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Enhancing Financial Accounts: Progress and Steps in Emerging Economies

Explore status and future steps in Financial Accounts and Balance Sheets of EE5 and G20 nations, with insights on data collection, institutional sectors, and more. Learn about progress made and upcoming developments.

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Enhancing Financial Accounts: Progress and Steps in Emerging Economies

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  1. Financial Accounts in EE5 countries: work in progress and further steps Belén ZINNI, STD/NAD WPFS, 24-27 October 2011

  2. EE5 and other G20 economies • The OECD has recently established special “Enhanced Engagement” relationships with: • Brazil • China • India • Indonesia • South Africa • In addition, it is strengthening relationships with two other G20 countries: • Argentina • Saudi Arabia

  3. Agenda • What the OECD knows about Financial Accounts (FA) and Financial Balance Sheets (FBS) in EE5 and other G20 economies in terms of: • National agencies in charge • Availability of financial transactions and/or stocks • Statistical framework (FOF, SNA, other) • Instrument breakdown • Institutional sectors’ classification • Timeliness and frequency • Consolidation • Progress on data collection • Further steps • Conclusions

  4. Brazil • The OECD has established contacts with: IBGE and BCB • FA and FBS are expected to be published in November 2011 • Instrument breakdown should be in a great extent in accordance with 2008 SNA (only the 8 main categories) • Institutional sector coverage: • FA: 4 institutional sectors according to 2008 SNA (S11, S12, S13 and S14+S15) • FBS: 4 institutional sectors according to 2008 SNA, and 5 sub-sectors of the financial corporations sector not in accordance with 2008 SNA • Timeliness and frequency: • Annual FA and FBS over the period 2004-2009 • Only consolidated accounts will be published

  5. China • The OECD has established contacts with: NBS and PBC • Flow of Funds (Financial transactions accounts) are compiled by the PBC and published on the NBS website The NBS started to compile balance sheets on a trial basis in the late ’90s, though they have never been published • The instrument breakdown of financial FOFis notSNA compliant and has changed over time • The institutional sectors’ classification of the financial FOF is in accordance with SNA (S11, S12, S13, S14+S15 and S2) • Timeliness and frequency: Financial flow of funds available in the NBS website are on annual basis and cover the period 1992-2007 • No information about consolidation

  6. India • The OECD has established contacts with the RBI • Flow of Funds Accounts are available in RBI reports FBS are not publicly available • The RBI has recently constituted a Working Group on the Compilation of Flow of Funds which comprises officials from different national agencies. The Group will try to incorporate the 2008 SNA sectoral and instrument classifications. The Group is expected to submit its report by November 2011. • Instrument breakdown and Institutional sectors’ classification of FOF published by RBI are not in accordance with SNA . However, the OECD has recently received from MIOSPI, the national statistical office, FOF of S1, S13 and S14+S15 which follows SNA 1993 instrument breakdown. • Timeliness and frequency: • FOF are compiled according to Indian fiscal year: April –March • FOF in the RBI reports are on an annual basis and cover the period 1950-1951 to 2007-2008 • No information about consolidation

  7. Indonesia • The OECD has established contacts with: BPS and BI • Flow of funds (FOF) are publicly available in the BPS website and have also been transmitted to the OECD by the BI. Both institutions are working together on the compilation of FA in accordance with 2008 SNA and intend to publish them by 2014. However, they will not be able to produce FBS. • Instrument breakdown available in FOF is not in accordance with SNA standards • Institutional sectors’ classification of publicly available FOF is not in accordance with SNA.Annual FOF transmitted to the OECD follow a sectoral classification closed to SNA standards. However, quarterly FOF transmitted to the OECD do not follow SNA sectoral breakdown. • Timeliness and frequency: • Annual FOF are available for the period 2002-2009 • Quarterly FOF are available over the period Q1-2002 to Q2-2010 • No information about consolidation

  8. South Africa • The OECD has established contacts with the SARB • Only national financial accounts – flow of funds are compiled and disseminated by the SARB. FBS for the S14+S15 sector are compiled but not published. The SARB is working on the FBS of other institutional sectors and intend to published them by 2016 • Neither the instrument breakdown nor the sectoral classification of available FOF are in accordance with SNA • Timeliness and frequency: • Annual FOF are compiled for the period 1970-2009 • Quarterly FOF are available for the period Q1-1992 to Q4-2009. • FBS of the sector S14+S15 are compiled on an annual and quarterly basis over the period 1970-2010 • FBS of other institutional sectors will be available in an annual (maybe also quarterly ) basis by 2016. • The available FOF in South Africa are consolidated within sub-sectors

  9. Argentina and Saudi Arabia Argentina • The OECD has contacted INDEC and BCRA without receiving any prompt answer on the current or future compilation of FA and FBS • Neither FA nor FBS are available in INDEC or BCRA websites • FBS were occasionally compiled by academics in accordance with SNA 1993, on annual basis, only for the years 2001 and 2004 Saudi Arabia • The OECD has contacted SAMA without receiving any answer on the current or future compilation of FA and FBS • Neither FA nor FBS are available for any institutional sector in the Central Department of Statistics or SAMA websites

  10. Progress on data collection • OECD questionnaires on FA (T610 and T620) and FBS (T710 and T720) were already transmitted to EE5 countries: • Brazil will be able to complete FA (T610) and FBS (T710) questionnaires after the publication of Brazilian FA and FBS, which is expected by November 2011 • China and India have not answered yet to our requests on the transmission of FA and FBS questionnaires • Indonesia and South Africa arecurrently working on the filling of the FA questionnaire • OECD questionnaires on FA and FBS data availability (T6 and T7) were sent to Argentina and Saudi Arabia • None of the countries has responded yet to our requests on the availability of data • The national agencies and contacts that might complete the Institutional Investors’ Assets questionnaire (T7HAL) have been already identified • For information, central government debt questionnaires were recently sent to the corresponding institutions on EE5 countries

  11. Further steps • Concerning FA of China, India and Indonesia, the OECD intends: • to complete the OECD questionnaires on FA with data currently available on the national authorities websites/publications • to transmit them to the respective countries, for them to check, complete and validate the data This exercise was already carried out for South Africa • Regarding the Institutional Investors’ Assets in EE5 and the other two G20 economies, the OECD intends to establish contacts with the corresponding national agencies and experts that have been identified • As FBS are not currently available in these countries, the OECD will pursue in a later stage the request for the Household Assets and Liabilities data (T7HAL)

  12. Conclusions • The OECD expects to receive BrazilianFA and FBS after their official publication due in November 2011 • It is also looking forward the transmission of the methodological report and, eventually, of Indian data by November 2011 • It is working on the filling of the FA questionnaires with available FOF data of China, India and Indonesia in order to help these countries with the transmission of official financial accounts in SNA standards • It expects to receive the FA of the South African economy and the FBS of its household sector in the near future • The OECD intends to collect and disseminate Institutional Investors’ Assets data of these countries next year

  13. Financial Accounts in EE5 countries Thank you

  14. References • IBGE: Instituto Brasileiro de Geografia e Estatística • BCB: Banco Central do Brasil • NBS: National Bureau of Statistics, China • PBC: People’s Bank of China • RBI: Reserve Bank of India • MIOSPI: Ministry of Statistics and Programme Implementation • BPS: Badan Pusat Statistik, Indonesia • BI: Bank Indonesia • SARB: South African Reserve Bank • INDEC: Instituto Nacional de Estadísticas y Censos • BCRA: Banco Central de la República Argentina • SAMA: Saudi Arabian Monetary Agency

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