Guidelines For Compiling Sectoral Accounts

Transcription

1 Guidelines For Compiling Sectoral Accounts Venkat Josyula Developing and Improving Sectoral Financial Accounts Algiers, January 20-21, 2016 The views expressed herein are those of the author and should not necessarily be attributed to the IMF, its Executive Board, or its management

2 Outline Uses of Sectoral Financial Accounts(3) Institutional Responsibilities (4-5) Data Sources (6-7) Templates for Sectoral Accounts (8-19) Priorities (20-21) 2

3 Uses of Sectoral Financial Accounts Why compile sectoral financial accounts? Compilers should be clear on how the data could be useful to policymakers and other users In particular, users who may have some influence over the data compilation priorities of the agency Compilers should be able to sell the idea to senior management Critical for receiving support and resources Useful resource: IMF-OECD Conference Strengthening Sectoral Position and Flow Data in the Macroeconomic Accounts 3

4 Institutional Responsibilities Responsibilities for macroeconomic statistics may be spread among different agencies For example: Central Statistics Agency National accounts (current and capital accounts or just GDP and its components) Central Bank BOP; IIP; monetary and financial statistics; financial accounts Ministry of Finance government finance statistics Therefore Who should compile the sectoral financial accounts? CSO because it is responsible for national accounts? Central Bank because it compiles the MFS? What role should each statistical agency play in compilation? 4

5 Institutional Responsibilities Factors to consider in deciding responsibility Legal framework Which agency has the legal authority to compile the statistics Which agency has legal authority to collect data from specific units central banks may only have authority to collect data from financial corporations Resources Needs and uses central bank may already be compiling flow of funds for internal use. Cooperation among Statistical office, central bank and other agencies (finance ministry) to determine responsibility Establish protocols between/among agencies Responsibilities for compilation may be split among agencies Decide which agency disseminates the data 5

6 Data Sources What do we have and how could we use it? Identify Existing Data Sources Financial/regulatory data E.g. securities statistics; banking statistics; insurance regulators; pension funds regulator; mutual funds regulator Other administrative data Existing survey data Macroeconomic statistics BOP; IIP; MFS; GFS Identify data produced not only by compiling agency but by all government agencies Establish data sharing arrangements 6

7 Data Sources Develop a data availability matrix For each instruments and sector Identify available sources Multiple sources? Rank sources Mirror data and cross-checks Identify data gaps How to address data gaps New data collection Cost; time frame. Estimation Aggregation less detailed estimation 7

8 Templates for Sectoral Accounts How detailed should the accounts be? Which sectors should be covered? Users/countries have diverse needs and compilers have to meet the needs of users Different data sources Resource constraints But: Need to promote international comparability 8

9 Templates for Sectoral Accounts An important milestone in taking forward the work on implementing Recommendation 15 of the DGI-1 (now recommendation 8 of DGI-2) is the development of Templates for a Minimum and Encouraged Set of Internationally Comparable Sectoral Accounts and Balance Sheets Template sets the scope of sectoral accounts and balance sheets Guides the implementation Ensures internationally coordinated efforts towards producing and disseminating internationally comparable sectoral accounts SNA a broad framework Need to ensure international comparability 9

10 Templates for Sectoral Accounts Elements of the Template 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 Frequency Timeliness One quarter for quarterly and nine months for annual data 10

11 Template: Quarterly Accounts Sector details Non-financial corporations Of which public corporations Financial corporations Of which public corporations Monetary financial institutions Insurance corporations and pension funds Other financial corporations General government Households and NPISHs ROW Transactions details are at a more aggregated level than in 2008 SNA 11

12 Template: Minimum 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 Of which: D.21 (for S1) Taxes on products D.29 Other taxes on production D.3 Subsidies Of which: D.31 (for S1) - Subsidies on products D.39 - Other subsidies on production D.4 Property income Of which: D.41 Interest D.4N Property income other than interest D.41g Total interest before FISIM allocation B.5g Balance of primary incomes, gross / National income, gross Minimum Encouraged 12

13 Template: Minimum 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: Minimum Transaction Details for current and capital accounts (3) D.9 P.5g P.51c NP B.9 Capital Transfers Of which: D.91 Capital Taxes D.9N Investment Grants and other capital transfers Gross capital formation Of which: P.51g Gross fixed capital formation P.52+P.53 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: Nonmoney 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) 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 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 Minimum Encouraged 17

18 Template: Annual stocks of non-financial 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 18

19 Template: Minimum and Encouraged Non-Financial Asset Details AN1 Produced non-financial assets AN11 Fixed assets of which, AN111 Dwellings AN112 Other buildings and structures AN12 Inventories AN13 Valuables AN2 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 19

20 Priorities A challenge given the various aspects of sectoral accounts and diverse situations among countries. The aim is to have internationally comparable sectoral accounts An economy would aim for greater details than the minimum required for internationally comparable data to meet national data needs. Ultimately, requirements for analytical and policy purposes should guide priorities. 20

21 Priorities Countries with full sectoral accounts Integrated sectoral accounts with more details for subsectors, financial and nonfinancial assets in line with 2008 SNA Financial positions and flows on a fromwhom-to-whom basis For financial corporations and general government subsectors For specific instruments Integrated sectoral financial positions and flows Remaining maturity and currency breakdowns Integrating other economic flows with stocks in sectoral accounts Breakdown of counterparts in ROW (economy and sectors) Move towards quarterly frequency Countries with some sectoral accounts Sectoral financial accounts and balance sheets in line with 2008 SNA. Start with financial corporations and general government subsectors - Stocks and then flows Sectoral current and capital accounts -Start with financial corporations and general government stocks of non-financial assets Fully integrated sectoral accounts IMF Statistics Department Financial positions and flows on a fromwhom-to-whom basis For financial corporations and general government subsectors For specific instruments Mix of quarterly and annual frequency 21

22 THANKS! 22