With the emergence of new technologies, innovative financial instruments and the integration of global market operations national accountants are confronted with a series of new challenges and complexities in determining the output of financial institutions. The SNA93 recommended measure, the FISIM – financial intermediation services indirectly measured - which focused around the traditional deposits and loans business is currently under scrutiny as numerous views have been expressed questioning its validity in measuring the financial output. Critics have argued that the FISIM, as is defined, fails to capture the recent developments in financial markets and the technological advances and thus undermine the true economic contribution of these institutions. Several OECD task groups have examined this issue and currently considering changes to the existing methodologies. The goal of this study is two-fold. First, it explores a number of emerging areas in finance that are critically important for national accounting purposes. Second, by using the latest I-O tables the paper examines empirically how the recent technological advances and the global market environment have impacted the Canadian financial sector and provides some insights as to how the current SNA practices could be extended to account for such changes. *
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Paper provided by University Library of Munich, Germany in its series MPRA Paper with number
7694.
Find related papers by JEL classification: C1 - Mathematical and Quantitative Methods - - Econometric and Statistical Methods: General P34 - Economic Systems - - Socialist Institutions and Their Transitions - - - Finance