{
  "title": "A Network Analysis of Sectoral Accounts: Identifying Sectoral Interlinkages in G-4 Economies",
  "publication": "IMF Working Papers, May 19, 2015",
  "sourceUrl": "https://www.imf.org/en/publications/wp/issues/2016/12/31/a-network-analysis-of-sectoral-accounts-identifying-sectoral-interlinkages-in-g-4-economies-42948",
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  "summary": "The recent financial crisis highlighted that balance sheet exposures can be a major shock transmission channel. Using sectoral accounts data in combination with data from the Coordinated Portfolio Investment Survey, International Investment Position, and BIS this paper estimates bilateral exposures",
  "sections": [
    {
      "heading": "Summary",
      "content": "- The recent financial crisis highlighted that balance sheet exposures can be a major shock transmission channel.\n- This paper uses sectoral accounts data in combination with data from the Coordinated Portfolio Investment Survey, International Investment Position, and BIS to estimate bilateral exposures between financial and non-financial sectors in three different financial instruments within and across G-4 economies (Euro Area, Japan, U.K. and U.S.).\n- The generated financial networks are presented as a tool for assessing financial stability and for identifying systemically important sectors.\n- The analysis suggests that after the financial crisis bilateral exposures in debt securities have increased, while exposures in loans and equities have declined.\n- Shock simulations reveal that the vulnerability of the financial sector to the government sector has increased considerably since the outbreak of the financial crisis."
    },
    {
      "heading": "Data and Methodology",
      "content": "- Data sources: sectoral accounts, Coordinated Portfolio Investment Survey, International Investment Position, BIS.\n- Geographic scope: G-4 economies (Euro Area, Japan, U.K., U.S.).\n- Instruments analyzed: loans, equities, debt securities.\n- Approach: estimation of bilateral exposures between financial and non-financial sectors and construction of financial networks to identify systemic importance and shock transmission channels."
    },
    {
      "heading": "Key Findings and Statistics",
      "content": "- After the financial crisis:\n  - Bilateral exposures in debt securities have increased.\n  - Exposures in loans have declined.\n  - Exposures in equities have declined.\n- Shock-simulation result:\n  - Vulnerability of the financial sector to the government sector has increased considerably since the outbreak of the financial crisis."
    },
    {
      "heading": "Policy Implications and Applications",
      "content": "- Financial networks derived from sectoral and cross-border position data can be used to:\n  - Assess financial stability risks arising from balance sheet linkages.\n  - Identify systemically important sectors for targeted monitoring and macroprudential policy.\n- Increased financial-sector vulnerability to government suggests usefulness of:\n  - Monitoring sovereign-bank and sovereign-nonfinancial sector linkages.\n  - Designing policies that account for growing government-related exposures in financial balance sheets.\n\n---\n\n Content in this bundle\n\n- wp15111\n  - wp15111 (Markdown version){rel=\"alternate\" type=\"text/markdown\"}\n  - wp15111 (PDF){rel=\"external\" type=\"application/pdf\"}\n\n---\n\nSource: https://www.imf.org/en/publications/wp/issues/2016/12/31/a-network-analysis-of-sectoral-accounts-identifying-sectoral-interlinkages-in-g-4-economies-42948"
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    "Authors: Luiza Antoun de Almeida",
    "Published: May 19, 2015",
    "Series: IMF Working Papers",
    "DOI: https://doi.org/10.5089/9781513523101.001",
    "The recent financial crisis highlighted that balance sheet exposures can be a major shock transmission channel.",
    "This paper uses sectoral accounts data in combination with data from the Coordinated Portfolio Investment Survey, International Investment Position, and BIS to estimate bilateral exposures between financial and non-financial sectors in three different financial instruments within and across G-4 economies (Euro Area, Japan, U.K. and U.S.).",
    "The generated financial networks are presented as a tool for assessing financial stability and for identifying systemically important sectors.",
    "The analysis suggests that after the financial crisis bilateral exposures in debt securities have increased, while exposures in loans and equities have declined.",
    "Shock simulations reveal that the vulnerability of the financial sector to the government sector has increased considerably since the outbreak of the financial crisis.",
    "Data sources: sectoral accounts, Coordinated Portfolio Investment Survey, International Investment Position, BIS.",
    "Geographic scope: G-4 economies (Euro Area, Japan, U.K., U.S.).",
    "Instruments analyzed: loans, equities, debt securities.",
    "Approach: estimation of bilateral exposures between financial and non-financial sectors and construction of financial networks to identify systemic importance and shock transmission channels.",
    "After the financial crisis:",
    "Shock-simulation result:",
    "Financial networks derived from sectoral and cross-border position data can be used to:",
    "Increased financial-sector vulnerability to government suggests usefulness of:",
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