Sectoral Accounts in the SDDS Plus: Referencing the G-20 Data Gaps Initiative

Transcription

1 Sectoral Accounts in the SDDS Plus: Referencing the G-20 Data Gaps Initiative Kim Zieschang Real Sector Division Statistics Department 1

2 Outline of the Presentation G-20 Recommendation # 15 Objective of the Templates Elements of the Templates Implementation priorities International arrangement for data collection, transmission and dissemination Annex Overview of the Templates 2

3 G-20 Recommendation 15 Motivations Policy perspectives Understanding real-financial linkages, balance sheet strengths and weaknesses, and vulnerabilities and spillover effects of financial interconnectedness at the macro and sectoral levels How Statistics perspectives Comprehensive and integrated macroeconomic statistics providing overarching framework for various domains of macro/sectoral data and ensuring cross-sector (cross-domain) consistencies Internationally coordinated implementation efforts for expanding the compilation and dissemination of internationally comparable detailed sectoral accounts, balance sheets and flow of funds 3

4 G-20 Recommendation 15 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 G20 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. Key elements Integrated sectoral accounts and balance sheets, with a focus on: Sectoral balance sheets Particularly sectoral financial asset and liability positions to support the use of balance sheet approach in analytic and policy work (sectoral linkages and key balance sheet mismatches) Detailed sectoral breakdown, specially for financial corporations and its non-bank sub-sectors Flow of funds (both positions and flows on a from-whom-to-whom basis) SDDS includes sectoral financial asset and liability positions Encouraged item in the SDDS Required item in the SDDS Plus 4

5 Implementing Recommendation 15 An IAG Working Group leads and takes forward work on implementation Members are BIS, ECB, Eurostat, IMF (Chair) OECD, and UN A joint IMF-OECD Conference on Strengthening Sectoral Position and Flow Data in the Macro-economic Accounts at IMF Headquarters during February 28 March 2, 2011 Provided guidance towards a minimum and encouraged set of internationally comparable sectoral accounts (Templates) Presentation of work on sectoral accounts and the Templates at the OECD working party meetings, Advisory Expert Group on National Accounts, other forums IAG WG finalized the Templates in May 2012 and posted them on the IMF s website Available sectoral accounts data are re-disseminated through the Principal Global Indicators (PGI) website Going forward, the focus is on implementation through outreach, technical assistance and training 5

6 Objective of the Templates SNA a broad framework Implementation of SNA: Emphasis on coordination Need to ensure international comparability Not just standards and concepts But also implementation What part/s of the system Best practices in collection and compilation Dissemination Templates set the scope of sectoral accounts and balance sheets Guides the implementation Ensures internationally coordinated efforts towards producing and disseminating internationally comparable sectoral accounts and balance sheets 6

7 Templates for Sectoral Accounts Elements of the Templates Classifications Minimum and encouraged sector and sub-sector breakdowns Transaction breakdowns in current and capital accounts Classification of financial instruments Classification of nonfinancial assets Scope of accounts and tables Current and capital accounts Stocks and transactions of financial assets and liabilties Stocks of non-financial assets Frequency Quarterly (except for stocks of non-financial assets, which are annual) Timeliness One quarter for quarterly and nine months for annual data 7

8 Implementation priorities A challenge given the various aspects of sectoral accounts and diverse situations among countries The aim is to have internationally comparable sectoral accounts at the maximum level of details on a best-effort basis Requirements for analytical and policy purposes should guide priorities Initial phase within 3 years to coincide with the 2008 SNA implementation by many advanced economies by 2014 Anticipation that G-20 and non-g-20 advanced economies would adopt the Templates for sectoral accounts and balance sheets in their implementation of the 2008 SNA/ESA 2010 (by 2014) Work on financial positions and flows on a from-whom-to-whom basis is expected to intensify from 2015 Monitoring of progress Primarily on a self-commitment basis For G-20 annual update of country notes on the implementation of G-20 recommendations by the IMF in collaboration with countries Outreach and regional conferences of the working group partners. 8

9 Data Collection/Transmission for Sectoral Accounts EU members EUROSTAT OECD IMF Euro area members ECB Non-EU OECD members Non-OECD IMF members Existing Future 9

10 Overview of the G-20 Templates Quarterly current and capital accounts Minimum and encouraged sector details Transactions details Quarterly financial positions and transactions Minimum and encouraged sector details Minimum and encouraged financial instrument details Annual stocks of non-financial assets Minimum and encouraged sector details Minimum and encouraged asset details 10

11 Template: Quarterly Current and Capital Accounts Sector details Non-financial corporations (SDDS Plus) Of which public corporations (G-20) Financial corporations (SDDS Plus) Of which public corporations (G-20) Monetary financial institutions (G-20) (SDDS Plus) Insurance corporations and pension funds (G-20) (SDDS Plus) Other financial corporations (G-20) (SDDS Plus) General government (SDDS Plus) Households and NPISHs (SDDS Plus) ROW (SDDS Plus) 11

12 Template: Transaction Details for current and capital accounts (1) P.6 (for S2) Exports of goods and services P.7 (for S2) Imports of goods and services B.1g Value added, gross / Gross domestic product D.1 Compensation of employees B.2g+B.3g Operating surplus, gross and Mixed income, gross D.2 Taxes on production and imports D.3 Subsidies Of which: D.21 (for S1) Taxes on products D.29 Other taxes on production Of which: D.31 (for S1) - Subsidies on products D.39 - Other subsidies on production D.4 Property income D.41g B.5g Minimum Encouraged Of which: D.41 Interest D.4N Property income other than interest Total interest before FISIM allocation Balance of primary incomes, gross / National income, gross 12

13 Template: Transaction Details for current and capital accounts (2) D.5 Current taxes on income, wealth, etc D.61 Net social contributions D.62 Social benefits other than social transfers in kind D.63 Social transfers in kind D.7 Other current transfers Of which: D.71 Net non-life insurance premiums B.6g D.72 Non-life insurance claims D.7N Other Current transfers, not elsewhere specified Disposable income, gross D.8 Adjustment for the change in pension entitlements P.3 Final consumption expenditure Of which: P.31 Individual consumption expenditure B.8g P.32 Collective consumption expenditure Saving, gross 13

14 Template: Transaction Details for current and capital accounts (3) D.9 P.5g P.51c NP B.9 Capital Transfers Of which: D.91 D.9N Capital Taxes Gross capital formation Of which: P.51g P.52+P.53 Investment Grants and other capital transfers Gross fixed capital formation Changes in inventories and acquisition less disposals of valuables Consumption of fixed capital Acquisitions less disposals of non-produced assets Net lending (+)/Net borrowing (-) 14

15 Template: Minimum and Encouraged Sectors for Quarterly 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 deposit-taking corporations (S122) Money- market funds (S123) Insurance corp. and pension funds (S128+ S129) Insurance corporations (S128) Pension funds (S129) Other financial corporations (S124+ S125+ S126+ S127) Of which: Non-money market investment funds (S124) Of which: Other financial intermediaries except insurance corporations 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) SDDS Plus required Minimum Encouraged 15

16 Template: Minimum and Encouraged Instruments for Quarterly Financial Account and Positions (1) 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 SDDS Plus on a best effort basis Minimum Encouraged 16

17 Template: Minimum and Encouraged Instruments for Quarterly Financial Account and Positions (2) 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 SDDS Plus on a best effort basis Minimum Encouraged 17

18 SDDS Plus Data Categories: Sectoral Balance Sheets Coverage: The SDDS Plus requires a minimum set of internationally comparable sectoral balance sheets, for financial assets and liabilities with a focus on the sub-sector details of the financial corporations. Standard 2008 SNA instrument classification is on a best effort basis. Periodicity: The SDDS Plus requires quarterly data Timeliness: The SDDS Plus requires data dissemination within one quarter of end of the reference period 18

19 Template: Annual stocks of nonfinancial assets Sector details: same as for current and capital accounts Non-financial corporations Of which public corporations Financial corporations Of which public corporations Monetary financial institutions Insurance and pension funds Other financial corporations General government Households and NPISHs ROW 19

20 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 Land underlying buildings and structures AN212 Mineral and energy reserves AN22 Contracts, leases and licenses AN23 Goodwill and marketing assets Minimum Encouraged 20