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Fin ancial Accounts database

Fin ancial Accounts database. WPFS 6-7 October 2003 Item 4 By Michèle Chavoix-Mannato STD/NAES. Purposes of the presentation. To present the new OECD financial accounts database To illustrate the first results with some tables and graphs

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Fin ancial Accounts database

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  1. Financial Accounts database WPFS 6-7 October 2003 Item 4 By Michèle Chavoix-Mannato STD/NAES

  2. Purposes of the presentation • To present the new OECD financial accounts database • To illustrate the first results with some tables and graphs • To propose modifications to the current questionnaire • To seek continuous assistance from countries to improve and develop this new database

  3. From DAFFE to STD • In 1998, the DAFFE suspended the collection and publication of ‘Financial Accounts of OECD countries’, mainly because of a shortage of resources • In 2003, most work related to financial statistics is transfered from DAFFE to STD, including WPFS • In 2003, the STD decides to revive the Financial Accounts database in the framework of the SNA 93/ESA 95

  4. Description of the new database • Data are collected from countries using the OECD/Eurostat SNA questionnaire • Six tables correspond to the financial accounts: • Financial accounts by sector (transactions) • Reevaluation accounts • Balance sheet for financial assets and liabilities (stocks) All three being requested • Consolidated (601, 603 and 701) • Non-consolidated (602, 604 and 702)

  5. Institutional coverage • The economic sectors correspond to institutional sectors as defined in the SNA/ESA: • Total economy (national) S1 • Non-financial corporations, total S11 • Financial corporations S12 • General government S13 • Households and NPISH S14-S15 • Rest of the World S2

  6. Financial instruments • Theycorrespond to the classification of assets and liabilities as defined in SNA/ESA • They include7 major instruments (subdivided into sub-instruments) • Monetary gold and SDRs F1 • Currency and deposits F2 • Securities other than shares F3 • Loans F4 • Shares and other equities F5 • Insurance technical reserves F6 • Other accounts receivable/payable F7

  7. Technical features of the database • Import of raw data • Files are transmitted by countries in Excel, Gesmes or Gesmes/CB, formatted by OECD and processed using a table of correspondence • Control and storage • Tests are used to detect any errors or anomalies and further requests are sent to countries to confirm or correct the data • Release of financial accounts • Up to now, available only internally • Plan to disseminate FA data on a paper publication and on electronic versions

  8. Inventory of the databaseNON EUROPEAN COUNTRIES

  9. Inventory of the databaseEUROPEAN COUNTRIES

  10. Some illustrations Some examples (from balance sheets) • Total national economy S1 • General government S13 • gross public debt • net public debt • Households and NPISH S14-S15 • Household gross wealth • Household net wealth

  11. Gross Public Debt, consolidated, in % of GDP

  12. Household Wealth, consolidated, in % of DGI

  13. More details • General government S13 • Gross public debt broken down • by instrument (F2, F3, F4 and F7) • by sub-sector (S1311, S1312, S1313, S1314) • Households and NPISH S14-S15 • Household gross wealth broken down • by instrument (F2, F3, F5 and F6)

  14. Share of Financial Instruments in Gross Public Debt in 2001

  15. Share of Components in Gross Debt of General Government in 2001

  16. Share of Financial Instruments in Household Wealth in 2001

  17. Methodological Problems Differences in • national accounting practices, in particular treatment of some financial instruments • consolidation rules • coverage and grouping of economic sectors • valuation of transactions Shortage of • detail relating to instruments • methodological information sent with data

  18. Proposals for New Questionnaires • Eurostat proposals currently discussed by European countries • Comments fromnon European countries requested Changes in financial accounts tables • A more detailed breakdown of certain financial instruments • Some changes in the list of sectors • New tables « Other Changes in Volumes » • Modified tables « reevaluation accounts » • Addition of two tables « transactions and stocks with counterparties

  19. Additional Proposals • Comments from all OECD countries requested Addition of • A « unallocated sector » • A sector « Total Economy » equal to the sum of S1 (National Economy) and S2 (Rest of the World)

  20. Conclusions Delegates are requested • to comment on the new Financial Accounts database • to comment on the new OECD/Eurostat questionnaires • to assist the Secretariat by transmitting high-quality data and metadata in the framework of the 2004 questionnaire • to make suggestions for the new release of financial accounts data

  21. thanks you for your attention and for our future fruitful co-operation The NAES Financial Statistics Unit

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