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The Impact of Globalisation on National Accounts Joint UNECE/OECD/Eurostat Working Group. Lidia Bratanova UNECE Statistical Division 14 October 2008, OECD WPNA. Globalisation. Unprecendented increase in the cross-border movement of goods, services and financial flows, as well as people

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the impact of globalisation on national accounts joint unece oecd eurostat working group

The Impact of Globalisation on National AccountsJoint UNECE/OECD/Eurostat Working Group

Lidia Bratanova

UNECE Statistical Division

14 October 2008, OECD WPNA

globalisation
Globalisation
  • Unprecendented increase in the cross-border movement of goods, services and financial flows, as well as people
  • Favourable conditions:
    • Lowering of trade barriers
    • Reduced costs of communication and transport
    • Internet enabling quicker conduct of business abroad
    • Increased ability of companies and people to operate abroad
challenges to the compilation of na
Challenges to the compilation of NA
  • Increased difficulties to measure economic transactions from a national viewpoint
  • Insufficient coverage and guidance in the existing international standards
  • Need for up-to-date recommendations and solutions
  • Practical implications - challenges to find the necessary data
working group on the impact of globalisation on na wggna
Working Group on the Impact of Globalisation on NA (WGGNA)
  • CES decided to create a body to coordinate the work on globalisation statistics (June 2006);
  • CES Bureau created the WGGNA in April 2007
  • Objectives:
    • “to review the main distortions in the compilation of national accounts and related source statistics, as caused by globalisation”
    • “to put forward proposals on how to deal with these distortions in order to improve the quality of NA”.
terms of reference of wggna
Terms of reference of WGGNA
  • Coordinate with related Working Groups:
    • Inventory of work that have undertaken work on issues related to the impact act of globalisation on statistics in general and national accounts in particular-to avoid duplication
  • Membership:
    • Joint UNECE/OECD/Eurostat WG - open for all member states. IMF, UNCTAD and WTO participate actively
    • Leadership sub-group chaired by Netherlands includes: Canada, Czech Republic, Finland, United Kingdom, USA, UNECE, OECD, Eurostat and IMF.
    • Secretariat provided by the UNECE
expected output
Expected Output
  • Output: Report providing recommendations and best practices
  • Identify the areas most affected by globalisation
  • Proposals on how to improve surveying, processing and integration of data
  • Proposals how to arrive at international consistency
  • Operational guidelines on treatment of goods for processing and merchanting
  • Timetable:
    • 2008-2009: Regular meetings of LG (twice a year)
    • May 2009: Second meeting of WGGNA
    • April 2010: Third meeting of WGGNA-draft report
    • June 2010: Presentation of the final report to CES
wggna research agenda
WGGNA Research Agenda

Four groups of topics

  • Problems linked to allocation of value added and income to national economies:
    • Transfer pricing and improved understanding of MNEs behaviour
  • Specialisation of supply chains:
    • Transactions in intellectual property (e.g.R&D)
    • Special Purpose Entities (SPEs)
    • Goods for processing, toll manufacturing
    • Merchanting
    • Consignment goods
    • Commissionaire trading
    • Re-exports and centralisation of logistics
    • Other centralised services
wggna research agenda cont d
WGGNA Research Agenda (cont’d)
  • Issues related to households, persons and employment:
    • E-commerce
    • Labour mobility and trade in services through the movement of persons
    • Remittances
    • Tourism and second homes
  • Other issues:
    • Foreign Direct Investment and related income
    • Transit trade
    • Common trading and currency block issues
first meeting of the wggna
First Meeting of the WGGNA

Three issues discussed in detail:

  • Goods sent abroad for processing: main conclusions

- General agreement to record on a “change of ownership” basis as recommended by 2008 SNA and BPM6

- Record in a consistent manner in the BOP and NA

- Data extracted from supply and use tables affected

- Useful for analysts (users) if NSIs preserve additional supply and use tables that record the gross flows of processing industries

first meeting of the wggna cont d
First Meeting of the WGGNA (cont’d)
  • Merchanting:main conclusions

- General agreement on 2008 SNA and BPM6 proposals

- Merchanting of services should be further addressed: what exactly entails and how to deal with it

- Narrower definitions for “global manufacturing” and “merchanting” activities needed

- Measuring merchanting activities is challenging: what data to collect and how? Needs to be addressed in more detail

first meeting of the wggna cont d1
First Meeting of the WGGNA (cont’d)
  • MNEs and allocation of income in NA: main conclusions

- The issue of transfer pricing is important

- Reluctance to adjust for transfer prices unless prices recorded in the company’s books are clearly wrong and information on true market prices is available

- GNI may become more important in future because it is invariant to use of misleading transfer prices

- Surveys and interviews may give new insights on data availability on transfer prices

  • Detailed minutes on the UNECE website
second meeting of the wggna
Second Meeting of the WGGNA
  • 11-13 a.m. May 2009 in Geneva to discuss:
    • Follow-up discussion on MNEs and allocation of income; goods for processing; and merchanting
    • Transactions in intellectual property
    • Transit trade and re-export
    • Remittances and labour mobility
    • Special purpose entities
    • Foreign direct investment
wggna dedicated website
WGGNA Dedicated Website
  • http://www.unece.org/stats/groups/wggna.e.htm
    • General information: TOR, list of related TFs and other specialised groups, research agenda
    • Meetings
    • Useful documents: reading list, Leadership Group
    • Useful links