Financial assets and liabilities can be presented in
consolidated form, i.e., after elimination of intra-sectorial
transactions within sub-sectors (e.g. debts between
municipalities) and between sub-sectors (including
municipalities' debts to the state, employment pension
corporations and other social security institutions within the
general government sector). Consolidated data only show the
relative positions of the sectors. ESA95 manual on government
deficit and debt, the updated manual on the European system of
national and regional accounts. The sector's financial account
(i.e. financial transactions account) is a financial balance
sheet that shows the sector's financial assets and liabilities
as well as changes brought about through financial transactions.
This gives a comprehensive view of the financial balances and
flows of the total economy. The system of financial accounts
(i.e. the financial accounting system) shows the financial
assets and liabilities of the different sectors of the economy,
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