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QUARTERLY. SECTORAL . Working Party on Financial Statistics & Working party on National Accounts Common day – 4 November 2009 – Item 4. By Jiemin GUO and Michèle Chavoix-Mannato (STD) . ACCOUNTS. QUARTERLY SECTORAL ACCOUNTS.

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QUARTERLY

SECTORAL

Working Party on Financial Statistics & Working party on National Accounts

Common day – 4 November 2009 – Item 4.

By Jiemin GUO and Michèle Chavoix-Mannato (STD)

ACCOUNTS


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QUARTERLY SECTORAL ACCOUNTS

Main objectives:- to present the situation for Non-financialaccounts- to present the situation for Financial accounts- to propose to launchsurveys- to propose possible information to becollected on a quarterly basis


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QUARTERLY SECTORAL ACCOUNTS

  • The recent crisis has highlighted the need for internationally comparable data

  • The recent crisis has highlighted the need for timely data

  • The OECD responds by proposing a strategy in collecting quarterly data on

    • non-financial accounts

    • financial accounts and balance sheets

    • more detailed assets/liabilities of specific sectors


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QUARTERLY SECTORAL ACCOUNTSQuarterly non-financialaccounts

  • Current Data Situation

  • Collection of annual institutional sector accounts for many years

  • Some QSA collected for a few countries

  • Eurostat/ECB release non-financial QSA for the Euro Area and the European Union


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QUARTERLY SECTORAL ACCOUNTSQuarterly non-financialaccounts

  • Availability in EU countries

  • EU national QSA transmitted to Eurostat no later than 3 months after the reference quarter

  • Standard table 0801 of the ESA 95 questionnaire

  • Data start in 1999Q1

  • Except for derogations, all economic sectors are covered

  • No automatic transmission from Eurostat to OECD via Edamis is currently set up


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QUARTERLY SECTORAL ACCOUNTSQuarterly non-financialaccounts

  • Availability in non-EU countries

  • Beginning period: Australia(1959), Canada(1961), Iceland(2004), Norway (1996) and the USA (1947).

  • Data in general available less than three months after the reference quarter.

  • Sectors S1M and S13 available for all preceding countries except Iceland (only S13).

  • No QSA released on countries’ websites for: Japan, Korea, Mexico, New Zealand, Switzerland and Turkey.


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QUARTERLY SECTORAL ACCOUNTSQuarterlyfinancialaccounts & balance sheets

Background

2006: Conclusions of a study on the availability of data

  • Collection of annual data on a quarterly basis

  • On stocks

  • For sectors S13 and S14-S15

  • For instruments F1 to F7

    2008: Programme of Work 2009-2010

  • Inclusion of this activity with 81% of High/Medium priorities

    2009: Survey on Main Characteristics of Financial Accounts

  • To establish a snapshot of current status and future developments

  • To collect information on timeliness and frequency of data


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QUARTERLY SECTORAL ACCOUNTSQuarterlyfinancialaccounts & balance sheets

Availability of quarterly data

  • Non-European countries

    • Six countries have quarterly data (five for bothflows and stocks, one for stocks only)

    • One country have plans to collectquarterly data

    • The sectorcoverageis the same as for annual data for three countries

    • The time coverageis the same as for annual data

  • European countries

    • Fifteen countries have quarterly data

    • One country have plans to collectquarterly data

    • The sectorcoverageis the same as for annual data, except for three

    • The time coverageisshorterthan for annual data for five countries


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QUARTERLY SECTORAL ACCOUNTS


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QUARTERLY SECTORAL ACCOUNTSQuarterlydetailed data for specificsectors

Methodological information receivedfrommost OECD countries

except six for T7HAL and eight for T7IA

  • Households’ assets and liabilities (T7HAL)

    • Quarterly data available in most countries: 16 among the 23 respondents

    • Three countries may have difficulties to provide OECD withquarterly data

    • For 13 countries, data cover S14, while for 16 countries, theycover S14+S15

  • InstitutionalInvestors’ assets (T7IA)

    • Quarterly data available in most countries: 19 among the 21 respondents

    • Five countries may have difficulties to provide OECD withquarterly data

    • For 10 countries, data cover the sectorsrequested (InvestmentFunds, Insurancecompanies and pension funds, and Otherforms, total or part of theirsub-sectors)

    • For 5 countries, data cover the aggregated IF only and for 2 countries, theycover the aggregated S125 only

    • For the other countries, only parts of the requestedsectors are provided


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QUARTERLY SECTORAL ACCOUNTSMovingforward

  • Considerable scope exists for OECD to develop quarterly non-financial and financial accounts

  • A meta-questionnaire is needed to reveal the exact availablility of such data

  • Two separate surveys will be launched after the meetings

  • Deadline for replies is end 2009

  • First collection of quarterly data based on the findings of the surveys in 2010


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QUARTERLY SECTORAL ACCOUNTSMovingforward

Current annual data collection

  • For non-financial and financial accounts: Gesmes for EU countries, Excel for non-EU countries,

  • For detailed data on specific sectors: Excel for all countries

    Proposed quarterly data collection

  • Same procedure as for annual data

  • Co-operation with Eurostat for EU countries’ methodological information; survey based on the same framework for non-EU countries


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QUARTERLY SECTORAL ACCOUNTSMovingforward

Coverage of the future collection of quarterly data

  • non-financial accounts

    • Selectedsectors:

      • households and NPISH, generalgovernment, corporations

    • Select variables:

      • savings, disposableincome, GFCF, net lending/borrowing, …


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QUARTERLY SECTORAL ACCOUNTSMovingforward

Coverage of the future collection of quarterly data

  • financial accounts and balance sheets

    • Selectedsectors (households, total and central governement, financial corporations)

    • Selectedfinancial instruments (depending on the sector)

  • more detailed data on specific sectors

    • Households: main detailed instruments

    • Institutionalinvestors: main detailedsectors


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QUARTERLY SECTORAL ACCOUNTS

Conclusion

Delegates are invited

  • to confirm the need for timely accounts

  • to discuss the OECD project of collecting quarterly data

  • to comment the draft meta-questionaires on precise availability of quarterly data

  • to endorse the time-table

  • to inform their parent body’s Delegates on the need for additional resources to develop OECD databases


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