Financial accounts by sector May 2013
Financial accounts • The main source and the starting point for compiling the financial accounts by sector are the balance sheets. • The data sources for stocks are much more available and reliable than the data sources for transactions. • As a result, the financial accounts are mainly based on an indirect approach.
Development of the Financial Account • Financial accounts in Israel are in the process of development. • Our main goal is to improve the financial accounts by acquisition of the data presently missing. • We have produced an estimate of the 2010 financial accounts and we are now developing the financial accounts for 2011
Development of the Financial Account • We are missing data on flows (except for the rest of the world sector) and are in the process of various calculations in order to extract the flows from balances.
Financial Account by Sector • The rest of the world sector account is prepared by the Balance of Payments Division in accordance with the reports of the Bank of Israel. • The central government – the financial reports of the government. • The other depository corporations subsector is based on the financial statements of the Commercial banks.
Rest of the world Sources • Bank of Israel. • Multinational companies’ activities survey. • Direct investment survey.
Other depository corporations • The financial statements of commercial banks do not include a distinction between transactions and changes in prices. • The profit and loss statement contains one line on the differences in rates of annual income/expenditure with no detail of the assets and liabilities which result in the differences.
Other depository corporations • The financial statements include details of the balances of assets and liabilities according to the linkage base. For this section it was attempted to estimate the revaluation consistent with balances and the exchange rate. • Details of profit/loss and assets/liabilities were transferred to the revaluation account.
Financial Account by Assets • Use of the changes in the balance sheet of a specific asset and an estimate of the revaluation based on the exchange rate or Total return index of bonds/shares. • transaction = changes in the balance sheet – value changes – other changes in the volume assets.
Loans/currency and deposits In national currency Total balance sheet in year T+1 Less Total balance sheet in year T = transaction
Loans/currency and deposits In foreign currency [Total balance sheet in year T+1 x Average exchange rate of T+1 : exchange rate at end of T+1] less [Total balance sheet in year T x Average exchange rate of T+1 : exchange rate at end of T] = transaction
Securities other than shares: Governmental bonds Total net transactions (Governmental bonds) : Total change in balance sheet (Governmental bonds) x Change in balance sheet (Governmental bonds)-Particular sector
Securities other than shares: Private bonds [Total balance sheet (stocks) in year T+1 x Total return index of bonds (average T+1/end of T+1)] less [Total balance sheet (stocks) in year T x Total return index of bonds (average T+1/end of T)] = transaction
Shares and other equity: [Total balance sheet (stocks) in year T+1 x Total return index of shares (average T+1/end of T+1)] less [Total balance sheet (stocks) in year T x Total return index of shares (average T+1/end of T)] = transaction
Insurance technical reserves/Other accounts receivable and payable Total balance sheet (stocks) in year T+1 Less Total balance sheet (stocks) in year T = transaction
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