Working Paper（25-019E）Money Flow Business Network

This study utilizes novel bank transaction data from business accounts to analyze inter-industry money ows and their relation to the input-output table. Results reveal a strong correlation between money ows in the bank data and physical ows in the input-output table. Further, lagged money ows from a destination industry signicantly predict current money ows, highlighting the role of supplychain connections in shaping money ow dynamics.

JEL Classication Number: D57, E01, E23, E51

Keywords: input-output table, supply chain, money multipliers