출처: Sakuma, Itsuo. "A Note on FISIM." 2011.
※ 발췌 (excerpt):
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Banking imputation before the introduction of FISIM
In this section, some banking imputation methods and measure before the introduction of FISIM approach will be described. Naturally, the focus is on those in the successive Systems of National Accounts (SNA) because they are widely recognised as established international statistical standards.
Despite their varieties, most known methods for measuring banking output use some kind of interest spreads. In the SNA 1953[n.2], the first international statistical standard recommended by the United Nations, it was assumed that banks (and similar financial intermediaries) produce services to depositors and their measure (namely, imputed banking services) may be the difference between the property incomes receivable and the deposit interest payable. If for the sake of simplicity, the deposit balance and the loan balance are set to be equal, the difference between the two rates plays the role of "price" and the balance plays the role of "quantity" so to speak. It was assumed that the depositors were entitled to acquire the whole interest flows the bank receive for lending the funds to the borrowers (imputed interest in addition to actual deposit interest) and they are obliged to return part of them (imputed interest) to the banks for the services received on their deposits. If the depositor is a consumer, banks' service outputs may be deemed to be included in final consumption expenditures. One consequence may be that GDP will be affected because of this treatment to the extent that the services are for the final users.
On the other hand, in the SNA 1968[n.3], which is the first major revision to the SNA 1953, it was considered that banking imputation should not affect the total GDP measure, so as to not cause any disturbance to judgement about the state of the economy.[n.4]. Thus, although the measure of banks' ouput were the same as that of the SNA 1953, the output imputed for banks and other similar financial intermediaries (imputed bank services) were regarded as constituting intermediate consumption (of the nominal industry, not individual industries) rather than finaal expenditures. Imputed interest ceased to exist. This treatment is still being used in official national accounts statistics in some countries including Japan because it was permissible in the SNA 1993 to continue the use of the treatment in the previous SNA. However, it was not so satisfactory to some contries which are small but have internationally active financial sectors.[n.5] Because their GDP's were in was claimed, vastly underestimated by this method.
FISIM and criticism
It was in this context that in the SNA 1993[n.6], a new method of banking imputation based on a newly introduced concept of the ^reference rate of interest^, in which banks' outputs can be final as well as intermediate. It was presumed that the reference rate of interest could be ^the^ pure cost of borrowing funds without any risk premium element or service chages involved. As a practical recommendation, the interbank rate or the central bank lending rate may be used as proxies for the reference rate.