DEFINING FINAL USES of GDP Chapter 5
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Calculation of Owner-Occupied Dwelling Services In
Calculation of Owner-Occupied Dwelling Services in Georgia Abstract Output of owner-occupied dwellings (OOD) is included within the production boundary according to the System of National Accounts. Different methods may be selected for measuring OOD services due to housing market development level. The paper presents estimation of services produced by OODs based on a User Cost Method, which replaced a self-assessment method in 2019 year in the National Accounts of Georgia during the general revision of time series. Key words: Owner-Occupied Dwellings, Imputed rent, User Cost Method Author: Levan Karsaulidze – Head of National Accounts Department, National Statistics Office of Georgia Introduction Imputed rents, representing services produced by owner-occupied dwellings (OOD), has always been included within the production boundary of National Account and are part of the official GDP estimates of Georgia as well. In 2019 transition to the SNA 2008 was implemented1 in the National Accounts of Georgia from the SNA 1993, accompanied with a general revision of time series. Along with other major changes related to the newly adopted methodology, user-cost method was implemented for measuring imputed rents for owner occupied houses, while self-assessment method was used until 2019 year. The paper describes a methodological background and detailed calculation steps for measuring imputed rents of OODs in Georgia, based on the user-cost method, briefly summarizes widely used approaches for estimating services of OODs and provides arguments for adopting the use-cost method for the country. Final results are presented in the last part of the paper. 1. Methodological Framework Methodology for measuring imputed rents of owner-occupied dwellings differs by country based on a rental market development level. -
Capital Expenditures and Gross Fixed Capital Formation in Nigeria
CORE Metadata, citation and similar papers at core.ac.uk Provided by International Institute for Science, Technology and Education (IISTE): E-Journals Research Journal of Finance and Accounting www.iiste.org ISSN 2222-1697 (Paper) ISSN 2222-2847 (Online) Vol.6, No.12, 2015 Capital Expenditures and Gross Fixed Capital Formation in Nigeria *Kanu, Success Ikechi Ph.D and Nwaimo, Chilaka Emmanuel Ph.D Department of Management technology (FMT), Federal university of technology, Owerri (FUTO) P.M.B 1526, Owerri,, Imo State, Nigeria. Abstract This paper explores the relationship between capital expenditures and gross fixed capital formation in Nigeria. The study made use of secondary data covering the period 1981 to 2011. A least square regression analysis was carried out on a time series data, and to avert the emergence of spurious results, unit root tests were conducted. Other econometric tools of co- integration, Vector Auto Regression technique as well as Granger causality tests were deployed to ascertain the order of co integration and the level of relationships existing between the dependent and independent variables. Findings of study reveal that while Capital Expenditures (CAPEX) maintained a negative significant relationship with Gross Fixed Capital Formation (GFCF) in Nigeria at both 1% and 5% Alpha levels; Imports and National Savings had a positive significant relationship with GFCF at both the short and long runs. It was equally observed that the lagged value of GFCF had no significant impact on GFCF in the preceding year. Outcome of study did not come as a surprise, seeing that a functional classification of Nigeria’s expenditure profile for the period under review reveals that; outlays on capital expenditure accounted for only about 32% of total expenditures, while the remaining balance of 68 % went to recurrent expenditures. -
Conceptual Framework
Chapter 2 CONCEPTUAL FRAMEWORK 2.1. Introduction .............................................................................................................................................. 19 2.2. Production Boundaries ........................................................................................................................... 19 2.3. Transactions and Other Flows................................................................................................................ 22 2.4. Units and Classifications of Units .......................................................................................................... 23 2.4.1. Institutional Units, Sectors and Subsectors ...............................................................................23 2.4.2. Kind of Activity Units, Local Units and Establishments ........................................................... 25 2.5. Economic Territory and Residence ....................................................................................................... 25 2.6. Current Price and Volume Measures..................................................................................................... 25 2.7. Labour Related Concepts....................................................................................................................... 26 2.8. The Production Approach....................................................................................................................... 28 2.8.1. Introduction................................................................................................................................... -
Introduction to Financial Services: Capital Markets
Updated January 4, 2021 Introduction to Financial Services: Capital Markets This In Focus provides an overview of U.S. capital markets, stocks and bonds to enable investors to make informed Securities and Exchange Commission (SEC) regulation, decisions on whether to invest and at what price level to and related policy issues. compensate for their risks. Banking regulators, by contrast, focus more on safety and soundness to avoid bank failure. Market Composition This is largely because bank deposits are often ultimately Capital markets are where securities like stocks and bonds guaranteed by the taxpayers, whereas in capital markets, are issued and traded. U.S. capital markets instruments investors generally assume all the risk of loss. include (1) stocks, also called equities or shares, referring to ownership of a firm; (2) bonds, also called fixed income or Public and Private Securities Offerings. The SEC debt securities, referring to the indebtedness or creditorship requires that offers and sales of securities, such as stocks of a firm or a government entity; and (3) shares of and bonds, either be registered with the SEC or undertaken investment funds, which are forms of pooled investment pursuant to a specific exemption. The goal of registration is vehicles that consolidate money from investors. to ensure that investors receive key information on the securities being offered. Registered offerings, often called As a main segment of the financial system, capital markets public offerings, are available to all types of investors. By provide the largest sources of financing for U.S. contrast, securities offerings that are exempt from certain nonfinancial companies. -
Ajai Chopra and Charles Collyns Long-Term Growth I Response to the 1991 Crisis I Results of Adjustment I Fiscal Initiatives 2 Structural Reforms 2 the Road Ahead 3
OCCASIO NAL PAPE R 134 India: Economic Reform and Growth Ajai Chopra, Charles Collyns, Richard Hemming, and Karen Parker with Woosik Chu and Oliver Fratzscher INTERNAT IONAL MONETARY FUND Washington DC December 1995 ©International Monetary Fund. Not for Redistribution © 1995 International Monetary Fund Cataloging-in-Publication Data India: economic reform and growth/Ajai Chopra ... [et a1.]. Washington, D.C. :International Monetary Fund, 1995 p. em.- (Occasional Paper, ISSN 0251-6365; 134) Includes bibliographical references. ISBN l-55775-539-6 l. India - Economic policy- 1980- . 2. Structural adjustment (Economic policy)- India. 3.Investments- India. I.Chopra, Ajai. II.Series: Occasional paper (InternationalMonetary Fund) ; no. 134. HC 435.2.163 1995 Price: US$15.00 (US$12.00 to full-time faculty members and students at universities and colleges) Please send orders to: International Monetary Fund, Publication Services 700 19th Street, N.W., Washington, D.C. 20431, U.S.A. Tel.: (202) 623-7430 Telefax: (202) 623-7201 Internet: [email protected] recycled paper ©International Monetary Fund. Not for Redistribution Contents Page Preface vii Abbreviations ix Overview Ajai Chopra and Charles Collyns Long-Term Growth I Response to the 1991 Crisis I Results of Adjustment I Fiscal Initiatives 2 Structural Reforms 2 The Road Ahead 3 II long-Term GrowthTrends 4 Ajai Chopra Output, Investment, and Macroeconomic Conditions 4 Education, Labor, Employment, and Poverty 7 Growth, Accumulation, and Productivity 9 Results of India-Specific Studies 13 -
1. General Background of the Survey 1.1 Introduction the Economic
1. General Background of the Survey 1.1 Introduction The Economic Sector in Jordan is considered one of the most important sectors that contribute to the Gross Domestic Product (GDP), and in the employment of manpower. Due to this importance, the Department of Statistics conducts an annual sample survey for the establishments engaged in this sector. The survey covers all establishments. The importance of this survey arises from the detailed data that it provides, such as the number of establishments, compensation of employees, paid up capital, material inputs, other production expenditures, gross output, value added and size of investment. These data provide economic indicators and help in preparing the National Accounts of the Country. 1.2 Objectives of the Survey The overall aim of the survey is to provide data on, or for the calculation of the following items by type of activity: a. Number of establishments. b. Compensation of employees whether in cash or in kind. c. Gross output and intermediate consumption. d. Size of investment and capital formation during the year. e. To compute the contribution to the GDP. f. Providing data for further economic analysis. 1.3 Survey Coverage The Survey covers all establishments classified in one of the economic divisions of the International Standard Industrial Classification for all Economic Activities, Third Revision, (ISIC3). 1.4 Sample Design In designing the sample of this survey, the stratified random sampling method was used. Moreover, the sample was selected on the regional level, where, the survey universe in each region was divided into different strata . 2. Preparatory Stage 2.1 Survey Main Documents The documents include, the survey questionnaire, the instructions manual and the coding manual. -
Money Supply, Inflation and Capital Accumulation in Nigeria
Journal of Economics and Sustainable Development www.iiste.org ISSN 2222-1700 (Paper) ISSN 2222-2855 (Online) Vol.4, No.4, 2013 Money Supply, Inflation and Capital Accumulation in Nigeria Dayo Benedict Olanipekun 1* Kemi Funlayo Akeju 1,2 1 Department of Economics, University of Ibadan, Ibadan, Oyo State, Nigeria. 2 Department of Economics, Ekiti State University, Ado Ekiti, Ekiti State, Nigeria. *e-mail: [email protected] Abstract This study examines the relationship between money supply, inflation and capital accumulation in Nigeria between 1970 and 2010. The study investigated the long run relationship of the variables using Johasen cointegration test. As a follow up to this, Error Correction Model was conducted on the variables to capture their short run disequilibrium behavior. Cointegration test reveals that variables employed in the study share long run relationship. The result of the Error Correction Model indicates that money supply (both broad and narrow) has a positive relationship to capital accumulation in Nigeria. It implies that government should direct finances on investment in other to stimulate economic growth in the country. Also the intention of government on inflation targeting should not neglect the contribution of money growth to capital accumulation. Keywords: Money growth, Inflation, Capital accumulation, Cointegration test, Error Correction Model and Stability test. 1. Introduction Money supply exerts considerable influence on economic activities in both developing and developed countries. The relationships between money growth, inflation and capital accumulation are core issues in developing counties due to the need to achieve a sustainable economic growth and development. Achieving a very low inflation rate has been the primary goal of monetary policy makers in many developing countries including Nigeria but most of the government policies to generate low inflation end up accelerating it. -
L1A Production Accounts
PFTAC GDP Compilation and Forecasting Workshop Measuring GDP by production Suva, Fiji October 17-21, 2016 Session Outline • The production account • The production boundary • The production account and value added • Output • Intermediate consumption • Data sources 2 Production account • Starting point for the sequence of accounts • Compiled for – institutional units, sectors, industries and also for the total economy • Examples: . Production account for agriculture, manufacturing industries, etc. Production account for financial corporations (banks, insurance companies, etc.), general government sector 3 Production • Production is an activity in which an enterprise uses inputs to produce outputs. • It is a process carried out under the responsibility, control and management of an institutional unit . Where labour and assets are used to transform inputs of goods and services into outputs of other goods and services. It does not cover purely natural processes without any human involvement or direction (e.g. natural fish stocks, wild forests) • The production account describes this transformation and the additional value created through the production process. 4 Production account • Output from production - resources • Intermediate consumption and consumption of fixed capital - uses • Value added is the balancing item – intended to measure the value created by production • At the economy level, resources include taxes less subsidies on products as well . Sum of GVA by sectors+T&S on prods = GDP 5 Products • Products are goods and services -
National Accounts Methods to Achieve Exhaustiveness
Chapter 5 NATIONAL ACCOUNTS METHODS TO ACHIEVE EXHAUSTIVENESS 5.1. Introduction .............................................................................................................................................. 69 5.2. Production Approach: General Methods .............................................................................................. 70 5.2.1. Introduction................................................................................................................................... 70 5.2.2. Supply Based Methods ............................................................................................................... 71 5.2.3. Labour Input Method................................................................................................................... 72 5.2.4. Demand Based Methods............................................................................................................. 73 5.2.5. Income Based Methods............................................................................................................... 74 5.2.6. Commodity Flow Method............................................................................................................ 74 5.3. Production Approach: Industry Specific Methods............................................................................... 75 Agriculture........................................................................................................................................ 75 Mining and quarrying...................................................................................................................... -
Partisan Politics, the Welfare State, and Three Worlds of Human Capital
Comparative Political Studies Volume XX Number X Month XXXX xx-xx © 2008 Sage Publications 10.1177/0010414007313117 Partisan Politics, the Welfare http://cps.sagepub.com hosted at State, and Three Worlds of http://online.sagepub.com Human Capital Formation Torben Iversen Harvard University, Cambridge, MA John D. Stephens University of North Carolina–Chapel Hill The authors propose a synthesis of power resources theory and welfare production regime theory to explain differences in human capital formation across advanced democracies. Emphasizing the mutually reinforcing relation- ships between social insurance, skill formation, and spending on public educa- tion, they distinguish three distinct worlds of human capital formation: one characterized by redistribution and heavy investment in public education and industry-specific and occupation-specific vocational skills; one characterized by high social insurance and vocational training in firm-specific and industry- specific skills but less spending on public education; and one characterized by heavy private investment in general skills but modest spending on public edu- cation and redistribution. They trace the three worlds to historical differences in the organization of capitalism, electoral institutions, and partisan politics, emphasizing the distinct character of political coalition formation underpinning each of the three models. They also discuss the implications for inequality and labor market stratification across time and space. Keywords: education; skills; welfare states; redistribution; -
Macroeconomic Accounts
VWL II – Makroökonomie WS2001/02 Dr. Ana B. Ania Macroeconomic Accounts The system of national accounts Macroeconomic accounting deals with aggregates and accounting identities, that is with macroeco- nomic magnitudes and how they relate to each other by definition. Macroeconomic accounting does not explain how each magnitude changes as a result of a change in other magnitudes. This will be the task of macroeconomic analysis, that we will look at in the next units of the course. In this first unit, we just deal with definitions. All that we say will therefore always hold by definition. The purpose of the system of national accounts is to keep record of the transactions that take place in any economy for the purpose of measuring productive activity and income generated in the economy. Since 1998 all countries should conform the new system of national accounts of the UN—System of National Accounts 1993 (SNA93). Additionally, the Eurostat (Central Statistical Agency of the EU) has produced a standard for members of the EU in accordance with SNA93 called the European System of Accounts 1995 (ESA95). The exposition here will be in accordance with these new systems. Institutional units In the view of the system of national accounts an economy is a system of decision-making units that interact with each other and perform economic transactions. The basic decision-making unit is called an institutional unit, which is any entity capable of owning assets, incurring liabilities, engaging in economic activities and transactions. Institutional units are either households or legal persons like cor- porations, governmental agencies, associations. -
National Accounts Concepts and Definitions
THE JAMAICAN SYSTEM OF NATIONAL ACCOUNTS CONCEPTS AND DEFINITIONS OVERVIEW OF THE SYSTEM The revision of the Jamaican System of National Accounts is based on the United Nations System of National Accounts 1993 (1993 SNA). This appendix presents a description of the conceptual framework for the national accounts system and briefly outlines the sources used in the compilation of the national accounts. The 1993 SNA is a comprehensive, accounting framework within which economic data can be presented on the operation of the nation’s economy in much the same way as business accounts describe the operation of an enterprise. It is an integrated set of economic accounts, balance sheets and other tables describing all economic flows and stocks taking place within a country. It is based on a set of internationally agreed concepts, definitions, classifications and accounting rules within which economic data can be presented. The system is built around a sequence of interconnected flow accounts which record different types of activities taking place in the economy. It is based on a double entry system of accounting in which each transaction must be recorded twice within the same unit, once as a resource and the other as a use. Each account has a balancing item which is the residual between the total resources and total uses recorded on the two sides of the account. The balancing item from one account is carried forward as the first item on the following account. The accounts can be implemented at different levels of aggregation, from the level of the unit to the level of the national economy.