THE COMPILATION OF FLOW OF FUNDS STATISTICS THE COMPILATION OF FLOW OF FUNDS STATISTICS IN INDONESIA IN INDONESIA Paris, October 24-27 th 2011 Hendy Sulistiowaty Eko Ariantoro Contributed to the Discussion of Working Party on Financial Statistics (WPFS) Meeting and Workshop on the Implementation of the SNA 2008
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THE COMPILATION OF FLOW OF FUNDS THE COMPILATION OF FLOW OF FUNDS STATISTICSSTATISTICS
IN INDONESIAIN INDONESIA
Paris, October 24-27th 2011
Hendy SulistiowatyEko Ariantoro
Contributed to the Discussion of Working Party on Financial Statistics (WPFS) Meetingand Workshop on the Implementation of the SNA 2008
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O U T L I N E
Basic Concept of FOF Construction
Data Coverage of Indonesia FOF
Data Coverage: Australia, US, MFSM
CONCEPT
Data Sources Availabilty
The Process of FOF Compilation
Quarterly & Annualy FOF Statistics
The Needs of Further Improvement
Conclusion & Remarks
FOF COMPILATION
A WAY FORWARD
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BASIC CONCEPT OF FOF CONSTRUCTION
Income Distribution
IGROSS SAVING
NON-FINANCIALINVESTMENT / GFCF
NET LENDING / BORROWING
X
MImport
Export
PRODUCTION SECTORS FINANCIAL SECTORS
FINANCIALUSES
FINANCIALSOURCES
ROW
FS
FU
Consumption
C
PProduction
FOF
Fin-Uses
Fin-Sources
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FLOW OF FUNDS is a data system which is designed to describe net lending and net borrowing among institutional sectors, and financial transaction activities using various financial instruments.
Indonesian FOF is constructed in the form of matrix system.
The column side represents institutional sectors, which divided into 2 columns: Financial Uses (assets) and Financial Sources (liabilities).
The row side is divided into 2 rows, ie. above the line and below the line, which are separated by a row of the net lending/borrowing transaction. Above the line of FOF’s row constitutes Saving and Non-Financial
Investment (Gross Fixed Capital Formation). Below the line of FOF’s row comprises various instruments of financial
investment. Indonesian FOF statistics has been compiled by Statistics Indonesia (BPS)
coordinating with Bank Indonesia and Ministry of Finance. FOF data have been available annualy (8 sectors) since 1984, and quarterly (5
3 Currency and Deposits3.1. Currency and Deposits in Foreign Exchange 3.1.1. Currency3.1.2. Demand Deposits3.1.3. Savings Deposits3.1.4. Time Deposits3.1.5. Other Deposits in Foreign Exchange3.2. Currency and Deposits in Rupiah3.2.1. Currency and Coins3.2.2. Demand Deposits3.2.3. Savings Deposits3.2.4. Time Deposits3.2.5. Other Deposits in Rupiah 3.3. Postal and Cooperation Deposits4 Short Term Securities5 Total Loans5.1. Bank Loans in Rupiah5.1.1. Working Capital Bank Loans5.1.2. Investment Bank Loans5.1.3. Consumption Bank Loans5.2. Other Institution Loans in Rupiah
A Goss SavingB Non-financial Investment
C Total of Financial UsesD Total of Financial Sources
1 Official Foreign Reserve (Reserve Assets)1.1. Monetary Gold1.2. Special Drawing Rights1.3. Foreign Reserve1.3.1. Bank Notes1.3.2. Demand Deposits1.3.3. Time Deposits1.3.4. Securities1.3.5. Other Foreign Reserve2 Other Foreign Claims
FINANCIAL INSTRUMENTS
QUARTERLY DATA
SAVING AND INVESTMENT
NET LENDING (BORROWING
NET FINANCIAL INVESTMENT
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COVERAGE OF FINANCIAL INSTRUMENTS … (2)
5.3. Bank Loans in Foreign Currency5.3.1. Working Capital Bank Loans5.3.2. Investment Bank Loans5.3.3. Consumption Bank Loans6 Shares and Equity6.1. Shares (stocks)6.2. Equity (participation)7 Long Term Securities7.1. Government Bonds7.2. Other Long Term Securities8 Insurance and Pension Fund Reserve9 Trade Credits10 Interbank Claims10.1. Interbank Claims: Banks and Central Bank10.1.1. Central Bank Certificate10.1.2. Demand Deposit at the CB in Rupiah10.1.3. Demand Deposit at the CB in Foreign Currency10.1.4. Other Interbank Claims: Bank and CB10.2. Interbank Claims11 Miscellaneous Accounts
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COVERAGE OF FINANCIAL INSTRUMENTS … (3)
A Goss SavingB Non-financial Investment
C Total of Financial UsesD Total of Financial Sources
1 Official Foreign Reserve (Reserve Assets)2 Other Foreign Claims3 Currency and Deposits3.1. Currency and Deposits in Foreign Exchange 3.2. Currency and Deposits in Rupiah3.2.1. Currency and Coins3.2.2. Demand Deposits3.2.3. Savings Deposits3.2.4. Time Deposits3.2.5. Other Deposits in Rupiah
SAVING AND INVESTMENT
NET LENDING (BORROWING
FINANCIAL INSTRUMENTS
NET FINANCIAL INVESTMENT
ANNUAL DATA
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FINANCIAL DATA COVERAGE: Australia FOF Accounts
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FINANCIAL DATA COVERAGE: US FOF Accounts
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FOF DATA COVERAGE: MFSM Based Financial Instruments
1 Monetary Gold and Special Drawing Rights2 Currency and Deposits2.1. Currency2.2. Trasferable Deposits2.3. Other Deposits3 Securities other than Shares3.1. Short-term Securities other than Shares3.2. Long-term Securities other than Shares4 Loans
Short-term LoansLong-term Loans
5 Shares other than Equity6 Insurance Technical Reserves6.1. Net Equity of Households on Life Insurance Reserves and in Pension Funds6.1.1. Net Equity of Households on Life Insurance Reserves6.1.2. Net Equity of Households in Pension Funds6.2. Prepayment of Premiums and Reserves against Outstanding Claims7 Financial Derivatives8 Other Accounts Receivable/Payable8.1. Trade Credits and Advances8.2. Other Accounts Receivable/Payable
FINANCIAL INSTRUMENTS
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DATA SOURCES AVAILABILITY
1) Conducted by Statistics Indonesia (BPS) 1) Conducted by Bank Indonesia
2) Annual survey 2) Annual survey
3) Data are recorded in flows 3) Data are recorded in stock
4) Advantages: 4) Advantages:
5) Disadvantages: 5) Disadvantages:a) The survey is aimed to construct a households balance sheet, not to fulfill flow of funds statistics
b) The continuity of the survey is in progess of internal discussion.
a) The survey shows the picture of households' income and outlay.
b) The survey is maintained continuously by Statistics Indonesia.
a) Limited data of households' financial transaction are available.
b) The number of respondents is small compared to total households.
c) The sampling frame of the survey is bias downward to small and medium income households.
SURVEYS' BASED DATA
HOUSEHOLDS SURVEY (STOCK)
a) The survey shows the structure of households' assets and liabilities.
b) The survey provides more detail data on financial instruments.
HOUSEHOLDS SURVEY (FLOWS)
1) Types of Report:
- Central Bank Statistics
- Banking Report
- Government Accounts
- Capital Market Report
- International Investment Position
2) Data coverage:
c) Data are recorded in stock, hence flows data are calculated by the changes of stock.
REPORTS' BASED DATA
a) Households' financial data are recorded as counterpart of financial transaction with Central Bank, Banks, Government, and Rest of the World.
b) Types of financial instrument depend on the classification available in each report.
MONTHLY REPORT
COMPILATION PROCESS OF INDONESIAN FOF
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B/S of Commercial and Rural Banks
B/S of Central Bank
B/S of Finance Companies
PROCESSED BY
MAIN FRAME
INDONESIAN FLOW OF
FUNDS
SPECIFICATION
OF INDONESIAN FOF
Source:BANK INDONESIA
Source: STATISTICS INDONESIA
Gross Fixed Capital Formation
Household Saving & Investment Survey
Private Enterprises Survey
Source: Ministry of Finance
Government Income & Expenditure
PROCESSED MANUALLY
Int’l Invest. Position
B/S OF HOUSEHOLDS
B/S OF PRIVATE INSTITUTIONS
RECONCILIATION
OTHERS Capital MarketNON-FIN. ACCT OF
GOVERNMENT
CENTRAL BANKACCOUNTS
FIN.ACCT OF GOVERNMENT
BANKS ACCOUNTS
FIN.ACCT OF OTHER DOMESTICS
REST OF THE WORLD ACCOUNTS
DATA COLLECTION TABULATION CONSOLIDATION
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QUARTERLY INDONESIAN FOF, Q1 2011*)
*) Preliminary Figure
Trillion Rp
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PAGE 1ANNUALY INDONESIAN FOF, 2009
Trillion Rp
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PAGE 2 Trillion RpANNUALY INDONESIAN FOF, 2009
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Foreign loan to Business & HH Rp16,0 TForeign Inv in Business & HH Rp23,2 TSelling stocks by Foreign Rp24,0 T
Increase in SBI/SBIS of Banks Rp5,8 TIncrease in Term Deposit Rp28,3 TIncrease in Rupiah DD Rp15,5 TIncrease in Forex DD Rp16,1 TDecrease in Currencies in Banks Rp9,5 T
BUSINESS & HOUSEHOLDS
Goss Saving Rp449,2 T
Non Fin. Inv Rp548,2 T
Net Borrowing Rp99,0 T
BANKSGross Saving Rp21,5
TNon Fin. Inv Rp1,2 TNet Lending Rp20,3
T
CENTRAL BANKGross Saving -Rp5,8
TNon Fin. Inv -Rp38,3
MNet Borrowing Rp5,8
T
GOVERNMENTGross Saving Rp75,1
TNon Fin. Inv Rp9,0 TNet Lending Rp66,1
T
REST OF THE WORLD
Net lending Rp18,3 T
Decrease inDeposit Facility Rp23,8 T
Increase in SBI of Business & HH Rp2,2 T
Increase in SBI owned by Foreign
Rp22,5 T
Increase in Foreign Reserves $9,5 M (Position: $105,7 M )
Decrease in Curr. of
Business & HH Rp15,8 T
Increase Central Govt DD (Rupiah: Rp20,0 T; Forex Rp34,2 T)
Increase in SBN of Banks Rp13,1 T
Increase in SBN of Business & HH Rp15,0 T
Increase in SBN of Foregn Rp15,8
T
Foreign loan repayment Rp4,9T
Increase in Rupiah Loans Rp41,3 TIncrease in Forex Loans Rp13,8 TThird Party Fund Withdrawal Rp42,5 T
Increase in DD owned by Reg-Govt Rp37,1
T
INDONESIAN FOF ANALYSIS, Q1 2011*)
*) Preliminary Figure
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THE NEEDS OF FURTHER IMPROVEMENT
COVERAGEEXISTING INDONESIAN
FOF STATISTICSFURTHER
IMPROVEMENT
1. Institutional SectorsBased on SNA 1968 and Manual of Money and Banking 1986
Based on SNA 2008 and MFSM 2000 (CG-MFS2008)
2. Financial InstrumentsBased on Money and Banking 1986
Based on MFSM 2000 (CG-MFS 2008)
3. Flows Concept Changes of positionFlows of transaction, valuation, and OCVA
4.Compilation Framework
Based on international best practices
Need for alignment with international commitment, such as G20 Data Gaps initiatives (Sectoral Acccounts)
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THE ORGANIZATION OF DATA MANAGEMENT
CentralBank
Ministry ofFinance
StatisticalOfiice
Monetary Statistics(Base & Broad Money)
Financial Soundness Indicators (R2) Balance of Payments International Inv. Position (R12) Consol’d Portfolio Int’l Survey (R11) Indonesia Banking Statistics (R10) Int’l Transaction Report Payment System Statistics
Government Finance (Budget) Statistics, National & Regional(R17)
Government (Public) Debt Statistics
Non Financial Institution Statistics Public Sector
Debt (G18) Debt Securities
Institutional Sector Account (R15)(Flow of Funds Statistics *)
Securities Data (R7) Real Estate Prices (R19) Principal Global Indicators (R20) Financial Soundness Indicators (R2)
National Accounts (GDP) Inflation (CPI) Input-Output Table Social Accounting Matrix Export-Import Statistics Social & Demografic Statistics
Capital Stocks (Non Financial Assets Position)
Business Tendency Survey
Stastitical Coordionation Line
Remarks:*) The Indonesian FOF is part of country initiatives to accomplish G20 Recommendation of Data Gaps
Ministry of State Own Enterprises
Some Efforts in Compiling Indonesian Sectoral Accounts1. The compilation of Indonesian Sectoral Accounts will be initiated from the related data
availability: Flow of Funds and Capital Stocks.
2. BI will have coordination with Statistics Indonesia (BPS) to define sectors of the economy in Indonesia and classification of financial instruments & non-financial assets.
3. BI and BPS jointly formulate an appropriate approach to fill the data gaps between requested Sectoral Accounts and the available data in Indonesia.
4. The availability of technical assistance from international institute (IMF, BIS, WB or OECD) is necessary to speed up the progress of implementation.
5. The implementation of Indonesian Sectoral Accounts will be aligned with country’s timeframe in implementing SNA 2008.
MAIN CHALLENGES
Among others;The difficulty in integrating financial and non financial accountsThe problems in adequately covering the activities of household and nonfinancial corporationsLimitation balance sheet and sectoral data at present
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A WAY FORWARD
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A Way ForwardPossibilities to Compile Sectoral Account – Financial Assets
A Way ForwardPossibilities to Compile Sectoral Account – Non Financial Assets
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Indonesia has been experienced in compiling FOF Statistics and has provided FOF data annualy (8 sectors) since 1984, and quarterly (5 sectors) since 1993.
The compilation of FOF needs to be further improved to harmonize with current statistic manual (ie. SNA 2008, MFSM and CG-MFS 2008), and to be aligned with other international commitment, such as G20 Data Gaps Initiatives.
Regarding the complexity of FOF compilation, the improvement of FOF in Indonesia requires good coordination among authorized institutions, ie. Bank Indonesia, Statistics Indonesia, Ministry of Finance, and Capital Market & Financial Institution Supervisory Agency.
In the area of “data coverage”, the efforts would be mostly on collecting data from non-bank financial corporations, non financial corporations, and Households.
In the area of “conceptual framework”, Indonesia will initially observe the possibilities to compile FOF based on “true flows” of transaction, valuation, and OCVA.
The improvement of FOF statistics will be synchronized with the efforts in the implemention of SNA 2008, especially on constructing full sequence balance sheet.
Related to the G-20 Data Gap Initiatives, Indonesia is in considerable progress to provide G-20 data recommendation and will have a study on the compilation of Indonesia sectoral accounts.