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Globalization in the Updated SNA Carol S. Carson Project Manager, SNA Update Session on Globalization and the Effect on National Accounts

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Globalization in the Updated SNA Carol S. Carson Project Manager, SNA Update Session on Globalization and the Effect on National Accounts Joint National Accounts Meeting April 25-28, 2006, Geneva Background December 2004 AEG

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Globalization in the Updated SNA

Carol S. Carson

Project Manager, SNA Update

Session on Globalization and the Effect on National Accounts

Joint National Accounts Meeting

April 25-28, 2006, Geneva

background
Background
  • December 2004 AEG
    • Expressed interest in including a discussion of the statistical challenges of multinational enterprises within the context of globalization in the updated SNA
    • Work to be carried forward by a subgroup
  • Group on Globalization met in in July 2005, aiming toward a modest amount of new text drawing on evolving literature
toward an outline
Toward an outline
  • The outline attached to the paper is the current state of thinking
  • The outline will evolve:
    • Comments by AEG in January-February 2006
      • Some specific suggestions
      • Noted potential implications of globalization for updated SNA
    • This one-day session
    • Ongoing work on the Benchmark Definition of Foreign Direct Investment
draft outline
Draft outline
  • Definition and characterization of globalization, with key role of multinational enterprises
  • Challenge of globalization to NAs:
    • Accounting: complexity of recording a variety of stocks and flows and relating them to units, using examples such as goods for processing, merchanting, SPEs, non-permanent workers
    • Source data issues: for example, transfer pricing, multinationals, free zones, with general concern about consistency of the several sets of data
draft outline 2
Draft outline (2)
  • Challenges of globalization to NAs: Conceptual issues: examples
    • Globalization points to the analytical usefulness of ownership- or control-based statistics to supplement traditional statistics on cross-border transactions and positions.
    • R&D: accounting is complex in a closed economy, but the complexity is multiplied in an international context
some points for discussion
Some points for discussion
  • Does the draft outline capture the main topics for a modest amount of new text in Rev. 1 about globalization in general and multinational enterprises in particular? What is missing?
  • If two, perhaps three, issues dealt with in the SNA Update were to be described briefly to illustrate the accounting challenges stemming from globalization (see section II.A), which should they be?
  • Given that the SNA is not meant to be a compilation guide, how much attention should be given to practical considerations?
  • What additional sources should be consulted?
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