The views expressed herein are those of the author and should not necessarily be attributed to the IMF,
Venkat Josyula
Developing and Improving Sectoral Financial Accounts
Algiers, January 20-21, 2016
Outline
Uses of Sectoral Financial Accounts(3)
Institutional Responsibilities (4-5)
Data Sources (6-7)
Templates for Sectoral Accounts (8-19)
Uses of Sectoral Financial Accounts
Why compile sectoral financial accounts?
Compilers should be clear on how the data could be
useful to policymakers and other users
In particular, users who may have some influence over the
data compilation priorities of the agency
Compilers should be able to “sell” the idea to senior
management
•
Critical for receiving support and resources
Useful resource: IMF-OECD Conference
Strengthening Sectoral Position and Flow Data in the
Macroeconomic Accounts
Institutional Responsibilities
Responsibilities for macroeconomic statistics may be
spread among different agencies
For example:
•
Central Statistics Agency
National accounts (current and
capital accounts or just GDP and its components)
•
Central Bank
BOP; IIP; monetary and financial statistics;
financial accounts
•
Ministry of Finance
government finance statistics
Therefore…
•
Who should compile the sectoral financial accounts?
CSO because it is responsible for national accounts?
Central Bank because it compiles the MFS?
Institutional Responsibilities
Factors to consider in deciding responsibility
Legal framework
Which agency has the legal authority to compile the statistics
Which agency has legal authority to collect data from specific units
•
central banks may only have authority to collect data from financial
corporations
Resources
Needs and uses – central bank may already be compiling “flow of
funds” for internal use.
Cooperation among Statistical office, central bank and
other agencies (finance ministry) to determine
responsibility
•
Establish protocols between/among agencies
•
Responsibilities for compilation may be split among agencies
Data Sources
What do we have and how could we use it?
Identify Existing Data Sources
•
Financial/regulatory data
E.g. securities statistics; banking statistics; insurance regulators;
pension funds regulator; mutual funds regulator
•
Other administrative data
•
Existing survey data
•
Macroeconomic statistics
BOP; IIP; MFS; GFS
Identify data produced not only by compiling agency but
by all government agencies
Data Sources
Develop a data availability matrix
•
For each instruments and sector
Identify available sources
Multiple sources? Rank sources
Mirror data and cross-checks
Identify data gaps
How to address data gaps
•
New data collection
Cost; time frame.
•
Estimation
Templates for Sectoral Accounts
How detailed should the accounts be?
•
Which sectors should be covered?
•
Users/countries have diverse needs and compilers have to
meet the needs of users
•
Different data sources
•
Resource constraints
Templates for Sectoral Accounts
An important milestone in taking forward the work on
implementing Recommendation 15 of the DGI-1 (now
recommendation 8 of DGI-2) is the development of
Templates for a Minimum and Encouraged Set of
Internationally Comparable Sectoral Accounts and Balance
Sheets
Template sets the scope of sectoral accounts and balance
sheets
•
Guides the implementation
•
Ensures internationally coordinated efforts towards producing and
disseminating internationally comparable sectoral accounts
SNA – a broad framework
Templates for Sectoral Accounts
Elements of the Template
•
Classifications
Minimum and encouraged sector and sub-sector
breakdowns
Transaction breakdowns in current and capital accounts
Classification of financial instruments
Classification of nonfinancial assets
•
Scope of accounts and tables
•
Frequency
•
Timeliness
Template: Quarterly Accounts
Sector details
•
Non-financial corporations
Of which public corporations
•
Financial corporations
Of which public corporations
Monetary financial institutions
Insurance corporations and pension funds
Other financial corporations
•
General government
•
Households and NPISHs
•
ROW
Template: Minimum Transaction Details for current and capital accounts (1)
P.6 (for S2)
Exports of goods and services
P.7 (for S2)
Imports of goods and services
B.1g
Value added, gross / Gross domestic product
D.1
Compensation of employees
B.2g+B.3g
Operating surplus, gross and Mixed income, gross
D.2
Taxes on production and imports
Of which:
D.21 (for S1)
Taxes on products
D.29
Other taxes on production
D.3
Subsidies
Of which:
D.31 (for S1)
- Subsidies on products
D.39
- Other subsidies on production
D.4
Property income
Of which:
D.41
Interest
D.4N
Property income other than interest
D.41g
Total interest before FISIM allocation
B.5g
Balance of primary incomes, gross / National income, gross
Template: Minimum Transaction Details for current and capital accounts (2)
D.5
Current taxes on income, wealth, etc
D.61
Net social contributions
D.62
Social benefits other than social transfers in kind
D.63
Social transfers in kind
D.7
Other current transfers
Of which:
D.71
Net non-life insurance premiums
D.72
Non-life insurance claims
D.7N
Other Current transfers, not elsewhere specified
B.6g
Disposable income, gross
D.8
Adjustment for the change in pension entitlements
P.3
Final consumption expenditure
Of which:
Template: Minimum Transaction Details for current and capital accounts (3)
D.9
Capital Transfers
Of which:
D.91
Capital Taxes
D.9N
Investment Grants and other capital transfers
P.5g
Gross capital formation
Of which:
P.51g
Gross fixed capital formation
P.52+P.53
Changes in inventories and acquisition less disposals of
valuables
P.51c
Consumption of fixed capital
Template: Minimum and Encouraged Sectors for Quarterly Financial Account and Positions
Non-financial corporations (S11)
Of which: Public non financial corporations Financial corporations (S12)
Monetary financial institutions (S121+S122 +S123) Central bank (S121)
Other deposit-taking corporations (S122) Money market funds (S123)
Insurance corp. and pension funds (S128+ S129) Insurance corporations (S128)
Pension funds (S129)
Other financial corporations (S124+ S125+ S126+ S127)
Of which: Nonmoney market investment funds (S124)
Of which: Other financial intermediaries except insurance corporations and pensions (S125) Of which: Financial Auxiliaries (S126)
Of which: Captive financial institutions and money lenders (S127) Of which: Public financial corporations
General government (S13)
Of which: General Government Social Security (S1314) Households and NPISHs (S14+S15)
Households (S14) NPISH (S15) Rest of the World (S2)
Template: Minimum and Encouraged Instruments for Quarterly Financial Account and Positions (1)
F1 Monetary gold and SDRs F11 Monetary gold F12 SDRs
F2 Currency and deposits Of which: Domestic currency F21 Currency
F22 Transferable deposits
F221 Interbank positions
F229 Other transferable deposits F29 Other deposits
F3 Debt securities
Of which: Domestic currency F31 Short-term
F32 Long-term
With remaining maturity of one year and less With remaining maturity of more than a year F4 Loans
Of which: Domestic currency F41 Short-term
F42 Long-term
With remaining maturity of one year and less With remaining maturity of more than a year
Template: Minimum and Encouraged Instruments for Quarterly Financial Account and Positions (2)
F5 Equity and investment fund shares F51 Equity
F511 Listed shares F512 Unlisted shares F519 Other equity F52 Investment fund shares/units
F521 Money market fund shares/units F522 Non MMF investment fund shares/units F6 Insurance, pension and standardized guarantee schemes
F61 Non-life insurance technical reserves F62 Life insurance and annuity entitlements F63+F64+F65 Retirement entitlements
F63 Pension entitlements
F64 Claim of pension fund on pension managers F65 Entitlements to non-pension benefits F66 Provisions for calls under standardized guarantees F7 Financial derivatives and employee stock options
F71 Financial derivatives F711 Options F712 Forwards F72 Employee stock options F8 Other accounts receivable/payable
Of which: Domestic currency F81 Trade credits and advances
F89 Other accounts receivable/payable
