1/1 IFC Workshop on the use of financial accounts, co-organised with the Central Bank of the Republic of Turkey 18-20 March 2019, Istanbul, Turkey From financial accounts towards integrated accounts: the case of Turkey 1 Aycan Ozek, Central Bank of the Republic of Turkey 1 This presentation was prepared for the meeting. The views expressed are those of the author and do not necessarily reflect the views of the BIS, the IFC or the central banks and other institutions represented at the meeting.
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From financial accounts towards integrated accounts: the ... · -550-500-450-400-350-300-250-200 General Government Net Worth(old) General Government Net Worth(new) GFS Net Worth
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1/1
IFC Workshop on the use of financial accounts, co-organised with the Central Bank of the Republic of Turkey
18-20 March 2019, Istanbul, Turkey
From financial accounts towards integrated accounts: the case of Turkey1
Aycan Ozek,
Central Bank of the Republic of Turkey
1 This presentation was prepared for the meeting. The views expressed are those of the author and do not necessarily reflect the views of the BIS, the IFC or the central banks
and other institutions represented at the meeting.
From Financial Accounts TowardsIntegrated Accounts: Case of Turkey
Marck 18-20, 2019 Workshop on the Use of Financial Accounts, Istanbul
Aycan Ozek
Statistics DepartmentMonetary and Financial Data Division
WAY FORWARD
OUTLINE
MOTIVATION AND BACKGROUND
WAY FORWARDCONSISTENCY ISSUES BY SECTOR
2
MOTIVATION AND BACKGROUND
WAY FORWARDCONSISTENCY ISSUES BY SECTOR
3
International Initiatives
4
G 20 DATA GAPS INITIATIVE
Recommendation II.8. Sectoral Accounts
Target: Disseminate non-financial, financial accounts and balance sheet data8/1
- Dissemination of non-financial accounts transactions (Annual data)
- Dissemination of non-financial accounts transactions (Quarterly data)
- Dissemination of stocks of non-financial assets (Annual data)
- Dissemination of financial accounts and balance sheets (Annual data)
- Dissemination of financial accounts and balance sheets (Quarterly data)
Consistency Concern
Net Lending / Borrowing
5
B9_NON FINANCIAL ACCOUNTS
B9F_FINANCIAL ACCOUNTS
PRODUCTION ACCOUNTS
GENERATION OF INCOME AND CONSUMPTION
CAPITAL ACCOUNTS
FINANCIAL ACCOUNTS
Timeline
6
December
2016
InstitutionalSector Accounts by Turkstat
February
2017
Integrated Accounts Working Group
June
2018
1st Workshop
January
2019
2nd Workshop
Integrated Accounts Working Group
7
Financial Corporations
General Government
Rest of the World
Nonfinancial Corporations
Housheholds & NPISH
• Data Sources
• Sector Coverage
• Methodology
MOTIVATION AND BACKGROUND
WAY FORWARDCONSISTENCY ISSUES BY SECTOR
8
Financial Corporations
9
-4%
-2%
0%
2%
4%
6%
8%
10%
20
12
20
13
20
14
20
15
-I
20
15
-II
20
15
-III
20
15
-IV
20
16
-I
20
16
-II
20
16
-III
20
16
-IV
20
17
-I
20
17
-II
20
17
-III
20
17
-IV
20
18
-I
20
18
-II
20
18
-III
Monetary financial institutions other than Central Bank Central Bank Other financial intermediaries
Financial auxiliaries Insurance corporations and pension funds Financial Corporations
Financial Corporations, Net Worth (% GDP)
Source: CBRT Financial Accounts
Financial Corporations
10
DIFFERENTDATA SOURCES
WORK AT SUBSECTOR
LEVEL
IMPROVEMENTIN DATA
COVERAGE
INSURANCESECTOR TASK
FORCE
PILOT STUDYAND
CONSULTANCE
NFA sub sectorbreakdown is not sufficient
• Investment funds• Financial auxiliaries
• Eliminate discrepancies in FA and NFA• Data warehouse for all financial reports (IIMC)• Counterpart data of ITC
Net Lending/Borrowing (thousand TRY) Coherence Indicator (% GDP)*
* Coherence indicator= (B9F-B9)/GDP
Source: CBRT Financial Accounts
General Government
12
-%30
-%25
-%20
-%15
-%10
-%5
%0
%5
%10
%15
20
10
20
11
20
12
20
13
20
14
20
15
-I
20
15
-II
20
15
-III
20
15
-IV
20
16
-I
20
16
-II
20
16
-III
20
16
-IV
20
17
-I
20
17
-II
20
17
-III
20
17
-IV
20
18
-I
20
18
-II
20
18
-III
Central Government Local Government Social Security Institutions General Government
General Government, Net Worth (% GDP)
Source: CBRT Financial Accounts
General Government
13
SAME DATA SOURCE
GFS REVISIONS DATA SHARING
REVIEWBRIDGE
TABLES FORGFS & EDP
Common Revision Policy
Online Platform for GFS Data
REVISE GGDEFINITION
General Government _After Revision
14
• General government data is revised beginning the 1st Quarter of 2015
• The biggest effect is on central government sector for 2015 and 2016 data periods
• The biggest change is observed in other accounts payable/receivable in all sectors
• Maturity breakdowns are updated for loans and debt securities
• PPPs are the only difference between FA andGFS since 2016 Q4
General Government, (TRY billion)
-600
-550
-500
-450
-400
-350
-300
-250
-200
General Government Net Worth(old) General Government Net Worth(new)
GFS Net Worth
Source: CBRT Financial Accounts, Ministry of Treasury and Finance
General Government
15
-100
-80
-60
-40
-20
0
20
40
2010 2011 2012 2013 2014 2015 2016 2017
General Government-B9f General Government-B9 GFS
Net Lending/Borrowing (thousand TRY)
-3%
-2%
-1%
0%
1%
2%
2010 2011 2012 2013 2014 2015 2016 2017
Coherence Indicator (% GDP)*
* Coherence indicator= (B9F-B9)/GDP
Source: CBRT Financial Accounts
Rest of the World
16Source: CBRT Financial Accounts
Net Worth by Sectors (% GDP)
-150%
-100%
-50%
0%
50%
100%
150%
20
10
20
11
20
12
20
13
20
14
2015
-I
201
5-I
I
20
15-I
II
20
15-I
V
2016
-I
201
6-I
I
20
16-I
II
20
16-I
V
2017
-I
201
7-I
I
20
17-I
II
20
17-I
V
2018
-I
201
8-I
I
20
18-I
II
Non-Financial Corporations Rest of the World Households General Government Financial Corporations Total Economy Rest of the World
Rest of the World
17
DIFFERENTDATA SOURCES
COMPAREDATA
COVERAGE
ADAPT IIPAND BOP FOR
FA
REVIEWFINANCIAL
DERIVATIVES
BOP-FA BRIDGETABLE
• FA uses IIP, BOP and Money and Banking statistics as data source
• NFA uses BOP only
Revisions in BOP anf FA
Rest of the World
18
Instrument IIP FA
Deposits (preciousmetal deposit account)
Not included Included
Equity (shares) Fully covered Partially covered
Financial derivatives Not included Included
Other AR/AP-Other Not included Included
Financial assetsMonetary gold and SDRsCurrency and depositsDebt securities LoansEquity and IF Shares/unitsFinancial derivatives Other accounts receivable
Trade credits and advancesOther
LiabilitiesCurrency and depositsDebt securities LoansEquity and IF Shares/unitsFinancial derivatives Other accounts payableTrade credits and advancesOther