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Developments in National Accounts Martin Kellaway

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  1. Developments in National Accounts Martin Kellaway

  2. Developments in National Accounts International manuals that provide framework being updated (SNA93, ESA95) • SNA08 • ESA12

  3. Developments in National Accounts International manuals that provide framework being updated • Intellectual property assets • R&D expenditure as capital formation • Weapons systems now capital formation • FISIM fully included • Financial derivatives boundary extended

  4. Developments in National Accounts International manuals that provide framework being updated (SNA93, ESA95) • Pension entitlements – unfunded schemes • Government schemes option • Loan guarantees

  5. Developments in National Accounts • Inadequate focus on financial markets at expense of production • Financial interventions (guarantees, when losses are recorded). • SLS, SFEF. Maastricht, Stability & Growth.

  6. Developments in National Accounts • UK National Accounts • September 2008 introduced FISIM (c2% of GDP) • Financial interventions (guarantees, when losses are recorded). • SLS, SFEF. Maastricht, Stability & Growth.