Presentation on theme: "Manik Shrestha IMF Statistics Department"— Presentation transcript:
1 Manik Shrestha IMF Statistics Department Sectoral Accounts, Balance Sheets, and Flow of Funds: Progress and Future PlansJoint Session of the OECD Working Party on Financial Statistics and the OECD Working Party on National AccountsParis, October 25–27, 2011Manik ShresthaIMF Statistics DepartmentThe views expressed herein are those of the author and should not be attributed to the IMF, its Executive Board, or its management.
2 BackgroundIn 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:Build-up of risk in the financial sectorCross-border financial linkagesVulnerability of domestic economies to shocksImproving communications of official statisticsLatest report in June 2011:20 Recommendations to address data gaps were identifiedAlthough initiatives started with G-20 endorsement and periodic reports submitted to G-20, the data gaps initiatives have global perspectives and implicationsInter-Agency Group on Economic and Financial Statistics, created in December 2008, oversees and coordinates the implementation of recommendationsMembers are BIS, ECB, Eurostat, IMF (Chair) OECD, World Bank, and UN
3 G-20 Recommendation #15The 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.
4 Work to date and progress An IAG Working Group leads and takes forward work on implementationMembers are BIS, ECB, Eurostat, IMF (Chair) OECD, and UNA joint IMF-OECD Conference on Strengthening Sectoral Position and Flow Data in the Macroeconomic Accounts at IMF Headquarters during February 28 – March 2, 2011A meeting of the IAG WG during September 12 – 23, 2011 at OECD Headquarters
5 IMF-OECD ConferenceAn important milestone in taking forward the work on implementing Rec. 15Provided 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 economiesReached common understanding for improvements of sectoral national accountsAttended by about 70 professionals from central banks and national statistical offices of G-20 economies and some non-G-20 advanced economies and international organizationsPapers and conclusions at index.htm
6 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 detailsMinimum and encouraged sector and sub-sector breakdownsTransaction breakdowns in current and capital accountsClassification of financial instrumentsClassification of nonfinancial assetsMove towards quarterly frequencyEncourage financial positions and flows on a from-whom-to-whom basis IAG WG to finalize the Template
7 Conference: Other topics on the implementation Time frame for implementationInitial phase within 3 years to coincide with 2008 SNA implementation by many advanced economies by 2014PrioritiesStart with the minimum set of internationally comparable sectoral accountsExpand the sector, financial instrument, and nonfinancial asset detailsCompile financial positions and flows on a from-whom-to-whom basis (starting with positions for specific sectors and instruments)Outreach, technical assistance and trainingFor countries with good statistical systems – outreach through workshops and meetingsFor countries with less developed statistical systems – technical assistance and trainingArrangements for collection and dissemination of sectoral accountsEurostat, ECB, OECD and IMF to coordinate work for collecting data from countries using existing efforts of Eurostat, ECB and OECD
8 IAG WG Meeting in September 2011 Focused on the way forward for implementation of the work on sectoral accounts, balance sheets and flow of fundsInternational collaboration, including consultation with countriesPrioritiesTime tablesOutputsAllocation of responsibilitiesFour main areasPosting of available sectoral accounts and balance sheets on the IAG’s Principal Global Indicators website (PGI)Developing a data reporting templatePromoting the compilation of flow of funds (positions and flows on a from-whom-to-whom basis)SDMX and data collection, sharing, and dissemination
9 Posting of available sectoral accounts Initial focus on G-20 economies and other five FSB membersData reported to Eurostat, ECB and OECDQuarterly non-financial accounts reported to Eurostat for some countries are for internal use onlyQuarterly sectoral accounts and balance sheets reported to OECD are to be finalized for disseminationPlan to publish by early 2012 on the PGI
10 Developing a data reporting template Refine the Template discuss at the IMF- OECD ConferenceDevelop data reporting template in ExcelCirculate to countries in early 2012 to facilitate their implementation of the SNA/ESA 2010Eurostat – Quarterly current and capital accountsECB – Quarterly financial account and positionsOECD – Annual stock of non-financial assets
11 Template: Quarterly current and capital accounts Transactions details are at a more aggregated level than in 2008 SNASector detailsNon-financial corporationsOf which public corporationsFinancial corporationsMonetary financial institutionsInsurance and pension fundsOther financial corporationsGeneral governmentHouseholds and NPISHsROW
12 Template: Minimum and Encouraged Sectors for Financial Account and Positions Non-financial corporations (S11)Of which: Public non financial corporationsFinancial 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 corporationsGeneral government (S13)Of which: General Government Social Security (S1314)Households and NPISHs (S14+S15)Households (S14)NPISH (S15)Rest of the World (S2)MinimumEncouraged
13 Template: Minimum and Encouraged Instruments for Financial Account and Positions Monetary gold and SDRsF Monetary goldF SDRsF2Currency and depositsOf which: Domestic currencyF CurrencyF Transferable depositsF Interbank positionsF Other transferable depositsF Other depositsF3Debt securitiesF Short-termF Long-termWith remaining maturity of one year and lessWith remaining maturity of more than a yearF4LoansF Short-termF Long-termMinimumEncouraged
14 Template: Minimum and Encouraged Instruments for Financial Account and Positions Equity and investment fund sharesF EquityF Listed sharesF Unlisted sharesF Other equityF Investment fund shares/unitsF Money market fund shares/unitsF Non MMF investment fund shares/unitsF6Insurance, pension and standardized guarantee schemesF Non-life insurance technical reservesF Life insurance and annuity entitlementsF63+F64+F65 Retirement entitlementsF Pension entitlementsF Claim of pension fund on pension managersF Entitlements to non-pension benefitsF Provisions for calls under standardized guaranteesF7 Financial derivatives and employee stock optionsF Financial derivativesF OptionsF ForwardsF72 Employee stock optionsF8 Other accounts receivable/payableOf which: Domestic currencyF Trade credits and advancesF Other accounts receivable/payableMinimumEncouraged
15 Template: Annual stocks of non-financial assets Sector details: same as for current and capital accountsNon-financial corporationsOf which public corporationsFinancial corporationsMonetary financial institutionsInsurance and pension fundsOther financial corporationsGeneral governmentHouseholds and NPISHsROW
16 Template: Minimum and Encouraged Non-Financial Asset Details AN1 Produced non-financial assetsAN Fixed assetsof which,AN DwellingsAN Other buildings and structuresAN InventoriesAN ValuablesAN2 Non-produced non-financial assetsAN Natural resourcesAN LandAN Land underlying buildings and structuresAN Mineral and energy reservesAN Contracts, leases and licensesAN Goodwill and marketing assetsMinimumEncouraged
17 Flow of Funds (financial positions and flows on a from-whom-to-whom basis) Acknowledged that until countries implement 2008 SNA and the recommendations on sectoral accounts and balance sheets, progress would be slowPriority until 2014 is completion of 2008 SNA implementationWork on flow of funds is expected to intensify after 2014Agreed to continue work on promoting the development of flow of fundsBroader conceptual framework (including dealing with counterparty sectors and economies in ROW)Implementation priorities and stepsCompilation issuesAgreed to explore the possibility of forming a small informal international group including the IAG WG on sectoral accounts and representatives from a few countries
18 SDMX and data collection, sharing, and dissemination SDMX work for national accounts is being led by ECB, Eurostat and OECDAims to complete the work ahead of the SNA-based data transmission in EUCoordination with SDMX projects for other macroeconomic statistics domainsData collection, sharing, and disseminationECB, Eurostat, IMF and OECD to work togetherObjective is to ask a country to submit sectoral accounts data to one international agency only
Your consent to our cookies if you continue to use this website.