a multiregional framework

AbstractEnvironmental input–output analyses can be a useful decision support tool at the subnational level, because of its ability to capture economic and environmental impacts at other geographical levels. Yet, such analyses are hindered by the lack of subnational IO tables. Furthermore, the lack of physical product and waste flows in what is known as a “hybrid” table prevents a range of consumption‐based and circular‐economy‐type analyses. We demonstrate the development of a multiregional hybrid IOT (MRHIOT) along with environmental extensions at the subnational level and exemplify it for the case of Belgium. The development procedure discloses a novel approach of combining national hybrid tables, subnational monetary tables, and physical survey‐based data. Such a combination builds upon a partial‐survey approach that includes a range of techniques for initial estimation and reconciliation within a balancing procedure. For the validation of the approaches, we assessed the magnitude of deviations between the initial and final estimates and analyzed the uncertainties inherent to each initial estimation procedure. Subsequently, we conducted a consumption‐based analysis where we assessed the carbon footprint (CF) at the subnational level and highlighted the CF inherent to the interregional linkages. This study provides methodological and application‐based contributions to the discussion on the relevance of hybrid subnational tables and analyses compared to national ones. The proposed approach could be replicable to some extent for further developing subnational MRHIOT. The study is expected to foster more research toward the development of further subnational MRHIOT as well as its associated wide‐ranging applications.

A note on the calculus for physical input–output analysis and its application to land appropriation of international trade activities

In a recent paper in this journal, embodied land appropriation in international trade activities was analysed using a physical input–output table (PIOT) (Ecological Economics 44 (2003) 137). The authors stated that there are significant differences between the physical and the monetary input–output tables in their results, which the authors argued to be due to the fact that the results from the monetary table are determined mainly by the monetary structure of final demand, while the structure of a physical table more closely resembles the ‘physical realities’ of an economy. In the present paper, it is argued that the methodological foundation that the authors based their analysis on is misleading and does not satisfy the overall material balance requirement. It is shown that the differences in the results between the monetary and physical tables presented by the authors have nothing to do with the resemblance to the physical realities. I also tried to further clarify a number of critical issues in applying physical input–output tables, related to double counting, treatment of wastes and the effect of closing the system toward direct material inputs. A number of consistent but different approaches to cope with these issues are presented, including their proofs. The embodied land appropriation of international trade activities is calculated and compared by applying those approaches. There are many advantages of using physical input–output tables, however, their superiority should not be exaggerated nor be regarded as absolute. Depending on how it is constructed and used, it is also possible that the results from a physical input–output table do not tell us more than that indeed some commodities are cheaper, or more costly, per unit of their mass.

English Life Table No. 11 (Males). Mortality Functions and Monetary Tables. [Pp. 132. Printed privately for the Industrial Life Offices Association by the offset lithographic process.

English Life Table No. 11 (Males). Mortality Functions and Monetary Tables. [Pp. 132. Printed privately for the Industrial Life Offices Association by the offset lithographic process.

Errata

Mortality of Assured Lives 1924–29 (Monetary Tables, Vol. I), p. 182. For ·01557 read ·01547 where P[33]:42 with 3½% interest is shown.

Mortality of Annuitants, 1900–1920. A Report on Graduation and Presentation of Monetary Tables

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Mortality Tables; the Tabulation of the Data

This Lecture was given with the object of explaining the preliminary steps to be taken in ascertaining the mortality experienced by a body of lives, commencing with the extraction of particulars from the records of individual cases and leading up to the point where the rates of mortality are calculated from the raw material (usually referred to as the unadjusted rates of mortality) before any smoothing process is adopted for the purpose of preparing monetary Tables based on the experience. The lecture was given with particular reference to the Mortality of Annuitants 1900–1920, the first report on which had just been published.

Mortality of Annuitants, 1900–1920. A Report on Graduation and presentation of monetary tables

Although many tables have been graduated in order to study the trend of mortality or express it mathematically, the real object of graduation in practical actuarial work is to provide a sufficiently smooth series of rates of mortality to avoid inconvenience in the calculation of monetary values, particularly perhaps, in the case of joint life functions. The importance of making tables available for practical calculation as soon as possible after the expiration of the period to which the rates of mortality relate necessitates the postponement of any attempt at an extensive mathematical study of the material and we feel that the alternative lies between (1) the use of the rates of mortality already found from the material adjusted as little as is necessary and (2) a Gompertz or Makeham graduation.

On the Comparative Reserves of Life Assurance Companies, according to various Tables of Mortality, at various rates of interest

It is not proposed in the present paper to take up any original investigation, the main object being to bring up to date the papers submitted to the Institute in 1876 and 1877, and which appeared in J.I.A., xix, p. 381, and xx, p. 233. These papers were written not very long after the publication of the Twenty Offices' Experience, with the Monetary Tables based thereon, and to it they were almost entirely devoted. The peculiar rates of mortality prevailing amongst assured lives were investigated, by means of ten mortality tables calculated for central ages at entry, tables which were called by name “Analyzed.” That name has since been superseded by the name “Select”, and the tables themselves, together with the annuity tables based upon them, have become obsolete, their place having been taken by Dr. Sprague's much more complete, and much better, “Select” Tables. The Analyzed Mortality Tables, however, served their purpose, as the main object in taking the matter up was, to estimate the reserves of life offices when the mortality of lives assured is kept separate according to age at entry.

The British Offices Life Tables, 1893; an Investigation of the Rates of Mortality in different Classes of the Assurance Experience, and of the resulting Net Premiums and Policy-Reserves

I have been invited by the Council of the Institute of Actuaries to read a paper dealing with the general bearings of the New Experience Tables. The Unadjusted Data of the Assurance Experience are set forth in the three volumes published by the Joint Committee of the Institute of Actuaries and the Faculty of Actuaries in Scotland, comprising (1) Whole-Life Assurances—Participating and Non-Participating—Male Lives; (2) Whole-Life Assurances—Participating and Non-Participating—Female Lives; (3) Endowment Assurances and Minor Classes of Assurances—Male and Female Lives. The Joint Committee have also kindly placed at my disposal, in the preparation of this paper, the graduated results, so far as available; and the Monetary Tables which have been computed, and which are in course of being printed for publication.

Mortality Experience of Assured Lives and Annuitants in France

The publication of the tables of mortality based upon the experience, collected by the Committee representing the four principal insurance companies of France, puts us in possession of an extensive and valuable body of statistics bearing upon the mortality of assured lives and annuitants in that country, and at the same time places the Actuarial profession under a considerable obligation to the Committee of French Actuaries to whom we are indebted for the collection and publication of the data and the resulting monetary tables. As in this country, the life assurance companies on the Continent had for a long time, necessarily, to depend upon statistics of mortality based upon observations of the population generally, which, whatever the skill with which they were prepared, were not only affected by the uncertainty attaching to all such statistics, but were not in any case specially suited to represent the probable mortality, either of assured lives or annuitants. The earliest of these tables, to which any value could be attached, are those of Deparcieux and Duvillard, corresponding in point of date, approximately, to the Northampton and Carlisle Tables in England, and it was not until 1860 that the three companies, the Compagnie d'Assurances Generales, Union, and Nationale, published their annuity experience, nor until 1874 that the first of these companies published a table representing the mortality experience of their assurants.