Conceptual linkages between the different parts of macroeconomic statistics
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Agenda item 4a. Conceptual linkages between the different parts of macroeconomic statistics. Kurt Wass EFTA Statistical Office. 7th SPECA Project Working Group on Statistics 27 – 30 August 2012, Issyk-Kul, Kyrgyzstan.

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Conceptual linkages between the different parts of macroeconomic statistics

Agenda item 4a

Conceptual linkages between the different parts of macroeconomic statistics

Kurt Wass

EFTA Statistical Office

7th SPECA Project Working Group on Statistics

27 – 30 August 2012, Issyk-Kul, Kyrgyzstan


Conceptual linkages between the different parts of macroeconomic statistics

Conceptual linkages between the different parts of macroeconomic statistics

  • The system of macroeconomic statistics is developed in different parts that are tailored to meet different needs in the macroeconomic policies concerning issues like;

    • Balance of payment surplus or deficit

    • Economic growth and activity level

    • Income and distribution

    • Fiscal position

    • Money and credit measures

  • However, the various parts of the system of macroeconomic statistics are to a large extent harmonized, and are based on the same basic concepts to provide decision makers information that is as far as possible mutually consistent.

2


Conceptual linkages between the different parts of macroeconomic statistics

Conceptual linkages between the different parts of macroeconomic statistics

Four main parts of the system:

  • System of National Accounts, SNA 2008 (ESA 1995/2010)

    • all economic activity in economy, including production, consumption, capital formation, income distribution, etc.

  • Balance of Payments and International Investment Position, (BPM6 2009)

    • interactions with rest of the world

  • Government Finance Statistics, GFSM 2001 (2012)

    • economic activity and impact of government on economy, and sustainability of governments’ fiscal policies

  • Monetary and Financial Statistics, MFSM 2000

    • financial system, financial assets and liabilities


Conceptual linkages between the different parts of macroeconomic statistics

Conceptual linkages between the different parts of macroeconomic statistics

  • Harmonization of macroeconomic statistics:

    • Residence

    • Domestic economy and institutional sectors

    • Stock and flows

    • Accounting rules

    • Valuation

    • Boundary conditions

    • Integrated accounts


Conceptual linkages between the different parts of macroeconomic statistics

Conceptual linkages between the different parts of macroeconomic statistics

Distribution of income accounts

Production

account

Generation of income account

Primary distribution of income account

Current accounts

GDP

Secondary distribution of income account

Income

accounts

Redistribution of income in kind account

Use of income account

Saving

Capital

transfers &

Non-financial

assets

Other

economic

flows

Opening

balance

sheet

Closing

balance

sheet

SNA

Net lending/borrowing

Balance sheet

Accumulation accounts

Financial

assets &

liabilities


Conceptual linkages between the different parts of macroeconomic statistics

Conceptual linkages between the different parts of macroeconomic statistics

Current Account

Recording transactions

in goods, services,

income, and current

transfers

Current account balance

Capital Account

Recording transactions

in capital transfers and

non-produced

non-financial assets

BoP/IIP

Net lending/borrowing

IIP Statement

Opening balance

sheets for

financial assets &

liabilities

Financial

Account

Recording trans-

actions in financial

assets &

liabilities

Other changes

in assets acct.

(IIP) Reconciling

Changes in IIP with

transactions in

Financial Acct.

IIP Statement

Closing balance

sheets for

financial assets &

liabilities


Conceptual linkages between the different parts of macroeconomic statistics

Conceptual linkages between the different parts of macroeconomic statistics

Revenue

Expense

Opening

balance sheet

Closing

balance sheet

Net operating

balance

Change in net worth OEF

Net Worth

Net Worth

Non-financial

assets

Non-financial

assets

Non-financial

assets

Non-financial

assets

GFS

Change in net financial

worth OEF

Net financial

worth

Net financial

worth

Net lending/borrowing

Financial

assets

Financial

assets

Financial

assets

Financial

assets

Liabilities

Liabilities

Liabilities

Liabilities

Stocks

Stocks

Transactions

Other flows


Conceptual linkages between the different parts of macroeconomic statistics

Conceptual linkages between the different parts of macroeconomic statistics

Opening

balance sheet

Closing

balance sheet

Change in net financial

worth OEF

Net financial

worth

Net financial

worth

Net lending/borrowing

MFS

Financial

assets

Financial

assets

Financial

assets

Financial

assets

Liabilities

Liabilities

Liabilities

Liabilities

Stocks

Stocks

Transactions

Other flows


Conceptual linkages between the different parts of macroeconomic statistics

Conceptual linkages between the different parts of macroeconomic statistics

Transactions

Transactions

Transactions

export G&S

import G&S

income transactions

current transfers

Revenue

account

Production

account

Current

account

GDP

(value added)

Expense

account

Income

accounts

Current

account

balance

Operating

balance

Saving

capital transfers

transactions in

NPNFA

Non-financial

assets

Capital

transfers &

Non-financial

assets

Capital

account

SNA

ESA

GFS

BoP

MFS

Transactions

Financial

assets &

liabilities

Financial

assets &

liabilities

Financial

assets &

liabilities

Financial

assets &

liabilities

Net lending / borrowing


Conceptual linkages between the different parts of macroeconomic statistics

Conceptual linkages between the different parts of macroeconomic statistics

Similarities

2001

GFS

2008

SNA

2000

MFS

2009

BOP/IIP

Structure of Accounts

X

X

*

X

Sectorization

(5 Institutional sectors)

X

X

X

X

Time of Recording (accrual)

X

X

X

X

Valuation (market prices)

X

X

X

X

Double Entry Accounting

X

X**

X

X

Residency

(center of economic interest

and economic territory)

X

X

X

X

* The MFS focuses only on financial assets and liabilities

** The SNA uses quadruple entry accounting


Conceptual linkages between the different parts of macroeconomic statistics

Conceptual linkages between the different parts of macroeconomic statistics

  • The parts of the macroeconomic statistical system are to a large extent conceptually harmonized, but discrepancies are in observed in practice.

  • Differences due to issues related to:

  • data sources

  • coverage of units

  • classifications of stocks/flows

  • valuation

  • time of recording, accrual adjustments etc.

  • lack of cooperation between producers, often in different government agencies

  • Implementation of the revised manuals (SNA, BPM, GFS) should be used as an opportunity to harmonize and synchronize also in practice the major parts of macroeconomic statistics, hence providing a more mutually consistent economic picture enabling better policy decisions.


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