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Understanding National Accounts Second Edition
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Understanding National, SECOND EDITION, Fran ois Lequiller Derek Blades. This work is published under the responsibility of the Secretary General of the. OECD The opinions expressed and arguments employed herein do not necessarily. reflect the official views of OECD member countries. This document and any map included herein are without prejudice to the status of. or sovereignty over any territory to the delimitation of international frontiers and. boundaries and to the name of any territory city or area. Please cite this publication as, Lequiller F and D Blades 2014 Understanding National Accounts Second Edition. OECD Publishing, http dx doi org 10 1787 9789264214637 en. ISBN 978 92 64 21462 0 print, ISBN 978 92 64 21463 7 PDF. Series Periodical, ISSN 0000 0000 print, ISSN 0000 0000 online.
The statistical data for Israel are supplied by and under the responsibility of the relevant. Israeli authorities The use of such data by the OECD is without prejudice to the status of the. Golan Heights East Jerusalem and Israeli settlements in the West Bank under the terms of. international law, Photo credits Cover, Corrigenda to OECD publications may be found on line at www oecd org about publishing corrigenda htm. You can copy download or print OECD content for your own use and you can include excerpts from OECD. publications databases and multimedia products in your own documents presentations blogs websites and. teaching materials provided that suitable acknowledgment of the source and copyright owner is given All. requests for public or commercial use and translation rights should be submitted to rights oecd org Requests. for permission to photocopy portions of this material for public or commercial use shall be addressed directly. to the Copyright Clearance Center CCC at info copyright com or the Centre fran ais d exploitation du droit de. copie CFC at contact cfcopies com, T oday more than ever national accounts remain at the core of a modern system of. economic statistics The global economic and financial crisis has further underlined the. importance of a timely reliable and comprehensive monitoring of economic activity. and also pointed to directions for new developments and extensions in the accounts. National accounts provide the conceptual and actual tool to bring coherence to. hundreds of statistical sources available in OECD countries They deliver essential. macro economic indicators to guide policymaking, The questions however are whether users are sufficiently aware of the richness. of information contained in the national accounts and fully exploit their analytical and. statistical potential At the same time how can we ensure that users fully grasp the. complex concepts underpinning the national accounts as well as their limitations. And what about issues around their international comparability This second edition. of Understanding National Accounts intends to provide answers to these questions. and to many more in an easy and accessible yet rigorous way It is an update of the. previous edition published by the OECD in 2006 which was very well received by both. people familiar with the world of economic statistics and national accounts in. particular and non specialist users Indeed at the time many readers wrote to the. authors that for the first time they had come across a book on national accounts that. was easy to understand and not boring, Since 2006 four key developments have occurred that have made an update of. the previous edition a must First the financial crisis that hit OECD countries has. highlighted the need to better explain how strong movements in economic activity are. actually reflected in national accounts Second in 2008 the System of National. Accounts SNA underwent a major round of modernisation One example of the. revisions to the accounting system has been to treat expenditure in R D as investment. in knowledge Previously it was simply considered as a current cost item Third the. new emphasis put on better lives beyond the traditional objective of economic. growth and GDP has offered an opportunity to outline how the national accounts can. also be a rich underlying source for tracking households material well being Finally. new data on trade in value added are now being compiled in parallel to core national. accounts allowing to better understand the increased interconnectedness of our. UNDERSTANDING NATIONAL ACCOUNTS OECD 2014, This new augmented version of Understanding National Accounts reflects the.
four developments above In particular its publication has been scheduled to coincide. with the time when most OECD countries will have moved to the new 2008 System of. National Accounts, I am confident that like the previous one this edition of the report will receive a. similar warm welcome from all those and they are numerous whether young. statisticians students journalists economists or citizens who want to know more. about the statistics that are at the heart of the measure of economic development in. OECD economies, Martine Durand, OECD Chief Statistician and Director. Statistics Directorate, 4 UNDERSTANDING NATIONAL ACCOUNTS OECD 2014. TABLE OF CONTENTS, Table of contents, Acknowledgements 11. Chapter 1 The essential macroeconomic aggregates 13. 1 Defining GDP 15, 2 The first fundamental equation Deriving GDP in volume 21.
3 Defining demand the role of investment and consumption 24. 4 Second fundamental equation Reconciling global output. and demand 26, 5 Third fundamental equation Reconciling global output. and income 30, Key points 36, Going further 37, Exercises 44. Chapter 2 Distinguishing between volume and price increases 47. 1 A word of caution Compare volumes 48, 2 The volume price breakdown applied to changes over time 50. 3 The difficulties of aggregation 51, 4 Volume indices and price indices 55. 5 Constant prices 57, 6 Chained accounts and the loss of additivity 58.
7 Unpleasant practical consequences of chain linking 61. 8 The special cases 63, 9 And what about the price indices 66. Key points 69, Going further 70, Exercises 72, Chapter 3 International comparisons 79. 1 Comparison of growth rates 80, 2 Comparison of ratios The example of the saving ratio. the profit rate and the public debt ratio 83, 3 Comparison of levels of variables GDP per head in volume 87. 4 The spatial volume price breakdown Purchasing power parities 89. 5 Comparison of variables in absolute terms Household consumption 96. UNDERSTANDING NATIONAL ACCOUNTS OECD 2014, TABLE OF CONTENTS.
Key points 100, Exercises 101, Chapter 4 Production What it includes and excludes 103. 1 The production frontier 106, 2 The illegal economy and the underground economy 109. 3 Measurement of output and of value added The general case 110. 4 The measurement of output and of value added Special cases 113. 5 Nomenclatures and classifications 117, Key points 120. Going further 121, Exercises 126, Chapter 5 Defining final uses of GDP 129. 1 Final uses in the national accounts 131, 2 Households final consumption expenditure 134.
3 Final consumption expenditure by general government 138. 4 Final consumption expenditure of the NPISHs 141, 5 Moving from consumption expenditure to actual consumption 142. 6 Gross fixed capital formation 143, 7 Changes in inventories 148. 8 Net acquisitions of valuables 151, 9 Exports and imports of goods and services 151. Key points 158, Going further 160, Exercises 165, Chapter 6 The household account 169. 1 The three key indicators in the household account 171. 2 The household sector accounts 173, 3 An alternative way to measure household disposable income.
and consumption 186, Key points 189, Going further 190. Exercises 197, Chapter 7 Business accounts 201, 1 The relationship between the firm enterprise and the corporation 204. 2 The structure of corporate sector accounts 205, 3 From corporations to firms 215. Key points 219, Going further 220, Exercises 225, 6 UNDERSTANDING NATIONAL ACCOUNTS OECD 2014. TABLE OF CONTENTS, Chapter 8 The financial and balance sheet accounts 231.
1 The importance of household wealth for the analysis. of the current economic situation 232, 2 The principle of quadruple entry bookkeeping 234. 3 Financial assets and liabilities 239, 4 The link between financial flows and financial stocks 245. 5 The non financial assets 249, 6 The balance sheet accounts 251. 7 The complete sequence of accounts of an institutional sector 252. Key points 255, Going further 257, Exercises 271, Chapter 9 The general government account 275. 1 A simplified diagram for general government 278, 2 Detailed structure of the general government account 281.
3 What is the scope of the general government 288, 4 The principal public finance indicators 292. Key points 295, Going further 296, Exercises 300, Chapter 10 The input output table and integrated economic accounts 305. 1 The supply and use tables SUTs 307, 2 The aggregate supply and final uses tables 313. 3 Intermediate use table IUT 316, 4 The input output table 318. 5 The use of the input output table for economic analysis 319. 6 From the sum of the values added to GDP 321, 7 The integrated economic account IEA 324.
8 The transition from GDP to national income 327, Key points 330. Going further 331, Exercises 341, Chapter 11 The national accounts machinery Compilation and reporting 349. 1 The quarterly national accounts 350, 2 The annual national accounts 356. 3 The revisions to the national accounts and their precision 358. 4 Comprehensive revisions 361, 5 Other datasets related to the national accounts 363. UNDERSTANDING NATIONAL ACCOUNTS OECD 2014, TABLE OF CONTENTS.
Key points 365, Going further 366, Exercises 369, Chapter 12 The national income and product accounts. of the United States 371, 1 Background 373, 2 NIPA Tables 375. 3 Dissemination of NIPAs 382, 4 Other NIPA related programmes 384. 5 Compilation of quarterly gross domestic product 387. 6 Methodologies for preparing quarterly GDP 391, Going further 402. Chapter 13 The 2007 2009 financial crisis and recession. Reflections in the national accounts 409, 1 The Great Recession 412.
2 Slow economic recovery 427, 3 Prelude to the financial crisis 429. Chapter 14 International systems of national accounts. Past and future 437, 1 From the very beginnings 438. 2 to the first modern accounts 438, 3 The 1953 SNA 439. 4 The 1968 SNA 440, 5 The 1993 SNA 442, 6 The 1995 ESA 445. 7 The 2008 SNA 445, Chapter 15 GDP as a welfare metric The beyond GDP agenda 451.
1 Better welfare measures within the national accounts 456. 2 Welfare measures beyond the national accounts 463. 3 Measuring well being the broader agenda on Beyond GDP 470. Chapter 16 National accounts in a globalising world 479. 1 Evidence of increasing globalisation 482, 2 A new statistical tool to measure the impact of globalisation. Trade in Value Added TiVA 485, 3 Continuing to compile good national accounts in a globalising. Glossary 501, 8 UNDERSTANDING NATIONAL ACCOUNTS OECD 2014. Note to the reader, This manual contains a large quantity of data essentially extracted from OECD. sources StatLinks are used to provide access to the data underlying most of the. tables and graphs in the book However the reader must remember that national. accounts are constantly revised Differences can thus be found between two values. of the same variable in two different tables or electronic files as well as between the. variables used in the manual and those provided by the latest publications of. national accounts by various statistical offices and OECD This is not due to errors. but simply to the fact that the various parts of the manual have been updated at a. certain date over a period of one year mid 2013 mid 2014 Also during and. especially at the end of this very period many OECD member countries moved from. the old SNA 1993 ESA 1995 framework to the new SNA 2008 ESA 2010 framework. This change is not reflected in some of the tables which have been updated before the. results of this change was available see Box 1 1 in Chapter 1. Follow OECD Publications on, http twitter com OECD Pubs.
http www facebook com OECDPublications, http www linkedin com groups OECD Publications 4645871. http www youtube com oecdilibrary, Alerts http www oecd org oecddirect. This book has StatLinks2, A service that delivers Excel files from the printed page. Look for the StatLinks2at the bottom of the tables or graphs in this book. To download the matching Excel spreadsheet just type the link into your. Internet browser starting with the http dx doi org prefix or click on the link from. the e book edition, ACKNOWLEDGEMENTS, Acknowledgements. In memoriam Derek Blades the co author of this book died on 25 June. 2014 All his life Derek Blades was extremely active in the international. network of national accountants in particular within the OECD His great. professional competence his pedagogical skills as well as his gift for social. relations will be deeply missed Fran ois Lequiller could not have drafted this. manual without him, The authors would like to thank.
Peter van de Ven Head of the National Accounts Division in the Statistics. Directorate of OECD for having supervised the preparation of this new version. of Understanding National Accounts intends to provide answers to these questions and to many more in an easy and accessible yet rigorous way It is an update of the previous edition published by the OECD in 2006 which was very well received by both people familiar with the world of economic statistics and national accounts in particular and non specialist users Indeed at the

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