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Land and Natural Resources AEG New York, April 2012

Land and Natural Resources AEG New York, April 2012. Contact: nadim.ahmad@oecd.org. Background. Not the first time that the measurement of land has caused concern Discussed on numerous occasions in previous WP meetings. And land has always been important Environmental accounting

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Land and Natural Resources AEG New York, April 2012

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  1. Land and Natural Resources AEG New York, April 2012 Contact: nadim.ahmad@oecd.org

  2. Background • Not the first time that the measurement of land has caused concern • Discussed on numerous occasions in previous WP meetings. • And land has always been important • Environmental accounting • GDP (via user cost approach for imputed rent) • Growth accounting • But the need for robust estimates has heightened: • Financial crisis information gaps (G20 Recommendation 15) • Focus on household wealth • Produced land in the 2008 SNA • Re-emphasised at • 2010 WPs on Financial Statistics and National Accounts 2010 • CSTAT 2011

  3. Survey Results – Balance sheets • 23 countries responded • 5 (Cze, Fin, Fra, Jpn, Mex) produce full balance sheets by detailed land type • Land underlying buildings • Land under cultivation • Recreational land and associated surface water • Other land and associated surface water • 5 produce partial info (Can, Ita, Kor, Nld, Swe) • Many others have plans to do so. • Appears to be inconsistent treatment of produced land in balance sheets – some countries include it under land, others under other fixed assets.

  4. Survey Results – Produced land • 1 country covers all land categories (Svn) • 10 cover parts (Can, Fin, Fra, Isr, Ita, Nld, ior, Pol, Prt, and Swe). Valuation: • Investment • Survey - Can, Cze, Fra, Nld, Pol,Prt • Commodity Flow – Jpn • Input costs - Swe • Balance sheets • PIM: Can (linear depreciation), Cze, Fra, Nld • Values – Jpn, Pol

  5. Survey Results – Sectors • Balance sheet • Full split by land-type/sector: • Can, Cze, Fra, Ita, Nld produce detailed split. • Partial (total land) by sector: • Jpn, Kor, and Swe • Investment • Full sectoral accounts by land type in Slv • Partial in Can, Fra, Mex, Nld, Pol and Prt.

  6. Land under buildings - methods • Ratios: • Can, Fra, Ita (part), Prt, Svn (owner-occ) • Direct price information • Cze, Jpn • Indirect • (total value minus depreciated building costs) – Ita (part), Nld, Svn (market dwellings), Swe • NPV approach, Mex, Nld (part non-res) • Chi does not include value of land under buildings and structures

  7. Land owned by government • Should be included: • Can, Cze, Dnk, Fin, Fra, Ita, Jpn, Kor, Swe. • Should not be included: • Nld

  8. Dealing with volume changes Revaluation vs OCV • OCV • Cze, Dnk, Fra, Nld, Swe, Kor (for reclassifications) • Revaluations – • Jpn, Mex, Prt, Swe (when the surrounding land changes)

  9. Requests for further work • Measuring land under dwellings • Residual method implies all holding gains/losses end up in land. Correct? • Further guidance requested for BS estimation • Identifying and valuing land owned by government • Guidelines for OVC changes not driven by reclassification? • Timing of OVC/Revaluation changes, who benefits? • Suitability of fiscal data as a market price proxy • Extending the production accounts to re-route rent of land to intermediate consumption (for productivity)

  10. Next steps • OECD-Eurostat Task Force on non-financial assets (focussing on land and dwellings) • 1st meeting June-July 2012

  11. Issues for the AEG • Agree with the need for further guidance? • Views on current practices • Should the use of fixed ratios be explicitly discouraged? • Which sub-categories of land should be stressed? • Measuring quality changes? • New category of rents from land (payable and receivable) in PI? • Other areas/issues?

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