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Strengthening Sectoral Position and Flow Data in the Macroeconomic Accounts

Conference Jointly organized by the IMF and OECD

Date: February 28-March 2, 2011

Time: 8:30 am – 5:30 pm

Venue: IMF Headquarters 2 (HQ2) Conference Hall 1 & 2 (lobby level)
1900 Pennsylvania Ave NW, Washington, DC, 20431

The conference is open to all IMF staff and invitees

To address information gaps exposed by the recent global crisis, G20 finance ministers and central bank governors endorsed 20 recommendations described in the report “The Financial Crisis and Information Gaps” prepared by the staff of the Financial Stability Board Secretariat and International Monetary Fund.

Recommendation 15 calls for developing a strategy to promote the compilation and dissemination of the balance sheet approach, flow of funds, and sectoral data more generally, starting with the G20 economies. The work on recommendation 15 is being undertaken under the auspices of the Inter Agency Group on Economic and Financial Statistics, which comprises International Monetary Fund (chair), Bank for International Settlements, the European Central Bank, Eurostat, the OECD, the UN, and the World Bank.

With the objective of initiating the implementation process for Recommendation 15, the IMF in cooperation with OECD is organizing the Conference on Strengthening Sectoral Position and Flow Data in the Macroeconomic Accounts. Participants will share experiences, discuss the information gaps, and agree on priorities on the compilation and dissemination of an internationally comparable minimum set of sectoral balance sheets, accumulation accounts, and flow of funds for G20 and other advanced economies, based on the existing frameworks.

Questions regarding the Conference can be addressed to Mr. Zieschang and Mr. Shrestha.


Program and Papers
February 28, 2011

9:00

Welcome address by IMF and OECD

Speakers:

Mrs. Adelheid BURGI-SCHMELZ, Director, Statistics Department, IMF

Mr. Paul SCHREYER, Deputy Director, Statistics Directorate, OECD

9:10

Opening remarks by Mr. Min ZHU, Special Advisor to the Managing Director, IMF

9:40

Session 1: Statistical implications of the global crisis: G-20 data initiative (IMF)


Chair: Mr. Robert HEATH, Assistant Director, Statistics Department, IMF

More

Item 1:  Statistical implications of the global crisis and international data initiatives (IMF)

Speaker: Mr. Robert HEATH, Assistant Director, Statistics Department, IMF

Item 2:  Sectoral balance sheets – how data track the events of ongoing financial crisis: focus on the US (IMF)

Speaker: Mr. Kim ZIESCHANG, Division Chief, Real Sector Division, Statistics Department, IMF

Item 3:  Forces and limits of the French financial statistics for the macroeconomic analysis of the last financial crisis (Banque de France)

Speaker: Ms. Adeline BACHELLERIE, Economist-Statistician, Banque de France

11:00

Coffee break

11:30

Session 2: Balance sheet approach, flow of funds and from-whom-to-whom datasets: their analytical uses and defining a framework for integration

Chair: Mr. Werner BIER, Deputy Director General Statistics, ECB

More

Item 1:  "An Integrated Framework for Financial Flows and Positions on a From-Whom-to-Whom Basis"

Speakers: Mr. Manik SHRESTHA, Deputy Division Chief, Real Sector Division, Statistics Department, IMF and Mr. Reimund MINK, Senior Adviser, ECB

12:30

Lunch Break

14:00

Item 2: Development and use of flow of funds data: country experiences.


Speakers:

Mr. Art RIDGEWAY, Director General, System of National Accounts Statistics Canada, "Development and Use of Flow of Funds Data: Canada"

Speaker: Mr. Faqi SHI, Director, Division of Institutional Accounts, Department of National Accounts, National Bureau of Statistics, China, P.R.: Mainland “Practices and Challenges in Compiling Flow of Funds Tables and Balance Sheets in China”

Mr. Chihiro SAKURABA, Deputy Director-General of Research and Statistics Department, Bank of Japan “Enhancing Household Data on the Flow of Funds Accounts in Japan

Mr. Francisco GUILLEN MARTIN, Deputy General Director of National Accounts National Institute of Statistics and Geography, Mexico “Matrix of flow of detailed funds in the System of National Accounts of Mexico”

Speaker: Mr. Seunghwan KO, Manager, Flow of Funds Team, Economic Statistics Department, Bank of Korea “Korea’s Experiences in Compilation of Flow of Funds

Ms.Susan Hume McINTOSH , Senior Economist and Special Project Coordinator, Flow of Funds Section; and Ms. Elizabeth Ball HOLMQUIST, Financial Analyst, U.S. Board of Governors of the Federal Reserve System, “U.S. Flow of Funds Accounts

17:30

Close

March 1, 2011

8:30

Session 3: Status of the sectoral accounts

Chair: Mr. Denis LEYTHIENNE, Statistical Officer, Team Leader, Government and Sector Accounts, Financial Indicators, Eurostat

More

Item 1:  Status of the dissemination of sectoral balance sheets and accumulation accounts, and flow of funds in G-20 and non-G-20 advanced economies (IMF)

Speakers: Mr. Segismundo FASSLER and Ms. Nataliya IVANYK, Senior Economists, Real Sector Division, Statistics Department, IMF

A Status on the Availability of Sectoral Balance Sheets and Accumulation Accounts in Advanced Economies not Represented by Membership in the G-20

A Status on the Availability of Sectoral Balance Sheets and Accumulation Accounts in G-20 Economies

Item 2:  Sectoral accounts and balance sheets: OECD’s perspectives and plans for OECD countries (OECD)

Speaker: Mme Michèle CHAVOIX-MANNATO, Head of Section, Statistics Directorate/National Accounts Division, OECD

Item 3:  Sector accounts and balance sheets: key indicators and future developments in the European Union (Eurostat)

Speaker: Mr. Denis LEYTHIENNE, Team Leader, Government and Sector Accounts; Financial Indicators, Eurostat

Item 4: Integrated Euroarea accounts (ECB)

Speaker: Mr. Gabriel QUIRÓS, Head of Division, Euro Area Accounts & Economic Data, European Central Bank

Item 5:  International banking statistics and links to sectoral balance sheets (BIS)

Speaker: Mr. Karsten von KLEIST, Deputy Head of International Banking and Financial Statistics, Bank for International Settlements

10:30

Coffee Break

11:00

Session 4: Country practices and challenges in compiling sectoral flows and positions for financial assets and liabilities

Chair: Mr. Alfredo LEONE, Deputy Director, Statistics Department, IMF

More

Speakers:

Mr. Michael ANDREASCH, Senior Expert, External Statistics and Financial Accounts Division, Oesterreichische Nationalbank (Austria) “The compilation and the analysis of sectoral interlinkages in Austria

Mr. Tue MATHIASEN, Head of Financial National Accounts, Danmarks Nationalbank and Ole BERNER, Head of National Accounts, Statistics Denmark “Denmark – Sources and Methods across Quarterly Financial and Non-financial Accounts - Practices and Challenges

Mr. Gabriele SEMERARO, Head, Financial Accounts Unit, Banca D’Italia "Practices and challenges in the Italian financial statistics: suggestions on a set of strengthening requirements for the economic analysis

Ms. Beatriz SANZ, Associate Director, Bank of Spain “Trying to overcome the limitations of the financial accounts: the Spanish experience

Mr. Ahmet SAMSAR, Specialist, The Central Bank of the Republic of Turkey "Company Accounts Data of the Central Bank of the Republic of Turkey: Current Practices and Improvement Directions"

Mr. Peter PATTERSON, Deputy Director, Public Sector and Economics Office for National Statistics, United Kingdom “Developing Financial Statistics for Policy

Mr. Celestino GIRÓN, Principal Economist-Statistician, and Mr. Nuno Narciso TEXEIRA da SILVA, Principal Economist Statistician, European Central Bank “Developing and Implementing Euro Area Accounts

13:00

Lunch Break

14:30

Continuation of session 4

15:30

Coffee Break

16:00

Session 5: Country practices and challenges in compiling sectoral flows and stocks for non-financial assets

Chair: Mr. Paul SCHREYER, Head of Division / Deputy Director, Statistics Department, National accounts Division, OECD

More

Speakers:

Mr. Derick CULLEN, Director, Economic Analysis and Reporting Branch (Australia)

Mr. Vitezslav ONDRUS, Director, Annual National Accounts Department, Czech Statistical Office, “Compilation of Non-financial Balances in the Czech Republic

Mr. Marco MARINI, Economist, Real Sector Division, Statistics Department, IMF on behalf of Italian National Institute of Statistics, “Compilation of Annual Balance Sheets for Nonfinancial Assets: Methodological Approach, Main Outcomes and Open Issues in the Italian Experience

Mr. Bram (Abraham J.) DE BOO, Head of Section on Financial Institutions, Financial Market and Rest of the World Accounts, Netherlands, “Non-Financial Balance Sheets for the Netherlands: Use, Compilation and Extensions

Mr. David WASSHAUSEN, Chief, Capital Stock Branch, National Income and Wealth Division, U.S. Bureau of Economic Analysis, U.S. Department of Commerce, “Sectoral Balance Sheets for Nonfinancial Assets

Room Documents

Mrs. T. RAJESWARI, Deputy Director General,National Accounts Division, Ministry of Statistics and Programme Implementation Central Statistical Organisation, India, “Compilation of Sectoral Flows and Stocks for Non-financial Assets

17:30

Close

March 2, 2011

8:30

Continuation of session 5

10:00

Session 6: Conceptual issues related to residency and consolidated balance sheets for financial and non-financial corporations (Report from the Inter Agency Working Group on FSB/IMF Recommendation 13)

Chair: Mr. Nadim AHMAD, Head of Section, Statistics Directorate/National Accounts Division, OECD

Speaker: Mr. Karsten von KLEIST, Deputy Head of International Banking and Financial Statistics, Bank for International Settlements “Conceptual Issues Related to Residency and Nationality-based Balance Sheets for Financial and Non-financial Corporations

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11:00

Coffee Break

11:30

Session 7: Strengthening Sectoral Position and Flow Data in the Macroeconomic Accounts — A Way Forward (IMF)

Chair: Mrs. Adelheid BURGI-SCHMELZ, Director, Statistics Department, IMF

More

Speaker: Mr. Manik SHRESTHA, Deputy Division Chief, Real Sector Division, Statistics Department, IMF

12:30

Lunch

14:00

Continuation of session 7

15:30

Closing remarks

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