Transcript Some follow up work to the Data Gaps Initiative: Institutional Sector Accounts Side Event to the UNSC New York, 23 February 2011

Some follow up work to the Data Gaps
Initiative:
Institutional Sector Accounts
Side Event to the UNSC
New York,
23 February 2011
DATA GAPS
There Exist Conceptual/
Statistical Frameworks
and Ongoing Collection
Build-up of Risk in # 2 Financial Soundness
Indicators (FSIs)
the Financial
#5 Credit Default Swaps
Sector
#7 Securities
Cross-border
Financial Linkages
# 10, #11, #12 Coordinated
Portfolio Investment Survey,
International Banking Statistics,
International Investment
Positions
Vulnerability of
Domestic
Economies to
Shocks
#15 Institutional Sector
Accounts
# 17 Government Finance
Statistics
# 18 Public Sector Debt
#19 Real Estate Prices
Improving
Communication of
Official Statistics
#20 Principal Global Indicators
(PGIs)
Conceptual Statistical
Framework Needs Further
Development
# 3 Tail Risk in the Financial System
#4 Aggregate Leverage and Maturity
Mismatches;
#6 Structured Products
#8 and # 9 Global Network
Connections and Systemically
Important Global Institutions
# 13 and #14 Financial and
Nonfinancial Corporations’ Cross
Border Exposures
#16 Distributional Information
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Recommendation 15
• Objective: expand the dissemination and reporting of
detailed annual and quarterly sectoral accounts by both
G20 and other advanced economies.
• Expansion involves improving the compilation of
sectoral national accounts in terms of details (subsectors and asset details) and closing data gaps as well
as developing financial balance sheets and flow of funds
on a from-whom-to-whom basis.
Sector accounts
• Increasing integration of domestic and international
markets, innovative products lead to changes in the
nature of linkages among and within (sub)-sectors
• Important to understand the characteristics of (sub)sectors and inter-linkages between them.
• Required: integrated statistical framework that presents
macroeconomic statistics for all sectors and subsectors
in a consistent way
• Framework is provided by the SNA
• But implementation has only been partial
2 Initiatives
• Taking stock and looking ahead:
IMF/OECD conference on sectoral balance
sheets
• Starting with existing data: coordinated work
on quarterly institutional sector accounts starts
between OECD, Eurostat, ECB and the IMF
IMF/OECD Conferenceon
Strengthening Sectoral Position and Flow
Data in the Macroeconomic Accounts
• February 28–March 2, 2011
• Objectives:
– reaching common understanding for improvements
of sectoral data
– working towards a minimum set of internationally
comparable sectoral accounts
– encourage compilation and dissemination by the
G20 and other advanced economies.
Coordinated work on quarterly
institutional sector accounts (1)
• OECD initiative, mandated by the OECD Committee on
Statistics, supported by IAG
• Objectives:
–
–
–
Start compilation of quarterly sector accounts for OECD (+
non-OECD G20) countries
Contribute to PGI and Data Gaps Initiative
Coordinated data compilation with single template and agreed
transmission process
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Coordinated work on quarterly institutional sector
accounts (2)
•
EUROSTAT and ECB: financial and non-financial flows
and stocks for countries and for European aggregates
• OECD: data for non-EU OECD countries
• IMF: data for non-EU, non-OECD countries/PGI
• Facilitated by exisiting harmonised template between OECD
and Eurostat/ECB
• Data not always complete, sectoral data unavailable or
unpublished
• But good starting point
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In Summary
•
Sector accounts (annual and quarterly) have been identified
as essential statistics to monitor economies
•
Framework exists (2008 SNA)
•
But more needs to be done by way of implementation
•
IAG has initated work
•
Coordinated data collection has started among
EU/OECD/G20 countries
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Thank you!
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