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FISIM in the EU Brian Newson Eurostat
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History SNA93 offers option: allocate or not.
ESA95 compulsory, required no allocation, but Task force began immediately to define methods.
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Methods tested 1. interest receivable on loans between OMI + OFI
stocks of loans between OMI + OFI 2. Method 1 plus interest on securities 3. Short-term as 1 and long-term published rates 4a. Average lending and borrowing rates FI versus other sectors 4b. Average 1 and 4a 4c. Average 2 and 4a
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Results of test period FISIM can be reasonably allocated
Beyond a certain point sophistication of methods not worthwhile. average increase of GDP 1,3 % negative FISIM ? occasionally (“sticky” rates) structurally (cross-subsidisation)
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Method adopted (1) Reference rates derived from data
interest receivable on loans between OMI + OFI stocks of loans between OMI + OFI allocate on loans and deposits of FI because the FI only control those. Requires data to separate: households final/intermediate consumption, transactions non-residents (X,M)
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Method adopted (2) Central Bank output Industry breakdown
sum of costs, because normal method enormous Industry breakdown allocation based on stocks of loans + deposits for each industry, otherwise output. Constant prices base year margin x (stocks loans + deposits)/Ip
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Implementation In 2005 all 25 EU Member States must supply NA with FISIM allocated back data to 1995.
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