Flow of Funds - Overview of Japan, the United States, and the Euro area - August 18, 2017 Research and Statistics Department Bank of Japan

Transcription

1 Flow of Funds - Overview of, the, and the - August 18, 2017 Research and Statistics Department Bank of *In this paper, major sectors are compared either among, the, and the or between and the.

2 Ⅰ. Overview:, the, and the Data are as of March-end Chart 1. Financial assets and liabilities of financial institutions Assets ( 3,381trillion yen ) Liabilities ( 3,270trillion yen ) ( 1,912 trillion yen ) 8% Currency and ( 1,879 trillion yen ) 10% 22% deposits 44% 3% Deposits with the Fiscal Loan Fund % Other financial institutions ( 830 trillion yen ) 4% ( 817 trillion yen ) Assets ( 87.9 trillion dollars ) Liabilities ( 84.8 trillion dollars ) 3% Borrowings 2% 4% ( 18. trillion dollars ) Currency and ( 19.0 trillion dollars ) 12% deposits 16% Assets ( 76.2 trillion euro) Liabilities ( 7.9 trillion euro) 2% 2% 1% 2% 2% ( 3.3 trillion euro) Currency and 17% deposits 34% ( 3.1 trillion euro) Other financial institutions 1% Borrowings 8% 2% Insurance and Pension funds Insurance, pension ( 639 trillion yen ) and ( 7 trillion yen ) % 9% 16% 4% Borrowings 3% 8% % or liabilities of the financial institutions % 7% 3% Insurance and Pension funds 3% ( 28.3 trillion dollars ) Insurance, pension ( 27.1 trillion dollars ) 9% and 29% % 7% Borrowings 4% 3% Other financial institutions 8% ( 41.2 trillion dollars ) 1% 24% 16% ( 38.7 trillion dollars ) 9% or liabilities of the financial institutions 10% 4% Insurance and Pension funds Insurance, pension and ( 9.8 trillion euro) 1 ( 9.7 trillion euro) 2% % 3% Borrowings % 6% 3% ( 31.2 trillion euro) ( 31.1 trillion euro) 18% 8% Borrowings 7% 3% 7% or liabilities of the financial institutions * "Other financial institutions" for are the sum of "Securities investment trusts," "Other financial intermediaries," "Financial auxiliaries," and "Public captive financial institutions." ** "" for the includes central bank sector. *** "" is the residual which is the remaining after deducting "," "Deposits with the Fiscal Loan Fund"( only), "/Borrowings," "," "," "," and " " from total financial assets/liabilities. **** "" held by depository corporations for US includes "Vault cash" and "Reserves at Federal Reserve." 1

3 Chart 2. Financial assets held by households (1.4%) (1.%) (10.0%) (28.8%) ( 1,809 trillion yen ) (.6%) (11.0%) (.4%) (2.9%) (3.8%) (31.2%) ( 77.1 trillion dollars ) (13.4%) (2.9%) (33.2%) (18.2%) (34.0%) ( 23.3 trillion euro) (3.2%) (9.2%) * "" is the residual which is the remaining after deducting "," "," "," "," and " " from total financial assets. (2.3%) Chart 3. Financial liabilities owed by private nonfinancial corporations (4.) Borrowings (24.2%) (49.9%) (21.9%) ( 1,662 trillion yen ) (13.7%) (6.%) (23.7%) ( 43.4 trillion dollars ) Borrowings (6.2%) Borrowings (30.8%) (3.4%) (11.6%) ( 32.2 trillion euro) (4.2%) Percentage ratio to the total financial liabilities * "" is the residual which is the remaining after deducting "Borrowings," "," and "" from total financial liabilities. ** Figures for the consist of nonfinancial corporations, which include both public and private nonfinancial corporations. 2

4 Chart 4. Financial surplus and deficit of major sectors (as a percentage of nominal GDP) (%) 1 10 (Financial surplus) Private nonfinancial corporations Rest of the world (Financial deficit) Fiscal year (%) 1 (Financial surplus) (Financial deficit) Private nonfinancial corporations Rest of the world (%) (Financial surplus) Fiscal year (Financial deficit) Nonfinancial corporations Rest of the world Fiscal year * See notes on the last page for the definition of each sector. 3

5 Ⅱ. Overview: and the Data are as of March-end Chart. Financial assets held by investment trusts (.7%) (10.8%) (20.4%) Outward investment in (44.4%) (11.) ( trillion yen) (4.7%) (2.8%) (1.0%) (32.) (9.3%) ( 20.0 trillion dollars ) (.3%) (2.2%) * "" is the residual which is the remaining after deducting "," "," "," "," "," and "Outward investment in "( only) from total financial assets. ** Data for US include both outward and domestic investment in. Chart 6. Financial assets held by pension funds (6.8%) (2.) (7.%) Outward investment in (20.3%) Claims of pension funds on pension managers (21.0%) (8.%) ( 19.3 trillion yen) (3.4%) (7.4%) (0.6%) (19.8%) (22.%) (2.8%) Claims of pension funds on pension managers (22.2%) (8.8%) ( 19. trillion dollars ) (0.2%) * "" is the residual which is the remaining after deducting "," "," "," "," "," "Outward investment in "( only), and "Claims of pension funds on pension managers" from total financial assets. ** Data for US include both outward and domestic investment in. Chart 7. Financial assets held by insurance (2.8%) (.8%) (9.0%) (.6%) Outward investment in (17.4%) (6.3%) ( trillion yen) (1.) (3.) (7.4%) (0.7%) (18.8%) (9.3%) (12.7%) ( 8.8 trillion dollars ) * "" is the residual which is the remaining after deducting "," "," "," "," "," and "Outward investment in "( only) from total financial assets. ** Data for US include both outward and domestic investment in. 4

6 Data source Bank of, Flow of Funds Accounts, released on June 27, FRB, Financial Accounts of the, First Quarter 2017, released on June 8, ECB, Euro Area Accounts, released on July 28, Sectors and transaction items Sectors [US] U.S.-Chartered Depository Institutions, Foreign Banking Offices in U.S., Banks in U.S.-Affiliated Areas, Credit Unions [EA] Monetary Financial Institutions : Includes central bank as well as depository corporations. Insurance and pension funds (Sectors marked with an asterisk indicate pension funds) [US] Life Insurance Companies, Property-Casualty Insurance Companies, Private Pension Funds*, State and Local Government Employee Retirement Funds*, Federal Government Employee Retirement Funds* [EA] Insurance Corporations and Pension Funds - In Euro Area Accounts, insurance corporations and pension funds are combined into one sector. Other financial institutions (Sectors with an asterisk indicate investment trusts. Sectors with double asterisks indicate nonbanks) [US] Money Market Mutual Funds*, Mutual Funds*, Closed-End Funds*, Exchange-Traded Funds*, Government-Sponsored Enterprises, Agency-and GSE-Backed Mortgage Pools**, Issuers of Asset-Backed Securities**, Finance Companies**, Real Estate Investment Trusts, Security Brokers and Dealers, Holding Companies, Funding Corporations [EA] Non-Money-Market Investment Funds, Other financial intermediaries, Financial auxiliaries, Captive financial institutions Private nonfinancial corporations [US] Nonfinancial Corporate Business [EA] Non-financial Corporations : Includes both private and public nonfinancial corporations. [US] State and Local Governments, Federal Government : Social security funds not included. [EA] General Government : Includes social security funds. [US] and Nonprofit Organizations [EA], Including Non-profit Institutions Serving - In 's FFA, households excludes private nonprofit institutions serving households. Transaction items [US] U.S. Deposits in Foreign Countries, Checkable Deposits and Currency, Time and Savings Deposits [EA] Currency and Deposits /Borrowings [US] Net Interbank Transactions, Federal Funds and Security Repurchase Agreements, [EA] [US] Securities [EA] Short-term Securities, Long-term Securities [US] Money Market Mutual Fund Shares, Mutual Fund Shares [EA] Investment fund shares (including MMF shares) [US] Corporate Equities, Proprietors' in Noncorporate Business, Investment by parent [EA] Listed Shares, Unlisted Shares and other equity [US] Life Insurance Reserves, Pension Entitlements [EA] Insurance and pension schemes Claims of pension funds on pension managers [US] Claims of pension fund on sponsor Financial surplus and deficit [US] Net Lending (+) or Borrowing (-) (Financial Account) [EA] Net Lending (+) / Net Borrowing (-) from Financial Accounts Note Notes to Charts 1 to 7 Sectors and transaction items of the [hereafter "US"] and [hereafter "EA"] are reclassified according to the 's Flow of Funds Accounts (see below). Some items with small amount outstanding are not explicitly shown on charts.