1、From-whom-to-whom presentation using Japans flow of funds accountsWorking Party on Financial Statistics24-27 October 2011 Presenter: Yoshiko SatoResearch and Statistics DepartmentBank of JapanBank of Japan 2/18Contentsn Compilation of whom-to-whom (W-to-W) datan Basic methodn Method for enhancement
2、in loans- Use of “Detailed Data of FFA”n Method for enhancement in debt securitiesn Further challengesBank of Japan 3/18Compilation of whom-to-whom datan Importance of individual transactions data showing interconnectedness among sectors or intersectoral relationship (G20) n Limitation of source dat
3、a Usually, it is difficult to obtain data reported on a W-to-W basis.n Proposed framework for W-to-W matrix EC, IMF, OECD, UN, and WB 2009, 2008SNA IMF and ECB2011, An Integrated Framework for Financial Flows and Positions on a Whom-to-Whom Basis UNSD and ECB2011,(draft) Handbook of National Account
4、ing: Financial Production, Flows and Stocks in the System of National Accounts.Bank of Japan 4/18Compilation of whom-to-whom datan Available source data on a W-to-W basis in Japan “Detailed Data of FFA” on loans and deposits It makes it possible to grasp who finances whom. n Our approaches First: Ma
5、ke a basic W-to-W matrix. Next: Consider enhancement in loans by using Detailed Data of FFA. Last: Consider enhancement in debt securities by specifying debtor sectors based on types of debt securities.Bank of Japan 5/18Basic methodn Balance sheet data formatNFC Other sectors Sector totalAsset Liab.
6、 Asset Liab. Asset Liab.Loans Debt SecuritiesSharesTransaction TotalNFC: Non Financial CorporationsBank of Japan 6/18Basic methodn Recompose the data, and pick up one item (e.g. Loans)NFC Others Sector Liabilities TotalNFC Others Sector Assets TotalLiab. Liab. Liab. Asset Asset AssetLoans 60 40 100
7、30 70 100Debt SecuritiesSharesTransaction TotalBank of Japan 7/18Basic methodn Convert BS data into a W-to-W formatAssumptions are made that financial assets of a certain instrument category are allocated to counterparty sectors in proportion to the share of liability of respective sectors for the s
8、ame instrument category.NFC Other sectors Assets TotalNFC 18 12 30Other sectors 42 28 70Liabilities total60 40 100 Do the same procedure for all the remaining items. DebtorCreditorBank of Japan 8/18Basic methodn Aggregate all the items into the full W-to-W matrixCurrency and depositsLoansDebt securi
9、tiesTotal W-to-W matrixDebtorCreditor(100mil. yen)Bank of Japan 9/18Method for enhancement in loansn Use of Detailed Data of FFA in loans W-to-W matrix compiled by the basic method is comprehensive but insufficient. It rests upon a resource allocation assumption and lacks any statistical evidence. S
10、ource data on a W-to-W basis, if available, should be used. BOJ quarterly releases Detailed Data of FFA. It provides figures on which financial sector supplies what amount of loans to which sector. - Therefore, it can be used for enhancement of the basic matrix.Bank of Japan 10/18Method for enhancement in loansn Loan table is improved (shaded area).(100mil. yen)
