《工程力学A》课程教学大纲课件

COMPARABILITYOFSAVINGANDPROFITRATIOSOECDNationalAccountsExpertsMeetingChateaudelaMuette,Paris7-10October2003COMPARABILITYOFSAVINGANDPR1BackgroundDiscussionofalternativehouseholdsavingmeasuresatOctober2002NAEMECB/OECDprojectDetailedexaminationofinstitutionalsectoraccountsfortheeuroarea,theUnitedStatesandJapanwithparticularemphasisonhouseholdsavingratios,profitratiosandinvestmentratiosScopeofthispaperHouseholdsavingratiosProfitratiosBackgroundDiscussionofaltern2HouseholdsavingratiosIssuesrelatingtothebasicmeasureofthehouseholdsavingratioGrossornet?IncludeNPISH?ChangeinnetequityofhouseholdsonpensionfundsAdjustedhouseholddisposableincomeProposeddefinitionforuseinOECDStatisticalDatabases(includingAnnexTable24ofEconomicOutlook)FurtheradjustmentstothehouseholdsavingratioHouseholdsavingratiosIssues3StatisticalAnnexTable24,OECDEconomicOutlookReproducedasTable1-showshouseholdsavingratiosfor21membercountriesFootnotestothistableindicatedifferencesinthedatacurrentlybeingpublishedforvariouscountriesOECDEconomicsDepartmenttendstousemeasuresforthehouseholdsavingratioandothervariablesthatwillbereadilyrecognisedinthemembercountriesHencewhatispublishedbymembercountriesintheirownnationalaccountshasaneffectoninternationalcomparabilityStatisticalAnnexTable24,OE4GrossornethouseholdsavingNetisthepreferredmeasureOnlyusegrossifCOFCestimatesaredeficientDatafor7countriesiscurrentlyshowngross

Recommendation1:Itisrecommendedthatthesevencountries(Belgium,Denmark,Italy,Portugal,Spain,SwitzerlandandtheUnitedKingdom)includehouseholdsavingratiosintheirnationalaccountspublicationsonanetbasisinsteadof,orinadditionto,thegrossmeasures.GrossornethouseholdsavingN5IncludeNPISHDatafor5countriescurrentlyexcludeNPISH

Recommendation2:Intheinterestsofinternationalcomparabilityitisrecommendedthatthefivecountries(CzechRepublic,Finland,France,JapanandNewZealand)alsoincludehouseholdsavingratiosforhouseholdsincludingNPISHintheirnationalaccountspublications.IncludeNPISHDatafor5countr6ChangeinnetequityofhouseholdsonpensionfundsCurrentdefinition:B8/(B6+D8)

WhereB8=Nethouseholdsaving

B6=Nethouseholddisposableincome

D8=Changeinnetequityofhouseholdson

pensionfundsTable2provideshouseholdsavingratiosusingthisformulaanddatafromtheOECDannualSNA93databaseRecommendation3:Itisrecommendedthatcountriesthathaveanon-nilvaluefortheadjustmentforthechangeinequityofhouseholdsonpensionfunds(D8)shouldverifythattheirownsavingratiosareconsistentwiththisdefinition.Changeinnetequityofhouseh7AdjustedhouseholddisposableincomeNewconceptsintroducedinSNA93CollectiveandindividualconsumptionforgeneralgovernmentSocialtransfersinkindActualfinalconsumptionAdjustedhouseholddisposableincomeNewaccountinSNA93UseofadjusteddisposableincomeaccountTheseenableamoreinternationallycomparablehouseholdsavingratiotobecomputedAdjustedhouseholddisposable8Adjustedhouseholddisposableincome(cont)Nethouseholdsaving(B8)/[Netadjustedhouseholddisposableincome(B7)+Adjustmentforthechangeinequityofhouseholdsonpensionfunds(D8)]

Table3provideshouseholdsavingratiosformembercountriesusingthisdefinitionandusingdatafromtheOECDannualSNA93database.

Table4showsthedifferencesbetweenthismeasureandthecurrentmeasureforthehouseholdsavingratioshowninTable2.Adjustedhouseholddisposable9ProposeddefinitionforthehouseholdsavingratioRecommendation4:ThehouseholdsavingratioforinclusioninOECDStatisticalDatabases(includingAnnexTable24oftheOECDEconomicOutlook)shouldbedefinedasfollows:

Nethouseholdsaving(B8)/[Netadjustedhouseholddisposableincome(B7)+Adjustmentforthechangeinequityofhouseholdsonpensionfunds(D8)]

TheratioshouldbecalculatedincludingNPISHforthepresent.

Proposeddefinitionfortheho10Proposeddefinitionforthehouseholdsavingratio(cont)Itisalsorecommendedthatcountriespublishthismeasureofhouseholdsavingintheirownnationalaccountspublicationsinadditiontothetraditionalmeasure.Question:

Arethosecountriesthatpublishquarterlyhouseholdsavingratiosabletoprovideestimatesforindividualconsumptionforgeneralgovernmentonaquarterlybasis?Proposeddefinitionfortheho11AdjustmentstothehouseholdsavingratioCapitalgainstaxesDirecttaxesversustaxesonproductionandimportsRealnetinterestpaymentsforhouseholdsHouseholddurablesPotentialandrealisedcapitalgains/lossesOtherissuesregardingpensionsTreatmentofunincorporatedenterprisesFinancialaccountsmeasureAdjustmentstothehouseholds12Adjustmentstothehouseholdsavingratio(cont)StatisticsDirectorateisworkingtowardsalternativesavingmeasures

Needtorecognisethelimitationsofsomeoftheproposedadjustmentssinceitcannotbeassumedthattheeconomicbehaviourofhouseholdswouldbeunaffectedifdifferentinstitutionalarrangementsactuallyexistedinparticularcountries.Adjustmentstothehouseholds13CapitalgainstaxesProposedadjustmentTreatcapitalgainstaxesascapitaltransfersratherthancurrenttransfersAddbackcapitalgainstaxestohouseholdsavingandhouseholddisposableincomeOECDpapertobediscussedunderagendaitem29SeemsunlikelythatachangeinSNA93willberecommendedtotheISWGNAItemforcapitalgainstaxesaddedtoTable900CapitalgainstaxesProposedad14DirecttaxesversustaxesonproductionandimportsSavingisnotaffectedbythemixofthesetaxesbuthouseholddisposableincomeisHowadjust?ReplacetaxesonproductionetcbyincometaxesReplaceincometaxesbytaxesonproductionetcUseastandardmixoftaxesforallcountriesSuggestthefirstofthesealternativesDeducttaxesonproductionetcfromHDIIssuesTaxesonproductionetcortaxesonproducts?Netofsubsidies?Directtaxesversustaxesonp15Directtaxesversustaxesonproductionandimports(cont)Issues(cont)Howmuchisattributabletoactualfinalconsumption?SomeoftheproductiontaxescouldbereplacedbyincometaxesoncorporationsratherthanallonhouseholdsDifficulttoestimatewhatpartoftaxesonproductionisattributabletoactualfinalconsumptionNoreasontoignoresubsidiesTherefore,proposeusingtaxesonproductslesssubsidiesonproductsasaroughapproximationTable5(adjustedratios)andTable6(differences)Directtaxesversustaxesonp16RealnetinterestpaymentsforhouseholdsAdjustmentfortheeffectofinflationoninterestratesandinterestflowsNeutralinterestRealinterest=Nominalinterest-neutralinterestOnlyincluderealinterestflowswhenderivinghouseholdsavingandHDI,thereforeneedtoDeductneutralinterestonassetsAddneutralinterestonliabilitiesAssetsusedforadjustmentshouldincludeassetsheldonhouseholdsbehalfbypensionfunds,lifeinsurancecorporationsandmutualfundsetcRealnetinterestpaymentsfor17HouseholddurablesHouseholdsregardconsumerdurablesasassetsRentalequivalenceapproachcouldbeusedtoderivealternativeestimatesinsatelliteaccountsHowever,rentalmarketsforlongtermuseofconsumerdurablesmaynotbewelldevelopedTherefore,ifweassumenooperatingsurplusisgeneratedfromconsumerdurablesanapproximateadjustmentistosubtractexpenditureondurablesfrom,andaddconsumptionoffixedcapitalondurablesto,HFCEConsequently,householdsavingwouldbeincreasedbynetinvestmentinconsumerdurablesHouseholddurablesHouseholdsr18Householddurables(cont)OECDandEurostatarediscussingproposalsforadditionaldatacollectionregardinghouseholddurablesanddwellingsCOFCforhouseholddurables,Capitalstockfordwellingsandhouseholddurables,Capitalgains/lossesondwellings

Recommendation5:Countriesareencouragedtocompileseparateestimatesofhouseholdfinalconsumptionexpenditure,capitalstockandconsumptionoffixedcapitalforconsumerdurables.Householddurables(cont)OECD19CapitalgainsandlossesHaveasignificantimpactonwealthandconsumptionofhouseholdsbutarenotincludedinhouseholdincomeinSNA93PotentialversusrealisedcapitalgainsDifferentimpactonconsumptionthanincomefromproductionortransfersImpactmaybedifferentforrealisedasopposedtopotentialcapitalgainsNominalorrealcapitalgains?CapitalgainsandlossesHavea20Capitalgainsandlosses(cont)Recommendation6:Ratherthanadjustingthehouseholdsavingratioforcapitalgains/lossesdirectly,itisrecommendedthatcapitalgains/lossesbeusedasanadditionalexplanatoryvariablewhenanalysinghouseholdconsumptionbehaviour.Capitalgainsandlosses(cont21PensionsDefinedbenefitschemesProblemofunderoroverfundingUnfundedpensionschemesActualpensionsdonotmatchaccruingliabilitiesfortheseschemesSocialsecurityversusprivatepensionschemesDifferentinstitutionalarrangementscontributetoobserveddifferencesinhouseholdsavingratiosPensionsDefinedbenefitscheme22PensionsRecommendation7:Itisrecommendedthatadjustmentsinrelationtosocialsecurityschemesshouldbeundertakenasaspecialexerciseandnotcombinedwithotheradjustmentstoderiveanalternativemeasureofthehouseholdsavingratio.

ThepensionsEDGsponsoredbytheIMFprovidesanopportunitytoresolvetheproblemscausedbydefinedbenefitschemesandunfundedpensionschemesforpublicsectoremployeesinthecontextoftheforthcomingrevisionofSNA93.AnneHarrison’spaperonthepensionsEDGmakesavaluablecontributionconcerningthisissue.PensionsRecommendation7:It23UnincorporatedenterprisesForwhichcountriesareunincorporatedenterprisesthataretreatedasquasi-corporatequantitativelysignificant?Dosuchcountriescompileestimatesforcompensationofemployeesforworkingproprietorsinquasi-corporationsoristhelabourreturntotheseworkingproprietorsincludedinoperatingsurplus?Dosuchcountrieshaveseparatedataonthelevelofwithdrawalsfromquasi-corporationsordotheysimplyassumethatalloftheentrepreneurialincomeofquasi-corporationsistransferredtohouseholdsinthecurrentperiod?UnincorporatedenterprisesFor24FinancialaccountsmeasureChangeinfinancialposition(financialaccount)versusNetlending(capitalaccount)IfallofthedifferenceisassumedtobecausedbydeficienciesinincomeflowsthencanderivethefollowingalternativemeasureofthehouseholdsavingratioTable7givestheseratios,andTable8showsthedifferencebetweentheseratiosandthoseinTable2.Obviouslythedifferencescouldbecausedbydeficienciesinanyoftheitemsintheincome,capitalorfinancialaccountsFinancialaccountsmeasureChan25AdditionalmeasuresforthehouseholdsavingratioAnalternativemeasureoraseriesofalternativemeasures?

Docountrieshaveapreferenceforwhetheraseriesofsavingratiosshouldbecompiled,eachincludinganadjustmentforonefactororwhetherasinglealternativemeasureshouldbecompiledthatincludesadjustmentsforall(orasmanyaspossible)ofthevariousfactorssimultaneously?

Additionalmeasuresfortheho26ProfitratiosCountrypracticesTypesofprofitratiosDefinitionsGrossornet?NumeratorDenominatorforratesofreturnDenominatorforprofitshareInstitutionalsectorscopeProfitratiosCountrypractices27CountrypracticesProfitratiosarepresentedinmanydifferentwaysbymembercountriesUnitedKingdomGrossbalanceofprimaryincomesfornon-financialcorporationsasashareofgrossnationalincomeEconomicTrendsarticlecontainingdatafor34countriesfornetoperatingsurplusovernetcapitalstockplusinventoriesfornon-financialcorporationsUnitedStates8ratios;4rateofreturnmeasuresand4profitsharemeasuresRatiosrelatetoprivatenon-financialcorporationsCountrypracticesProfitratios28Countrypractices(cont)UnitedStates(cont)Netoperatingsurplusandnetentrepreneurialincomeareusedbothbeforeandafterincometaxasthenumeratorforeachtypeofmeasure(Note:DifferentterminologyisusedbyBEA)NetcapitalstockplusinventoriesisusedasthedenominatorforrateofreturnmeasuresNetfactorincomelessNOSforpubliccorporationsisusedasthedenominatorforprofitsharemeasuresAustraliaGrossoperatingsurplusforfinancialandnon-financialcorporationsdividedbytotalfactorincomeFranceGOS/Grossvalueaddedatbasicpricesforallenterprises(corporateandquasi-corporateplusunincorporated)Countrypractices(cont)United29TypesofprofitratiosRatesofreturnProfitovercapitalstockUsedforprofitabilitystudiesProfitsharesProfitoverGDP,GNIortotalfactorincomeUsedforanalysesofreturnstolabourandcapitalProfitmarginProfitoveroutputNotrecommendedatthemacroeconomylevelTypesofprofitratiosRatesof30DefinitionsforrateofreturnandprofitsharemeasuresGrossornetBothnumeratoranddenominatorshouldbenetofconsumptionoffixedcapitalUsegrossmeasureifconsumptionoffixedcapitalestimatesaredeficientNumerator(forbothratesofreturnandprofitshares)NetoperatingsurplusIndependentoftheextenttowhichborrowedfundsareusedEntrepreneurialincomeAfterreceiptsofpropertyincomeandpaymentsofinterestandrentonnon-producedassetsusedbythebusinessDefinitionsforrateofreturn31Definitionsforrateofreturnandprofitsharemeasures(cont)DenominatorforrateofreturnmeasuresNetcapitalstockforproducedassetsIncludinginventories?Non-producedtangibleassets?Non-producedintangibleassets?DenominatorforprofitsharemeasuresNetdomesticproductNetfactorincomeWholeeconomyInstitutionalsectorusedfornumeratorDefinitionsforrateofreturn32InstitutionalsectorscopeNon-financialcorporationsFinancialcorporationsFinancialandnon-financialcorporationsCorporationsandunincorporatedenterprisesIdeallymixedincomeshouldbesplitintoareturntothelabourprovidedbyworkingproprietorsandareturntocapitalPrivateandpublicsub-sectorsforcorporationsInstitutionalsectorscopeNon-33RecommendationsregardingprofitratiosProfitmargintyperatiosusingoutputasthedenominatorshouldnotbecompiledatthemacroeconomylevel.Ratesofreturnandprofitsharesshouldbecalculatednetofconsumptionoffixedcapital,unlessCOFCestimatesareseriouslydeficient.Netoperatingsurplusshouldbeusedasthenumeratorifratesofreturnarebeingcalculatedatanindustrylevel.Otherwise,netoperatingsurplusorentrepreneurialincomemaybeusedasthenumeratorforbothratesofreturnandprofitsharemeasures.Recommendationsregardingprof34Recommendationsregardingprofitratios(cont)Forrateofreturnmeasuresthenetcapitalstockshouldbedefinedtoincludeproducedassetsandinventories.Forprofitsharemeasuresvariousratiosmaybecalculateddependingontheanalysesbeingundertaken.Ifapureprofitsharemeasureisrequired,thevariablesinboththenumeratoranddenominatorshouldrelatetotheinstitutionalsector(s)forwhichtheratioisbeingcalculated.Recommendationsregardingprof35Recommendationsregardingprofitratios(cont)Recommendation8:Theratioofnetoperatingsurplusdividedbynetfactorincomeforthenon-financialcorporationssectorshouldbeoneoftheprofitshareratiosincludedinOECDStatisticalDatabases(includingtheStatisticalAnnexoftheOECDEconomicOutlook).Otherprofitshareratiosshouldalsobeconsideredforinclusion.

Table9providesprofitshareratiosfornon-financialcorporationsusingdatafromtheOECDannualSNA93databaseCountryviewsarewelcomeonthemostappropriateprofitratiosforinclusioninOECDStatisticalDatabases(includingtheStatisticalAnnextotheEconomicOutlook)Recommendationsregardingprof36演讲完毕，谢谢观看！演讲完毕，谢谢观看！37COMPARABILITYOFSAVINGANDPROFITRATIOSOECDNationalAccountsExpertsMeetingChateaudelaMuette,Paris7-10October2003COMPARABILITYOFSAVINGANDPR38BackgroundDiscussionofalternativehouseholdsavingmeasuresatOctober2002NAEMECB/OECDprojectDetailedexaminationofinstitutionalsectoraccountsfortheeuroarea,theUnitedStatesandJapanwithparticularemphasisonhouseholdsavingratios,profitratiosandinvestmentratiosScopeofthispaperHouseholdsavingratiosProfitratiosBackgroundDiscussionofaltern39HouseholdsavingratiosIssuesrelatingtothebasicmeasureofthehouseholdsavingratioGrossornet?IncludeNPISH?ChangeinnetequityofhouseholdsonpensionfundsAdjustedhouseholddisposableincomeProposeddefinitionforuseinOECDStatisticalDatabases(includingAnnexTable24ofEconomicOutlook)FurtheradjustmentstothehouseholdsavingratioHouseholdsavingratiosIssues40StatisticalAnnexTable24,OECDEconomicOutlookReproducedasTable1-showshouseholdsavingratiosfor21membercountriesFootnotestothistableindicatedifferencesinthedatacurrentlybeingpublishedforvariouscountriesOECDEconomicsDepartmenttendstousemeasuresforthehouseholdsavingratioandothervariablesthatwillbereadilyrecognisedinthemembercountriesHencewhatispublishedbymembercountriesintheirownnationalaccountshasaneffectoninternationalcomparabilityStatisticalAnnexTable24,OE41GrossornethouseholdsavingNetisthepreferredmeasureOnlyusegrossifCOFCestimatesaredeficientDatafor7countriesiscurrentlyshowngross

Recommendation1:Itisrecommendedthatthesevencountries(Belgium,Denmark,Italy,Portugal,Spain,SwitzerlandandtheUnitedKingdom)includehouseholdsavingratiosintheirnationalaccountspublicationsonanetbasisinsteadof,orinadditionto,thegrossmeasures.GrossornethouseholdsavingN42IncludeNPISHDatafor5countriescurrentlyexcludeNPISH

Recommendation2:Intheinterestsofinternationalcomparabilityitisrecommendedthatthefivecountries(CzechRepublic,Finland,France,JapanandNewZealand)alsoincludehouseholdsavingratiosforhouseholdsincludingNPISHintheirnationalaccountspublications.IncludeNPISHDatafor5countr43ChangeinnetequityofhouseholdsonpensionfundsCurrentdefinition:B8/(B6+D8)

WhereB8=Nethouseholdsaving

B6=Nethouseholddisposableincome

D8=Changeinnetequityofhouseholdson

pensionfundsTable2provideshouseholdsavingratiosusingthisformulaanddatafromtheOECDannualSNA93databaseRecommendation3:Itisrecommendedthatcountriesthathaveanon-nilvaluefortheadjustmentforthechangeinequityofhouseholdsonpensionfunds(D8)shouldverifythattheirownsavingratiosareconsistentwiththisdefinition.Changeinnetequityofhouseh44AdjustedhouseholddisposableincomeNewconceptsintroducedinSNA93CollectiveandindividualconsumptionforgeneralgovernmentSocialtransfersinkindActualfinalconsumptionAdjustedhouseholddisposableincomeNewaccountinSNA93UseofadjusteddisposableincomeaccountTheseenableamoreinternationallycomparablehouseholdsavingratiotobecomputedAdjustedhouseholddisposable45Adjustedhouseholddisposableincome(cont)Nethouseholdsaving(B8)/[Netadjustedhouseholddisposableincome(B7)+Adjustmentforthechangeinequityofhouseholdsonpensionfunds(D8)]

Table3provideshouseholdsavingratiosformembercountriesusingthisdefinitionandusingdatafromtheOECDannualSNA93database.

Table4showsthedifferencesbetweenthismeasureandthecurrentmeasureforthehouseholdsavingratioshowninTable2.Adjustedhouseholddisposable46ProposeddefinitionforthehouseholdsavingratioRecommendation4:ThehouseholdsavingratioforinclusioninOECDStatisticalDatabases(includingAnnexTable24oftheOECDEconomicOutlook)shouldbedefinedasfollows:

Nethouseholdsaving(B8)/[Netadjustedhouseholddisposableincome(B7)+Adjustmentforthechangeinequityofhouseholdsonpensionfunds(D8)]

TheratioshouldbecalculatedincludingNPISHforthepresent.

Proposeddefinitionfortheho47Proposeddefinitionforthehouseholdsavingratio(cont)Itisalsorecommendedthatcountriespublishthismeasureofhouseholdsavingintheirownnationalaccountspublicationsinadditiontothetraditionalmeasure.Question:

Arethosecountriesthatpublishquarterlyhouseholdsavingratiosabletoprovideestimatesforindividualconsumptionforgeneralgovernmentonaquarterlybasis?Proposeddefinitionfortheho48AdjustmentstothehouseholdsavingratioCapitalgainstaxesDirecttaxesversustaxesonproductionandimportsRealnetinterestpaymentsforhouseholdsHouseholddurablesPotentialandrealisedcapitalgains/lossesOtherissuesregardingpensionsTreatmentofunincorporatedenterprisesFinancialaccountsmeasureAdjustmentstothehouseholds49Adjustmentstothehouseholdsavingratio(cont)StatisticsDirectorateisworkingtowardsalternativesavingmeasures

Needtorecognisethelimitationsofsomeoftheproposedadjustmentssinceitcannotbeassumedthattheeconomicbehaviourofhouseholdswouldbeunaffectedifdifferentinstitutionalarrangementsactuallyexistedinparticularcountries.Adjustmentstothehouseholds50CapitalgainstaxesProposedadjustmentTreatcapitalgainstaxesascapitaltransfersratherthancurrenttransfersAddbackcapitalgainstaxestohouseholdsavingandhouseholddisposableincomeOECDpapertobediscussedunderagendaitem29SeemsunlikelythatachangeinSNA93willberecommendedtotheISWGNAItemforcapitalgainstaxesaddedtoTable900CapitalgainstaxesProposedad51DirecttaxesversustaxesonproductionandimportsSavingisnotaffectedbythemixofthesetaxesbuthouseholddisposableincomeisHowadjust?ReplacetaxesonproductionetcbyincometaxesReplaceincometaxesbytaxesonproductionetcUseastandardmixoftaxesforallcountriesSuggestthefirstofthesealternativesDeducttaxesonproductionetcfromHDIIssuesTaxesonproductionetcortaxesonproducts?Netofsubsidies?Directtaxesversustaxesonp52Directtaxesversustaxesonproductionandimports(cont)Issues(cont)Howmuchisattributabletoactualfinalconsumption?SomeoftheproductiontaxescouldbereplacedbyincometaxesoncorporationsratherthanallonhouseholdsDifficulttoestimatewhatpartoftaxesonproductionisattributabletoactualfinalconsumptionNoreasontoignoresubsidiesTherefore,proposeusingtaxesonproductslesssubsidiesonproductsasaroughapproximationTable5(adjustedratios)andTable6(differences)Directtaxesversustaxesonp53RealnetinterestpaymentsforhouseholdsAdjustmentfortheeffectofinflationoninterestratesandinterestflowsNeutralinterestRealinterest=Nominalinterest-neutralinterestOnlyincluderealinterestflowswhenderivinghouseholdsavingandHDI,thereforeneedtoDeductneutralinterestonassetsAddneutralinterestonliabilitiesAssetsusedforadjustmentshouldincludeassetsheldonhouseholdsbehalfbypensionfunds,lifeinsurancecorporationsandmutualfundsetcRealnetinterestpaymentsfor54HouseholddurablesHouseholdsregardconsumerdurablesasassetsRentalequivalenceapproachcouldbeusedtoderivealternativeestimatesinsatelliteaccountsHowever,rentalmarketsforlongtermuseofconsumerdurablesmaynotbewelldevelopedTherefore,ifweassumenooperatingsurplusisgeneratedfromconsumerdurablesanapproximateadjustmentistosubtractexpenditureondurablesfrom,andaddconsumptionoffixedcapitalondurablesto,HFCEConsequently,householdsavingwouldbeincreasedbynetinvestmentinconsumerdurablesHouseholddurablesHouseholdsr55Householddurables(cont)OECDandEurostatarediscussingproposalsforadditionaldatacollectionregardinghouseholddurablesanddwellingsCOFCforhouseholddurables,Capitalstockfordwellingsandhouseholddurables,Capitalgains/lossesondwellings

Recommendation5:Countriesareencouragedtocompileseparateestimatesofhouseholdfinalconsumptionexpenditure,capitalstockandconsumptionoffixedcapitalforconsumerdurables.Householddurables(cont)OECD56CapitalgainsandlossesHaveasignificantimpactonwealthandconsumptionofhouseholdsbutarenotincludedinhouseholdincomeinSNA93PotentialversusrealisedcapitalgainsDifferentimpactonconsumptionthanincomefromproductionortransfersImpactmaybedifferentforrealisedasopposedtopotentialcapitalgainsNominalorrealcapitalgains?CapitalgainsandlossesHavea57Capitalgainsandlosses(cont)Recommendation6:Ratherthanadjustingthehouseholdsavingratioforcapitalgains/lossesdirectly,itisrecommendedthatcapitalgains/lossesbeusedasanadditionalexplanatoryvariablewhenanalysinghouseholdconsumptionbehaviour.Capitalgainsandlosses(cont58PensionsDefinedbenefitschemesProblemofunderoroverfundingUnfundedpensionschemesActualpensionsdonotmatchaccruingliabilitiesfortheseschemesSocialsecurityversusprivatepensionschemesDifferentinstitutionalarrangementscontributetoobserveddifferencesinhouseholdsavingratiosPensionsDefinedbenefitscheme59PensionsRecommendation7:Itisrecommendedthatadjustmentsinrelationtosocialsecurityschemesshouldbeundertakenasaspecialexerciseandnotcombinedwithotheradjustmentstoderiveanalternativemeasureofthehouseholdsavingratio.

ThepensionsEDGsponsoredbytheIMFprovidesanopportunitytoresolvetheproblemscausedbydefinedbenefitschemesandunfundedpensionschemesforpublicsectoremployeesinthecontextoftheforthcomingrevisionofSNA93.AnneHarrison’spaperonthepensionsEDGmakesavaluablecontributionconcerningthisissue.PensionsRecommendation7:It60UnincorporatedenterprisesForwhichcountriesareunincorporatedenterprisesthataretreatedasquasi-corporatequantitativelysignificant?Dosuchcountriescompileestimatesforcompensationofemployeesforworkingproprietorsinquasi-corporationsoristhelabourr