工程力学A课程教学大纲Title高教课堂

1、1comparability of saving and profit ratiosoecd national accounts experts meetingchateau de la muette, paris7-10 october 2003汽车防盗器 http:/1教育教学2backgroundndiscussion of alternative household saving measures at october 2002 naemnecb/oecd project detailed examination of institutional sector accounts for

2、 the euro area, the united states and japan with particular emphasis on household saving ratios, profit ratios and investment ratiosnscope of this paper household saving ratios profit ratios2教育教学3household saving ratiosnissues relating to the basic measure of the household saving ratio gross or net?

3、 include npish? change in net equity of households on pension funds adjusted household disposable incomenproposed definition for use in oecd statistical databases (including annex table 24 of economic outlook)nfurther adjustments to the household saving ratio3教育教学4statistical annex table 24, oecd ec

4、onomic outlook nreproduced as table 1 - shows household saving ratios for 21 member countriesnfootnotes to this table indicate differences in the data currently being published for various countriesnoecd economics department tends to use measures for the household saving ratio and other variables th

5、at will be readily recognised in the member countries hence what is published by member countries in their own national accounts has an effect on international comparability4教育教学5gross or net household savingnnet is the preferred measurenonly use gross if cofc estimates are deficientndata for 7 coun

6、tries is currently shown grossnrecommendation 1: it is recommended that the seven countries (belgium, denmark, italy, portugal, spain, switzerland and the united kingdom) include household saving ratios in their national accounts publications on a net basis instead of, or in addition to, the gross m

7、easures.5教育教学6include npishndata for 5 countries currently exclude npishnrecommendation 2: in the interests of international comparability it is recommended that the five countries (czech republic, finland, france, japan and new zealand) also include household saving ratios for households including

8、npish in their national accounts publications.6教育教学7change in net equity of households on pension fundsncurrent definition: b8 / (b6 + d8) where b8 = net household saving b6 = net household disposable income d8 = change in net equity of households on pension fundsntable 2 provides household saving r

9、atios using this formula and data from the oecd annual sna93 databasenrecommendation 3: it is recommended that countries that have a non-nil value for the adjustment for the change in equity of households on pension funds (d8) should verify that their own saving ratios are consistent with this defin

10、ition.7教育教学8adjusted household disposable incomennew concepts introduced in sna93 collective and individual consumption for general government social transfers in kind actual final consumption adjusted household disposable incomennew account in sna93 use of adjusted disposable income accountnthese e

11、nable a more internationally comparable household saving ratio to be computed8教育教学9adjusted household disposable income (cont)nnet household saving (b8) / net adjusted household disposable income (b7) + adjustment for the change in equity of households on pension funds (d8)ntable 3 provides househol

12、d saving ratios for member countries using this definition and using data from the oecd annual sna93 database.ntable 4 shows the differences between this measure and the current measure for the household saving ratio shown in table 2.9教育教学10proposed definition for the household saving rationrecommen

13、dation 4: the household saving ratio for inclusion in oecd statistical databases (including annex table 24 of the oecd economic outlook) should be defined as follows:net household saving (b8) / net adjusted household disposable income (b7) + adjustment for the change in equity of households on pensi

14、on funds (d8)nthe ratio should be calculated including npish for the present. 10教育教学11proposed definition for the household saving ratio (cont)nit is also recommended that countries publish this measure of household saving in their own national accounts publications in addition to the traditional me

15、asure.nquestion: are those countries that publish quarterly household saving ratios able to provide estimates for individual consumption for general government on a quarterly basis?11教育教学12adjustments to the household saving rationcapital gains taxesndirect taxes versus taxes on production and impor

16、tsnreal net interest payments for householdsnhousehold durablesnpotential and realised capital gains/lossesnother issues regarding pensionsntreatment of unincorporated enterprisesnfinancial accounts measure12教育教学13adjustments to the household saving ratio (cont)nstatistics directorate is working tow

17、ards alternative saving measuresnneed to recognise the limitations of some of the proposed adjustments since it cannot be assumed that the economic behaviour of households would be unaffected if different institutional arrangements actually existed in particular countries.13教育教学14capital gains taxes

18、nproposed adjustment treat capital gains taxes as capital transfers rather than current transfers add back capital gains taxes to household saving and household disposable income noecd paper to be discussed under agenda item 29 seems unlikely that a change in sna93 will be recommended to the iswgnan

19、item for capital gains taxes added to table 90014教育教学15direct taxes versus taxes on production and importsnsaving is not affected by the mix of these taxes but household disposable income isnhow adjust? replace taxes on production etc by income taxes replace income taxes by taxes on production etc u

20、se a standard mix of taxes for all countriesnsuggest the first of these alternatives deduct taxes on production etc from hdinissues taxes on production etc or taxes on products? net of subsidies?15教育教学16direct taxes versus taxes on production and imports (cont)nissues (cont) how much is attributable

21、 to actual final consumption? some of the production taxes could be replaced by income taxes on corporations rather than all on householdsndifficult to estimate what part of taxes on production is attributable to actual final consumptionnno reason to ignore subsidiesntherefore, propose using taxes o

22、n products less subsidies on products as a rough approximationntable 5 (adjusted ratios) and table 6 (differences)16教育教学17real net interest payments for householdsnadjustment for the effect of inflation on interest rates and interest flowsnneutral interestnreal interest = nominal interest - neutral

23、interestnonly include real interest flows when deriving household saving and hdi, therefore need to deduct neutral interest on assets add neutral interest on liabilitiesnassets used for adjustment should include assets held on households behalf by pension funds, life insurance corporations and mutua

24、l funds etc17教育教学18household durablesnhouseholds regard consumer durables as assetsnrental equivalence approach could be used to derive alternative estimates in satellite accounts however, rental markets for long term use of consumer durables may not be well developed therefore, if we assume no oper

25、ating surplus is generated from consumer durables an approximate adjustment is to subtract expenditure on durables from, and add consumption of fixed capital on durables to, hfce consequently, household saving would be increased by net investment in consumer durables18教育教学19household durables (cont)

26、noecd and eurostat are discussing proposals for additional data collection regarding household durables and dwellings cofc for household durables, capital stock for dwellings and household durables, capital gains/losses on dwellingsnrecommendation 5: countries are encouraged to compile separate esti

27、mates of household final consumption expenditure, capital stock and consumption of fixed capital for consumer durables.19教育教学20capital gains and lossesnhave a significant impact on wealth and consumption of households but are not included in household income in sna93npotential versus realised capita

28、l gains different impact on consumption than income from production or transfers impact may be different for realised as opposed to potential capital gains nominal or real capital gains?20教育教学21capital gains and losses (cont)nrecommendation 6: rather than adjusting the household saving ratio for cap

29、ital gains/losses directly, it is recommended that capital gains/losses be used as an additional explanatory variable when analysing household consumption behaviour.21教育教学22pensionsndefined benefit schemes problem of under or over fundingnunfunded pension schemes actual pensions do not match accruin

30、g liabilities for these schemesnsocial security versus private pension schemes different institutional arrangements contribute to observed differences in household saving ratios 22教育教学23pensionsnrecommendation 7: it is recommended that adjustments in relation to social security schemes should be und

31、ertaken as a special exercise and not combined with other adjustments to derive an alternative measure of the household saving ratio. the pensions edg sponsored by the imf provides an opportunity to resolve the problems caused by defined benefit schemes and unfunded pension schemes for public sector

32、 employees in the context of the forthcoming revision of sna93. anne harrisons paper on the pensions edg makes a valuable contribution concerning this issue.23教育教学24unincorporated enterprisesnfor which countries are unincorporated enterprises that are treated as quasi-corporate quantitatively signif

33、icant?ndo such countries compile estimates for compensation of employees for working proprietors in quasi-corporations or is the labour return to these working proprietors included in operating surplus?ndo such countries have separate data on the level of withdrawals from quasi-corporations or do th

34、ey simply assume that all of the entrepreneurial income of quasi-corporations is transferred to households in the current period? 24教育教学25financial accounts measurenchange in financial position (financial account) versus net lending (capital account)nif all of the difference is assumed to be caused

35、by deficiencies in income flows then can derive the following alternative measure of the household saving ratio table 7 gives these ratios, and table 8 shows the difference between these ratios and those in table 2.nobviously the differences could be caused by deficiencies in any of the items in the

36、 income, capital or financial accounts25教育教学26additional measures for the household saving rationan alternative measure or a series of alternative measures?ndo countries have a preference for whether a series of saving ratios should be compiled, each including an adjustment for one factor or whether

37、 a single alternative measure should be compiled that includes adjustments for all (or as many as possible) of the various factors simultaneously? 26教育教学27profit ratiosncountry practicesntypes of profit ratiosndefinitions gross or net? numerator denominator for rates of return denominator for profit

38、 shareninstitutional sector scope27教育教学28country practicesnprofit ratios are presented in many different ways by member countries united kingdom gross balance of primary incomes for non-financial corporations as a share of gross national income economic trends article containing data for 34 countrie

39、s for net operating surplus over net capital stock plus inventories for non-financial corporations united states 8 ratios; 4 rate of return measures and 4 profit share measures ratios relate to private non-financial corporations28教育教学29country practices (cont) united states (cont) net operating surp

40、lus and net entrepreneurial income are used both before and after income tax as the numerator for each type of measure (note: different terminology is used by bea) net capital stock plus inventories is used as the denominator for rate of return measures net factor income less nos for public corporat

41、ions is used as the denominator for profit share measures australia gross operating surplus for financial and non-financial corporations divided by total factor income france gos/gross value added at basic prices for all enterprises (corporate and quasi-corporate plus unincorporated)29教育教学30types of

42、 profit ratiosnrates of return profit over capital stock used for profitability studiesnprofit shares profit over gdp, gni or total factor income used for analyses of returns to labour and capitalnprofit margin profit over output not recommended at the macro economy level30教育教学31definitions for rate

43、 of return and profit share measuresngross or net both numerator and denominator should be net of consumption of fixed capital use gross measure if consumption of fixed capital estimates are deficientnnumerator (for both rates of return and profit shares) net operating surplus independent of the ext

44、ent to which borrowed funds are used entrepreneurial income after receipts of property income and payments of interest and rent on non-produced assets used by the business 31教育教学32definitions for rate of return and profit share measures (cont)ndenominator for rate of return measures net capital stoc

45、k for produced assets including inventories? non-produced tangible assets? non-produced intangible assets?ndenominator for profit share measures net domestic product net factor income whole economy institutional sector used for numerator32教育教学33institutional sector scopennon-financial corporationsnf

46、inancial corporationsnfinancial and non-financial corporationsncorporations and unincorporated enterprises ideally mixed income should be split into a return to the labour provided by working proprietors and a return to capitalnprivate and public sub-sectors for corporations33教育教学34recommendations regarding profit ratiosnprofit margin type ratios using output as the denominator should not be compiled at th