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The household sector accounts
Bank of Algeria – IFC seminar on Developing and Improving Sectoral Financial Accounts 20 – 21 January 2016, Bank of Algeria, Algiers
Gabriel Quirós Head of Division Macroeconomic Statistics European Central Bank
www.ecb.europa.eu NFCs AND HOUSEHOLDS
2
1 Household sector: definitions and delineation
Data sources and compilation challenges 2
3 The household sector in the euro area, Household Sector Report
Outline
www.ecb.europa.eu
Households (S.14)
Individuals or groups of individuals as consumers and as entrepreneurs producing market goods and non-financial and financial services (market producers). It also includes individuals or groups of individuals as producers of goods and nonfinancial services for exclusively own final use.
Persons living in retirement homes, prisons etc. are households
Sole proprietors and partnerships without legal status are households, unless they are quasi corporations.
3
Institutional Sectors
www.ecb.europa.eu
Non-profit institutions serving households (S.15) Private non-market producers serving households and which are separate legal entities. Their principal resources are voluntary contributions in cash or in kind from households, from payments made by general government and from property income. Small entities belonging to this group should be considered together with the household sector (S.14). This sector does not include entities whose membership gives right to a predefined set of goods or services. Some examples of this subsector are: – Trade unions – Political parties – Charities – Relief of aid organisations financed on a voluntary basis
4
Institutional Sectors
www.ecb.europa.eu
Household versus Corporation
Does a sole proprietorship or partnership (unincorporated unit) belong to household or corporation sector?
Having the following two characteristics is determinant to be a corporation
– Full set of accounts or ability to draw up set of accounts
(e.g. are asset and liabilities separate from household)
– Sufficient autonomy of decision
• Having employees and compensation of employees is a good indicator of autonomy (a threshold based on national specificities can be set as a practical rule)
• Large number of partners for the case of partnerships is also an indicator of autonomy
5
Practical rules for sectorisation
www.ecb.europa.eu
The Non-financial corporate sector and the households sector in SNA 2008
6
Are incorporated business own by households part of NFCs or of Households?: a decision tree (TF QSA)
www.ecb.europa.eu NFCs AND HOUSEHOLDS
7
2 Data sources and compilation challenges
Household sector: definitions and delineation
1
3 The household sector in the euro area, Household Sector Report
Outline
www.ecb.europa.eu
Data sources and compilation challenges
8
• Financial accounts are derived statistics based on other financial statistics (source statistics) – BSI MFI balance sheet statistics – IF Investment Fund statistics – FVC Financial Vehicle Corp. statistics – SEC, SHS Security issues and Holding statistics – ICPF Insurance Corporation and Pension Fund statistics – BoP Balance of Payments and IIP statistics – QFAGG Quarterly FA for General Government statistics – NFC Non-financial corporate balance sheet statistics
• The compilation of financial accounts consists in putting data sources in a common, comprehensive, integrated accounting framework;
• In case of missing source statistics residual estimation is employed
www.ecb.europa.eu
Data sources and compilation challenges
9
Households
• Direct sector data (e.g. surveys) generally not suitable (timeliness!)
• Counterpart sector information:
- MFI BSI: deposits (assets)
- MFI BSI, FVC, ICPF: loan (liabilities)
- IF: Investment fund shares (assets)
- ICPF: Insurance technical reserves (assets)
- SHS: Security (debt securities, quoted shares) holdings (assets)
- NFC balance sheets: loans, other equity, trade credit
• Residual calculations in some countries, in particular
- for debt securities but also for other equity holdings
www.ecb.europa.eu
Data sources and compilation challenges
10
BSI F.1 Monetary gold and special drawing rightsR* R* QFAGG ICPF OFIFA BSI =0 F.21 Currency BOP, BSI BSI QFAGG
Counterpart information: BOP, BSI, QFAGG
Counterpart information: BOP, BSI, QFAGG
BSI, BOP, QFAGG
BSI, BOPBSI, QFAGG,
BOP BOP,BSI
BOP, BSI
F.2M Transferable Deposits and Other Deposits
BOP, BSI BOP,BSI
— —QFAGG (<=BOP) =0
R*, SHS R*, SHSSHS,
QFAGG, BOPSHS, ICPF,
BOPSHS, OFIFA,
BOPBSI, SHS BOP F.331
Short-term securities other than shares, except financial derivatives
BOP SEC SEC SECQFAGG (<=SEC)
SEC
R*, SHS R*, SHSSHS,
QFAGG, BOPSHS, ICPF,
BOPSHS, OFIFA,
BOPBSI, SHS BOP F.332
Long-term securities other than shares, except financial derivatives
BOP SEC SEC SECQFAGG (<=SEC)
SEC
BOP, BSI, QFAGG F.34 Financial Derivatives
BOP BOP,BSI
OFIFA, BSI, BOP, ICPF
ICPF, BSI, OFIFA, BOP
QFAGG (<= BOP+BSI)
R* R*
Other1) NFC QFAGG ICPF OFI BSIBOP-(BOP-
BSI)2) F.41 Short-term LoansBOP-(BOP-
BSI)2)BSI BSI QFAGG
BSI-(QFAGG-BSI)3)
BSI
Other1) NFC QFAGG ICPF OFI BSIBOP-(BOP-
BSI)2) F.42 Long-term LoansBOP-(BOP-
BSI)2)BSI BSI BSI QFAGG
BSI-(QFAGG-BSI)3)
BSI
R*, SHS R*, SHS
QFAGG, SHS (total); NFC,
BSI, OFI, BOP
(counterparts)
SHS, ICPF, BOP
SHS, OFIFA, BOP
BSI, SHS BOP F.511 Quoted shares BOP SEC SEC SEC SEC
R*, NFC R*, NFC
QFAGG, SHS (total); NFC,
BSI, OFI, BOP
(counterparts)
SHS, ICPF, BOP
SHS, OFIFA, BOP
BSI, SHS BOPF.512 F.513
Unquoted shares and other equity BOP BSI OFIFA ICPF NFC
R* R*OFI, BOP,
QFAGG, SHSSHS, ICPF,
BOPSHS, OFIFA,
BOPBSI, SHS BOP F.52 Mutual funds shares BOP SEC SEC —
R* =0 F.61Net equity of households in life insurance reserves and in pension funds reserves =0 BSI OFIFA ICPF NFC =0
R* ICPF ICPF ICPF ICPF BSI, ICPF ICPF F.62Prepayments of insurance premiums and reserves for outstanding claims
ICPF OFIFA ICPF
R*, NFC, CCR
R*, NFC, CCR
QFAGGICPF, BSI,
BOPOFIFA, BOP,
BSI BOP,BSI
BOP F.71 Trade credits and advances BOP BOP,BSI
OFIFA, BSI, ICPF, BOP
ICPF, BSI, OIFAF, BOP
QFAGGR*, NFC,
CCRR*, NFC,
CCR
Households including
NPISH (S.14+S.15)
Insurance corporations and pension
funds (ICPFs) (S.125)
OFIs and f inancial
auxiliaries (S.123+S.124)
Rest of the w orld (S.2)
Monetary f inancial
institutions (MFIs)
(S.121+S.122)
OFIs and f inancial
auxiliaries (S.123+S.124)
Insurance corporations and pension
funds (ICPFs) (S.125)
Monetary f inancial
institutions (MFIs)
(S.121+S.122)
Rest of the w orld (S.2)
General government
(S.13)
Non-financial corporations
(S.11)
Assets
Financial account (quarterly non-seasonal adjusted)
Liabilities
Households including
NPISH (S.14+S.15)
Non-financial corporations
(S.11)
General government
(S.13)
Examples for balancing adjustments: R* Residual calculation. 1) Household loan assets are taken from NFC loan liabilities vis-à-vis households. 2) Differences for S.121/122 from BSI and BOP are reconciled in S.2. 3) Differences for S.13 from QFAGG and BSI are offset in S.11.
www.ecb.europa.eu 11
2 The household sector in the euro area, Household Sector Report
Household sector: definitions and delineation
1
2 Data sources and compilation challenges
Outline
www.ecb.europa.eu
The economic lifecycle of a household
The household sector in the euro area, Household Sector Report
12
Labour market
Household income and components
Consumption and saving
Financial investment
Non-financial investment (housing)
External financing
Net worth
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Household investments in financial assets
13
Labour market and compensation
Household income and components
Consumption and saving
Financial investment
Non-financial investment (housing)
External financing
Net worth
The household sector in the euro area, Household Sector Report
www.ecb.europa.eu
The household sector in the euro area, Household Sector Report
14
Household investments in financial assets Euro area, (2003 – 2015 Q1, EUR per capita - annual transactions and transactions over four quarters)
• Households are selling their debt securities in net terms, instead increasing their investment in equity as well as life insurance and pension schemes.
www.ecb.europa.eu 15
Household investments in financial assets – country perspective EURO AREA AGGREGATE Financial investment across countries
(EUR per capita, in the four quarters to 15Q1)
• Heterogeneity of financial
investment
• Reflecting income differences …
• …but also institutional
differences (e.g. NL pension
system)
• Note: Housing wealth not
included!
The household sector in the euro area, Household Sector Report
www.ecb.europa.eu 16
Country perspective Across euro area countries, total, euro per capita and % of disposable income
• Heterogeneity of portfolio size
and composition across
countries
• Reflecting income differences …
• …but also institutional
differences (e.g. NL pension
system)
• Note: Housing wealth not
included!
16
The household sector in the euro area, Household Sector Report
www.ecb.europa.eu
Thank you for your attention