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Discrepancy between Financial Accounts and Capital Accounts

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Discrepancy between Financial Accounts and Capital Accounts Working Party on Financial Statistics OECD Paris, France October 14, 2008 Susan Hume McIntosh – PowerPoint PPT presentation

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Title: Discrepancy between Financial Accounts and Capital Accounts


1
Discrepancy between Financial Accounts and
Capital Accounts
  • Working Party on Financial Statistics
  • OECD
  • Paris, France
  • October 14, 2008
  • Susan Hume McIntosh
  • Sr. Economist and Special Project Coordinator
  • Federal Reserve Board
  • Washington, DC 20551
  • smcIntosh_at_frb.gov

2
Organizational Structure in the United States
  • U.S. has decentralized statistical system
  • BEA - current and capital accounts, BOP
  • FRB - financial accounts, balance sheets
  • Both NIPA and FFA have discrepancies
  • Jointly produce integrated macroeconomic accounts
  • Two versions of net lending/borrowing

3
Discrepancies in the Financial Accounts
  • Discrepancies for most sectors
  • Discrepancies for a few instruments
  • Due to different data sources, NIPA discrepancy,
    timing of recorded transactions
  • Point out errors and poor estimates for missing
    data
  • Keep internal consistency of accounts since
    sector discrep. instrument discrep.

4
Sector Discrepancies
5
Instrument Discrepancies
6
Total Sector/Instrument Discrepancy
7
Total Discrepancy as a Percent of Total Financial
Assets
8
Integrated Macroeconomic Accounts for the United
States
  • Produce integrated accounts based on NIPA, ITA,
    and FFA.
  • Published on BEAs website for 1960-2007 annually
  • Structure based on guidelines in the System of
    National Accounts 1993
  • Seven sector tables
  • Ongoing program to improve integration of NIPAs
    and FFA

9
What are Integrated Accounts?
  • Complete sequence of accounts
  • Current (production and income).
  • Capital accumulation.
  • Financial accumulation.
  • Other changes in volume.
  • Revaluation.
  • Balance sheet.

10
Progression of Accounts
11
Net Lending/Borrowing
  • Capital Account net saving from the current
    account less fixed investment
  • Financial Account net acquisition of financial
    assets less net increase of financial liabilities
  • Use capital account version in sequence of
    accounts
  • Discrepancy between two versions shown in other
    changes in volume

12
Net Lending/Borrowing
13
Difference between Capital Account and Financial
Account Net Lending/Borrowing
14
Where Are We Headed?
  • Both agencies have projects underway that would
    hopefully narrow the differences
  • Improvements related to sharing knowledge about
    source data and improving timing of transactions
  • Ongoing discussions of how new developments in
    the economy would be reflected in accounts
  • Still many challenges due to limited source data
    for some sectors
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