JEL Classification: C 82; E 10; E 43; G 21
Zadorozhna R., Candidate of Economic Sciences, Associate Professor of the Department of Economics, Entrepreneurship, Trade and Exchange Activity, Bila Tserkva National Agrarian University, Bila Tserkva, Ukraine
FEATURES OF CALCULATING OF FINANCIAL INTERMEDIATION SERVICES INDIRECTLY MEASURED IN THE SYSTEM OF NATIONAL ACCOUNTS
Introduction. The institutional sector’s contribution to Gross Domestic Product is estimated in the System of National Accounts on the basis of its output. The evaluation of financial intermediaries’ output is the significant methodological problem, because financial services may be paid for explicitly or implicitly.
Purpose. The purpose of study is to review the historical aspect of the problem of financial intermediation services indirectly measured (FISIM). The features of calculating the volume of FISIM and its distribution among consumers of these services should be analysed.
Results. The transformation of methodological approaches of the System of National Accounts to the issue of measuring the output of the institutional sector of financial corporations in terms of the activities of financial intermediaries is investigated. The approaches to solving this problem in the international standards of the SNA 1953, 1968, 1993 and 2008 are described. The specifics of the financial intermediaries’ activity as a basis for their selection into the separate institutional sector are disclosed. The essence of the concept of financial intermediation services indirectly measured is revealed. The notion of bank interest and SNA interest on the methodological base of SNA 2008 is described.
Conclusions. The methodological approach of the 2008 SNA to the measurement of FISIM is based on experience of 1953 SNA, 1968 SNA and 1993 SNA. It applies to loans and deposits only, using a reference rate. The output of FISIM is distributed between intermediate consumption, final consumption and exports.
Keywords: System of National Accounts (SNA), financial sector, financial intermediaries, liquidity transformation, financial intermediation services indirectly measured (FISIM), reference rate, bank interest, SNA interest.
References:
- System of National Accounts 2008 (2009), United Nations, European Commission, International Monetary Fund, Organisation for Economic Co operation and Development, World Bank, New York, USA.
- Zadorozhna, R. P. (2015), “Conceptualization of the connection between financial market, market of financial services and financial sector”, Statystyka Ukrajiny, vol. 1, pp. 26-32.
- Measurement of National Income and the Construction of Social Accounts: Report of the Sub-committee on National Income Statistics of the League of Nations Committee of Statistical Experts [Online], Studies and Reports on Statistical Methods, UN, Geneva, 1947, no. 7, available at: https://unstats.un.org/unsd/nationalaccount/docs/1947NAreport.pdf (Accessed 28 August 2017).
- Yntema, D. T. (1947), “National Income Originating in Financial Intermediaries”, Studies in Income and Wealth, vol. 10, pp. 23-82.
- Speagle, R. E. and Silverman, L. (1953), “The Banking Income Dilemma”, Review of Economics and Statistics, vol. 35, no. 2, pp. 128-139.
- Warburton, C. (1958), “Financial Intermediaries and Interest Paid by Business Firms to Banks”, Studies in Income and Wealth, vol. 22, pp. 509-521.
- Mamalakis, Markos J. (1987), “The treatment of interest and financial intermediaries in the national accounts: the old “bundle” versus the new “unbundle” approach”, Review of Income and Wealth, vol. 33, pp. 169-192.
- Begg, I. Bourney, J. Weale, M. and Wright, S. (1996), “Financial Intermediation Services Indirectly Measured: Estimates for France and the UK Based on the Approach Adopted in the 1993 SNA”, Review of Income and Wealth, vol. 42, issue 4, pp. 453-472.
- Omundsen, B. (2011), “Measuring the Contribution of Financial Intermediation to Gross Domestic Product (GDP)” [Online], New Zealand Association of Economists conference, Wellington, New Zealand, available at: http://www.stats.govt.nz/~/media/Statistics/surveys-and-methods/methods/research-papers/NZAE/2011/omundsen-2011-nzae-gdp.pdf
- Davies, M. (2010), “The measurement of financial services in the national accounts and the financial crisis”, IFC Bulletin, vol. 33, pp. 350-357.
- Fixler, D.J., Reinsdorf, V. and Smith, G.M. (2003) “Measuring the Services of Commercial Banks in the NIPAs: Changes in Concepts and Methods”, Survey of Current Business, vol. 83, pp. 33– 44.
- Lynch, R. (1998) “What is FISIM?” SNA News and Notes, Issue 8, pp. 2-4.
- Studenski, P. (1958). The Income of Nations. Theory, Measurement, and Analysis: past and present. New York University Press, New York, USA.
- Belgibaeva, K. (2010), “Metodologiya opredeleniya vyipuska kosvenno-izmeryaemyih uslug finansovyih posrednikov v sootvetstvii s SNS-2008”, Ekonomika i statistika, vol. 4, pp. 50-57.
- Bilyk, D. V. (2014), “Novi metodologhichni pidkhody rozrakhunku oplaty poslugh finansovykh poserednykiv u nacionaljnykh rakhunkakh”, Naukovyj visnyk nacionaljnoji akademiji statystyky, obliku ta audytu, vol. 1, pp. 74-79.
- Eliseeva, I. I. and Kapralova, E. B., (2008), “Sovremennaya praktika otsenki uslug finansovyih posrednikov na osnove klassifikatsiy SNS”, Finansyi i biznes, vol. 3, pp. 73-77.
- Molchanov, D. I., (2012), “Metodologicheskie osnovyi rascheta uslug po finansovomu posrednichestvu, izmeryaemyih kosvennyim obrazom, v SNS-2008”, Voprosyi statistiki, vol. 3, pp. 20-24.
- Momotjuk, L. Je., (2014), “Udoskonalennja metodologhiji ocinjuvannja finansovoji dijaljnosti v Systemi nacionaljnykh rakhunkiv”, Bukhghaltersjkyj oblik, analiz ta audyt: problemy teoriji, metodologhiji, orghanizaciji, vol. 1, pp. 207-216.
- Uslugi po finansovomu posrednichestvu, izmeryaemyie Kosvennyim obrazom (UFPIK). [Online], Zapiska sekretariata OESR, Sovmestnoe soveschanie EEK-OESR-SNG po natsionalnyim schetam dlya stran SNG, SPb, 28-30 may 2001, available at: https://www.unece.org/fileadmin/DAM/stats/documents/ces/ac.68/2001/4.r.pdf (Accessed 28 August 2017).
- A standardized system of national accounts, (1952), OEEC, Paris, France.
- A System of National Accounts (1993), [Online], Commission of the European Communities, International Monetary Fund, Organization for Economic Co-operation and Development, United Nations and World Bank, Brussels/Luxembourg, New York, Paris, Washington, D.C., available at: https://unstats.un.org/unsd/nationalaccount/docs/1993sna.pdf (Accessed 28 August 2017).
- Derzhavna sluzhba statystyky Ukrajiny (2013), Metodologhichni polozhennja onovlenoji versiji systemy nacionaljnykh rakhunkiv 2008 roku [Online], available at: https://ukrstat.org/uk/metod_polog/menu/01_nr.htm (Accessed 28 August 2017).
- Rekomendatsii po ischisleniyu pokazateley vyipuska i ispolzovaniya uslug finansovogo posrednichestva, izmeryaemyih kosvennyim obrazom, v sootvetstvii s polozheniyami SNS 2008 goda, (2010), [Online], Statkomitet SNG, Moskva : available at: https://goo.gl/VnkLzz (Accessed 28 August 2017).
Українська