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Agenda item 10
Impact of globalisation on national
accounts
Impact of the financial crisis
Peter Bull, Jean-Marc Israël, Reimund Mink
Directorate General Statistics, ECB
UN-ECE, Geneva, April 2010
Outline of the paper
• Origins of the financial crisis
• Revisions to international statistical standards meeting
needs revealed by the crisis
• Gaps and measurement issues revealed by the crisis
• What is being done about them
Origins of the crisis
• Bubbles
• Imbalances
• Instrument complexity/financial
interrelationships/underpricing of risk/perverse incentives
Revisions to international statistical
standards
• Globalisation reflected in 2008 SNA
• Financial innovation reflected in 2008 SNA
- Financial groups/conglomerates/multinationals/SPEs
- Treatment of complex financial instruments/operations
- Emphasis on balance sheets
Gaps and measurement issues
revealed by the crisis
• Main studies – Issing Committee, report to G-20
Finance Ministers and Governors
- Better data relating to risk
- Information on interconnectedness of
institutions/markets
- Sectoral economic and financial datasets
- Securities databases/credit registers
- Information on residential/commercial property prices
What is being done about them?
• Principal Global Indicators (separate presentation by
UNSD)
• Better measurement of credit risk
• Bridging statistical/supervisory data
• Large banking/insurance groups
• Handling securitisation
• Enhancing financial accounts – more counterpart
information, some non-financial assets in balance sheets
• Securities holding statistics
• Micro datasets – securities, credit registers, surveys of
household/SME financial positions
Prospect of the ESRB (early 2011?; to be supported
statistically by ECB)