Survey
* Your assessment is very important for improving the workof artificial intelligence, which forms the content of this project
Download National accounts and financial statistics: Rochelle Barrow Reserve Bank of New Zealand
Document related concepts
Transcript
National accounts and financial statistics: Where are we? Where are we going? Rochelle Barrow Reserve Bank of New Zealand Overview • What are macroeconomic accounts and why they are important? • The current state of New Zealand’s macroeconomic accounts • Why we need to improve • Some Reserve Bank initiatives that are currently underway to improve our accounts The broad framework Financial sector Government sector Monetary and Financial Statistics (MFSM) Government Finance Statistics (GFS) System of National Accounts (SNA) Financial Soundness Indicators (FSI) External sector Prudential Balance of Payments (BPM) System of Environmental and Economic Accounting (SEEA) Non-profit Institutions Supply and use tables Tourism (TSA) Satellite Accounts and other Matrices Environment At the core of the framework is the SNA Production Account Income and Outlay Account Capital Account Opening Balance Sheet Reconciliation Accounts Financial Account Closing Balance Sheet At the core of the framework is the SNA Production Account FLOW Income and Outlay Account Capital Account Opening Balance Sheet Reconciliation Accounts Financial Account Closing Balance Sheet At the core of the framework is the SNA Production Account Income and Outlay Account STOCKS REVALUATIONS Capital Account Opening Balance Sheet Reconciliation Accounts Financial Account Closing Balance Sheet At the core of the framework is the SNA Production Account GDP Income and Outlay Account Saving Capital Account Opening Balance Sheet Net lending/borrowing Reconciliation Accounts Closing Balance Sheet Financial Account Wealth Wealth These are the parts of the SNA that we have Production Account GDP FLOWS GDP, income, saving, investment Income and Outlay Account Saving Capital Account Opening Balance Sheet Net lending/borrowing Reconciliation Accounts Closing Balance Sheet Financial Account Wealth Wealth These are the parts we don’t have Production Account STOCKS, REVALUATIONS Wealth Financial flows GDP Income and Outlay Account Saving Capital Account Opening Balance Sheet Net lending/borrowing Reconciliation Accounts Closing Balance Sheet Financial Account Wealth Wealth These are the parts we don’t have Sector / Account Production Account Income and outlay Account Capital Account Producer Enterprises Annual Annual Annual Financial Intermediaries Annual Annual Annual General Government Annual Annual Annual NPISH Annual Annual Annual Households Annual Annual Annual NA Quarterly Quarterly Rest of the world Financial Account Recon Accounts Balance sheet Partial Annual Quarterly Quarterly (not pub) Quarterly Frequency and timeliness • Frequency - Annual • Timeliness – rest of world – 80 days – government and household – 8 months – other sectors – 2 years + • Length of time series – National accounts 1972 – Sectoral accounts 1999 What are the benefits of macroeconomic accounts? • Contain embedded knowledge on how to categorise parts of the economy and how these parts fit together • Provide a starting point for thinking about relationships between economic variables, and economic problems and imbalances • Pull together an immense amount of data and present it in an accessible manner • Provide an accounting structure that helps to ensure quality • International comparability Why do we need a full suite of sector accounts? Outputs • Deliver key statistics that are currently missing • Wealth, financial flows, revaluations • To show how the financial sector and the real economy are linked • To ensure economic debate and discussion in New Zealand is informed • To ensure international confidence in the state of the New Zealand economy and its operation • To deliver on international reporting expectations of a developed economy Why do we need a full suite of sector accounts? Improve data quality • Internal consistency • Highlights data weaknesses • Improve reliability • Ensure relevance and international comparability • Improve timeliness Why do we need a full suite of sector accounts? Balance of Payments - Net errors and omissions 14,000 NZ NEO 12,000 Australian NEO 10,000 8,000 6,000 $m 4,000 2,000 0 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 -2,000 -4,000 Why do we need a full suite of sector accounts? Why do we need a full suite of sector accounts? Household sector saving ($m) 4,000 2,000 -4,000 -6,000 -8,000 -10,000 -12,000 -14,000 2010 2009 2008 2007 2006 2005 2004 2003 2002 2001 2000 1999 1998 1997 1996 1995 1994 1993 1992 1991 1990 1989 1988 -2,000 1987 0 2010 release 2009 release Why don’t we have a full suite of sector accounts? • It is complex and time consuming work • Lack of wide public demand for the output - other than the GDP measures • Costly - development, regular production and maintenance costs • Data intensive, leading to respondent load • The largest collector and producer of financial sector statistics (RBNZ) is separate from the producer of the national accounts (Statistics NZ) So what is the way forward? RBNZ initiatives • RBNZ and Statistics NZ currently working together to assess the feasibility of sectoral financial accounts, balance sheets and flow of funds statistics • RBNZ working on implementation of MFSM, with the release of our own balance sheet in MFSM form later this year • RBNZ beginning a programme to redevelop and integrate our bank data collections • RBNZ will introduce new data collections aligning with our new prudential responsibilities e.g. insurance companies • RBNZ to build a security-by-security database Summary • Overview of macroeconomic accounts and their importance • We must improve New Zealand’s macroeconomic accounts • A flavour of some of the initiatives to improve our macroeconomic statistics End of presentation
