Dylan G. Rassier: Fair Value Accounting and Measures of U.S. Corporate Profits for Financial Institutions
|
|
|
- Jordan Griffin Stewart
- 5 years ago
- Views:
Transcription
1 Dylan G. Rassier: Fair Value Accounting and Measures of U.S. Corporate Profits for Financial Institutions Comments from Robert Dippelsman,, August 2016 The views expressed herein are those of the author and should not be attributed to the IMF, its Executive Board, or its management. Reproductions of this material, or any parts of it, should refer to the as the source.
2 Overview 1) Effect of fair value accounting 2
3 Overview 1) Effect of fair value accounting Fair value accounting is used in financial reports by US companies Output/income/production data derived from financial reports include holding gains/losses on financial assets and liabilities The paper shows some indicators of the potential size and behavior of these gains/losses for financial institutions, particularly in The paper suggest that holding gains/losses are not fully removed in BEA s estimates. 3
4 Overview 1) Effect of fair value accounting Fair value accounting is used in financial reports by US companies Output/income/production data derived from financial reports include holding gains/losses on financial assets and liabilities The paper shows some indicators of the potential size and behavior of these gains/losses for financial institutions, particularly in The paper suggest that holding gains/losses are not fully removed in BEA s estimates. 2) Should holding gains/losses be included in the production boundary? 4
5 5 1) Fair Value Accounting "... an amount at which an asset could be exchanged between knowledgeable and willing parties in an arms length transaction" IASB and US GAAP Balance sheet should show market and market-equivalent values in many cases Profits include changes in values (realized or unrealized) National accounting standards exclude these effects from production and income. Adjustments to exclude them are made in the US National Income and Product Accounts.
6 6 U.S. Corporate Profits in the NIPAs Direct Measurement Quarterly financial-based source data for quarterly estimates Annual tax-based source data for annual estimates Quarterly source data used to extrapolate and interpolate Bureau of Economic Analysis adjusts source data to remove holding gains and losses Quarterly Source Data Census Bureau Quarterly Financial Reports Securities and Exchange Commission financial reports (NAICS 52229, 523, 52411, 52599) Federal Deposit Insurance Commission call reports (NAICS 5221) Insurance Service Office data
7 Rassier 2012 in Survey of Current Business the pattern of corporate profits in the finance and insurance industries over the period raises the issue of whether mark-to-market gains and losses play a role in the pattern of the statistical discrepancy given the relatively high corporate profits in the finance and insurance industries leading up to the NBER peak and following the NBER trough and dramatically low corporate profits during the recession. 7
8 2005Q1 2005Q2 2005Q3 2005Q4 2006Q1 2006Q2 2006Q3 2006Q4 2007Q1 2007Q2 2007Q3 2007Q4 2008Q1 2008Q2 2008Q3 2008Q4 2009Q1 2009Q2 2009Q3 2009Q4 2010Q1 2010Q2 2010Q3 2010Q4 2011Q1 2011Q2 2011Q3 2011Q4 2012Q1 2012Q2 2012Q3 2012Q4 Billions USD Published U.S. Domestic Corporate Profits Aggregate Non-Financial Financial Figure 2 8
9 New work for this paper (a) Estimates of income before and after adjustments from quarterly financial report filings with: Securities and Exchange Commission Federal Deposit Insurance Commission (b) Correlations and estimation of corporate profits 9
10 Billions USD 2005Q1 2005Q2 2005Q3 2005Q4 2006Q1 2006Q2 2006Q3 2006Q4 2007Q1 2007Q2 2007Q3 2007Q4 2008Q1 2008Q2 2008Q3 2008Q4 2009Q1 2009Q2 2009Q3 2009Q4 2010Q1 2010Q2 2010Q3 2010Q4 2011Q1 2011Q2 2011Q3 2011Q4 2012Q1 2012Q2 2012Q3 2012Q4 a) Quarterly Source Data: GAAP-Based Net Income for Financial Institutions Adjusted Unadjusted Holding losses large during Adjusted series is remarkably stable. Unadjusted series is volatile Figure 8 10
11 b) Correlation Coefficients (1) (2) (3) (4) (5) (6) (7) (8) Panel A: Relative Aggregate Measures (1) Consumption 1.00 (2) Investment (3) Net Exports 0.62*** -0.48*** 1.00 (4) Compensation 0.98*** *** 1.00 (5) Taxes less Subsidies 0.99*** *** 0.98*** 1.00 (6) Corporate Profits 0.46*** 0.59*** *** 0.53*** 1.00 (7) Other Gross Operating Surplus 0.96*** *** 0.92*** 0.93*** 0.33* 1.00 (8) Revaluations of Financial Assets *** Panel B: Relative Measures for Financial Corporations (1) Consumption 1.00 (2) Investment 0.65*** 1.00 (3) Net Exports (4) Compensation *** 1.00 (5) Taxes less Subsidies -0.33* -0.55*** ** 1.00 (6) Corporate Profits 0.37** *** ** 1.00 (7) Other Gross Operating Surplus *** -0.65*** *** -0.31* 1.00 (8) Revaluations of Financial Assets ** 0.67*** Panel C: Relative Measures for Non-Financial Corporations (1) Consumption 1.00 (2) Investment (3) Net Exports 0.60*** -0.45*** 1.00 (4) Compensation 0.96*** *** 1.00 (5) Taxes less Subsidies 0.99*** *** 0.96*** 1.00 (6) Corporate Profits 0.39** 0.76*** -0.29* 0.45*** 0.50*** 1.00 (7) Other Gross Operating Surplus 0.97*** *** 0.90*** 0.95*** 0.35** 1.00 (8) Revaluations of Financial Assets * 1.00 Table 3 11
12 12 c) Estimation of Corporate Profits for Financial Corporations (1) (2) (3) (4) (5) (6) (7) (8) (9) Consumption 1.221*** (0.004) Investment (0.691) Net Exports 5.638*** (1.736) Compensation (0.631) Taxes less Subsidies (3.821) Other Gross Operating Surplus Revaluations of 3.429*** 3.309*** 3.424*** 3.066*** 3.416*** 3.085*** Financial Assets (1.010) (0.809) (1.020) (0.699) (1.063) (0.986) Intercept 0.203*** ** 0.173** 0.174*** (0.012) (0.191) (0.083) (0.016) (0.331) (0.143) ** (0.311) 3.299*** (0.920) 0.243*** (0.019) 1.256* (0.667) (1.029) 3.793* (2.227) 3.076*** (0.625) (0.232) (0.779) (5.919) ** (0.359) 3.305*** (0.916) (0.594) Adjusted R Number of Observations Table 6
13 13 Conclusions on Effect of Fair Value Accounting Patterns in the source data and the related statistical analyses suggest that published quarterly U.S. corporate profits statistics for financial institutions appear to reflect holding losses.
14 14 Conclusions on Effect of Fair Value Accounting Patterns in the source data and the related statistical analyses suggest that published quarterly U.S. corporate profits statistics for financial institutions appear to reflect holding losses. During the recessionary period 2007Q4 to 2009Q2: Published quarterly U.S. corporate profits experience a disproportionate decline relative to other components of GDP. Adjustments required to remove Fair Value accounting losses for financial institutions are significant. Published quarterly U.S. corporate profits statistics for financial institutions appear to reflect holding losses, which is also indicated by the related statistical analyses.
15 15 Conclusions on Effect of Fair Value Accounting Residual holding gains/losses included in existing methods, so Recommends a direct survey
16 Issues for Discussion Applicability to other countries Adoption of IAS/GAAP Other countries holding gains/losses remain? 16
17 Issues for Discussion New direct survey data would be desirable, but consider alternatives; Can we identify what is the cause of error in existing sources, with a view to making changes in forms or methods? Modelling solutions? 17
18 Issues for Discussion Can holding gains/losses be estimated by modelling? Data on composition of stock of financial assets/liabilities in balance sheets Instrument type/currency/maturity Identify assets not valued at fair value, or only revalued annually Compare model with survey data 18
19 Issues for Discussion Focus is on profits for income and GDP (BEA perspective) but Holding gains and losses also arise for stock-flow reconciliation for flow of funds and balance sheets (Federal reserve Board perspective) Stock beginning + Transactions + Holding gains/losses + Other Flows = Stock end 19
20 Issues for Discussion Other economic flows Holding gains/losses in the SNA Other economic flows other Write-offs when regarded as uncollectable (differ from provisions for losses); could have been significant in Effect of impaired instruments and differences in SNA valuation and timing for different instruments. Compare: Holding a set of mortgages Holding mortgage-backed securities Rassier adjustments in Figure 8 more than holding gains/losses; also include provisions for credit losses 20
21 2) Should holding gains/losses be included in the production boundary? Secondary objective of paper that holding gains/losses should be recognized as production/income. 21
22 2) Should holding gains/losses be included in the production boundary? Rassier s results from SEC returns for NAICS 523 (securities, commodity contracts, and other financial investments and related activities) show NEGATIVE values in all years for earnings after deducting holding gains/losses (Table 9) Suggests that expected net (positive) holding gains are part of the business model Earnings before income tax Adjusted earnings before income tax
23 2) Should holding gains/losses be included in the production boundary? Paper points out that large % of financial services are used as intermediate consumption, which means GDP effect limited but change in industry mix for value added; some used by households for wealth management and non-market producers; possibly important for countries that are exporters of financial services 23
24 2) Should holding gains/losses be included in the production boundary? The System gives variables to analyze effect without changing GDP Income + changes in net worth 24
Business Accounting and Macroeconomic Measures CARE Conference; Firm Level Information and the Macroeconomy Dennis Fixler Chief Economist, BEA May
Business Accounting and Macroeconomic Measures CARE Conference; Firm Level Information and the Macroeconomy Dennis Fixler Chief Economist, BEA May 18, 2018 BEA and the Federal Statistical System BEA s
Sources for Other Components of the 2008 SNA
4 Sources for Other Components of the 2008 SNA This chapter presents an overview of the sequence of accounts and balance sheets of the 2008 SNA. It is designed to give the compiler of the quarterly GDP
Expanding the Integrated Macroeconomic Accounts' Financial Sectors
Expanding the Integrated Macroeconomic Accounts' Financial Sectors Robert Kornfeld (Bureau of Economic Analysis, United States), Lisa Lynn (Department of Energy, United States), and Takashi Yamashita (Bureau
Multinational Profit Shifting and Measures throughout Economic Accounts. February 2018
Multinational Profit Shifting and Measures throughout Economic Accounts Jennifer Bruner, * Dylan G. Rassier, Kim J. Ruhl February 2018 Paper prepared for the NBER-CRIW conference on The Challenges of Globalization
Joensuu, Finland, August 20 26, 2006
Session Number: session 2 C Session Title: Developments in the Compilation of Supply Use Tables Input- Output Tables Session Organizer(s): Liv Hobbelstad Simpson, Statistics Norway, Oslo, Norway Session
Integrated GDP-Productivity Accounts. By Michael J. Harper, Brent R. Moulton, Steven Rosenthal, and David B. Wasshausen.
Integrated GDP-Productivity Accounts By Michael J. Harper, Brent R. Moulton, Steven Rosenthal, and David B. Wasshausen December 2008 Appendix: NIPA MFP Reconciliation Appendix Table A.1, Relation of NIPA
This PDF is a selection from a published volume from the National Bureau of Economic Research
This PDF is a selection from a published volume from the National Bureau of Economic Research Volume Title: Measuring Economic Sustainability and Progress Volume Author/Editor: Dale W. Jorgenson, J. Steven
UPDATE OF QUARTERLY NATIONAL ACCOUNTS MANUAL: CONCEPTS, DATA SOURCES AND COMPILATION 1 CHAPTER 4. SOURCES FOR OTHER COMPONENTS OF THE SNA 2
UPDATE OF QUARTERLY NATIONAL ACCOUNTS MANUAL: CONCEPTS, DATA SOURCES AND COMPILATION 1 CHAPTER 4. SOURCES FOR OTHER COMPONENTS OF THE SNA 2 Table of Contents 1. Introduction... 2 A. General Issues... 3
VIII. FINANCIAL STATISTICS
VIII. FINANCIAL STATISTICS INTRODUCTION 405. The financial statistics covered in this chapter have broader sectoral coverage than the monetary statistics described in Chapter 7. The scope of the monetary
MEASURING GDP AND ECONOMIC GROWTH
21 MEASURING GDP AND ECONOMIC GROWTH GDP Defined GDP or gross domestic product is the market value of all final goods and services produced in a country in a given time period. This definition has four
Measuring Domestic Output and National Income
Chapter 27 Measuring Domestic Output and National Income Assessing the Economy s Performance National income accounting measures economy s overall performance Bureau of Economic Analysis compiles National
GROSS DOMESTIC PRODUCTS IN THE THIRD QUARTER OF 2010
GROSS DOMESTIC PRODUCTS IN THE THIRD QUARTER OF 2010 In the third quarter of 2010 GDP at current prices amounts to 19 403 million levs. In Euro terms GDP reaches to 9 920.6 million euro or 1 319.8 euro
THE NATIONAL income and product accounts
16 February 2008 The Reliability of the and GDI Estimates By Dennis J. Fixler and Bruce T. Grimm THE NATIONAL income and product accounts (NIPAs) provide a timely, comprehensive, and reliable description
Generation and Interpretation of IMPLAN s Tax Impact Report IMPLAN Group LLC
Generation and Interpretation of IMPLAN s Tax Impact Report IMPLAN Group LLC Introduction This paper describes the wealth of information available in an IMPLAN Social Accounting Matrix (SAM) and how that
Household Wealth and the Economy
Wealthbuilding Policies After the Recession Household Wealth and the Economy October 10, 2013 William R. Emmons Center for Household Financial Stability Federal Reserve Bank of St. Louis William.R.Emmons@stls.frb.org
The U.S. Current Account Balance and the Business Cycle
The U.S. Current Account Balance and the Business Cycle Prepared for: Macroeconomic Theory American University Prof. R. Blecker Author: Brian Dew brianwdew@gmail.com November 19, 2015 November 19, 2015
County Economic Tracker Progress through Adversity
Progress through Adversity Data and Methods This research is a second annual report in a planned County Economic Tracker series focused on recent county economic dynamics. It presents trend data on four
NBER WORKING PAPER SERIES AGGREGATION ISSUES IN INTEGRATING AND ACCELERATING BEA S ACCOUNTS: IMPROVED METHODS FOR CALCULATING GDP BY INDUSTRY
NBER WORKING PAPER SERIES AGGREGATION ISSUES IN INTEGRATING AND ACCELERATING BEA S ACCOUNTS: IMPROVED METHODS FOR CALCULATING GDP BY INDUSTRY Brian Moyer Marshall Reinsdorf Robert Yuskavage Working Paper
Statement of Financial Accounting Standards No.35. Statement of Financial Accounting Standards No. 35. Accounting for Asset Impairment
Statement of Financial Accounting Standards No. 35 Statement of Financial Accounting Standards No.35 Accounting for Asset Impairment I Introduction 1 July 2004 Translated by Chung-yueh Conrad Chang,Professor
There has been considerable discussion of the possibility
NationalEconomicTrends February Housing and the R Word There has been considerable discussion of the possibility that ongoing troubles in the housing market could push the economy into recession 1 But
CFA Candidate Self-Assessment Test
CFA Candidate Self-Assessment Test The CFA Program is postgraduate. The readings assigned in the study program and the questions on the CFA examinations are geared for individuals who are prepared to deal
GDP can be measured in mainly two ways. 1. Income Approach. 2. Expenditure Approach. Expenditure Approach:
Gross Domestic Product is the total market value of all goods and services produced in the country in a particular year. It is equal to total consumer, investment and government spending, plus the value
NBER WORKING PAPER SERIES U.S. GROWTH IN THE DECADE AHEAD. Martin S. Feldstein. Working Paper
NBER WORKING PAPER SERIES U.S. GROWTH IN THE DECADE AHEAD Martin S. Feldstein Working Paper 15685 http://www.nber.org/papers/w15685 NATIONAL BUREAU OF ECONOMIC RESEARCH 1050 Massachusetts Avenue Cambridge,
EMBARGOED UNTIL RELEASE AT 8:30 A.M. EST, TUESDAY, NOVEMBER 25, 2003
EMBARGOED UNTIL RELEASE AT 8:30 A.M. EST, TUESDAY, NOVEMBER 25, 2003 Virginia H. Mannering: (202) 606-5304 (GDP) BEA 03-45 Kenneth A. Petrick: (202) 606-9738 (Profits) Recorded message: (202) 606-5306
An Introduction to System of National Accounts - Basic Concepts
An Introduction to System of National Accounts - Basic Concepts Lesson I: Lecture 1 Introduction Lesson I Fifth Basic e-learning Course on 2008 System of National Accounts September - November 2014 e 2008
The Federal Reserve has set the target range for the federal
NationalEconomicTrends October Monetary Policy Stance: The View from Consumption Spending The Federal Reserve has set the target range for the federal funds at to 5 percent and intends to keep this near
Contents. Oeur Sophal, Deputy Director of Department
National Accounts of Cambodia Oeur Sophal, Deputy Director of Department \\csng14p20101\covsea$\ibduser\cambodia\project Tiger\Ratings Review\S&P\Ratings Review_22Oct2007_sent.ppt /1 Contents 1. Background
Session 5 Supply, Use and Input-Output Tables. The Use Table
Session 5 Supply, Use and Input-Output Tables The Use Table Introduction A use table shows the use of goods and services by product and by type of use for intermediate consumption by industry, final consumption
NationalEconomicTrends
NationalEconomicTrends August 001 The Switch to NAICS Measuring economic activity when the composition and quality of goods and services being produced is rapidly changing presents a perpetual challenge.
The State of Working America 12th Edition
The State of Working America 12th Edition LAWRENCE MISHEL JOSH BIVENS ELISE GOULD HEIDI SHIERHOLZ Documentation and methodology EPI DIGITAL EDITION This chapter is from The State of Working America, 12th
This PDF is a selection from a published volume from the National Bureau of Economic Research
This PDF is a selection from a published volume from the National Bureau of Economic Research Volume Title: A New Architecture for the U.S. National Accounts Volume Author/Editor: Dale W. Jorgenson, J.
L-3 Analyzing Aggregate Demand
L-3 Analyzing Aggregate Demand IMF Singapore Regional Training Institute OT 18.52 Macroeconomic Diagnostics February 26 March 2, 2018 Presenter Natan Epstein Deputy Director, STI This training material
NationalEconomicTrends
NationalEconomicTrends January 00 Stag-nations Economic growth in the United States has slowed substantially since the days of rapid expansion during the mid to late 1990s. According to preliminary estimates,
OECD UNITED NATIONS JOINT OECD/ESCAP MEETING ON NATIONAL ACCOUNTS System of National Accounts: Five Years On. Bangkok, 4-8 May 1998
OECD UNITED NATIONS ORGANISATION FOR ECONOMIC CO-OPERATION AND DEVELOPMENT ECONOMIC AND SOCIAL COMMISSION FOR ASIA AND THE PACIFIC JOINT OECD/ESCAP MEETING ON NATIONAL ACCOUNTS 1993 System of National
Notes on Accounts. Integrated accounts for total economy. Account 0: Goods and services account
Notes on Accounts This issue of National Accounts Statistics presents integrated economic accounts in which are included the Transaction accounts i.e., goods and services account, full sequence of accounts
EMBARGOED UNTIL RELEASE AT 3:00 P.M. EST, WEDNESDAY, JANUARY 13, 2016
NEWS RELEASE EMBARGOED UNTIL RELEASE AT 3:00 P.M. EST, WEDNESDAY, JANUARY 13, 2016 Aya Hamano: (202) 606-9683 (BEA) BEA 16-02 Tanya Harris Joshua: (202) 208-6008 (OIA) THE BUREAU OF ECONOMIC ANALYSIS (BEA)
This PDF is a selection from a published volume from the National Bureau of Economic Research
This PDF is a selection from a published volume from the National Bureau of Economic Research Volume Title: A New Architecture for the U.S. National Accounts Volume Author/Editor: Dale W. Jorgenson, J.
Martin Neil Baily The Brookings Institution Prepared for the US-Japan Research Institute Event March 9, 2012
The Economic Situation in the United States: Growth, Deficits and Financial Reform Martin Neil Baily The Brookings Institution Prepared for the US-Japan Research Institute Event March 9, 2012 US economic
GROSS DOMESTIC PRODUCT, THIRD QUARTER OF 2018 (PRELIMINARY DATA)
GROSS DOMESTIC PRODUCT, THIRD QUARTER OF 2018 (PRELIMINARY DATA) In the third quarter of 2018 Gross Domestic Product (GDP) 1 at current prices amounts to 29 822 million BGN. In Euro terms GDP is 15 248
Monetary Policymaking in Today s Environment: Finding Policy Space in a Low-Rate World
EMBARGOED UNTIL MONDAY, APRIL 15, 219, AT 8: P.M.; OR UPON DELIVERY Monetary Policymaking in Today s Environment: Finding Policy Space in a Low-Rate World Eric S. Rosengren President & CEO Federal Reserve
Data source for all slides are from the Bureau of Economic Analysis unless otherwise indicated. See for data sources.
The National Income and Product Accounts (NIPA) 2018 Gary R. Evans. This slide set by Gary R. Evans is licensed under a Creative Commons Attribution- NonCommercial-ShareAlike 4.0 International License.
February 03, Chapter 10 AD_AS_Business Cycle.notebook. Chapter 10: Economic Fluctuations Pages ,
Chapter 10: Economic Fluctuations Pages 261 284, 288 291 Aggregate Demand (AD) the relationship between general price level and total spending in the economy. Four components that make up total spending:
Price and Volume Measures Rebasing & Linking
Regional Course on 2008 SNA (Special Topics): Improving Exhaustiveness of GDP coverage 31 August 4 September 2015 Daejeon, Republic of Korea Price and Volume Measures Rebasing & Linking Alick Nyasulu Statistical
Preview of the 2018 Comprehensive Update of the National Income and Product Accounts
Preview of the 2018 Comprehensive Update of the National Income and Product Accounts Pamela Kelly, Erich H. Strassner, and David B. Wasshausen National Association for Business Economics Webinar June 28,
Economic Outlook and Forecast
Economic Outlook and Forecast Stefano Eusepi Research & Statistics Group January 2017 All views expressed are those of the author only and not necessarily those of the Federal Reserve Bank of New York
GROSS DOMESTIC PRODUCT, SECOND QUARTER OF 2017 (PRELIMINARY DATA)
GROSS DOMESTIC PRODUCT, SECOND QUARTER OF 2017 (PRELIMINARY DATA) In the second quarter of 2017 Gross Domestic Product (GDP) 1 at current prices amounts to 24 149 million BGN. In Euro terms GDP is 12 347
A new presentation for the quarterly National Accounts
A new presentation for the quarterly National Accounts The Canadian System of National Accounts 2012 (CSNA2012) Section 1: Current presentation of the Canadian National Accounts Section 2: New presentation,
The relatively slow growth of employment has
NationalEconomicTrends August Please go to researchstlouisfedorg/publications/net for important information about your subscription Labor s Share The relatively slow growth of employment has been a prominent
GROSS DOMESTIC PRODUCT, FIRST QUARTER OF 2017 (PRELIMINARY DATA)
GROSS DOMESTIC PRODUCT, FIRST QUARTER OF 2017 (PRELIMINARY DATA) In the first quarter of 2017 GDP at current prices amounts to 20 066 million BGN. In Euro terms GDP is 10 260 million Euro or 1 445 euro
GROSS DOMESTIC PRODUCT FOR THE FIRST QUARTER OF 2014 (PRELIMINARY DATA)
GROSS DOMESTIC PRODUCT FOR THE FIRST QUARTER OF 2014 (PRELIMINARY DATA) In the first quarter of 2014 GDP at current prices amounts to 16 097 Million Levs. In Euro terms GDP is 8 230 Million Euro or 1 136
AGENDA Tues 1/26. QOD #8: GDP Calculations HW Review ( P #4,5,7) Partner Practice
AGENDA Tues 1/26 QOD #8: GDP Calculations HW Review (494-500 P #4,5,7) Partner Practice Study for CH 23-24 Assessment Parent Syllabus review LO1 24-1 QOD #8: GDP Calculations-Part 1 Suppose that annual
GROSS DOMESTIC PRODUCT FOR THE THIRD QUARTER OF 2012
GROSS DOMESTIC PRODUCT FOR THE THIRD QUARTER OF 2012 In the third quarter of 2012 GDP at current prices amounted to 21 734 Million Levs. In Euro terms GDP was 11 112 Million Euro or 1 522 Euro per person.
Disclosure of European Embedded Value as of March 31, 2017
May 25, 2017 Meiji Yasuda Life Insurance Company Disclosure of European Embedded Value as of March 31, 2017 Meiji Yasuda Life Insurance Company ( Meiji Yasuda Life, President Akio Negishi) is disclosing
GROSS DOMESTIC PRODUCT, FIRST QUARTER OF 2018 (PRELIMINARY DATA)
GROSS DOMESTIC PRODUCT, FIRST QUARTER OF 2018 (PRELIMINARY DATA) In the first quarter of 2018 Gross Domestic Product (GDP) 1 at current prices amounts to 21 479 million BGN. In Euro terms GDP is 10 982
Individual households and firms, as well as local, state,
NationalEconomicTrends February 9 How Accu Are Forecasts in a Recession? Individual households and firms, as well as local, state, and federal governments, make economic decisions based on their view of
Visualizing GDP: An Inside Look at the Q3 ThirdEstimate
Visualizing GDP: An Inside Look at the Q3 ThirdEstimate December 24, 2018 by Jill Mislinski of Advisor Perspectives Note: The charts in this commentary have been updated to include the Q3 2018 Third Estimate
GROSS DOMESTIC PRODUCT, SECOND QUARTER OF 2014 (PRELIMINARY DATA)
GROSS DOMESTIC PRODUCT, SECOND QUARTER OF 2014 (PRELIMINARY DATA) In the second quarter of 2014 GDP at current prices amounts to 19 517 million BGN. In Euro terms GDP is 9 979 million Euro or 1 379 euro
Framework for the Preparation & Presentation of FINANCIAL STATEMENTS
Framework for the Preparation & Presentation of FINANCIAL STATEMENTS THE FRAMEWORK is not a Philippine Accounting Standard Framework does not define standards for any particular measurement or disclosure
1. For information about the Mid-Decade Review, see Mid-Decade Strategic Review of BEA s Economic Accounts: Maintaining and Improving
September 1995 SURVEY OF CURRENT BUSINESS 33 Preview of the Comprehensive Revision of the National Income and Product Accounts: Recognition of Government Investment and Incorporation of a New Methodology
Country Report UZBEKISTAN
Regional Course on SNA 2008 (Special Topics): Improving Exhaustiveness of GDP Coverage 22 30 August 2016 Daejeon, Republic of Korea Country Report UZBEKISTAN Data sources and estimation methods for compiling
Compilation of Use Table in MYANMAR
International Workshop on Supply and Use Tables 11-13 September 2018, Beijing, China Compilation of Use Table in MYANMAR Kyin Htay Director Planning Department 1 Outline of the Presentation Current Situation
Revisions to BEA s Estimates of GDP and GDI
Revisions to BEA s Estimates of GDP and GDI Dennis Fixler Presentation at Quarterly Meeting of Council of Professional Association on Federal Statistics (COPAFS) December 7, 2012 Outline Why are there
Resilience in Emerging Market and Developing Economies: Will It Last?
International Monetary Fund World Economic Outlook October 212 Resilience in Emerging Market and Developing Economies: Will It Last? Abdul Abiad, John Bluedorn, Jaime Guajardo, and Petia Topalova with
Notes and Definitions Numbers in the text, tables, and figures may not add up to totals because of rounding. Dollar amounts are generally rounded to t
CONGRESS OF THE UNITED STATES CONGRESSIONAL BUDGET OFFICE The Distribution of Household Income and Federal Taxes, 2011 Percent 70 60 Shares of Before-Tax Income and Federal Taxes, by Before-Tax Income
Stock Market Briefing: NIPA vs. S&P 500 Profits
Stock Market Briefing: NIPA vs. S&P Profits December 13, 217 Dr. Edward Yardeni 16-972-7683 eyardeni@ Debbie Johnson 48-664-1333 djohnson@ Please visit our sites at www. blog. thinking outside the box
OVERVIEW OF CONCEPTS AND DEFINITIONS
OVERVIEW OF CONCEPTS AND DEFINITIONS Venkat Josyula Developing and Improving Sectoral Financial Accounts Algiers, January 20-21, 2016 The views expressed herein are those of the author and should not necessarily
National Accounts of Tajikistan
National Accounts of Tajikistan Nilyufar Khuseynova Spesialist of SNA and financial statistics department Introduction of SNA -93 The practical introduction of System of National Accounts in Tajikistan
BMG BullionFund. Semi-Annual Financial Statements. For the six-month period ended June 30, 2015 (unaudited)
BMG BullionFund Semi-Annual Financial Statements For the six-month period ended June 30, 2015 (unaudited) TABLE OF CONTENTS Semi-Annual Financial Statements Statements of Financial Position 1 Statements
BMG Silver BullionFund
BMG Silver BullionFund Annual Financial Statements For the year ended December 31, 2017, and for the period from establishment of September 21, 2016 to December 31, 2016 TABLE OF CONTENTS Management Responsibility
Updated System of National Accounts (SNA): Chapter 16: Summarising and integrating the accounts
Statistical Commission Thirty-ninth session 26 29 February 2008 Item 3(d) of the provisional agenda Items for discussion and decision: National accounts Background document Available in English only Updated
Report No st July Andrew Smithers.
Smithers & Co. Ltd. St. Dunstan's Hill, London ECR HL Telephone: 7 Facsimile: 7 Web Site: www.smithers.co.uk E-mail: info@smithers.co.uk Was the Yield Curve a th Century Aberration? Report No. 7 1 st July
Published by the Stationery Office, Dublin, Ireland.
An Phríomh-Oifig Staidrimh Central Statistics Office Published by the Stationery Office, Dublin, Ireland. Available from: Central Statistics Office, National Accounts, Ardee Road, Dublin 6. October 2013
History of National Accounts
National Accounts what are they good for? European Statistical week September 2017 History of National Accounts Early attempts in 17 th century Petty and King Boisguillebert and Vauban New Deal, Kuznets,
Economic Commission for Latin America and the Caribbean SUMMARY RESULTS OF THE REGIONAL SEMINAR ON NATIONAL ACCOUNTS
Economic Commission for Latin America and the Caribbean SUMMARY RESULTS OF THE REGIONAL SEMINAR ON NATIONAL ACCOUNTS ( de Janeiro, 18-28 September 1990) List of Headings: Page Accounts and tables... 11
GROSS DOMESTIC PRODUCT FOR THE SECOND QUARTER OF 2012
GROSS DOMESTIC PRODUCT FOR THE SECOND QUARTER OF 2012 In the second quarter of 2012 GDP at current prices amounted to 19 007 Million Levs. In Euro terms GDP was 9 718 Million Euro or 1 330 Euro per person.
Sharp declines in home prices, followed by a financial
NationalEconomicTrends April Household Retrenchment Sharp declines in home prices, followed by a financial crisis and a steep recession, rattled US households in Economic misfortunes have caused many to
Overview of the General Statistical Framework
Overview of the General Statistical Framework Chapter 2: Overview of the General Statistical Framework Table of Contents Chapter 2: Overview of the General Statistical Framework... 1 I. Introduction...
GROSS DOMESTIC PRODUCT FOR THE FIRST QUARTER OF 2011
GROSS DOMESTIC PRODUCT FOR THE FIRST QUARTER OF 2011 In the first quarter of 2011 GDP at current prices amounts to 15 903 million levs. In Euro terms GDP reaches to 8 131 million euro or 1 084.4 euro per
Econ 102 Exam 2 Name ID Section Number
Econ 102 Exam 2 Name ID Section Number 1. Suppose investment spending increases by $50 billion and as a result the equilibrium income increases by $200 billion. The investment multiplier is: A) 10. B)
With the tax filing season in full swing, these summary
NationalEconomicTrends March Income Taxes: Who Pays and How Much? With the tax filing season in full swing, these summary figures may provide some perspective on the issue of who is paying federal individual
Monetary, Fiscal, and Financial Stability Policy Tools: Are We Equipped for the Next Recession?
EMBARGOED UNTIL FRIDAY, MARCH 23, 218 AT 7: P.M.; OR UPON DELIVERY Monetary, Fiscal, and Financial Stability Policy Tools: Are We Equipped for the Next Recession? Eric S. Rosengren President & CEO Federal
Intermediate Macroeconomics: Economics 301 Exam 1. October 4, 2012 B. Daniel
October 4, 2012 B. Daniel Intermediate Macroeconomics: Economics 301 Exam 1 Name Answer all of the following questions. Each is worth 25 points. Label all axes, initial values and all values after shocks.
Disclosure of European Embedded Value as of March 31, 2016
May 26, 2016 Meiji Yasuda Life Insurance Company Disclosure of European Embedded Value as of March 31, 2016 Meiji Yasuda Life Insurance Company ( Meiji Yasuda Life, President Akio Negishi) is disclosing
Current practice and status of the national accounts compilation in Uzbekistan
Current practice and status of the national accounts compilation in Uzbekistan Regional Course on SNA 2008 (Special Topics): Improving Exhaustiveness of GDP Coverage 22 30 August 2016 Daejeon, Republic
Q3 Financial Performance. October 30, 2017
Q3 Financial Performance October 30, 2017 Non-GAAP Items and Forward-Looking Statements This presentation contains the following non-gaap measures: Percentage changes in net sales, excluding currency rate
Jean Monnet Chair. Small Area Methods for Monitoring of Poverty and Living conditions in EU (SAMPL-EU)
Jean Monnet Chair Small Area Methods for Monitoring of Poverty and Living conditions in EU (SAMPL-EU) II.1. Income, Consumption and Poverty in the European Statistical System Luigi Biggeri Outline 1. Some
w w w. I M P L A N. c o m MIG, Inc. Elements of the Social Accounting Matrix MIG IMPLAN Technical Report TR-98002
w w w. I M P L A N. c o m MIG, Inc. Elements of the Social Accounting Matrix MIG IMPLAN Technical Report TR-98002 Introduction Elements of the Social Accounting Matrix This document will describe the structure
Topical: Natural Gas and Propane prices soar...
(c) 2006-2014 Gary R. Evans. May be used for educational purposes only without permission of the author. The National Income and Product Accounts (NIPA) Data source for all slides are from the Bureau of
Quarterly National Accounts, part 1: Main issues 1
Quarterly National Accounts, part 1: Main issues 1 Introduction This paper continues the series dedicated to extending the contents of the Handbook Essential SNA: Building the Basics 2. One of the main
Economic and Housing Outlook
Economic and Housing Outlook Volusia Building Industry Association July 18, 218 Robert Dietz, Ph.D. NAHB Chief Economist Housing Market Growing; Single-Family Lags Tax reform changes Macroeconomics post-tax
Consolidated Financial Statements
Consolidated Financial Statements Mitsui E&S Holdings Co., Ltd. and Consolidated Subsidiaries For the Years ended March 31, and Together with Independent Auditor s Report Financial Data Consolidated Balance
U.S. Economic Activity. Federal Reserve Bank of Dallas
U.S. Economic Activity Federal Reserve Bank of Dallas 2018 Contents 1 Economic Activity 2 Wages and Prices 3 Financial Activity Economic Activity Economic Activity 1 month % change 1.0 Real Personal Consumption
U.S. Economic Activity. Federal Reserve Bank of Dallas
U.S. Economic Activity Federal Reserve Bank of Dallas 2018 Contents 1 Economic Activity 2 Wages and Prices 3 Financial Activity Economic Activity Economic Activity Initial Claims for Unemployment and Unemployment
U.S. Economic Activity. Federal Reserve Bank of Dallas
U.S. Economic Activity Federal Reserve Bank of Dallas 2018 Contents 1 Economic Activity 2 Wages and Prices 3 Financial Activity Economic Activity Economic Activity New Orders for Durable Goods Billions
U.S. Economic Activity. Federal Reserve Bank of Dallas
U.S. Economic Activity Federal Reserve Bank of Dallas 2018 Contents 1 Economic Activity 2 Wages and Prices 3 Financial Activity Economic Activity Economic Activity Initial Claims for Unemployment and Unemployment
Delavaco Residential Properties Corp.
Condensed consolidated interim financial statements of Delavaco Residential Properties Corp. (formerly Sereno Capital Corporation) Three and nine month periods ended September 30, 2014, and 2013 (Unaudited)
Real GDP Growth Compounded annual rates of change. Consumer Price Index Percent change
National Economic Trends Real Gross Domestic Product (DISCONTINUED) Real GDP Growth Compounded annual rates of change 6 5 Compounded Annual Rate of Change 4 3 2 1-1 Q1 214 Q1 215 Q1 216 Q1 217 195 196
INDUSTRIAL AND COMMERCIAL BANK OF CHINA (CANADA)
Financial Statements of INDUSTRIAL AND COMMERCIAL BANK OF CHINA (CANADA) KPMG LLP Telephone (416) 777-8500 Chartered Accountants Fax (416) 777-8818 Bay Adelaide Centre Internet www.kpmg.ca 333 Bay Street
Disclosure of European Embedded Value as of September 30, 2010
November 18, 2010 Koichiro Watanabe President and Representative Director The Dai-ichi Life Insurance Company, Limited Code: 8750 (TSE First section) Disclosure of European Embedded Value as of September
Real National Accounts as a Money Flow System
Real National Accounts as a Money Flow System Matti Estola 1 and Alia Dannenberg 2 The analogy between a money and a water flow system is demonstrated in Figure 1, where the difference between inflow and