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Working Party on Financial Statistics 2– 4 November 2009 – Item 4.a.

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.

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Working Party on Financial Statistics 2– 4 November 2009 – Item 4.a.

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  1. CHARACTERISTICS of theOECD Countries’ Financial AccountsPROPOSAL FOR A SELECTION OF FINANCIAL INDICATORS Working Party on Financial Statistics 2– 4 November 2009 – Item 4.a. by Michèle Chavoix-Mannato (STD)

  2. 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

  3. 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’

  4. 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)

  5. 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)

  6. 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

  7. CHARACTERISTICS of the OECD Countries’ Financial Accounts Replies to General Questions • Most OECD countries intend to implement the SNA 2008 in the coming years; 6 countries have no plan yet; 1 country will not • 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 • In most countries, the data dissemination is free of charge and accompanied with analytical texts

  8. 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 • Non-EU countries: about the same as for Y data • EU countries: sometime shorter than for Y data • Release time lag • Q: between 4 & 16 weeks • Y: around 20 to 28 weeks • Sector coverage • for most coountries: identical to the annual coverage

  9. 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 • 13 countries have no full balance sheets • In 5 countries they are in devlopment • Sector coverage • A limited number of institutional sectors is covered • Asset coverage • A limited number of non-financial assets is covered

  10. 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

  11. 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

  12. 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

  13. 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)

  14. 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)

  15. 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

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