Integrated Presentation and Analysis of Sector Accounts in Austria OECD Working Party on Financial...

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])

www.oenb.at [email protected] 2 -www.oenb.at [email protected] 2 -

Outline

• Shared Responsibility and Close Cooperationbetween Statistics Austria and OeNB

• Analytical Work on Sector Accounts • First Publication in 2010


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.


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)


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


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.


-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.


-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.


-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.


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).


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


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

Integrated Presentation and Analysis of Sector Accounts in Austria OECD Working Party on Financial...

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