Transcript PROPOSAL FOR A SELECTION OF FINANCIAL INDICATORS

CHARACTERISTICS of the OECD
Countries’ Financial Accounts
PROPOSAL FOR A SELECTION
OF FINANCIAL INDICATORS
Working Party on Financial Statistics
2– 4 November 2009 – Item 4.a.
by Michèle Chavoix-Mannato (STD)
CHARACTERISTICS of the OECD
Countries’ Financial Accounts
Objectives of this document:
• To thank all countries’ experts for their work during the year
and for their reply to the OECD survey
• To inform Delegates on the current situation of OECD FA
and FBS databases
• To present the results of the survey ‘Main Characteristics’
• To propose possible financial indicators
Delegates are invited to discuss the OECD proposal
CHARACTERISTICS of the OECD
Countries’ Financial Accounts
Introduction
Confirmation of the usefulness of financial indicators:
•
User survey in the framework of the Quality review of the
OECD databases on FA and FBS
•
Questionnaire in the framework of the preparation of the
2009-2010 Programme of Work
•
Survey on ‘Main Characteristics of OECD countries’ Financial
Accounts’
CHARACTERISTICS of the OECD
Countries’ Financial Accounts
Current availability of financial accounts
and financial balance sheets

All 2007 data received last year available on OECD.Stat
as soon as they have been processed (CD-Rom in April
2009)

2008 data: received for 25 countries

Updated data for 2007 only: received from 2 countries
(JPN, LUX)

Three countries have not yet sent updated data, of which
two have informed OECD on a delay (CHE, ISL,POL)
CHARACTERISTICS of the OECD
Countries’ Financial Accounts
Current availability of financial accounts
and financial balance sheets
Progress made by both countries and Secretariat
 all countries now provide FA and FBS, but 4 countries still
cover a limited number of sectors (ISL, LUX, NZL, TUR)
 4 countries (CAN, CZE, IRL, USA) provide CO data for S13
and 1 country (CZE) for S12 (in addition to their NCO
accounts) , as requested
 while 6 countries still report data for a very limited period of
time, two countries have recently provided historical data
(back to 1985 for ESP; flows back to 1980 for JPN)
CHARACTERISTICS of the OECD
Countries’ Financial Accounts
‘Main Characteristics of OECD countries’
Financial Accounts’ survey launched in
August 2009
• 27 OECD countries and 2 Accession countries have
replied
• Main results to be used


to upgrade the OECD statistical programme in
response to emerging needs
to develop relevant financial indicators
CHARACTERISTICS of the OECD
Countries’ Financial Accounts
Replies to General Questions
o Most OECD countries intend to implement the SNA
2008 in the coming years; 6 countries have no plan
yet; 1 country will not
o Integration of Financial accounts with
 GDP sector accounts: full in 10 countries, partial in 12 countries
 BoP and IIP statistics: full in 12 countries, partial in 11 countries
 Monetary & financial statistics: full in 13 countries, partial in 13 countries
o In most countries, the data dissemination is free of
charge and accompanied with analytical texts
CHARACTERISTICS of the OECD
Countries’ Financial Accounts
Replies to Questions on FA and FBS
•
Frequency


14 countries have both quarterly and annual data
4 countries have only quartely data
• Time coverage


•
Release time lag


•
Non-EU countries: about the same as for Y data
EU countries: sometime shorter than for Y data
Q: between 4 & 16 weeks
Y: around 20 to 28 weeks
Sector coverage

for most coountries: identical to the annual coverage
CHARACTERISTICS of the OECD
Countries’ Financial Accounts
Replies to Questions on Full BS (φ & non- φ)
•
Compiler

In most OECD countries non-financial accounts are not
compiled in the same agency as financial accounts
• Country coverage


•
Sector coverage

•
13 countries have no full balance sheets
In 5 countries they are in devlopment
A limited number of institutional sectors is covered
Asset coverage

A limited number of non-financial assets is covered
CHARACTERISTICS of the OECD
Countries’ Financial Accounts
Replies on Other Accumulation Accounts
•
Other Changes in Volume Account



•
11 countries compile this account, while in 5 countries this
account is in development
8 countries have quarterly data
In 4 countries, the sector coverage is limited
Revaluation Account



12 countries compile this account, while in 5 countries this
account is in development
8 countries have quarterly data
In 4 countries, the sector coverage is limited
One country publishes the sum of these accounts, on both Q & Y bases
PROPOSAL for a SELECTION of
FINANCIAL INDICATORS
Use of Financial Accounts and Balance Sheets
Important tool
 To analyse financial flows between sectors
 To assess financial relationships within the economy
 To measure the wealth effects through the changes in market prices
of assets
BUT, difficulties to analyse the data and to undertake
cross-countries comparisons
PROPOSAL for a SELECTION of
FINANCIAL INDICATORS
Grounds for elaborating financial indicators
According to the results of previous surveys
 A number of countries build financial indicators
 Comparable financial indicators are beneficial to users
To analyse and compare data
 Need for indicators based on common denominators or established on a
common currency
 Need for indicators on the contribution of the sectors to the wealth of
countries or on the composition of their portfolios
 Needs for a number of financial ratios
PROPOSAL for a SELECTION of
FINANCIAL INDICATORS
Financial Indicators for Financial Accounts
A few examples:
For all sectors
 Net financial transactions and Net lending/Net borrowing in US dollars
 Contribution of each sector to the net financial transactions of the
economy
Depending on the sectors




Composition of financial asset transactions as % of Total assets
Composition of financial liability transactions as % of Total liabilities
Government deficit as a % of GDP
Transactions (Assets, liabilities, Net) as % of GDI (S14)
PROPOSAL for a SELECTION of
FINANCIAL INDICATORS
Financial Indicators for Financial Balance Sheets
A few examples:
For all sectors
 Financial net worth in US dollars
 Contribution of each sector to the financial net worth of the economy
 Total debt of each sector as a % of GDP
Depending on the sectors




Composition of financial assets as % of Total assets
Composition of financial liability as % of Total liabilities
Total Government debt as a % of GDP
Total Assets/Liabilities/Net worth as a % of GDI (S14)
PROPOSAL for a SELECTION of
FINANCIAL INDICATORS
CONCLUSIONS
Information
• Many thanks to countries’ experts and Delegates for their
fruitful co-operation for both data and metadata
• Bilateral contacts to be engaged to check and complement
the information included in their reply to the survey
Actions for Delegates
• to comment the list of indicators
• to fill in the tables and give them back to the Secretariat
The Secretariat will finalise the list on
the basis of Countries’ inputs