Ministry of Finance

SFC — Stock Flow Consistency Model
Stock Flow Consistency Model
Date: May 2026
Authors: Véronique Robichaud, Pema Dorji, Karma MP Dorji, Chimi Dema, Sejal Chhetri, Pema Wangdi, Rinchen Dolkar, Lungten Tshewang, Phurpa Gyeltshen, Thinley Penjor, Yeshi Lhendup
Prepared for: DMDF, MoF
Financial support: GRGoB
Topic: Fiscal Policy
Publication type: Technical / Working Paper
Base year: 2025
Model type: Recursive-Dynamic CGE with Climate Change Module
Cite as: Robichaud, V., et al. (2025). SFC — Stock Flow Consistency Model. Ministry of Finance.
https://mof.gov.bt/wp-content/uploads/2026/05/TN_SFC_Stock_Flow_Consistent.pdf

Abstract

SFC is a blance sheet. orem Ipsum is simply dummy text of the printing and typesetting industry. Lorem Ipsum has been the industry's standard dummy text ever since the 1500s, when an unknown printer took a galley of type and scrambled it to make a type specimen book. It has survived not only five centuries, but also the leap into electronic typesetting, remaining essentially unchanged. It was popularised in the 1960s with the release of Letraset sheets containing Lorem Ipsum passages, and more recently with desktop publishing software like Aldus PageMaker including versions of Lorem Ipsum

Key Features

Activities & Commodities33 industries · 48 commodities from Bhutan's 2025 supply and use tables
Production StructureCES value-added nesting: capital, salaried and self-employed labour
Trade SpecificationArmington import aggregation · CET export allocation across destinations
Dynamic SpecificationRecursive-dynamic capital accumulation (Jung-Thorbecke)
Climate Change ModuleExtended electricity sector module capturing seasonal hydro generation (summer/winter split)
Household TypesUrban and rural households with Linear Expenditure System (LES) demand
Government AccountsFull fiscal block: taxes, royalties, subsidies, transfers, and budget balance closure
Calibration Year2017 Social Accounting Matrix (SAM) for Bhutan

Downloads

Technical documentation — SFC PDF · October 2025
Model code & data files Available upon request
Contact / Further Information

For technical queries regarding this model, please contact the Department of Macro-Fiscal and Development Finance, Ministry of Finance, Royal Government of Bhutan.
mfpd@mof.gov.bt

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