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Impact of Globalization and Financial Crisis on National Accounts<br>

This paper explores the origins of the financial crisis, revisions to international statistical standards, gaps and measurement issues, and actions being taken to address them. It delves into bubbles, imbalances, financial complexity, underpricing of risk, and perverse incentives. It also discusses the impact of globalization on the 2008 SNA, treatment of complex financial instruments, and measures to enhance financial accounts. The paper highlights the need for better data on risk, interconnectedness of institutions, and sectoral economic datasets.<br>

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Impact of Globalization and Financial Crisis on National Accounts<br>

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  1. Agenda item 10 Impact of globalisation on national accountsImpact of the financial crisis Peter Bull, Jean-Marc Israël, Reimund Mink Directorate General Statistics, ECB UN-ECE, Geneva, April 2010

  2. Outline of the paper • Origins of the financial crisis • Revisions to international statistical standards meeting needs revealed by the crisis • Gaps and measurement issues revealed by the crisis • What is being done about them

  3. Origins of the crisis • Bubbles • Imbalances • Instrument complexity/financial interrelationships/underpricing of risk/perverse incentives

  4. Revisions to international statistical standards • Globalisation reflected in 2008 SNA • Financial innovation reflected in 2008 SNA - Financial groups/conglomerates/multinationals/SPEs - Treatment of complex financial instruments/operations - Emphasis on balance sheets

  5. Gaps and measurement issues revealed by the crisis • Main studies – Issing Committee, report to G-20 Finance Ministers and Governors - Better data relating to risk - Information on interconnectedness of institutions/markets - Sectoral economic and financial datasets - Securities databases/credit registers - Information on residential/commercial property prices

  6. What is being done about them? • Principal Global Indicators (separate presentation by UNSD) • Better measurement of credit risk • Bridging statistical/supervisory data • Large banking/insurance groups • Handling securitisation • Enhancing financial accounts – more counterpart information, some non-financial assets in balance sheets • Securities holding statistics • Micro datasets – securities, credit registers, surveys of household/SME financial positions Prospect of the ESRB (early 2011?; to be supported statistically by ECB)

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