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Banking sector output measurement in the euro area – a modified approach

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  • Inklaar, R.
  • Colangelo, A.

    (Groningen University)

Abstract

Banks do not charge explicit fees for many of the services they provide but the service payment is bundled with the offered interest rates. This output therefore has to be imputed using estimates of the opportunity cost of funds. We argue that rather than using the single short-term, low-risk interest rate as in current official statistics, reference rates should more closely match the risk characteristics of loans and deposits. For the euro area, imputed bank output is, on average, 24 to 40 percent lower than according to current methodology. This implies an average downward adjustment of euro area GDP (at current prices) between 0.16 and 0.27 percent.

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File URL: http://irs.ub.rug.nl/ppn/32607838X
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Bibliographic Info

Paper provided by Groningen Growth and Development Centre, University of Groningen in its series GGDC Research Memorandum with number GD-117.

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Date of creation: 2010
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Handle: RePEc:dgr:rugggd:gd-117

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Cited by:
  1. Li, Han Hao & Miller, Marcus & Zhang, Lei, 2011. "When bigger isn’t better: Bail outs and bank behaviour," CEPR Discussion Papers 8602, C.E.P.R. Discussion Papers.
  2. repec:cge:warwcg:65 is not listed on IDEAS
  3. Burgess, Stephen, 2011. "Measuring financial sector output and its contribution to UK GDP," Bank of England Quarterly Bulletin, Bank of England, vol. 51(3), pages 234-246.

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