Pub Date : 2009-06-23DOI: 10.1111/j.1475-4991.2009.00326.x
Xianchun Xu
This paper provides a systematic and comprehensive account of the establishment, reform, and development of China's System of National Accounts, focusing on important changes in concepts and methods in national accounting during China's transition from the Soviet-type Material Product System to the United Nations System of National Accounts, as well as existing problems and challenges that must be faced in the further development of the system.
{"title":"The Establishment, Reform, and Development of China's System of National Accounts","authors":"Xianchun Xu","doi":"10.1111/j.1475-4991.2009.00326.x","DOIUrl":"https://doi.org/10.1111/j.1475-4991.2009.00326.x","url":null,"abstract":"This paper provides a systematic and comprehensive account of the establishment, reform, and development of China's System of National Accounts, focusing on important changes in concepts and methods in national accounting during China's transition from the Soviet-type Material Product System to the United Nations System of National Accounts, as well as existing problems and challenges that must be faced in the further development of the system.","PeriodicalId":135206,"journal":{"name":"ERN: Measurement & Data on National Income & Product Accounts (Topic)","volume":null,"pages":null},"PeriodicalIF":0.0,"publicationDate":"2009-06-23","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"121196975","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
In this paper the author relates the measurement of intangibles to the project of measuring the sources of growth. He focuses on three related and difficult areas of the measurement of national income: the measurement of new goods, the deflation of intangible investment, and the divergence between the social and private valuations of intangible assets. The author argues that the economic theory and practice underlying measurement of these items is currently controversial and incomplete, and he points toward how concretely to move forward.
{"title":"Intangible Assets and National Income Accounting: Measuring a Scientific Revolution","authors":"L. Nakamura","doi":"10.2139/ssrn.1404633","DOIUrl":"https://doi.org/10.2139/ssrn.1404633","url":null,"abstract":"In this paper the author relates the measurement of intangibles to the project of measuring the sources of growth. He focuses on three related and difficult areas of the measurement of national income: the measurement of new goods, the deflation of intangible investment, and the divergence between the social and private valuations of intangible assets. The author argues that the economic theory and practice underlying measurement of these items is currently controversial and incomplete, and he points toward how concretely to move forward.","PeriodicalId":135206,"journal":{"name":"ERN: Measurement & Data on National Income & Product Accounts (Topic)","volume":null,"pages":null},"PeriodicalIF":0.0,"publicationDate":"2009-05-08","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"132524461","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
The two most important international databases with Portuguese GDP per capita and productivity from the 1950s onwards (GGDC and Ameco) offer two contrasting pictures of the evolution of the economy, especially during the slowdown period between 1973 and the mid-1980s. The main problem is the low quality of the underlying population and employment data. This paper offers new estimates for population and employment and recalculates GDP per capita and productivity between 1950 and 2007. Although confirming the main idea carried by GGDC (a similar slowdown of GDP per capita and productivity), the series are different and should be viewed as the new benchmark for the Portuguese economy.
{"title":"New Series for GDP Per Capita, Per Worker, and Per Worker-Hour in Portugal, 1950-2007","authors":"Luciano Amaral","doi":"10.2139/ssrn.1498361","DOIUrl":"https://doi.org/10.2139/ssrn.1498361","url":null,"abstract":"The two most important international databases with Portuguese GDP per capita and productivity from the 1950s onwards (GGDC and Ameco) offer two contrasting pictures of the evolution of the economy, especially during the slowdown period between 1973 and the mid-1980s. The main problem is the low quality of the underlying population and employment data. This paper offers new estimates for population and employment and recalculates GDP per capita and productivity between 1950 and 2007. Although confirming the main idea carried by GGDC (a similar slowdown of GDP per capita and productivity), the series are different and should be viewed as the new benchmark for the Portuguese economy.","PeriodicalId":135206,"journal":{"name":"ERN: Measurement & Data on National Income & Product Accounts (Topic)","volume":null,"pages":null},"PeriodicalIF":0.0,"publicationDate":"2009-04-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"125639146","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
This paper investigates the role of valuation effects on a country's net foreign asset position. It shows that following transitory output shocks, valuation effects are stabilizing; they counteract current account movements and mitigate the impact of the current account on a country's net foreign assets. Following trend shocks, valuation effects are amplifying; they move in the same direction as the current account and reinforce the impact of the current account on net foreign assets. The results are illustrated by the external imbalances between the U.S. and other industrialized countries since the 1990s.
{"title":"Valuation Effects with Transitory and Trend Output Shocks","authors":"Ha Nguyen","doi":"10.2139/ssrn.1294066","DOIUrl":"https://doi.org/10.2139/ssrn.1294066","url":null,"abstract":"This paper investigates the role of valuation effects on a country's net foreign asset position. It shows that following transitory output shocks, valuation effects are stabilizing; they counteract current account movements and mitigate the impact of the current account on a country's net foreign assets. Following trend shocks, valuation effects are amplifying; they move in the same direction as the current account and reinforce the impact of the current account on net foreign assets. The results are illustrated by the external imbalances between the U.S. and other industrialized countries since the 1990s.","PeriodicalId":135206,"journal":{"name":"ERN: Measurement & Data on National Income & Product Accounts (Topic)","volume":null,"pages":null},"PeriodicalIF":0.0,"publicationDate":"2008-11-02","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"125395204","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
The report makes a retrospective analysis of the Bulgarian Normative Regulation for the evaluating in accountancy, which has been applied to the long-term assets for the last fifteen years. Two periods are pointed out: initial consistent liberalization, expressed in evaluating by fair value in the national accounting standards, mainly as an aim for harmonizing of the Accounting Legislation with the International Accounting Standards (IAS); consequently in the National Accounting Standards is observed a coming back to the conception of the historical cost as a result of the harmonization with Directive IV of the European Community from 1978, at the same time IAS are applied obligatory in a number of companies, including public ones.
{"title":"A Historical View Towards the Normative Regulation for Evaluation of Long-Term Assets of Bulgaria","authors":"N. Alexandrova","doi":"10.2139/ssrn.3049278","DOIUrl":"https://doi.org/10.2139/ssrn.3049278","url":null,"abstract":"The report makes a retrospective analysis of the Bulgarian Normative Regulation for the evaluating in accountancy, which has been applied to the long-term assets for the last fifteen years. Two periods are pointed out: initial consistent liberalization, expressed in evaluating by fair value in the national accounting standards, mainly as an aim for harmonizing of the Accounting Legislation with the International Accounting Standards (IAS); consequently in the National Accounting Standards is observed a coming back to the conception of the historical cost as a result of the harmonization with Directive IV of the European Community from 1978, at the same time IAS are applied obligatory in a number of companies, including public ones.","PeriodicalId":135206,"journal":{"name":"ERN: Measurement & Data on National Income & Product Accounts (Topic)","volume":null,"pages":null},"PeriodicalIF":0.0,"publicationDate":"2008-10-07","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"125184284","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 2008-10-06DOI: 10.1111/j.1475-4991.2010.00390.x
L. Nakamura
In this paper I focus on three related and difficult areas of the measurement of national income. I argue that the economic theory underlying measurement of these items is currently controversial and incomplete.
{"title":"Intangible Assets and National Income Accounting","authors":"L. Nakamura","doi":"10.1111/j.1475-4991.2010.00390.x","DOIUrl":"https://doi.org/10.1111/j.1475-4991.2010.00390.x","url":null,"abstract":"In this paper I focus on three related and difficult areas of the measurement of national income. I argue that the economic theory underlying measurement of these items is currently controversial and incomplete.","PeriodicalId":135206,"journal":{"name":"ERN: Measurement & Data on National Income & Product Accounts (Topic)","volume":null,"pages":null},"PeriodicalIF":0.0,"publicationDate":"2008-10-06","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"114983899","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 2008-10-01DOI: 10.5089/9781451870978.001
Roberto Ramos, Lisbeth Rivas, G. Pastor
This paper reviews the Latin American experience with the implementation of 1993 SNAand the updating of the national accounts' base year. It also makes a preliminary assessment of the possible estimation biases in nominal GDP estimates stemming from the use of outdated national accounts base years, downwards biases with household final consumption estimates, and an overestimation of gross fixed capital formation in construction activities.
{"title":"Latin America: Highlights from the Implementation of the System of National Accounts 1993 (1993 SNA)","authors":"Roberto Ramos, Lisbeth Rivas, G. Pastor","doi":"10.5089/9781451870978.001","DOIUrl":"https://doi.org/10.5089/9781451870978.001","url":null,"abstract":"This paper reviews the Latin American experience with the implementation of 1993 SNAand the updating of the national accounts' base year. It also makes a preliminary assessment of the possible estimation biases in nominal GDP estimates stemming from the use of outdated national accounts base years, downwards biases with household final consumption estimates, and an overestimation of gross fixed capital formation in construction activities.","PeriodicalId":135206,"journal":{"name":"ERN: Measurement & Data on National Income & Product Accounts (Topic)","volume":null,"pages":null},"PeriodicalIF":0.0,"publicationDate":"2008-10-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"132866104","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
J. Baldwin, Wulong Gu, Anthony Fisher, F. Lee, Benoı̂t Robidoux
Official data from statistical agencies are not always ideal for cross-country comparisons because of differences in data sources and methodology. Analysts who engage in cross-country comparisons need to carefully choose among alternatives and sometimes adapt data especially for their purposes. This paper develops comparable capital stock estimates to examine the relative capital intensity of Canada and the United States. To do so, the paper applies common depreciation rates to Canadian and U.S. assets to come up with comparable capital stock estimates by assets and by industry between the two countries. Based on common depreciation rates, it finds that capital intensity is higher in the Canadian business sector than in the U.S. business sector. This is the net result of quite different ratios at the individual asset level. Canada has as higher intensity of engineering infrastructure assets per dollar of gross domestic product produced. Canada has a lower intensity of information and communications technology (ICT) machinery and equipment (ME however, it has a deficit in M&E that goes beyond ICT assets.
{"title":"Capital Intensity in Canada and the United States, 1987 to 2003","authors":"J. Baldwin, Wulong Gu, Anthony Fisher, F. Lee, Benoı̂t Robidoux","doi":"10.2139/ssrn.1509488","DOIUrl":"https://doi.org/10.2139/ssrn.1509488","url":null,"abstract":"Official data from statistical agencies are not always ideal for cross-country comparisons because of differences in data sources and methodology. Analysts who engage in cross-country comparisons need to carefully choose among alternatives and sometimes adapt data especially for their purposes. This paper develops comparable capital stock estimates to examine the relative capital intensity of Canada and the United States. To do so, the paper applies common depreciation rates to Canadian and U.S. assets to come up with comparable capital stock estimates by assets and by industry between the two countries. Based on common depreciation rates, it finds that capital intensity is higher in the Canadian business sector than in the U.S. business sector. This is the net result of quite different ratios at the individual asset level. Canada has as higher intensity of engineering infrastructure assets per dollar of gross domestic product produced. Canada has a lower intensity of information and communications technology (ICT) machinery and equipment (ME however, it has a deficit in M&E that goes beyond ICT assets.","PeriodicalId":135206,"journal":{"name":"ERN: Measurement & Data on National Income & Product Accounts (Topic)","volume":null,"pages":null},"PeriodicalIF":0.0,"publicationDate":"2008-07-10","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"114930872","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
We explore the implications of current account adjustment for monetary policy within a simple two-country DSGE model. Our framework nests Obstfeld and Rogoff's (2005) static model of exchange rate responsiveness to current account reversals. It extends this approach by endogenizing the dynamic adjustment path and by incorporating production and nominal price rigidities in order to study the role of monetary policy. We consider two different adjustment scenarios. The first is a "slow burn" where the adjustment of the current account deficit of the home country is smooth and slow. The second is a "fast burn" where, owing to a sudden shift in expectations of relative growth rates, there is a rapid reversal of the home country's current account. We examine several different monetary policy regimes under each of these scenarios. Our principal finding is that the behavior of the domestic variables (for instance, output, inflation) is quite sensitive to the monetary regime, while the behavior of the international variables (for instance, the current account and the real exchange rate) is less so. Among different policy rules, domestic inflation targeting achieves the best stabilization outcome of aggregate variables. This result is robust to the presence of imperfect pass-through on import prices, although in this case stabilization of consumer price inflation performs similarly well.
{"title":"Current Account Dynamics and Monetary Policy","authors":"A. ferrero, M. Gertler, Lars E. O. Svensson","doi":"10.24148/wp2008-26","DOIUrl":"https://doi.org/10.24148/wp2008-26","url":null,"abstract":"We explore the implications of current account adjustment for monetary policy within a simple two-country DSGE model. Our framework nests Obstfeld and Rogoff's (2005) static model of exchange rate responsiveness to current account reversals. It extends this approach by endogenizing the dynamic adjustment path and by incorporating production and nominal price rigidities in order to study the role of monetary policy. We consider two different adjustment scenarios. The first is a \"slow burn\" where the adjustment of the current account deficit of the home country is smooth and slow. The second is a \"fast burn\" where, owing to a sudden shift in expectations of relative growth rates, there is a rapid reversal of the home country's current account. We examine several different monetary policy regimes under each of these scenarios. Our principal finding is that the behavior of the domestic variables (for instance, output, inflation) is quite sensitive to the monetary regime, while the behavior of the international variables (for instance, the current account and the real exchange rate) is less so. Among different policy rules, domestic inflation targeting achieves the best stabilization outcome of aggregate variables. This result is robust to the presence of imperfect pass-through on import prices, although in this case stabilization of consumer price inflation performs similarly well.","PeriodicalId":135206,"journal":{"name":"ERN: Measurement & Data on National Income & Product Accounts (Topic)","volume":null,"pages":null},"PeriodicalIF":0.0,"publicationDate":"2008-04-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"128061526","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
This paper examines the impact of the revisions to labour productivity estimates and related variables covering the revision cycle of the National Accounts from 2003 to 2006 for Canada and from 2004 to 2006 for the United States.
{"title":"Revisions to Canada and United States Annual Estimates of Labour Productivity in the Business Sector, 2003 to 2006","authors":"Jean-Pierre Maynard, Mustapha Kaci","doi":"10.2139/SSRN.1507814","DOIUrl":"https://doi.org/10.2139/SSRN.1507814","url":null,"abstract":"This paper examines the impact of the revisions to labour productivity estimates and related variables covering the revision cycle of the National Accounts from 2003 to 2006 for Canada and from 2004 to 2006 for the United States.","PeriodicalId":135206,"journal":{"name":"ERN: Measurement & Data on National Income & Product Accounts (Topic)","volume":null,"pages":null},"PeriodicalIF":0.0,"publicationDate":"2007-11-27","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"132164601","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
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