1 Financial Accounts database WPFS 6-7 October 2003 Item 4 By Michèle Chavoix-Mannato STD/NAES.

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Financial Accounts database

WPFS 6-7 October 2003Item 4

By Michèle Chavoix-MannatoSTD/NAES

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Purposes of the presentation

To present the new OECD financial accounts database

To illustrate the first results with some tables and graphs

To propose modifications to the current questionnaire

To seek continuous assistance from countries to improve and develop this new database

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From DAFFE to STD

In 1998, the DAFFE suspended the collection and publication of ‘Financial Accounts of OECD countries’, mainly because of a shortage of resources

In 2003, most work related to financial statistics is transfered from DAFFE to STD, including WPFS

In 2003, the STD decides to revive the Financial Accounts database in the framework of the SNA 93/ESA 95

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Description of the new database

Data are collected from countries using the OECD/Eurostat SNA questionnaire

Six tables correspond to the financial accounts:o Financial accounts by sector (transactions) o Reevaluation accountso Balance sheet for financial assets and liabilities (stocks)

All three being requested

• Consolidated (601, 603 and 701)

• Non-consolidated (602, 604 and 702)

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Institutional coverage

The economic sectors correspond to institutional sectors as defined in the SNA/ESA:

Total economy (national) S1 Non-financial corporations, total S11 Financial corporations S12 General government S13 Households and NPISH S14-S15

Rest of the World S2

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Financial instruments

They correspond to the classification of assets and liabilities as defined in SNA/ESA

They include 7 major instruments (subdivided into sub-instruments)

o Monetary gold and SDRs F1o Currency and deposits F2o Securities other than shares F3o Loans F4o Shares and other equities F5o Insurance technical reserves F6o Other accounts receivable/payable F7

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Technical features of the database

Import of raw data Files are transmitted by countries in Excel, Gesmes or

Gesmes/CB, formatted by OECD and processed using a table of correspondence

Control and storage Tests are used to detect any errors or anomalies and further

requests are sent to countries to confirm or correct the data

Release of financial accounts Up to now, available only internally Plan to disseminate FA data on a paper publication and on

electronic versions

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Inventory of the database NON EUROPEAN COUNTRIES

601 602 603 604 701Transactions Transactions Revaluation

AccountsRevaluation

AccountsStocks

CO NO-CO CO NO-CO CO

AUS 88-02 88-02 87-02CAN 70-02 70-02CHEISLJPN 90-01 90-01KOR 70-02 70-02 70-02MEX 93-00NOR 95-01 95-01 96-01 96-01 95-01NZLTURUSA 90-02 90-02

Tables

country

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Inventory of the database EUROPEAN COUNTRIES

601 602 603 604 701 702Transactions Transactions Revaluation

AccountsRevaluation

AccountsStocks Stocks

CO NO-CO CO NO-CO CO NO-CO

AUT 95 - 01 95 - 01 95 - 01 95 - 01 BEL 95 - 02 95 - 02 94 - 02 94 - 02 CZE 94 - 00 94 - 00 94 - 00 DEU 91 - 01 91 - 01 91 - 01 91 - 01 DNK 95 - 01 95 - 01 95 - 00 95 - 00 95 - 01 95 - 01 ESP 90 - 02 90 - 02 90 - 02 90 - 02 FIN 95 - 01 95 - 01 95 - 01 95 - 01 FRA 94 - 02 94 - 02 95 - 02 95 - 02 94 - 02 94 - 02 GBR 87 - 02 87 - 02 HUN 98 - 02 98 - 02 97 - 02 97 - 02 ITA 95 - 01 95 - 01 95 - 01 95 - 01 NLD 99 - 01 90 - 01 99 - 01 90 - 01 99 - 01 90 - 01 POL 95 - 97; 00 98 - 00 00 98 - 00 95 - 97; 00 98 - 00 PRT 95 - 01 95 - 01 95 - 01 95 - 01 SVK 96 - 99 99 98 - 99 SWE 95 - 02 95 - 02 95 - 02 95 - 02

Tables

country

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Some illustrations

Some examples (from balance sheets) Total national economy S1

General government S13• gross public debt

• net public debt

Households and NPISH S14-S15• Household gross wealth

• Household net wealth

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Gross Public Debt, consolidated, in % of GDP

0%

20%

40%

60%

80%

100%

120%

140%

160%

1995 2001

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Household Wealth, consolidated, in % of DGI

0%

100%

200%

300%

400%

500%

600%

% o

f G

DI

1995 2001

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More details

General government S13oGross public debt broken down

• by instrument (F2, F3, F4 and F7)

• by sub-sector (S1311, S1312, S1313, S1314)

Households and NPISH S14-S15oHousehold gross wealth broken down

• by instrument (F2, F3, F5 and F6)

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Share of Financial Instruments in Gross Public Debt in 2001

0%

10%

20%

30%

40%

50%

60%

70%

80%

90%

100%

F2 F3 F4 F7 others

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Share of Components in Gross Debt of General Government in 2001

0%

20%

40%

60%

80%

100%

S1311 S1312 S1313 S1314

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Share of Financial Instruments in Household Wealth in 2001

0%

10%

20%

30%

40%

50%

60%

70%

80%

90%

100%

F2 F3 F5 F6 others

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Methodological Problems

Differences in national accounting practices, in particular

treatment of some financial instruments consolidation rules coverage and grouping of economic sectors valuation of transactions

Shortage of detail relating to instruments methodological information sent with data

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Proposals for New Questionnaires Eurostat proposals currently discussed by European

countries Comments from non European countries requested

Changes in financial accounts tablesA more detailed breakdown of certain financial instruments

Some changes in the list of sectors

New tables « Other Changes in Volumes »

Modified tables « reevaluation accounts »

Addition of two tables « transactions and stocks with counterparties

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Additional Proposals

Comments from all OECD countries requested

Addition of A « unallocated sector »

A sector « Total Economy » equal to the sum of S1 (National Economy) and S2 (Rest of the World)

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Conclusions

Delegates are requested

to comment on the new Financial Accounts database

to comment on the new OECD/Eurostat questionnaires

to assist the Secretariat by transmitting high-quality data and metadata in the framework of the 2004 questionnaire

to make suggestions for the new release of financial accounts data

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thanks you for your attention and for our future fruitful co-operation

The NAES

Financial Statistics Unit