Transcript Sectoral Accounts, Balance Sheets, and Flow of Funds: Progress and Future Plans Joint Session of the OECD Working Party on Financial Statistics and the.

Sectoral Accounts, Balance Sheets,
and Flow of Funds: Progress and
Future Plans
Joint Session of the OECD Working Party on Financial Statistics
and the OECD Working Party on National Accounts
Paris, October 25–27, 2011
Manik Shrestha
IMF Statistics Department
The views expressed herein are those of the author and should not be attributed to the IMF, its Executive Board, or its management.
Background
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In November 2009, the IMF/FSB report to the G-20,
The Financial Crisis and Information Gaps, identified a
need to address data gaps, grouped into four main
inter-related areas:
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20 Recommendations to address data gaps were
identified
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Although initiatives started with G-20 endorsement and periodic reports
submitted to G-20, the data gaps initiatives have global perspectives and
implications
Inter-Agency Group on Economic and Financial
Statistics, created in December 2008, oversees and
coordinates the implementation of recommendations
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Build-up of risk in the financial sector
Cross-border financial linkages
Vulnerability of domestic economies to shocks
Improving communications of official statistics
Latest report in June 2011: http://www.imf.org/external/np/g20/pdf/063011.pdf
Members are BIS, ECB, Eurostat, IMF (Chair) OECD, World Bank, and UN
G-20 Recommendation #15
The IAG, which includes all agencies
represented in the Inter-Secretariat Working
Group on National Accounts, to develop a
strategy to promote the compilation and
dissemination of the balance sheet approach
(BSA), flow of funds, and sectoral data more
generally, starting with the G-20 economies.
Data on nonbank financial institutions should
be a particular priority. The experience of the
ECB and Eurostat within Europe and the
OECD should be drawn upon. In the medium
term, including more sectoral balance sheet
data in the data categories of the Special
Data Dissemination Standard could be
considered.
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Work to date and progress
An IAG Working Group leads and takes
forward work on implementation
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Members are BIS, ECB, Eurostat, IMF (Chair) OECD, and UN
A joint IMF-OECD Conference on
Strengthening Sectoral Position and Flow Data
in the Macroeconomic Accounts at IMF
Headquarters during February 28 – March 2,
2011
A meeting of the IAG WG during
September 12 – 23, 2011 at OECD
Headquarters
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IMF-OECD Conference
An important milestone in taking forward the
work on implementing Rec. 15
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Provided guidance towards a minimum set of
internationally comparable sectoral accounts
(Template)
Discussed priorities for compilation and
dissemination of sectoral accounts by the G-20
economies and non-G-20 advanced economies
Reached common understanding for improvements
of sectoral national accounts
Attended by about 70 professionals from central
banks and national statistical offices of G-20
economies and some non-G-20 advanced economies
and international organizations
Papers and conclusions at
http://www.imf.org/external/np/seminars/eng/2011/sta/
index.htm
Conference: Template for
sectoral accounts
The conference provided sufficient guidance
for developing a Template for ensuring
dissemination of minimum set of
internationally comparable sectoral accounts
and on the encouraged details
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Minimum and encouraged sector and sub-sector
breakdowns
 Transaction breakdowns in current and capital
accounts
 Classification of financial instruments
 Classification of nonfinancial assets
 Move towards quarterly frequency
 Encourage financial positions and flows on a
from-whom-to-whom basis
 IAG WG to finalize the Template
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Conference: Other topics on the
implementation
Time frame for implementation
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Initial phase within 3 years to coincide with 2008 SNA
implementation by many advanced economies by 2014
Priorities
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Start with the minimum set of internationally comparable sectoral
accounts
Expand the sector, financial instrument, and nonfinancial asset
details
Compile financial positions and flows on a from-whom-to-whom
basis (starting with positions for specific sectors and instruments)
Outreach, technical assistance and training
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For countries with good statistical systems – outreach through
workshops and meetings
For countries with less developed statistical systems – technical
assistance and training
Arrangements for collection and dissemination of sectoral
accounts
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Eurostat, ECB, OECD and IMF to coordinate work for collecting data
from countries using existing efforts of Eurostat, ECB and OECD
IAG WG Meeting in September 2011
Focused on the way forward for implementation of the
work on sectoral accounts, balance sheets and flow of
funds
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International collaboration, including consultation with
countries
Priorities
Time tables
Outputs
Allocation of responsibilities
Four main areas
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Posting of available sectoral accounts and balance sheets on
the IAG’s Principal Global Indicators website (PGI)
Developing a data reporting template
Promoting the compilation of flow of funds (positions and
flows on a from-whom-to-whom basis)
SDMX and data collection, sharing, and dissemination
Posting of available sectoral accounts
Initial focus on G-20 economies and other
five FSB members
Data reported to Eurostat, ECB and OECD
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Quarterly non-financial accounts reported to
Eurostat for some countries are for internal
use only
Quarterly sectoral accounts and balance
sheets reported to OECD are to be finalized
for dissemination
 Plan
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to publish by early 2012 on the PGI
Developing a data reporting template
Refine the Template discuss at the IMFOECD Conference
 Develop data reporting template in
Excel
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Circulate to countries in early 2012 to
facilitate their implementation of the
2008 SNA/ESA 2010
Eurostat – Quarterly current and capital
accounts
 ECB – Quarterly financial account and
positions
 OECD – Annual stock of non-financial assets
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Template: Quarterly current and capital
accounts
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Transactions details are at a more
aggregated level than in 2008 SNA
Sector details
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Non-financial corporations
 Of
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Financial corporations
 Of
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which public corporations
which public corporations
Monetary financial institutions
Insurance and pension funds
Other financial corporations
General government
Households and NPISHs
ROW
Template: Minimum and Encouraged Sectors for Financial Account and Positions
Non-financial corporations (S11)
Of which: Public non financial corporations
Financial corporations (S12)
Monetary financial institutions (S121+S122 +S123)
Central bank (S121)
Other depository-taking corporations (S122)
Money market funds (S123)
Insurance corp. and pension funds (S128+ S129)
Insurance corp. (S128)
Pension funds (S129)
Other financial corporations (S124+ S125+ S126+ S127)
Of which: Nonmoney market investment funds (S124)
Of which: Other financial intermediaries except insurance and pensions (S125)
Of which: Financial Auxiliaries (S126)
Of which: Captive financial institutions and money lenders (S127)
Of which: Public financial corporations
General government (S13)
Of which: General Government Social Security (S1314)
Households and NPISHs (S14+S15)
Households (S14)
NPISH (S15)
Rest of the World (S2)
Minimum
Encouraged
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Template: Minimum and Encouraged Instruments for Financial Account and Positions
F1
F2
F3
F4
Monetary gold and SDRs
F11 Monetary gold
F12 SDRs
Currency and deposits
Of which: Domestic currency
F21 Currency
F22 Transferable deposits
F221 Interbank positions
F229 Other transferable deposits
F29 Other deposits
Debt securities
Of which: Domestic currency
F31 Short-term
F32 Long-term
With remaining maturity of one year and less
With remaining maturity of more than a year
Loans
Of which: Domestic currency
F41 Short-term
F42 Long-term
With remaining maturity of one year and less
With remaining maturity of more than a year
Minimum
Encouraged
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Template: Minimum and Encouraged Instruments for Financial Account and Positions
F5
Equity and investment fund shares
F51 Equity
F511 Listed shares
F512 Unlisted shares
F519 Other equity
F52 Investment fund shares/units
F521 Money market fund shares/units
F522 Non MMF investment fund shares/units
F6
Insurance, pension and standardized guarantee schemes
F61 Non-life insurance technical reserves
F62 Life insurance and annuity entitlements
F63+F64+F65 Retirement entitlements
F63 Pension entitlements
F64 Claim of pension fund on pension managers
F65 Entitlements to non-pension benefits
F66 Provisions for calls under standardized guarantees
F7 Financial derivatives and employee stock options
F71 Financial derivatives
F711 Options
F712 Forwards
F72 Employee stock options
F8 Other accounts receivable/payable
Of which: Domestic currency
F81 Trade credits and advances
F89 Other accounts receivable/payable
Minimum
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Encouraged
Template: Annual stocks of non-financial assets
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Sector details: same as for current and
capital accounts
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Non-financial corporations
 Of
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Financial corporations
 Of
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which public corporations
which public corporations
Monetary financial institutions
Insurance and pension funds
Other financial corporations
General government
Households and NPISHs
ROW
Template: Minimum and Encouraged Non-Financial Asset Details
AN1
AN2
Produced non-financial assets
AN11 Fixed assets
of which,
AN111 Dwellings
AN112 Other buildings and structures
AN12 Inventories
AN13 Valuables
Non-produced non-financial assets
AN21 Natural resources
of which,
AN211 Land
of which,
AN. 2111 Land underlying buildings and structures
AN212 Mineral and energy reserves
AN22 Contracts, leases and licenses
AN23 Goodwill and marketing assets
Minimum
Encouraged
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Flow of Funds (financial positions and
flows on a from-whom-to-whom basis)
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Acknowledged that until countries implement 2008 SNA
and the recommendations on sectoral accounts and
balance sheets, progress would be slow
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Agreed to continue work on promoting the development
of flow of funds
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Priority until 2014 is completion of 2008 SNA implementation
Work on flow of funds is expected to intensify after 2014
Broader conceptual framework (including dealing with
counterparty sectors and economies in ROW)
Implementation priorities and steps
Compilation issues
Agreed to explore the possibility of forming a small
informal international group including the IAG WG on
sectoral accounts and representatives from a few
countries
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SDMX and data collection, sharing, and
dissemination
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SDMX work for national accounts is being
led by ECB, Eurostat and OECD
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Aims to complete the work ahead of the 2008
SNA-based data transmission in EU
Coordination with SDMX projects for other
macroeconomic statistics domains
Data collection, sharing, and
dissemination
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ECB, Eurostat, IMF and OECD to work
together
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Objective is to ask a country to submit sectoral
accounts data to one international agency only