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Distribución De Los Servicios De Intermediación Financiera Medidos Indirectamente (Sifmi) Por Sectores Institucionales Y Por Ramas De Actividad

Author

Listed:
  • Ezequiel Uriel Jiménez

    () (Instituto Valenciano de Investigaciones Económicas)

  • Javier Ferri

    (Universitat de València)

  • María Luisa Moltó Carbonell

    (Universitat de València)

Abstract

Credit institutions provide financial intermediation services indirectly measured(FISIM). The consideration of those services by national accounts raise many problems.SEC-70 and SEC-95 (chapter 3) decided to include FISIM in a fictitious sector. Thissolution does not seem to be the best one as it implies that the share of the financialsector in the national product will be negative when we consolidate this account withthe fictitious sector. A more reasonable solution was to allocate FISIM to user sectors.This solution has been adopted in annex I SEC-95 and, later on, in regulations of theEuropean Union. Consequently this will be applied in the EU countries in the nearfuture. In this paper the methodological issues related to the integration of FISIM innational accounts are discussed first. On the other hand, FISIM are distributed withininstitutional sectors in the period 1995-2000 and by activity branch in 1995. Las instituciones de crédito producen los denominados servicios de intermediación financiera medidos indirectamente (SIFMI). El tratamiento de estos servicios en Contabilidad Nacional plantea numerosos problemas. En el SEC-70, y también en el capítulo 3 del SEC-95, se optó por asignar los SIFMI a un sector ficticio. Esta solución no parece que sea la más adecuada, ya que implica que la aportación del sector financiero al PIB sea negativa al realizar su consolidación con el sector ficticio. En el anexo I del SEC-95, y en reglamentaciones posteriores de la Unión Europea, se ha adoptado la solución más razonable de asignar los SIFMI a sectores usuarios. Esta solución se aplicará en los países de la Unión Europea en los próximos años. En este trabajo se discuten los problemas metodológicos que plantean los SIFMI y se lleva a cabo su distribución por sectores institucionales (período 1995-2000) y por ramas de actividad (año 1995).

Suggested Citation

  • Ezequiel Uriel Jiménez & Javier Ferri & María Luisa Moltó Carbonell, 2004. "Distribución De Los Servicios De Intermediación Financiera Medidos Indirectamente (Sifmi) Por Sectores Institucionales Y Por Ramas De Actividad," Working Papers. Serie EC 2004-07, Instituto Valenciano de Investigaciones Económicas, S.A. (Ivie).
  • Handle: RePEc:ivi:wpasec:2004-07
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    More about this item

    Keywords

    SIFMI; intermediación financiera; cuentas nacionales FISIM; financial intermediation; national accounts;

    JEL classification:

    • E44 - Macroeconomics and Monetary Economics - - Money and Interest Rates - - - Financial Markets and the Macroeconomy
    • E10 - Macroeconomics and Monetary Economics - - General Aggregative Models - - - General

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