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Agenda item 4

Agenda item 4. INDEX. Content of the paper Relevant features to comment 2.1 On the series published 2.2 On the uses of the Financial Accounts Developments for the future. CONTENT OF THE PAPER.

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Agenda item 4

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  1. Agenda item 4

  2. INDEX • Content of the paper • Relevant features to comment 2.1 On the series published 2.2 On the uses of the Financial Accounts • Developments for the future

  3. CONTENT OF THE PAPER • The paper shows one of the most recent and continuous effort by national accountants to improve one of the most complete and important statistics: The Financial Accounts (FAs), referred to Italy in this case • Italy is one of the few countries that first began to compile and regularly publish FAs in the early 1960s • A major step for Italy was the regular publication of Quarterly FAs since the beginning of the 1990s • The paper presented consists of three parts: • The main features of Italy’s FAs for the period 1950-2008 highlighting the recent development for the period 1950-1962 • The latest innovations and revisions of the FAs • Different examples of the uses of the FAs about the Italian economy, analysing structures and trends of various aspects of the different sectors, compared, in some cases, with other countries

  4. RELEVANT FEATURES TO COMMENT2.1 On the series published • The extension to the period 1950-1962 • The “unidentified sector” to maintain the coherence with the FAs for the period 1963-1994, where this kind of sector also exists My opinion would be not to maintain this kind of “unidentified sector”: There is a piece of the accounts not included in the analysis • The transaction accounts: missing in the estimates • The breakdown between Households and Producer-Households (sole proprietorships) to integrate the later in the Non-financial corporation sector It is not clear to me which information is available in Italy to make this distinction • The reasons behind the existence of Insurance technical reserves as the liabilities of the Households and NPISH sector • The important amount in the series for the instruments: • Other accounts payable in the Household sector: 2% of total liabilities in 1981, 6.3% in 1989 and 22% in 2008 Is the trade credit the explanation? In this case, why it has not been shown explicitly in the accounts?

  5. RELEVANT FEATURES TO COMMENT2.1 On the series published • Different methodology applied to the FAs over all the period available (1950-2008) • ESA 95 (based on SNA93) since 1995, both for annual and quarterly series • ESA 79 or ESA 70 (based on SNA68) for the previous period • Do you plan to extend ESA 95 methodology for any period before 1995? • Assessment of the different methodology applied In Spain: ESA 95 to the whole sets of accounts published only annual data for the period 1980-1989 (transactions and balance sheets) Quarterly data from 1990 onwards (see charts 1 and 2) • The “other accounts receivable/payable, excluding trade credit” item (the “others”) is not published in the QFAs but only in the AFAs Do you not think this diminishes the analytical properties of the QFAs? • “Revaluation” and “Other changes in the volume of assets” are missing in Italy’s FAs These accounts, together with the “Transactions accounts” give to the users all the elements they need for a more precise assessment of the FAs as a whole • Is this work in progress? • Is it available internally?

  6. RELEVANT FEATURES TO COMMENT2.2 On the uses of the FAs • The link between FAs and Non-Financial Accounts (NFAs) • The users should be always aware of the difference in the balancing item of both sets of accounts • The limitation of the FAs: complementary statistics are needed • What the FAs can offer and what cannot offer • (see charts 3 and 4) • Other statistics to complement the FAs • Liquidity and credit indicator for Households and Non-Financial Corporations • Micro-information from surveys like • Wealth for Households • Different aspects of Non-Financial Corporations

  7. DEVELOPMENTS FOR THE FUTURE • Improvement of the estimations coming from new system to collect data since 2010 for: • Direct investment • Other investment Do you expect significant changes in the accounts? • Dissemination of a complete set of flows accounts • (“Transactions”, “Revaluation” and “Other changes in the volume of assets”)

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