integrated presentation and analysis of sector accounts in austria
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Integrated Presentation and Analysis of Sector Accounts in Austria OECD Working Party on Financial Statistics Paris, 29.11.-1.12.2010 - PowerPoint PPT PresentationTRANSCRIPT
Integrated Presentation and Analysis of Sector Accounts in Austria
OECD Working Party on Financial Statistics Paris, 29.11.-1.12.2010
Based on a joint-work of Karl Schwarz, Katarina Stjepanovic, Jürgen Weißenbacher (Statistics Austria) and Michael Andreasch, Nicole Schnabl, Gerald Wimmer (Oesterreichische Nationalbank)Presented by Michael Andreasch ([email protected])
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Outline
• Shared Responsibility and Close Cooperationbetween Statistics Austria and OeNB
• Analytical Work on Sector Accounts • First Publication in 2010
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Work has been elaborated against the background …• “Beyond GDP” takes also into consideration
sector analysis (e.g. Households, Government)• Work done by Eurostat and ECB for EU / Euro
Area• Main focus:
- Income and saving / financial investment (by HH)- Internal and external financing (of NFC)- Financing channels (who-to-whom)
• Based on the integration of “separated accounts” within the sequence of accounts and traditional analysis
• Taking into account the vertical reconciliation (net lending/net borrowing) and horizontal reconciliation between sectors.
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Responsibility
NSI- Quarterly / annual non-financial (sector) accounts - Excessive Deficit Procedure- Compilation of data on goods and most items of services and current transfers for BOP statistics
Central bank- Quarterly / annual financial accounts- Compilation of parts of data on property income of all sectors for non-financial accounts - Quarterly / annual external statistics (BOP, IIP, FDI)
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Road Map To Reconcile Non-financial and FinancialAccounts By Sector In Austria
Horizontal reconciliation: between sectors Vertical reconciliation:
for each economic sector
BOP-StatisticsS.11 S.12 S.13 S.14/15
Capitalaccount
Current account, Capital transfer
Financialaccount
Financial account
S.1. S.2 = -S.1
Net lending/net borrowing of economic sectors
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0%
10%
20%
30%
40%
50%
60%
70%
80%
90%
100%
Gross valueadded (at basic
prices) 1)
Disposableincome, net
Saving, net Gross fixedcapital
formation
Financial assets Financialliabilities
Households & NPISHs Nonfinancial corporations Government Financial corporations
Key Indicators - Share of Individual Institutional Sectors2000-2009 average in %
Source: Statistics Austria, OeNB. 1 GDP at market prices minus taxes plus subsidies on products.
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-4
-2
0
2
4
6
8
10
12
14
16
1981 1983 1985 1987 1989 1991 1993 1995 1997 1999 2001 2003 2005 2007 2009Memo: Change in real GDP Saving ratioFinancial investment in % of NDI Financing in % of NDI
Saving, Financial Investment and Financing of Housholdsin %
Source: Statistics Austria, OeNB. Households including NPISHs; NDI = disposable income, net.
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-20
-15
-10
-5
0
5
10
15
20
25
30
2000 2001 2002 2003 2004 2005 2006 2007 2008 2009
-200
-150
-100
-50
0
50
100
150
200
250
300
Financial wealth (rhs) Financial investment (lhs)Price changes (lhs) Other changes in volume (lhs)Net change in stocks (lhs) memo item: property income (lhs)
Composition of the Change of Financial Wealth of Households% of NDI
Source: Statistics Austria, OeNB. Households including NPISHs; NDI = disposable income, net.
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-50
-40
-30
-20
-10
0
10
20
30
40
50
2000 2001 2002 2003 2004 2005 2006 2007 2008 2009Portfolio investment1 Acquisition of equity and granting of loans (+)Real investment2 Saving (-)Equity financing (-) Debt financingOther3 Net lending/net borrowing (financial accounts)
Investment and Financing of Nonfinancial CorporationsEUR billion
Source: Statistics Austria, OeNB. 1Financial investment excluding equity and loans. 2Net capital formation, change in inventories and acquisition less
disposals of valuables 3Net capital transfers and discrepancies of net lending/borrowing between capital account and financial account. Equity transactions excluding cross-border flows of domestic SPE included in FDI.
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Source: Financial accounts in Austria, visualized using Pajek softwareThe size of the nodes reflects the level of intra-sectoral exposures, the thickness of the linesindicates the gross exposures between the sectors.
“Who-to-whom Analysis” of Financial Stocks In Austria
MFI=Monetary institutes, ICPF = Insurance Corp, pension funds, OFI = other fin. Institutions, GOV = Government, NFC = Nonfinancial corporations, HH = Households including NPISH, ROW = Rest of the World (Nonresidents).
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0
200
400
600
800
1.000
1.200
MFI ICPF OFI GOV NFC HH ROWMFI ICPF OFI GOV NFC HH ROW
2009EUR billion
Who-to-whom Relationship of Financial Assets in Austria
Source: OeNB. MFI=Monetary institutes, ICPF = Insurance Corp, pension funds, OFI = other fin. Institutions, GOV = Government,
NFC = Nonfinancial corporations, HH = Households including NPISH, ROW = Rest of the World (Nonresidents).
0
200
400
600
800
1.000
1.200
MFI ICPF OFI GOV NFC HH ROW
2000EUR billion
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Integrated Presentation of Sector Accounts in Austria
• First publication in June 2010 for the reference period 2005-2009
• Content:- Integrated presentation of the full sequence of accounts and financial balance sheets for all sectors including ROW- Key indicators for households, nonfinancial corporations, and government (similar to existing indicators of Eurostat and ECB)
• Available on web-sites of Statistics Austria/OeNB:http://www.statistik.at/web_en/statistics/national_accounts/non_financial_sector_accounts/annual_data/index.html http://www.oenb.at/en/img/shst_2009_juni_sector_accounts_tcm16-198540.pdf
Thank you for your attention