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Impact of globalisation on national accounts Impact of the financial crisis

Agenda item 10. Impact of globalisation on national accounts Impact of the financial crisis. Peter Bull, Jean-Marc Israël, Reimund Mink Directorate General Statistics, ECB UN-ECE, Geneva, April 2010. Outline of the paper. Origins of the financial crisis

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Impact of globalisation on national accounts Impact of the financial crisis

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  1. Agenda item 10 Impact of globalisation on national accountsImpact of the financial crisis Peter Bull, Jean-Marc Israël, Reimund Mink Directorate General Statistics, ECB UN-ECE, Geneva, April 2010

  2. Outline of the paper • Origins of the financial crisis • Revisions to international statistical standards meeting needs revealed by the crisis • Gaps and measurement issues revealed by the crisis • What is being done about them

  3. Origins of the crisis • Bubbles • Imbalances • Instrument complexity/financial interrelationships/underpricing of risk/perverse incentives

  4. Revisions to international statistical standards • Globalisation reflected in 2008 SNA • Financial innovation reflected in 2008 SNA - Financial groups/conglomerates/multinationals/SPEs - Treatment of complex financial instruments/operations - Emphasis on balance sheets

  5. Gaps and measurement issues revealed by the crisis • Main studies – Issing Committee, report to G-20 Finance Ministers and Governors - Better data relating to risk - Information on interconnectedness of institutions/markets - Sectoral economic and financial datasets - Securities databases/credit registers - Information on residential/commercial property prices

  6. What is being done about them? • Principal Global Indicators (separate presentation by UNSD) • Better measurement of credit risk • Bridging statistical/supervisory data • Large banking/insurance groups • Handling securitisation • Enhancing financial accounts – more counterpart information, some non-financial assets in balance sheets • Securities holding statistics • Micro datasets – securities, credit registers, surveys of household/SME financial positions Prospect of the ESRB (early 2011?; to be supported statistically by ECB)

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