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KEIO UNIVERSITY MARKET QUALITY RESEARCH PROJECT (A 21st Century Center of Excellence Project)

KUMQRP DISCUSSION PAPER SERIES

DP2007-003

Deciphering Japanese Economy Using Social Accounting Matrix (SAM) Multiplier Approach

Hyun Suk *

Abstract

This study aims to clarify the causes of Japan’s long recession by inter-industry linkage analysis incorporating the production sector and the simplified loanable funds market within a social accounting matrix (SAM) framework from multi-sectoral perspectives. SAM macroeconomic multiplier could be decomposed further into savings-investment balance multiplier (M2) which could be construed as financial intermediary effect on the industry.

This paper additionally attempts to perform the policy simulation in order to test the efficient re-allocation effects on the macroeconomy considering transmission linkage and multiplier effects in input-output table. The results of policy simulations indicate that it is not necessarily better to reallocate the resources of a low TFP industry to a high TFP industry especially when considering multi-sectoral linkages through intermediary goods and investment multiplier effects within SAM framework. *Bond Market Specialist, International Finance Department, Japan Bank for International Cooperation

Graduate School of Economics and Graduate School of Business and Commerce, Keio University

2-15-45 Mita, Minato-ku, Tokyo 108-8345, Japan

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Deciphering Japanese Economy Using Social Accounting Matrix (SAM) Multiplier Approach†

HYUN SUK*

Abstract

This study aims to clarify the causes of Japan’s long recession by inter-industry linkage

analysis incorporating the production sector and the simplified loanable funds market within a

social accounting matrix (SAM) framework. SAM macroeconomic multiplier could be

decomposed further into savings-investment balance multiplier (M2), which could be

construed as financial intermediary effect on the industry.

This research additionally attempts to perform policy simulation in order to test the

efficient reallocation effects on the macroeconomy, considering transmission linkage and

multiplier effects in input-output table. The results of policy simulations indicate that it is not

necessarily better to reallocate the resources of a low TFP industry to a high TFP industry

especially when considering multi-sectoral linkages through intermediary goods and

investment multiplier effects within SAM framework.

†The author is very grateful to Colin McKenzie, Kazuhito Ikeo, Naoyuki Yoshino, Naosumi Atoda and Nagendra Shrestha for their helpful suggestions and valuable comments. Any remaining errors are solely mine. I also acknowledge that this research was supported partly from Research Grant of Fuji Xerox Setsutaro Kobayashi Memorial Fund. *E-mail: [email protected], International Finance Department I, Japan Bank for International Cooperation, 4-1 Ohtemachi 1-Chome, Chiyoda-ku, Tokyo 100-8144, Japan

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Introduction

There have been lots of attempts to explain and clarify the causes of Japan’s long

recession, the so called “lost decade” and what happened in Japan during the 1990s.

Clarifying the causes of the “lost decade” is very important in revitalizing the Japanese

economy as well as understanding the long recessions in the 1990s. These issues can be

explored mainly from the perspectives of the demand-side and the supply-side. From the

demand-side, it is usually explained that the GDP gap between real GDP and potential GDP

was lost and that fiscal and monetary policy could stimulate the economy. From the

supply-side, total factor productivity (TFP) growth and GDP growth led by low TFP growth

slowed during the 1990s.

Fewer papers investigate supply-side factors compared with demand-side factors. Using

a stochastic growth model, Hayashi and Prescott (2003) point out that the lost decade of the

Japanese economy in the 1990s resulted from the following: 1) a fall in TFP growth, and 2) a

reduction in the length of the work week. Since then, low TFP growth has been pointed out as

a major and stylized factor of Japan’s long recession after the bubble burst.

It has been argued that this low TFP growth results from the inefficient allocation of

bank credit, so called “Oikashi (over-loan, ever-greening)” and there are several empirical

researches on this relation between economic productivity and the misallocation of credit. By

using sectoral loan data from 1993 to 1997, a seminal paper of Hoshi (2000) shows that bank

loans to manufacturing industries with high profits decreased while loans to real estate

industries with low profits increased in the form of additional loans or extensions and interest

exemptions, and loans to real estate consequently crowded out loans to manufacturing.

Sakurakawa (2002) also shows that the share of real estate loans was positively related to land

price that is a proxy variable for profitability of real estate industry up to 1991 but since 1992

there has been no such significant relation by estimating loan share function of real estate

industry using banks’ panel data. Peek and Rosengren (2003) estimate the probability function

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of bank loan with panel logit model and their empirical result shows that firms with low ROA

and liquidity have an increased probability of securing bank loans. They also show that the

stronger relationship the main bank has with borrowing firms or affiliate firms, the more loans

are made. Caballero, Hoshi and Kashyap (2004) identify the zombie firms and analyze the

impact of their existence on the macroeconomy. They indicate that the ratio of zombie firms

increased from 1993 especially in the industry of construction and real estate and the more

zombie firms exist, the wider the gap in productivity between zombie firms and non-zombie

firms becomes. These studies show that the “Oikashi” phenomenon is found in the real estate

and construction industries which are burdened with excessive bank loans by investigating

empirically the balance sheet variables of banks and firms.

However, under the circumstances of declining TFP in the 1990s, it is easy to guess that

those firms heavily dependent on bank loans with an optimistic view about the rising TFP

during the bubble period must have encountered difficulties in paying back their loans when

high TFP growth was not realized because of financial disintermediation. Also the

malfunction of financial intermediation might have aggravated the negative effects coming

out of lower TFP growth. The deterioration of financial market quality in the 1990s might be

partially responsible for the long recession of the Japanese economy because the efficient

allocation of capital is positively correlated with good-function and development of loanable

funds market1. Japanese recession could be deteriorated and prolonged by the falling TFP of

each industry, which resulted from declining liquidity and flexibility of the bank loan markets

that channel savings into investments opportunities.

This paper attempts to construct social accounting matrix (SAM)2 and calculated

SAM-based multipliers in order to perform multi-sectoral linkage analysis especially focusing

1 See more details in Wurgler (2000) 2 The social accounting matrix (SAM) is one of the useful tools of economic research, policy analysis and economic planning. This matrix is usually used as the database for computable general equilibrium (CGE) models. On the construction of Japanese SAM, refer to Hosoe (2004) for more details.

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on simplified loanable funds market under savings-investment balance. SAM multipliers

calculated in each industry could be further decomposed to construe M2 multiplier of

investments on the real sector by dividing macroeconomic SAM into real sector and financial

sector. This decomposed multiplier (M2) captures production-savings-investment linkages

within this SAM framework. And then policy simulation tests the effects of efficient

re-allocation from low TFP industries to high TFP industries on the macroeconomy,

considering transmission linkages of industries because it is pointed out that economic

resources such as bank loans were allocated inefficiently to industries performing badly (low

TFP growth) during the bubble period. The results of policy simulation indicate that it is not

necessarily better to reallocate the resources from a low TFP industry to a high TFP industry

especially when considering the transmission mechanism through intermediary goods in the

macroeconomy.

1. Social Accounting Matrix (SAM)3

1.1 Social Accounting Matrix

The Social Accounting Matrix (SAM) is a statistical “snapshot” of the circular flow of

the economy that provides the basic information on transactions in an economy. It may be

described as a coherent square matrix system4 that collects data on the production and

income generation in Input-Output (IO) table and Systems of National Accounts (SNA) on the

one hand, and data on the incomes as received by different institutional groups, and the

expenditures of these incomes on the other hand.

Each cell shows the payment from the account of its column to the account of its row –

the incomes of an account appear along its row, its expenditures along its column. The

underlying principle of double-entry accounting requires that, for each account in the SAM, 3 SAM was proposed by Stone and elaborated on by Pyatt and Thorbecke (1976) and Pyatt and Round (1985). 4 For the data used a SAM, various kinds of consistency checks have to be carried out, in order to assure full consistency between the different data sources within the framework.

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total revenue (row total) should equal total expenditure (column total).

SAM-multiplier analysis can be performed by partitioning the accounts into

endogenous and exogenous accounts. This multiplier analysis takes into account all the

interactions within each step of the process of linkages among incomes, expenditures, and

production. There is not a single multiplier, but a matrix of multipliers representing the

potential effects of the additional one cell of the original SAM on the rest of the cells. This

SAM relationship may trace the complicated interactions inherent in the circular process.

1.2 Macroeconomic Structure in SAM

Table 1 basically consists of a set of rows and columns with similar headings, but

different meanings, that is, production activities, institutions, capital, government and foreign

sector, are all considered to be interrelated directly or indirectly within the SAM framework.

In this model, production, households and capital are treated as endogenous and the

government and the rest of world (ROW) are partitioned as exogenous.

Table 1. Basic Macroeconomic SAM

Expenditures

Incomes 1 Expenditure 2 consumption 3 Investment4 Government Expenditure

5 ROW (Export)

1 Production A C INV G EX 2 Household

Income Y 0 0 0 0

3 Savings 0 hSAV 0 gSAV F 4 Government

Revenue 1T 2T 0 0 0

5 ROW (Import)

IM 0 0 0 0

Based on the above SAM, the basic macroeconomic model consists of equations (1)-(5).

These five equations satisfy the properties of the SAM in Table 1, namely, the totals of each

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column and row must be same.

1TIMEXGINVCY −−+++= -----1)

2TSAVCY h ++= -----2)

FSAVSAVINV gh ++= -----3)

GTTTSAV g −+≡= )( 21 -----4)

EXIMF −= -----5)

Where Y denotes GNP, C denotes Consumption, INV denotes Investment, G denotes Government

Expenditure, EX denotes Exports, IM denotes Imports, hSAV denotes Household Savings, F(=IM-EX)

denotes the Balance of Trade ,.T denotes Total Taxes, 1T denotes Production Tax + Tariff, 2T denotes

Income Tax, A denotes Intermediate goods. It is assumed that cYC = and YsavSAV ii = , so that c is

the marginal propensity to consume, and savi: is the marginal propensity to save of sector i, where I denotes

either the government or households.

1.3 SAM-based Multipliers

The fundamental approach to the SAM-based multiplier models is to compute column

shares divided by the total amount of each column S , column coefficients matrix from a SAM

represents the structure of the economy which is analogous to Leontief inverse matrix

calculation in the IO table analysis. This SAM multiplier matrix captures the interdependence

of the endogenous variables given exogenous shocks. To perform SAM multiplier analysis, a

SAM first should be partitioned into two accounts, endogenous accounts and exogenous

accounts.

Following the approach of IO analysis, a linear multipliers model is constructed based

on the assumption that all the expenditure (column) coefficients in the SAM are constant. As

in most applications, it has been customary to regard the government and the rest of the world

as exogenous because the government accounts are essentially policy-determined, and the

external account is out of domestic control, while sectoral production, factor returns, and

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household incomes are treated as being endogenous.

In this model, the capital account is also endogenized to capture the role of the

savings-investment balance in the determination of national income following Robinson et al

(1988) and endogenous accounts are further grouped into two. The first includes the factor

and production markets in the real side of the economy, and consists of supplier (a) and

household accounts (c, y). The second group incorporates financial flows consisting of

capital accounts that summarize the loanable funds market circulating savings into

investment.

XYNSXYNs

yinvca

YNh

+⋅=+⎟⎟⎟

⎠

⎞

⎜⎜⎜

⎝

⎛=

0000 ,

YNNS = -----6)

XMXSIYN ⋅=−= −1)( -----7)

where YN , N, X and M denote total SAM, the endogenous accounts, the exogenous

accounts, and the SAM multiplier matrix respectively. I is the identity matrix, and S is the

share coefficient matrix. This coefficient matrix S is decomposed into two groups in order

to capture the interaction between real side and financial side of the economy. The right upper

in 2S stands for the demand for investment and the left lower in 2S stands for savings.

⎟⎟⎟

⎠

⎞

⎜⎜⎜

⎝

⎛+⎟⎟⎟

⎠

⎞

⎜⎜⎜

⎝

⎛=+=

00000

00

000000

21hs

invy

caSSS ------8)

This grouped SAM multiplier matrix can be further decomposed into three

multiplicative components following Pyatt and Round (1979) because this multiplicative

decomposition elucidates the routine of complex transmission linkages in the macroeconomy.

XYNSI =− )( ------9)

8

XMMMXSIDIDIMXYN 1231

112 ))(()( =−+−== −− ---10)5

1M stands for the ‘within accounts (intra-group or transfer) effect’ that is the multipliers of an

exogenous injection into one set of accounts will have on that same set of accounts. 2M

represents the ‘cross (open-loop or extra-group) effect’, an injection of an exogenous shock

into one set of accounts has on the other set of accounts with no reversal effects. This analysis

focuses this open-loop multiplier effect of investment on the production operating through the

savings-investment balance. 3M captures the multiplier effect of the full circular flow, so

called ‘between-accounts (inter-group or closed-loop) effect’ which measures the full circular

effects, resulting from an exogenous injection into the system, after returning to the account

where the injection originate in.

⎟⎟⎟

⎠

⎞

⎜⎜⎜

⎝

⎛

−−+−−−−+−

= −−−

−−−−

IcaIyIcyaIy

caIyIcaIcyaIM

000])([)]([0])([)()]([

111

1111

1

⎟⎟⎟

⎠

⎞

⎜⎜⎜

⎝

⎛

+−+−

= −

−

IsinvcyaIyI

invcyaIIM

h0)]([0

)]([01

1

2

⎟⎟⎟

⎠

⎞

⎜⎜⎜

⎝

⎛

+−−⋅+−−

⋅+−−⋅+−=

−−

−−

−−−

11

11

111

3

])]([[000])]([[00])]([[)]([

invcyaIysIsinvcyaIyI

sinvcyaIyIsinvcyaIIM

h

h

hh

5 To derive multiplicative SAM multipliers

xySI =− )(

S is partitioned into 1S and 2S then xySSI =−− )( 21

xSIySSIy 112

11 )()( −− −=−−

xSIySSII 112

11 )())(( −− −=−−

xSISSIIy 11

12

11 )())(( −−− −−−= xSIDIy 1

11 )()( −− −−= where 2

11)( SSID −−=

)()()( 121 DIDIDI +−=− −−

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2. SAM Multiplier Analysis

There are few multi-sectoral analyses using a SAM which provides a framework

including both national income in SNA and the production in IO table, while there are many

input-output (IO) analyses focusing on intermediate flows and on the sectoral production and

demand. Therefore, this study attempts to build Japanese SAM and calculate the SAM

multipliers and decompose further the total multipliers into M2 multiplier especially focusing

on savings-investment balance in order to analyze the effects of investments on the real sector.

Figure 1 shows the total multiplier effect (M) of investment given a unitary exogenous

shock to government expenditure in each industry between 1980 and 2000. For example, the

investment multiplier in the construction sector (sector number 17) is the largest of all the

multipliers and peaked in the bubble period which was affected by public construction in the

1990s through the stimulating economic policy packages (the values of the multiplier for this

industry were: 1.1998 1.3601 1.0974 1.198 1.0945). Furthermore, commerce,

electrical machinery, food, personal services, and real estate have a large multiplier given an

exogenous shock, while the public service sector such as other public services, water supply

and waste management services, and public administration have a small multiplier effect as

usually expected. Interestingly R&D and service industries in 2000 such as business services,

personal services sector, communication and broadcasting, and education and research have

higher multiplier effects than during the economic bubble in 1985 while the total multipliers

of construction, iron and steel, foods, etc., have declined.

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Figure 1. SAM-based Multipliers

0

0.2

0.4

0.6

0.8

1

1.2

1.4

sec01 sec03 sec05 sec07 sec09 sec11 sec13 sec15 sec17 sec19 sec21 sec23 sec25 sec27 sec29 sec31

INV80INV85

INV90INV95

INV00

sector

SAM-based Multiplier

INV80 INV85 INV90 INV95 INV00

Under the presumption of this SAM that investment is equal to savings, well-functioning

loanable funds markets could be positively related to the industry growth by channeling

savings efficiently into investments. Therefore this paper divides macroeconomic SAM into

real SAM (s1) and financial SAM (s2) focusing on the savings-investment relation and

calculates M2 multipliers by decomposing further the total multipliers. It can also be

implicitly interpreted that low savings-investment multipliers (M2) indicate the deterioration

of the financial intermediary function which circulates savings into investment and it could

induce falling TFP or low growth of the industry. Figure 2 shows the savings-investment

balance multiplier (M2) of investments on the real sector. These M2 multipliers are

categorized into three patterns 1) decreasing multipliers of declining industries (usually

primary industries), 2) increasing multipliers of bubble industry (real estate), and 3)

increasing multipliers of growing industries (communication & broadcasting, education &

research etc).

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Figure 2. SAM-based Multipliers (M2)

0

0.1

0.2

0.3

0.4

0.5

0.6

0.7

sec01 sec03 sec05 sec07 sec09 sec11 sec13 sec15 sec17 sec19 sec21 sec23 sec25 sec27 sec29 sec31

INV80INV85

INV90INV95

INV00

Sector

M2 Multipliers

INV80 INV85 INV90 INV95 INV00

The total investment multiplier in real estate in 2000 declined by 0.0219 compared with

that of 1985 but the M2 multiplier of the investment increased by 0.0206. It can be interpreted

that bank loans allocated to this sector have a positive financial intermediary effect on the

growth of the real estate industry. Actually the share of the real estate sector in total industry

has kept increasing even though the total investment multiplier has declined. In contrast, the

total investment multiplier of construction declined by 0.2656 and M2 multiplier of the

investment declined by 0.0464 and consequently the share of the construction sector has

declined. It could be inferred from this multiplier analysis that the real estate industry could

clear of non-performing loans promptly in its industry or that it was actually not affected

directly by falling land price while construction industry was affected severely and directly by

falling land price.

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Table 2. Investment Multipliers Difference between 1985 and 2000

Industry M Difference M2 Difference

sec01 Agriculture, forestry and fishery -0.1748 -0.0695

sec02 Mining -0.1372 -0.0557

sec03 Foods -0.2002 -0.0692

sec04 Textile products -0.1094 -0.0440

sec05 Pulp, paper and wooden products -0.1158 -0.0413

sec06 Chemical products -0.1536 -0.0595

sec07 Petroleum and coal products -0.1398 -0.0550

sec08 Ceramic, stone and clay products -0.0710 -0.0254

sec09 Iron and steel -0.2144 -0.0858

sec10 Non-ferrous metals -0.0512 -0.0188

sec11 Metal products -0.0639 -0.0185

sec12 General machinery -0.1066 -0.0279

sec13 Electrical machinery -0.0575 0.0043

sec14 Transportation equipment -0.0543 -0.0076

sec15 Precision instruments -0.0138 -0.0036

sec16 Miscellaneous manufacturing products -0.0894 -0.0240

sec17 Construction -0.2656 -0.0464

sec18 Electricity, gas and heat supply -0.0748 -0.0247

sec19 Water supply and waste management services -0.0065 -0.0001

sec20 Commerce -0.1152 -0.0007

sec21 Financial and insurance -0.0568 -0.0068

sec22 Real estate -0.0219 0.0206 sec23 Transport -0.0845 -0.0194

sec24 Communication and broadcasting 0.0521 0.0338 sec25 Public administration -0.0026 -0.0005

sec26 Education and research 0.0010 0.0090

sec27 Medical service, health and social security

and nursing care -0.1860 -0.0773

sec28 Other public services -0.0378 -0.0148

sec29 Business services 0.1714 0.1188

sec30 Personal services -0.0649 -0.0012

sec31 Office supplies -0.0075 -0.0025

sec32 Activities not elsewhere classified -0.0621 -0.0253

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Table 3. Major Structural Change of Japanese Industry (unit, %)

1980 1985 1990 1995 2000

Agriculture, forestry and fishery 3.80 3.3 2.59 1.99 1.48

Mining 0.58 0.31 0.27 0.18 0.14 Foods 3.41 3.64 2.82 2.73 2.69 Textile products 0.80 0.58 0.46 0.33 0.23 Pulp, paper and wooden products 0.88 0.79 0.8 0.73 0.67 Chemical products 2.30 2.34 2.24 2.08 1.92 Petroleum and coal products 1.17 1.29 1.03 1.17 1.38 Ceramic, stone and clay products 1.20 1.13 1.05 0.94 0.8 Iron and steel 2.76 1.89 1.69 1.28 1.06 Non-ferrous metals 0.95 0.59 0.57 0.47 0.43 Metal products 1.42 1.54 1.74 1.44 1.21 General machinery 2.75 2.92 3.18 2.45 2.17 Electrical machinery 3.25 4.33 4.7 4.18 4.29 Transportation equipment 3.16 3.27 2.72 2.35 2.44 Precision instruments 0.61 0.59 0.51 0.35 0.36 Miscellaneous manufacturing products 1.36 1.48 1.37 1.18 1.16 Construction 9.77 8.27 10.4 8.7 7.91 Electricity, gas and heat supply 2.91 3.43 2.71 2.85 3.01 Commerce 16.00 14.04 14.3 16.22 14.73Financial and insurance 5.14 5.37 5.9 6.22 6.67 Real estate 9.93 10.71 11.28 12.8 14.04

Source) Annual Report on National Accounts

3. Policy Simulations

Policy simulation could be implemented by giving an exogenous shock such as an

increase or a decrease in government expenditure and export, or an income transfer to

households. This policy simulation tests whether re-allocating resources from low-TFP

industries to high-TFP industries is better or not for the economy using the Japanese Industrial

Productivity database of RIETI (2006). Exogenous shocks will be given to government

expenditure in each industry in order to measure indirectly the reallocation effects on the

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economy6. TFP growth taken from the JIP database of RIETI (2006) and M2 multipliers are

summarized in Table 4.

These simulations select the industries only with large M2 multipliers and test the effects

that efficient re-allocations have on each industry. TFP85 in simulation I is reiterated under

the same simulation scenarios of base year 1985, which reflects the difference of multipliers

over time.

Table 4. TFP Growth and Investment Multipliers in Major Industries

1985 1990 1995 2000

TFP M2 M TFP M2 M TFP M2 M TFP M2 M

Construction(17) -0.01 0.60337 1.3601 0.035 0.59586 1.0974 -0.05 0.60519 1.198 -0.02 0.55693 1.0945

Commerce(20) 0.02 0.39391 0.88795 0.15 0.36003 0.66306 0.032 0.40858 0.80877 -0.03 0.39319 0.77271

Finance &

Insurance(21) 0.133 0.15071 0.33973 0.075 0.14288 0.26314 -0.11 0.14588 0.28877 0.07 0.14396 0.28292

Real Estate(22) -0.02 0.21579 0.48644 -0.09 0.18712 0.34462 -0.05 0.23816 0.47143 0.027 0.23639 0.46456

JIP database 2006, RIETI, http://www.rieti.go.jp/jp/database/d04.html

Specifically TFP85 scenario increases government expenditure by 1 million yen

respectively in high TFP industries such as commerce and finance & insurance and

simultaneously decreases government expenditure by 1 million yen respectively in low TFP

industries such as construction and real estate and then the same scenario is iterated over 1990,

1995 and 2000. Resource reallocation of this scenario increases total industry investment

especially in 1990 by 1.15 million yen. The interesting finding of this simulation is that

investment in the construction industry is increased even though government expenditure is

decreased by 1 million yen. In contrast, decrease in government expenditure downsizes the

investment in the real estate industry almost three-fold. This simulation indicates that

inter-industry linkages and industrial structure affect the multipliers of investment between

6 It is not feasible to reallocate resources directly in SAM framework therefore an increase or a decrease in government expenditure stands for resource re-allocation in this simulation.

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industries.

M2 scenario in simulation I increases government expenditures by 1 million yen

respectively in large M2 multiplier industries such as construction and commerce, and

simultaneously decreases government expenditure by the same amount respectively in

relatively small investment M2 multiplier industries of finance & insurance and real estate.

Like the result of TFP85 simulation, total industry investment in 1990 is bigger than those in

other periods. This reallocation from large M2 industries to small M2 industries has a

negative impact on investments in service sectors in 2000 and consequently total industry

investment declines. .

Table 5. Simulation I

TFP85 M2

Policy

Sector 1985 1990 1995 2000 1985 1990 1995 2000

Agriculture, forestry and fishery 0.015204 0.0105 0.0045 0.0078 -0.01995 0.002469 -0.00225 -0.01157

Mining -0.02989 0.039 -0.0187 -0.0165 0.0526 0.036751 0.024892 0.023949

Foods 0.039815 -0.0001 0.0222 0.0311 -0.05485 -0.01307 -0.02217 -0.0444

Textile products 0.014971 0.0161 0.0097 0.008 -0.00853 0.004915 0.001829 -0.00279

Pulp, paper and wooden products -0.04347 0.0981 -0.0427 -0.0373 0.07118 0.076538 0.072221 0.055682

Chemical products 0.003581 0.0349 -0.0017 0.0016 0.00009 0.015331 0.011123 0.001423

Petroleum and coal products -0.00626 0.0356 -0.0068 -0.0041 0.052274 0.031026 0.024474 0.02296

Ceramic, stone and clay products -0.08936 0.0708 -0.0718 -0.0653 0.079063 0.07314 0.069272 0.059498

Iron and steel -0.11471 0.0986 -0.0678 -0.0558 0.10259 0.097339 0.068014 0.051417

Non-ferrous metals -0.02075 0.0253 -0.0181 -0.0152 0.018343 0.023286 0.018543 0.013669

Metal products -0.09664 0.1014 -0.0957 -0.0892 0.089488 0.10381 0.096825 0.085385

General machinery 0.010671 0.0198 0.0032 0.0094 -0.01276 0.006891 -0.00026 -0.01346

Electrical machinery 0.00972 0.0257 0.0028 0.0153 -0.01594 0.010169 0.000505 -0.02463

Transportation equipment 0.018287 0.0137 0.0158 0.0205 -0.01557 -0.00379 -0.00877 -0.02185

Precision instruments 0.00546 0.0027 0.003 0.004 -0.00118 0.001499 0.000292 -0.0018

Miscellaneous manufacturing

products 0.024266 0.1028 0.0329 0.0375 0.008199 0.014169 0.012679 -0.006

Construction -0.98783 0.8941 -0.9876 -0.9793 0.85785 0.94686 0.93183 0.88248

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Electricity, gas and heat supply 0.0000028 0.0255 0.0031 0.0085 0.016419 0.0189 0.014871 0.006433

Water supply and waste

management services 0.002919 0.0056 0.0036 0.0056 -0.00007 0.002484 0.001416 -0.00117

Commerce 1.0267 1.0974 0.98 1.0053 1.0108 1.0646 1.0529 1.0072

Financial and insurance 1.0791 0.9537 1.109 1.0908 -1.0003 -1.0813 -1.0721 -1.0784

Real estate -0.89492 -2.9395 -0.9244 -0.9177 -1.0236 -0.99258 -1.0113 -1.0522

Transport 0.002811 0.091 0.0164 0.0209 0.049009 0.051629 0.053584 0.022599

Communication and broadcasting 0.04353 0.0533 0.0409 0.0552 -0.0056 0.008102 0.004373 0.002046

Public administration 0.000937 0.0001 0.0002 0.0015 -0.00077 -0.00012 -0.00052 -0.00084

Education and research 0.003191 0.014 0.0014 0.0049 -0.00297 0.00707 0.004928 -0.00302

Medical service, health and social

security and nursing care 0.0218 -0.0003 0.005 0.0084 -0.0308 -0.00189 -0.00522 -0.01229

Other public services 0.001241 0.004 0.0037 0.0044 -0.00431 -0.00137 -0.00258 -0.00474

Business services 0.067825 0.2375 0.0846 0.141 0.042062 0.03466 0.031901 -0.03239

Personal services 0.041186 0.0023 0.0314 0.0471 -0.05625 -0.01485 -0.0286 -0.06191

Office supplies 0.009735 0.0118 0.0087 0.008 0.001698 0.001529 0.00099 -0.00058

Activities not elsewhere classified 0.006042 0.0048 -0.0033 0.0059 -0.00168 0.001038 -0.00132 -0.00034

Total 0.165175 1.1502 0.1435 0.3623 0.196517 0.52525 0.342369 -0.13963

Simulation II compares efficient reallocation policy from low TFP growth industries to

high TFP industries based on TFP growth in Table 4 with M2 policy in simulation I, which

reflects policy difference over time. The results of policy simulation II seem to depend not on

direct investment effects but on the interdependence and the transmission mechanism of

industries because the total investments of each policy have different results. Therefore it is

not necessarily better to reallocate the resources of a low TFP industry to a high TFP industry

especially when considering the inter-industry linkages through intermediary goods and the

transmission mechanism effect between industries in SAM multiplier analysis.

Table 6. Simulation II (Efficient Reallocation Policy)

1985 1990 1995 2000

Agriculture, forestry and fishery 0.015204 0.010454 0.000591 0.011574

Mining -0.02989 0.039 -0.01475 -0.02395

17

Foods 0.039815 -0.00009 0.011663 0.044395

Textile products 0.014971 0.016148 0.010734 0.002785

Pulp, paper and wooden products -0.04347 0.098099 -0.0376 -0.05568

Chemical products 0.003581 0.034921 -0.00923 -0.00142

Petroleum and coal products -0.00626 0.035571 0.005363 -0.02296

Ceramic, stone and clay products -0.08936 0.070753 -0.07267 -0.0595

Iron and steel -0.11471 0.098634 -0.0694 -0.05142

Non-ferrous metals -0.02075 0.0253 -0.01931 -0.01367

Metal products -0.09664 0.10135 -0.09308 -0.08539

General machinery 0.010671 0.019781 -0.00429 0.013462

Electrical machinery 0.00972 0.025729 -0.00757 0.024634

Transportation equipment 0.018287 0.013681 0.00574 0.021854

Precision instruments 0.00546 0.00274 0.005318 0.001799

Miscellaneous manufacturing

products 0.024266 0.10284 -0.00434 0.005996

Construction -0.98783 0.89413 -1.0023 -0.88248

Electricity, gas and heat supply 0.0000028 0.025502 0.01167 -0.00643

Water supply and waste

management services 0.002919 0.005638 0.003939 0.00117

Commerce 1.0267 1.0974 2.9718 -1.0072

Financial and insurance 1.0791 0.95375 -0.97846 1.0784

Real estate -0.89492 -2.9395 -0.90404 1.0522

Transport 0.002811 0.091039 0.037598 -0.0226

Communication and broadcasting 0.04353 0.053284 0.033526 -0.00205

Public administration 0.000937 0.000146 -0.000077 0.000844

Education and research 0.003191 0.013997 -0.00034 0.003017

Medical service, health and social

security and nursing care 0.0218 -0.00033 0.002486 0.012287

Other public services 0.001241 0.00399 -0.00101 0.004743

Business services 0.067825 0.23754 -0.01877 0.032387

Personal services 0.041186 0.00233 0.018368 0.061908

Office supplies 0.009735 0.011783 0.008604 0.000579

Activities not elsewhere classified 0.006042 0.004825 -0.00388 0.00034

Total 0.165175 1.150433 -0.11369 0.139633

18

4. Conclusion and Summary

Many works have been done in order to elucidate the Japanese long recession since the

bubble burst from the supply side or demand side or sometimes from both sides. However

there are few multi-sectoral linkage analyses to explain the cause of the lost decade within

SAM framework focusing on the interaction between real sectors and the financial sector.

Therefore this research attempts to construct five Japanese SAMs from 1980 to 2000 and to

calculate SAM-based multipliers in order to analyze the effects of investments on each

industry.

Both total investment multipliers and M2 multipliers of investment that peaked in the

bubble period of 1985 have declined and these declining M2 multipliers could implicitly

indicate that the quality of the loanable funds market also was worsened under severe

financial environments such as non-performing loans and BIS capital adequacy ratio. One of

the interesting empirical findings shows that the real estate industry has an increasing M2

multiplier of investment which could consequently contribute to the growth of that industry,

while the construction industry a decreasing M2 multiplier and the share of that industry

decreased. Both the construction industry and the real estate industry have been pointed out as

industries that induced economic bubble and misallocation of bank credit (Oikashi).

However, when considering the inter-dependence and transmission mechanism of industries,

this decomposed M2 multiplier analysis dilutes the possibility of “Oikashi” in the real estate

industry while this supports the possibility of “Oikashi” in the construction industry.

Simulation results shows that the efficient re-allocation of resources from low TFP

growth industries to high TFP growth industries is not necessarily better for the economy

when considering inter-industry linkages and investment multipliers effects. By using SAM,

this multi-sectoral analysis could be extended to the computable general equilibrium model

which incorporates macroeconomic variables and the behaviors and interactions of each

economic agent.

19

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20

[Websites] Input-Output Table, Statistics Bureau, Ministry of Internal Affairs and Communications http://www.stat.go.jp/data/io/ Systems of National Accounts (SNA), Cabinet Office Economic and Social Research Institute, http://www.esri.cao.go.jp/jp/sna/menu.html Japan Industry Productivity (JIP) Database 2003, ESRI http://www.esri.go.jp/en/archive/bun/abstract/bun170index-e.html Japan Industry Productivity (JIP) Database 2006, METI http://www.rieti.go.jp/jp/database/d04.html

1980 SAM Multiplierssec01 sec02 sec03 sec04 sec05 sec06 sec07 sec08 sec09 sec10 sec11 sec12 sec13 sec14 sec15 sec16sec17

sec01 1.3723 0.0359 0.6382 0.3285 0.4539 0.2413 0.0617 0.2222 0.2223 0.1606 0.2574 0.2606 0.2575 0.2571 0.2455 0.3 0.29sec02 0.1893 1.0417 0.1867 0.218 0.2255 0.2871 0.7118 0.3994 0.3675 0.3236 0.2823 0.2496 0.236 0.2425 0.2185 0.2 0.28sec03 0.423 0.0531 1.5026 0.3735 0.3782 0.3532 0.0903 0.3252 0.3309 0.2368 0.3813 0.386 0.375 0.3784 0.3609 0.4 0.4sec04 0.1224 0.0194 0.1181 1.5812 0.1405 0.1235 0.0332 0.1213 0.1199 0.0883 0.1398 0.1413 0.1394 0.1434 0.1382 0.2 0.15sec05 0.1618 0.0256 0.1858 0.209 1.5895 0.208 0.0445 0.1855 0.1657 0.1254 0.1987 0.2008 0.2217 0.2005 0.1932 0.3 0.3sec06 0.2439 0.031 0.2189 0.3836 0.2651 1.6975 0.0573 0.213 0.2051 0.1689 0.2331 0.2377 0.258 0.2578 0.2294 0.5 0.24sec07 0.2198 0.0517 0.2106 0.2497 0.2526 0.3474 1.1131 0.2945 0.3671 0.1941 0.2902 0.2616 0.2421 0.2538 0.2256 0.3 0.27sec08 0.0711 0.0114 0.0822 0.0787 0.0814 0.083 0.0208 1.2297 0.088 0.0615 0.0967 0.098 0.1002 0.0963 0.0918 0.1 0.19sec09 0.1625 0.0291 0.1692 0.1819 0.2069 0.1717 0.0499 0.1972 2.2982 0.135 0.8109 0.5635 0.3232 0.4625 0.2945 0.2 0.34sec10 0.0544 0.0093 0.0562 0.0619 0.0659 0.0652 0.016 0.0683 0.0918 1.5055 0.1696 0.1216 0.1952 0.1422 0.1697 0.1 0.1sec11 0.0849 0.0152 0.0957 0.095 0.1113 0.0918 0.0268 0.0858 0.0866 0.0623 1.1491 0.1402 0.1243 0.1217 0.1014 0.1 0.2sec12 0.1094 0.0192 0.1091 0.1246 0.126 0.1157 0.0323 0.1178 0.1154 0.0838 0.1375 1.3804 0.1556 0.1681 0.1509 0.1 0.15sec13 0.1356 0.0231 0.1339 0.1532 0.1519 0.1408 0.039 0.1389 0.141 0.1009 0.1636 0.2298 1.415 0.227 0.1758 0.2 0.19sec14 0.1352 0.022 0.1305 0.1467 0.1454 0.1354 0.0373 0.1345 0.1345 0.0964 0.1547 0.1569 0.1526 1.5882 0.145 0.2 0.16sec15 0.0218 0.0037 0.0215 0.0248 0.0245 0.0226 0.0062 0.0224 0.0226 0.0162 0.0261 0.0346 0.0287 0.0324 1.1943 0 0.03sec16 0.1737 0.0289 0.1814 0.2226 0.2496 0.2099 0.0515 0.179 0.1765 0.1299 0.2096 0.2393 0.2663 0.2893 0.2707 1.4 0.24sec17 0.4642 0.0772 0.4563 0.5244 0.5163 0.4805 0.1316 0.4738 0.4843 0.3458 0.5549 0.5581 0.5413 0.5478 0.5207 0.6 1.58sec18 0.1084 0.0208 0.1173 0.1408 0.1556 0.1598 0.037 0.1644 0.1923 0.1508 0.1764 0.1582 0.1513 0.1564 0.1401 0.2 0.15sec19 0.0221 0.0038 0.0241 0.0278 0.0276 0.0318 0.007 0.0259 0.0255 0.0181 0.0282 0.0307 0.0281 0.0281 0.027 0 0.03sec20 0.5252 0.0925 0.5555 0.6587 0.6424 0.5602 0.1576 0.5766 0.5663 0.413 0.6463 0.6759 0.65 0.6604 0.62 0.7 0.71sec21 0.1699 0.0322 0.1708 0.23 0.2075 0.2081 0.0669 0.1961 0.2024 0.1594 0.2153 0.2131 0.2065 0.2146 0.2125 0.2 0.22sec22 0.2823 0.0481 0.2809 0.3245 0.3206 0.3018 0.0836 0.2967 0.3002 0.2131 0.3446 0.3472 0.3363 0.3401 0.3232 0.3 0.36sec23 0.2038 0.0353 0.2218 0.2462 0.2421 0.2285 0.0639 0.2638 0.2244 0.163 0.2573 0.252 0.2424 0.2472 0.2281 0.3 0.27sec24 0.0596 0.0106 0.0614 0.0733 0.0719 0.073 0.0205 0.0668 0.065 0.0494 0.0777 0.0779 0.0833 0.075 0.0744 0.1 0.08sec25 0.0084 0.0015 0.009 0.0092 0.0099 0.0088 0.003 0.0087 0.0093 0.0065 0.0096 0.0103 0.0108 0.0103 0.0103 0 0.01sec26 0.0568 0.0095 0.0589 0.0689 0.066 0.099 0.0174 0.0653 0.064 0.0469 0.0761 0.0944 0.1121 0.0981 0.0978 0.1 0.07sec27 0.1518 0.0253 0.149 0.1712 0.1688 0.1557 0.0427 0.154 0.1571 0.1122 0.181 0.1828 0.1766 0.1786 0.1704 0.2 0.19sec28 0.0354 0.0061 0.0369 0.0432 0.0416 0.0402 0.0116 0.038 0.043 0.0294 0.0499 0.0555 0.0457 0.0452 0.0437 0 0.05sec29 0.215 0.0446 0.2278 0.2597 0.2549 0.2646 0.0741 0.2475 0.2396 0.1773 0.2774 0.2942 0.2982 0.2798 0.261 0.3 0.32sec30 0.2716 0.0452 0.2667 0.3064 0.3021 0.2789 0.0765 0.2756 0.2812 0.2008 0.3241 0.3272 0.3165 0.3198 0.3052 0.3 0.34sec31 0.0095 0.0016 0.0097 0.0153 0.013 0.0135 0.0031 0.0125 0.0104 0.0082 0.0122 0.0151 0.0173 0.0139 0.0147 0 0.01sec32 0.0734 0.0133 0.0821 0.0795 0.0885 0.078 0.0293 0.0768 0.0831 0.0578 0.0822 0.0911 0.0979 0.092 0.0933 0.1 0.09

HH 2.5811 0.4294 2.533 2.9104 2.8694 2.6472 0.7263 2.6178 2.6715 1.9068 3.0784 3.108 3.0035 3.0371 2.8971 3.1 3.22INV 0.6722 0.1118 0.6597 0.758 0.7473 0.6894 0.1892 0.6817 0.6958 0.4966 0.8017 0.8094 0.7822 0.791 0.7545 0.8 0.84

1980 SAM Multipliers(continued)sec18 sec19 sec20 sec21 sec22 sec23 sec24 sec25 sec26 sec27 sec28 sec29 sec30 sec31 sec32 HH INV

sec01 0.1873 0.288 0.2874 0.2979 0.2944 0.2617 0.2992 0.2986 0.3128 0.3032 0.3085 0.2904 0.3529 0.3457 0.2495 0.3 0.28sec02 0.4642 0.2648 0.2281 0.2207 0.2163 0.2569 0.227 0.2381 0.2319 0.2424 0.2355 0.2297 0.2147 0.2343 0.2741 0.2 0.26sec03 0.2797 0.4297 0.4276 0.4449 0.4417 0.3881 0.4466 0.4445 0.4802 0.4449 0.4414 0.4261 0.5175 0.3954 0.3605 0.5 0.4sec04 0.1007 0.1571 0.1564 0.1614 0.1565 0.1453 0.1627 0.1659 0.1606 0.1535 0.1828 0.1581 0.1414 0.1603 0.1836 0.2 0.15sec05 0.1352 0.2108 0.2159 0.2159 0.2083 0.2001 0.2168 0.2184 0.2231 0.2131 0.2893 0.2323 0.1939 0.7365 0.2233 0.2 0.28sec06 0.1566 0.2538 0.235 0.2493 0.2371 0.2161 0.2543 0.2509 0.2549 0.5217 0.2717 0.2675 0.2255 0.3675 0.3003 0.2 0.25sec07 0.3999 0.2939 0.2552 0.2407 0.2333 0.3059 0.2491 0.2646 0.2531 0.2715 0.262 0.2526 0.2379 0.2625 0.2997 0.2 0.26sec08 0.0616 0.0965 0.0922 0.095 0.0997 0.0838 0.0945 0.0962 0.098 0.0939 0.096 0.0945 0.0876 0.0924 0.0972 0.1 0.16sec09 0.1436 0.2181 0.2148 0.2245 0.2222 0.2049 0.2217 0.2287 0.2209 0.209 0.2247 0.2526 0.1909 0.2282 0.3808 0.2 0.35sec10 0.0479 0.0736 0.0718 0.0748 0.0743 0.0678 0.0743 0.0778 0.0747 0.0755 0.0761 0.084 0.0648 0.0737 0.0899 0.1 0.11sec11 0.073 0.1102 0.1103 0.1119 0.1154 0.1002 0.1112 0.1135 0.1128 0.1068 0.1134 0.1147 0.0991 0.1109 0.1275 0.1 0.18sec12 0.0987 0.1498 0.1482 0.1552 0.1504 0.136 0.1536 0.1567 0.1538 0.1438 0.1541 0.2133 0.1306 0.1948 0.1544 0.2 0.27sec13 0.1206 0.1841 0.1827 0.1903 0.1876 0.1682 0.1906 0.2011 0.1904 0.1771 0.1882 0.2267 0.1615 0.1672 0.1709 0.2 0.3sec14 0.115 0.1742 0.1729 0.1798 0.1745 0.2092 0.1788 0.2201 0.1793 0.1676 0.179 0.2484 0.1534 0.1572 0.151 0.2 0.27sec15 0.0192 0.0297 0.0314 0.0305 0.03 0.0268 0.0304 0.0313 0.0305 0.0348 0.0303 0.0321 0.0262 0.0274 0.0249 0 0.04sec16 0.1502 0.2277 0.2268 0.2543 0.2215 0.2093 0.2479 0.2622 0.2646 0.2309 0.3211 0.3206 0.2083 0.395 0.2249 0.2 0.25sec17 0.4213 0.6455 0.6243 0.6469 0.7046 0.5701 0.6427 0.6563 0.6579 0.6063 0.6404 0.6166 0.5557 0.5576 0.5132 0.7 1.2sec18 1.1008 0.2117 0.1454 0.1445 0.1386 0.1487 0.1528 0.1569 0.1612 0.1629 0.1509 0.1483 0.1538 0.1521 0.1509 0.1 0.15sec19 0.0236 1.0308 0.0299 0.031 0.0293 0.0336 0.0329 0.0481 0.0368 0.0381 0.0316 0.0304 0.0359 0.0292 0.0357 0 0.03sec20 0.4532 0.6881 1.6906 0.6978 0.6768 0.6252 0.6986 0.7012 0.7049 0.7095 0.7468 0.7202 0.6654 0.9878 0.7238 0.7 0.75sec21 0.2081 0.2273 0.2624 1.2449 0.2172 0.2266 0.2184 0.2116 0.2106 0.2156 0.2389 0.2357 0.2006 0.2273 0.2168 0.2 0.22sec22 0.2534 0.3839 0.4165 0.4183 1.3871 0.363 0.4049 0.3938 0.4048 0.374 0.4191 0.3888 0.3619 0.3567 0.3438 0.4 0.36sec23 0.1751 0.2625 0.2629 0.2593 0.2467 1.3527 0.2746 0.2852 0.2649 0.2545 0.2746 0.2587 0.2397 0.2762 0.2697 0.3 0.26sec24 0.055 0.084 0.0965 0.1066 0.0765 0.0765 1.1018 0.0896 0.0844 0.0816 0.1021 0.1253 0.0749 0.0814 0.0846 0.1 0.08sec25 0.0073 0.0115 0.0114 0.0132 0.0104 0.0098 0.0124 1.0102 0.011 0.0109 0.0123 0.0114 0.0096 0.0117 0.0874 0 0.01sec26 0.0528 0.0749 0.0735 0.0761 0.0745 0.0713 0.0912 0.077 1.0763 0.0793 0.0764 0.0794 0.0657 0.0734 0.074 0.1 0.08sec27 0.133 0.2044 0.2033 0.2115 0.2106 0.1845 0.2112 0.2112 0.2133 1.1991 0.2087 0.2017 0.1808 0.1818 0.1648 0.2 0.19sec28 0.0336 0.0486 0.0501 0.0517 0.0506 0.0451 0.0534 0.0488 0.0497 0.0478 1.056 0.0531 0.0462 0.0456 0.041 0 0.05sec29 0.2314 0.3247 0.3174 0.3373 0.2849 0.2912 0.3168 0.3308 0.3112 0.302 0.3412 1.3511 0.2656 0.2838 0.2969 0.3 0.33sec30 0.238 0.3657 0.364 0.379 0.3766 0.3306 0.3927 0.3782 0.3816 0.3583 0.374 0.3621 1.3281 0.3256 0.2955 0.4 0.34sec31 0.0098 0.0146 0.0142 0.0162 0.0113 0.013 0.018 0.0152 0.0149 0.0136 0.0161 0.0142 0.0116 1.0136 0.0119 0 0.01sec32 0.0637 0.1018 0.0996 0.1206 0.0858 0.0835 0.1115 0.0827 0.0927 0.0953 0.111 0.1011 0.0821 0.1083 1.0772 0.1 0.09

HH 2.2616 3.4746 3.4558 3.597 3.5802 3.1359 3.5911 3.5917 3.6266 3.359 3.5492 3.4303 3.0735 3.0916 2.8016 3.8 3.18INV 0.589 0.9049 0.9 0.9368 0.9324 0.8167 0.9352 0.9354 0.9445 0.8748 0.9243 0.8934 0.8004 0.8052 0.7296 1 1.83


sec01 1.3807 0.0369 0.6234 0.3152 0.3865 0.2496 0.0722 0.2488 0.2391 0.1669 0.2755 0.283 0.2773 0.2692 0.2647 0.3 0.3sec02 0.1627 1.0306 0.1559 0.181 0.1989 0.2295 0.5894 0.3165 0.2936 0.2167 0.2252 0.2056 0.1941 0.1949 0.1782 0.2 0.23sec03 0.5217 0.064 1.5906 0.4571 0.4674 0.4318 0.1264 0.4321 0.419 0.2918 0.4826 0.4959 0.483 0.4694 0.461 0.5 0.5sec04 0.1507 0.0222 0.1395 1.6116 0.168 0.144 0.0437 0.1512 0.1441 0.1023 0.1669 0.1709 0.1679 0.1651 0.1603 0.2 0.18sec05 0.1847 0.0266 0.1941 0.2081 1.557 0.2056 0.0521 0.2058 0.1746 0.1252 0.2041 0.2076 0.2184 0.2048 0.2058 0.3 0.28sec06 0.278 0.0351 0.2486 0.3814 0.3147 1.6917 0.07 0.2618 0.2371 0.1828 0.2716 0.2771 0.2982 0.2905 0.2695 0.5 0.28sec07 0.2097 0.0412 0.1958 0.2278 0.2491 0.3047 1.1321 0.2646 0.3113 0.1567 0.2569 0.2404 0.2284 0.2293 0.2101 0.2 0.26sec08 0.0905 0.0136 0.0946 0.0955 0.1042 0.0972 0.0279 1.2406 0.104 0.0673 0.1138 0.1175 0.1211 0.1124 0.1195 0.1 0.2sec09 0.1891 0.0317 0.1883 0.2036 0.2389 0.1959 0.0599 0.22 2.2857 0.1394 0.7411 0.5009 0.2976 0.41 0.262 0.2 0.35sec10 0.064 0.0101 0.0636 0.0695 0.0751 0.0737 0.0197 0.071 0.092 1.5073 0.1766 0.117 0.1546 0.1305 0.1356 0.1 0.1sec11 0.1189 0.0202 0.1297 0.1295 0.147 0.1297 0.0392 0.1249 0.1201 0.0836 1.1884 0.1788 0.1634 0.1519 0.1482 0.1 0.24sec12 0.197 0.0315 0.1876 0.2116 0.2173 0.1989 0.0607 0.2068 0.1997 0.139 0.2319 1.4474 0.2469 0.2493 0.2315 0.2 0.25sec13 0.2807 0.0437 0.2661 0.3004 0.3055 0.2815 0.0855 0.2906 0.2825 0.1968 0.3312 0.395 1.6812 0.4095 0.384 0.3 0.36sec14 0.1864 0.0286 0.1747 0.1943 0.1984 0.1833 0.056 0.19 0.1849 0.1281 0.2105 0.2159 0.2103 1.7944 0.1992 0.2 0.22sec15 0.0307 0.0047 0.0291 0.0331 0.0334 0.0307 0.0093 0.0318 0.0309 0.0215 0.0355 0.0429 0.0368 0.0354 1.2193 0 0.04sec16 0.2413 0.0385 0.2486 0.2893 0.3243 0.2634 0.0744 0.2515 0.2382 0.1688 0.2798 0.3053 0.3301 0.349 0.3388 1.5 0.32sec17 0.6598 0.1014 0.6245 0.7069 0.7187 0.6631 0.2011 0.684 0.6717 0.4648 0.7645 0.7816 0.7593 0.741 0.7255 0.8 1.79sec18 0.1556 0.0277 0.1592 0.1948 0.2097 0.2131 0.0555 0.2089 0.2363 0.1684 0.2229 0.2133 0.2057 0.2035 0.1849 0.2 0.2sec19 0.0389 0.0062 0.0401 0.0456 0.0458 0.0476 0.0128 0.0442 0.0432 0.0291 0.0468 0.0499 0.0475 0.0463 0.0453 0 0.05sec20 0.6767 0.105 0.6803 0.8066 0.7652 0.6787 0.2223 0.7122 0.6975 0.4863 0.7897 0.8131 0.8006 0.7934 0.7551 0.8 0.83sec21 0.2845 0.0487 0.2686 0.3301 0.3246 0.3025 0.1014 0.3141 0.302 0.2117 0.3335 0.3406 0.3339 0.3223 0.3226 0.3 0.34sec22 0.3989 0.0629 0.3814 0.4358 0.442 0.4095 0.1255 0.4222 0.4094 0.284 0.4698 0.4811 0.4672 0.4535 0.4474 0.5 0.49sec23 0.2872 0.045 0.2905 0.3133 0.3407 0.3019 0.1018 0.348 0.3377 0.229 0.3472 0.3498 0.3321 0.3307 0.3151 0.3 0.37sec24 0.0871 0.0147 0.0861 0.0996 0.0994 0.0969 0.0304 0.0948 0.0914 0.065 0.1059 0.1095 0.1071 0.1023 0.1038 0.1 0.11sec25 0.0108 0.0018 0.0105 0.012 0.0119 0.0112 0.0033 0.0119 0.0124 0.0081 0.0133 0.0142 0.0136 0.0124 0.0121 0 0.01sec26 0.0953 0.0146 0.0926 0.1089 0.1099 0.1496 0.0309 0.1076 0.1046 0.0782 0.1193 0.1458 0.1755 0.1626 0.138 0.1 0.12sec27 0.2239 0.0343 0.2112 0.2391 0.2426 0.2229 0.0676 0.2306 0.2239 0.1559 0.2581 0.2646 0.2569 0.25 0.2459 0.3 0.27sec28 0.0524 0.0086 0.0519 0.0614 0.0605 0.0583 0.0176 0.0584 0.0589 0.0398 0.069 0.0746 0.0647 0.0619 0.062 0.1 0.07sec29 0.3434 0.0689 0.3538 0.3869 0.3931 0.3963 0.1212 0.3876 0.3763 0.2611 0.4273 0.439 0.4471 0.4314 0.401 0.4 0.49sec30 0.41 0.0628 0.3872 0.4382 0.4447 0.4089 0.124 0.4225 0.4101 0.2856 0.4729 0.485 0.471 0.4581 0.4509 0.5 0.49sec31 0.0153 0.0026 0.0157 0.0207 0.019 0.0166 0.0049 0.0177 0.0164 0.0117 0.0199 0.0201 0.0199 0.0192 0.0193 0 0.02sec32 0.0771 0.0131 0.0758 0.0871 0.0854 0.0816 0.0233 0.0881 0.097 0.0607 0.0984 0.1083 0.1025 0.0903 0.0868 0.1 0.1

HH 3.5353 0.5409 3.3348 3.7751 3.8314 3.5192 1.0678 3.6408 3.5346 2.4608 4.0761 4.1789 4.0568 3.947 3.8833 4.1 4.24INV 1.0553 0.1615 0.9954 1.1269 1.1437 1.0505 0.3187 1.0868 1.0551 0.7345 1.2167 1.2474 1.211 1.1782 1.1592 1.2 1.27

1985 SAM Multipliers(continued)sec18 sec19 sec20 sec21 sec22 sec23 sec24 sec25 sec26 sec27 sec28 sec29 sec30 sec31 sec32 HH INV

sec01 0.2192 0.3082 0.3066 0.3136 0.309 0.2844 0.3146 0.3155 0.3273 0.3173 0.3234 0.302 0.3511 0.3347 0.2771 0.3 0.3sec02 0.3627 0.2178 0.199 0.1888 0.1877 0.2147 0.194 0.203 0.2011 0.2066 0.1993 0.1924 0.184 0.2008 0.1975 0.2 0.22sec03 0.385 0.5398 0.5364 0.5505 0.5439 0.4969 0.5527 0.5529 0.5835 0.5516 0.5637 0.5258 0.6219 0.485 0.475 0.6 0.5sec04 0.1312 0.1867 0.1868 0.1882 0.1836 0.1737 0.1887 0.1926 0.1894 0.1815 0.2134 0.1837 0.1698 0.2195 0.1769 0.2 0.18sec05 0.157 0.2267 0.2314 0.2259 0.2175 0.2189 0.225 0.2294 0.2364 0.2242 0.2444 0.2317 0.2079 0.8184 0.1963 0.2 0.27sec06 0.2006 0.3007 0.2776 0.2857 0.2757 0.2591 0.291 0.2937 0.2961 0.5162 0.3046 0.2974 0.2662 0.411 0.2857 0.3 0.29sec07 0.2866 0.2654 0.2505 0.2304 0.2275 0.2868 0.2368 0.2507 0.2454 0.2577 0.2462 0.2363 0.2285 0.2509 0.2489 0.2 0.25sec08 0.0827 0.1187 0.1138 0.1155 0.1189 0.1057 0.1152 0.1177 0.1191 0.1131 0.1197 0.1151 0.1075 0.1135 0.1026 0.1 0.16sec09 0.1779 0.2454 0.2421 0.2459 0.2482 0.2322 0.2453 0.257 0.2486 0.2356 0.2523 0.2579 0.2187 0.2461 0.2326 0.3 0.36sec10 0.0592 0.0829 0.0816 0.0832 0.0828 0.0772 0.0831 0.0873 0.0842 0.0839 0.0861 0.0869 0.0746 0.0822 0.0809 0.1 0.11sec11 0.1089 0.1519 0.1513 0.1513 0.1549 0.14 0.1509 0.1563 0.1538 0.1473 0.1564 0.1508 0.1381 0.1472 0.1316 0.2 0.21sec12 0.1844 0.2568 0.2556 0.2621 0.2566 0.2372 0.2614 0.2679 0.2626 0.2481 0.2668 0.3002 0.2287 0.278 0.2109 0.3 0.4sec13 0.2607 0.3637 0.3621 0.3711 0.3652 0.3376 0.3719 0.3902 0.3728 0.352 0.3785 0.3958 0.3247 0.3469 0.3267 0.4 0.51sec14 0.1691 0.2333 0.2333 0.2387 0.2319 0.2626 0.2387 0.2894 0.2389 0.226 0.2428 0.2854 0.2089 0.2097 0.2298 0.2 0.31sec15 0.0283 0.0396 0.042 0.0404 0.0399 0.0365 0.0403 0.0414 0.0407 0.0445 0.0413 0.04 0.0359 0.0359 0.0348 0 0.05sec16 0.2191 0.3406 0.3096 0.328 0.2934 0.285 0.3222 0.3505 0.3502 0.3057 0.3708 0.3928 0.2841 0.483 0.2753 0.3 0.33sec17 0.6257 0.8775 0.8527 0.8711 0.9177 0.7955 0.8668 0.8805 0.8831 0.8291 0.891 0.8305 0.768 0.7533 0.6935 0.9 1.36sec18 1.1455 0.263 0.2021 0.1965 0.1939 0.2005 0.2095 0.2146 0.2183 0.2205 0.2038 0.2001 0.1975 0.2065 0.1864 0.2 0.21sec19 0.0408 1.0516 0.0502 0.0504 0.0488 0.0533 0.0525 0.0706 0.0594 0.059 0.052 0.0501 0.0554 0.0473 0.043 0.1 0.05sec20 0.608 0.8414 1.8471 0.8416 0.8284 0.7769 0.8422 0.8602 0.8609 0.8584 0.8791 0.8375 0.7923 0.9859 0.684 0.9 0.89sec21 0.2836 0.3444 0.3878 1.3778 0.3484 0.3466 0.3372 0.3348 0.3349 0.3361 0.3577 0.3482 0.3156 0.3378 0.2843 0.3 0.34sec22 0.3738 0.5192 0.5573 0.5534 1.5166 0.4929 0.5356 0.5287 0.5445 0.5059 0.5583 0.5183 0.4884 0.4706 0.4331 0.5 0.49sec23 0.259 0.3444 0.3585 0.3442 0.3326 1.4133 0.3594 0.3646 0.3566 0.3398 0.3587 0.3394 0.3201 0.3736 0.3042 0.3 0.36sec24 0.0838 0.1177 0.1288 0.1373 0.1098 0.111 1.1452 0.1276 0.1221 0.1151 0.1345 0.1554 0.1071 0.1077 0.1173 0.1 0.11sec25 0.0105 0.0132 0.013 0.0142 0.0129 0.0123 0.014 1.0133 0.014 0.0128 0.0144 0.0133 0.012 0.014 0.0911 0 0.01sec26 0.0941 0.1207 0.1186 0.1209 0.1185 0.1136 0.1359 0.1244 1.1221 0.1247 0.1243 0.1236 0.1073 0.1185 0.1131 0.1 0.13sec27 0.2061 0.2893 0.2876 0.295 0.2921 0.267 0.2943 0.2961 0.2971 1.2822 0.3018 0.2811 0.2588 0.2543 0.2312 0.3 0.27sec28 0.0509 0.0889 0.0688 0.071 0.0703 0.0646 0.0694 0.0693 0.0706 0.0693 1.0828 0.0733 0.0674 0.0635 0.0593 0.1 0.07sec29 0.3752 0.482 0.4921 0.5054 0.4371 0.4502 0.5033 0.5289 0.4756 0.4616 0.4871 1.5266 0.4156 0.4239 0.3888 0.4 0.48sec30 0.3776 0.53 0.5273 0.5411 0.5348 0.4884 0.5634 0.5436 0.5443 0.5184 0.5538 0.5174 1.4834 0.4662 0.4244 0.6 0.49sec31 0.0155 0.0228 0.0245 0.0235 0.0188 0.0205 0.0226 0.0227 0.0263 0.0222 0.0244 0.0215 0.019 1.0203 0.0166 0 0.02sec32 0.0772 0.09 0.0879 0.1003 0.0857 0.0841 0.0982 0.0895 0.097 0.0867 0.1009 0.0928 0.0823 0.1087 1.0714 0.1 0.1

HH 3.2544 4.5686 4.541 4.659 4.6133 4.2044 4.6467 4.676 4.6918 4.4253 4.7659 4.4388 4.0868 4.0145 3.6444 4.9 4.2INV 0.9715 1.3637 1.3555 1.3907 1.3771 1.255 1.3871 1.3958 1.4005 1.3209 1.4226 1.325 1.2199 1.1983 1.0878 1.5 2.25


sec01 1.2728 0.0292 0.4272 0.1535 0.2332 0.1348 0.0373 0.13 0.1267 0.0862 0.14 0.1419 0.1405 0.1379 0.1343 0.2 0.15sec02 0.0618 1.0194 0.0562 0.0603 0.0711 0.0918 0.4326 0.1799 0.1439 0.1326 0.0908 0.0772 0.0725 0.0746 0.066 0.1 0.1sec03 0.3555 0.062 1.4196 0.2652 0.2868 0.2794 0.0796 0.2728 0.2699 0.1825 0.298 0.302 0.2964 0.2913 0.2831 0.3 0.31sec04 0.1027 0.0231 0.0891 1.4351 0.1105 0.0986 0.0294 0.1012 0.097 0.0672 0.108 0.1092 0.1091 0.1097 0.1043 0.1 0.12sec05 0.1229 0.0258 0.1311 0.1251 1.4498 0.14 0.0329 0.1426 0.1166 0.083 0.1301 0.129 0.1382 0.13 0.1318 0.2 0.2sec06 0.1658 0.0278 0.1316 0.2318 0.1735 1.51 0.0373 0.1458 0.1249 0.0994 0.1396 0.1415 0.1526 0.158 0.1392 0.3 0.15sec07 0.0883 0.0306 0.0746 0.0797 0.0905 0.1337 1.0665 0.1063 0.1538 0.0589 0.1026 0.0917 0.085 0.0878 0.0787 0.1 0.1sec08 0.0522 0.0118 0.0541 0.0501 0.062 0.0596 0.0159 1.1719 0.0657 0.0397 0.0646 0.0663 0.0716 0.0697 0.076 0.1 0.14sec09 0.1058 0.027 0.105 0.1036 0.1411 0.1139 0.0334 0.1428 2.0615 0.0776 0.5594 0.3488 0.178 0.2678 0.1476 0.1 0.22sec10 0.0399 0.0097 0.0398 0.0396 0.0463 0.05 0.0122 0.0487 0.0658 1.4629 0.1412 0.0888 0.1185 0.0976 0.0825 0.1 0.07sec11 0.085 0.0227 0.0987 0.0839 0.1073 0.0981 0.0283 0.0946 0.0855 0.059 1.1512 0.1391 0.1206 0.1117 0.1046 0.1 0.2sec12 0.1311 0.0325 0.1184 0.1277 0.1401 0.1352 0.0401 0.1377 0.134 0.0906 0.1499 1.3837 0.1614 0.1714 0.1551 0.1 0.17sec13 0.1923 0.0455 0.1727 0.1863 0.1995 0.1968 0.0577 0.1963 0.1941 0.1316 0.2202 0.2793 1.5727 0.3214 0.2814 0.2 0.24sec14 0.1595 0.0367 0.1402 0.1488 0.1597 0.158 0.0469 0.1577 0.1556 0.105 0.1714 0.1735 0.1707 1.8416 0.1622 0.2 0.18sec15 0.0194 0.0045 0.0174 0.0188 0.0201 0.0197 0.0058 0.0197 0.0195 0.0132 0.0216 0.0281 0.0231 0.0227 1.1728 0 0.02sec16 0.1823 0.0448 0.1887 0.2181 0.2169 0.2122 0.055 0.1932 0.1807 0.1387 0.2077 0.2357 0.2599 0.2821 0.2635 1.4 0.23sec17 0.4562 0.1064 0.4091 0.4437 0.4765 0.4693 0.1378 0.476 0.4721 0.3151 0.5148 0.5163 0.5071 0.4974 0.4832 0.5 1.54sec18 0.0838 0.024 0.0865 0.0998 0.1165 0.1269 0.0336 0.119 0.1528 0.0846 0.1233 0.1115 0.1081 0.112 0.0985 0.1 0.11sec19 0.0258 0.0064 0.0265 0.0289 0.0298 0.0336 0.0086 0.0307 0.0294 0.0192 0.0304 0.0318 0.0311 0.0302 0.0294 0 0.03sec20 0.4915 0.1139 0.4882 0.5445 0.5614 0.5008 0.1539 0.5115 0.5346 0.3669 0.5624 0.5797 0.5687 0.5874 0.54 0.5 0.6sec21 0.2408 0.0632 0.2075 0.242 0.247 0.2435 0.0856 0.2488 0.2384 0.1644 0.2549 0.2536 0.2419 0.2442 0.2457 0.2 0.27sec22 0.2908 0.0699 0.265 0.2893 0.3085 0.3032 0.0901 0.3054 0.3017 0.2027 0.3305 0.336 0.3293 0.323 0.3148 0.3 0.35sec23 0.2135 0.0511 0.2102 0.2074 0.2374 0.2276 0.0836 0.253 0.2369 0.1544 0.2464 0.2378 0.2326 0.2345 0.2159 0.2 0.25sec24 0.0626 0.0164 0.0602 0.0672 0.0687 0.0718 0.0213 0.0675 0.0663 0.0464 0.0745 0.0758 0.075 0.0732 0.0712 0.1 0.08sec25 0.0044 0.0011 0.0041 0.0046 0.0049 0.0049 0.0014 0.0052 0.0049 0.0032 0.0053 0.0052 0.0052 0.0049 0.0048 0 0.01sec26 0.0768 0.0177 0.0722 0.0825 0.0856 0.1454 0.025 0.093 0.0885 0.0659 0.0942 0.1186 0.1744 0.141 0.1304 0.1 0.09sec27 0.0345 0.008 0.0307 0.0332 0.0355 0.0348 0.0102 0.0349 0.0346 0.0234 0.0382 0.0387 0.0379 0.0373 0.0362 0 0.04sec28 0.0245 0.006 0.0227 0.0249 0.0263 0.0267 0.0078 0.026 0.0261 0.017 0.029 0.0297 0.0279 0.0273 0.0264 0 0.03sec29 0.2954 0.0964 0.2969 0.3126 0.3337 0.3671 0.1097 0.3428 0.331 0.2243 0.3645 0.3755 0.3814 0.3703 0.3493 0.4 0.42sec30 0.3162 0.0733 0.2826 0.3057 0.3263 0.3204 0.0939 0.3207 0.3184 0.2151 0.3514 0.356 0.3496 0.343 0.3333 0.3 0.37sec31 0.0104 0.0027 0.0108 0.0139 0.0126 0.0115 0.0034 0.0122 0.0113 0.0079 0.0138 0.0135 0.0136 0.013 0.0133 0 0.01sec32 0.0397 0.0115 0.0383 0.0475 0.0514 0.0521 0.0155 0.0587 0.0514 0.033 0.0539 0.0506 0.0525 0.0471 0.0469 0.1 0.06

HH 2.6798 0.6186 2.3897 2.5842 2.7598 2.706 0.7931 2.7119 2.6919 1.8184 2.9725 3.0106 2.95 2.8984 2.819 2.8 3.12INV 0.7338 0.1694 0.6544 0.7077 0.7557 0.741 0.2172 0.7426 0.7372 0.498 0.814 0.8244 0.8078 0.7937 0.772 0.8 0.85

1990 SAM Multipliers (continued)sec18 sec19 sec20 sec21 sec22 sec23 sec24 sec25 sec26 sec27 sec28 sec29 sec30 sec31 sec32 HH INV

sec01 0.126 0.157 0.1542 0.1548 0.1508 0.1436 0.1556 0.1602 0.1619 0.1713 0.162 0.151 0.1886 0.1892 0.1281 0.2 0.15sec02 0.2051 0.0813 0.0689 0.0646 0.0635 0.0792 0.066 0.0715 0.072 0.0774 0.0698 0.0666 0.0643 0.0727 0.0707 0.1 0.09sec03 0.2698 0.3346 0.3278 0.3305 0.324 0.3053 0.3337 0.3424 0.3428 0.3575 0.3384 0.3205 0.414 0.2952 0.2632 0.4 0.31sec04 0.0956 0.122 0.1211 0.1189 0.1133 0.1118 0.1172 0.1243 0.1214 0.1222 0.1519 0.1165 0.1084 0.1435 0.1133 0.1 0.12sec05 0.1095 0.1402 0.1455 0.1383 0.1275 0.1369 0.1325 0.1397 0.1459 0.1437 0.1715 0.1389 0.1286 0.7766 0.1402 0.1 0.19sec06 0.1105 0.1563 0.1329 0.1363 0.1265 0.1241 0.1368 0.143 0.1475 0.3931 0.1556 0.145 0.1335 0.2525 0.1514 0.1 0.15sec07 0.1353 0.1028 0.0916 0.0827 0.0805 0.1202 0.0848 0.0932 0.0925 0.1028 0.0916 0.0855 0.0838 0.0937 0.1019 0.1 0.1sec08 0.0525 0.0682 0.062 0.0614 0.0626 0.0578 0.0609 0.065 0.066 0.0645 0.0645 0.0622 0.0594 0.0657 0.0588 0.1 0.11sec09 0.1083 0.1348 0.1285 0.1283 0.1276 0.1245 0.1264 0.1392 0.1329 0.1289 0.1329 0.1387 0.1159 0.1449 0.1375 0.1 0.22sec10 0.0411 0.0504 0.0482 0.0485 0.0475 0.0458 0.0478 0.0527 0.0503 0.0519 0.0507 0.0526 0.0441 0.0524 0.0571 0.1 0.08sec11 0.0856 0.1057 0.1028 0.0998 0.101 0.0951 0.0989 0.1097 0.1041 0.1031 0.105 0.1016 0.0936 0.1058 0.099 0.1 0.17sec12 0.1352 0.1691 0.1615 0.1642 0.1578 0.1513 0.1613 0.1692 0.1677 0.1612 0.1667 0.1965 0.1441 0.208 0.1305 0.2 0.31sec13 0.196 0.2412 0.2358 0.2389 0.2311 0.2216 0.2386 0.26 0.2487 0.2355 0.243 0.268 0.2105 0.2407 0.2015 0.3 0.39sec14 0.1574 0.1918 0.1879 0.1911 0.1823 0.2067 0.1876 0.2378 0.1943 0.1874 0.1936 0.2372 0.1673 0.1678 0.1527 0.2 0.27sec15 0.0195 0.0241 0.0257 0.0238 0.0232 0.022 0.0236 0.0253 0.0245 0.0301 0.0243 0.0247 0.0215 0.0217 0.0189 0 0.04sec16 0.1817 0.2572 0.2261 0.2456 0.2013 0.2042 0.2261 0.2589 0.261 0.2298 0.3115 0.2815 0.2069 0.3925 0.2076 0.2 0.25sec17 0.4872 0.603 0.56 0.5612 0.5876 0.5279 0.5557 0.59 0.5887 0.5601 0.5715 0.5426 0.5018 0.4958 0.4594 0.6 1.1sec18 1.0915 0.1573 0.1052 0.0988 0.0955 0.1054 0.1056 0.1107 0.1171 0.1264 0.1044 0.102 0.105 0.1124 0.0865 0.1 0.11sec19 0.0308 1.0553 0.0322 0.0315 0.03 0.0336 0.0331 0.0444 0.0398 0.0409 0.0339 0.0308 0.0426 0.0307 0.0338 0 0.03sec20 0.4732 0.5817 1.5678 0.5617 0.5453 0.5326 0.5589 0.592 0.5929 0.6228 0.6051 0.5735 0.5444 0.7245 0.4754 0.6 0.66sec21 0.2415 0.267 0.2981 1.3315 0.314 0.3038 0.2542 0.2529 0.2571 0.2659 0.2794 0.2859 0.2468 0.2591 0.3897 0.2 0.26sec22 0.3019 0.3651 0.4012 0.3831 1.3566 0.3516 0.3613 0.3683 0.3887 0.3607 0.3911 0.3597 0.3369 0.3284 0.2946 0.4 0.34sec23 0.204 0.2486 0.2534 0.2373 0.2176 1.3098 0.2388 0.2509 0.2408 0.245 0.2523 0.233 0.2215 0.2845 0.2018 0.2 0.25sec24 0.0688 0.0852 0.0964 0.0958 0.0732 0.0794 1.1168 0.0887 0.0881 0.0843 0.0982 0.1218 0.0761 0.0753 0.0714 0.1 0.08sec25 0.0046 0.0058 0.0054 0.0057 0.0056 0.0051 0.0054 1.0055 0.0057 0.0055 0.006 0.0053 0.0051 0.0054 0.0409 0 0.01sec26 0.0848 0.0929 0.0902 0.0902 0.0867 0.0864 0.1066 0.0953 1.0933 0.1027 0.0934 0.0948 0.081 0.0948 0.0872 0.1 0.11sec27 0.0346 0.0429 0.042 0.0424 0.0416 0.0392 0.0421 0.0439 0.0438 1.0638 0.0433 0.041 0.0375 0.037 0.0335 0 0.04sec28 0.0258 0.0404 0.0302 0.032 0.0293 0.029 0.0309 0.0308 0.0319 0.0312 1.0305 0.0311 0.0302 0.0274 0.0243 0 0.03sec29 0.3836 0.416 0.4022 0.4454 0.3439 0.3824 0.402 0.4084 0.3976 0.3961 0.4207 1.4487 0.3484 0.3561 0.3343 0.3 0.44sec30 0.3188 0.3945 0.3882 0.3904 0.3818 0.3603 0.4367 0.4038 0.4042 0.3983 0.4016 0.3842 1.3621 0.3409 0.3168 0.4 0.36sec31 0.0111 0.0139 0.0175 0.0171 0.012 0.0139 0.0142 0.0141 0.0172 0.0153 0.0192 0.015 0.0134 1.0136 0.011 0 0.01sec32 0.0434 0.0563 0.0484 0.0563 0.0544 0.0473 0.0481 0.0461 0.0533 0.051 0.0625 0.0492 0.0507 0.0597 1.0393 0 0.06

HH 2.6915 3.3359 3.2661 3.2959 3.236 3.0431 3.2705 3.4112 3.409 3.2668 3.364 3.185 2.9136 2.8781 2.6079 3.6 3.07INV 0.7371 0.9135 0.8944 0.9025 0.8862 0.8333 0.8956 0.9341 0.9335 0.8946 0.9212 0.8722 0.7979 0.7881 0.7141 1 1.84


sec01 1.2511 0.0294 0.3553 0.1146 0.192 0.1247 0.0392 0.1229 0.1204 0.0872 0.1294 0.1297 0.1222 0.1275 0.115 0.1 0.14sec02 0.0482 1.0162 0.0428 0.0412 0.0525 0.0656 0.3339 0.1403 0.099 0.1084 0.066 0.0573 0.0514 0.056 0.0478 0.1 0.07sec03 0.3612 0.071 1.4071 0.2502 0.2914 0.2942 0.0951 0.2943 0.2925 0.2105 0.3135 0.3139 0.294 0.3069 0.2766 0.3 0.33sec04 0.0911 0.0225 0.0784 1.3606 0.0949 0.0872 0.0293 0.0914 0.0881 0.0648 0.0953 0.0957 0.0922 0.0963 0.085 0.1 0.1sec05 0.1325 0.0301 0.1362 0.1196 1.4468 0.1488 0.0398 0.1544 0.1235 0.0967 0.1393 0.1366 0.1377 0.1381 0.1289 0.2 0.21sec06 0.172 0.0312 0.13 0.2005 0.1712 1.4667 0.0449 0.1497 0.1303 0.1061 0.1424 0.142 0.1418 0.1552 0.1296 0.3 0.15sec07 0.0846 0.0317 0.0697 0.0665 0.0823 0.1094 1.0656 0.0931 0.1181 0.0593 0.0898 0.0829 0.0742 0.0805 0.0698 0.1 0.1sec08 0.0579 0.0141 0.0572 0.05 0.065 0.0657 0.0198 1.1678 0.0742 0.0482 0.071 0.072 0.0735 0.0756 0.0759 0.1 0.14sec09 0.0929 0.0252 0.0908 0.0812 0.1209 0.0993 0.0324 0.1228 1.9369 0.0726 0.4819 0.2977 0.1402 0.2274 0.1207 0.1 0.18sec10 0.0367 0.0095 0.036 0.0324 0.0407 0.044 0.0125 0.0446 0.0548 1.405 0.1233 0.0804 0.0909 0.0859 0.0705 0 0.06sec11 0.0939 0.0266 0.1057 0.0825 0.1097 0.1068 0.0342 0.1071 0.097 0.0707 1.1697 0.1506 0.1184 0.121 0.1065 0.1 0.21sec12 0.1352 0.0357 0.1205 0.1183 0.1396 0.139 0.0461 0.1443 0.1414 0.1016 0.1533 1.3862 0.1548 0.1744 0.1474 0.1 0.17sec13 0.2277 0.0578 0.202 0.1981 0.229 0.2324 0.0766 0.2365 0.2349 0.1696 0.2584 0.3271 1.5939 0.346 0.3222 0.2 0.28sec14 0.1779 0.044 0.1542 0.1493 0.1729 0.1758 0.0587 0.1795 0.1778 0.1278 0.1898 0.19 0.1782 1.9034 0.1673 0.2 0.2sec15 0.0198 0.0049 0.0175 0.0172 0.0199 0.02 0.0066 0.0204 0.0203 0.0147 0.0218 0.0279 0.0217 0.0227 1.1361 0 0.02sec16 0.1981 0.0519 0.2015 0.2162 0.2266 0.2286 0.0661 0.2121 0.1999 0.1593 0.2241 0.2506 0.2552 0.292 0.2497 1.4 0.25sec17 0.5497 0.1385 0.4882 0.4799 0.5576 0.5665 0.1869 0.584 0.5826 0.4143 0.6173 0.6112 0.5724 0.5972 0.5387 0.6 1.63sec18 0.1065 0.0314 0.1063 0.1083 0.1341 0.149 0.0454 0.1473 0.168 0.1098 0.1461 0.1332 0.1245 0.1348 0.1151 0.1 0.13sec19 0.0333 0.009 0.033 0.0324 0.0366 0.0426 0.0125 0.0397 0.0388 0.0267 0.0385 0.0394 0.036 0.0381 0.0346 0 0.04sec20 0.6332 0.157 0.6147 0.5814 0.6826 0.648 0.2167 0.6629 0.6726 0.5113 0.7102 0.7232 0.682 0.7151 0.648 0.7 0.76sec21 0.2664 0.075 0.2283 0.2398 0.2648 0.2648 0.1028 0.2808 0.2734 0.2009 0.2861 0.2816 0.2563 0.2737 0.255 0.3 0.29sec22 0.4105 0.1054 0.3682 0.3655 0.4192 0.4245 0.1411 0.4348 0.4317 0.31 0.4613 0.4615 0.4313 0.4491 0.408 0.4 0.48sec23 0.272 0.0698 0.2604 0.2374 0.2957 0.2832 0.1202 0.3318 0.3186 0.2219 0.3116 0.3005 0.2782 0.3001 0.2577 0.3 0.33sec24 0.0907 0.025 0.0846 0.0856 0.0953 0.1009 0.0335 0.0986 0.0968 0.0723 0.1064 0.1067 0.0997 0.1031 0.0951 0.1 0.11sec25 0.0084 0.0022 0.0077 0.0073 0.0089 0.0089 0.0028 0.0085 0.0095 0.0066 0.0099 0.0097 0.0088 0.0088 0.0082 0 0.01sec26 0.0989 0.0244 0.0922 0.0977 0.1058 0.1909 0.037 0.1233 0.1161 0.098 0.12 0.1447 0.1832 0.1674 0.1606 0.1 0.12sec27 0.0634 0.0158 0.056 0.0549 0.0634 0.0642 0.0212 0.0655 0.0652 0.0469 0.0699 0.0699 0.0655 0.0683 0.0616 0.1 0.07sec28 0.0301 0.0079 0.0274 0.0272 0.0311 0.0326 0.0107 0.0324 0.0326 0.0227 0.0347 0.0354 0.0321 0.0331 0.03 0 0.04sec29 0.3677 0.1215 0.3571 0.3524 0.3982 0.438 0.1431 0.4268 0.4119 0.2984 0.4437 0.4508 0.4304 0.4398 0.3997 0.4 0.5sec30 0.3715 0.093 0.3288 0.3226 0.3723 0.3772 0.1245 0.3843 0.383 0.2755 0.4103 0.4108 0.3846 0.4013 0.3618 0.4 0.43sec31 0.0117 0.0032 0.0119 0.0125 0.0134 0.0129 0.0041 0.0137 0.0128 0.0095 0.015 0.015 0.0142 0.014 0.013 0 0.01sec32 0.0441 0.0119 0.0433 0.0392 0.051 0.0512 0.0143 0.0441 0.0581 0.0379 0.0582 0.0548 0.0483 0.045 0.0441 0.1 0.04

HH 3.1369 0.7838 2.7716 2.7197 3.1394 3.1782 1.0488 3.2415 3.2293 2.3219 3.4602 3.4633 3.242 3.3841 3.0498 3.3 3.59INV 0.8705 0.2175 0.7691 0.7547 0.8712 0.8819 0.291 0.8995 0.8961 0.6443 0.9602 0.961 0.8996 0.9391 0.8463 0.9 1

1995 SAM Multipliers (continued)sec18 sec19 sec20 sec21 sec22 sec23 sec24 sec25 sec26 sec27 sec28 sec29 sec30 sec31 sec32 HH INV

sec01 0.1226 0.1427 0.1415 0.1434 0.1404 0.1299 0.1416 0.1466 0.148 0.1538 0.1469 0.1367 0.1742 0.1613 0.1228 0.2 0.14sec02 0.1368 0.0611 0.0531 0.0511 0.05 0.0593 0.0513 0.0551 0.0555 0.0577 0.0537 0.0506 0.0497 0.0541 0.0496 0.1 0.06sec03 0.2978 0.3458 0.3429 0.3481 0.3429 0.3148 0.3448 0.356 0.3575 0.3676 0.3519 0.3302 0.4294 0.3047 0.2961 0.4 0.32sec04 0.088 0.1075 0.1053 0.1047 0.0995 0.0956 0.101 0.1091 0.1055 0.1075 0.132 0.1001 0.0957 0.1207 0.1009 0.1 0.1sec05 0.126 0.1494 0.1519 0.1494 0.1372 0.1416 0.1423 0.1495 0.1524 0.1535 0.173 0.1456 0.1383 0.7564 0.1381 0.1 0.19sec06 0.1187 0.1592 0.1351 0.1389 0.1304 0.1248 0.1364 0.1447 0.1467 0.354 0.154 0.1438 0.1346 0.2673 0.1356 0.1 0.15sec07 0.1188 0.0973 0.0869 0.0808 0.078 0.1116 0.0813 0.088 0.0876 0.0927 0.0867 0.0801 0.0794 0.0862 0.083 0.1 0.09sec08 0.0625 0.073 0.0677 0.0681 0.0689 0.0626 0.0673 0.0712 0.0719 0.0713 0.0702 0.0667 0.0639 0.0688 0.0639 0.1 0.11sec09 0.1 0.1149 0.1107 0.1115 0.1107 0.1053 0.1096 0.1194 0.1145 0.1125 0.1139 0.1155 0.1005 0.1213 0.115 0.1 0.18sec10 0.0397 0.0451 0.0435 0.0441 0.0433 0.0409 0.0433 0.0473 0.0453 0.0466 0.0454 0.0457 0.0399 0.0453 0.0439 0 0.07sec11 0.1011 0.1137 0.1114 0.1101 0.1109 0.1032 0.1088 0.1195 0.1138 0.1133 0.1138 0.1084 0.1027 0.1105 0.106 0.1 0.18sec12 0.1443 0.1709 0.164 0.1677 0.1625 0.1516 0.1633 0.171 0.1701 0.1659 0.1684 0.1863 0.1469 0.1949 0.1421 0.2 0.29sec13 0.2408 0.2785 0.2751 0.2803 0.2734 0.2545 0.2765 0.2973 0.2874 0.2785 0.2821 0.2923 0.2463 0.2663 0.2393 0.3 0.42sec14 0.1819 0.2093 0.2065 0.2116 0.203 0.2199 0.2059 0.2489 0.2131 0.2085 0.2118 0.2501 0.1847 0.1837 0.1818 0.2 0.28sec15 0.0206 0.024 0.0253 0.0241 0.0236 0.0218 0.0236 0.0253 0.0246 0.0301 0.0243 0.0236 0.0216 0.0215 0.0205 0 0.03sec16 0.2065 0.2669 0.2401 0.2587 0.2173 0.2154 0.2411 0.2715 0.2658 0.2445 0.3212 0.2906 0.2203 0.3731 0.2311 0.2 0.26sec17 0.6305 0.6978 0.6652 0.6726 0.6931 0.6173 0.6656 0.698 0.6983 0.6754 0.6774 0.6371 0.5988 0.5868 0.5705 0.7 1.2sec18 1.1488 0.1811 0.1295 0.1252 0.1205 0.1276 0.1292 0.1384 0.146 0.1473 0.129 0.1245 0.1333 0.1328 0.1111 0.1 0.13sec19 0.0398 1.0978 0.0408 0.0407 0.0383 0.041 0.043 0.0546 0.0499 0.0508 0.0424 0.0384 0.0538 0.0383 0.0452 0 0.04sec20 0.6299 0.736 1.7187 0.7228 0.7022 0.6672 0.7077 0.7487 0.7498 0.7849 0.7636 0.7129 0.7036 0.8864 0.6343 0.8 0.81sec21 0.2835 0.2941 0.3363 1.38 0.3178 0.3166 0.2887 0.2845 0.2851 0.2993 0.303 0.3253 0.2778 0.2841 0.4038 0.3 0.29sec22 0.4435 0.5027 0.5306 0.5203 1.4984 0.4743 0.5075 0.5123 0.5271 0.5125 0.5296 0.4882 0.4636 0.4484 0.4405 0.5 0.47sec23 0.2759 0.3206 0.3187 0.3081 0.2837 1.3628 0.3106 0.3173 0.3086 0.3127 0.3193 0.2927 0.2854 0.3547 0.2853 0.3 0.32sec24 0.1014 0.1181 0.1283 0.132 0.1057 0.1101 1.1743 0.1241 0.1215 0.117 0.1326 0.1521 0.1078 0.1046 0.1019 0.1 0.11sec25 0.0084 0.0097 0.0094 0.0095 0.0096 0.0087 0.0096 1.0105 0.0102 0.0096 0.0101 0.0091 0.0085 0.0097 0.0802 0 0.01sec26 0.1204 0.1171 0.1142 0.1151 0.111 0.1069 0.1321 0.1196 1.1178 0.13 0.1177 0.1167 0.1032 0.1187 0.1066 0.1 0.13sec27 0.0664 0.0771 0.0764 0.0776 0.0765 0.0701 0.0759 0.0793 0.0796 1.0957 0.0783 0.0734 0.0684 0.067 0.0657 0.1 0.07sec28 0.0332 0.0437 0.0365 0.0389 0.0359 0.0346 0.0368 0.0373 0.0385 0.0381 1.0369 0.0369 0.036 0.0328 0.033 0 0.04sec29 0.4642 0.502 0.4785 0.5302 0.4203 0.4562 0.4973 0.489 0.4706 0.4743 0.498 1.5132 0.4189 0.4265 0.4365 0.4 0.53sec30 0.3901 0.4526 0.4498 0.4563 0.4484 0.4122 0.4848 0.4663 0.4674 0.4666 0.4638 0.4377 1.4183 0.3936 0.3942 0.5 0.42sec31 0.013 0.016 0.0179 0.0179 0.0131 0.0146 0.0159 0.0162 0.018 0.0168 0.0193 0.0162 0.0147 1.0145 0.0164 0 0.01sec32 0.0412 0.0477 0.0434 0.0437 0.0457 0.0406 0.0477 0.0556 0.0511 0.0454 0.0517 0.0435 0.0409 0.0588 1.0367 0 0.05

HH 3.2881 3.8163 3.7821 3.843 3.7891 3.4724 3.754 3.9264 3.9393 3.8309 3.8753 3.6345 3.3842 3.315 3.255 4.1 3.53INV 0.9124 1.059 1.0495 1.0664 1.0514 0.9636 1.0417 1.0895 1.0931 1.063 1.0753 1.0085 0.9391 0.9199 0.9032 1.1 1.98



HH 3.0477 0.4599 2.7349 2.2303 3.0004 3.0006 0.7258 3.1059 3.1353 2.212 3.3863 3.2923 2.9372 3.2698 2.7479 3.2 3.48INV 0.8673 0.1309 0.7783 0.6347 0.8539 0.8539 0.2066 0.8839 0.8923 0.6295 0.9637 0.9369 0.8359 0.9305 0.782 0.9 0.99

2000SAM Multipliers (continued)sec18 sec19 sec20 sec21 sec22 sec23 sec24 sec25 sec26 sec27 sec28 sec29 sec30 sec31 sec32 HH INV


HH 3.1058 3.7277 3.7067 3.914 3.7899 3.3265 3.7331 3.8841 3.914 3.8007 3.8128 3.6041 3.3745 3.2213 3.51 4.1 3.39INV 0.8838 1.0608 1.0548 1.1139 1.0785 0.9467 1.0624 1.1053 1.1139 1.0816 1.0851 1.0257 0.9603 0.9167 0.9989 1.2 1.97

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