Project
“Quarterly Accounts for
Institutional Sectors”
OECD Working Party on Financial Statistics
Conference Centre, La Muette
2–4 November 2009
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CENTRAL BANK OF CHILE
NOVEMBER 2009
Contents
2

Objectives

Institutional accounts framework in Chile

Project phases and current status
C E N T R A L B A N K O F C H I L E NOVEMBER 2009
I. Objectives
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C E N T R A L B A N K O F C H I L E NOVEMBER 2009
To enhance the analysis of nominal statistics of
income, expenditures, and financial flows.
 The emphasis for the national accounts in Chile has been
placed on measuring the technical-economic relations of
production (real economy).
 The project aims at providing statistics that broaden the
vision to include the study of economic agents’ financial
and economic behavior (nominal economy).
 To increase the frequency of indicators available for
decision-making (currently based on annual data).
 To supply financial data for the analysis of economic
policy and financial stability.
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C E N T R A L B A N K O F C H I L E NOVEMBER 2009
To meet international standards in the area of
quarterly institutional statistics.
 The development phase of the project incorporated the
close study of developed countries’ experiences in
statistical areas, including the quarterly accounts of the
euro area and the flow-of-funds accounts of the U.S.
Federal Reserve.
 The importance of pursuing this objective has been
highlighted by the international financial crisis.
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C E N T R A L B A N K O F C H I L E NOVEMBER 2009
II. Institutional accounts
framework in Chile
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C E N T R A L B A N K O F C H I L E NOVEMBER 2009
The Central Bank of Chile currently publishes annual
institutional accounts with a lag of 15 months.
 The Central Bank’s Department of National Accounts
(DNA) has been in charge of preparing the institutional
accounts (financial and nonfinancial) since 1990.
 The statistics are annual and are published with a lag of
15 months relative to the reference period.
 The current frequency and lag reduce the usefulness of
the statistics for timely analysis.
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CENTRAL BANK OF CHILE
NOVEMBER 2009
International evidence points to quarterly
institutional accounts with a lag of around 90 days.
 An initiative to develop quarterly estimates of these
accounts has been under way in Chile since 2008.
 In comparison with the 15 months annual accounting lag,
international evidence suggests quarterly accounts have
a lag of around 90 days.
 This will allow the Central Bank to make more rapid and
better informed decisions.
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CENTRAL BANK OF CHILE
NOVEMBER 2009
Correspondence of Institutional Accounts, Balance
of Payments and the IIP within the Central Bank of
Chile
 In the Central Bank of Chile, the financial and non
financial accounts are
Accounts Department.
integrated
in
the
National
 The National Accounts Department is under the same
Management as the Balance of Payments Department.
 This proximity has certain advantages:
 Integration of information statistics systems
 Timely solution of possible differences
 Coherence between some relevant results
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CENTRAL BANK OF CHILE
NOVEMBER 2009
III. Project phases and
current status
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C E N T R A L B A N K O F C H I L E NOVEMBER 2009
The QAIS project was designed in three phases.
An internal trial run is planned for next year, prior
to the publication of the results.
Preparatory phase
Qtrly. financial accts. phase (QFA)
Reconstruction of historical series;
methodological study; new data
sources
Individual sector
accounts
Reconciled financial
accounts
Qtrly. nonfinancial accts. phase (QNFA)
Individual sector
accounts
QAIS
Reconciled nonfinancial Publication in
accounts
March 2011
Methodological documentation
2008
2009
2010
•Annual methodology to the shortBasic information collected
and standardized
term series
adapted
area will be addressed
•Monthly/quarterly financial
statements
of•Nonfinancial
•Financial accounts seminar
and expert
•Internal QFA
trial, 2003Q1-2009Q4
the institutional sectors
consultant services (November
2009)
•Securities and stock markets
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CENTRAL BANK OF CHILE
NOVEMBER 2009
2011
The full set of quarterly accounts for institutional
sectors is expected to be published in March 2011.
 When fully operational, publication will be quarterly,
with a lag of around 90 days.
 The analytical breakdown will incorporate:
 financial balances and opening/closing link
 disaggregation by instrument and sector
 integrated economic table by institutional sectors
(nonfinancial accounts)
 Based on international experience (ECB, Fed, Banco de
España).
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CENTRAL BANK OF CHILE
NOVEMBER 2009
Project
“Quarterly Accounts for
Institutional Sectors”
OECD Working Party on Financial Statistics
Conference Centre, La Muette
2–4 November 2009
13
CENTRAL BANK OF CHILE
NOVEMBER 2009