2016년 1월 2일 토요일

[발췌: UN's] National Accounts: A Practical Introduction (2003)


출처: United Nations Publications. National Accounts: A Practical Introduction. 2004. 139쪽. (자료: 구글도서)
다른 출처(같은 자료): Department of Economic and Social Affairs/Statistical Division. Studies in Methods Series F, No. 85. Handbook of National Accounting, National Accounts: A Practical Introduction.   United Nations. New York, 2003. 


※ Main Contents:

Introduction  (1)

Part I: Accounts of the nation
  • Chapter 1: Overview   (4)
  • Chapter 2: Production account and goods and services account   (16)
  • Chapter 3: Income account of the nation   (43)
  • Chapter 4: Capital account of the nation   (52)
  • Chapter 5: Financial account of the nation   (55)
  • Chapter 6: Rest of the world account   (60)
  • Chapter 7: Balance sheet of the nation   (63)
  • Chapter 8: SNA framework for the total economy   (65)
Part II: Integrated accounts by industry and institutional sectors
  • Chapter 9: Industry and sector breakdown   (74)
  • Chapter 10: Supply and use tables: integration of industry, products and sectors   (84)
  • Chapter 11: Institutional sector accounts   (90)
  • Chapter 12: Other important issues in sector accounts   (93)
  • Chapter 13: Price and volume measures in national accounts   (104)
Part III: Data collection and estimation methods in SNA
  • Chapter 14: Data collection, compilation and estimation methods in SNA: a summary   (118)

Annex   (125)


※ 발췌(excerpts): 

Chapter 1, Overview


A. Introduction


1.1   National accounts is the macroeconomic depiction of the national income cycle using the double entry bookkeeping principle of business accounting and a sequence of accounts to show the relationship between the various economic variables. The present chapter introduces the macroeconomic concepts and economic accounting identities underlying national accounts. In the section C, those concepts are presented in a numerical example that utilizes the accounting framework developed in national accounts. Section D gives a graphical presentation of the numerical example. Section E discusses some uses of indicators provided by national accounts and other economic statistics.


B. Basic Concepts and Variables of National Accounts


Supply and Use

1.2   For an economy, the total supply of goods and services must equal the total uses. Thus:

   (1.1)    total supply of goods and services=total uses of goods and services


1.3   In an open economy engaging in foreign trade, the total supply of goods and services consists of domestically produced output and imports. The uses consists of intermediate consumption, final consumption, gross capital formation and exports. Intermediate consumption consists of the goods and services consumed in the production process (excluding the consumption of fixed assets), while final consumption consists of the goods and services provided to the benefit of final consumers. Thus:

   (1.2)    output+imports=intermediate consumption+final consumption+gross capital formation+exports



1.4   A rearrangement of equation (1.2) allows for the identification of gross value added as output minus intermediate consumption. Leaving the issue of taxes and subsidies on goods and services aside, gross value added is the value of all goods and services produced during a production period but not immediately used up in the production process of that period. Hence, gross value added represents the value of all goods and services which are available for the different uses other than intermediate consumption. Thus:

   (1.3)    gross value added=output-intermediate consumption

   (1.4)   output-intermediate consumption=final consumption+gross capital formation+exports-imports



1.5   The items intermediate consumption, final consumption and gross (fixed?) capital formation on the uses (right) side of equation (1.2) are measured from the perspective of the consumer or purchaser. Their values take into account the taxes and subsidies on goods and services. While taxes on products increase, subsides on products lower the prices payable by consumers. Yet output is measured from the perspective of producers in terms of the receipts receivable by them, leaving all of the taxes on goods and services aside while including subsidies on goods and services. Therefore, taxes on goods and services have to be added to output and subsides subtracted from output in order to arrive at a uniform valuation of supply and uses.

   (1.5)   output+taxes-subsidies-intermediate consumption=final consumption+gross capital formation+exports-imports


Gross domestic product

1.6   On the left side of equation (1.5), we find the value of all goods and services produced in a period minus the goods and services consumed in the production process during that period, which is called gross domestic product (GDP). GDP can be measured by having the values for output and intermediate consumption aggregated across the various industries of an economy: GDP by production approach. Thus:

   (1.6)   GDP=output+taxes-subsidies-intermediate consumption


1.7   Output minus intermediate consumption can be replaced with gross value added.

   (1.7)   GDP=gross value added+taxes-subsidies


1.8   Looking at the right side of equation (1.5), gross domestic product can also be viewed as the value of all goods and services available for different domestic final uses or for exports: GDP by expenditure approach. Thus:

   (1.8)   GDP=final consumption+gross capital formation+exports-imports


1.9   The production process creates incomes for not only the owner of the inputs used in production but also for owner of capital and for the government. The value of those incomes is equal to gross domestic product. Hence, GDP an also be calculated as the sum of compensation of employees, taxes less subsidies and gross operating surplus/mixed income: GDP by income approach. Thus:

   (1.9)   GDP=compensation of employees+taxes-subsides+gross operating surplus/mixed income


1.10   The components of gross operating surplus or mixed income and taxes less subsidies will be explained in more detail later. But it needs to be noted that the taxes less subsidies of equation (1.9) include not only all taxes less subsides on products (i.e. goods and services) but also other taxes less subsidies on production.


Gross national income

1.11   As an aggregate measure of production, gross domestic product refers to production of all resident units within the borders of a country, which is not exactly the same as the production of all productive activities of residents. Some of the productive activities of residents may take place abroad (for example temporary and seasonal labour working abroad). Conversely, some production taking place within a country may be attributed to temporary and seasonal foreign labour. The contribution of labour is accounted for through the compensation of employees paid to non-residents and received by the economy. In addition, some primary incomes generated within the country may go to non-resident units (for example, interest paid to providers of loans from abroad or dividends paid to non-resident owners of shares). Symmetrically, some primary incomes generated in the rest of the world may go to resident units. Thus, the concept of gross national income seeks to measure the net income due to their ownership of factors of production ( ... ) received by residents in a country. Residents are defined based on their centre of economic interest.


1.12   Hence, gross national income(GNI) is defined as follows:

   (1.10)   GNI=GDP+compensation of employees and property income from the rest of the world-compensation of employees and property income to the rest of the world


1.13.   All GNI is not available for final uses domestically since some of it is transferred to other countries without anything being received in exchange, such as money sent to support dependants living in another country. Such transfers are called current transfers, and taking them into account leads to the following concept of gross national disposable income:

   (1.11)   gross national disposable income=GNI+current transfers from the rest of the world-current transfers to the rest of the world


1.14.   Gross national disposable income is the income available for consumption and saving. Thus:

   (1.12)   gross national disposable income=final consumption expenditure+gross saving 


Gross saving, gross capital formation and net lending

1.15   Gross saving is the difference between gross national disposable income and final consumption. Gross saving together with net capital transfers (capital transfers receivable less capital transfers payable) from the rest of the world provides the resources for investment in non-financial assets, which is called gross capital formation, i.e., for the net acquisition of fixed assets, such as residential and non-residential buildings, plants and equipments, the net acquisition of valuables and/or the increase in inventories. The difference between gross saving plus net capital transfers and gross capital formation is net borrowing or net lending from the rest of the world, depending whether uses exceed resources or vice versa: if it is negative it is net borrowing and if it is positive it is net lending. Thus:

   (1.13)   gross saving=gross national disposable income-final consumption

   (1.14)   net lending(+) / net borrowing(-) = gross saving+net capital transfers-gross capital formation


Net borrowing / net lending in financial accounts

1.16   Net borrowing / net lending is also reflected in transactions in financial assets and liabilities with the rest of the world. It is equal to the difference between net acquisition of financial assets and net incurrence of liabilities (foreign exchange, bonds, loans, et.). Thus:

   (1.14) net lending(+) / net borrowing(-) = net acquisition of financial assets-net incurrence of liabilities


Changes in net worth

1.17   Net worth is the difference between total value of non-financial and financial assets and the total value of liabilities of an economy. It is a measure of the net wealth of a nation. Change in net worth measures the change in wealth of a nation. It is equal to the difference between the change in the total value of assets and the change in the total value of liabilities. Besides the changes in net worth due to changes in price that affect the valuation of assets and liabilities and natural incidents, such as discoveries or depletion of national resources and destruction due to natural calamities, the changes in net worth due to economic activities and transactions is the sum of gross saving and net capital transfers from abroad. The latter should also equal to gross capital formation less consumption of fixed capital and plus net lending(+) / net borrowing(-) from the rest of the world.


C. Introduction to the Accounting Framework

Four basic accounting principles

1.18.   The accounts are built on the basis of the following four simple accounting principles:

  • a) All transactions are recorded on an accrual basis (i.e. payable and receivable), not on a cash basis (i.e., received and paid);
  • b) Resources (receivables) are recorded on the right side and uses (payables) on the left side of the accounts. Liabilities are recorded on the right side and assets the left side of the accounts.
  • c) The balancing or closing item, which is always the last item on the uses side of the accounts, closes (balances) the account;
  • d) The balancing item is always the opening item of the next account located as the first entry on the resources side of the account.


Sequence of accounts for the total economy

1.19.



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