Transcript OECD GUIDELINES ON MICRO-STATISTICS ON HOUSEHOLD WEALTH Why micro-statistics on household wealth are important?  Key component of household economic resources, alongside income and consumption 

OECD GUIDELINES ON
MICRO-STATISTICS ON
HOUSEHOLD WEALTH
Why micro-statistics on household
wealth are important?
 Key component of household economic resources, alongside
income and consumption
 Inequality in the distribution of household wealth is
significantly higher than that for household income, and may
evolve differently overtime
 The distribution of household wealth may affect the
vulnerability of the economy to various shocks, and the
sustainability of economic development
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Why have these Guidelines been
developed?
• Recommendations by various bodies
– 2011 Canberra Group Handbook on Household Income Statistics proposed “the
development of international statistical standards for the collection and
compilation of statistics on household wealth at the micro level”
– Stiglitz-Sen-Fitoussi Commission recommendations to “consider income and
consumption jointly with wealth” and “give more prominence to the distribution
of income, consumption and wealth”
• SNA provides framework for compilation and analysis of
macro statistics for the whole economy, not always welladapted to need of statistician's interested in distribution
• No international standards in the micro field currently exist
• Long term goals
– Increase the ex ante comparability of existing measures
– Encourage more countries to undertake measurement in this field
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Who has developed these Guidelines?
• OECD Expert Group on Micro-Statistics on Household Income,
Consumption and Wealth (EGICW)
• Established under aegis of OECD Committee on Statistics (CSTAT)
in late 2010 with two-year mandate
• Chaired by Bob McColl (ABS, Australia), including representatives of
statistical offices from 17 countries and other experts in the field
(ECB, Federal Reserve Board, Eurostat, Luxembourg Income Study)
• Financial and in-kind support from Federal Statistical Office of
Switzerland, Australian Bureau of Statistics and Bank of Italy
• Report reflect comments provided by CSTAT members and
published on the responsibility of the OECD Secretary-General
• The Guidelines complement the second deliverable of EGICW, i.e.
the companion report Framework for Statistics on the Distribution
of Household Income, Consumption and Wealth
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What are its objectives?
• Reviewing and comparing country methodologies for
producing micro-statistics on household wealth
• Developing agreed definitions, classifications and other
treatments for micro-statistics on household wealth
• Assessing measurement issues associated with different
components of household wealth and developing best-practice
• Assessing the pros and cons of different sources and methods,
and the range of analytic measures that could be used to
describe household wealth
• Identifying conceptual and definitional differences between
macro- and micro-approaches to measuring household wealth
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What is the structure of these Guidelines?
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Ch. 1
Ch. 2
Ch. 3
Introduction
Overview of household wealth statistics
Standard concepts, definitions, and classifications for household wealth
statistics
Ch. 4
Data sources and methods for producing household wealth statistics
Ch. 5
Measurement Guidelines for standard components of household wealth
Ch. 6
Measuring household wealth through surveys
Ch. 7
Analytic measures
Ch. 8
Dissemination
Ch. 9
Quality assurance for household wealth statistics
Annex A Eurosystem Household Finance and Consumption Survey
Annex B Luxembourg Wealth Study
Annex C Differences between micro and macro measures of household wealth
Annex D Inventory of country methodologies for producing micro wealth statistics
Annex E Household Definition in other statistical standards
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What specific guidance is provided? (1)
• A broad conceptual framework for micro-statistics on
household wealth linking stocks and flow (page 42)
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What specific guidance is provided? (2)
• A recommended classification for components offinancial
assets, non-financial assets, and liabilities to be collected and
reported (page 67)
• A number of general principles for recording, e.g. all
household’s assets and liabilities should be:
– valued at current market price, or closest equivalent, on the date to
which statistics relate
– recorded at the same point in time for all households
– recorded on a gross basis (i.e. separately), with the exception of those
between members of the same households
– collected for all private households that reside in housing units and that
are resident of the country to which statistics relate
• Best practice in the measurement of specific components
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For further information
See full report, freely available at:
www.oecd.org/statistics/guidelines-for-microstatistics-on-household-wealth.htm
• Contacts:
– Marco Mira d’Ercole (OECD Statistics Directorate, [email protected])
– Nicolas Ruiz (OECD Statistics Directorate, [email protected])
– Bindi Kindermann (Australian Bureau of Statistics,
[email protected])
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