INTERNATIONAL MONETARY FUND

Transcription

1 INTERNATIONAL MONETARY FUND Mnetary and Financial Statistics Manual and Cmpilatin Guide Revisin Statistics Department Experts Meeting February 22 23, 2012 Summary f Main Cnclusins (March 20, 2012)

2 2 Cntents Page I. Chapter 1. Intrductin...3 II. Chapter 2. Framewrk fr Mnetary Statistics...3 III. Chapter 3. Institutinal Units and Sectrs...3 IV. Chapter 4. Classificatin f Financial Assets...5 V. Chapter 5. Stcks, Flws, and Accunting Principles...5 VI. Chapter 6. Mney, Credit, and Debt...7 VII. Chapter 7. Cmpilatin and Disseminatin f Mnetary Statistics...8 VIII. Chapter 8. Beynd Mnetary Statistics...9 IX. General Cmments/Suggestins/Questins n the MFSMCG...9

3 3 I. CHAPTER 1. INTRODUCTION Based n the Anntated Outline fr the MFSMCG, d yu agree with the prpsed structure fr the MFSMCG? Participants agreed n the prpsed structure f a cmbined Manual and Cmpilatin Guide. II. CHAPTER 2. FRAMEWORK FOR MONETARY STATISTICS Is the cverage f the MFSMCG n the financial and nnfinancial assets and liabilities f the financial crpratins sectr apprpriate? Participants agreed that the cverage f the MFSMCG is apprpriate. Sme participants underscred the need fr the MFSMCG t emphasize the greater fcus placed n ther financial institutins. What are the experiences n the uses and limitatins f mnetary statistics fr financial stability analysis? Participants cnsidered mnetary statistics t be ne cmpnent f, but nt central t, financial stability analysis. Mnetary data are frequent, timely, readily available, and bradly cmparable acrss cuntries. The main fcus is n varius measures f credit aggregates and the links between ther depsitry crpratins and ther financial institutins. The imprtance f mnetary statistics within an integrated set f financial accunts was als stressed. III. CHAPTER 3. INSTITUTIONAL UNITS AND SECTORS Des the meeting agree n a sub-sectring f the financial crpratins sectr that is cnsistent with the 2008 SNA, but that clusters them int three grups: a) central bank, b) ther depsit-taking crpratins (except the central bank) and MMFs, and c) all ther financial crpratins? (The first tw grups are mney-issuing sectrs.) Sme participants preferred t separate MMFs frm ther depsit-takers as cuntry practices varied. Sme participants indicated that it may be necessary t find a new name fr the current ODC sectr t avid pssible cnfusin with ther-depsit-takers. Sme participants indicated that the current gruping f all ther financial crpratins int ne sectr (OFC sectr) is t aggregated and that mre detailed infrmatin is needed in particular areas, such as insurance crpratins, pensin funds, and investment funds.

4 4 What are the meeting s views n the gruping f husehlds and NPISHs int nly ne sectr fr mnetary statistics purpses? Culd an alternative be t keep bth sectrs tgether in the main reprting frm, adding a mem item f which, husehlds fr cuntries that can cllect such data? The general cnsensus was that it is desirable t split the accunts f HHs and NPISHs. In particular, the need fr data n the husehld sectr was emphasized. Hwever, separate data was nt always feasible and the size and relevance f the NPISH sectr may vary cnsiderably acrss cuntries. Therefre, as a cmprmise, it was agreed that fr mnetary statistics purpses bth sectrs will be aggregated int HHs and NPISHs, with a mem item line f which: HHs fr cuntries that can reprt separate infrmatin n them. Des the meeting agree that clear criteria shuld be prvided cnsistent with 2008 SNA, t classify SPEs as separate institutinal units r as part f their cntrlling crpratins? N additinal cmments were prvided beynd thse in respnse t the What criteria shuld be prvided fr the sectral classificatin f SWFs beynd that discussed in BPM6? The meeting supprted prviding fuller guidance n the criteria fr the classificatin f SWFs. What additinal institutinal units need t be discussed as brderline cases fr residency? Participants fund the list f brderline cases fr residency t be cmprehensive. What institutinal units in the financial crpratins sectr need further discussin in the MFSMCG, such as depsit insurance cmpanies? Participants fund the list f institutinal units in the financial crpratins sectr t be cmprehensive. The need t prvide guidance n the classificatin f central cunterparties was strngly emphasized. Are further criteria than in BPM6 needed t allcate the accunts that multiterritry enterprises hld with the financial crpratins sectr?

5 5 N additinal cmments were prvided beynd thse in respnse t the IV. CHAPTER 4. CLASSIFICATION OF FINANCIAL ASSETS Is there supprt fr a separate identificatin f MMFS under brad mney instead f including them in depsits? The meeting supprted the classificatin f MMF shares r units under brad mney as a financial instrument separate frm depsits. Discuss and agree n the scpe f crss-classificatins fr financial assets t be addressed in the MFSMCG. The meeting supprted the MFSMCG cvering the different crssclassificatins prpsed fr financial assets. Nnetheless, it was nted that the classificatin f lans by purpse culd create reprting prblems in sme jurisdictins. Discuss and agree n the lists f brderline cases and f financial asset-related aspects that need additinal guidance in the MFSMCG. N additinal cmments were prvided beynd thse in respnse t the Any cmments n the list f suggested (new) financial assets nt discussed in detail in the majr financial assets categries and subcategries f 2008 SNA that culd be cvered in MFSMCG. Are there ther additins t the list? Participants fund the list t be cmprehensive. The need t avid being t descriptive r t prescriptive was stressed. One suggestin was t cnsult the financial industry t keep pace with financial innvatins. V. CHAPTER 5. STOCKS, FLOWS, AND ACCOUNTING PRINCIPLES Hw imprtant is the recnciliatin f stcks and flws fr users in analyzing mnetary data? Data n flws and stcks were bth cnsidered t be imprtant. Sme participants emphasized the usefulness f flws/transactins, nt least in calculating grwth rates. The recnciliatin f stcks and flws data fr mnetary statistics was als cnsidered t be imprtant. The practical challenge in cmpiling data n bth stcks and flws was als raised. Sme

6 6 participants indicated that users are becming interested in the recrding f credit grwth net f such items as securitizatin and lan sales. T what extent shuld MFSMCG discuss IFRS and IAS based accunting rules? Is there supprt fr valuatin and recrding principles t primarily fllw the 2008 SNA rules? The general cnsensus was that mnetary statistics shuld in principle be in line with the 2008 SNA in terms f valuatin. Nnetheless, the MFSMCG shuld prvide practical advice n bridging valuatin differences between 2008 SNA standards and IFRS, with unlisted shares quted as an example. It was nted that natinal cmmercial accunting practices may differ frm IFRS. Adding a memrandum item fr the nminal value f debt securities was suggested, t supprt debt analysis. What are the views n maintaining the different valuatin treatment f shares and ther equity n the liabilities side f the balance sheet in the MFSMCG frm the 2008 SNA. There was nt majrity supprt fr changing the current valuatin f shares and ther equity n the liability side at bk value. Nnetheless, mre emphahsis will be placed n reprting the market value f equity as a memrandum item. Is there a cnsensus n the valuatin treatment f nnfinancial assets? Shuld grss nnfinancial assets and accumulated depreciatin (based n prevailing market prices) be shwn separately? The meeting agreed n having separate items fr accumulated depreciatin and grss nnfinancial assets n the asset side f the balance sheet. Discuss the ptential csts and benefits f the prpsed apprach that tax credit and liabilities be recrded as Other Accunts Receivable/Payable Central/State/Lcal Gvernment rather than under Miscellaneus Assets/Liabilities Items. The meeting agreed with this prpsal. An additinal issue was raised abut the pssibility f the SNA prviding an ptin t recrd accrued interest n depsits and lans (separately identifiable) in ther accunts receivable/ payable rather than with the underlying instrument. It was agreed t investigate.

7 7 VI. CHAPTER 6. MONEY, CREDIT, AND DEBT What are experts views n elements t be cvered in defining mney? The meeting supprted the inclusin f a definitin f mney alng the lines set ut by IMF staff. It was agreed that the definitin shuld als reference the stre f value and liquidity aspects f mney. The need t ensure that guidance n dllarizatin and c-circulatin is prvided in the MFSMCG was als mentined. Frm the experience f the experts what are the analytical criteria taken int accunt when reviewing the cmpsitin f mnetary aggregates? Hw is the empirical apprach used when establishing the cmpnents f mney? Participants shared a variety f experiences n the analytical and empirical appraches fr determining the cmpnents f mney, including in their respnses t the The MFSMCG can draw n these experiences in prviding guidance n these areas. Is there supprt fr the MFSMCG t cver cunterparts t brad mney? If s, hw t include financial assets nt issued by depsitry crpratins but included in brad mney? The meeting supprted the identificatin f cunterparts t mney. Sme nted that interest in cunterparts has risen in light f the financial crisis, particularly with regard t credit aggregates. What are the experts views n the key elements f liquidity aggregates? Shuld credit extended by nnresident depsitry crpratins be included in sme measures? Shuld the issuer, hlding and neutral sectr apprach t brad mney als be applied t liquidity measures? Participants recgnized the usefulness f liquidity aggregates data while recgnizing the difficulty in agreeing n a cmmn, generally applicable definitin. The discussin fcused n measures f credit including credit extended by nnresident depsitry crpratins. There was general interest in such measures, althugh sme expressed cncerns abut the timeliness and quality f the data surces and that the infrmatin is beynd thse fr cre mnetary statistics. One participant indicated that if the same apprach was used fr determining liquidity issuers as fr mney issuers, brad liquidity wuld exclude Treasury-bills, which are ften included in liquidity aggregates.

8 8 What is the experience f experts in cmpiling data n capacity f spending r ptential purchasing pwer? N additinal cmments were prvided beynd thse in respnse t the Are central cunterparties either mney hlding r mney neutral units? Participants, particularly frm Eurpe, nted difficulties that have arisen in understanding mnetary aggregates given the increased rle f CCPs. The meeting discussed their rle as mney neutral r mney issuer/mney hlder. Experiences shared shwed that inclusin f rep/depsits f CCPs in mney measures culd cause frequent fluctuatins and make the measures less useful fr plicy purpses. It was agreed t investigate further, drawing n the experience in Eurpe. Are cuntries willing t prvide natinal examples f mnetary aggregates fr inclusin in the MFSMCG? Cuntries will be apprached and asked fr natinal examples. The idea was raised f including a bx in the MFSMCG t help guide users in their crss cuntry cmparisns f data, particularly credit aggregates data. What is the experience f natinal experts with seasnal adjustment, particularly in perids f crisis, which culd be cvered in the revised MFSMCG? Participants welcmed the inclusin f a discussin f seasnal adjustments in the MFSMCG. Hwever, they als cautined that the seasnally adjusted data culd be distrted by financial crises and ther unusual events. VII. CHAPTER 7. COMPILATION AND DISSEMINATION OF MONETARY STATISTICS Des the meeting agree that cuntries submit t the IMF, in additin t reprt frm 2SR, tw supplementary SRFs fr depsit-takers and fr MMFs? The idea t separately identify MMFs generated varius pinins, with sme stressing the difficulties f cmpiling these data in particular in the required detail at mnthly frequency. It was als mentined that fr several cuntries the data n MMFs are already included in the mnthly SRF 2SR. Given the heightened user interest in the ties between the ther financial crpratins and ther depsitry crpratins:

9 9 What subsectr infrmatin n nnbank financial institutins shuld be included as memrandum items in the SRFs? In ther datasets, such as sectral accunts, it has been agreed t distinguish insurance and pensin funds frm ther OFCs. There was general recgnitin f the need fr data n OFCs. As a way frward, IMF staff wuld investigate a breakdwn f the OFC sectr int ICPF, investment funds, and ther institutins f the OFC sectr. The need t be cnsistent with ther data initiatives t avid duplicatin was stressed. Many highlighted difficulties in cllecting OFC data n a mnthly basis, and suggested a quarterly frequency. What financial instruments are imprtant t cver? N additinal cmments were prvided beynd thse in respnse t the VIII. CHAPTER 8. BEYOND MONETARY STATISTICS Is there a cnsensus t keep the cntent and structure f Chapter 8 similar t thse in the MFSM and the MFS Cmpilatin Guide, prvided necessary revisins are made t ensure cnsistency with the 2008 SNA? Is there supprt fr a sectin n the BSA matrix t be added? Participants supprted the inclusin f a sectin n the BSA matrix. Nnetheless, it was suggested t investigate the feasibility/pssibility f intrducing the frm-whm-t-whm terminlgy. IX. GENERAL COMMENTS/SUGGESTIONS/QUESTIONS ON THE MFSMCG Shuld amendments t the MFSMCG be issued peridically t keep the methdlgy in line with the develpment bserved in the financial crpratins sectr? The meeting supprted the idea f psting specific updates/amendments n the Fund website as apprpriate.