Financial Accounts in EE5 countries: work in progress and further steps

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Financial Accounts in EE5 countries work in
progress and further steps

• Belén ZINNI, STD/NAD

WPFS, 24-27 October 2011
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EE5 and other G20 economies

• The OECD has recently established special
  Enhanced Engagement relationships with
• Brazil
• China
• India
• Indonesia
• South Africa
• In addition, it is strengthening relationships
  with two other G20 countries
• Argentina
• Saudi Arabia

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Agenda

• What the OECD knows about Financial Accounts (FA)
  and Financial Balance Sheets (FBS) in EE5 and
  other G20 economies in terms of
• National agencies in charge
• Availability of financial transactions and/or
  stocks
• Statistical framework (FOF, SNA, other)
• Instrument breakdown
• Institutional sectors classification
• Timeliness and frequency
• Consolidation
• Progress on data collection
• Further steps
• Conclusions

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Brazil

• The OECD has established contacts with IBGE and
  BCB
• FA and FBS are expected to be published in
  November 2011
• Instrument breakdown should be in a great extent
  in accordance with 2008 SNA (only the 8 main
  categories)
• Institutional sector coverage
• FA 4 institutional sectors according to 2008
  SNA (S11, S12, S13 and S14S15)
• FBS 4 institutional sectors according to 2008
  SNA, and 5 sub-sectors of the financial
  corporations sector not in accordance with 2008
  SNA
• Timeliness and frequency
• Annual FA and FBS over the period 2004-2009
• Only consolidated accounts will be published

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China

• The OECD has established contacts with NBS and
  PBC
• Flow of Funds (Financial transactions accounts)
  are compiled by the PBC and published on the NBS
  website
• The NBS started to compile balance sheets on a
  trial basis in the late 90s, though they have
  never been published
• The instrument breakdown of financial FOF is not
  SNA compliant and has changed over time
• The institutional sectors classification of the
  financial FOF is in accordance with SNA (S11,
  S12, S13, S14S15 and S2)
• Timeliness and frequency Financial flow of
  funds available in the NBS website are on annual
  basis and cover the period 1992-2007
• No information about consolidation

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India

• The OECD has established contacts with the RBI
• Flow of Funds Accounts are available in RBI
  reports
• FBS are not publicly available
• The RBI has recently constituted a Working Group
  on the Compilation of Flow of Funds which
  comprises officials from different national
  agencies. The Group will try to incorporate the
  2008 SNA sectoral and instrument classifications.
  The Group is expected to submit its report by
  November 2011.
• Instrument breakdown and Institutional sectors
  classification of FOF published by RBI are not
  in accordance with SNA . However, the OECD has
  recently received from MIOSPI, the national
  statistical office, FOF of S1, S13 and S14S15
  which follows SNA 1993 instrument breakdown.
• Timeliness and frequency
• FOF are compiled according to Indian fiscal year
  April March
• FOF in the RBI reports are on an annual basis and
  cover the period 1950-1951 to 2007-2008
• No information about consolidation

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Indonesia

• The OECD has established contacts with BPS and
  BI
• Flow of funds (FOF) are publicly available in the
  BPS website and have also been transmitted to the
  OECD by the BI. Both institutions are working
  together on the compilation of FA in accordance
  with 2008 SNA and intend to publish them by 2014.
  However, they will not be able to produce FBS.
• Instrument breakdown available in FOF is not in
  accordance with SNA standards
• Institutional sectors classification of publicly
  available FOF is not in accordance with SNA.
  Annual FOF transmitted to the OECD follow a
  sectoral classification closed to SNA standards.
  However, quarterly FOF transmitted to the OECD do
  not follow SNA sectoral breakdown.
• Timeliness and frequency
• Annual FOF are available for the period 2002-2009
• Quarterly FOF are available over the period
  Q1-2002 to Q2-2010
• No information about consolidation

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South Africa

• The OECD has established contacts with the SARB
• Only national financial accounts flow of funds
  are compiled and disseminated by the SARB.
• FBS for the S14S15 sector are compiled but not
  published. The SARB is working on the FBS of
  other institutional sectors and intend to
  published them by 2016
• Neither the instrument breakdown nor the sectoral
  classification of available FOF are in accordance
  with SNA
• Timeliness and frequency
• Annual FOF are compiled for the period 1970-2009
• Quarterly FOF are available for the period
  Q1-1992 to Q4-2009.
• FBS of the sector S14S15 are compiled on an
  annual and quarterly basis over the period
  1970-2010
• FBS of other institutional sectors will be
  available in an annual (maybe also quarterly )
  basis by 2016.
• The available FOF in South Africa are
  consolidated within sub-sectors

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Argentina and Saudi Arabia

• Argentina
• The OECD has contacted INDEC and BCRA without
  receiving any prompt answer on the current or
  future compilation of FA and FBS
• Neither FA nor FBS are available in INDEC or
  BCRA websites
• FBS were occasionally compiled by academics in
  accordance with SNA 1993, on annual basis, only
  for the years 2001 and 2004
• Saudi Arabia
• The OECD has contacted SAMA without receiving any
  answer on the current or future compilation of FA
  and FBS
• Neither FA nor FBS are available for any
  institutional sector in the Central Department of
  Statistics or SAMA websites

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Progress on data collection

• OECD questionnaires on FA (T610 and T620) and FBS
  (T710 and T720) were already transmitted to EE5
  countries
• Brazil will be able to complete FA (T610) and FBS
  (T710) questionnaires after the publication of
  Brazilian FA and FBS, which is expected by
  November 2011
• China and India have not answered yet to our
  requests on the transmission of FA and FBS
  questionnaires
• Indonesia and South Africa are currently working
  on the filling of the FA questionnaire
• OECD questionnaires on FA and FBS data
  availability (T6 and T7) were sent to Argentina
  and Saudi Arabia
• None of the countries has responded yet to our
  requests on the availability of data
• The national agencies and contacts that might
  complete the Institutional Investors Assets
  questionnaire (T7HAL) have been already
  identified
• For information, central government debt
  questionnaires were recently sent to the
  corresponding institutions on EE5 countries

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Further steps

• Concerning FA of China, India and Indonesia, the
  OECD intends
• to complete the OECD questionnaires on FA with
  data currently available on the national
  authorities websites/publications
• to transmit them to the respective countries, for
  them to check, complete and validate the data
• This exercise was already carried out for South
  Africa
• Regarding the Institutional Investors Assets in
  EE5 and the other two G20 economies, the OECD
  intends to establish contacts with the
  corresponding national agencies and experts that
  have been identified
• As FBS are not currently available in these
  countries, the OECD will pursue in a later stage
  the request for the Household Assets and
  Liabilities data (T7HAL)

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Conclusions

• The OECD expects to receive Brazilian FA and FBS
  after their official publication due in November
  2011
• It is also looking forward the transmission of
  the methodological report and, eventually, of
  Indian data by November 2011
• It is working on the filling of the FA
  questionnaires with available FOF data of China,
  India and Indonesia in order to help these
  countries with the transmission of official
  financial accounts in SNA standards
• It expects to receive the FA of the South African
  economy and the FBS of its household sector in
  the near future
• The OECD intends to collect and disseminate
  Institutional Investors Assets data of these
  countries next year

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Financial Accounts in EE5 countries

• Thank you

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References

• IBGE Instituto Brasileiro de Geografia e
  Estatística
• BCB Banco Central do Brasil
• NBS National Bureau of Statistics, China
• PBC Peoples Bank of China
• RBI Reserve Bank of India
• MIOSPI Ministry of Statistics and Programme
  Implementation
• BPS Badan Pusat Statistik, Indonesia
• BI Bank Indonesia
• SARB South African Reserve Bank
• INDEC Instituto Nacional de Estadísticas y
  Censos
• BCRA Banco Central de la República Argentina
• SAMA Saudi Arabian Monetary Agency