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OECD Survey on Land 2008 SNA Implementation Workshop Paris, October 2011. Contact: nadim.ahmad@oecd.org. Background. Not the first time that the measurement of land has caused concern Discussed on numerous occasions in previous WP meetings. And land has always been important

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oecd survey on land 2008 sna implementation workshop paris october 2011

OECD Survey on Land2008 SNA Implementation Workshop Paris, October 2011

Contact: nadim.ahmad@oecd.org

background
Background
  • Not the first time that the measurement of land has caused concern
    • Discussed on numerous occasions in previous WP meetings.
  • And land has always been important
    • Environmental accounting
    • GDP (via user cost approach for imputed rent)
    • Growth accounting
  • But the need for robust estimates has heightened:
    • Financial crisis information gaps (G20 Recommendation 15)
    • Focus on household wealth
    • Produced land in the 2008 SNA
  • Re-emphasised at
    • 2010 WPs on Financial Statistics and National Accounts 2010
    • CSTAT 2011
survey results balance sheets
Survey Results – Balance sheets
  • 23 countries responded
  • 5 (Cze, Fin, Fra, Jpn, Mex) produce full balance sheets by detailed land type
    • Land underlying buildings
    • Land under cultivation
    • Recreational land and associated surface water
    • Other land and associated surface water
  • 5 produce partial info (Can, Ita, Kor, Nld, Swe)
  • Many others have plans to do so.
  • Appears to be inconsistent treatment of produced land in balance sheets – some countries include it under land, others under other fixed assets.
survey results produced land
Survey Results – Produced land
  • 1 country covers all land categories (Svn)
  • 10 cover parts (Can, Fin, Fra, Isr, Ita, Nld, ior, Pol, Prt, and Swe).

Valuation:

  • Investment
    • Survey - Can, Cze, Fra, Nld, Pol,Prt
    • Commodity Flow – Jpn
    • Input costs - Swe
  • Balance sheets
    • PIM: Can (linear depreciation), Cze, Fra, Nld
    • Values – Jpn, Pol
survey results sectors
Survey Results – Sectors
  • Balance sheet
    • Full split by land-type/sector:
      • Can, Cze, Fra, Ita, Nld produce detailed split.
    • Partial (total land) by sector:
      • Jpn, Kor, and Swe
  • Investment
    • Full sectoral accounts by land type in Slv
    • Partial in Can, Fra, Mex, Nld, Pol and Prt.
land under buildings methods
Land under buildings - methods
  • Ratios:
    • Can, Fra, Ita (part), Prt, Svn (owner-occ)
  • Direct price information
    • Cze, Jpn
  • Indirect
    • (total value minus depreciated building costs) – Ita (part), Nld, Svn (market dwellings), Swe
    • NPV approach, Mex, Nld (part non-res)
  • Chl does not include value of land under buildings and structures
land owned by government
Land owned by government
  • Should be included:
    • Can, Cze, Dnk, Fin, Fra, Ita, Jpn, Kor, Swe.
  • Should not be included:
    • Nld
dealing with volume changes revaluation vs ocv
Dealing with volume changes Revaluation vs OCV
  • OCV
    • Cze, Dnk, Fra, Nld, Swe, Kor (for reclassifications)
  • Revaluations –
    • Jpn, Mex, Prt, Swe (when the surrounding land changes)
requests for further work
Requests for further work
  • Measuring land under dwellings
    • Residual method implies all holding gains/losses end up land. Correct?
  • Further guidance requested for BS estimation
  • Identifying and valuing land owned by government
  • Guidelines for OVC changes not driven by reclassification?
  • Timing of OVC/Revaluation changes, who benefits?
  • Suitability of fiscal data as a market price proxy
  • Extending the production accounts to re-route rent of land to intermediate consumption (for productivity)
going forward
Going forward?
  • Results will be written up as a technical paper, which will include an elaboration of the various issues raised by countries – including possible solutions.
  • A Handbook?