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Problems with the Measurement of Banking Services in a National Accounting Framework

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  • Diewert, Erwin
  • Fixler, Dennis
  • Zieschang, Kimberly

Abstract

The paper considers some of the problems associated with the indirectly measured components of financial service outputs in the System of National Accounts (SNA), termed FISIM (Financial Intermediation Services Indirectly Measured). The paper utilizes a user cost and supplier benefit approach to the determination of the value of various financial services in the banking sector. The present paper also attempts to integrate the balance sheet accounts in the SNA with the usual flow accounts. An empirical example of various nominal output concepts that could be applied to the U.S. commercial banking sector is presented.

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File URL: http://faculty.arts.ubc.ca/ediewert/1203.pdf
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Bibliographic Info

Paper provided by Vancouver School of Economics in its series Economics working papers with number erwin_diewert-2012-14.

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Length: 60 pages
Date of creation: 04 Apr 2012
Date of revision: 04 Apr 2012
Handle: RePEc:ubc:bricol:erwin_diewert-2012-14

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Web page: http://www.economics.ubc.ca/

Related research

Keywords: User costs; banking services; deposit services; loan services; production accounts; System of National Accounts; FISIM; Financial Intermediation Servi;

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References

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  1. Dennis J Fixler & Marshall B Reinsdorf & Shaunda Villones, 2010. "Measuring the services of commercial banks in the NIPA," IFC Bulletins chapters, in: Bank for International Settlements (ed.), The IFC's contribution to the 57th ISI Session, Durban, August 2009, volume 33, pages 346-349 Bank for International Settlements.
  2. Diewert, Erwin & Nakamura, Alice O., 2009. "Accounting for Housing in a CPI," Economics working papers erwin_diewert-2009-19, Vancouver School of Economics, revised 12 Mar 2009.
  3. Fixler, Dennis & Zieschang, Kimberly D, 1991. "Measuring the Nominal Value of Financial Services in the National Income Accounts," Economic Inquiry, Western Economic Association International, vol. 29(1), pages 53-68, January.
  4. Carol Corrado & John Haltiwanger & Dan Sichel, 2005. "Measuring Capital in the New Economy," NBER Books, National Bureau of Economic Research, Inc, number corr05-1.
  5. W. Erwin Diewert, 1980. "Aggregation Problems in the Measurement of Capital," NBER Chapters, in: The Measurement of Capital, pages 433-538 National Bureau of Economic Research, Inc.
  6. Dennis J. Fixler & Kimberly D. Zieschang, 1992. "User Costs, Shadow Prices, and the Real Output of Banks," NBER Chapters, in: Output Measurement in the Service Sectors, pages 219-243 National Bureau of Economic Research, Inc.
  7. Usher, Dan (ed.), 1980. "The Measurement of Capital," National Bureau of Economic Research Books, University of Chicago Press, edition 0, number 9780226843001, янваÑ.
  8. Robert J. Hill & T. Peter Hill, 2003. "Expectations, Capital Gains, and Income," Economic Inquiry, Western Economic Association International, vol. 41(4), pages 607-619, October.
  9. Robert Inklaar & J. Christina Wang, 2013. "Real Output of Bank Services: What Counts is What Banks Do, Not What They Own," Economica, London School of Economics and Political Science, vol. 80(317), pages 96-117, 01.
  10. Dennis Fixler, 2009. "Incorporating Financial Services in a Consumer Price Index," NBER Chapters, in: Price Index Concepts and Measurement, pages 239-266 National Bureau of Economic Research, Inc.
  11. Titan Alon & John Fernald & Robert Inklaar & J. Christina Wang, 2011. "What is the value of bank output?," FRBSF Economic Letter, Federal Reserve Bank of San Francisco, issue may16.
  12. Diewert, W. E., 1976. "Exact and superlative index numbers," Journal of Econometrics, Elsevier, vol. 4(2), pages 115-145, May.
  13. Keuning, Steven, 1999. "The Role of Financial Capital in Production," Review of Income and Wealth, International Association for Research in Income and Wealth, vol. 45(4), pages 419-34, December.
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Cited by:
  1. , & Diewert, Erwin, 2014. "The Treatment of Financial Transactions in the SNA: A User Cost Approach," Economics working papers erwin_diewert-2014-8, Vancouver School of Economics, revised 20 Feb 2014.

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