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PROGRESS REPORT ON THE OECD FINANCIAL ACCOUNTS DATABASES. WPFS 13-14 October 2008 by Michèle Chavoix-Mannato, OECD/STD. Main objectives. T o thank all Delegates and contacts in OCD countries T o inform Delegates about the current situation
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PROGRESS REPORT ON THE OECD FINANCIAL ACCOUNTS DATABASES WPFS 13-14 October 2008 by Michèle Chavoix-Mannato, OECD/STD
Main objectives • To thankall Delegates and contacts in OCD countries • To informDelegates about the current situation • To presentsomeresults of the Qualitysurvey • To discuss and decidepossible changes
Current SituationCollection and Dissemination of Annual Financial Accounts & Financial Balance Sheets General Remarks • Data available for both accounts for all OECD countries, except Iceland and New Zealand • Data available for both sets (CO or NCO), except AUS, CAN, JPN, KOR, CHE, TUR, USA • Data available up to 2007, except JPN, LUX, POL and CHE (2005)
Current SituationCollection and Dissemination of Annual Financial Accounts & Financial Balance Sheets Improvements and shortcomings Austria:historical data as from 1980 for S14-S15 Czech Republic and Canada: CO data for S13 and components ; Czech Republic: CO data for S12 and S2 Switzerland: NCO flows for S13 and components, and S14-S15 Luxembourg: S13 and sub-sectors only Turkey: S121 and S122 only IRL,KOR,MEX,CHE,TUR: short time coverage (5 Y<data< 10 Y) JPN: no data for 2007; CHE: no data for 2006
OECD QualityReviewsBackground • Quality reviews are a continuous process regarding OECD databases and publications launched in 2001 • They provide a systematic mechanism to assess their quality • They are based on eight dimensions • The ‘quality’ of the OECD FA and FBS, created in 2003, has to be reviewed in 2008 • A core part of the Quality Review is a survey of users • Such a survey has been directly sent to 450 persons (WPFS Delegates, other official contacts, customers and subscribers, external and internal users)
First global results • Only 21persons have replied yet (all from official institutions, most WPFS Delegates), of which • 3 sent back a totally empty survey • 3 completed less than half questions • Many respondents do not know how to navigate into OECD.Stat ------- • Mostrespondents are satisfied with the FA and FBS products • They use them with a frequency between once a month to once a year
Results according to the main criteria • Relevance General satisfaction with data in national currencies Most users would like to find derived series in addition to primary data A large majority would appreciate to find the other accumulation sub-accounts Half users are interested in FA and FBS of non-member countries Very few are interested in long series • Accuracy The systematic coverage of financial assets/liabilities is very useful The combination of both NCO and CO data are very helpful: but, NCO data very important for nearly all users; CO data necessary for three-quarters of them • Accessibility Easy access to OECD.Stat by a large majority of respondents, but frequent ignorance ofthe official way • Interpretability Less than half of respondents use the related methodological notes • Coherence Users recommend to follow the SNA definitions and accounting rules
Possible improvementsDatabases and Publications For most users it would be useful to find: • relevant indicators and graphs rather than primary data which would • show current situations and trends • enable comparisons across countries • accumulation sub-accounts data (Revaluation and Other changes in volume)in order to • contribute to a better understanding of the difference between flows and changes in stocks • enable analyses of the impact of revaluation on balance sheet accounts
Decisions to be taken • Delegates should agree on a list of relevant and internationally comparable indicators and possible graphs • The Secretariat should modify the databases and electronic publications and lay out a new printed publication • If conclusions cannot be reached during the meeting, the written procedure will be used.
The Financial Statistics Section • thanks all Delegates and their colleagues • ask them to continue to maintain the quality of the databases and publications on financial accounts • request their co-operation to meet users needs