1. The European System of National Accounts (ESA): Methodology [October 29, 2015]

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1 Prof. Dr. J. Franke-Viebach 1 WS Workshop European Economic Policy Target Group: Economics, Bachelor, PO 2011, Modul 20 (Exam number: 95818) Room: Time: Thursday, Start: Oct 22, 2015 (Introduction) Content: 1. Excursion to Frankfurt/M. probably in January 2016: we are going to visit the Deutsche Bundesbank and, if possible, the European Central Bank. 2. Powerpoint presentations of about 60 minutes by groups of two students. The students have to choose a topic from the list below. Each student must prepare part of the topic and present at least 20 minutes in class. The powerpoint slides must use the format that you find on my website (Lehre WS Workshop Presentation Templates) Organisation: The presentations have to be sent to me in ppt format by at least one week before the corresponding session. Applications for topics: by or during my office hour. ATTENTION: you have to register for this workshop according to the rules that apply for registration for seminars in economics (for details see the website of our exam office!) Basic bibliography: I give introductory references for each topic (see the list below). The references define the specific aspects which have to be discussed in the presentation. The students are encouraged to look for other references which, e. g., explain some or all of the aspects of a topic more clearly or which contain more recent empirical evidence. You find most of the references in the web or in the library; if not so, please contact me. Topics: 1. The European System of National Accounts (ESA): Methodology [October 29, 2015] München, pp 31 54, [If possible, use the most recent edition from 2015.] European Central Bank (2014): New International Standards in Statistics Enhancements to Methodology and Data Availability. In: Monthly Bulletin August, pp Eurostat (2014): Essential SNA: Building the Basics. Luxemburg, pp b4c5-f2f0d951bc52?version=1.0

2 Prof. Dr. J. Franke-Viebach 2 WS Eurostat (2013): European System of Accounts ESA Luxemburg. bc64-40e5-bd40-d17df0c69334?version=1.0 European Commission et al. (2009): System of National Accounts Nissen, H.-P.(2002): Das Europäische System Volkswirtschaftlicher Gesamtrechnungen. 4 th ed., Heidelberg, pp 77 83, [or 5 th ed. 2013]. Statistisches Bundesamt (2014). Generalrevision der Volkswirtschaftlichen Gesamtrechnungen 2014 für den Zeitraum 1991 bis In: Wirtschaft und Statistik, September, pp Statistisches Bundesamt (2014a): Generalrevision https://www.destatis.de/de/zahlenfakten/gesamtwirtschaftumwelt/vgr/methoden/revision2014.html 2. Production, Income and Saving of the Euro Area in the Integrated Economic and Financial Accounts of the European Central Bank: Basics and Recent Changes Due to the European System of Accounts (ESA) 2010 [November 12, 2015] Dunn, M. / Akritidis, L. / Biedma, L. (2014): The Impact of ESA 2010 on Key Indicators of the National Accounts in Europe. In: Eurostat Review on National Accounts and Macroeconomic Indicators. Special Issue on the Implementation of the European System of Accounts (ESA 2010), Luxemburg, pp d-ff3c-497b-a a5c3e7 European Central Bank (2006): Integrated Financial and Non-Financial Accounts for the Institutional Sectors in the Euro Area. In: Monthly Bulletin October, pp 65 77, S29, S45 n. European Central Bank (2014): New International Standards in Statistics Enhancements to Methodology and Data Availability. In: Monthly Bulletin August, pp 83 86, 96n. European Central Bank (2014a): Monthly Bulletin December, pp S4, S26n, 89n. Von der Lippe, P. (2002): Zur Interpretation gesamtwirtschaftlicher Produktions- und Einkommensgrößen der deutschen Volkswirtschaftlichen Gesamtrechnung nach dem SNA 93 / ESVG 95. Universität Duisburg- Essen. 3. Recording Financial Flows and Financial Stocks: Basics of the Financial Accounts [November 19, 2015]

3 Prof. Dr. J. Franke-Viebach 3 WS Bodie, Z. / Merton, R. C. (2000): Finance. Upper Saddle River, N. J., pp München, pp , 171. [If possible, use the most recent edition from 2015.] Deutsche Bundesbank (2014): Financial Accounts for Germany 2008 to Special Statistical Publication 4, Frankfurt am Main, pp lichungen/statso_4/statso_4_financial_accounts_for_germany_2014.pdf? blob=publicationfile Frenkel, M. / John, K. D. (2006): Volkswirtschaftliche Gesamtrechnung. 6th ed., München, pp Nissen, H.-P.(2002): Das Europäische System Volkswirtschaftlicher Gesamtrechnungen. 4 th ed., Heidelberg, pp , [or 5 th ed. 2013]. Stobbe, A. (1994): Volkswirtschaftliches Rechnungswesen. 8 th ed., Berlin, pp , Van Horne, J. C. (1990): Financial Market Rates & Flows. London, pp 20 26, Financial Flows and Stocks of Germany: Recent Methodological Changes and First Results [December 3, 2015] Deutsche Bundesbank (2014a): Methodological Changes in the Financial Accounts Background, Approach and Selected Results. In: Monthly Report, Vol. 66, October, pp monthly_report.pdf?_blob=publicationfile Deutsche Bundesbank (2014b): Acquisition of Financial Assets and External Financing in Germany in the Second Quarter of 2014 in Line with the Latest Revision of the Financial Accounts. Press Release of_financial_assets_and_financing.html 5. Financial Flows and Financial Stocks of the Euro Area in the Integrated Economic and Financial Accounts of the European Central Bank: Basics and Recent Changes Due to the European System of Accounts (ESA) 2010 [December 10, 2015] European Central Bank (2006): Integrated Financial and Non-Financial Accounts for the Institutional Sectors in the Euro Area. In: Monthly Bulletin October, pp 65 77, S26 S28. European Central Bank (2014): New International Standards in Statistics Enhancements to Methodology and Data Availability. In: Monthly Bulletin August, pp 83 85,

4 Prof. Dr. J. Franke-Viebach 4 WS European Central Bank (2014a): Monthly Bulletin December, pp S4, S28n. Howells, P. / Bain, K. (2007): Financial Markets and Institutions. 5 th ed., Harlow, S Macroeconomic Balance Sheets: Basics and Empirical Results for Germany [December 17, 2015] München, pp 10n, [If possible, use the most recent edition from 2015.] Deutsche Bundesbank (2008): Integrated Sectoral and Overall Balance Sheets for Germany. In: Monthly Report, Vol. 60, January, pp _01_balance_sheets.pdf? blob=publicationfile Deutsche Bundesbank (2014c): Balance Sheets for Institutional Sectors and the Total Economy balance_sheets.pdf? blob=publicationfile Frenkel, M. / John, K. D. (2006): Volkswirtschaftliche Gesamtrechnung. 6 th ed., München, pp [or: 7 th ed. 2011]. Stobbe, A. (1994): Volkswirtschaftliches Rechnungswesen. 8 th ed., Berlin, pp The International Investment Position: Basics and Empirical Results for Germany [January 7, 2016] München, pp 213n. [If possible, use the most recent edition from 2015.] Deutsche Bundesbank (2014a): Methodological Changes in the Financial Accounts Background, Approach and Selected Results. In: Monthly Report, Vol. 66, October, pp monthly_report.pdf?_blob=publicationfile Deutsche Bundesbank (2014b): Discrepancy between Changes in Net Foreign Assets and the Cumulated Financial Account: an Unsuitable Indicator of Wealth Losses. In: Monthly Report, Vol. 66, May, pp _monthly_report.pdf? blob=publicationfile Deutsche Bundesbank (2014c): Balance of Payments Statistics. Statistical Supplement 3 to the Monthly Report. December, pp 38n.

5 Prof. Dr. J. Franke-Viebach 5 WS _3/2014/2014_12_balance_of_payments_statistics.pdf? blob=publicationfile Deutsche Bundesbank (2014c): International Investment Position. _position.html#doc21522bodytext2 Frenkel, M. / John, K. D. (2006): Volkswirtschaftliche Gesamtrechnung. 6 th ed., München, pp [or: 7 th ed. 2011]. International Monetary Fund (2009): Balance of Payments and International Investment Position Manual Sixth Edition (BPM6). Washington, D. C., pp Krugman, P. R. / Obstfeld, M. / Melitz, M. J. (2012): International Economics. Theory and Policy. 9 th ed., London, pp Payment Instruments and Payment Systems: Basics [January 14, 2016] De Haan, J. / Oosterloo, S. / Schoenmaker, D. (2015): European Financial Markets and Institutions. 3 rd ed., Cambridge, pp Kohn, M. (2004): Financial Institutions and Markets. Oxford, pp 11, 20 24, 39, 50 52, , Kokkola, T. (ed) (2010): The Payment System: Payments, Securities and Derivatives, and the Role of the Eurosystem. Frankfurt am Main, pp Euro Payments Across Borders: Integrating Payment Systems in Europe [January 21, 2016] De Haan, J. / Oosterloo, S. / Schoenmaker, D. (2015): European Financial Markets and Institutions. 3 rd ed., Cambridge, pp European Central Bank (2010): A Single Currency An Integrated Market Infrastructure. Frankfurt am Main, pp 16 20, European Central Bank (2015): TARGET Annual Report Frankfurt am Main, pp Feixas, X. / Holthausen, C. (2008): European Integration of Payment Systems. In: X. Freixas/Ph. Hartmann/C. Mayer (eds), Handbook of European Financial Markets and Institutions, Oxford, pp Kohn, M. (2004): Financial Institutions and Markets. Oxford, pp Kokkola, T. (ed) (2010): The Payment System: Payments, Securities and Derivatives, and the Role of the Eurosystem. Frankfurt am Main, pp

6 Prof. Dr. J. Franke-Viebach 6 WS Reszat, B. (2005): European Financial Markets in the Global Economy. Weinheim, pp The Role of TARGET Balances in the Euro Crisis: Official Views [January 28, 2016] Deutsche Bundesbank (2012): The Financial Crisis and Balance of Payments Developments within the Euro Area. In: Deutsche Bundesbank, Monthly Report, Vol. 64, No. 10, pp 13 28, here: _monthly_report.pdf? blob=publicationfile European Central Bank (2013): TARGET Balances and Monetary Policy Operations. In: European Central Bank, Monthly Bulletin May, pp The Role of TARGET Balances in the Euro Crisis: H.-W. Sinn s Critical View [February 4, 2016] Sinn, H.-W. / Wollmershäuser, T. (2012): Target Loans, Current Account Balances, and Capital Flows: The ECB s Rescue Facility. In: International Tax and Public Finance, Vol. 19, pp , here: , External_Publications/sinn-itax-2012-target.pdf 12. The Euro as an International Currency [February 11, 2016] Baldwin, R. / Wyplosz, Ch. (2015): The Economics of European Integration. 5 th ed., London, pp European Central Bank (2001): Review of the International Role of the Euro. Frankfurt am Main, pp European Central Bank (2014): The International Role of the Euro. Frankfurt am Main, pp 8 10, Additional Bibliography: For any seminar papers etc., students should always have a look at Das Wirtschaftsstudium (WISU), Wirtschaftswissenschaftliches Studium (WiSt). For applied topics, the following journals of applied economic analysis are helpful: Wirtschaftsdienst, WSI-Mitteilungen.

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