Front Matter

Author(s):
International Monetary Fund
Published Date:
August 2007
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    Pamphlet Series

    No. 56

    The System of Macroeconomic Accounts Statistics

    An Overview

    Statistics Department

    INTERNATIONAL MONETARY FUND

    Washington, D.C.

    2007

    ISBN 978-1-58906-620-5

    ISSN 0538-8759

    August 2007

    The views expressed in this pamphlet, including any legal aspects, are those of the author and should not be attributed to Executive Directors of the IMF or their national authorities.

    Cover design and typesetting: Multimedia Services Division

    Please send orders to:

    International Monetary Fund, Publication Services

    700 19th Street, N.W., Washington, D.C. 20431, USA

    Tel.: (202) 623-7430 Telefax: (202) 623-7201

    E-mail: publications@imf.org

    Internet: http://www.imf.org

    Contents

    The following conventions are used in this publication:

    • In tables, a blank cell indicates “not applicable,” ellipsis points (…) indicate “not available,” and 0 or 0.0 indicates “zero” or “negligible.” Minor discrepancies between sums of constituent figures and totals are due to rounding.

    • An en dash (–) between years or months (for example, 1998–99 or January–June) indicates the years or months covered, including the beginning and ending years or months; a slash or virgule (/) between years or months (for example, 1998/99) indicates a fiscal or financial year, as does the abbreviation FY (for example, FY2006).

    • “Billion” means a thousand million; “trillion” means a thousand billion.

    • “Basis points” refer to hundredths of 1 percentage point (for example, 25 basis points are equivalent to 1/4 of 1 percentage point).

    As used in this publication, the term “country” does not in all cases refer to a territorial entity that is a state as understood by international law and practice. As used here, the term also covers some territorial entities that are not states but for which statistical data are maintained on a separate and independent basis.

    Foreword

    Designed to meet the needs of economists, statisticians, students, and others, this pamphlet broadly surveys the key principles underlying the four main sets of macroeconomic statistics—national accounts, balance of payments, monetary and financial, and government finance statistics—when viewed as an integrated system. In this respect, it highlights the relationships between sectors of statistics and discusses recent developments in statistical methodologies, data compilation, and policy analysis and evaluation. The pamphlet updates Macroeconomic Accounts: An Overview, published by the IMF in 1979 under the authorship of Poul Høst-Madsen.

    Manuals and guidelines on statistical frameworks are available for the four main areas of macroeconomic statistics, but the reader can easily be overwhelmed by the very size of the manuals and their technical content. Moreover, understanding the relationship between these statistics through the existing manuals can be challenging for specialists and nonspecialists alike. Thus, this pamphlet bridges the various statistics, simplifying many concepts for purposes of exposition, to help the reader to understand the main relationships underlying the sets of macroeconomic statistics. In showing how the four key statistical areas harmonize, the pamphlet explains their common features and differences. It also provides numerical examples in each chapter to demonstrate the practical application and uses of the concepts within an analytical framework.

    In demonstrating the mutual consistency of the macroeconomic statistics, the pamphlet serves the needs of both policymakers and students of statistics. Given the orientation of the pamphlet, the authors expect it to be a valuable resource for students of economics and statistics to learn about macroeconomic statistics. At the same time, it should serve as a tool for IMF staff training, as well as for the IMF’s external training. Of course, for specialists or students wishing to have more in-depth understanding of the international concepts and frameworks in each macroeconomic account, they may refer to the relevant statistical manuals or guides.

    Preparing the pamphlet has been a long and complex endeavor involving numerous specialists with diverse skills who were able to build on each other’s work through the exchange of drafts and consultations. The project was managed under a task force headed by Neil Patterson (former Assistant Director of the Statistics Department) that comprised Edgar Ayales, Keith Dublin, Roberto Rosales, Robin Kibuka, Wipada Soonthornsima, and Emmanuel Kumah. The task force reviewed the main draft chapters of the pamphlet prepared by Statistics Department consultants Paul Cotterell and Kevin O’Connor.

    Besides preparing additional materials for the pamphlet, the task force requested and received supplementary materials from other Statistics Department staff, including, in particular, Kim Zieschang, Cor Gorter, Mick Silver, and Jose Cartas. The pamphlet benefited from useful comments from many staff of the Statistics Department. Further, particular note should be made of the contributions and inputs from other IMF departments that have strengthened and enriched the pamphlet in terms of its policy and practical content. Carmen Diaz-Zelaya and Patricia Poggi provided secretarial assistance; Joan Gibson gave editorial assistance; and James McEuen of the External Relations Department coordinated copyediting and publication. I wish to thank all who have contributed to this pamphlet.

    Robert W. Edwards

    Director

    Statistics Department

    International Monetary Fund

    Abbreviations

    BPM5

    Balance of Payments Manual, fifth edition

    BSA

    Balance sheet approach

    COFOG

    Classification of the Functions of Government

    CPI

    Consumer price index

    CPIS

    Coordinated Portfolio Investment Survey (IMF)

    DCS

    Depository corporations survey

    DQAF

    Data Quality Assessment Framework

    FCS

    Financial corporations survey

    FISIM

    Financial intermediation services indirectly measured

    f.o.b.

    Free on board

    FP

    Financial programming

    FSI

    Financial soundness indicator

    GDDS

    General Data Dissemination System

    GDI

    Gross domestic income

    GDP

    Gross domestic product

    GDY

    Gross national disposable income

    GFS

    Government finance statistics

    GFSM 1986

    A Manual on Government Finance Statistics 1986

    GFSM 2001

    Government Finance Statistics Manual 2001

    GNI

    Gross national income

    GNP

    Gross national product

    IIP

    International investment position

    ILO

    International Labor Organization

    IMF

    International Monetary Fund

    ITS

    International trade in services

    MA

    Monetary aggregate

    MFP

    Multifactor productivity

    MFSM

    Monetary and Financial Statistics Manual

    n.i.e.

    Not indicated elsewhere

    NL/B

    Net lending/borrowing

    NOB

    Net operating balance

    NPI

    Nonprofit institution

    NPISH

    Nonprofit institutions serving households

    OECD

    Organization for Economic Cooperation and Development

    PPI

    Producer price index

    QNA

    Quarterly national accounts

    ROSC

    Report on the Observance of Standards and Codes

    SDDS

    Special Data Dissemination Standard (IMF)

    SDR

    Special drawing right

    SEEA

    System of Environmental and Economic Accounting (UN)

    1993 SNA

    System of National Accounts 1993

    SUT

    Supply and use table

    UN

    United Nations

    XMPI

    Export and import price index

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