Developments in National Accounts Martin Kellaway.

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Presentation transcript:

Developments in National Accounts Martin Kellaway

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

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

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

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.

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.