Impact Analysis of the Economic Eastern Corridor on the Thai Economy: An Application of Multi-Regional Input–Output Model and Dynamic Computable General Equilibrium Model

Abstract

To facilitate the multi-sectoral investment, the Thai government has initiated a new development project titled Eastern Economic Corridor (EEC), located in the eastern provinces, namely Chachoengsao, Rayong, and Chonburi. This project accommodates the construction of a new high-speed train and the extensions of existing seaports, highways, and airports. Also, investment promotion has been implemented, offering the tax incentive and other benefits to the targeted industries. This study aimed to quantitatively examine the economic impacts of the EEC project by utilizing two methods. First, the multi-regional input–output table (MRIO) and multiplier analysis were applied to investigate the cross-province and cross-region impacts. Second, based on the national Social Accounting Matrix (SAM), the dynamic Computable General Equilibrium (CGE) model was utilized for examining the inter-temporal effects. The result obtained from MRIO showed that investment expansion in the EEC area could induce cross-regional spillover, accounting for approximately 30% of GDP. The dynamic CGE model demonstrated that if the planned investments were continuously implemented, the GDP would consistently increase, resulting in an average household income rise of around 31% in 2034 compared to the base case. This study highlights the complementary use of two models to evaluate the multidimensional impacts of the EEC development project, including short-term spatial spillovers and long-term national effects.

Appendix

1.1 Appendix 1 Details of Investment (for MRIO Multiplier Analysis)

Table 11.11 Estimate of investment in Chachoengsao province in 2021

Table 11.12 Estimate of investment in Chonburi province in 2021

Table 11.13 Estimate of investment in Rayong province in 2021

1.2 Appendix 2 Lists of Sets, Parameters, Variables, and Equations of CGE Model

1.2.1 List of Sets

j	:	All sectors
pub	:	Public sectors
pri	:	Private industries
j0	:	All sectors except sugar cane and petroleum refinery sector
j1	:	Sugar cane and petroleum refinery sector
i	:	All commodities
ij	:	All commodities (alias commodities)
i1	:	All commodities except mixed gasohol and mixed biodiesel
i2	:	Mixed gasohol
i3	:	Mixed biodiesel
i4	:	Mass transportation
i5	:	Freight transportation
l	:	Labor
k	:	Capital
ag	:	All agents (firms, households, government, and the rest of the world)
agng	:	Non-government agents (firms, households, and the rest of the world)
agd	:	Domestic agents (firms, households, and government)
gvt	:	Government
row	:	The rest of the world
f	:	Firms
h	:	Households
t	:	Time for simulation

1.2.2 Lists of Parameters

Input–output coefficient

aij	:	Input–output coefficient of intermediate commodity i for industry j
admj	:	Input–output coefficient of mixed biodiesel for industry j
agmj	:	Input–output coefficient of mixed gasohol for industry j
aftj	:	Input–output coefficient of freight transportation for industry j
amtj	:	Input–output coefficient of mass transportation for industry j
ioj	:	Input–output coefficient (total intermediate consumption) for industry j
vj	:	Input–output coefficient (total value-added) for industry j

Scale share and elasticity of production function

${B}_{j,t}^{VAT}$	:	Scale parameter (CES—Value-added) for industry j
${\beta}_j^{VA}$	:	Share parameter (CES—Value-added) for industry j
${\rho}_j^{VA}$	:	Elasticity parameter (CES—Value-added) for industry j; $-1<{\rho}_j^{VA}<\infty$
${\sigma}_j^{VA}$	:	Elasticity of substitution (CES—Value-added) for industry j; $0<{\sigma}_j^{VA}<\infty$, Where ${\rho}_j^{VA}=\frac{1-{\sigma}_j^{VA}}{\sigma_j^{VA}}$
${B}_j^{KD}$	:	Scale parameter (CES—Composite capital) for industry j
${\beta}_{k,j}^{KD}$	:	Share parameter (CES—Composite capital) for industry j
${\rho}_j^{KD}$	:	Elasticity parameter (CES—Composite capital) for industry j; $-1<{\rho}_j^{KD}<\infty$
${\sigma}_j^{KD}$	:	Elasticity of substitution (CES—Composite capital) for industry j; $0<{\sigma}_j^{KD}<\infty$, Where ${\rho}_j^{KD}=\frac{1-{\sigma}_j^{KD}}{\sigma_j^{KD}}$
${B}_j^{LD}$	:	Scale parameter (CES—Composite labor) for industry j
${\beta}_{l,j}^{LD}$	:	Share parameter (CES—Composite labor) for industry j
${\rho}_j^{LD}$	:	Elasticity parameter (CES—Composite labor) for industry j; $-1<{\rho}_j^{LD}<\infty$
${\sigma}_j^{LD}$	:	Elasticity of substitution (CES—Composite labor) for industry j; $0<{\sigma}_j^{LD}<\infty$, Where ${\rho}_j^{LD}=\frac{1-{\sigma}_j^{LD}}{\sigma_j^{LD}}$
${B}_j^{GM}$	:	Scale parameter (CES—Composite mixed gasohol) for industry j
${\beta}_j^{GM}$	:	Share parameter (CES—Composite mixed gasohol) for industry j
${\rho}_j^{GM}$	:	Elasticity parameter (CES—Mixed gasohol) for industry j; $-1<{\rho}_j^{GM}<\infty$
${\sigma}_j^{GM}$	:	Elasticity of substitution (CES—Mixed gasohol) for industry j; $0<{\sigma}_j^{GM}<\infty$, Where ${\rho}_j^{GM}=\frac{1-{\sigma}_j^{GM}}{\sigma_j^{GM}}$
${B}_j^{DM}$	:	Scale parameter (CES—Composite mixed biodiesel) for industry j
${\beta}_j^{DM}$	:	Share parameter (CES—Composite mixed biodiesel) for industry j
${\rho}_j^{DM}$	:	Elasticity parameter (CES—Mixed biodiesel) for industry j; $-1<{\rho}_j^{DM}<\infty$
${\sigma}_j^{DM}$	:	Elasticity of substitution (CES—Mixed biodiesel) for industry j; $0<{\sigma}_j^{DM}<\infty$, Where ${\rho}_j^{DM}=\frac{1-{\sigma}_j^{DM}}{\sigma_j^{DM}}$
${B}_j^{MT}$	:	Scale parameter (CES—Mass transportation) for industry j
${\beta}_j^{MT}$	:	Share parameter (CES—Mass transportation) for industry j
${\rho}_j^{MT}$	:	Elasticity parameter (CES—Mass transportation) for industry j; $-1<{\rho}_j^{MT}<\infty$
${\sigma}_j^{MT}$	:	Elasticity of substitution (CES—Mass transportation) for industry j; $0<{\sigma}_j^{MT}<\infty$, Where ${\rho}_j^{MT}=\frac{1-{\sigma}_j^{MT}}{\sigma_j^{MT}}$
${B}_j^{FT}$	:	Scale parameter (CES—Freight transportation) for industry j
${\beta}_j^{FT}$	:	Share parameter (CES—Freight transportation) for industry j
${\rho}_j^{FT}$	:	Elasticity parameter (CES—Freight transportation) for industry j; $-1<{\rho}_j^{FT}<\infty$
${\sigma}_j^{FT}$	:	Elasticity of substitution (CES—Freight transportation) for industry j; $0<{\sigma}_j^{FT}<\infty$, Where ${\rho}_j^{FT}=\frac{1-{\sigma}_j^{FT}}{\sigma_j^{FT}}$
${B}_i^M$	:	Scale parameter (CES—Composite commodity)
${\beta}_i^M$	:	Share parameter (CES—Composite commodity)
${\rho}_i^M$	:	Elasticity parameter (CES—Composite commodity); $-1<{\rho}_i^M<\infty$
${\sigma}_i^M$		Elasticity of substitution (CES—Composite commodity); $0<{\sigma}_i^M<\infty$, Where ${\rho}_i^M=\frac{1-{\sigma}_i^M}{\sigma_i^M}$
${B}_{j,i}^X$	:	Scale parameter (CET—Exports and local sales)
${\beta}_{j,i}^X$	:	Share parameter (CET—Exports and local sales)
${\rho}_{j,i}^X$	:	Elasticity parameter (CET—Exports and local sales); $1<{\rho}_{j,i}^X<\infty$
${\sigma}_{j,i}^X$	:	Elasticity of transformation (CET—Total output); $0<{\sigma}_j^{XT}<\infty$, Where ${\rho}_{j,i}^X=\frac{1+{\sigma}_{j,i}^X}{\sigma_{j,i}^X}$
${B}_j^{XT}$	:	Scale parameter (CET—Total output) for industry j
${\beta}_{j,i}^{XT}$	:	Share parameter (CET—Total output) for industry j
${\rho}_j^{XT}$	:	Elasticity parameter (CET—Total output) for industry j; $1<{\rho}_j^{XT}<\infty$
${\sigma}_j^{XT}$	:	Elasticity of transformation (CET—Total output) for industry j; $0<{\sigma}_j^{XT}<\infty$, Where ${\rho}_j^{XT}=\frac{1+{\sigma}_j^{XT}}{\sigma_j^{XT}}$
${\sigma}_i^{XD}$	:	Price-elasticity of the world demand for exports of product i
extri, t	:	Export growth rate of product i

Parameters for income saving and investment of institutes

${\lambda}_{ag,k}^{RK}$	:	Share of type k capital income received by agent ag
${\lambda}_{h,l}^{WL}$	:	Share of type l labor income received by type h households
sh0h, t	:	Intercept (type h household savings)
sh1h, t	:	Slope (type h household savings)
${\gamma}_{i,h}^{LES}$	:	Marginal share of commodity i in type h household consumption budget
${\gamma}_i^{INVPRI}$	:	Share of commodity i in total private investment expenditures
${\gamma}_i^{INVPUB}$	:	Share of commodity i in total public investment expenditures
${\gamma}_i^{GVT}$	:	Share of commodity i in total current public expenditures on goods and services
AK _ PRI	:	Scale parameter (price for new private capital)
AK _ PUB	:	Scale parameter (price for new public capital)
ϕk, pri	:	Scale parameter (allocation of investment to industry)
δk, pub	:	Deprecation rate of capital k used in public

Tax and transfer

${\lambda}_{ag, ag}^{TR}$	:	Share parameter (transfer functions) between ag
η	:	Price elasticity of indexed transfers and parameters
tmrgi, i	:	Rate of transport margin applied to domestic commodity i
$tmr{g}_{i,i}^X$	:	Rate of transport margin applied to export commodity i
tr0gvt, h, t	:	Intercept (transfers by type h households to government)
tr1gvt, h, t	:	Marginal rate of transfers by type h households to government
ttici, t	:	Tax rate on commodity i
ttdf0f, t	:	Intercept (income taxes of type f businesses)
ttdf1f, t	:	Marginal income tax rate of type f businesses
ttdh0h, t	:	Intercept (income taxes of type h households)
ttdh1h, t	:	Marginal income tax rate of type h households
ttikk, j, t	:	Tax rate on type k capital used by industry j
ttimi, t	:	Rate of taxes and duties on imports of commodity i
ttipj, t	:	Tax rate on the production of industry j
ttiwl, j, t	:	Tax rate on type l worker compensation in industry j
ttixi, t	:	Export tax rate on exported commodity i

1.2.3 List of Variables

Prices and wages

Pj, i, t	:	Basic price of industry j’s production of commodity i
PCi, t	:	Purchaser price of composite commodity i (including all taxes and margins)
$P{C}_i^0$	:	Purchaser price of composite commodity i (base year)
PCIj, t	:	Intermediate consumption price index of industry j
PDi, t	:	Price of local product i sold on the domestic market
PDMj, t	:	Aggregate price of mixed biodiesel by industry j
PEi, t	:	Price received for exported commodity i (excluding export taxes)
$P{E}_{i,t}^{FOB}$	:	FOB price of exported commodity i (in local currency)
PFTj, t	:	Aggregate price of freight transportation by industry j
PGMj, t	:	Aggregate price of mixed gasohol by industry j
$PIXCO{N}_t^{\eta }$	:	Consumer price index
PIXGDPt	:	GDP deflator
PIXGVTt	:	Public expenditures price index
$PIXIN{V}_t^{PRI}$	:	Private investment price index
$PIXIN{V}_t^{PUB}$	:	Public investment price index
$P{K}_t^{PRI}$	:	Price of new private capital
$P{K}_t^{PUB}$	:	Price of new public capital
PLi, t	:	Price of local product i (excluding all taxes on products)
PMi, t	:	Price of imported product i (including all taxes and margins)
PMTj, t	:	Aggregate price of mass transportation by industry j
PPj, t	:	Industry j unit cost
PTj, t	:	Basic price of industry j output
PVAj, t	:	Price of industry j value-added
PWMi, t	:	World price of imported product i (expressed in foreign currency)
PWXi, t	:	World price of exported product i (expressed in foreign currency)
Rk, j, t	:	Rental rate of type k capital in industry j
RCj, t	:	Rental rate of industry j composite capital
RTIk, j, t	:	Rental rate paid by industry j for type k capital, including capital taxes
Wl, t	:	Wage rate of type l labor
WCj, t	:	Wage rate of industry j composite labor
WTIl, j, t	:	Wage rate paid by industry j for type l labor, including payroll taxes
Uk, pri, t	:	User cost of type k capital in private industry
Uk, pub, t	:	User cost of type k capital in public industry

Taxes

TDFf, t	:	Income taxes of type f businesses
TDFTt	:	Total government revenue from business income taxes
TDHh, t	:	Income taxes of type h households
TDHTt	:	Total government revenue from household income taxes
TICi, t	:	Government revenue from indirect taxes on product i
TICTt	:	Total government receipts of indirect taxes on commodities
TIKk, j, t	:	Government revenue from taxes on type k capital used by industry j
TIKTt	:	Total government revenue from taxes on capital
TIMi, t	:	Government revenue from import duties on product i
TIMTt	:	Total government revenue from import duties
TIPj, t	:	Government revenue from taxes on industry j production (excluding taxes directly related to the use of capital and labor)
TIPTt	:	Total government revenue from production taxes (excluding taxes directly related to the use of capital and labor)
TIWl, j, t	:	Government revenue from payroll taxes on type l labor in industry j
TIWTt	:	Total government revenue from payroll taxes
TIXi, t	:	Government revenue from export taxes on product i
TIXTt	:	Total government revenue from export taxes

Quantity

Ci, h, t	:	Consumption of commodity i by type h households
${C}_{i,h,t}^{MIN}$	:	Minimum consumption of commodity i by type h households
CGi, t	:	Public consumption of commodity i (volume)
CIj, t	:	Total intermediate consumption of industry j
CTHh, t	:	Consumption budget of type h households
$CT{H}_{h,t}^{REAL}$	:	Real consumption expenditure of households h
DDi, t	:	Domestic demand for commodity i produced locally
DIi, j, t	:	Intermediate consumption of commodity i by industry j
DIDMj, t	:	Aggregate intermediate consumption of mixed biodiesel by industry j
DIFTj, t	:	Aggregate intermediate consumption of freight transportation by industry j
DIGMj, t	:	Aggregate intermediate consumption of mixed gasohol by industry j
DIMTj, t	:	Aggregate intermediate consumption of mass transportation by industry j
DITi, t	:	Total intermediate demand for commodity i
DSj, i, t	:	Supply of commodity i by sector j to the domestic market
EXj, i, t	:	Quantity of product i exported by sector j
EXDi, t	:	World demand for exports of product i
EXDi	:	World demand for exports of product i (base year)
IMi, t	:	Quantity of product i imported
INDk, j, t	:	Volume of new type k capital investment to sector j
INVi, t	:	Final demand of commodity i for investment purposes
$IN{V}_{i,t}^{PRI}$	:	Final demand of commodity i for private investment purposes
$IN{V}_{i,t}^{PUB}$	:	Final demand of commodity i for public investment purposes
KDk, j, t	:	Demand for type k capital by industry j
KDCj, t	:	Industry j demand for composite capital
KSk, t	:	Supply of type k capital
LDl, j, t	:	Demand for type l labor by industry j
LDCj, t	:	Industry j demand for composite labor
LSl, t	:	Supply of type l labor
MRGNi, t	:	Demand for commodity i as a trade or transport margin
Qi, t	:	Quantity demanded of composite commodity i
VAj, t	:	Value-added of industry j
VSTKi, t	:	Inventory change of commodity i
XSj, i, t	:	Industry j production of commodity i
XSTj, t	:	Total aggregate output of industry j

Value

CABt	:	Current account balance
Gt	:	Current government expenditures on goods and services
${G}_t^{REAL}$	:	Real government expenditures
$GD{P}_t^{BP\_ REAL}$	:	Real GDP at basic price
$GD{P}_t^{MP\_ REAL}$	:	Real GDP at market price
$GFC{F}_t^{PRI\_ REAL}$	:	Real private gross fixed capital formation
$GFC{F}_t^{PUB\_ REAL}$	:	Real public gross fixed capital formation
GFCFt	:	Gross fixed capital formation
GDPBP	:	GDP at basic prices
GDPFD	:	GDP at purchasers’ prices from the perspective of final demand
GDPIB	:	GDP at market prices (income-based)
GDPMP	:	GDP at market prices
ITt	:	Total investment expenditures
$I{T}_t^{PRI}$	:	Total private investment expenditures
$I{T}_t^{PUB}$	:	Total public investment expenditures
RINVk, j, t	:	Reallocation budget k for industry j
SFf, t	:	Savings of type f businesses
SGt	:	Government savings
SROWt	:	Rest-of-the-world savings
SHh, t	:	Savings of type h households
TRh, ag, t	:	Transfers from agent ag to type h households
TPRCTSt	:	Total government revenue from taxes on products and imports
TPRODNt	:	Total government revenue from other taxes on production
YDFf, t	:	Disposable income of type f businesses
YDHh, t	:	Disposable income of type h households
YFf, t	:	Total income of type f businesses
YFKf, t	:	Capital income of type f businesses
YFTRf, t	:	Transfer income of type f businesses
YGt	:	Total government income
YGKt	:	Government capital income
YGTRt	:	Government transfer income
YHh, t	:	Total income of type h households
YHKh, t	:	Capital income of type h households
YHLh, t	:	Labor income of type h households
YHTRh, t	:	Transfer income of type h households
YROWt	:	Rest-of-the-world income

Monetary

et	:	Exchange rate; price of foreign currency in terms of local currency
IRt	:	Interest rate

1.2.4 List of Equations

VAj, t = vjXSTj, t	(11.1)
CIj, t = iojXSTj, t	(11.2)
$V{A}_{j,t}={B}_j^{VA}{\left[{\beta}_j^{VA} LD{C}_{j,t}^{-{\rho}_j^{VA}}+\left(1-{\beta}_j^{VA}\right) KD{C}_{j,t}^{-{\rho}_j^{VA}}\right]}^{-\frac{1}{\rho_j^{VA}}}$	(11.3)
$LD{C}_{j,t}={\left[\frac{\beta_j^{VA}}{1-{\beta}_j^{VA}}\frac{R{C}_{j,t}}{W{C}_{j,t}}\right]}^{\sigma_j^{VA}} KD{C}_{j,t}$	(11.4)
$LD{C}_{j,t}={B}_j^{LD}{\left[{\sum}_l{\beta}_{l.j}^{LD}L{D}_{l.j,t}^{-{\rho}_j^{LD}}\right]}^{-\frac{1}{\rho_j^{LD}}}$	(11.5)
$KD{C}_{j,t}={B}_j^{KD}{\left[{\sum}_k{\beta}_{k.j}^{KD}K{D}_{k.j,t}^{-{\rho}_j^{KD}}\right]}^{-\frac{1}{\rho_j^{KD}}}$	(11.6)
$L{D}_{l,j,t}={\left[\frac{\beta_{l.j}^{LD}W{C}_{j,t}}{WT{I}_{l,j,t}}\right]}^{\sigma_j^{LD}}{\left({B}_j^{LD}\right)}^{\sigma_j^{LD}-1} LD{C}_{j,t}$	(11.7)
$K{D}_{k,j,t}={\left[\frac{\beta_{k.j}^{KD}R{C}_{j,t}}{RT{I}_{k,j,t}}\right]}^{\sigma_j^{KD}}{\left({B}_j^{KD}\right)}^{\sigma_j^{KD}-1} KD{C}_{j,t}$	(11.8)
DIi1, j, t = aiji1, jCIj, t	(11.9)
DIGMj, t = agmjCIj, t	(11.10)
DIDMj, t = admjCIj, t	(11.11)
DIMTj, t = amtjCIj, t	(11.12)
DIFTj, t = aftjCIj, t	(11.13)
$DIG{M}_{j,t}={B}_j^{GM}{\left[{\sum}_{i2}{\beta}_{i2,j}^{GM}D{I}_{i2.j,t}^{-{\rho}_j^{GM}}\right]}^{-\frac{1}{\rho_j^{GM}}}$	(11.14)
$D{I}_{i2,j,t}={\left[\frac{\beta_{i2.j}^{GM} PG{M}_{j,t}}{P{C}_{i2,t}}\right]}^{\sigma_{j1}^{GM}}{\left({B}_j^{GM}\right)}^{\sigma_j^{GM}-1} DIG{M}_{j,t}$	(11.15)
$DID{M}_{j,t}={B}_j^{DM}{\left[{\sum}_{i3}{\beta}_{i3,j}^{DM}D{I}_{i3,j,t}^{-{\rho}_j^{DM}}\right]}^{-\frac{1}{\rho_j^{DM}}}$	(11.16)
$D{I}_{i3,j,t}={\left[\frac{\beta_{i3.j}^{DM} PD{M}_{j,t}}{P{C}_{i3,t}}\right]}^{\sigma_j^{GM}}{\left({B}_j^{DM}\right)}^{\sigma_j^{DM}-1} DID{M}_{j,t}$	(11.17)
$DIM{T}_{j,t}={B}_j^{MT}{\left[{\sum}_{i4}{\beta}_{i4,j}^{MT}D{I}_{i4,j,t}^{-{\rho}_j^{MT}}\right]}^{-\frac{1}{\rho_j^{MT}}}$	(11.18)
$D{I}_{i4,j,t}={\left[\frac{\beta_{i4.j}^{MT} PM{T}_{j,t}}{P{C}_{i4,t}}\right]}^{\sigma_j^{MT}}{\left({B}_j^{MT}\right)}^{\sigma_j^{MT}-1} DIM{T}_{j,t}$	(11.19)
$DIF{T}_{j,t}={B}_j^{FT}{\left[{\sum}_{i5}{\beta}_{i5,j}^{FT}D{I}_{i5,j,t}^{-{\rho}_j^{FT}}\right]}^{-\frac{1}{\rho_j^{FT}}}$	(11.20)
$D{I}_{i5,j,t}={\left[\frac{\beta_{i5.j}^{FT} PF{T}_{j,t}}{P{C}_{i5,t}}\right]}^{\sigma_j^{FT}}{\left({B}_j^{FT}\right)}^{\sigma_j^{FT}-1} DIF{T}_{j,t}$	(11.21)
YHh, t = YHLh, t + YHKh, t + YHTRh, t	(11.22)
$YH{L}_{h,t}={\sum}_l{\lambda}_{h,l}^{WL}\left({W}_{l,t}{\sum}_jL{D}_{l,j,t}\right)$	(11.23)
$YH{K}_{h,t}={\sum}_k{\lambda}_{h,k}^{RK}\left({\sum}_j{R}_{k,j,t}K{D}_{k,j,t}\right)$	(11.24)
YHTRh, t = ∑agTRh, ag, t	(11.25)
YDHh, t = YHh, t − TDHh, t − TRgvt, h, t	(11.26)
CTHh, t = YDHh, t − SHh, t − ∑agngTRagng, h, t	(11.27)
SHh, t = PIXCONtηsh0h, t + sh1h, tYDHh, t	(11.28)
YFf, t = YFKf, t + YFTRf, t	(11.29)
$YF{K}_{f,t}={\sum}_k{\lambda}_{f,k}^{RK}\left({\sum}_j{R}_{k,j,t}K{D}_{k,j,t}\right)$	(11.30)
YFTRf, t = ∑agTRf, ag, t	(11.31)
SFf, t = YDFf, t − ∑agTRag, f, t	(11.32)
YDFf, t = YFf, t − TDFf, t	(11.33)
YGt = YGKt + TDHTt + TDFTt + TPRODNt + TPRCTSt + YGTRt	(11.34)
$YG{K}_t={\sum}_k{\lambda}_{gvt,k}^{RK}\left({\sum}_j{R}_{k,j,t}K{D}_{k,j,t}\right)$	(11.35)
TDHTt = ∑hTDHh, t	(11.36)
TDFTt = ∑fTDFf, t	(11.37)
TPRODNt = TIWTt + TIKTt + TIPTt	(11.38)
TIWTt = ∑l, jTIWl, j, t	(11.39)
TIKTt = ∑k, jTIKk, j, t	(11.40)
TIPTt = ∑jTIPj, t	(11.41)
TPRCTSt = TICTt + TIMTt + TIXTt	(11.42)
TICTt = ∑iTICi, t	(11.43)
TIMTt = ∑iTIMi, t	(11.44)
TIXTt = ∑iTIXi, t	(11.45)
YGTRt = ∑agngTRgvt, agng, t	(11.46)
TDHh, t = PIXCONtηttdh0h, t + ttdh1h, tYHh, t	(11.47)
TDFf, t = PIXCONtηttdf0f, t + ttdf1f, tYFKf, t	(11.48)
TIWl, j, t = ttiwl, j, tWl, tLDl, j, t	(11.49)
TIKk, j, t = ttikk, j, tRk, j, tKDk, j, t	(11.50)
TIPj, t = ttipj, tPPj, tXSTj, t	(11.51)
TICi, t = ttici, t[(PLi, t + ∑ijPCij, ttmrgij, i)DDi, t + ((1 + ttimi, t)PWMi, tet + ∑ijPCij, ttmrgij, j)IMi, t]	(11.52)
TIMi, t = ttimi, tPWMi, tetIMi, t	(11.53)
$TI{X}_{i,t}= tti{x}_{i,t}\left(P{E}_{i,t}+{\sum}_{ij}P{C}_{ij,t} tmr{g}_{ij,i,t}^X\right) EX{D}_{i,t}$	(11.54)
SGt = YGt − ∑agngTRagng, gvt, t − Gt	(11.55)
$YRO{W}_t={e}_t{\sum}_i PW{M}_{i,t}I{M}_{i,t}+{\sum}_k{\lambda}_{row,k}^{RK}\left({\sum}_j{R}_{k,j,t}K{D}_{k,j,t}\right)+{\sum}_{agd}T{R}_{row, agd,t}$	(11.56)
$SRO{W}_t= YRO{W}_t-{\sum}_iP{E}_{i,t}^{FOB} EX{D}_{i,t}-{\sum}_{agd}T{R}_{agd, row,t}$	(11.57)
SROWt =  − CABt	(11.58)
$T{R}_{agng,h,t}={\lambda}_{agng,h}^{TR} YD{H}_{h,t}$	(11.59)
$T{R}_{ag,f,t}={\lambda}_{ag,f}^{TR} YD{F}_{f,t}$	(11.60)
TRgvt, h, t = PIXCONtηtr0h, t + tr1h, tYHh, t	(11.61)
$T{R}_{agng, gvt,t}= PIXCO{N_t}^{\eta }T{R}_{agng, gvt}^0 po{p}_t$	(11.62)
$T{R}_{agd, row,t}= PIXCO{N_t}^{\eta }T{R}_{agd, row}^0 po{p}_t$	(11.63)
$P{C}_{i,t}{C}_{i,h,t}=P{C}_{i,t}{C}_{i,h,t}^{MIN}+{\gamma}_{i,h}^{LES}\left( CT{H}_{h,t}-{\sum}_{ij}P{C}_{ij,t}{C}_{ij,h,t}^{MIN}\right)$	(11.64)
`GFCFt = ITt − ∑iPCi, tVSTKi, t	(11.65)
$P{C}_{i,t} IN{V}_{i,t}^{PRI}={\gamma}_i^{INVPRI}I{T}_t^{PRI}$	(11.66)
$P{C}_{i,t} IN{V}_{i,t}^{PUB}={\gamma}_i^{INVPUB}I{T}_t^{PUB}$	(11.67)
$IN{V}_{i,t}= IN{V}_{i,t}^{PRI}+ IN{V}_{i,t}^{PUB}$	(11.68)
$P{C}_{i,t}C{G}_{i,t}={\gamma}_i^{GVT}{G}_t$	(11.69)
DITi, t = ∑jDIi, j, t	(11.70)
$MRG{N}_{i,t}={\sum}_{ij} tmr{g}_{i, ij}D{D}_{ij,t}+{\sum}_{ij} tmr{g}_{i, ij}I{M}_{ij,t}+{\sum}_{ij} tmr{g}_{i, ij}^X EX{D}_{ij,t}$	(11.71)
$XS{T}_{j1,t}={B}_{j1}^{XT}{\left[{\sum}_i{\beta}_{j1,i}^{XT}X{S}_{j1,i,t}^{\rho_j^{XT}}\right]}^{\frac{1}{\rho_{j1}^{XT}}}$	(11.72)
$X{S}_{j1,i,t}=\frac{XS{T}_{j1,t}}{{\left({B}_{j1}^{XT}\right)}^{1+{\sigma}_{j1}^{XT}}}{\left[\frac{P_{j1,i,t}}{\beta_{j1,i}^{XT}P{T}_{j1,t}}\right]}^{\sigma_{j1}^{XT}}$	(11.73)
XSj0, i, t = XSTj0, t	(11.74)
$X{S}_{j,i,t}={B}_{j,i}^X{\left[{\beta}_{j,i}^XE{X}_{j,i,t}^{\rho_{j,i}^X}+\left(1-{\beta}_{j,i}^X\right)D{S}_{j,i,t}^{\rho_{j,i}^X}\right]}^{\frac{1}{\rho_{j,i}^X}}$	(11.75)
$E{X}_{j,i,t}={\left[\frac{1-{\beta}_{j,i}^XP{E}_{i,t}}{\beta_{j,i}^XP{L}_{i,t}}\right]}^{\sigma_{j,i}^X}D{S}_{j,i,t}$	(11.76)
$EX{D}_{i,t}=\mathit{\operatorname{ext}}{r}_{i,t} EX{D}_i^O po{p}_t{\left(\frac{e_t PW{X}_{i,t}}{P{E}_{i,t}^{FOB}}\right)}^{\sigma_i^{XD}}$	(11.77)
${Q}_{i,t}={B}_i^M{\left[{\beta}_i^MI{M}_{i,t}^{-{\rho}_i^M}+\left(1-{\beta}_i^M\right)D{D}_{i,t}^{-{\rho}_i^M}\right]}^{\frac{-1}{\rho_i^M}}$	(11.78)
$I{M}_{i,t}={\left[\frac{\beta_i^MP{D}_{i,t}}{1-{\beta}_i^MP{M}_{i,t}}\right]}^{\sigma_i^M}D{D}_{i,t}$	(11.79)
$P{P}_{j,t}=\frac{PV{A}_{j,t}V{A}_{j,t}+ PC{I}_{j,t}C{I}_{j,t}}{XS{T}_{j,t}}$	(11.80)
PTj, t = (1 + ttipj, t)PPj, t	(11.81)
$PC{I}_{j,t}=\frac{\sum_iP{C}_{i,t}D{I}_{i,j,t}}{C{I}_{j,t}}$	(11.82)
$PV{A}_{j,t}=\frac{W{C}_{j,t} LD{C}_{j,t}+R{C}_{j,t} KD{C}_{j,t}}{V{A}_{j,t}}$	(11.83)
WTIl, j, t = Wl, t(1 + ttiwl, j, t)	(11.84)
RTIk, j, t = Rk, j, t(1 + ttikk, j, t)	(11.85)
Pj0, i, t = PTj0, t	(11.86)
${P}_{j,i,t}=\frac{P{E}_{i,t}E{X}_{j,i,t}+P{L}_{i,t}D{S}_{j,i,t}}{X{S}_{j,i,t}}$	(11.87)
$P{E}_{i,t}^{FOB}=\left(P{E}_{i,t}+{\sum}_{ij}P{C}_{ij,t} tmr{g}_{ij,i}^X\right)\left(1+ tti{x}_{i,t}\right)$	(11.88)
PDi, t = (1 + ttici, t)(PLi, t + ∑ijPCij, ttmrgij, it)	(11.89)
PMi, t = (1 + ttici, t)((1 + ttimi, t)etPWMi, t + ∑ijPCij, ttmrgij, i)	(11.90)
$P{C}_{i,t}=\frac{P{M}_{i,t}I{M}_{i,t}+P{D}_{i,t}D{D}_{i,t}}{Q_{i,t}}$	(11.91)
$PIXGD{P}_t=\sqrt{\frac{\sum_j\left( PV{A}_{j,t}+\frac{TI{P}_{j,t}}{V{A}_{j,t}}\right)V{A}_j^O{\sum}_j\left( PV{A}_{j,t}V{A}_{j,t}+ TI{P}_{j,t}\right)}{\sum_j\left( PV{A}_j^OV{A}_j^O+ TI{P}_j^O\right){\sum}_j\left( PV{A}_j^O+\frac{TI{P}_j^O}{V{A}_j^O}\right)V{A}_{j,t}}}$	(11.92)
$PIXCO{N}_t=\frac{\sum_iP{C}_{i,t}{\sum}_h{C}_{i,h}^0}{\sum_{ij}P{C}_{ij}^0{\sum}_h{C}_{ij,h}^0}$	(11.93)
$PIXIN{V}_t^{PRI}={\prod}_i{\left(\frac{P{C}_{i,t}}{P{C}_i^0}\right)}^{\gamma_i^{INVPRI}}$	(11.94)
$PIXIN{V}_t^{PUB}={\prod}_i{\left(\frac{P{C}_{i,t}}{P{C}_i^0}\right)}^{\gamma_i^{INVPUB}}$	(11.95)
$PIXGV{T}_t={\prod}_i{\left(\frac{P{C}_{i,t}}{P{C}_i^0}\right)}^{\gamma_i^{GVT}}$	(11.96)
Qi0, t = ∑hCi0, h, t + CGi0, t + INVi0, t + VSTKi0, t + DITi0, t + MRGNi0, t	(11.97)
∑jLDl, j, t = LSl, t	(11.98)
∑jKDk, j, t = KSk, t	(11.99)
ITt = ∑hSHh, t + ∑fSFf, t + SGt + SROWt	(11.100)
$I{T}_t^{PRI}=I{T}_t-I{T}_t^{PUB}-{\sum}_iP{C}_{i,t} VST{K}_{i,t}$	(11.101)
∑jDSj, i, t = DDi, t	(11.102)
∑jEXj, i, t = EXDi, t	(11.103)
$GD{P}_t^{BP}={\sum}_j PV{A}_jV{A}_{j,t}+ TIP{T}_t$	(11.104)
$GD{P}_t^{MP}= GD{P}_t^{BP}+ TPRCT{S}_t$	(11.105)
$GD{P}_t^{IB}={\sum}_{l,j}{W}_{l,t}L{D}_{l,j,t}+{\sum}_{k,j}{R}_{k,j,t}K{D}_{k,j,t}+ TPROD{N}_t+ TPRCT{S}_t$	(11.106)
$GD{P}_t^{FD}={\sum}_iP{C}_{i,t}\left[{\sum}_h{C}_{i,h,t}+C{G}_{i,t}+ IN{V}_{i,t}+ VST{K}_{i,t}\right]+{\sum}_iP{E}_{i,t}^{FOB} EX{D}_{i,t}-{\sum}_i{e}_t PW{M}_{i,t}I{M}_{i,t}$	(11.107)
$CT{H}_{h,t}^{REAL}=\frac{CT{H}_{h,t}}{PIXCO{N}_t}$	(11.108)
${G}_t^{REAL}=\frac{G_t}{PIXV{T}_t}$	(11.109)
$GD{P}_t^{BP\_ REAL}=\frac{GD{P}_t^{BP}}{PIXGD{P}_t}$	(11.110)
$GD{P}_t^{MP\_ REAL}=\frac{GD{P}_t^{MP}}{PIXCO{N}_t}$	(11.111)
$GFC{F}_t^{PRI\_ REAL}=\frac{I{T}_t^{PRI}}{PIXIN{V}_t^{PRI}}$	(11.112)
$GFC{F}_t^{PUB\_ REAL}=\frac{I{T}_t^{PUB}}{PIXIN{V}_t^{PUB}}$	(11.113)
KDk, j, t + 1 = KDk, j, t(1 − δk, j) + INDk, j, t + RINVk, j, t	(11.114)
$I{T}_t^{PUB}=P{K}_t^{PUB}{\sum}_{k, pub} IN{D}_{k, pub,t}$	(11.115)
$I{T}_t^{PRI}=P{K}_t^{PRI}{\sum}_{k, pri} IN{D}_{k, pri,t}$	(11.116)
$P{K}_t^{PRI}=\frac{1}{A^{K\_ PRI}}{\prod}_i{\left[\frac{P{C}_{i,t}}{\gamma_i^{INVPRI}}\right]}^{\gamma_i^{INVPRI}}$	(11.117)
$P{K}_t^{PUB}=\frac{1}{A^{K\_ PUB}}{\prod}_i{\left[\frac{P{C}_{i,t}}{\gamma_i^{INVPUB}}\right]}^{\gamma_i^{INVPUB}}$	(11.118)
$IN{D}_{k, pri,t}={\phi}_{k, pri}{\left[\frac{R_{k, pri,t}}{U_{k, pri,t}}\right]}^{\sigma_{k, pri}^{INV}}K{D}_{k, pri,t}$	(11.119)
${U}_{k, pri,t}=P{K}_t^{PRI}\left({\delta}_{k, pri}+I{R}_t\right){U}_{k, pub,t}=P{K}_t^{PUB}\left({\delta}_{k, pub}+I{R}_t\right)$	(11.120)
LEONt = Qi, t − ∑hCi, h, t − CGi, t − INVi, t − VSTKi, t − DITi, t − MRGNi, t	(11.121)