IMF Statistics Department
The views expressed herein are those of the author and should not necessarily be attributed to the IMF, its Executive Board, or its management
Venkat Josyula
Developing and Improving Sectoral Financial AccountsAlgiers, January 20-21, 2016
OVERVIEW OF CONCEPTS AND DEFINITIONS
IMF Statistics Department
SNA: Basic Framework (3-13) Key Components (14- 56)
Institutional Sectors and sub-sectorsFinancial instruments
- 2008 SNA classification- additional groupings /details- currency and maturity dimension
Aggregation and consolidation principles in SNAFlows and stocks
From-whom-to-whom accounts (57-69)2
Outline
IMF Statistics Department
National Accounts Framework
Shows economic processes and their relationships• Column shows transactions:
Production generates income; Income not spent on consumption is saving; Saving can be used to finance acquisition of financial and
nonfinancial assets incurrence of liabilities allows acquisition of more assets;
If saving greater than investment in nonfinancial assets, there is net lending
Other changes in revaluations and revaluations not transactions
Shows stocks and flows and their relationships• Row shows stock-flow identities:
Beginning value + transactions + other flows = Ending value
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IMF Statistics Department
Balance Sheet and Accumulation Accounts (1)
Transactions in financial assets/liabilities• Recorded in the financial account
All entries relating only to financial transactions Explains how net lending or net borrowing arises Explains how financial assets owned by one unit are put at the disposal
of another Recorded as net acquisition of assets or net incurrence of liabilities by
instrument over an accounting period
• Lead to financial asset/liability positions
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Balance Sheet and Accumulation Accounts (1)
IMF Statistics Department
Balance Sheet and Accumulation Accounts (2)
Positions in financial assets/liabilities• Recorded in the balance sheet
Refer to a particular point in time Show values of assets and liabilities at that time Record gross values of assets and liabilities on the balance sheet date
• Changes in positions occur due to Transactions Revaluation (holding gains and losses) Other changes in volume of assets
• Opening position + transactions + revaluation + other changes in volume = closing position
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IMF Statistics Department
Balance Sheet and Accumulation Accounts (3)
Revaluation of financial assets/liabilities• Recorded in the revaluation account
Measures changes in the value of financial asset and liabilities due to Changes in their prices Exchange rates
Recorded as net revaluation of assets or liabilities by instrument over an accounting period
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IMF Statistics Department
Balance Sheet and Accumulation Accounts (4)
Other changes in volume of financial assets/liabilities• Recorded in the other changes in volume of assets account
Measures changes in the value of financial asset and liabilities due to Changes in classification
• Type of financial asset or sector Write-off of debts by creditors Uncompensated seizures and catastrophic losses Changes in pension entitlements and insurance reserves due to changes in
model assumption or imposition Recorded as net changes in the value of assets or liabilities by
instrument over an accounting period
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IMF Statistics Department
National Accounts Framework
10
Framework not just applicable to national accounts (GDP and other macro-aggregates)
but also SECTORAL ACCOUNTS• 5 main sectors and a quasi-sector
Financial corporations Nonfinancial corporations Households Nonprofit institutions serving households General government Rest of the World
• Shows how different parts of the economy behave and interact. Different motivations and functions
IMF Statistics Department
Financial Account – Total economy
11
S1 S1
Assets Liabilities
10
436 426
-1 F1 Monetary gold and SDRs -
89 F2 Currency and deposits 102
86 F3 Debt securities 74
78 F4 Loans 47
107 F5 Equity and investment fund shares 105
48 F6 Insurance, pension and standardized guarantee schemes 48
14 F7 Financial derivatives and employee stock options 11
15 F8 Other accounts receivable/payable 39
Total Economy
Total
Total Economy
Net lending(+) / Net borrowing(-)
Balance sheet version is the same (different numbers and codes)
IMF Statistics Department
Financial Account – by sectors
12
Households Households
+NPISH +NPISH
S11 S12 S13 S14/S15 S1 S11 S12 S13 S14/S15 S1
-56 -1 -103 173 10
83 172 -10 191 436 139 173 93 21 426-1 -1 F1 Monetary gold and SDRs -
39 10 -26 66 89 F2 Currency and deposits 65 37 102
7 66 4 9 86 F3 Debt securities 6 30 38 74
19 53 3 3 78 F4 Loans 21 9 17 47
10 28 3 66 107 F5 Equity and investment fund shares 83 22 105
1 7 1 39 48 F6 Insurance, pension and standardized guarantee schemes 48 48
3 8 3 14 F7 Financial derivatives and employee stock options 3 8 11
4 1 5 5 15 F8 Other accounts receivable/payable 26 9 4 39
Total
Nonfinancial corporations
Financial corporations
General government
LiabilitiesNonfinancial corporations
Financial corporations
General government
Total Economy
Assets
Net lending(+) / Net borrowing(-)
Total Economy
Same as the previous slide – with information on sectors
IMF Statistics Department
Financial Account –Sectoral Accounts + From-Whom-To-Whom
13
Households
+NPISH
Net inc. of liabilities: S11 S12 S13 S14/S15 S2
Nonfinancial corporations 24 57 2 42 14 139Financial corporations 24 51 -8 93 13 173General government 5 26 0 42 20 93Households + NPISH 4 8 -2 11 0 21
Rest of World 26 30 -2 3 - 57Total 83 172 -10 191 47 483
Total
Net acquisition of financial assets:
Nonfinancial corporations
Financial corporations
General government
Rest of World
Columns expanded to matrix. Numbers in italics not from 2008 SNA.
IMF Statistics Department
Institutional sectors
Institutional sectors made up of institutional units• Individual decision-making entities in the economy• Households; legal and social entities• Borderline cases
artificial subsidiaries, holding companies vs. headquarters, special purpose entities, unincorporated branches, land ownership, quasi-corporations
• Proper identification necessary to avoid gaps and double-counting
• Institutional sectors combine units with common motivations and behavior
• 5 main sectors and a quasi-sector15
IMF Statistics Department
Financial corporations
Financial Corporations – 9 subsectors Central bank Deposit-taking corporations except CB (DTC) Money market funds Non-money market investment funds Other financial intermediaries except insurance corporations and
pension funds Financial auxiliaries Captive financial institutions and money lenders Insurance corporations Pension funds
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IMF Statistics Department
Financial Corporations: Sub-sectors
Central bank: National financial institution exercising control over key aspects of the financial system
Typical central bank functions: Currency issue International reserves management Transacting with the IMF Lender of last resort Government fiscal agent Supervising financial system
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IMF Statistics Department
Financial Corporations: Sub-sectors
Deposit-taking corporations except the CB (DTC)Corporations, except the central bank, that have financial
intermediation as their principal activity
They have liabilities in the form of deposits, or financial instruments that are close substitutes for deposits
The liabilities of deposit-taking corporations are typically included in measures of money broadly defined
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IMF Statistics Department
Financial Corporations: Sub-sectors
Units that might be classified as DTCs include:Merchant banksCommercial banksOffshore banksSpecialized banks (savings, agricultural, credit
unions)Finance companiesMicro finance companiesCredit unions and cooperatives
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IMF Statistics Department
Financial Corporations: Sub-sectors
Money market funds (MMF) Collective investment schemesRaise funds by issuing sharesInvest in money market instruments (MMI)MMF shares may be transferred by check or other means
MMI are short-term debt securities or deposits—very low risk
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IMF Statistics Department
Financial Corporations: Sub-sectors
Non-MMF investment funds Collective investment schemesRaise funds by issuing sharesAssets are not MMI – debt, equity, nonfinancial
assetsLiabilities are not substitutes for deposits
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IMF Statistics Department
Financial Corporations: Sub-sectors
Other financial intermediaries except insurance corporations and pension funds -- financial intermediaries, but their liabilities are not deposits or substitutesSecuritization companiesSecurity and derivatives dealers (own account)Lending and leasingClearing housesSpecialized financial corporations
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IMF Statistics Department
Financial Corporations: Sub-sectors
Financial auxiliaries Brokers Guarantors Exchanges Financial regulators Fund managers Foreign exchange bureaus
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IMF Statistics Department
Financial Corporations: Sub-sectors
Captive financial institutions & money lendersMost of their financial assets or liabilities are not
transacted on open financial markets Transact with a limited number of units or subsidiaries of the same
corporation or entities that provide loans from own funds/one sponsor
Basically two distinct groupsCaptive financial institutions Trusts, estates; holding corporations; special
purpose entities Money lenders with a full set of accounts
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IMF Statistics Department
Financial Corporations: Sub-sectors
Insurance corporationsMutual and other financial entities providing life and/or
non-life insurance to individual units or groups of unitsPension funds Provide retirement benefits for specific groups of employees
Own assets/liabilities and transact on own account
Separate from the units that have created them
Employee and/or employer contribution
Social security schemes are NOT included here
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IMF Statistics Department
Grouping of sub-sectors of the FCs
Financial Corporations Sector
Insurance corporations and pension funds
Other FinancialCorporations
Monetary Financial Institutions
Central bank (S121)Deposit taking corporations except CB (S122)MMFs (S123)
Insurance corporations (S128)Pension funds (S129)
Non-MMFs (S124)Other financial intermediaries (S125)Financial auxiliaries (S126)Captive fin institutions (S127)
IMF Statistics Department
General Government Sector
General Government Exercises legislative, judicial, or executive authority over other institutional units within a
specified area; has authority to impose taxes, provide goods and services free of charge or at prices that are not economically significant, redistribute income
Motivation is policy rather than commercial
• Subsectors Central government State government Local government Social security funds
alternative structure where social security funds at each level of government are included at that level
• NPIs engaged in non-market production and are controlled by government are part of General Government sector
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IMF Statistics Department
Public Sector
Not the same as the general government sectorComposition:1. General government2. Public Non-financial corporations3. Public Non-financial sector (1+2)4. Public financial corporations5. Public sector (1+2+4)
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IMF Statistics Department
Financial Instruments
2008 SNA Classification• Monetary gold (asset side only) and SDRs• Currency and deposits• Debt securities• Loans• Equity and investment fund shares• Insurance, pension and standardized guarantee schemes• Financial derivatives and employee stock options• Other accounts receivable/payable
• Sequence based broadly on liquidity29
IMF Statistics Department
Monetary Gold
Monetary gold is gold to which the monetary authorities (or others who are subject to the effective control of the monetary authorities) have title and is held as a reserve asset.• Gold bullions
Purity – at least of 995 parts per thousand Monetization and demonetization
• Unallocated gold account
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IMF Statistics Department
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SDRs
International reserve assets – SDR holdings• Created by the IMF• Allocated to members to supplement official reserves• Represent unconditional rights to obtain foreign exchange or other reserve
assets from IMF members
SDR allocation • Contra-entry to SDRs provided by the IMF• Classified as a debt liability to nonresidents
SDR value• Calculated daily on the basis of a basket of major currencies
IMF Statistics Department
Currency
• Currency consists of notes and coins that are of fixed nominal values and are issued or authorized by the central bank or government• Exceptions
Gold coins Commemorative coins Central bank or central government holdings of unissued or
demonetized currency• Separate categories for denomination in
National currency Foreign currency
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IMF Statistics Department
Deposits
Transferable deposits comprise all deposits that: • are exchangeable for bank notes and coins on demand at par and
without penalty or restriction; and • are directly usable for making payments by cheque, draft, giro order,
direct debit/credit, or other direct payment facility. Interbank positions Other transferable deposits
Other deposits• All other claims that are represented by evidence of deposit
Currency of denomination
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IMF Statistics Department
Debt Securities
Debt securities are negotiable instruments serving as evidence of a debt• Original maturity• Remaining maturity• Currency of denomination
Examples• Bills, bonds, asset-backed securities, stripped securities, index-
linked securities Valuation issues
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IMF Statistics Department
Loans Loans are financial assets that:
• are created when a creditor lends funds directly to a debtor, and • are evidenced by documents that are not negotiable.
Further classifications• Original maturity• Remaining maturity• Currency of denomination
Valuation issues
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IMF Statistics Department
Equity and Investment Fund Shares
• Equity comprises all instruments and records acknowledging claims on the residual value of a corporation or quasi-corporation after the claims of all creditors have been met.
• Investment funds are collective investment undertakings through which investors pool funds for investment in financial or non-financial assets or both.
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IMF Statistics Department
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Insurance, Pension and Standardized Guarantee Schemes
• Non-life insurance technical reserves consist of prepayments of net non-life insurance premiums and reserves to meet outstanding non-life insurance claims.
• Life insurance and annuities entitlements show the extent of financial claims policyholders have against an enterprise offering life insurance or providing annuities.
IMF Statistics Department
Insurance, Pension and Standardized Guarantee Schemes
• Pension entitlements show the extent of financial claims both existing and future pensioners hold against either their employer or a fund designated by the employer to pay pensions earned as part of a compensation agreement between the employer and employee.
• Provisions for calls under standardized guarantees consist of prepayments of net fees and provisions to meet outstanding calls under standardized guarantees.
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IMF Statistics Department
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Financial Derivatives and Employee Stock Options
Financial derivatives are financial instruments that are linked to a specific financial instrument or indicator or commodity, through which specific financial risks can be traded in financial markets in their own right.
IMF Statistics Department
• An employee stock option is an agreement made on a given date (the “grant” date) under which an employee may purchase a given number of shares of the employer’s stock at a stated price (the “strike” price) either at a stated time (the “vesting” date) or within a period of time (the “exercise” date) immediately following the vesting date.
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Financial Derivatives and Employee Stock Options
IMF Statistics Department
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Other Accounts Receivable/Payable
Comprises trade credit for goods and services extended to corporations, government, NPISHs, households and the rest of the world, and advances for work that is in progress or is to be undertaken.• Trade credit and advances• Other accounts receivable/payable
IMF Statistics Department
Financial Instruments –additional grouping
Additional grouping for analysis:
Debt: Liabilities only F1 + F2 + F3 + F4 + F6 + F8 That is: all but equity and investment fund shares, financial derivatives and
ESOs Of particular interest because of vulnerability
External Debt Database; Public Sector Debt DatabaseExternal Debt Guide; Public Sector Debt Guide
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IMF Statistics Department
Financial Instruments –additional details
F2 Currency and depositsF21 CurrencyF22 Transferable deposits
F221 Interbank positionsF229 Other transferable deposits
F29 Other deposits
F5 Equity and investment fund sharesF51 Equity
F511 Listed sharesF512 Unlisted sharesF519 Other equity
F52 Investment fund shares/unitsF521 Money market fund shares/unitsF522 Non MMF investment fund shares/units
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IMF Statistics Department
Financial Instruments –additional details
F6 Insurance, pension and standardized guarantee schemesF61 Non-life insurance technical reserves
F62 Life insurance and annuity entitlements
F63+F64+F65 Retirement entitlements
F63 Pension entitlements
F64 Claim of pension fund on pension managers
F65 Entitlements to non-pension benefits
F66 Provisions for calls under standardized guarantees
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IMF Statistics Department
Financial Instruments –additional details
F7 Financial derivatives and employee stock optionsF71 Financial derivatives
F711 OptionsF712 Forwards
F72 Employee stock options
F8 Other accounts receivable/payableF81 Trade credits and advancesF89 Other accounts receivable/payable
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IMF Statistics Department
Financial instruments – Currency and maturity
Domestic currency (national currency) Foreign currency
Some instruments mix both
Important for analysis:• Exposure to exchange rate risks• Currency mismatch
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IMF Statistics Department
Financial instruments – Currency and maturity
Original maturity (a) Short-term (payable on demand or with a maturity of one year or less) (b) Long-term (a maturity of more than one year)
Remaining maturity for long-term (b1) With remaining maturity of one year or less (b2) With remaining maturity of more than one year
Remaining maturity basis• Short-term = (a) + (b1); Long-term = (b2)
Maturity important for analysis:• Exposure to liquidity risks• Liquidity mismatch
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IMF Statistics Department
Aggregation
Aggregation is the simple sum of the values. The aggregation of data on financial accounts can be done both for institutional sectors and for financial assets and liabilities. • e.g.: S121 + S122 + S123 +...... +S129= S12
• F61+F62+F63+.....+F66=F6
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IMF Statistics Department
Consolidation
Consolidation consists of eliminating transactions in financial assets and liabilities within institutional units, between institutional units in the same sub-sector, or between sub-sectors in the same sector.
Some consolidation necessary but SNA recommends compilation of non-consolidated data
Intra-entity and intra-sector consolidation• Narrow consolidation: artificial subsidiaries of same company;
different agencies of central government• Broad consolidation: the financial corporations sector• SNA recognizes that consolidated data may be useful in some
cases
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IMF Statistics Department
Flows and stocks
Flows refer to the economic actions and effects of events during an accounting period- transactions- other flows
Stocks refer to the position in, or holding of assets and liabilities at a point in time
IMF Statistics Department
Relationship between stocks and flows
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Transaction: Other flows:
Goods and services accountRevaluation
Other volume changesProduction account
Value added/GDP
Generation of income account Key:
Operating surplus Name of accountPrimary distribution of
income account SNA Balancing itemNational income
Secondary distribution of income account
Disposable income
Use of income accountSaving
Opening balance sheet
Closing balance sheet
Nonfinancial assets Capital account Other changes in nonfinancial assets
Nonfinancial assets
Net lending / net borrowing
Financial assets and liabilities
Financial accountOther changes in financial
assets and liabilitiesFinancial assets and
liabilitiesNet worth Net lending / net borrowing Net other changes Net worth
Arrows represent the contribution of assets to production and generation of income.
Accumulation accounts:
IMF Statistics Department
Accumulation Accounts –link flows and stocks
Capital accounts Show how goods and services (and some non-produced items) are acquired as assets or disposed of (i.e., by TRANSACTIONS)
Financial accounts Show how financial assets and liabilities are exchanged or created between institutional units and with the rest of the world (i.e., by TRANSACTIONS)
Revaluation accounts Show changes that are due only to prices, both in absolute and relative terms
Other changes in the volume of assets accounts
Show changes (flows) that are due neither to transactions nor to changes in prices
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IMF Statistics Department
Valuation
For traded instruments, alternative valuations may be available
Market value is preferred in SNA definitions• Nominal value of non-traded loans and bonds includes
accrued interest• Face value is common for debtors (often called nominal value)
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IMF Statistics Department
Valuation
Face value may occur commonly• Helpful for linking to business records• Limits of market value in crisis• May be more useful in deriving transactions
Risks of inconsistent recording between debtor and creditor
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IMF Statistics Department
Deriving flows from stocks
From the formula, total flows can be derived from change in stocks
To calculate transactions, need to exclude • Other changes in volume (reclassifications, write-offs)• Exchange rate effects• Other price change
In practice ?
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IMF Statistics Department
The views expressed herein are those of the author and should not necessarily be attributed to the IMF, its Executive Board, or its management
FROM-WHOM-TO- WHOM ACCOUNTS
IMF Statistics Department
Why are they needed ?
These statistics are designed for analysis of:• Spillovers• Linkages• Contagion• Vulnerability
Balance sheet in Fund Surveillance (IMF policy paper, June 2015) -- financial balance sheet from whom-to-whom
“Balance sheet analysis captures the role that financial frictions and mismatches play in creating fragility and amplifying shocks. This is key to understanding the macroeconomic outlook, identifying vulnerabilities, and tracing the transmission of potential shocks and policies.”
(more on Balance Sheets later)58
IMF Statistics Department
Key Features
Main objective is to analyze vulnerabilities of sectors and transmission mechanisms• Maturity mismatches
Between short term liabilities and longer term assets expose borrowers to rollover risk and interest rate risk Unable to finance maturing debt Differential impact on assets and liabilities depending on interest structure• Currency mismatches
Liabilities are denominated in foreign currency but assets in domestic currency
Also exchange rate risk in fixed exchange rate regimes• Capital structure mismatches Reliance on debt rather than equity to finance investment Equity provides a buffer in downturn; dividends drop with earnings Debt payments remain unchanged
IMF Statistics Department
Key Features
Key indicators of a sector’s vulnerability• Net financial position
Large negative position may indicate solvency problems, especially if leverage is high (debt as a share of total liabilities)• Net foreign currency position
Large negative position indicates vulnerability to exchange rate depreciation• Net short-term position
Large negative position indicates vulnerability to interest rate increases and rollover risk
IMF Statistics Department
From-whom-to-whom in SNA
The core accounting structure of the SNA for financial flows and positions focuses on showing who does what.
However, the underlying principles and accounting rules allow compiling and presenting financial flows and positions on a from-whom-to-whom basis, showing who does what with whom.
Sometimes called “flow of funds”
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IMF Statistics Department
From-whom-to-whom in SNA
Chapter 27 of the 2008 SNA describes detailed flow of funds and stocks as an extension of the core accounts.
Several countries have substantial experience in or started the compilation of financial flows and positions on a from-whom-to-whom basis.• Data for at least some financial corporations
available by counterparty sector in almost all cases.
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IMF Statistics Department
Financial Account –Sectoral Accounts + To-Whom From-Whom
Net acquisition of financial assets:
Nonfinancial corporations Financial corporations General government
Households
Rest of World Total
+NPISH
Net inc. of liabilities:S11 S12 S13 S14/S15 S2
Nonfinancial corporations 24 57 2 42 14139
Financial corporations 24 51 -8 93 13173
General government 5 26 0 42 2093
Households + NPISH 4 8 -2 11 021
Rest of World 26 30 -2 3 -57
Total 83 172 -10 191 47 483
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IMF Statistics Department
From-whom To-whom –Add instruments
64
Households
+NPISH
Net inc. of liabilities: S11 S12 S13 S14/S15 S2
Nonfinancial corporations 24 57 2 42 14 139 Debt securities Loans Equity and investment fund shares Ins, pension and st guar schemes Financial derivatives and ESOs
Other accounts payableFinancial corporations 24 51 -8 93 13 173 Monetary gold and SDRs Currency and deposits Debt securities Loans Equity and investment fund shares Ins, pension and st guar schemes Financial derivatives and ESOs
Other accounts payableGeneral government 5 26 0 42 20 93 ……Households + NPISH 4 8 -2 11 0 21 ……Rest of World 26 30 -2 3 - 57 ……Total 83 172 -10 191 47 483 ……
0 0 0 0 0 0
Net acquisition of financial assets:
Nonfinancial corporations
Financial corporations
General government
Rest of World Total
IMF Statistics Department
From-whom To-whom –Add maturity
65
Net acquisition of financial assets:
Nonfinancial corporations
Financial corporations General government
HouseholdsRest of World Total
+NPISH
Net inc. of liabilities: S11 S12 S13 S14/S15 S2
Nonfinancial corporations 24 57 2 42 14 139
Debt securities
Short-term
Long-term
Loans
Short-term
Long-term
Equity and investment fund shares
Ins, pension and st guar schemes
Financial derivatives and ESOs
Other accounts payable
Financial corporations 24 51 -8 93 13 173
Monetary gold and SDRs
Currency and deposits
Short-term
Long-term
…..
IMF Statistics Department
From-whom To-whom –Add currency
66
Net acquisition of financial assets:
Nonfinancial corporations
Financial corporations
General government
HouseholdsRest of World Total
+NPISH
Net inc. of liabilities: S11 S12 S13 S14/S15 S2
Nonfinancial corporations 24 57 2 42 14 139
Debt securities
Short-term
Of which: Domestic currency
Long-term
Of which: Domestic currency
Loans
Short-term
Of which: Domestic currency
Long-term
Of which: Domestic currency
…..
IMF Statistics Department
From-whom To-whom Multi-dimensional
• Sectors and subsectors• Add instruments
8 main SNA instruments Plus extra detail (e.g., F5 Equity and investment shares; F511 Listed Shares,
F512 Unlisted shares, F513 Other equity F521 Money market fund shares, F522 Non-MMF investment fund shares)
• Add maturity Short-term, long-term; original or remaining
• Add currency Domestic (national)/foreign (specify euro, USD, etc.?)
• Add stocks/flows/other flows Stock or flow Stocks at point in time OR Transactions during period.
• Add time series dimension67
IMF Statistics Department
From-whom To-whom : what else ?
Can enhance further by adding country detail on Rest of the World• BIS Banking statistics • IMF Coordinated Surveys:
Portfolio Investment (CPIS) Direct Investment (CDIS)
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IMF Statistics Department
General Other depository Other financial Nonfinancial Other resident Central bank government corporations corporations corporations sectors Nonresidents
1. SRF 1SR 1. SRF 1SR 1. SRF 1SR 1. SRF 1SR 1. SRF 1SR 1. SRF 1SRCentral bank (Liabilities) (Liabilities) (Liabilities) (Liabilities) (Liabilities) (Liabilities)
2. SRF 2SR 2. IIP(Assets) 3. JEDH
1. SRF 1SR 1. SRF 2SR 1. SRF 4SR n.a. 1/ n.a. 1/ 1. IIPGeneral (Assets) (Assets) (Assets) 2. QEDSgovernment
1. SRF 1SR 1. SRF 2SR 1. SRF 2SR 1. SRF 2SR 1. SRF 2SR 1. SRF 2SROther depository (Assets) (Liabilities) (Liabilities) (Liabilities) (Liabilities) (Liabilities)corporations 2. SRF 2SR 2. IIP
(Liabilities) 3. QEDS
1. SRF 1SR 1. SRF 4SR 1. SRF 2SR 1. SRF 4SR 1. SRF 4SR 1. SRF 4SROther financial (Assets) (Liabilities) (Assets) (Liabilities) (Liabilities) (Liabilities)corporations 2. IIP
3. QEDS
1. SRF 1SR n.a. 1/ 1. SRF 2SR 1. SRF 4SR n.a. 1. IIPNonfinancial (Assets) (Assets) (Assets) 2. QEDScorporations 3. JEDH
1. SRF 1SR n.a. 1/ 1. SRF 2SR 1. SRF 4SR n.a. 1. IIPOther resident (Assets) (Assets) (Assets) 2. CPIS 2/sectors
1. SRF 1SR 1. IIP 1. SRF 2SR 1. SRF 4SR 1. IIP 1. IIPNonresidents (Assets) 2. CPIS (Assets) (Assets) 2. CPIS 2. CPIS
2. IIP 2. IIP 2. IIP3. CPIS 3. CPIS 3. CPIS
1/ This data gap can in the future be filled with data from the public debt data template (which also covers assets) which is being piloted in some countries. 2/ CPIS data acan be used to derive other resident sector's claims as residual.
Holder of liability
(creditor)
Issuer of liability (debtor)
Combining the MFS, GFS, BOP/IIP, many parts of the framework can be filled in