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Ivo Havinga, UNSD/DESA

Sharing initiatives by national statistical offices to address the implications for official statistics arising from the present financial and economic crisis. Ivo Havinga, UNSD/DESA Informal Meeting on “Official Statistics and the Impact of the Global Financial Crisis” 22 February. 1.

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Ivo Havinga, UNSD/DESA

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  1. Sharing initiatives by national statistical offices to address the implications for official statistics arising from the present financial and economic crisis Ivo Havinga, UNSD/DESA Informal Meeting on “Official Statistics and the Impact of the Global Financial Crisis” 22 February 1

  2. Outline of the presentation • Objective of this session • The SNA as conceptual and analytical framework • Technical compilation issues arising from the present crisis • Communication strategy arising from the crisis • Questions arising from the crisis

  3. Objective of this session Sharing our national initiatives and priorities arising from the financial and economic crisis

  4. The SNA as conceptual and analytical framework • “The SNA offers the macroeconomic accounts that are seen as the proper policy response by the statistical community to provide adequate information on economic developments of a global interconnected nature”. (HLF on Long term development on SNA) – capital injections, non-performing loans, guarantees, sub-sectoring of the financial sector, etc. is updated in 2008 SNA. • “The importance of a full articulation of the balance sheets was confirmed with a full integration with the accounts of the real economy” (HLF on Long term development on SNA) • Question: have data gaps been identified and are initiatives taken to elaborate financial accounts and balance sheet to better understand the issues of risk transfers and exposures, e.g. by extending the scope or provided additional breakdowns (e.g. by currency composition, remaining maturity)?

  5. Technical compilation issues arising from the present crisis • Reclassification of enterprises from private to public corporation or to general government • Revaluation due to price changes and other volume change due to write offs • Capital injections being classified as subsidies, capital transfers and equity • Deterioration of quality of the time series due to excessive fluctuations • Question: should our experiences be shared on technical compilation issues?

  6. Communication strategy arising from the crisis • Advancing official statistics by strengthening the collaborative arrangements with the academic community, the regulatory authorities, the business accounting community and the corporate sector (HLF on Long term development on SNA) • Issuing additional commentaries on the down turns and structural shifts in the real sector and in the financial accounts and balance sheets • Intensifying relationships with Ministry of Finance and Central Bank • Question: should experiences be shared on communication strategies?

  7. Questions arising from the crisis • Have data gaps been identified? • Are initiatives taken to elaborate financial accounts and balance sheet to better understand the issues of risk transfers and exposures, e.g. by extending the scope or provided additional breakdowns (e.g. by currency composition, remaining maturity)? • Should experiences be shared on technical compilation issues? • Should experiences be shared on communication strategies? • Is there a role for the international agencies to facilitate in the sharing of information?

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