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Developing Financial Statistics for Policy

This paper summarizes the articles published in July on the project of developing financial statistics in response to the financial crisis. The aim is to provide additional tools for policymakers, keep pace with financial innovation, and support the transparency agenda. The paper examines four aspects: output and employment in the financial sector, corporate sector balance sheets, household savings and wealth, and public sector balance sheets. It highlights gaps in indicators and deficiencies in balance sheets, and discusses future work and improvements planned.

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Developing Financial Statistics for Policy

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  1. Developing Financial Statistics for Policy Graeme Walker OECD Working Party on Financial Statistics, Paris, 3rd November 2009

  2. Summary • Introduction • Origins of the project • Aims • Four sections to the paper • Main findings • What happens now

  3. Introduction • Paper is a summary of articles published in July • Project set up in response to Financial Crisis • Helps ONS fulfil three roles • Providing additional tools for policy makers • Keeping pace with financial innovation • Support the transparency agenda

  4. Four aspects examined • Output and employment in Financial Sector • Corporate Sector balance sheets • Household savings and wealth • Public sector balance sheet

  5. Output • Lack of coherence between output and employment in some sub sectors • Gaps in output indicators • Hedge funds • SPVs • Derivitives • Some issues relating to deflation

  6. Balance sheets • Incomplete coverage leads to deficiencies in balance sheets • Some financial instruments not covered • Sources for corporate liabilities particularly weak • Household sector source not yet developed • Household assets survey

  7. Public sector • MFIs newly classified to the public sector • Revised presentation • Difficulty of classifying subsidiaries • New government interventions to classify • Presenting broader measures of public sector debt

  8. Future work • Need for collaboration with other fiscal departments • Long lead time for improvements particularly where new data sources are needed • ONS prioritising this work in 2009/10 • Some improvements planned for 2010 Blue Book • Derivatives • Securities dealers • Aiming to introduce more improvements into 2011 “Blue Book” • Corporate bonds

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