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Project “Quarterly Accounts for Institutional Sectors”

Project “Quarterly Accounts for Institutional Sectors”. OECD Working Party on Financial Statistics Conference Centre, La Muette 2–4 November 2009. Contents. Objectives Institutional accounts framework in Chile Project phases and current status. I. Objectives.

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Project “Quarterly Accounts for Institutional Sectors”

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  1. Project“Quarterly Accounts for Institutional Sectors” OECD Working Party on Financial Statistics Conference Centre, La Muette 2–4 November 2009 C E N T R A L B A N K O F C H I L E NOVEMBER 2009

  2. Contents • Objectives • Institutional accounts framework in Chile • Project phases and current status C E N T R A L B A N K O F C H I L E NOVEMBER 2009

  3. I. Objectives C E N T R A L B A N K O F C H I L E NOVEMBER 2009

  4. To enhance the analysis of nominal statistics of income, expenditures, and financial flows. • The emphasis for the national accounts in Chile has been placed on measuring the technical-economic relations of production (real economy). • The project aims at providing statistics that broaden the vision to include the study of economic agents’ financial and economic behavior (nominal economy). • To increase the frequency of indicators available for decision-making (currently based on annual data). • To supply financial data for the analysis of economic policy and financial stability. C E N T R A L B A N K O F C H I L E NOVEMBER 2009

  5. To meet international standards in the area of quarterly institutional statistics. • The development phase of the project incorporated the close study of developed countries’ experiences in statistical areas, including the quarterly accounts of the euro area and the flow-of-funds accounts of the U.S. Federal Reserve. • The importance of pursuing this objective has been highlighted by the international financial crisis. C E N T R A L B A N K O F C H I L E NOVEMBER 2009

  6. II. Institutional accounts framework in Chile C E N T R A L B A N K O F C H I L E NOVEMBER 2009

  7. The Central Bank of Chile currently publishes annual institutional accounts with a lag of 15 months. • The Central Bank’s Department of National Accounts (DNA) has been in charge of preparing the institutional accounts (financial and nonfinancial) since 1990. • The statistics are annual and are published with a lag of 15 months relative to the reference period. • The current frequency and lag reduce the usefulness of the statistics for timely analysis.

  8. International evidence points to quarterly institutional accounts with a lag of around 90 days. • An initiative to develop quarterly estimates of these accounts has been under way in Chile since 2008. • In comparison with the 15 months annual accounting lag, international evidence suggests quarterly accounts have a lag of around 90 days. • This will allow the Central Bank to make more rapid and better informed decisions.

  9. Correspondence of Institutional Accounts, Balance of Payments and the IIP within the Central Bank of Chile • In the Central Bank of Chile, the financial and non financial accounts are integrated in the National Accounts Department. • The National Accounts Department is under the same Management as the Balance of Payments Department. • This proximity has certain advantages: • Integration of information statistics systems • Timely solution of possible differences • Coherence between some relevant results

  10. III. Project phases and current status C E N T R A L B A N K O F C H I L E NOVEMBER 2009

  11. The QAIS project was designed in three phases. An internal trial run is planned for next year, prior to the publication of the results. • Annual methodology to the short-term series adapted • Financial accounts seminar and expert consultant services (November 2009) • Basic information collected and standardized • Monthly/quarterly financial statements of the institutional sectors • Securities and stock markets • Nonfinancial area will be addressed • Internal QFA trial, 2003Q1-2009Q4

  12. The full set of quarterly accounts for institutional sectors is expected to be published in March 2011. • When fully operational, publication will be quarterly, with a lag of around 90 days. • The analytical breakdown will incorporate: • financial balances and opening/closing link • disaggregation by instrument and sector • integrated economic table by institutional sectors (nonfinancial accounts) • Based on international experience (ECB, Fed, Banco de España).

  13. Project“Quarterly Accounts for Institutional Sectors” OECD Working Party on Financial Statistics Conference Centre, La Muette 2–4 November 2009 C E N T R A L B A N K O F C H I L E NOVEMBER 2009

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