Gerard J. Eding, director National Accounts Implementation of SNA 2008: Financial Services, session 4.

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Presentation transcript:

Gerard J. Eding, director National Accounts Implementation of SNA 2008: Financial Services, session 4

Financial services in SNA 2008/ESA 2010 – Developments in financial products and financial world – Increasing innovation, complexity and pace – Many of the 44 issues concern financial services or related issues. 2

Today’s session: 4 interesting papers – State Statistical Committee of Azerbaijan -> FISIM – Central Bureau of Statistics Israel -> Non-life insurance – US Bureau of Economic Analysis -> Pensions – Federal Statistical Office Germany -> Subprime Crisis and Government Debt 3

State Statistical Committee of Azerbaijan -> FISIM – Description of activities for implementation SNA 2008 – Overview main achievements and planned future work – Specific application to measuring FISIM, with practical examples. – Selection of reference rate and consequences? – Communication of results? 4

CBS Israel -> Non-life insurance – Implementation of SNA 2008 recommendations for estimating output of non-life insurance – Expectation approach can significantly improve time series – Estimating separately by class gives more accurate results – Constant prices, the use and reliability of price indices? – How about reinsurance? 5

US Bureau of Economic Analysis -> Pensions – SNA 2008: defined benefit plans should be treated as liabilities – Employer’s contribution: accrual based & corrected NPV – In 2013 implemented in the US national income and product accounts and financial accounts – Defined benefits schemes, a dying breed? – Imputed interest on plans’ claim on a sponsor? 6

FSO -> Subprime Crisis and Government Debt – The effect of multipliers in the financial economy – Securitisation and the inflation of debt – In the end…government bail-out… – Policy implications and the changing role of government in bail-outs? – Measuring securitisations and the value/quality of mortgages? 7

8 More General issues…

Complexity… and how to measure… 9

Sensitivity of results, e.g. to assumptions 10

A risk of inflating the economy… 11

Gerard J. Eding, director National Accounts Implementation of SNA 2008: Financial Services, session 4 Rotterdam August 24th – 30th