Globalization in the Updated SNA
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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 - PowerPoint PPT Presentation

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

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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


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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


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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


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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


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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


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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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Thank you

Contact:: ccarson@imf.org


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