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1、COMPARABILITY OF SAVING AND PROFIT RATIOS,OECD National Accounts Experts Meeting Chateau de la Muette, Paris 7-10 October 2003,Background,Discussion of alternative household saving measures at October 2002 NAEM ECB/OECD project Detailed examination of institutional sector accounts for the euro area,
2、 the United States and Japan with particular emphasis on household saving ratios, profit ratios and investment ratios Scope of this paper Household saving ratios Profit ratios,Household saving ratios,Issues relating to the basic measure of the household saving ratio Gross or net? Include NPISH? Chan
3、ge in net equity of households on pension funds Adjusted household disposable income Proposed definition for use in OECD Statistical Databases (including Annex Table 24 of Economic Outlook) Further adjustments to the household saving ratio,Statistical Annex Table 24, OECD Economic Outlook,Reproduced
4、 as Table 1 - shows household saving ratios for 21 member countries Footnotes to this table indicate differences in the data currently being published for various countries OECD Economics Department tends to use measures for the household saving ratio and other variables that will be readily recogni
5、sed in the member countries Hence what is published by member countries in their own national accounts has an effect on international comparability,Gross or net household saving,Net is the preferred measure Only use gross if COFC estimates are deficient Data for 7 countries is currently shown gross
6、Recommendation 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 measures.,Include NPISH,Data for
7、 5 countries currently exclude NPISH Recommendation 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 NPISH in their national accounts pub
8、lications.,Change in net equity of households on pension funds,Current definition: B8 / (B6 + D8) Where B8 = Net household saving B6 = Net household disposable income D8 = Change in net equity of households on pension funds Table 2 provides household saving ratios using this formula and data from th
9、e OECD annual SNA93 database Recommendation 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 definition.,Adjusted household disposable inco
10、me,New concepts introduced in SNA93 Collective and individual consumption for general government Social transfers in kind Actual final consumption Adjusted household disposable income New account in SNA93 Use of adjusted disposable income account These enable a more internationally comparable househ
11、old saving ratio to be computed,Adjusted household disposable income (cont),Net household saving (B8) / Net adjusted household disposable income (B7) + Adjustment for the change in equity of households on pension funds (D8) Table 3 provides household saving ratios for member countries using this def
12、inition and using data from the OECD annual SNA93 database. Table 4 shows the differences between this measure and the current measure for the household saving ratio shown in Table 2.,Proposed definition for the household saving ratio,Recommendation 4: The household saving ratio for inclusion in OEC
13、D 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 pension funds (D8) The ratio should be calculated including NP
14、ISH for the present.,Proposed definition for the household saving ratio (cont),It is also recommended that countries publish this measure of household saving in their own national accounts publications in addition to the traditional measure. Question: Are those countries that publish quarterly house
15、hold saving ratios able to provide estimates for individual consumption for general government on a quarterly basis?,Adjustments to the household saving ratio,Capital gains taxes Direct taxes versus taxes on production and imports Real net interest payments for households Household durables Potentia
16、l and realised capital gains/losses Other issues regarding pensions Treatment of unincorporated enterprises Financial accounts measure,Adjustments to the household saving ratio (cont),Statistics Directorate is working towards alternative saving measures Need 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 count
