The Discrepancy between UNI System of National Accounts and Imf's Flow-of-Funds : Some Theoretical Remarks from Morris Copeland's Moneyflows

National Accounts (implemented by United Nations) and Flow-of-funds (by International Monetary Fund) developed along different routes until the "third generation" of the System of National Accounts (1968 SNA). Most authors have devoted their attention to the statistical and operational reasons that could explain the quantitative discrepancies between the balances of the real capital formation account and of the financial account. In this paper I will link the technical reasons to the differences in the economic theories that accompanied the implementation of the "first" SNA by Richard Stone (1947) and of the Moneyflows by Morris Copeland (1952)