The Measurement of Banking Services in the System of National Accounts
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The Measurement of Banking Services in the System of National Accounts
1The Measurement of Banking Services in (lie System of National AccountsErwin Diewert,1 University of British Columbia and University of New South Wal The Measurement of Banking Services in the System of National Accountsles;Dennis Fixler,2 Bureau of Economic Analysis;Kimberly Zieschang,3 International Monetary Fund.Discussion Paper 11-04,Department of Economics,University of British Columbia,Vancouver, B.C., Canada, V6T 1Z1.Emails: dkwen^econ.ubGca; DeimisFi.xkiLti2lKaxg.Qv; kzieschangia’imf.QigRevised November 3, The Measurement of Banking Services in the System of National Accounts2011AbstractThe paper considers some of the problems associated with the indirectly measured components of financial service outputs in the System ofThe Measurement of Banking Services in the System of National Accounts
National Accounts (SNA), termed FISIM (Financial Intermediation Services Indirectly Measured). The paper characterizes FISIM by a user cost and suppli1The Measurement of Banking Services in (lie System of National AccountsErwin Diewert,1 University of British Columbia and University of New South Wal The Measurement of Banking Services in the System of National Accountsxt of plausible alternative accounting schemes that could be used to account for financial services. The alternative accounting frameworks have implications for the labour and multifactor productivity of both the financial and nonfinancial sectors.Journal of Economic Literature Classification Number The Measurement of Banking Services in the System of National AccountssC43, C67, C82, D24, D57, E22, E41.KeywordsUser costs, banking services, deposit services, loan services, Total Factor Productivitygrowth, productionThe Measurement of Banking Services in the System of National Accounts
accounts. System of National Accounts, FISIM, Financial Intermediation Services Indirectly Measured.1 The authors thank Susanto Basu, Robert Inklaar, 1The Measurement of Banking Services in (lie System of National AccountsErwin Diewert,1 University of British Columbia and University of New South Wal The Measurement of Banking Services in the System of National AccountsSSHRC of Canada for financial support. None of (he above are responsible for any remaining errors or opinions. This paper draws on an earlier presentation by Diewert at the Aslan Productivity Organization-Keio University Lecture Program at Keio University, Tokyo, Japan October 22, 2007.■ The views e The Measurement of Banking Services in the System of National Accountsxpressed in this paper are those of the author and should not be attributed to the Bureau of Economic Analysis.3 The views expressed herein are thoseThe Measurement of Banking Services in the System of National Accounts
of the author and should not be attributed to the IMF. Its Executive Board, or its management.21. IntroductionOne of the most difficult to measure par1The Measurement of Banking Services in (lie System of National AccountsErwin Diewert,1 University of British Columbia and University of New South Wal The Measurement of Banking Services in the System of National Accountssector. The pricing of financial services is so controversial that there has not been general agreement on how to measure the value of various types of financial services like banking and insurance outputs and there is even less agreement on how to measure the quantity (or price) of financial servic The Measurement of Banking Services in the System of National Accountses/ There is also disagreement on howto include financial services in the Consumer Price Index. Most Consumer Price Indexes, including the U.S. CPI, eThe Measurement of Banking Services in the System of National Accounts
xclude many financial services because CPI methodology regards these services as costs of moving consumption from one period to another period and hen1The Measurement of Banking Services in (lie System of National AccountsErwin Diewert,1 University of British Columbia and University of New South Wal The Measurement of Banking Services in the System of National Accountsat since households are spending their resources on these financial services, they must be getting some benefit or utility from the purchase of these products and hence these products belong in the CPI. However, proponents of excluding these products from the CPI might argue in return that these pro The Measurement of Banking Services in the System of National Accountsducts seem to be unconnected to this period’s consumption and so perhaps they should be regarded as part of the household’s home production sector andThe Measurement of Banking Services in the System of National Accounts
hence be excluded from the current period CPI. which is supposed to measure the price of current consumption. This point of view could be accepted ex1The Measurement of Banking Services in (lie System of National AccountsErwin Diewert,1 University of British Columbia and University of New South Wal The Measurement of Banking Services in the System of National Accounts respond by saying that it is well established that the inputs purchased by households for home production, which in turn produces final consumption services, are generally in scope for a CPI and so we are back to Fixler’s position.Fixler (2009) constructed a financial services price index for house The Measurement of Banking Services in the System of National Accountsholds in the U.S. by using the BEA’S data base on Personal Consumption Expenditures. The two controversial components in Fixler’s experimental househoThe Measurement of Banking Services in the System of National Accounts
ld financial services index are imputed household bank deposit services and imputed household loan services. We will explain Fixler’s theoretical user1The Measurement of Banking Services in (lie System of National AccountsErwin Diewert,1 University of British Columbia and University of New South Wal The Measurement of Banking Services in the System of National Accountser cost, there is a corresponding supplier benefit to the bank from supplying deposit and loan services. Unfortunately, these user costs and supplier benefits are only equal if sectoral opportunity costs of financial capital (or discount rates) are equal across sectors of the economy.* The best refe The Measurement of Banking Services in the System of National Accountsrence on measurement problems in the services sector in general. Including financial services, is Tr iplett and Bosworth (2004). See also Basu (2009).The Measurement of Banking Services in the System of National Accounts
Basu. Inklaar and Wang (2011). Berger and Humphrey (1997), Berger and Mester (1997), Colangelo and Inklaar (2011), Fixler (2009) (2010), Fixler and Z1The Measurement of Banking Services in (lie System of National AccountsErwin Diewert,1 University of British Columbia and University of New South Wal The Measurement of Banking Services in the System of National Accounts. Basu and Fernaid (2009) on financial services measurement problems. Keunlng (1999) attempted to integrate financial capital into the System of National Accounts but he did not use a user cost approach.3Once the user cost approaches to modeling the demand lor bank deposits and loans have been expla The Measurement of Banking Services in the System of National Accountsined, we turn our attention to some of the treatments of bank services that have been suggested in the national income accounting literature? In sectiThe Measurement of Banking Services in the System of National Accounts
on 3, we start off by considering two alternative cash flow approaches; i.e., these approaches simply follow the financial Hows that the banking secto1The Measurement of Banking Services in (lie System of National AccountsErwin Diewert,1 University of British Columbia and University of New South Wal The Measurement of Banking Services in the System of National Accountsand so in section 4. the user cost approach to financial flows is introduced into the accounting framework. Section 5 modifies (he approaches explained in section 4 by introducing capital services into the accounting framework; the financial Hows in the system of accounts arc viewed as facilitating The Measurement of Banking Services in the System of National Accountsdie flow of waiting services to die nonfinancial production sector. Having presented die nominal valuation of bank services and how they are recordedThe Measurement of Banking Services in the System of National Accounts
in various sector accounts, we turn to a discussion of alternative approaches to the determination of the real value of hank services in Section 6. Se1The Measurement of Banking Services in (lie System of National AccountsErwin Diewert,1 University of British Columbia and University of New South Wal The Measurement of Banking Services in the System of National Accountsrspective of the supplier of bank services. Unfortunately, the two perspectives generally give rise to different real outputs, which of course leads to difficulties in the construction of a coherent set of real national accounts. Section 7 concludes.2. The User Cost and Supplier Benefit Approaches t The Measurement of Banking Services in the System of National Accountso Valuing Batik Services2.1 Deposit ServicesFollowing Fixler (2009), suppose (hat the household reference rate of return on safe assets is Ph for theThe Measurement of Banking Services in the System of National Accounts
period under consideration and the banking sector pays on average an interest rate of rD on bank deposits. Then the beginning of the period user cost 1The Measurement of Banking Services in (lie System of National AccountsErwin Diewert,1 University of British Columbia and University of New South Wal The Measurement of Banking Services in the System of National Accounts to hold one dollar of deposits throughout the accounting period gives up a dollar at the beginning of the period (and this dollar could be spent on general consumption) and in return, the dollar is returned to the consumer at the end of the period plus the rale ol interest rn that banks pay on depo The Measurement of Banking Services in the System of National Accountssits. But this end ol period benefit of 1 + rD is not as valuable due to the postponement of consumption lor the period SO this benefit must be discouThe Measurement of Banking Services in the System of National Accounts
nted to the beginning of the period by 1 plus the opportunity cost of capital die household faces at die beginning of the period. 1 + pH. Thus die net1The Measurement of Banking Services in (lie System of National AccountsErwin Diewert,1 University of British Columbia and University of New South Wal The Measurement of Banking Services in the System of National Accountsld bank deposits in addition to rhe household sector. We do nor model this aspect of reality in rhe present paper in rhe interests of simplicity.41 “(1 + rD)/(l + Ph).6 Usually, the household safe reference rate pH will be greater than the bank deposit rate rD. The Measurement of Banking Services in the System of National AccountsGọi ngay
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