MAIN ECONOMIC INDICATORS Sources and Methods

STATISTICS DIRECTORATE

DOMESTIC FINANCE

OCTOBER 1997

ORGANISATION FOR ECONOMIC CO-OPERATION AND DEVELOPMENT Table of contents

Page

1. Introduction ...... 5 2. Methodology ...... 8 Canada...... 10 Mexico...... 13 United States ...... 15 Australia ...... 18 Japan...... 20 Korea ...... 23 New Zealand ...... 25 Austria ...... 27 Belgium ...... 29 Czech Republic ...... 31 Denmark...... 33 Finland...... 35 France...... 37 Germany...... 40 Greece...... 43 Hungary...... 45 Iceland ...... 47 Ireland ...... 49 Italy ...... 52 Luxembourg ...... 55 Netherlands ...... 56 Norway...... 59 Poland...... 61 Portugal ...... 63 Spain...... 65 Sweden ...... 68 Switzerland...... 70 Turkey ...... 73 United Kingdom...... 76 3. Sources ...... 80 4. Annex ...... 81

MAIN ECONOMIC INDICATORS 3 SOURCES AND METHODS OECD © October 1997 Supplements to Main Economic Indicators

HISTORICAL STATISTICS Consumer Price Indices: Special issue, April 1994. Historical data and sources and definitions for all series Producer Price Indices: Special issue, April 1994. published in Main Economic Indicators are also avail- Labour and Wage Statistics: Sources and Methods, able on MEI on Statwise diskettes and on CD-ROM. April 1997. Sets of diskettes cover the latest 10-year period and each of the decades 1960-1969, 1970-1979 and 1980- Interest Rates and Share Prices: Sources and Methods, 1989. The CD-ROM includes data from 1960, where December 1997 (forthcoming). available. By country: Mexico: Sources and Methods, December 1996. SOURCES AND METHODS Korea: Sources and Methods, March 1997. This supplement is published in occasional instalments dealing either with one country's statistics on all subjects or with statistics for all countries on a particular SOURCES AND DEFINITIONS subject. Each booklet refers in principle to the selec- Sources and definitions of the statistics included in Part tion of series contained in the issue of Main Economic One and Part Two are available in English on the Indicators with which it was released. Those published Internet (http://www.oecd.org/std/mei.htm): since 1980 are listed below: The latest printed edition is as follows: By subject: Main Economic Indicators - Sources and Definitions Business Surveys: No. 37, April 1983. 1997, July 1997 OECD Leading Indicators and Business Cycles in Member countries: No. 39, January 1987.

MAIN ECONOMIC INDICATORS 4 SOURCES AND METHODS OECD © October 1997 1. Introduction

This Sources and Methods publication contains cal measures. In consequence the series selected for detailed descriptions of the methodologies used in inclusion in the MEI have been revised, which in turn Member countries to prepare the monetary indicators makes this update of sources and methods on domestic published in the domestic finance sections of Parts One finance series imperative. and Two of the OECD’s Main Economic Indicators (MEI) publication. The topics covered are: monetary Developments in Domestic Finance aggregates; credit indicators (including mortgages); and others indicators of financial market activity such as Domestic finance indicators aim to capture in deposits, bond issues and capital issues, other liquidity quantitative terms a highly important but heterogene- measures and indicators of public sector financing. ous and fast-evolving area. In the last twenty years, The publication is consistent with the indicators in- financial markets have been marked by turbulent cluded in the October 1997 issue of MEI. change. Key factors driving this change are: globalisation of the financial markets (unfortunately not yet The publication is one of a series produced by accompanied by any marked increase in the harmoni- OECD (those currently available are listed on the page sation of definitions); maturing of national economies opposite ) aimed at enhancing users’ ability to interpret and therefore the structure of the markets required to the quantitative data contained in MEI. The qualitative service their needs; increased sophistication of the ac- information (‘metadata’) provided here is an essential tors in these markets (on the one hand, the suppliers input to understanding the compilation of the underly- and the products they offer and, on the other, purchas- ing numerical data and for evaluating comparability at ers with ever more complex demands); rapid techno- the international level. A standard list of metadata logical change; and evolving regulatory frameworks. items, described below in the section on methodology, Two general results are evident. Firstly, there is an has been used to characterise national statistics ac- ongoing process to refine the concepts of money, li- cording to their definition, coverage, use of standards, quidity etc., and thus there is a need to review the com- data collection methods, data compilation and quality. ponents comprising these measures. Secondly, the In the Part One ‘Indicators by subject’ tables of divergent characteristics of national markets persist, MEI, two domestic finance indicators (narrow and making the compilation and presentation of meaning- broad money, all seasonally adjusted) are presented. ful, analytically useful indicators at the international The Part Two ‘Indicators by country’ tables contain a level an on-going and complex task. fuller set of indicators, and these have been used to The organisation of financial markets is determined order the descriptions in this publication. In Part Two, by the interplay of several forces so that, in practice, a broadly similar selection of monetary aggregates and institutional compositions vary markedly between credit series is shown for each country, though the countries. Although with an increasingly globalised definition of individual series varies in function of dif- market there is a tendency to greater liberalisation of ferent country practices. The choice of specific indi- domestic financial markets, the fact remains that dis- cators for each country is normally made in consulta- tinct national legal and regulatory frameworks exist and tion with in-house economists and central banks, with evolve, influencing the composition of market interme- the aim of presenting the most appropriate national diaries. Reserve requirements, banking laws, etc., all measures of domestic finance. delimit activities of banks and other financial institu- An earlier Sources and Methods publication on tions. The varying degrees of regulation, together with money and credit was published by OECD some the responding strategies of banks and other financial twenty years ago. Since then dramatic changes have institutions, help determine the composition of each taken place, both in domestic and in international fi- national financial sector. nancial markets. Increased international integration of Financial institutions react and adapt to these con- financial markets, demands for different, more refined ditions by changing their strategies: by specialising, by financial instruments, together with changes in fiscal diversifying or concentrating their activities, by ex- and regulatory environments, have all contributed to tending through mergers and acquisitions, etc. As a the need for national agencies to redefine their statisti- consequence, there is an almost constant evolution in

MAIN ECONOMIC INDICATORS 5 SOURCES AND METHODS OECD © October 1997 the institutional structures in which financial markets licensed off-shore banks that are non-resident banks operate. influence domestic money and credit data because they often trade in foreign currency with resident compa- Another key development has been rapid growth in nies. the application of sophisticated information technology tools. By enhancing the speed of information flows these technologies have spurred a substantial growth in Monetary Aggregates trading itself. In fact technological developments have In many countries monetary aggregates have be- made the single most important contribution to the come some of the most important and widely used globalisation of the financial market, to the greatly government data in economic and financial research, increased number of participants (both buyers and sup- not least because of the influence of monetarist think- pliers), and to the marked growth in the range and so- ing on macroeconomic policies in the 1980s. Relation- phistication of the products offered. ships among monetary measures and other macroeco- All these trends have effectively resulted in an un- nomic variables are studied in order to describe and to paralleled growth and diversification of money and forecast changes in economic activity, interest rates and capital markets. Moreover, they have stimulated inno- inflation. However, the developments in financial vation through the introduction of new financial assets markets described above, including financial deregula- and the elaboration of existing ones, and hence modi- tion and innovation, and major tax and interest rate fied the concept of liquidity. changes, have altered the demand for money (and credit) and thus affected linkages to other economic Government intervention in response to these variables such as income, employment and prices. As trends has taken such forms as modifying the reserve a consequence, for some analyses there has been a requirements (e.g. freeing bank Certificates of Deposit movement away from monetary aggregates towards a from the cash reserve requirement) or altering the greater focus on more structural indicators. status of financial institutions, or, notably, changing the fiscal treatment of financial assets. Fiscal adjustments Definitions of monetary aggregates are governed in themselves can be important determinants of the by changing empirical perceptions of the appropriate changing concept of liquidity in that, according to the concept of money. No single definition of money manner in which they are taxed, financial assets be- serves all purposes at all times. Considering those fi- come more or less liquid. nancial assets serving as a medium of exchange and as a store of value is one approach. The grouping of fi- Other demographic and economic elements also nancial assets, whose movements are closely correlated influence the size of financial markets and their com- with the movements of certain macroeconomic vari- position. The growing importance of pension funds as ables such as national income, employment and prices, intermediaries in domestic and overseas financial mar- is another. kets is one demographic development worth mention- ing. Changes in relative market sizes, as well as types Faced with ongoing structural change in financial of demand at the national level, have altered the com- markets and the introduction of new financial instru- position of financial markets and further enlarged inter- ments, countries have introduced new monetary aggre- country differences. For instance, countries may wit- gates and financial series. Here again, harmonisation at ness a typical economic development pattern where the international level is not aided by the fact that im- high demand for agriculture credits is replaced first by portant determinants of definitions, such as liquidity construction credits and then by consumer credits or by concepts attributed to financial assets and the composi- mortgage credits. tion of the sectors that have claims on liquidity or bor- row it, vary considerably between countries. In addition, the internationalisation or international integration of financial markets further contributes to In the twenty years following the last MEI domes- the imperfections regarding the comparability of data. tic finance sources and methods publication, examples Making a clear distinction between currency denomi- of definitional changes have been: inclusion or exclu- nation of financial instruments and residency of the sion of an existing money market instrument or de- holders of such instruments is becoming increasingly pository liability; inclusion of a new money market difficult, because monetary statistics are influenced by instrument or depository liability; and reclassification the outcomes of developments such as the abolition of of the liabilities of different types of financial institu- exchange controls, growth in the use of domestic cur- tions. The focus is increasingly on the transaction dis- rencies in banking operations abroad, and growth in the tinction (i.e. those instruments which are direct substi- number of licensed off-shore banks. For example, tutes for money transactions) and less on whether the

MAIN ECONOMIC INDICATORS 6 SOURCES AND METHODS OECD © October 1997 financial assets are interest bearing or not. Overall, the financial structures and instruments still diverge, har- aim of redefining monetary aggregates has been to monisation of such aspects as maturity limits in the achieve a more complete coverage, particularly as re- definition of monetary aggregates is still far from being gards the institutional coverage, to take account of the achieved. Moreover, the so-termed cross-border hold- rapid changes in the institutional make-up of the finan- ings (i.e. monetary deposits of the residents held with cial markets. money creating institutions in the other Member states) are as yet excluded from the harmonised monetary Limited by the differences that continue to exist aggregate. between national money markets, the international comparability of the monetary aggregates is a complex issue. Although comparability may be satisfactory as Method of updating this Sources and Meth- far as the narrow aggregates are concerned, where nar- ods publication row money is usually defined as cash plus sight depos- This publication has been prepared in co-operation its, difficulties arise when comparing broad aggregates. with agencies of OECD Member countries, notably the For the reasons expressed earlier, the broader the con- central banks. The process used to compile the infor- cept, the greater the problems of measurement and mation was as follows. Once a basic structure had control and any international comparisons of such been determined (see ‘2. Methodology’ below), coun- broad indicators call for caution. try sheets were completed with information available at Despite all these difficulties, efforts to reach com- the OECD. Further information was drawn from other parable monetary statistics and the definition of a uni- sources, notably the Internet. Countries were then form concept of money (i.e. harmonisation) are being asked to correct, complete and update the information made, for example, at the European Monetary Institute as necessary. The Secretariat wishes to express its with respect to requirements associated with the immi- gratitude to all national agencies (listed at the back of nent introduction of a standard monetary unit within this publication) who provided assistance. Europe. However, at the present stage, where national

MAIN ECONOMIC INDICATORS 7 SOURCES AND METHODS OECD © October 1997 2. Methodology

To facilitate cross-country comparisons, the in- Series title in national publications formation in the country sections is structured. A standard ‘Metadata’ structure (given in Annex 1) has This section contains the exact series title and table been developed for the MEI database and is intended reference (in square brackets [ ]) of the indicators for use in its Sources and Methods publications. Be- from the national publications. For calculated (i.e. cause the specific nature of domestic finance indica- derived) series, the individual component series titles tors makes use of the standard structure inappropriate, and table references are given. If an English version it has been adapted for the purposes of this publica- of the reference publication is not available, an Eng- tion. The modified structure is outlined below to- lish translation is also given. gether with guidance on the type of information contained. Methodological references An item does not appear in country sections if These are the articles and publications where more information is not available. detailed information on the definitions and compilation procedures used by national authorities can be found. They may be regular or occasional and include MEI INDICATORS those articles, etc. published or recommended by na- The indicators listed against the country heading at tional agencies. the start of each country section are the indicators appearing under the heading ‘Domestic Finance’ in Run of data available MEI and are mainly money and credit indicators. In Indicates the run of data available nationally. addition, according to the country context, indicators of financial market activity (e.g. new bond and/or Periodicity share issues) and/or indicators of public finance may also be included. The Sources and Methods in the Indicates the periodicity of the national series present publication reflect the contents of the Octo- (weekly, monthly, or quarterly). ber 1997 edition of MEI. Unit of measurement SOURCE Indicates the currency in which data are compiled. This main section contains information about the source of the data series published in MEI. CONCEPTS AND COVERAGE Source agency Definition This gives the agency(ies) responsible for the col- This relates to the definitions of the indicators lection, compilation, processing and publishing of adopted by the national agencies. Such definitions domestic finance series. For monetary statistics, this specify the kinds of financial instruments included, is usually the central bank or its equivalent (e.g. the their currency of denomination, and the economic US Federal Reserve System). Financial market data sectors that are involved in transactions. (i.e. new share and bond issues) are commonly provided by other specialised agencies. Coverage Key national publication sources This section provides information about the coverage of the data series, i.e. the representativeness of the This gives the main publication(s) in which the series as they are defined, and is one indication of the data appear and is, for the majority of countries, the validity of inter-country comparisons. central bank’s bulletin. Certain data series are only found in national statistical offices’ publications.

MAIN ECONOMIC INDICATORS 8 SOURCES AND METHODS OECD © October 1997 Reference period mentary or basic surveys; sampling methods and sizes; the methods of aggregation and/or consolida- This item indicates whether data are referenced to tion; and the final form of data presentation (e.g. con- the end of period, the average for the period, the aver- solidated balance sheets, etc.). This section has occa- age of days, etc. sionally been combined with ‘Reporting units’. Geographical coverage This item is only given in instances where the DATA MANIPULATION geographical coverage needs particular clarification. Sectoral descriptions Seasonal and other adjustments This item gives an overview of the structure of The most common regular manipulation of finan- sectors in the national financial system. Explanations cial data series is seasonal adjustment. This section of any terminology which are peculiar to a national indicates whether the series published in the MEI are system and which warrant particular clarification are seasonally adjusted or not, who performs the adjust- also given here if needed. The item will usually serve ment and the method used. Series which have been to clarify information given under the section ‘Defini- seasonally adjusted by OECD usually appear in MEI tions’ (above) and the ‘Statistical population’ (below). Part One ‘Indicators by subject’ only. Statistical population Other manipulations This item provides more detailed and comple- The section includes information on other regular mentary information about the financial intermediaries adjustments to the series and other manipulations of involved in transactions (i.e. financial institutions the data such as the valuation of foreign currencies or having assets or liabilities recorded in the series). share prices in the case of capital share issues. Information on coverage in terms of economic sectors is given under ‘Definitions’. DATA QUALITY AND TIMELINESS Particular exclusions Certain financial institutions accepting deposits or Breaks in time series extending credits are, in some countries, excluded from the scope of the money and credit aggregates Data quality is affected by changes in methodol- and, if known, have been listed in this section. ogy, reporting systems, etc. Domestic finance indicators are prone to changes in sectoral coverage as well as the inclusion of evolving financial instruments. DATA COLLECTION Any consequent breaks are signalled here. This main section describes the origins of the raw Preliminary estimates and revision policy data. The policy of national agencies towards data revi- Reporting units sion is set out, particularly as regards corrections and estimating missing data. Information on the compila- The information included here describes the enti- tion of preliminary as opposed to final data may also ties (banks, etc.) from which statistical information is be given. collected and the underlying legal basis (e.g. obliga- tory reporting). This section has occasionally been Timeliness combined with ‘Reporting method’. Data timeliness (i.e. the delay between the end of Reporting method the reference period and the date when data are made publicly available by the national agency) is indicated. The information included in this section com- Information on the diffusion of preliminary as op- prises: collection methods; a description of comple- posed to final data may also be given.

MAIN ECONOMIC INDICATORS 9 SOURCES AND METHODS OECD © October 1997 CANADA Domestic Finance (a) Monetary aggregate (M1) (b) Monetary aggregate (M2+) (c) Savings deposits (d) New capital issues (e) Credit to private sector

SOURCE Periodicity Source agency Series are compiled on a monthly basis. Data are compiled by the Bank of Canada, Ottawa. Unit of measurement Data are expressed in Canadian dollars (Can$). Key national publication sources

Data are available in the Bank of Canada Review and CONCEPTS AND COVERAGE in the Bank’s Weekly Financial Statistics; the latter is available on the Bank’s Internet site at Definition http://www.bank-banque-canada.ca. (a) Monetary aggregate (M1) comprises currency held outside banks (Bank of Canada notes and coin out- Series title in national publications standing minus notes held by chartered banks and (a) M1 total [Table E1]; coins held by the Bank of Canada and chartered banks), and chartered banks’ Canadian dollar net (b) M2+ total [Table E1]; demand deposits (excluding Government of Can- (c) Total personal savings deposits, Chartered banks ada deposits, and adjusted for the demand deposits [Table E1]; of other chartered banks). (d) Calculated from two series [both Table F4]: (b) Monetary aggregate (M2+) comprises M1 plus − Bonds plus personal savings deposits; chartered banks’ non- − Preferred and common stocks, Corpora- personal notice deposits (adjusted for notice depos- tions; its of other chartered banks); foreign currency de- (e) Total household and business credit [Table E2]. posits of residents accounted for in Canada; deposits at trust and mortgage loan companies and gov- The above titles are quoted from the Summer ernment saving institutions; deposits and shares at 1996 issue of the Bank of Canada Review and the credit unions and ‘caisses populaires’; life insur- 21 November 1997 issue of Weekly Financial Sta- ance company individual annuities and money tistics (which is cross-referenced to the Review). market mutual funds. (c) Savings deposits refer to the personal savings com- Methodological references ponent of M3. Methodological information is available in the Bank of (d) New capital issues refer to corporate bond and Canada Review: Notes to the Tables (Supplement), stock issues. Corporate bonds include all issues of January 1996. Canadian corporations with the exception of finance company paper and commercial paper with Run of data available an original term of one year or less, and issues sold to parent companies. Preferred and common stock M1, Savings deposits, New capital issues: from 1955; are valued at offering prices; retirements at the ac- Credit to private sector: from 1969; tual amount paid by the corporation. Stock retirements exclude life insurance companies’ purchases M2+: from 1968. of their own stock.

MAIN ECONOMIC INDICATORS 10 SOURCES AND METHODS OECD © October 1997 (e) Credit to private sector consists of consumer cred- banks; local credit unions and ‘caisses populaires’; and its, residential mortgage credits, short-term (busi- trust and mortgage loan companies. Deposits with ness loans, chartered bank foreign currency loans, these financial intermediaries are not included. bankers’ acceptances, commercial paper issued by non-financial corporations) and other (non- DATA COLLECTION residential mortgages, leasing receivables, bonds and debentures, equity and other) business credits. Reporting units

Coverage The chartered banks are required to submit reports on their operations under Article Section 523 of the Bank Reference period Act. The Bank of Canada, the Office of the Superin- tendent of Financial Institutions (OSFI) and the Cana- M1. M2+, Savings deposits, Credit to private sector: dian Deposit Insurance Corporation (CDIC) have joint Until January 1994, bank data refer to monthly aver- responsibility for collecting data on the banking sector. ages of data for Wednesdays; thereafter they refer to the monthly average of daily data. Although non-bank Reporting method data are reported at end-month, they data are averaged Data on non-bank financial institutions are collected as across the period for inclusion with the bank data in the follows: money and credit aggregates. Annual and quarterly − data refer to end of period. trust and mortgage loan companies’ data are derived from data collected quarterly by Sta- Net capital issues: Data represent flows for the period. tistics Canada and from a monthly survey from the Bank of Canada (the latter covered institu- Sectoral descriptions tions which, at the end of June 1997, accounted Chartered banks are privately-owned banks that have for over 88 per cent of these industries’ total been chartered by Parliament or have received letters assets); patent by order-in-council as provided for in the 1991 − life insurance companies’ data are estimated Bank Act. from quarterly Statistics Canada data and a Non-bank financial institutions are trust and mortgage monthly survey (the 13 major insurance com- loan companies, life insurance companies, credit un- panies surveyed in 1970 represented 80 per ions and ‘caisses populaires’, sales finance companies cent of the total net premium incomes of all in- and other non-bank financial institutions. surance companies registered); − money market mutual funds’ data are obtained Statistical population from the national daily newspaper The Globe M1, Savings deposits: Chartered banks. The series also and Mail; include Canadian financial institutions affiliated with − finance companies’ and other institutions’ data foreign banks and which became incorporated as Ca- are based on Statistics Canada estimates for nadian banks according to the 1980 Bank Act. March, June, September and December, and Bank of Canada survey results for all other M2+: The Bank of Canada (currency only) and char- months. tered banks. The series also include Canadian financial institutions affiliated with foreign banks and which − credit unions and ‘caisses populaires’ data are became incorporated as Canadian banks according to estimated for months between quarter ends by the 1980 Bank Act. using monthly data obtained from larger provincial centrals and federations. New capital issues: All financial and non-financial corporations. Credit to private sector: Consumer credit data are estimated amounts of consumer credit on the books of Credit to private sector: Chartered banks (including all selected lenders. Residential mortgage credit data are wholly- and majority-owned subsidiaries of chartered estimated amounts of residential mortgages outstanding banks) and other non-bank financial institutions. at major private lenders and issued under the NHA- insured mortgage-backed securities programme. Busi- Particular exclusions ness credit data are estimated amounts of business M1, Savings deposits: Besides chartered banks, the credit outstanding at major private lenders and securi- following may accept deposits: the Quebec savings ties issued by non-financial businesses.

MAIN ECONOMIC INDICATORS 11 SOURCES AND METHODS OECD © October 1997 DATA MANIPULATION changes to the Bank Act (at 10 year intervals) as well as changes in: regulations; the structure of the industry Seasonal and other adjustments (mergers); and revisions to the reporting system (i.e. M1, M2+, savings deposits are seasonally adjusted by the level of consolidation and the treatment of accrued the Bank of Canada using Statistics Canada’s ARIMA interest). version of the X-11 Seasonal Adjustment Program, Prior to January 1974 data for finance companies were which employs a ratio-to-moving-average technique. obtained from Statistics Canada and are therefore not Seasonal adjustments are recalculated annually. strictly comparable to data compiled from January 1974 onwards because of different estimation tech- Other manipulations niques. Other manipulations to the aggregates include adjustments for distortions in the series (e.g. mail strikes), for Preliminary estimates and revision policy the influence of the number of Wednesdays in a period Revisions are incorporated as and when they become and for discontinuities due to the 1980 revisions to the available: there is no cut-off date for revisions to the Bank Act and the reporting system, changes in regula- series. tions and in institutions (incorporation of non-financial institutions as chartered banks), and changes in the Timeliness structure of the banking industry (mergers and acquisi- tion of non-financial institutions by chartered banks). Dissemination is within 1 month of the reference period. DATA QUALITY AND TIMELINESS Breaks in time series There are breaks in series which mean that earlier data are not comparable. These revisions result from

MAIN ECONOMIC INDICATORS 12 SOURCES AND METHODS OECD © October 1997 MEXICO Domestic Finance (a) Monetary aggregate (M1) (b) Monetary aggregate (M4)

SOURCE paper) and long-term (i.e. mortgage bonds, corporate bonds, public debt bonds) non-banking instru- Source agency ments. M4 includes, from July 1991, total corpo- Data are compiled by the Bank of Mexico (Banco de rate bonds in circulation (there were none in circu- México), Mexico. lation prior to that date) and, from its introduction in May 1992, the resources of the SAR (retirement Key national publication sources savings system). Prior to July 1992, it included the FICORCA (the Exchange Rate Risk Hedging Data are available in the Bank of Mexico’s Carpeta de Fund): after July 1992, the outstanding balances of Indicadores Economicos (the electronic Economic FICORCA were cancelled and the fund was liqui- Indicators File). dated. Since M4 is intended to include the broadest set of financial assets available to the public, the in- Series title in national publications clusion of the FICORCA, the SAR and total corporate bonds in circulation responded to changes in (a) Agregado monetario, M1 (Monetary aggregate, the financial system rather than indicating changes M1) [Table I-4]; in coverage. (b) Agregado monetario, M4 (Monetary aggregate, M4) [Table I-4]. Coverage The above titles are taken from the Carpeta de Indica- Reference period dores Economicos. Data refer to end of period.

Run of data available Statistical population Data are available from 1977. The Bank of Mexico, commercial and development Periodicity banks, non-bank financial institutions, the Federal Government and private sector entities. Data are compiled on a monthly basis. Unit of measurement DATA COLLECTION Data are expressed in new Mexican pesos (MNS). Reporting units The Bank of Mexico is an autonomous body operating CONCEPTS AND COVERAGE under the December 1993 Law on the Bank of Mexico. This law gives the faculty to collect and publish eco- Definition nomic and financial statistics and requires that all fi- (a) Monetary aggregate (M1) comprises notes and nancial institutions submit their balance sheets to the coins, plus cheque accounts (whether interest or central bank. non-interest bearing) denominated in pesos or in foreign currencies and held by the non-bank sector. Reporting method (b) Monetary aggregate (M4) comprises M1 plus Basic data are collected by the Bank of Mexico from short-term and long-term (i.e. with maturities of the balance sheets of commercial and development less and more than one year) banking instruments banks and are presented in the form of a consolidated in pesos and foreign currencies; savings accounts, balance sheet of the banking system. short-term (i.e. treasury bills, bonds, commercial

MAIN ECONOMIC INDICATORS 13 SOURCES AND METHODS OECD © October 1997 DATA MANIPULATION Preliminary estimates and revision policy Seasonal and other adjustments Commercial and development banks’ data are preliminary for the last three months published. Revisions to The series are seasonally adjusted by the OECD using preliminary data are ascribed mainly to ‘inter-bank the X-11 variant of the US Census Method II. float’ concepts that are eventually assigned to a specific item in the balance sheet. There are no estimates in the DATA QUALITY AND TIMELINESS published figures. Breaks in time series Timeliness M4 underwent changes in inclusion in July 1991, May M1, M4: Preliminary data for are published with a 20 1992 and July 1992 (see ‘Definition’ above). How- day delay. They are obtained from aggregate informa- ever, since M4 is intended to include the broadest set of tion reported by all banks prior to submission of their financial assets available to the public, the inclusion of balance sheets. the FICORCA, the SAR and total corporate bonds in circulation responded to changes in the financial system rather than indicating changes in coverage.

MAIN ECONOMIC INDICATORS 14 SOURCES AND METHODS OECD © October 1997 UNITED STATES Domestic Finance (a) Monetary aggregate (M1) (b) Monetary aggregate (M3) (c) Total liquidity (L) (d) New capital issues: corporations (e) Bank credit (f) Loans and leases

SOURCE Glassman, Cynthia A. Data Sources Used in Con- structing the US Monetary Aggregates, paper presented Source agencies at the XXI Meeting of Technicians of Central Banks of Data are compiled by the US Federal Reserve Board, the American Continent, October 1984. Washington, DC. The New capital issues series is con- Walter, John R.. ‘Monetary Aggregates: A User's structed by the Federal Reserve Board from underlying Guide’ in Federal Reserve Bank of Richmond, Eco- data provided (from July 1993) by the Securities Data nomic Review, January/February 1989, pp. 20-28. Company and (from January 1997) by the Depository Trust Company. Whitesell, William and Collins, Sean. A Minor Redefi- nition of M2, Finance and Economics Discussion Se- Key national publication sources ries, Federal Reserve Board, February 1996. Data are available in the Federal Reserve System’s, Run of data available Federal Reserve Bulletin. They are also available on the Internet sites of the Board of Governors M1, M3, L: from 1959; (http://www.bog.frb.fed.us/) and the US Department of New capital issues: corporations, Bank credit: from Commerce (http://www.stat-usa.gov/). 1973; Series title in national publications Loans and leases: from 1976.

(a) M1 [Table 1.21]; Periodicity (b) M3 [Table 1.21]; Data are compiled on a weekly basis for monetary ag- (c) L [Table 1.21]; gregates and bank credit, and on a monthly (with semi- (d) New Security Issues, US Corporations [Ta- annual supplements) and quarterly basis for external ble 1.46]; accounts data. (e) Bank Credit [Table 1.26]; Unit of measurement (f) Loans and leases in bank credit [Table 1.26]. Data are expressed in US dollars ($). The above titles are quoted from the September 1997 issue of the Federal Reserve Bulletin. CONCEPTS AND COVERAGE Methodological references Definition Anderson, Richard G. and Kavajecz, Kenneth A. A Historical Perspective on the Federal Reserve's a) Monetary aggregate (M1) consists of: Monetary Aggregates: Definition, Construction and − currency outside the US Treasury, the Federal Targeting, Federal Reserve Bank of St. Louis, Reserve Banks, and the vaults of depository in- March/April 1994, pp. 1-66. stitutions;

MAIN ECONOMIC INDICATORS 15 SOURCES AND METHODS OECD © October 1997 − travellers cheques of non-bank issuers; (e) Loans and leases in bank credit consist of commer- − demand deposits at all commercial banks other cial and industrial, real estate, consumer, security than those owed to depository institutions, the (reverse repurchase agreements with broker dealers US government, and foreign banks, less cash and loans to purchase and carry securities) and items in the process of collection and the Fed- other loans. Loans and leases exclude federal funds eral Reserve float; sold to, reverse repurchase agreements with, and loans to commercial banks in the United States. − other chequable deposits (OCDs), consisting of negotiable order of withdrawal (NOW) and Coverage automatic transfer service (ATS) accounts at depository institutions, credit union share Reference period drafts, and demand deposits at thrift institu- Monthly and weekly data for M1 and M3 are generally tions. averages of daily data. Information on travellers (a) Monetary aggregate (M3) consists of M1 plus: cheques is obtained for a single day at the end of each − savings deposits including money market de- month. Weekly figures for travellers cheques are in- posit accounts (MMDAs); terpolated between adjacent month-end figures. The retail and institution-only money fund components of − small-denomination time deposits (time de- M3 are based upon one day data reported for each posits - including retail RPs - in amounts of Wednesday. less than US$ 100 000); − balances in retail money market mutual funds Monthly capital issues data are sums of daily issuance (money funds with minimum initial invest- records. ments of less than US$ 50 000); Weekly bank credit and loans and leases data are − large-denomination time deposits (in amounts based on one day data for each Wednesday. Monthly of US$ 100 000 or more) issued by all deposi- bank credit and loans and leases data are pro rata aver- tory institutions; ages of Wednesday data. − balances in institution-only money funds Statistical population (money funds with minimum initial investments of US$ 50 000 or more); M1, M3, L: The twelve Federal Reserve Banks, which − RP liabilities (overnight and term) issued by all together fulfil the functions generally assumed by cen- depository institutions; tral banks (some are shared with the US Treasury), and all depository institutions. Under the Monetary Control − Eurodollars (overnight and term) held by US Act of 1980, depository institutions include commercial residents at foreign branches. banks, mutual savings banks, savings and loan associa- (b) Total liquidity (L) comprises M3 plus the non-bank tions, credit unions, agencies and branches of foreign public holdings of US savings bonds, short-term banks and Edge Act corporations. treasury securities, commercial paper, and bankers’ New capital issues: corporations: Data from the Se- acceptances, net of money market holdings of these curities Data Company reflect nearly all US domestic assets. stock and bond issues as well as most Eurobond issues. (c) New capital issues: corporations. Gross proceeds Data from the Depository Trust Company include of securities issued by US corporations that mature nearly all US domestic issues of medium-term notes. in more than one year. Data represent the principal amount or number of units multiplied by the offer- Bank credit, Loans and leases: All commercial banking price. Figures exclude secondary offerings, ing institutions: chartered commercial banks that sub- employee stock plans, investment companies (other mit a weekly report of condition (large domestic), other than closed end, intra-corporate) transactions, equi- domestically chartered commercial banks (small do- ties sold abroad, and Yankee bonds. Stock data in- mestic), branches and agencies of foreign banks, New clude ownership securities issued by limited part- York State investment companies, and Edge Act and nerships. New security (bond and stock) issues of agreement corporations (foreign-related institutions). US corporations cover only public offerings. International banking facilities are excluded. (d) Bank credit consists of US government and other Particular exclusions securities in bank credit and loans and leases in Insurance companies, finance companies dealing pri- bank credit (see (f) below). marily in instalment sales financing, and personal loan

MAIN ECONOMIC INDICATORS 16 SOURCES AND METHODS OECD © October 1997 companies represent important sources of funds for the are estimated based upon deposit data that are reported credit market. Government corporations and credit for the monetary aggregates. All survey data for bank agencies make available credit of specified types or to credit and loans are one day figures for the Wednesday specified groups of private borrowers. of each week. New capital issues: corporations: See ‘Definition’ DATA MANIPULATION above. Bank credit, Loans and leases: International banking Seasonal and other adjustments facilities are excluded. Weekly and monthly seasonal factors for the monetary aggregates and bank credit and loans and leases are DATA COLLECTION computed annually by the Board of Governors. Monthly data are constructed as pro rata averages of Reporting units Wednesday data and are seasonally adjusted with the Census X-11 programme. Weekly data are seasonally See ‘Reporting method’ below . adjusted separately using a time-series modelling approach developed by Federal Reserve Board staff. The Reporting method results of weekly seasonal adjustment are balanced to Data used in constructing the monetary aggregates are match the results of monthly seasonal adjustment. collected by the Federal Reserve System under the Seasonally adjusted monetary aggregates are computed authorisation of Section 11 of the Federal Reserve Act. by summing the relevant components, each seasonally Information employed in constructing the monetary adjusted separately. aggregates M1 and M3 includes weekly surveys by the New capital issues data are not seasonally adjusted. Federal Reserve of deposits at about 5 200 commercial banks and 2 000 thrift institutions, together with quar- DATA QUALITY AND TIMELINESS terly surveys by the Federal Reserve of deposits at about 4 300 commercial banks and about 1 100 thrift Preliminary estimates and revision policy institutions. Published data for the monetary aggregates are subject All reports filed by depository institutions that are used to revision for four weeks. In addition, they are in constructing the monetary aggregates are mandatory. benchmarked quarterly and annually. In addition, information on retail and institution only There are no cut-offs for revisions to new capital issues money funds is obtained weekly from the Investment data; errors are corrected immediately as revised data Company Institute and covers the universe of all such become available. funds in the United States. Information provided by the Investment Company Institute is collected from With some exceptions for regulatory purposes, the money market mutual funds on a voluntary basis. reports underlying bank credit and loans and leases data follow generally accepted accounting principles New capital issues data are supplied by the Securities (GAAP) as promulgated in the United States by the Data Company and the Depository Trust Company Financial Accounting Standards Board. Exceptions to under copyright and confidentiality agreements. GAAP are covered in the instructions to bank Call Re- Bank credit and loans and leases data are collected ports. There are no cut-offs for revisions to the series; under the authority of Section 11 of the Federal Re- errors are corrected as soon as revised data become serve Act. Information employed in constructing bank available. credits and loans include weekly surveys by the Federal Reserve of a universe of about 120 larger US chartered Timeliness banks, a stratified sample of about 1 000 smaller US The dissemination is: 10 days after week ending Mon- chartered banks, and a sample of about 85 US branches day for monetary aggregates; 9 days after reference and agencies of foreign banks. ‘Grossing up’ factors for sample surveys are benchmarked to quarterly Wednesday for the two bank credit series; and, 3- regulatory (Call) reports. Surveys for larger US char- 4 months after end of reference month and 5 months tered banks and US branches and agencies of foreign after end of reference quarter for external accounts of banks are balance sheets. Surveys for smaller US the banking sector. chartered banks are reports of assets and borrowings only. Other balance sheet data for these depositories

MAIN ECONOMIC INDICATORS 17 SOURCES AND METHODS OECD © October 1997 AUSTRALIA Domestic Finance (a) Monetary aggregate (M1) (b) Monetary aggregate (M3) (c) Broad money (d) Bank credit to private sector (e) Total credit to private sector

SOURCE Periodicity Source agency Data are compiled on a monthly basis. Data are compiled by the Reserve Bank of Australia Unit of measurement (RBA), Sydney. Data are expressed in Australian dollars ($A). Key national publication sources CONCEPTS AND COVERAGE Data are available in the Reserve Bank of Australia’s Bulletin. Definition

Series title in national publications (a) Monetary aggregate (M1) comprises currency (holdings of notes and coins by the non-bank pri- (a) Calculated from two series [both Table D.1]: vate sector) and current deposits (both interest − Currency plus bearing and non-interest bearing) with banks. Bank − Current deposits with banks; deposits exclude Commonwealth and State government and inter-bank deposits. (b) M3 [Table D.1]; (b) Monetary aggregate (M3) comprises currency plus (c) Broad Money [Table D.1]; all bank deposits of the private non-bank sector. (d) Calculated from two series: (c) Broad money comprises M3 plus borrowings from − Lending to, Private Sector by, Banks [Ta- private sector by NBFIs (see ‘Sectoral descriptions’ ble D.2] plus below), less the latter’s holdings of currency and − Bank bills outstanding [Table D.3]; bank deposits. (e) Credit by Financial Intermediaries [Table D.3]. (d) Bank credit to private sector comprises loans and The above titles are quoted from the August 1997 issue advances by banks to the non-financial private of Reserve Bank of Australia’s Bulletin. sector plus total bank bills outstanding. (e) Total credit to private sector comprises the sum of Run of data available loans and advances to the non-financial private sector by financial intermediaries, and bank bills M1, M3, Bank credit to private sector: from the sec- outstanding. ond half of 1960; Broad money, Total credit to private sector: from the Coverage second half of 1976. Reference period Raw data comparable to M1 and M3 are available on a quarterly basis from June quarter 1952; semi-annual The reference period is monthly. Monthly data are data from 1946; annual data from (June) 1939, pub- obtained by averaging weekly bank data and end- lished in the Reserve Bank of Australia’s Occasional month non-bank financial intermediary data for the Paper 4B; and seasonally adjusted figures from end- current and previous months. Prior to January 1989, 1960. figures for savings bank deposits are averages of end- month or near end-month figures for the current and previous months.

MAIN ECONOMIC INDICATORS 18 SOURCES AND METHODS OECD © October 1997 Sectoral descriptions DATA MANIPULATION Financial intermediaries are banks (other than the Re- Seasonal and other adjustments serve Bank of Australia) and NBFIs. M1, M3 and broad money are seasonally adjusted by Non-Bank Financial Institutions (NBFIs) are the non- the Australian Bureau of Statistics using the X-11 vari- bank financial intermediaries (registered under the Fi- ant of the US Census Method II. nancial Corporations Act 1974) which are comprised of: permanent building societies; credit co-operatives; money market corporations; pastoral finance corpora- DATA QUALITY AND TIMELINESS tions; finance companies; general financiers. Breaks in time series Statistical population Series breaks occur from time to time due to: M1, M3: The Reserve Bank of Australia and banks ⇒ changes in coverage of banks and NBFIs associated authorised to operate under the Banking Act 1959. with the establishment of new banks, conversion of Banks account for around 80 per cent of the total of NBFIs to banks, and exits from the collection deposits of the non-financial private sector. frame; Broad money: The Reserve Bank of Australia and ⇒ changes in bank reporting including banks authorised to operate under the Banking Act 1959, plus NBFIs. Deposits of the non-financial pri- − reclassifications of deposits or loans from one vate sector (broad money less currency) comprise category to another, around 55 per cent of (unconsolidated) financial inter- − changes in accounting procedures used by mediary assets, including foreign currency assets. banks, − securitisation of bank loans, Bank credit to private sector: All banks (banks − transfers of business between banks and non- authorised to operate under the Banking Act 1959) banks, or between financial intermediaries and excluding the Reserve Bank of Australia. Banks ac- government authorities. count for around 80 per cent of the total of lending to the non-financial private sector. These breaks are documented in the ‘Technical Notes to Tables’ in the Reserve Bank’s Bulletin. Total credit to private sector: All banks (banks authorised to operate under the Banking Act 1959) As a result of the inclusion of government deposits excluding the Reserve Bank of Australia, plus NBFIs. with those banks which prior to 1989 were classified as Credit provided to the non-financial private sector savings banks, components of the monetary aggregates comprises around 70 per cent of financial intermediary do not sum to the total before this date. assets. It should be noted that the RBA also presents growth rates for these series. The RBA growth rates are based DATA COLLECTION on figures which have been adjusted for series breaks. Reporting units Preliminary estimates and revision policy These are the financial intermediaries (see ‘Sectoral Time series are actual, representing a census of actual descriptions’ above). returns by reporting corporations. Reporting method Timeliness Data are collected by means of a census of the relevant Data are released in the RBA’s Bulletin approximately financial intermediaries. They are collected directly 6 weeks after the end of the reference period. An ad- from the intermediaries as part of their regular balance vance media release, published on the major wire sheet reporting to the central bank. Banks report their services and available from the RBA, is issued ap- balance sheet data every Wednesday; NBFIs report as proximately 1 month after the end of period. at the end of each calendar month.

MAIN ECONOMIC INDICATORS 19 SOURCES AND METHODS OECD © October 1997 JAPAN Domestic Finance (a) Monetary aggregate (M1) (b) Monetary aggregate (M2 + CD) (c) Total liquidity (M4) (d) Loans and discounts (e) Private bond issues (f) Government bond issues

SOURCE − Ordinary Government Bonds, Total, Issue minus Source agencies − Ordinary Government Bonds, Total, Re- Data are compiled by the Bank of Japan (Nippon demption. Ginko), Tokyo. Data on bond issues are compiled by The titles above are quoted from the September 1997 the Bond Underwriters Association. issue of Economic Statistics Monthly.

Key national publication sources Methodological references Data are available in the Bank of Japan’s Economic Methodological information is available in the Bank of Statistics Monthly. Japan’s supplement Economic Statistics Monthly: Notes to the Tables. Series title in national publications Run of data available (a) Money Stock, Average Outstanding, M1 [Ta- ble 2(1)]; M1, M2 + CD, Loans and discounts, Private bond (b) Money Stock, Average Outstanding, M2 + CD issues: from 1955; [Table 2(1)]; Total liquidity (M4): from 1980; (c) Money Stock, Average Outstanding, Broadly- defined liquidity [Table 2(1)]; Government bond issues: from 1979 (government bond redemptions from 1988). (d) Calculated from two series: − Banking Accounts of Domestically Li- Periodicity censed Banks, Assets, Loans and Discounts, Total [Table 13] plus Data are compiled on a monthly basis. − Trust Accounts of Domestically Licensed Banks, Assets, Loans and Discounts, Total Unit of measurement [Table 14]; Data are expressed in Japanese yen (¥). (e) Calculated from six series [all Table 73(1)]: − Interest-bearing Bank Debentures, Issue minus CONCEPTS AND COVERAGE − Interest-bearing Bank Debentures, Re- Definition demptions plus − Discount Bank Debentures, Issue minus (a) Monetary aggregate (M1) comprises cash currency − Discount Bank Debentures, Redemptions in circulation, representing the amount of bank plus notes issued and coins in circulation, less the − Corporate Straight Bonds, Issues minus amount of cash currency held by the financial in- − Corporate Straight Bonds, Redemptions; stitutions surveyed (see ‘Statistical population’ be- (f) Calculated from two series [all Table 73(1)]: low), plus deposit money representing the total of

MAIN ECONOMIC INDICATORS 20 SOURCES AND METHODS OECD © October 1997 demand deposits (current deposits, ordinary depos- Sectoral descriptions its, saving deposits, deposits at notice, special de- Domestically licensed banks are defined as those banks posits and deposits for tax payments) among pri- which are established and licensed under the Japanese vate and public deposits with financial institutions legislation. They consist of city banks, regional banks surveyed, less the cheques and bills held by these (member banks of the Regional Banks Association of institutions. Japan), regional banks II (member banks of the Second (b) Monetary aggregate (M2 + CD) comprises M1 Association of Regional Banks), trust banks (including plus the total of private deposits, public deposits trust subsidiaries - i.e. trust banks which are subsidiar- less demand deposits (quasi money), plus Certifi- ies of other Japanese financial institutions - and foreign cates of Deposits of private corporations, individu- trust banks - i.e. foreign affiliated banks which engage als and the public all with the financial institutions in trust business in Japan) and long-term credit banks. surveyed (see ‘Statistical population’ below). (c) Total liquidity (M4) comprises M2 + CD plus the Statistical population deposits of Post Offices, Agricultural Co- M1, M2 + CD: The Bank of Japan, domestically li- operatives, Fishery Co-operatives, Credit Co- censed banks (excluding trust subsidiaries and foreign operatives, Labour Credit Associations (including trust banks), credit associations (shinkin banks), the Certificates of Deposit), and money trusts and loan Central Co-operative Bank for Agriculture and For- trusts of domestically licensed banks (excluding estry (Norinchukin Bank), the Central Bank for Com- foreign trust banks, excluding inter-financial insti- mercial and Industrial Co-operatives (Shoko Chukin tution deposits, trust accounts and the cheques and Bank). bills held by financial institutions) plus bonds with repurchase agreement, bank debentures, govern- M4: As M1 and M2 + CD above, plus Post Offices, ment bonds, investment trusts, money deposited Agricultural Co-operatives, Fishery Co-operatives, (other than money in trust) and foreign bonds. Credit Co-operatives, Labour Credit Associations, domestically licensed banks (excluding foreign trust (d) Loans and discounts comprise the assets of domes- banks), investment trusts, corporations and the central tically licensed banks that appear in their banking government. and trust accounts. These are loans and discounts to residents (excluding central government) and to Loans and discounts: Domestically licensed banks. non-residents in yen and other currencies. The as- Private bond issues: Corporations and all banks. sets concerned in domestically licensed banks’ banking accounts are overdrafts, loans on deeds, Government bond issues: The central government. loans on bills and bills discounted. The assets concerned in domestically licensed banks’ trust ac- Particular exclusions counts are loans on deeds, loans on bills and bills The postal savings system, branches of foreign banks discounted. and certain other financial institutions (e.g. credit (e) Private bond issues comprise net new issues (issues co-operatives, labour credit associations etc.) also ac- minus redemptions) of corporate straight bonds (in- cept deposits. All the deposit accepting institutions cluding private offered bonds and excluding con- extend credits. Government financial institutions (such vertible bonds) and bank debentures (discount bank as the Japan Development Bank, the Export-Import debentures and interest-bearing bank debentures). Bank of Japan and the Housing Loan Corporation) and (f) Government bond issues comprise net new domes- insurance companies (life and non-life) do not accept tic issues (issues minus redemptions) of interest- deposits, though all extend credits. bearing long-term and medium-term government bonds, discount government bonds (5 years) and DATA COLLECTION Treasury Bills. Reporting units Coverage Monetary aggregates and loans and discounts data are Reference period collected from financial institutions. Monthly monetary aggregates data are daily averages. Bond issues data are provided to the Bank of Japan by Loans and discounts data refer to end of period. Bond the Bond Underwriters Association. issues data refer to flows during the month.

MAIN ECONOMIC INDICATORS 21 SOURCES AND METHODS OECD © October 1997 Reporting method Bureau of the Census Method X-12-ARIMA (β Version). The basic data are collected from financial institutions in the form of a survey. Bond issues data are not seasonally adjusted. The monetary survey is presented as a consolidated and adjusted balance sheet of the accounts of the Bank of DATA QUALITY AND TIMELINESS Japan and the Foreign Exchange Fund consisting of ‘Monetary Authorities’, and of ‘Deposit Money Breaks in time series Banks’, i.e. domestically licensed banks (excluding There are breaks in the loans and discounts series in trust accounts and foreign trust banks), shinkin banks, 1991, 1993, and 1994 due to changes in banks’ status the Norinchukin Bank, the Shoko Chukin Bank and or bank mergers. Ordinary/Trust Banks which opened in or after October 1993. Preliminary estimates and revision policy The consolidated balance sheet is based on the finan- Revisions are incorporated as and when they become cial statistics formula adopted by the IMF. In the available: there is no cut-off date for revisions to the monetary survey, the ‘Accounts of Monetary Authori- series. ties’ and ‘Accounts of Deposit Money Banks’ are consolidated and adjusted, and include their principal as- Timeliness sets and liabilities. Dissemination is within 1 to 2 months of the reference period. DATA MANIPULATION Seasonal and other adjustments M1, M2 + CD, M4, and loans and discounts are seasonally adjusted by the Bank of Japan using the US

MAIN ECONOMIC INDICATORS 22 SOURCES AND METHODS OECD © October 1997 KOREA Domestic Finance (a) Monetary aggregate (M1) (b) Monetary aggregate (M2) (c) Monetary aggregate (M3) (d) Loans and discounts (e) Net new bond issues

SOURCE Unit of measurement Source agency Data are expressed in Korean won (W). Data are compiled by the Bank of Korea (Han-guk Un- haeng), Seoul. CONCEPTS AND COVERAGE Definition Key national publication sources (a) Monetary aggregate (M1) comprises currency in Data are available in the Bank of Korea’s Monthly circulation and demand deposits at monetary insti- Statistical Bulletin and the Korean Central Statisti- tutions. cal Office’s Monthly Statistics. (b) Monetary aggregate (M2) comprises M1 plus time Series title in national publications and savings deposits and residents’ foreign currency deposits at deposit money banks. (a) Money supply (M1) [Table 1, Monetary Survey, (c) Monetary aggregate (M3) comprises M2 and other Liabilities, column 15]; liabilities of monetary institutions and non-banking (b) Money supply (M2) [Table 1, Monetary Survey, financial institutions, such as deposits of non- Liabilities, column 14]; banking institutions, debentures, negotiable certifi- (c) Total assets or liabilities (M3) [Table 1, Mone- cates of deposit, repurchase agreements, commer- tary Survey, Liabilities, column 13]; cial bills, cover bills, etc. (d) Loans and discounts of the Deposit Money (d) Loans and discounts of deposit money banks are Banks, Total [Table Principal Economic Indica- defined as the sum of loans and discounts in do- tors (II), column 11]; mestic currency, such as overdrafts and general loans granted. (e) Issues and Outstanding Amounts of Principal Government, Public and Corporate Bonds, Cor- (e) Net new bond issues refer to new corporate bond porate bonds, issued [Table 38, column 19]. issues. They are defined as the amounts of issues minus the amount of reimbursements of corporate The above titles are quoted from the Monthly Statisti- bonds. Corporate bonds have the purpose of fi- cal Bulletin, 1996.4. nancing long-term funds from the public at large.

Run of data available Coverage M1, M2, Loans and discounts: from 1970; Reference period M3: from 1985; Data cover the month preceding data collection and New bond issues: from 1988. refer to end of period, apart from (e). Sectoral descriptions Periodicity Financial institutions are divided into monetary institu- Data are compiled on a monthly basis. tions and other financial institutions.

MAIN ECONOMIC INDICATORS 23 SOURCES AND METHODS OECD © October 1997 Monetary institutions comprise the Bank of Korea and viewed as an extension of the monetary survey in that deposit money banks. the financial assets and liabilities of the non-bank financial institutions are also included. Both are full- Deposit money banks are composed of commercial scope compulsory monthly surveys authorised by the banks, the Industrial Bank of Korea, the Korea Hous- Bank of Korea Act and the General Banking Act. Data ing Bank, the credit and banking sectors of the National collection is via the BOK electronic network and (for Agricultural Co-operative Federation (NACF), the the financial institutions) mail. National Federation of Fisheries Co-operatives (NFFC), and the National Livestock Co-operatives M1, M2, Loans and discounts: Data are derived from (NLCF). the monthly monetary survey of all deposit money banks. Other financial institutions cover the Korea Develop- ment Bank, the Korea Securities Finance Corporation, M3: Data are derived from the monthly monetary and savings institutions, mutual savings and finance com- financial surveys of all financial institutions. panies, and insurance companies comprising twenty- Net new bond issues: Data are compiled from a full- four life insurance companies, three foreign life insur- scope survey of companies issuing corporate bonds. ance company branches, seven joint life insurance The Securities Supervisory Board is informed by com- companies (run by Korean and foreign partners), the panies issuing corporate bonds at the time of each new National Life Insurance and Postal Life Insurance . issue. Statistical population M1, M2, Loans and discounts: All deposit money DATA MANIPULATION banks. Seasonal and other adjustments M3: All financial institutions. M1, M2, M3, and loans and discounts are seasonally Net new bond issues: All companies issuing corporate adjusted by the OECD using the X-11 variant of the bonds registered with the Securities Supervisory Board. US Census Method II.

Particular exclusions Net new bond issues: is not seasonally adjusted. Net new bond issues: Since January 1992, bonds issued by the leasing corporations are excluded. DATA QUALITY AND TIMELINESS Timeliness DATA COLLECTION M1, M2, M3, Loans and discounts: A preliminary re- Reporting units port is published around the 5th day of the month following the month surveyed. A revised report is pub- See ‘Reporting method’ below. lished within the 2 months following the preliminary report. Reporting method Net new bond issues: Data are first published by the The monetary survey, conducted since 1958, is used to Securities Supervisory Board within 1 month after the compile the consolidated balance sheet of the monetary reference month. The Bank of Korea reproduces these institutions. Data are derived from the liabilities side. data in its monthly bulletin about 60 days after the ref- The financial survey, conducted since 1971, can be erence month.

MAIN ECONOMIC INDICATORS 24 SOURCES AND METHODS OECD © October 1997 NEW ZEALAND Domestic Finance (a) Monetary aggregate (M1) (b) Monetary aggregate (M3) (c) Credit to private sector

SOURCE Residency-based measures of M3 and Credit to private sector have been compiled on a monthly basis from Source agency September 1988 onwards. Data are compiled by the Reserve Bank of New Zea- land, Wellington. Periodicity Data are compiled on a monthly basis. Key national publication sources Data are available in the Reserve Bank Bulletin and at Unit of measurement the Reserve Bank World Web site Data are expressed in New Zealand dollars (NZ$). (http://www.rbnz.govt.nz): choose Economics Depart- ment then Long Term Financial Statistical Series Ta- ble C1. CONCEPTS AND COVERAGE Definition Series title in national publications (a) Monetary aggregate (M1) comprises notes and (a) M1 [Table C1]; coins held by the public plus chequable EFTPOS or (b) M3 [Table C1]; sweep account deposits (transaction balances) mi- (c) Private sector credit [Table C1]. nus inter-institutional chequable or EFTPOS deposits (transaction balances) and minus central The above titles are quoted from the September Quar- government transaction deposits. ter 1997 issue of the Reserve Bank Bulletin. (b) Monetary aggregate (M3) comprises M1 plus all non-M1 call funding and all other (i.e. term) fund- Methodological references ing, less inter-institutional funding and less gov- All issues of the Reserve Bank Bulletin contain detailed ernment deposits. Call funding includes overnight definitions and calculations of the monetary aggregates. money and funding on terms that can of right be broken without incurring break penalties. Further information on the monetary aggregates is contained in the June and September 1987 issues of the (c) Credit to private sector represents total gross Reserve Bank Bulletin, pp. 134-135 and 227-230 re- claims (excluding the claims on government and spectively. overseas) less inter-institutional claims. An evaluation of the role of monetary aggregates in Coverage New Zealand’s monetary policy framework can be Reference period found in: Data refer to end of month. Wong, Alfred and Grimes, Arthur. ‘The New Zealand Monetary Aggregates’ in The Reserve Bank of New Sectoral descriptions Zealand, Monetary Policy and the New Zealand Fi- The M3 group of institutions consists of registered nancial System, 1992, ISBN 0-477-01569-7, pp.79-89. banks and other M3 institutions. Run of data available Registered banks are the institutions registered with the The series as currently defined started in January 1981 Reserve Bank under the statutory provisions of the replacing an older set of series with the same names. Reserve Bank of New Zealand Amendment Act 1986 The discontinued series ran until mid-1987. and the Reserve Bank of New Zealand Act 1989. Such

MAIN ECONOMIC INDICATORS 25 SOURCES AND METHODS OECD © October 1997 institutions can use the word ‘bank’ in their names, are Reporting method subject to the prudential and regulatory requirements as applicable, and are subject to the crisis management Balance sheet figures reported by the institutions sur- powers available to the Reserve Bank. veyed are at book value. Other M3 institutions are selected non-bank financial institutions with significant lending and borrowing DATA MANIPULATION activities. Seasonal and other adjustments Statistical population M1 and M3 are seasonally adjusted by the OECD using All series: Data cover: the Reserve Bank of New the X-11 variant of the US Census Method II. Zealand; registered banks; and other credit institutions (e.g. building societies, finance companies, mortgage Monthly percentage changes are corrected for season- lenders, etc.). Registered banks account for the major- ality in the national publications. ity of lending and borrowing activities of the M3 group of institutions. Registered banks included NZ regis- DATA QUALITY AND TIMELINESS tered banks, as well as the representative branches of overseas banks. Data quality, reliability and timeliness are consistently high. Nonetheless, some survey respondents are thought to experience difficulties when reporting inter- DATA COLLECTION institutional funding or claims which may affect the accuracy of derived statistics. Reporting units Timeliness Data in the series are compiled from a monthly balance sheet survey of the M3 group of institutions including Monetary and credit data are normally published the Reserve Bank. within 5 weeks of the end of the reporting period.

MAIN ECONOMIC INDICATORS 26 SOURCES AND METHODS OECD © October 1997 AUSTRIA Domestic Finance (a) Monetary aggregate (M1) (b) Monetary aggregate (M3) (c) Domestic credit

SOURCE sector. In OECD’s Main Economic Indicators gold and silver are exceptionally included: they are ex- Source agency cluded from the national definition of ‘in circula- Data are compiled by the Austrian National Bank tion’, since they are generally regarded as collec- (Oesterreichische Nationalbank), Vienna. tors’ items with no high liquidity. (b) Monetary aggregate M3 comprises M1 plus the Key national publication sources time (excluding inter-bank) and savings (excluding subsidised housing savings) deposits of the domes- Data are available in the Austrian National Bank’s tic non-bank sector. Statistisches Monatsheft (Monthly Statistical Bulletin). (c) Domestic credit refers to direct credits to domestic Series title in national publications non-banks defined as bills of exchange (including the Austrian National Bank rediscounts), mortgage (a) Geldmenge M1 (Money stock M1) [Table 1.1]1; and local authority loans, other schilling credits and 1 direct foreign currency credits. From December (b) Geldmenge M3 (Money stock M3) [Table 1.1] ; 1995 the series excludes securitised claims. (c) Monatliche Kreditstatik: ingesamt (Monthly Credit Statistics: total.) [Table 2.2.2]. Coverage The titles above are quoted from the August 1997 issue of the Statistisches Monatsheft. Reference period Data refer to end of period. Run of data available Statistical population Data are available from 1959. M1, M3: The Austrian National Bank and domestic Periodicity credit institutes as defined in the Austrian Banking Law, 1993. Credit institutes include commercial banks, Data are compiled on a monthly basis. savings banks, the Giro Credit Bank, mortgage banks, credit co-operatives, industrial credit co-operatives, Unit of measurement building societies, Bausparkassen and specialised banks. Data are expressed in Austrian schillings (S). Domestic credit: Domestic credit institutes defined in the Austrian Bank Law, 1993: 54 joint stock banks and CONCEPTS AND COVERAGE private bankers, 78 savings banks, 8 regional mortgage Definition banks, 718 rural credit co-operatives, 80 industrial credit co-operatives, 5 building societies and 98 special (a) Monetary aggregate M1 comprises notes and coins purpose banks. (excluding holdings by banks) and sight deposits (excluding inter-bank deposits) denominated in national currency held by the domestic non-bank DATA COLLECTION Reporting method

1 The data published nationally exclude gold and silver Data are based on credit institutes’ balance sheet statis- coins, whereas the data provided electronically to OECD tics. include this amount (see ‘Definition’).

MAIN ECONOMIC INDICATORS 27 SOURCES AND METHODS OECD © October 1997 DATA MANIPULATION Sectors were also redefined to bring them in line with ESA 1995 (the new European system of national ac- Seasonal and other adjustments counts). Domestic credit was split into the following components: credit to non-financial corporations; credit M1 and M3 are seasonally adjusted by the OECD using to households; credit to general government; credit to the X-11 variant of the US Census Method II. non-bank financial intermediaries. The reclassification The domestic credit series is not seasonally adjusted. of the sectors was not finished at the time of drafting the present publication. M1 and M3 are not adjusted for changes to the banking sector’s reserve regulations. Timeliness Data are disseminated 8 to 10 weeks after the end of DATA QUALITY AND TIMELINESS the reference month. Breaks in time series Major changes in the reporting system for credit institutions, introduced in December 1995, created breaks in the Domestic credit series. Some securitised claims, included in the old definition of credit, were removed.

MAIN ECONOMIC INDICATORS 28 SOURCES AND METHODS OECD © October 1997 BELGIUM Domestic Finance (a) Monetary aggregate (M1) (b) Monetary aggregate (M3) (c) Monetary aggregate (M4)

SOURCE CONCEPTS AND COVERAGE Source agency Definition Data are compiled by the National Bank of Belgium (a) Monetary aggregate (M1) comprises notes and (Banque Nationale de Belgique - BNB), Brussels. coins in circulation, net of those held by resident credit institutions and those in circulation in Lux- Key national publication sources embourg, plus sight deposits in Belgian francs held by resident enterprises and individuals at national Data are available in the BNB’s quarterly Bulletin Sta- credit institutions. tistique (Statistical Bulletin) and its monthly update. (b) Monetary aggregate (M3) consists of M1 plus Series title in national publications savings deposits, sight deposits in foreign currency, time deposits up to one year (according to the (a) Agrégats monétaires : M1 (Monetary aggregate: original maturity) and notes up to one year (ac- M1) [Table 15.1, column 1]; cording to the original maturity) issued by the national credit institutions; all held by resident enter- (b) Agrégats monétaires : M3 (Monetary aggregate: prises and individuals. M3) [Table 15.1, column 3]; (c) Monetary aggregate M4 comprises M3 plus Treas- (c) Agrégats monétaires : M4 (Monetary aggregate: ury bonds and bills (with maturity of one year or M4) ) [Table 15.1, column 5]. more) held by private companies and individuals. The above titles are quoted from the third quarter 1997 (1997-III) issue of the Bulletin Statistique. Coverage

Methodological references Reference period Methodological information is published in the BNB’s The reference period is monthly: data refer to end of Statistiques Economiques Belges 1980-1990, Notices period. (Belgian Economic Statistics 1980-1990, Notes). Geographical coverage Run of data available Data on Luxembourg are netted from the monetary and banking series, i.e. holdings of Luxembourg francs in Data are available from 1980. Belgium and holdings of Belgian francs in Luxem- bourg are excluded. Periodicity Statistical population Data are compiled on a monthly basis. The data cover the BNB, the Postal Cheque Office and Unit of measurement national credit institutions. The latter comprise: all Data are expressed in Belgian francs (FB). credit institutions governed by the Law of 22 March 1993 (i.e. deposit banks governed by Belgian law, branches of banks established according to foreign laws, savings banks, public credit institutions, securities banks and municipal savings banks). All national credit institutions are included in the data collection, i.e. coverage is 100 per cent.

MAIN ECONOMIC INDICATORS 29 SOURCES AND METHODS OECD © October 1997 DATA COLLECTION DATA QUALITY AND TIMELINESS Reporting units Breaks in time series Data on the national credit institutions are collected in All methodological changes or changes in coverage are the framework of the Law of 22 March 1993. explained in footnotes to the published tables. Impor- tant changes are detailed in articles in the Bulletin Sta- Reporting methods tistique. Monthly reports to the BNB and the Banking and Fi- Preliminary estimates and revision policy nance Commission (which is responsible for prudential control) are compulsory for all national credit institu- Minor revisions can take place during the quarter fol- tions. The BNB publishes its balance sheet weekly in lowing the first release of the data, due to late reporting the Moniteur Belge (the official journal). Data from by some smaller institutions. After that period data are the Postal Cheque Office are received on a voluntary considered final. basis. Timeliness DATA MANIPULATION M1, M3: Data are published 10 weeks after the end of the reference period. Seasonal and other adjustments M4: Data are published 14 weeks after the end of the M1 and M4 are seasonally adjusted by the OECD using reference period. the X-11 variant of the US Census Method II.

MAIN ECONOMIC INDICATORS 30 SOURCES AND METHODS OECD © October 1997 CZECH REPUBLIC Domestic Finance (a) Monetary aggregate (M1) (b) Monetary aggregate (M2)

SOURCE (b) Monetary aggregate M2 comprises M1 plus time deposits (i.e. total Czech koruny deposits of resi- Source agency dents broken down into the business sector includ- Data are compiled by the Czech National Bank ing private businesses, insurance companies and (Ceska Narodni Banca), Prague. households, in accounts bearing withdrawal notice requirements in the banking system) plus foreign Key national publication sources currency deposits (i.e. all residents’ deposits in foreign currency). M2 represents all primary monetary Data are available in the Czech National Bank’s Se- resources of the domestic non-banking sector in the lected Indicators of Monetary Development of the whole banking system excluding deposits of local Czech Republic. and central governments and of the National Prop- Series title in national publications erty Fund.

(a) Money [Table Monetary Survey]; Coverage (b) Money supply [Table Monetary Survey]. Reference period The above titles are quoted from the July 1995 issue of Data refer to the end of the reference period. the Czech National Bank, Selected Indicators of Monetary Development of the Czech Republic. Statistical population

Run of data available The Czech National Bank, all commercial banks and other financial institutions. Data are available from 1992.

Periodicity DATA COLLECTION Data are compiled on a monthly basis. Reporting units Unit of measurement Data are compiled from the banks’ statistical state- ments. The legal base is the Bank Act. Data are expressed in Czech koruny (CK). Reporting method CONCEPTS AND COVERAGE The basis for the compilation of the monetary survey is monthly data taken from bank statistics and the Czech Definition National Bank’s own analytical calculations on money. (a) Monetary aggregate M1 comprises currency held outside banks (i.e. the business sector and house- DATA MANIPULATION holds’ cash money in Czech koruny, excluding cash held at cashiers’ offices in commercial banks) Seasonal and other adjustments plus non-time deposits (i.e. total Czech koruny de- The series are not seasonally adjusted. posits of residents broken down into the business sector including private businesses, insurance companies and households, in accounts without withdrawal notice requirements in the banking system).

MAIN ECONOMIC INDICATORS 31 SOURCES AND METHODS OECD © October 1997 DATA QUALITY AND TIMELINESS Preliminary estimates and revision policy Breaks in time series Data are revised in cases of methodological changes.

Prior to 1993, data are expressed in Czech and Slovak Timeliness Federal Republic (CSFR) Koruny. Dissemination is within 35 days of the reference period.

MAIN ECONOMIC INDICATORS 32 SOURCES AND METHODS OECD © October 1997 DENMARK Domestic Finance (a) Monetary aggregate (b) Credit to economy

SOURCE demand (balance of cheque accounts), at notice deposits (less than one month) and time deposits (one Source agency month or more) with resident banks in Danish kro- Data are compiled by the Danish National Bank (Dan- ner and foreign exchange, including Post Giro de- marks Nationalbank), Copenhagen. posits and excluding long-term saving schemes (e.g. tax privileged deposits) apart from premium- Key national publication sources savings accounts. Time deposits include bonds, etc., with original maturity of up to 2 years issued Data are available in Danish National Bank’s Monetary by banks. The definition is close to that of the pre- Review, and Statistics Denmark’s (Danmarks Statistics) viously published series M2, which was discontin- Monthly Review of Statistics. ued eight years ago. (b) Credit to economy comprises the total amount of Series title in national publications lending by banks’ resident units in Danish kroner and foreign currency to the domestic private non- (a) Money stock [Table Money stock]; bank resident sector (loans to current account hold- (b) From resident units to residents [Table The ers, discounted commercial bills and mortgage banks’ lending]. loans). From 1990, lending to mortgage credit in- The titles above are quoted from the September 1997 stitutes, etc., and private mortgage-term loans are issue of the Monetary Review. excluded.

Methodological references Coverage Methodological information is available in Statistics Reference period Denmark’s Monthly Review of Statistics, Supplement Data refer to end of period. 1997. Statistical population Run of data available Monetary aggregate: The Danish National Bank, the banks (commercial and savings) and the Post Giro Of- Monetary aggregate: from 1970; fice; Credit to economy: from 1955. Credit to economy: The resident units of commercial and savings banks including branches of foreign banks Periodicity in Denmark. Also included are: The Kingdom of Data are compiled on a monthly basis. Denmark Mortgage Bank, Danish Export Finance Cor- poration and mortgage credit associations, etc., which Unit of measurement are entitled to extend credits but not to accept deposits. Data are expressed in Danish kroner (DKr). DATA COLLECTION CONCEPTS AND COVERAGE Reporting units The legal basis for the collection of statistics on banks Definition and mortgage credit institutions is the regulation of (a) Monetary aggregate comprises notes and coin in accounting laid down by the Financial Supervisory circulation (excluding banks’ holdings), and on Authority.

MAIN ECONOMIC INDICATORS 33 SOURCES AND METHODS OECD © October 1997 Reporting method credit associations and issued bonds and inclusive of deposits with the Post Giro Office. There are breaks in Money stock and credit data are based on consolidated the series as a result of these changes. figures for banks’ legal entities. Preliminary estimates and revision policy DATA MANIPULATION Data for latest months are preliminary and liable to revision. Seasonal and other adjustment The monetary aggregate is seasonally adjusted by the Timeliness OECD using the X-11 variant of the US Census Monthly data on banks’ and mortgage credit institu- Method II. The credit to economy series is not adjusted tions’ domestic credit are published 14 working days DATA QUALITY AND TIMELINESS after the end of reference month, except in January when the time lag is 24 working days Breaks in time series From 1991 bank credits and bank deposits are estimated exclusive of outstanding accounts with mortgage

MAIN ECONOMIC INDICATORS 34 SOURCES AND METHODS OECD © October 1997 FINLAND Domestic Finance (a) Monetary aggregate (M1) (b) Monetary aggregate (M2) (c) Monetary aggregate (M3) (d) Credit to economy

SOURCE CONCEPTS AND COVERAGE Source agency Definition Data are compiled by the Bank of Finland (Suomen (a) Monetary aggregate (M1) comprises currency in Pankki), Helsinki. circulation (excluding banks’ till money) plus markka cheque, giro and transaction account de- Key national publication sources posits held by the public. Data are available in the Bank of Finland’s monthly (b) Monetary aggregate (M2) comprises M1 plus Statistical Review: Financial Markets and the Bank of markka time deposits (fixed-term and other) held Finland’s Bulletin. by the public excluding deposits with the Bank of Finland. Series title in national publications (c) Monetary aggregate (M3) comprises M2 plus outstanding bank Certificates of Deposit held by the (a) Narrow money: M1 [Table 4.1]; public. (b) Broad money: M2 [Table 4.1]; (d) Credit to economy refers to bank lending to the (c) Broad money + CDs: M3 [Table 4.1]; public and consists of markka and foreign currency (d) Banks’ lending to the public: total [Table 3.1]. denominated lending to the public.

The above titles are quoted from the October 1997 Coverage issue of the Statistical Review: Financial Markets. Reference period Methodological references Data refer to end of period. Methodological information is available in the Bank of Finland’s Bulletin and Financial Markets in Finland, Sectoral descriptions Special Issue 1996. The public includes all entities except central government and banks (i.e. households, non-profit institutions, Run of data available enterprises excluding financial institutions, and local M1: from 1980; government). M2: from 1955; Statistical population M3, Credit to economy: from 1975. M1, M2, M3: The Bank of Finland, commercial banks (including Postipankki Ltd.), co-operative banks, sav- Periodicity ings banks and mortgage banks. Coverage is 100 per cent. Data are compiled on a monthly basis. Credit to economy: Deposit banks. Coverage is Unit of measurement 100 per cent. Data are expressed in Finnish markka (Fmk). Particular exclusions In Finland credits are granted by deposit banks, other credit institutions and also by some other financial in-

MAIN ECONOMIC INDICATORS 35 SOURCES AND METHODS OECD © October 1997 stitutions (such as insurance companies). The mone- DATA QUALITY AND TIMELINESS tary survey covers only deposit banks and excludes credits granted by other credit issuing units. Breaks in time series Series before March 1991 have been reclassified (ac- DATA COLLECTION cording to the new classifications applied by Statistics Finland) by the Bank of Finland except where the Reporting units available disaggregation made this impossible. This was the case for time deposits (i.e. all fixed-term de- See ‘Reporting method’ below. posits) and other deposits (mainly investment accounts with no specific time period). Reporting method The Savings Bank of Finland and Siltapankki were Data collection is based on a mandatory agreement changed into asset management companies in Decem- between the Bank of Finland and the reporting banks. ber 1995 and are thus no longer included in banking The Act of the Bank of Finland is currently being re- statistics. vised and the new law will regulate the collection of data from banks. M1 and M2 aggregates are based on When breaks in definitions occur, notice is given in the monetary survey. Outstanding bank CDs held by relevant publications. the public, which are included in the M3 monetary aggregate, are not drawn directly from the monetary Preliminary estimates and revision policy survey but are added to the M2 figure using other Bank There are no estimates in the series. of Finland data sources. Modifications effective from the beginning 1997, re- Timeliness sulting from revisions to bank reporting, aim to harmo- nise classifications and to reduce duplication in infor- Dissemination is on the eighth working day of the sec- mation collected by the Bank of Finland, Statistics ond month following the reference month. Finland, and the Financial Supervision Authority. DATA MANIPULATION Seasonal and other adjustment M1, M2 and M3 are seasonally adjusted by the OECD using the X-11 variant of the US Census Method II.

MAIN ECONOMIC INDICATORS 36 SOURCES AND METHODS OECD © October 1997 FRANCE Domestic Finance (a) Monetary aggregate (M1) (b) Monetary aggregate (M3) (c) Investment aggregate (P1) (d) Capital issues (e) Total domestic debt (f) Government debt

SOURCE The above titles are quoted from the February 1997 issue of Bulletin mensuel de la Banque de France (BF); Source agencies the June 1997 issue of Actions : Statistiques boursières Data are compiled by the Bank of France (Banque de mensuelles (SBF) and the December 1996 issue of France - BF), Paris, except the shares data which are Financial Statistics Monthly (OECD). compiled by the Societé des Bourses Françaises - Bourse de Paris (SBF - Paris Bourse), Paris. Methodological references Further information on data compilation can be found Key national publication sources in the Bank of France’s La Monnaie en 1996 (1997). Data are available in Bank of France’s Bulletin mensuel de la Banque de France (Monthly Bulletin of the Run of data available Bank of France), in the SBF’s Actions : Statistiques M1, M3: from December 1977; boursières mensuelles (Equities: Monthly Stock Mar- ket Statistics) and in OECD’s Financial Statistics P1: from May 1978; Monthly. Capital issues: from 1973; Series title in national publications Total domestic debt, Government debt: from Decem- ber 1987. (a) Agrégat M1 (Aggregate M1) [BF Table 32]; (b) Agrégat M3 (Aggregate M3) [BF Table 34]; Periodicity (c) Agrégat P1 (Aggregate P1) [BF Table 36]; Data are compiled on a monthly basis. (d) Calculated from two series: − Emissions d’actions et titres assimilés con- Unit of measurement tre apports en espèces : montant effectif Data are expressed in French francs (FF). versé (Total equities issues) [SBF Table IV] plus − Total net obligations (Total net bonds) CONCEPTS AND COVERAGE [OECD Table D.1/08]; Definition (e) Endettement intérieur total (Total domestic debt) [BF Table 41]; (a) Monetary aggregate (M1) comprises notes and (f) Endettement intérieur total : Etat (Total domestic coins in circulation and sight deposits held by non- debt: The state) [BF Table 411]. financial residents. (b) Monetary aggregate (M3) comprises M1 plus: sight investments (e.g. industrial development fund accounts (CODEVI), housing savings accounts, tax exempt savings passbooks, taxable savings pass- 1 Note: More recent editions of this publication do not books etc.); foreign currency investments in the include this series. form of time deposits and certificates of credit; all

MAIN ECONOMIC INDICATORS 37 SOURCES AND METHODS OECD © October 1997 non-negotiable time deposits; negotiable certifi- Total capital issues: The resident non-financial sector, cates of credit (e.g. certificates of deposit, financial resident credit institutions, non-residents, the State. company and specialised financial institution bills, Total domestic debt, Government debt: Resident credit medium-term negotiable bank bills etc.); mutual institutions, the Treasury, and non-financial residents. credit funds’ shares of less than five years; money market fund shares (open-end investment companies and mutual funds) held by non-financial resi- DATA COLLECTION dents. Reporting units (c) Investment aggregate (P1) comprises housing savings plans, other regulated savings accounts, saving See ‘Reporting method’. contracts with saving and lending institutions, peo- ple’s savings plans (PEP), guaranteed mutual funds, Reporting method capital accumulation certificates. Data collection is governed by the 1993 Act on the

(d) Capital issues. Total net share issues concern Statute of the Bank of France. Article 20 rules that the shares issued by state enterprises and other non- BF is authorised to gather all information needed for financial enterprises, credit institutions and insur- the enforcement of French monetary policy. ance companies. Total net bond issues concern bonds issued by the central government, state and Monetary aggregates, credits and total domestic debt local governments, non-financial (state and other) are sample-based statistics. Institutions whose activi- and financial (bank and other credit) enterprises, in- ties are above a certain level fixed by the Banking surance companies and foreign and international is- Commission are required to make monthly declarations suers. with a maximum delay of 30 calendar days. There are (e) Total domestic debt measures total financing ob- currently about 120 such institutions. Other institutions tained by the public and private resident non- are required to report on a quarterly basis. financial sector. It concerns borrowings through Initially, monetary aggregates are estimated from a credit institutions as well as through capital markets sample of 15 ‘most representative’ institutions. This and covers credits obtained from resident credit in- sample covers about 90 per cent of the M3 aggregate. stitutions, financing obtained from the domestic The results obtained are extrapolated to all institutions market (bonds, participation certificates, certificates by means of coefficients based on the most recent of credit) including those sold to non-residents, quarterly data. The initial estimation is then revised credit obtained directly from abroad and bonds is- before the end of the following (second) month, based sued in the international markets. on the monthly accounting reports of 120 institutions. (f) Government debt measures borrowings by the pub- The second estimation covers the totality of the credits lic sector from foreign markets and from other within the sample and corresponds to approximately sectors of the economy. The domestic component 70 per cent of global credits registered during the consists of credits provided to the State by credit quarter. establishments, monetary deposits managed by the Capital issues: Bond data are flow statistics prepared Treasury and State issues of bills and bonds ac- by the Bank of France. Data on residents’ securities quired by credit establishments. The foreign com- issues in the international markets are prepared by the ponent consists of international bond issues. BF’s Balance of Payments Directorate. The BALO (Bulletin des annonces légales obligatoires - the an- Coverage nouncement bulletin) and SBF published information are also principal data sources. Activities in both the Reference period primary and secondary markets are covered. Share The reference period is monthly. Stock data refer to data are provided by the SBF. Since June 1995, the end of month. Bank of France and the SBF have taken over responsibility from the Crédit Lyonnais bank for collecting data Statistical population on quoted and unquoted shares issues. M1, M3, P1: The Bank of France, the Treasury, the Post Office, resident credit institutions, resident open- end investment companies (SICAV) and mutual funds (FCP).

MAIN ECONOMIC INDICATORS 38 SOURCES AND METHODS OECD © October 1997 DATA MANIPULATION issue date; inclusion of non-voting shares in bonds; exclusion of industrial development fund issues; exclu- Seasonal and other adjustments sion of conversions. M1, M3 and P1 are seasonally adjusted by the Bank of France using the SAS version of US Bureau of the Preliminary estimates and revision policy Census X-11 method (multiplicative option). Monthly data are provisional and subject to revisions in the following months until the comprehensive data for DATA QUALITY AND TIMELINESS the new quarter become available. Revisions to the series result principally from extrapolation (see ‘Re- Breaks in time series porting method’ above). In 1986, monetary aggregates were modified to take Timeliness into account the modernisation of the money markets. Dissemination is 4 to 5 weeks after the end of reference In 1991, reforms implied substantial revision and new month for the monthly monetary aggregates, 9 to definitions of the aggregates. One consequence was 10 weeks for the monthly credit and total domestic debt that broad money supply L was split and P1 created. data, and 4 to 5 months for the quarterly counterparts to Homogeneous series taking into account these reforms M3. have been established back to 1978. Other series: Bond data are released in the month fol- In 1985-1986, the bond issues series has a break due to: lowing the end of the reference period: shares data are a change to recording at the settlement date instead of released approximately 70 days afterwards.

MAIN ECONOMIC INDICATORS 39 SOURCES AND METHODS OECD © October 1997 GERMANY Domestic Finance (a) Monetary aggregate (M1) (b) Monetary aggregate (M2) (c) Monetary aggregate (M3) (d) Monetary aggregate (M3+) (e) Personal savings deposits (f) Credit to economy (g) Credit to manufacturing

SOURCE (f) Kredite an inländische Unternehmen und Pri- Source agency vatepersonen, insgesamt (Lending to domestic enterprises and individuals, Total) Data are compiled by the Central Bank of Germany [MB Table IV.7, column 1]; (Deutsche Bundesbank), Frankfurt. (g) Kredite an Unternehmen und Selbständige, Ver- arbeitendes Gewerbe (Lending to enterprises and Key national publication sources self-employed persons, Manufacturing) Unadjusted and seasonally adjusted series are pub- [MB Table IV.7, column 7]. lished separately. The unadjusted data are available in The above titles are quoted from the statistical annex to the Bundesbank’s Monatsbericht (Monthly Report). September 1997 issue of the Monthly Report (MB) for An English version of the Monthly Report is published the unadjusted series, and the September 1997 issue of on the Bundesabank’s Internet site at the Saisonbereinigte Wirtschaftszahlen (SW) for the http//:www.bundesbank.de/. Seasonally adjusted data seasonally adjusted series. are available in the Bundesbank’s monthly Saison- bereinigte Wirtschaftszahlen (Deseasonalised Eco- Methodological references nomic Data). Information on the Bundesbank’s seasonal adjustment Series title in national publications procedures is given in the extract ‘Seasonal adjustment as a tool for analysing economic activity’ from the (a) Geldmenge M1 (Money stock M1) October 1987 issue of the Monthly Report and in the [MB Table II.2 ‘Passiva’ (Liabilities), column 4 definitions in seasonal adjustment in the annex to the and SW Table I.2, column 1]; Saisonbereinigte Wirtschaftszahlen. (b) Geldmenge M2 (Money stock M2) Run of data available [MB Table II.2 ‘Passiva’ (Liabilities), column 3 and SW Table I.2, column 4]; M1, M2, M3, Personal savings deposits, Credit to (c) Geldmenge M3 (Money stock M3) economy: from 1955; [MB Table II.2 ‘Passiva’ (Liabilities), column 2 M3+: from 1973; and SW Table I.1, column 1]; Credit to manufacturing: from 1969. (d) Geldmenge M3 erweitert plus Geldmarktfunds (Money stock M3 extended, plus money market Periodicity funds) [MB Table II.2 ‘Passiva’ (Liabilities), Credit to manufacturing is compiled on a quarterly column 13 and SW Table I.1, column 5]; basis. (e) Spareinlagen, inländische Privatepersonen (Sav- ings deposits, Domestic individuals) All other series are compiled on a monthly basis. [MB Table IV.12, column 22]; Unit of measurement Data are expressed in German marks (DM).

MAIN ECONOMIC INDICATORS 40 SOURCES AND METHODS OECD © October 1997 CONCEPTS AND COVERAGE Geographical coverage Definition Data refer to unified Germany from June 1990 and western Germany prior to this date for all series. (a) Monetary aggregate (M1) comprises currency in circulation (excluding credit institutes’ cashiers’ Sectoral descriptions holdings, but including non-residents’ holdings of Credit institutes include credit banks, regional banks, coins and notes) plus sight deposits and time de- branches of foreign banks, private bankers, the Giro- posits of less than one month in the domestic non- banks, savings banks, credit co-operatives, co-operative bank sector (enterprises - including state enterprises central banks and special institutions including the such as the Bundesbahn and Bundespost, private Postbank. persons, and the state sector other than the Federal Government). Statistical population (b) Monetary aggregate (M2) comprises M1 plus time M1, M2, M3: The whole banking system, i.e. the deposits for less than four years held by the domes- Deutsche Bundesbank and credit institutes excluding tic non-bank sector (i.e. private persons and enter- branches abroad and Bausparkassen. prises including state enterprises). (c) Monetary aggregate (M3) comprises M2 plus sav- M3+: The whole banking system as described above ings deposits at three months’ notice in the domes- together with parts of foreign subsidiaries and foreign tic non-bank sector (mainly private persons). branches of German banks as well as money market funds. (d) Monetary aggregate (M3+) refers to M3 extended, i.e. M3 plus domestic non-banks’ deposits with the Personal savings deposits, Credit to economy, Credit to foreign subsidiaries and foreign branches of Ger- manufacturing: Credit institutes (excluding branches man banks as well as the short-term bank debt se- abroad and Bausparkassen - i.e. building and loan asso- curities and certificates of domestic and foreign ciations). money market funds in the hands of domestic non- banks, less the bank deposits and short-term bank securities of domestic money market funds. DATA COLLECTION

(e) Personal savings deposits refer to the saving de- Reporting units posits of domestic private persons. (f) Credit to economy refers to credits (in either DM or The legal framework for data collection is Section 18 foreign currency) extended to domestic enterprises, of the Bundesbank Act. to private persons and to sectors of the economy. It The reporting institutions that constitute the banking excludes money market and commercial papers system are: commercial banks, large banks (Deutsche that are quotable. It consists of housing credits Bank AG, Dresdner Bank AG, Commerzbank AG), (mortgage on land and other building credits); regional banks and other commercial banks, branches credits to enterprises and the self employed in vari- of foreign banks, private bankers, regional giro institu- ous sectors of the economy (e.g. manufacturing, tions (including Deutsche Girozentrale), savings banks, trade, construction, insurance, finance including regional institutions of credit co-operatives (including Bausparkassen, transport and telecommunications, Deutsche Genossenschaftsbank), credit co-operatives, services etc.); credits to private persons (e.g. con- mortgage banks and credit institutions with special sumer credits); credits to non-profit organisations. functions (including Deutsche Postbank AG). Short-term credit (i.e. one year or less) includes bank overdrafts, discounted commercial bills and Reporting method letters of acceptance. Medium- and long-term credit (one to four years) include fixed term loans The data in the monetary survey are based on the ‘Con- and instalment credit (house purchase, hire pur- solidated balance sheet of the banking system’ (i.e. of chase). the credit institutions) which excludes assets and liabilities of foreign branches and of building and loan Coverage associations but includes the Bundesbank and, from June 1990, eastern German credit institutions. Reference period Data refer to the end of the reference period.

MAIN ECONOMIC INDICATORS 41 SOURCES AND METHODS OECD © October 1997 DATA MANIPULATION From 1995 onwards, credit series have been broken down according to the Statistisches Bundesamt’s new Seasonal and other adjustments sectoral classification. This creates a break in the series M1, M2, M3, M3+ are seasonally adjusted by the at the sectoral level. Deutsche Bundesbank, using its own variant of the US The stock figures in banking statistics’ time series Bureau of the Census Method which permits deviations contain breaks engendered by changes to: the sample from the X-11 variant in order to identify and replace of enterprises reporting (e.g. the inclusion at the end of extreme values and estimate the working day compo- 1985 of the smaller credit co-operatives); the collection nents. forms (e.g. at end-1980 and at end-1993) and the re- Credit to economy is seasonally adjusted by the OECD porting methods; the valuation of the securities portfo- using the X-11 variant of the US Census Method II. lios and the foreign exchange positions, as well as corrections for inaccurate data. Personal savings deposits and Credit to manufacturing are not seasonally adjusted. Preliminary estimates and revision policy All series: Time series flows are adjusted for move- Monetary aggregates for the latest period published are ments which are not based on business transactions. considered provisional and are not specifically noted Examples of such adjustments are: inclusions of vari- when revised. ous types of credit institutions into the reporting re- Timeliness quirement for monthly balance sheet statistics; conversion of parts of the former Federal Post Office into the Data on ‘The money stock and its counterparts’ are Postbank; and minor statistical changes occurring on a published in the month following the end of the refer- monthly basis such as changes in the level of currency ence period. All other data are published slightly later. deposits caused by exchange rate movements. DATA QUALITY AND TIMELINESS Breaks in time series Data refer to unified Germany from June 1990 and western Germany prior to this date for all series.

MAIN ECONOMIC INDICATORS 42 SOURCES AND METHODS OECD © October 1997 GREECE Domestic Finance (a) Monetary aggregate (M1) (b) Monetary aggregate (M3) (c) Total liquidity (M4) (d) Bank credit: total (e) Bank credit: manufacturing (f) Bank credit: trade (g) Bank credit: housing

SOURCE (d) Total bank credit to private sector Source agency [MSB Table 18 and BCI Table IV.5]; (e) Bank credit to manufacturing [MSB Table 18]; Data are compiled by the Bank of Greece (Trapeza tes (f) Bank credit to trade [MSB Table 18]; Hellados), Athens. (g) Bank credit to housing [MSB Table 18]. Key national publication sources The above titles are quoted from the March-April 1997 issue of the Monthly Statistical Bulletin (MSB), the Data are available in the Bank of Greece’s Monthly October 1997 issue of the Bulletin of Conjunctural Statistical Bulletin, the monthly Bulletin of Conjunc- Indicators (BCI) and the March 1996 issue of the Eco- tural Indicators and the semi-annual Economic Bulle- nomic Bulletin (EB). tin. The monetary aggregates are all also disseminated through the Bank’s Press Releases, issued on the last Run of data available Friday of the month. M1, M3: from 1955; Series title in national publications M4: from 1986; (a) Calculated from three series [all MSB Table 1]: Credit series: from January 1980. − Total money supply minus − Sight deposits of public enterprises minus Periodicity − Sight deposits of public entities; Data are compiled on a monthly basis. also M1 [EB Statistical Section, Table III.1, column 3]; Unit of measurement (b) Calculated from five series: Data are expressed in Greek drachmae (Dr). − M1 (see above) plus − Individual and private enterprises, savings deposits [MSB Table 12] plus CONCEPTS AND COVERAGE − Individual and private enterprises, time deposits [MSB Table 12] plus Definition − Repurchase agreements (repos) with the (a) Monetary aggregate (M1) comprises currency in private sector [MSB Table 9] plus circulation (coins and bank notes outside the − Bank bonds held by the private sector monetary system) plus sight drachma deposits of [MSB Table 9] the private sector with commercial banks and spe- also M3 [BCI Table IV.2 and EB Statistical Sec- cialised credit institutions. tion, Table III.1, column 7]; (b) Monetary aggregate (M3) consists of M1 plus pri- (c) M4 [BCI Table IV.2 and EB Statistical Section, vate sector savings and time drachma deposits with Table III.1, column 9]; commercial banks and specialised credit institu-

MAIN ECONOMIC INDICATORS 43 SOURCES AND METHODS OECD © October 1997 tions plus private sector holdings of repos and bank detailed questionnaires concerning their balance and bonds. off-balance sheet accounts as well as more specific (c) Total liquidity (M4) comprises M3 plus private data on deposits and loans (Bank of Greece Governor’s sector holdings of treasury bills and government Acts 510/95, 1322/88 and 1675/90). This information bonds with maturities of up to one year. in then used to calculate the monetary aggregates and to produce the consolidated balance sheet of the credit (d) Bank credit: total concerns credits extended by the sector. The data collection system was, at the time of Bank of Greece, commercial banks and specialised this publication, ungoing revision in order to meet credit institutions to the private sector; EMU statistical information needs. (e) Bank credit: manufacturing concern credits extended as in (d) above to the manufacturing sector; DATA MANIPULATION (f) Bank credit: trade concern credits extended as in (d) above to trade; Seasonal and other adjustment (g) Bank credit: housing concern credits extended as in M1 and M3 are seasonally adjusted by the OECD using (d) above for housing. the X-11 variant of the US Census Method II. Coverage Other series are not seasonally adjusted. Reference period DATA QUALITY AND TIMELINESS Data refer to end of period. Breaks in time series Sectoral descriptions There are breaks in the bank credit series in 1989 (due The banking sector consists of the Bank of Greece and to changes to the reporting system) and in the period all credit institutions as defined in the Banking Act, from 1990 to 1994 as well as in 1996 (due to conver- Law 2076/1.8.92, which brought Greek banking in line sions of bank credits to Government bonds). with the EU Banking Directives. Thus it is compro- mised of commercial banks (including co-operative Timeliness banks) and specialised credit institutions. The monetary aggregates are officially released via a Statistical population press release with a delay of 1 month. The total credit All series: The Bank of Greece, commercial banks to the private sector series and data concerning the al- (including co-operative banks) and specialised credit location of credit by sector of economic activity (bank institutions. No credit institution is exempted, i.e. cov- credit: manufacturing, bank credit: trade, bank credit: erage is 100 per cent. housing) are published in the Bulletin of Conjunctural Indicators, also with a delay of 1 month. All these initial releases are based on provisional data. DATA COLLECTION Revised figures for all the series are published with a Reporting units delay of approximately 3 months in the Monthly Statis- tical Bulletin. See ‘Reporting method’ below.

Reporting method All credit institutions operating in Greece have to report regularly to the Bank of Greece by completing

MAIN ECONOMIC INDICATORS 44 SOURCES AND METHODS OECD © October 1997 HUNGARY Domestic Finance (a) Monetary aggregate (M1) (b) Monetary aggregate (M2) (c) Personal savings deposits

SOURCE Periodicity Source agency Data are compiled on a monthly basis.

Data are compiled by the National Bank of Hungary - Unit of measurement NBH (Magyar Nemzeti Bank - MNB), Budapest. Data are expressed in Hungarian forints (Ft). Key national publication sources Data are available in the NBH’s Monthly Report (Havi CONCEPTS AND COVERAGE Jelentés) and on the Bank’s Internet site at http://www.mti.hu/mnb/mnbeng.htm. Definition (a) Monetary aggregate (M1) is comprised of: cur- Series title in national publications rency outside the banking system; the forint demand deposits of enterprises, households, non- (a) Banking survey and market interest rates, Devel- profit organisations and local governments; forint opments of monetary aggregates, M1 [Ta- deposits of financial auxiliaries and insurance com- ble VII/13, column 1]; panies; and items in postal transit. (b) Banking survey and market interest rates, Devel- (b) Monetary aggregate (M2) is comprised of narrow opments of monetary aggregates, M2 = M1 + money (M1) and quasi-money. Quasi-money con- quasi money [Table VII/13, column 3]; sists of: the forint time/savings deposits and foreign (c) Banking survey and market interest rates, currency deposits of enterprises, households, non- Household deposits, total [Table VII/1/B, col- profit organisations and local governments; and umn 12]. foreign currency deposits of financial auxiliaries and insurance companies. The above titles are quoted from the July 1997 (1997 7) issue of the Monthly Report (English version). (c) Personal savings deposits refer to deposits of households and exclude savings notes, foreign de- Methodological references posits held by non-residents and deposits of entrepreneurs without legal entity (small entrepreneurs). Brief explanatory notes and sources for the statistics can be found in the NBH’s Monthly Report. Major Coverage methodological changes are indicated in the published tables. Reference period Data refer to end of period. Run of data available M1: from June 1993; Sectoral descriptions M2: monthly data from June 1993, quarterly data from Financial auxiliaries are brokers, the clearing house, 1988 and annual data from 1982; the commodity exchange and the stock exchange. Personal savings deposits: monthly data from Decem- Credit institutions are banks, specialised credit institu- ber 1990 and annual data from 1982. tions and co-operative credit institutions.

MAIN ECONOMIC INDICATORS 45 SOURCES AND METHODS OECD © October 1997 Statistical population DATA QUALITY AND TIMELINESS Data cover the accounts of the banking sector, which Breaks in time series includes the NBH and the credit institutions. M2: Data for 1997 are not comparable with data for earlier periods due to changes in the official exchange DATA COLLECTION rates used to evaluate foreign currency-denominated Reporting units items. Prior to 1 January 1997, the NBH’s mid-band rates were applied: since this date rates based on do- Pursuant to the Act on the NBH, LX/1991 Section 71, mestic market exchange rates have been used. The the NBH collects data from the credit institutions. revaluation caused a minor shift in the time series.

Reporting method Preliminary estimates and revision policy Credit institutions’ data are collected monthly. Data are first published as provisional and become final one month later, except in the case of year-end data, when the time lag for finalisation is five months. Revi- DATA MANIPULATION sions to the final data may result from financial institu- Seasonal and other adjustment tions’ reporting errors (e.g. misclassification).

M2 is seasonally adjusted by OECD using the X-11 Timeliness variant of the US Census Method II. 50 days after the end of the reference month1. Other series are not seasonally adjusted.

1 The NBH intends to publish a press release containing monetary aggregates in the near future. The timeliness of this publiation will be 30 days after the reference month.

MAIN ECONOMIC INDICATORS 46 SOURCES AND METHODS OECD © October 1997 ICELAND Domestic Finance (a) Monetary aggregate (M1) (b) Monetary aggregate (M3) (c) Total credit (d) Bank credit to private sector

SOURCE Total credit: data are compiled on a quarterly basis. Unit of measurement Source agency Data are expressed in Icelandic króna (ISK). Data are compiled by the Central Bank of Iceland (Seðlabanki Íslands), Reykjavík. CONCEPTS AND COVERAGE Key national publication sources Definition Data are available in the Central Bank of Iceland’s Economic Statistics Quarterly. (a) Monetary aggregate (M1) comprises notes and coin in circulation (outside banks) plus demand deposits Series title in national publications in deposit money banks. (b) Monetary aggregate (M3) comprises M1 plus de- (a) Money supply M1 [II Money and Credit, Table 4 posits other than demand deposits (i.e. general Monetary Survey]; savings deposits and time deposits) in the deposit (b) Broad money M3 [II Money and Credit, Table 4 money banks. Monetary Survey]; (c) Total credit refers to the loans that constitute the (c) Total assets of the credit system [IV Financial total assets of the credit system. These loans con- Markets, Table 1 The Credit System]; sist of loans to central government, municipalities, (d) Not published. industries and households and exclude inter-institutional transactions. The above titles are quoted from the August 1997 issue of Economic Statistics Quarterly. (d) Bank credit to private sector includes discounts of domestic bills, overdrafts and ‘producer loans’. These latter are loans granted by banks to producers Methodological references against a claim on their export stocks. The Central Bank of Iceland has not published a methodological description: however, the methods used are Coverage based on those of the IMF (see IMF published recom- Reference period mendations). Data refer to end of period. Run of data available Sectoral descriptions M1, M3: from 1960; Deposit money banks include commercial banks, sav- Total credit: from the fourth quarter of 1990; ings banks, postal giros and the savings departments of Bank credit to private sector: from 1970. co-operatives.

Periodicity Institutions constituting the credit system are: − M1, M3, Bank credit to private sector: data are com- banks, i.e. the Central Bank, deposit money piled on a monthly basis; banks, mortgage departments of banks and savings banks;

MAIN ECONOMIC INDICATORS 47 SOURCES AND METHODS OECD © October 1997 − non-bank credit institutions, i.e. investment DATA MANIPULATION credit funds, other state lending funds, pension funds, insurance companies, leasing compa- Seasonal and other adjustments nies, mutual funds, foreign sector and private M1 and M3 are seasonally adjusted by the OECD using bond issues. the X-11 variant of the US Census Method II. The credit series are not seasonally adjusted. Statistical population M1, M3: The Central Bank (currency only) and deposit money banks. Coverage of the reporting popula- DATA QUALITY AND TIMELINESS tion is 100 per cent. Breaks in time series Total credit: All institutions constituting the credit Breaks in series caused by definitional changes are of system. Exclusions are minimal, i.e. coverage ap- minor importance and have limited impact on analysis. proaches 100 per cent. Bank credit to private sector: Deposit money banks. Preliminary estimates and revision policy Coverage of the reporting population is 100 per cent. End of year figures are final. In some cases data within the year are estimated from a survey. DATA COLLECTION Timeliness Reporting method Data on M1, M3 and bank credit to private sector be- M1, M3, Total credit are based on a monetary survey come available between the 20th and the 25th of the into the consolidated accounts of the Central Bank and month following the reference month. Data on the deposit money banks. credit system’s lending (total credit) become available Bank credit to private sector includes, in addition to the not later than two and a half months after the end of the above, information from other non-bank credit institu- reference quarter. tions.

MAIN ECONOMIC INDICATORS 48 SOURCES AND METHODS OECD © October 1997 IRELAND Domestic Finance (a) Monetary aggregate (M1) (b) Monetary aggregate (M3E) (c) Credit to private sector (£Ir) (d) Credit to private sector (other) (e) Mortgage credit

SOURCE − Credit Institutions - Non-Clearing, Non- Government credit, foreign currency plus Source agency − Credit Institutions - Non-Clearing, Accrued Data are compiled by the Central Bank of Ireland, interest receivable on non-Government Dublin. credit, foreign currency; Key national publication sources (e) Residential mortgages [Table C3 Credit Institu- tions: Consolidated Balance Sheet 1. Vis-à-Vis Data are available in the Central Bank of Ireland’s Residents, Assets, row 17]. Quarterly Bulletin and Monthly Statistics. The above titles are quoted from the June/July 1997 Series title in national publications issue of Monthly Statistics. The titles and table num- bers will be the same in the Quarterly Bulletin from the (a) Narrow money supply - M1 [Table A3 Money Winter 1997 issue onwards. and Other Liquid Assets, 2. Selected Measures, column 1]; Methodological references (b) Wide money supply - M3E [Table A3 Money Major changes in methodology are explained in the and Other Liquid Assets, 2. Selected Measures, Quarterly Bulletin and Monthly Statistics. column 5]; Run of data available (c) Calculated from four series [all Table A2 Do- mestic Credit, 1. Components]: M1: from 1955; − Credit Institutions - Retail Clearing, Non- All other series: from 1990. Government credit, Irish pounds plus − Credit Institutions - Retail Clearing, Ac- Periodicity crued interest receivable on non- Government credit, Irish pounds plus Data are compiled on a monthly basis. − Credit Institutions - Non-Clearing, Non- Unit of measurement Government credit, Irish pounds plus Data are expressed in Irish pounds (£Ir). − Credit Institutions - Non-Clearing, Accrued interest receivable on non-Government credit, Irish pounds; CONCEPTS AND COVERAGE

(d) Calculated from four series [all Table A2 Do- Definition mestic Credit, 1. Components]: − Credit Institutions - Retail Clearing, Non- (a) Monetary aggregate (M1) is the sum of currency in Government credit, foreign currency plus the hands of public (Irish currency outstanding at the Central Bank less the holdings of Irish notes − Credit Institutions - Retail Clearing, Ac- and coin by credit institutions - see ‘Sectoral de- crued interest receivable on non- scriptions’ below) and current accounts denomi- Government credit, foreign currency plus

MAIN ECONOMIC INDICATORS 49 SOURCES AND METHODS OECD © October 1997 nated in both Irish pounds and foreign currency, Statistical population held at within-the-State offices of credit institutions M1: The Central Bank of Ireland (currency only) and by resident private sector entities (see ‘Sectoral de- all credit institutions. scriptions’ below). M3E: The Central Bank of Ireland (currency only), (b) Monetary aggregate (M3E) comprises M1 plus credit institutions and the Post Office Savings Bank. deposit accounts, denominated in both Irish pounds and foreign currency and including the accrued in- Other series: All credit institutions. terest, of resident private sector entities at within- the-State offices of credit institutions and the Post Particular exclusions Office Savings Bank (deposit accounts). Besides credit institutions, hire-purchase finance com- (c) Credit to private sector (£Ir) comprises all forms of panies and leasing companies also provide credit. Data lending in Irish pounds, including accrued interest from these reporting institutions are not covered in the thereon, by within-the-State offices of all credit in- series. stitutions to resident private sector entities. The series is measured net of provisions for bad or doubt- DATA COLLECTION ful debts, unearned interest, charges on instalment credit (where ownership of goods passes to the Reporting units customer), and hire-purchase agreements (where ownership of goods remains with the lending All statistics are collected, compiled and published bank). under legislation relating to the Central Bank (Central Bank Acts, 1942, 1971, 1989 and 1997). (d) Credit to private sector (other) comprises all forms of lending in foreign currency as described in (c) above. Reporting method (e) Mortgage credit consists of lending by credit insti- Statistics relate to aggregate monthly balance sheet data tutions to private individuals for the purpose of of the Central Bank and all credit institutions. house purchase, repair, development or improve- Liability and asset items reported in the institutions’ ment, secured by a mortgage on the property to be balance sheets are classified on a residency basis (i.e. occupied or rented by the borrower. So-called ‘top residency of the customer, not the location of the up’ mortgages or ‘equity release’ mortgages, branch where the account is maintained) and in respect whereby a mortgage is increased to allow funds to of within-the-State offices. The definition of residency be used for purposes other than purchase of resi- conforms to international balance of payments conven- dential property, are not covered by this item. The tions. series is measured net of provisions for bad or doubtful debts, unearned interest and charges. DATA MANIPULATION Coverage Seasonal and other adjustments Reference period M1 and M3E are seasonally adjusted by the OECD Data refer to end of period. using the X-11 variant of the US Census Method II. Sectoral descriptions Other series are not seasonally adjusted. Credit institutions (whose definition corresponds to the EC First Banking Directive) consist of licensed banks, Other manipulations building societies and state-sponsored credit institutions With regard to the measure of various assets and li- (ACC Bank, ICC Bank and ICC Investment Bank) and abilities: provisions for bad or doubtful debts are de- the TSB Bank. The composition is listed in the Statis- ducted from the loans to which they refer; credit and tical Annex to the Quarterly Bulletin. debit balances satisfying conditions specified by the Resident private sector entities are resident entities Central Bank are offset; banks’ current accounts and other than credit institutions, the Central Bank and overdrafts are adjusted for net debit items in transit. central government.

MAIN ECONOMIC INDICATORS 50 SOURCES AND METHODS OECD © October 1997 Assets and liabilities in monthly balance sheet statistics non-Government current accounts of all credit institu- are generally recorded at the value standing in reporting tions rather than just those of licensed banks. institutions’ book value on return dates. If the item is valued at market price (where this is the bank’s ac- Preliminary estimates and revision policy counting practice), the accrued interest forms part of the valuation. Foreign currency items are valued at Data released are final, with occasional minor revi- mid-spot rates on return dates. sions. Major changes in methodology are explained in the Quarterly Bulletin and Monthly Statistics.

DATA QUALITY AND TIMELINESS Timeliness Breaks in time series Dissemination of data is 5 weeks after the end of the reference period on the first Thursday of each month. The M1 series has a break in July 1997 following the reclassification of credit institutions. M1 now includes

MAIN ECONOMIC INDICATORS 51 SOURCES AND METHODS OECD © October 1997 ITALY Domestic Finance (a) Monetary aggregate (M1) (b) Monetary aggregate (M2) (c) Gross bond issues: public sector (d) Gross bond issues: banking sector (e) Domestic credit (f) Finance to the non-state sector

SOURCE The titles above are quoted from the Bank of Italy’s Supplementi al Bollettino Statistico, Indicatori Mone- Source agency tari e Finanziari: Data are compiled by the Bank of Italy (Banca - Aggregati Monetari e Creditizi - Anno VII d’Italia), Rome. Numero 49 - Agosto 1997 (AMC - August 1997); Key national publication sources - Mercato Finanziario - Anno VII Numero 48 - Data are available in the Bank of Italy’s Supplementi al Agosto 1997 (MF - August 1997). Bollettino Statistico, Indicatori Monetari e Finanziari (Supplements to the Statistical Bulletin, Monetary and Run of data available Financial Indicators): M1, M2, Domestic credit, Finance to the non-state - Aggregati Monetari e Creditizi (Monetary and sector: data are available from 1975; Credit Aggregates - AMC); Gross bond issues: public sector, Gross bond issues: - Mercato Finanziario (Financial Markets - banking sector: data are available from 1970. MF). Periodicity Series title in national publications Data are compiled on a monthly basis. (a) Totale: M1 (Total M1) [Table 1/TDG00130, Series S020827M on AMC]; Unit of measurement (b) Totale: M2 - al netto dei CD oltre il breve (Total Data are expressed in Italian lire (Lit). M2 - net of CDs with a maturity of at least 18 months) [Table 1/TDG00130, Series CONCEPTS AND COVERAGE S569665M on AMC]; (c) Valori mobiliari: emissioni lorde - settore pub- Definition blico - totale (Total gross bond issues in the public sector) [Table 1/TDE00050, Series SPT,EL (a) Monetary aggregate (M1) comprises currency in on MF]; circulation, current accounts with banks in lire and (d) Valori mobiliari: emissioni lorde - banche foreign currency, current accounts with the Post (Gross bond issues in the banking sector) [Ta- Office, current accounts with the Treasury, bank- ble 1/TDE00050, Series EC,EL on MF]; ers’ drafts issued by the Bank of Italy and by credit institutions. (e) Credito totale interno (Total domestic credit) [Table 7/TDG00180, Series S990833M on (b) Monetary aggregate (M2) (equivalent to M3H). It AMC]; comprises M1, lire and foreign currency savings (f) Finanziamenti al settore non statale: totale (Total and time deposits, certificates of deposit with banks finance to the non-state sector) [Ta- which are refundable within 18 months and Post ble 7/TDG00180, Series S768502M on AMC]. Office savings accounts.

MAIN ECONOMIC INDICATORS 52 SOURCES AND METHODS OECD © October 1997 (c) Gross bond issues: public sector are recorded at institutions’, i.e. merchant banks): all credit institutions nominal value. A definition of the public sector is are now called ‘banks’. given under ‘Sectoral descriptions’ below. Statistical population (d) Gross bond issues: banking sector are as defined by the 1993 Banking Law, recorded at nominal M1, M2: pertain to the non-state sector and cover the value. Prior to the 1993 Banking Law only ‘special Bank of Italy, the Treasury, and 95 per cent of banks as credit institutions’ were allowed to issue bonds. A defined by the 1993 Banking Law (see ‘Reporting definition of the banking sector is given under method’ below). ‘Sectoral descriptions’ below. Gross bond issues: public sector: pertains to the pub- (e) Domestic credit refers to domestic finance to the lic sector and covers all subjects. non-state sector plus the state sector’s domestic Gross bond issues: banking sector: pertains to the debt. banking sector and covers 95 per cent of banks as de- (f) Finance to the non-state sector refers to lire and fined by the 1993 Banking Law (see ‘Reporting foreign currency lending by domestic banks, bonds method’ below). placed domestically, foreign loans and bonds issued Domestic credit: pertains to both the state and the non- by the non-state sector held abroad. state sectors and covers bank credit granted by 95 per cent of banks as defined by the 1993 Banking Law (see Coverage ‘Reporting method’ below). Reference period Finance to the non-state sector: pertains to the non- state sector and covers bank credit granted by 95 per M1, M2, Domestic credit, Finance to the non-state cent of banks as defined by the 1993 Banking Law (see sector: data refer to end of period; ‘Reporting method’ below), and bonds issued by all Gross bond issues: public sector, Gross bond issues: sectors to the non-state sector. banking sector: data are monthly flows.

Sectoral descriptions DATA COLLECTION The non-state sector comprises the following resident Reporting units units: households, non-financial corporate and quasi- corporate public and private companies, financial in- See ‘Reporting method’ below. stitutions (excluding investment funds and banks), insurance companies, non-state public bodies and, since Reporting method January 1993, former autonomous government agen- The Bank of Italy’s statistics collection is conducted in cies producing market goods and services (the state the framework of the Banking Code (Legislative De- railways, monopolies and the telephone company). cree 385/1993). The series are based on Treasury and The state sector refers to central government (budget Bank of Italy accounts, mandatory reports submitted to and Treasury operations), the Deposits and Loans the Bank of Italy’s Banking Supervision Department, Fund, the Southern Italy Development Agency (liqui- and data in the Bank of Italy’s Central Credit Register. dated in April 1993), the National Road Agency, state Data collected from banks are drawn from a sample of forests and, until January 1993, autonomous govern- nearly 300 reporting institutions, accounting for 95 per ment agencies producing market goods and services cent of total loans. Changes in the reporting population (the state railways, monopolies and the telephone com- occur only when a previously non-reporting bank is pany). acquired or merged with a reporting one. Since only a The public sector comprises the state sector and the small proportion of banks are excluded, such changes Post Office, local authorities and other minor bodies. do not significantly affect continuity in the aggregates. The banking sector covers banks as defined by the 1993 Banking Law. This Law abolished the former distinction between credit institutions accepting pri- marily short-term funds (known as ‘banks’, i.e. commercial and savings banks) and those accepting medium- and long-term funds (known as ‘special credit

MAIN ECONOMIC INDICATORS 53 SOURCES AND METHODS OECD © October 1997 DATA MANIPULATION Preliminary estimates and revision policy M1, M2, Domestic credit, Finance to the non-state Seasonal and other adjustments sector: Press releases and the monthly bulletin indicate M1 and M2 are seasonally adjusted by the OECD using that data for the latest months are provisional and par- the X-11 variant of the US Census Method II. tially estimated; they are later revised and are eventu- Other series are not seasonally adjusted. ally considered final in subsequent months. Gross bond issues: public sector, Gross bond is- Other manipulations sues: banking sector: Recent data are provisional and From December 1988, the method of computing for- become considered final after one month for the first eign financing of the non-state sector has been harmo- series and after four months for the latter. nised with the methodology adopted for the new financial accounts. Timeliness M2, Gross bond issues: public sector, Domestic credit: DATA QUALITY AND TIMELINESS Data are released 1 month after the close of the reference month. Breaks in time series M1, Gross bond issues: banking sector, Finance to the M1, M2, Domestic credit, Finance to the non-state non-state sector: Data are released 2 months after- sector: From January 1993, the non-state sector in- wards. cludes former autonomous government agencies whose status altered at that time. This causes a statistical dis- continuity.

MAIN ECONOMIC INDICATORS 54 SOURCES AND METHODS OECD © October 1997 LUXEMBOURG Domestic Finance Liabilities to customers

SOURCE sheet of the credit institutions. The series excludes all other types of certificates and linked liabilities. Source agency Data are compiled by the Monetary Institute of Lux- Coverage embourg (Institut Monétaire Luxembourgeois - IML), Luxembourg. Reference period Data refer to end of period. Key national publication sources Statistical population Data are available in the Monetary Institute of Luxem- bourg’s Bulletin trimestriel (Monthly Bulletin). All legally-established credit institutions in Luxem- bourg, including commercial and savings banks and Series title in national publications branches of EU banks (i.e. banks with headquarters in another country of the European Union). The series Dettes envers la clientèle (Liabilities to customers) has complete coverage and there are no exclusions. [Table 2.4]. The above title is quoted from the September 1996 DATA COLLECTION issue of the Bulletin trimestriel. Reporting method Run of data available Basic data are collected by the Monetary Institute of Data are available from 1982. Luxembourg through a monthly census of all credit institutions including branches of banks of EU origin. Periodicity Data are compiled on a monthly basis (quarterly for DATA MANIPULATION 1993-94 due to the introduction of a new reporting system). Seasonal and other adjustments Unit of measurement The series is not seasonally adjusted. Data are expressed in Luxembourg francs (Lux F). DATA QUALITY AND TIMELINESS

CONCEPTS AND COVERAGE Breaks in time series Definition The 1993 implementation of EC directives resulted in a break in series due to changes in the classification of Data refer to liabilities towards both residents and non- balance sheet data and to a loss of detail in data re- residents. They comprise all current accounts, sight ported by the Luxembourg branches of banks based in and time deposits (including non-tradable certificates of other EU countries. deposit), savings accounts held by non-credit institutions, amounts owed (due to exchange and securities Timeliness operations) to the non-credit financial sector, and other short-term temporary and miscellaneous accounts that Monthly data are published quarterly in March, June, represent liability items of the consolidated balance September and December.

MAIN ECONOMIC INDICATORS 55 SOURCES AND METHODS OECD © October 1997 NETHERLANDS Domestic Finance (a) Monetary aggregate (M1) (b) Monetary aggregate (M3) (c) Savings deposits (d) Bank credit to private sector: short-term (e) Bank credit to private sector: medium- and long-term

SOURCE Periodicity Source agency Data are compiled on a monthly basis.

Data are compiled by the Nederlandsche Bank NV Unit of measurement (Bank of the Netherlands), Amsterdam. Data are expressed in Dutch guilders (f.). Key national publication sources Data are available in the Nederlandsche Bank’s Quar- CONCEPTS AND COVERAGE terly Bulletin. Information is also available on the Internet server at http://www.statistics.dnb.nl. Definition (a) Monetary aggregate (M1) comprises notes and Series title in national publications coins (including, due to lack of appropriate statis- (a) Total money supply - M1 [Table 3.1]; tics, those held by non-residents) and demand deposits held by residents other than money-creating (b) Domestic money supply - M3 [Table 3.1]; institutions and central government. (c) Savings plus interest accrued [Table 3.2]; (b) Monetary aggregate (M3) (equivalent to M3H) (d) Aggregate money creating institutions: claims consists of M1 and ‘near money’. Near money in- on private sector, short-term [Table 2.1, col- cludes short-term (claims with a maturity of less umn 9]; than two years) time and savings deposits and (e) Calculated from two series [both Table 2.1]: short-term foreign currency deposits held by resi- − Aggregate money creating institutions: pri- dents. Short-term time deposits also include certifi- vate loans to private sector [columns 21 cates of deposit, call money and savings certificates and 22] plus to bearer. − Mortgage loans on dwellings [column 23]. (c) Savings deposits comprise private individuals’ The above titles are quoted from the June 1997 issue holdings of both savings deposits and time deposits (English version) of the Quarterly Bulletin. treated as savings (short- and long-term savings deposits). They refer to individuals’ savings in ordi- Run of data available nary savings accounts, short- and long-term time savings accounts and time deposits. They also in- M1: from 1955; clude accrued interest. M3, Bank credit to private sector: short-term and (d) Bank credit to private sector: short-term comprises Bank credit to private sector: medium- and long-term: money-creating institutions’ short-term claims on from 1983; the private sector: i.e. short- and long-term trade Savings deposits: from 1984. bills, claims on institutional investors resulting from anticipatory and interim financing of capital market investment, as well as short-term domestic loans

MAIN ECONOMIC INDICATORS 56 SOURCES AND METHODS OECD © October 1997 guaranteed by public authorities and short-term Particular exclusions loans to semi-public bodies. The two independently reporting mortgage banks are (e) Bank credit to private sector: medium- and long- not considered to be money-creating institutions and term claims comprise money-creating institutions’ are thus excluded. medium- and long-term domestic loans (guaranteed Some smaller amounts of credit are granted by con- by public authorities and others) as well as mort- sumer credit institutions. When such institutions are gage loans on dwellings. Export-import financing subsidiaries of credit institutions, their data are inte- is also included. grated in the parent institutions’ returns. Other consumer credit institutions are excluded. Coverage

Reference period DATA COLLECTION The reference period is monthly. Data refer to end of period. Reporting units

Sectoral descriptions All credit institutions are obliged to report business details to the Nederlandsche Bank on a monthly basis. Money-creating institutions consist of the Nederland- In addition to the so-called ‘business economics form’, sche Bank and registered credit institutions excluding which serves prudential supervision purposes, credit (independent) mortgage banks. institutions also complete a separate form for monetary supervision purposes, the so-called ‘social economics Registered credit institutions are those registered with form’. and subject to supervision by the Nederlandsche Bank and consist of credit institutions listed in Sections I Only credit institutions with a balance sheet total of (excluding mortgage banks), II and III of the register as more than f. 0.5 billion are required to complete the referred to in Section 52 of the Act on the Supervision ‘social economics form’. This concerns only 1 per cent of the Credit System, 1992. Credit institutions are of the balance sheet total of credit institutes. Informa- composed of universal banks, co-operative banks (i.e. tion concerning smaller institutions is derived from Rabobanks), savings banks and security credit institu- their ‘business economics form’. The breakdown by tions. All these credit institutions, of which the group- sector for these smaller institutions is imputed from ing is by historical standards, are allowed to pursue the available information. full range of activities as defined in the EC Second Banking Co-ordination Directive; however some credit Reporting method institutions, e.g. the smaller savings banks and security credit institutions, pursue only a restricted number of Monetary and credit aggregates are based on monthly banking activities. returns from registered credit institutions (see ‘Sectoral descriptions’ above), collected in the framework of the Statistical population monetary survey. M1, M3: Money-creating institutions. Coverage is Data are presented in the form of a consolidated bal- 100 per cent. ance sheet: the balance sheet figures are grouped in accordance with the method adopted by the Nederland- Bank credit to private sector: short-term: Money- sche Bank for investigating monetary trends. creating institutions. Coverage is considered close to 100 per cent: the small amount of short-term credit For credit institutes with a balance sheet total of less extended by mortgage banks is excluded. than f. 0.5 billion, the breakdown by sector is imputed. Savings deposits: Money-creating institutions other than the Nederlandsche Bank. Coverage is 100 per DATA MANIPULATION cent. Bank credit to private sector: medium- and long-term: Seasonal and other adjustments Money-creating institutions other than the Nederland- M1 is seasonally adjusted using the X-11 variant of the sche Bank. Coverage is less than 100 per cent: credit US Census Method II, by OECD prior to 1985 and by extended by mortgage banks is excluded. the Nederlandsche Bank from 1985 onwards.

MAIN ECONOMIC INDICATORS 57 SOURCES AND METHODS OECD © October 1997 M3 is seasonally adjusted by the OECD using the X-11 Preliminary estimates and revision policy variant of the US Census Method II. Monthly data are initially preliminary and subject to revision the following month. Monthly and quarterly DATA QUALITY AND TIMELINESS data published in the Nederlandsche Bank’s Quarterly Bulletin are final. Breaks in time series Time series generally contain no estimates except in Breaks in series occur frequently in the money and rare cases where a series is backdated and the precise banking statistics, occasioned by improved registration, information required is not available. reclassifications of instruments or changes in the population of reporting credit institutions. Timeliness Specifically, there is a break in November 1995 for M3 Dissemination is within 5 weeks of the end of the ref- and the bank credit series due to transfer of part of the erence period. mortgage portfolio to the banking sector. M1, M3: stock outstandings are, if relevant, presented with breaks, as well as old and new values; flow data are corrected for the impact of breaks.

MAIN ECONOMIC INDICATORS 58 SOURCES AND METHODS OECD © October 1997 NORWAY Domestic Finance (a) Monetary aggregate (M1) (b) Monetary aggregate (M2) (c) Credit to economy

SOURCE The above titles are quoted from the February 1997 issue of the Economic Bulletin (NB) and the February Source agencies 1997 issue of Statistisk månedshefte (SN) (Monthly Data are compiled by the Central Bank of Norway Statistical Bulletin - the February issue includes Eng- (Norges Bank) and Statistics Norway, Oslo. lish translations of series titles).

Key national publication sources Run of data available Data are available in the Central Bank of Norway’s, M1: from 1960; Economic Bulletin and Statistics Norway’s Statistisk M2: from 1970; månedshefte (Monthly Statistical Bulletin). Credit to economy: from 1955. Series title in national publications Periodicity (a) Composition of money supply, Total Data are compiled on a monthly basis. [NB Table 23b, column 4], equal to: Unit of measurement − Notes and coin plus − Unutilised overdrafts and building loans Data are expressed in Norwegian krone (NKr). plus − Sight deposits CONCEPTS AND COVERAGE also Publikums likviditet, Likviditet, Betaling- Definition smidler i alt (Money supply, Liquidity, Means of payments, total) [SN Table 72, column 5]; (a) Monetary aggregate (M1) comprises currency in circulation, sight deposits including giro deposits, (b) Total money supply [NB Table 23b, column 6] together with unutilised overdrafts and building also Publikums likviditet, Likviditet, I alt loans, in Norwegian krone and foreign currency, (Money supply, Liquidity, Total) [SN Table 72, held by the domestic sector other than central gov- column 4]; ernment, the social security sector and banks. (b) Monetary aggregate (M2) comprises M1 plus time (c) Commercial and savings banks, Assets, Loans to deposits including certificates of deposit and saving private sector and municipalities [NB Table 4, deposits except those with tax credit (SMS and row 10] BSU which cannot be withdrawn for 10 years), in also can be calculated from two series: Norwegian krone and foreign currency, held by the − Forretningsbanker og Postbanken. Balanse. domestic sector other than central government, the Aktiva, Disponerte utlån til publikum, I alt social security sector and banks. (Commercial banks and Postal bank. Bal- (c) Credit to economy refers to total credit (utilised ance sheet. Assets, Utilised loans to the loans), in Norwegian krone and foreign currency public, Total) [SN Table 78, column 6] plus extended to local government (including municipal − Sparebanker. Balanse. Aktiva, Disponerte enterprises), enterprises (including private enter- utlån til publikum, I alt (Savings banks. prises with limited liability etc., and state enter- Balance sheet. Assets, Utilised loans to the prises), and households (including unincorporated public, Total) [SN Table 79, column 6]. enterprises, the self-employed and wage earners

MAIN ECONOMIC INDICATORS 59 SOURCES AND METHODS OECD © October 1997 etc.). It includes consumer purchase credits, dis- consolidated balance sheets of commercial and savings counted bills, overdrafts, building loans, short-term banks. (i.e. with of maturity less than one year) and medium- and long-term (i.e. with maturity of one year or more) loans and import-export credits. DATA MANIPULATION Seasonal and other adjustments Coverage M1 and M2 are seasonally adjusted by the OECD using Reference period the X-11 variant of the US Census Method II. Data refer to end of period. The credit to economy series is not seasonally adjusted. Statistical population M1, M2: The Central Bank of Norway, the Postbanken DATA QUALITY AND TIMELINESS (the Post Office Savings Bank) and all commercial and savings banks, i.e. coverage is 100 per cent. Breaks in time series Credit to economy: All commercial and savings banks, Major changes in methodology are notified one or two and the Post Office Savings Bank, i.e. coverage is months in advance in the same monthly publications as 100 per cent. the data are published. Information about minor changes is given as and when implemented. There are Particular exclusions no breaks in the published series. Credit to economy: Data exclude loans made by state banks, insurance companies and pension funds, private Preliminary estimates and revision policy financial companies and private mortgage companies. There are no estimates in the series.

DATA COLLECTION Timeliness Reporting method Dissemination is one month after the end of the reference month. Data are based on the Norwegian financial statistics, compiled from statistical reports from all Norwegian financial institutions, Bank of Norway figures and the

MAIN ECONOMIC INDICATORS 60 SOURCES AND METHODS OECD © October 1997 POLAND Domestic Finance (a) Monetary aggregate (M1) (b) Monetary aggregate (M2) (c) Credit to non-financial sector (d) Credit to central government

SOURCE Periodicity Source agency Data are compiled on a monthly basis. The National Bank of Poland (Narodowy Bank Polski - Unit of measurement NBP), Warsaw. Data are expressed in Polish zlotys (Zl). Key national publication sources Data are available in the NBP’s Information Bulletin CONCEPTS AND COVERAGE and Preliminary Information (both in English). Definition Series title in national publications (a) Monetary aggregate (M1) comprised, from Janu- ary 1992, money in circulation (i.e. excluding cash (a) Calculated from two series: held by banks) in zlotys, and zloty demand deposits − Total Money Supply, Zloty money supply, of the non-financial sector. Since January 1997 it Notes and coin in circulation - excluding also includes foreign currency demand deposits and vault cash [Table III, row 3] plus zloty demand savings pass-books of the non- 1 − Zloty deposits of non-financial sector, de- financial sector . mand deposits [Table 4 in the Statistical (b) Monetary aggregate (M2) comprised, from Janu- Annex, Liabilities, row 14]; ary 1992, M1 plus time and saving zloty deposits (b) Total money supply [Table III, row 1]; and foreign currency deposits of the non-financial sector as well as savings bonds. Since Janu- (c) Net Domestic Assets, Lending to non-financial ary 1997 it comprises M1 plus: zloty and foreign sector [Table III, row 12]; currency time and restricted deposits of households, the corporate sector and non-bank financial institu- (d) Net Domestic Assets, Net general government tions; households’ holdings of savings bonds and debt [Table III, row 15]. non-negotiable CDs; banks’ liabilities on repur- The above titles are quoted from the November 1996 chase agreement transactions with the corporate issue of the Information Bulletin. sector and non-bank financial institutions. (c) Credit to non-financial sector comprised, from Methodological references January 1992, banks’ lending to the non-financial Information on definitions and compilation methods sector. Since January 1997 it has been referred to are given in the Methodological Notes to the Informa- domestically as ‘claims on households and corpo- tion Bulletin. rate sectors’ and comprises: commercial banks’ lending to households and the corporate sector; Run of data available claims on non-bank financial institutions; banks’ claims on repurchase agreements with households Data are available from 1989 (from 1994 in Prelimi- and the corporate sector, and non-bank financial in- nary Information). 1 Note: Data for the period January 1997 onwards were not available for publication in the October 1997 issue of MEI.

MAIN ECONOMIC INDICATORS 61 SOURCES AND METHODS OECD © October 1997 stitutions; commercial banks’ holdings of debt se- DATA COLLECTION curities issued by the corporate sector and non-bank financial institutions. Reporting units (d) Credit to central government refers to the sum of Data are reported by banks under the Act on the Na- central and local governments’ and extrabudgetry tional Bank of Poland 1989 and the Banking Law 1989 funds’ credits and securities less deposits and net which require commercial banks to report, for publica- special assistance funds. tion purposes, a monthly statement of their accounts.

Coverage Reporting method Reference period Data are taken from the aggregated balance sheet of the banking sector (i.e. the NBP and commercial banks). Data refer to end of period. They are in turn derived from the banks’ monthly reports to the NBP. Sectoral descriptions The non-financial sector (January 1992 onwards) cov- DATA MANIPULATION ered insurance companies, state-owned and private enterprises and co-operatives, individual businesses (including farmers), households and other entities Seasonal and other adjustments (funds, foundations, etc.). M2 is seasonally adjusted by the OECD using the X-11 Non-bank financial institutions (January 1997 onwards) variant of the US Census Method II. Other data are not comprise: insurance companies, investment and trust seasonally adjusted. funds, and other financial institutions such as: stock exchanges, non-bank brokerage houses, exchange of- DATA QUALITY AND TIMELINESS fices, post offices, associations of trust funds institutions and foundations rendering financial services. Breaks in time series Statistical population There are breaks after December 1991 and Decem- ber 1996 due to the introduction of new reporting sys- M1: Data cover deposits placed with banks by the non- tems for banks, in 1 January 1992 and 1 January 1997 financial sector. respectively. Data for December 1991 were compiled M2: Data cover deposits placed with banks by the non- according to both the former and new systems to allow financial sector and (from January 1997) the non-bank for comparison. financial sector. Preliminary estimates and revision policy Credit to non-financial sector: Data cover banks’ Corrections to banks’ balance sheets are incorporated at lending to the non-financial sector and (from Janu- the end of December. ary 1997) the non-bank financial sector. Credit to central government: Data cover central gov- Timeliness ernment’s claims on and to the NBP and commercial Data are published in Preliminary Information 3 weeks banks. after the end of the reference period, and 3-4 months afterwards in the Information Bulletin.

MAIN ECONOMIC INDICATORS 62 SOURCES AND METHODS OECD © October 1997 PORTUGAL Domestic Finance (a) Monetary aggregate (M1-) (b) Monetary aggregate (M2-) (c) Total liquidity (L-) (d) Bank credit to economy

SOURCE are not in the form of deposits, held by the non- financial resident sector (excluding General Gov- Source agency ernment). Data are compiled by the Bank of Portugal (Banco de (b) Monetary aggregate (M2-) (equivalent to M3H) Portugal), Lisbon. comprises M1 plus time deposits and deposits at notice, savings deposits, foreign currency deposits, Key national publication sources certificates of deposit, repurchase (repo) agree- Data are published in the Bank of Portugal’s monthly ments, cash certificates and other bonds redeem- Boletim Estatístico (Statistical Bulletin). able up to two years and other quasi-monetary liabilities held by non-financial residents (excluding Series title in national publications General Government). (c) Total liquidity (L-) comprises M2- plus Treasury (a) M1- [Table B.1.3.1, column 3]; bills and other short-term government securities (b) M2- (equivalent to M3H) [Table B.1.3.1, col- sold outright to non-financial residents (excluding umn 11]; General Government). (c) L- [Table B.1.3.1, column 12]; (d) Bank credit to economy is credit granted by banks (d) Credit to enterprises and private individuals [Ta- to the non-bank resident sector excluding General ble B.1.2.1, column 10]. Government. It includes Treasury bills and other short-term government securities sold outright to The above titles are quoted from the Boletim Es- non-financial residents (excluding General Gov- tatístico and are valid until the September 1997 issue. ernment).

Run of data available Coverage All series: quarterly figures for the period 1966-79 and Reference period monthly data from December 1979. Data refer to end of period.

Periodicity Sectoral descriptions Data are compiled on a monthly basis. Since the approval in 1992 of a new legal framework for the Portuguese credit institutions and financial Unit of measurement companies (Decree-law No. 298/92 of 31 December) Data are expressed in Portuguese escudos (Esc). the definition of ‘bank’ has changed. Currently, banking activity is governed by the concept of universal banking, where every bank can operate in any of the CONCEPTS AND COVERAGE credit areas - including factoring and financial leasing Definition contracts - in such a way that it does not make any sense to distinguish between banks by the operations (a) Monetary aggregate (M1-) comprises notes and legally permitted to them. coins which are legal tender in the country (excluding currency in banks’ vaults), demand deposits and other monetary liabilities (up to 30 days) which

MAIN ECONOMIC INDICATORS 63 SOURCES AND METHODS OECD © October 1997 Statistical population DATA MANIPULATION Coverage of the reporting population (the universal banks) is 100 per cent. Universal banks represent Seasonal and other adjustments around 95 per cent of the money-creating sector. M1- and M2- are seasonally adjusted by the OECD Particular exclusions using the X-11 variant of the US Census Method II. Other series are not seasonally adjusted. Some monetary institutions are excluded from regular statistical reporting to the Bank of Portugal; these are mutual agricultural credit banks and small savings and DATA QUALITY AND TIMELINESS loans institutions. Breaks in time series The money and banking statistics of the Bank of Portu- DATA COLLECTION gal have undergone five major revisions since Decem- Reporting units ber 1979: at end-1985, June 1987, end-1988, March 1991 and January 1995. Nevertheless, the See ‘Reporting method’ below. monthly-based time series do not show any significant breaks since the results from these changes were back- Reporting method adjusted in order to achieve internal consistency. Figures are compiled from data reported by all banks operating in Portugal (i.e. universal banks - see ‘Secto- Preliminary estimates and revision policy ral descriptions’ above). Mutual agricultural credit No data estimation is involved. banks and small savings and loans associations do not report for statistical purposes. The data on monetary and credit aggregates result solely from processing data Timeliness collected by the Bank of Portugal for statistical pur- Data are made available, at the latest, on the third Fri- poses. There is no estimation of data. day of the second month following that to which the data refer.

MAIN ECONOMIC INDICATORS 64 SOURCES AND METHODS OECD © October 1997 SPAIN Domestic Finance (a) Monetary aggregate (M1) (b) Monetary aggregate (M3) (c) Total liquidity (ALP2) (d) Capital issues (e) Credit to private sector: commercial banks (f) Credit to private sector: other credit institutions

SOURCE Run of data available Source agency Capital issues: from December 1973 (data on fixed income securities are available from January 1962); Data are compiled by the Bank of Spain (Banco de España), Madrid. All other series: from 1962.

Key national publication sources Periodicity Data are available in the Bank of Spain’s Statistical Data are compiled on a monthly basis. Bulletin and SILBE (the on-line information system). Unit of measurement Series title in national publications Data are expressed in Spanish pesetas (Ptas). (a) Total M1 [Table 2.2]; (b) Total M3 [Table 2.2]; CONCEPTS AND COVERAGE (c) ALP2 [Table 2.4)]; Definition (d) Calculated from four series: (a) Monetary aggregate (M1) comprises currency held − Credit institutions, fixed income securities, by the public together with sight deposits held by net total issues [Table 21.1] plus the other resident sector (see ‘Sectoral descriptions’ − Credit institutions, variable yield securities, below). total new issues [Table 21.4] plus (b) Monetary aggregate (M3) comprises M1 plus sav- − Other resident sectors, fixed income securi- ing deposits, time deposits (ordinary deposits, cer- ties, total net issues [Table 21.14] plus tificates of deposit), repos (repos on Treasury bills − Other resident sectors, variable yield secu- and notes, on medium- and long-term government rities, total new issues [Table 21.19]; debt and on private sector assets), asset participa- tions, official credit institutions’ notes maturing in (e) Banks’ credit to other resident sectors [Ta- one year or less, banking system bonds and foreign ble 61.1)]; currency deposits held by the other resident sector. (f) Calculated from two series: (c) Total liquidity (ALP2) comprises M3 plus bonds − Credit-system credit to other resident sec- issued by the Official Credit Institute and special- tors [Table 3.1] minus ised credit institutions, including notes maturing − Banks’ credit to other resident sectors [Ta- over one year, private asset transfer certificates, en- ble 61.1] plus dorsed bills and guarantees on commercial paper, short-term government securities (Treasury bills The above titles are quoted from the September 1997 and notes and other monetary liabilities issued by issue of the Statistical Bulletin. regional governments) and short-term private secu-

MAIN ECONOMIC INDICATORS 65 SOURCES AND METHODS OECD © October 1997 rities (commercial paper) held by the ‘other resi- Other financial institutions are real estate and portfolio dent sector’. investment institutions, securities dealer companies, (d) Capital issues comprise insurance companies and pension funds, and financial auxiliaries. − net new issues of fixed income securities (e.g. bonds) issued by the credit institutions (see The other resident non-financial sectors are public and ‘Sectoral descriptions’ below); private non-financial enterprises, and households and non-profit institutions serving households. − new issues of variable yield securities (e.g. stocks) issued by banks and other credit institu- Statistical population tions; M1, M3: The issuing sector for the liquid assets in- − net new issues of fixed income securities (e.g. cluded in the narrower aggregates is confined to the bonds) issued by public and private non- resident financial sector (see ‘Sectoral descriptions’ financial enterprises and non-credit financial in- above). stitutions; − new issues of variable yield securities (e.g. ALP2: The broader aggregate includes short-term stocks) issued by the other resident sectors (see government securities (Treasury bills and notes) and ‘Sectoral descriptions’ below). short-term private securities (commercial paper). These monetary liabilities are issued by central and regional (e) Credit to private sector: commercial banks con- government (‘pagares forales’ and other monetary li- cerns credits to other resident sectors by the com- abilities issued by regional government) and public and mercial banks (as part of the resident financial sec- private non-financial enterprises (commercial paper). tor). Credits included are bank overdrafts, personal loans, mortgages and guaranteed loans to house- Capital issues: The equity issues of all listed compa- holds and other loans to the private sector. nies in the other resident sectors are covered. Those of (f) Credit to private sector: other credit institutions unlisted companies are only partially included due to concerns credits to other resident sectors by the lack of information. Bank of Spain and credit institutions other than Credit to private sector: commercial banks: Commer- commercial banks (the remainder of the resident fi- cial banks. nancial sector - see ‘Sectoral descriptions’ below). Credits included are bank overdrafts, personal Credit to private sector: other credit institutions: The loans, mortgages and guaranteed loans to house- Bank of Spain and credit institutions other than com- holds and other loans to the private sector. mercial banks (the remainder of the resident financial sector). Coverage Reference period DATA COLLECTION Data are end of month except capital issues, which Reporting method refer to monthly flows. M1, M3, Credit to private sector: commercial banks, Credit to private sector: other credit institutions: Data Sectoral descriptions are based on the Bank of Spain’s credit entities report- The resident financial sector is composed of the overall ing system and the Bank’s balance sheet. credit institutions. ALP2: The broad liquidity series is obtained mainly The overall credit institutions are the Bank of Spain from the Bank of Spain’s credit entities reporting sys- and credit institutions. tem and the Bank’s balance sheet. The Public Debt Credit institutions are: Book entry system also provides a source for this series. Monetary liabilities issued by regional govern- − deposit money institutions (commercial banks, ment and commercial paper data are estimated. savings banks and credit co-operatives); − specialised credit institutions; Capital issues: Data are taken from issuance records at the CNMV (the National Stockmarket Commission); − the Official Credit Institute. information on credit institutions’ issues is provided to The other resident sectors are composed of other fi- the Bank of Spain; other information is collected from nancial institutions and other resident non-financial specialised financial publications. sectors.

MAIN ECONOMIC INDICATORS 66 SOURCES AND METHODS OECD © October 1997 DATA MANIPULATION DATA QUALITY AND TIMELINESS Seasonal and other adjustments Preliminary estimates and revision policy M1 and M3 are seasonally adjusted by the OECD using All series other than capital issues: Monthly data are the X-11 variant of the US Census Method II. considered provisional until the quarterly report be-

1 comes available. ALP2 is seasonally adjusted by the Bank of Spain. ALP2: Data on monetary liabilities issued by regional Other series are not seasonally adjusted. government and data on commercial paper are estimates. Capital issues: Data are revised periodically as new information becomes available.

1 Seasonally adjusted ALP2 appears in the OECD’s Hot File (the weekly counterpart to MEI), which is available at charge on the OECD’s Internet site.

MAIN ECONOMIC INDICATORS 67 SOURCES AND METHODS OECD © October 1997 SWEDEN Domestic Finance (a) Monetary aggregate (M3) (b) Monetary aggregate (M3+) (c) Bank credit to economy

SOURCE CONCEPTS AND COVERAGE Source agencies Definition Data are compiled by the Swedish Central Bank (a) Monetary aggregate (M3) comprises notes and (Sveriges Riksbank) and Statistics Sweden (Statistika coins in circulation, bank deposits (sight, term and Centralbyrån - SCB), Stockholm. savings) in both Swedish kronor and foreign currency, certificates of deposits and post giro ac- Key national publication sources counts held by non-bank residents. Data are available in Sveriges Riksbank’s Quarterly (b) Monetary aggregate (M3+) comprises M3 plus Bulletin, and Statistics Sweden’s Monthly Digest of national savings and treasury bills. Swedish Statistics (Allmän månadstatistik). (c) Bank credit to economy refers to advances (amounts utilised) to the public (domestic non-bank Series title in national publications sector) by banks. (a) Money supply, M3, non-bank residents: stock [SB Table 10, row 1]; Coverage (b) M3, National saving and Treasury bills: stock Reference period [SB Table 10, row 7]; Data refer to the end of the reference period. (c) Money and credit market, The banks advances to the public, Total [SCB Table K41]. Statistical population The titles above are quoted from the second quarter M3, M3+: The Swedish Central Bank (currency only), (1997/2 issue) of the Quarterly Bulletin (SB), and the commercial banks, savings banks, co-operative banks October 1997 (1997:10) issue of the Monthly Digest and post and credit banks. (SCB). Bank credit to economy: Commercial banks and larger savings banks (i.e. the group of savings banks sur- Run of data available veyed). M3, M3+: from 1960; Particular exclusions Bank credit to economy: from 1955. Insurance companies, finance companies, mortgage institutions and credit market companies also provide Periodicity credit but may not accept deposits. Data are compiled on a monthly basis. DATA COLLECTION Unit of measurement Data are expressed in Swedish kronor (SKr). Reporting units

The Sveriges Riksbank Act, Article 22 grants to the Swedish Central Bank the right to collect statistical information from credit institutions under the supervision of the Swedish Financial Supervisory Authority.

MAIN ECONOMIC INDICATORS 68 SOURCES AND METHODS OECD © October 1997 Reporting method series, co-operative banks are reported under commer- The data are based on all commercial banks’ and large cial banks. savings banks’ balance sheets. Preliminary estimates and revision policy

DATA MANIPULATION Major changes in methodology are regularly an- nounced in advance. Major revisions are specifically Seasonal and other adjustments commented on. M3+ is seasonally adjusted by the OECD using the X- Timeliness 11 variant of the US Census Method II. The bank credit to economy series is not adjusted for Data dissemination takes place no later than the twelfth day of the month following the end of the reference inter-group mergers and each month covers the same period. group of savings banks (i.e. the larger savings banks).

DATA QUALITY AND TIMELINESS Breaks in time series There is a break in the bank credit to economy series in January 1992 due to the exclusion from this date of expected losses from lending to the public and to financial institutions. From December 1992 onwards, in the

MAIN ECONOMIC INDICATORS 69 SOURCES AND METHODS OECD © October 1997 SWITZERLAND Domestic Finance (a) Adjusted monetary base (b) Monetary aggregate (M1) (c) Monetary aggregate (M2) (d) Monetary aggregate (M3) (e) Capital issues (f) Credit to private sector

SOURCE − Effets de change et papiers monétaires - 46 banques (Exchange and monetary bills - Source agency 46 banks) [column 4] plus Data are compiled by the Swiss National Bank − Les comptes courants debiteurs - (Banque Nationale Suisse - BNS), Zurich. 46 banques (Current account debits - 46 banks) [columns 5-7]. Key national publication sources The titles above are quoted from the June 1997 issue of Data are available in the BNS’s Bulletin mensuel the Bulletin mensuel. (Monthly Bulletin)1. Methodological references Series title in national publications Methodological information on monetary aggregates is (a) Monnaie de banque centrale désaisonnalisée available in the first quarter 1995 issue of the BNS’s (Seasonally adjusted central bank money) [Ta- Monnaie et conjoncture, bulletin trimestriel (the quar- ble B12, column 5]; terly bulletin). (b) Masse monétaire M1 (Money stock M1) [Ta- Run of data available ble B21, column 4]; (c) Masse monétaire M2 (Money stock M2) [Ta- Adjusted monetary base: from 1980; ble B21, column 7]; M1, M2, M3: from December 1984; (d) Masse monétaire M3 (Money stock M3) [Ta- Capital issues, Credit to private sector: from 1955. ble B21, column 9]; (e) Prélèvement net sur le marché ‘des capitaux’ par Periodicity les émissions d’emprunts suisses et étrangers et d’actions (Swiss and foreign net new bond and Data are compiled on a monthly basis. shares issues) [Table D101, column 10]; 2 (f) Calculated from two series [both Table C11] : Unit of measurement Data are expressed in Swiss francs (FS).

1 From January 1998 the Bulletin mensuel de statistique économique (Statistical Monthly Bulletin). CONCEPTS AND COVERAGE 2 Note: These series have not been published in the Bul- letin mensuel since June 1997. The credit to private sec- Definition tor series in MEI, from February 1998 onwards, is calculated from two series [both appearing in Table C11 from (a) Adjusted monetary base (central bank money) July 1997]: comprises notes in circulation and Swiss banks’ − Créances resultant de papiers monétaires (Exchange transfer accounts (sight deposits) held with the Na- and monetary bills) [column 2] plus tional Bank. − Créances sur la clientèle, Total (Claims against customers, Total) [column 5].

MAIN ECONOMIC INDICATORS 70 SOURCES AND METHODS OECD © October 1997 (b) Monetary aggregate (M1) comprises coins and total 408 establishments in Switzerland and Liechten- notes in circulation (excluding those held by banks stein were reporting their balance sheets on a monthly and the PTT), sight deposits (e.g. postal checking basis, representing at that date 96.6 per cent of the total accounts) and transaction accounts in Swiss francs balance sheet value of all institutions. held in banks by residents. Capital issues: All public issues of shares and bonds. (c) Monetary aggregate (M2) comprises M1 plus savings deposits in Swiss francs held in banks by resi- Credit to private sector: Banks whose balance sheet dents. plus fiduciary accounts exceeds SF 150 million (including banking institutions in Liechtenstein). In De- (d) Monetary aggregate (M3) comprises M2 plus time cember 1995, the 46 banks whose balance sheet ex- deposits in Swiss francs held in banks by residents. ceeded SF 150 million represented 78.7 per cent of the (e) Capital issues concern capital markets and include balance sheet total of all establishments in Swiss juris- domestic borrowings through bond issues (includ- diction2. ing the effect of conversions), Swiss share issues (net of redemptions) and borrowings of foreigners Particular exclusions through bond issues (net of redemptions) in Swit- Capital issues excludes private issues of shares and zerland. bonds. (f) Credit to private sector comprises current account overdrafts and commercial bills held by the resident private sector (non-bank, non-government)1. DATA COLLECTION

Coverage Reporting units Reference period Banks are required to submit monthly reports to the Swiss National Bank, according to Article 7 of the Adjusted monetary base: Data are monthly averages of Banking Law. daily figures. Reporting method M1, M2, M3, Credit to private sector: End of period. Monetary statistics are based on the monthly balance New capital issues: Data are monthly flows. Up to sheets of banks and financial companies in Switzer- 1987, Swiss bonds and shares are valued as of closure land. date of subscription; from 1988 onwards, they are valued as of liberation dates. Up to 1987, foreign bonds are valued as of authorisation date; from 1988 onwards, DATA MANIPULATION they are valued as of liberation dates. Seasonal and other adjustments Geographical coverage The adjusted monetary base series is seasonally ad- Since 1985, data on the Principality of Liechtenstein justed by the Swiss National Bank by applying a sea- are included in the monetary and banking series. sonal coefficient to the monetary base. M1 and M3 are seasonally adjusted by the OECD using Statistical population the X-11 variant of the US Census Method II. Adjusted monetary base: See ‘Definition’. The other series are not seasonally adjusted. M1, M2, M3: The Swiss National Bank (currency only) and the entire banking sector (i.e. cantonal banks, DATA QUALITY AND TIMELINESS large banks, regional and savings banks, branches of foreign banks, postal cheque service and other banks), Breaks in time series including banking institutions in the Principality of From 1985 onwards, the Principality of Liechtenstein is Liechtenstein. In December 1996, 338 banks out of a covered in the statistics. The Banking and Savings Banks Act of 1995, which aimed to improve transpar-

ency and international harmonisation, changed the 1 From February 1998, exchange and monetary bills plus claims against customers (non-banks). These series include fixed term loans and advances without mortgage 2 From February 1998, same coverage as M1, M2 and cover. M3.

MAIN ECONOMIC INDICATORS 71 SOURCES AND METHODS OECD © October 1997 structure of the establishment of accounts in banking year’s M1, M2 and M3 aggregates are revised on the statistics. Monetary aggregates were redefined in 1995 basis of previous year-end balance sheet information (see ‘Methodological references’ above). reported to the Swiss National Bank by all the banks.

Preliminary estimates and revision policy Timeliness Published data are provisional and may be subject to Dissemination is 8 weeks after the end of reference revision. In autumn, the figures for the preceding month.

MAIN ECONOMIC INDICATORS 72 SOURCES AND METHODS OECD © October 1997 TURKEY Domestic Finance (a) Monetary aggregate (M1) (b) Monetary aggregate (M2) (c) Monetary aggregate (M2Y) (d) Monetary aggregate (M3Y) (e) Bank credit to economy

SOURCE Run of data available Source agency M1, M2: have been officially defined and published in the Central Bank’s bulletins since 1977. Although they Data are compiled by the Central Bank of the Republic were not at the time defined in Central Bank publica- of Turkey (Türkiye Cumhuriyet Merkez Bankasi), tions, M1 and M2 can be calculated from 1950 on- Ankara. wards. Key national publication sources M2Y, M3Y: the M2Y aggregate was defined after the establishment of the system for residents to hold for- Data are available in Central Bank of the Republic of eign exchange bank deposits. This aggregate, and in Turkey’s Quarterly Bulletin (Üç Aylýk Bülten) and consequence the M3Y aggregate, have been published Weekly Money and Credit Statistics Bulletin (Haftalýk in bulletins since 1985. Para ve Kredi Ýstatistikleri Bülteni). Bank credit to economy: from 1977. Series title in national publications Periodicity (a) Money supplies, M1 [Table Monetary Sector - The periodicity is weekly for provisional data and Analytical Balance Sheet, row 42]; monthly for figures taken from banks’ balance sheets. (b) Money supplies, M2 [Table Monetary Sector - Analytical Balance Sheet, row 47]; Unit of measurement (c) Money supplies, M2Y [Table Monetary Sector - Analytical Balance Sheet, row 50]; Data are expressed in Turkish lira (LT). (d) Money supplies, M3Y [Table Monetary Sector - Analytical Balance Sheet, row 57]; CONCEPTS AND COVERAGE (e) Calculated from two series [both Table Deposit Definition Money Banks - Credits]: − Non-financial public enterprises [row 2] (a) Monetary aggregate (M1) comprises currency in plus circulation (notes and coins issued minus vault − Private sector [row 13]. cash), sight deposits with deposit money banks (commercial, savings and other deposits) and sight The titles above are quoted from the second quarter deposits with the Central Bank. (June) 1997 issue of the Quarterly Bulletin. (b) Monetary aggregate (M2) comprises M1 plus time Methodological references deposits (commercial, savings and other deposits, and certificates of deposit - CDs) with deposit Methodological notes are available in the State Institute money banks. of Statistics, Prime Ministry of the Republic of Turkey, (c) Monetary aggregate (M2Y) comprises M2 plus Statistical Yearbook of Turkey 1995. domestic (residents’) foreign exchange deposits. Provisional M2Y figures also include inter-bank foreign exchange accounts.

MAIN ECONOMIC INDICATORS 73 SOURCES AND METHODS OECD © October 1997 (d) Monetary aggregate (M3Y) comprises M2Y plus deposits, credits and domestic and foreign currency public sector deposits (time and sight) with banks transactions except information relating to bank cus- plus other deposits with the Central Bank. tomers’ individual deposit accounts. (e) Bank credit to economy concerns those credits ex- Monetary aggregates, namely money supplies and bank tended by deposit money banks to non-financial credit to economy, are collected from all deposit public enterprises (economic enterprises, more than money banks operating in Turkey. In addition to this, half of whose capital is owned by state and local balance sheet data are obtained from investment and administration) and the private sector. Credits to the development banks although their data are not used in private sector comprise credits extended by deposit calculation of monetary aggregates. Data relating to money banks to private enterprises, to the banks’ banks’ balance sheets are collected monthly with a personnel and other credits including consumer delay of approximately two months. credits and the credits extended to Agricultural Credit and Sales Co-operatives. Provisional figures The ‘liabilities’ side of Central Bank and deposit also include credit to central government. money banks’ balance sheets is used in monetary aggregate calculations. Coverage DATA MANIPULATION Reference period From 1996, the end of the month is taken to be the last Seasonal and other adjustments working day of the month. Provisional data, taken from the banks’ weekly returns, are partial data con- M1, M21 and M3Y are seasonally adjusted by the sisting of selected balance sheet items. For such data, OECD using the X-11 variant of the US Census Friday is taken as the end of period (both weekly and Method II. monthly data).

Statistical population DATA QUALITY AND TIMELINESS M1, M2, M2Y, M3Y: Data for monetary aggregates Breaks in time series include the data from the Central Bank and all operating banks (public, private and foreign banks) which are Adjustments were made from July 1994 onwards to authorised to collect deposits. compensate for the misplacement of credits extended Bank credit to economy: Bank credit data consist of by some banks between municipalities and the central data from deposit money banks only. government, and to correct for the Iller Bank’s 1991 change in the status from being a deposit money bank Particular exclusions to an investment and development bank (and in conse- Bank credit to economy figures exclude credit extended quence the recording of credit extended by this bank to by the Central Bank to banks and credit given by in- local government). vestment and development banks to the private sector Since 1995 residents’ foreign exchange deposits have and other banks. been taken from banks’ balance sheets; prior to this date data were taken from the balance of payments. DATA COLLECTION This impacts on the continuity of the M2Y figures.

Reporting units Preliminary estimates and revision policy See ‘Reporting method’ below . The figures published in the Quarterly Bulletin are the final (‘actual’) figures. Revisions are only made ex- Reporting method ceptionally, in cases of misreporting by banks. If misreporting by banks is determined, revisions are made Article 43 of the Central Bank Act (Number 1211) requires that all banks operating in Turkey report their balance sheets and profit and loss accounts (with audi- tors’ reports) to the Central Bank. The Central Bank 1 Seasonally adjusted M2 appears in the OECD’s Hot File may require banks to submit information about their (the weekly counterpart to MEI), which is available at charge on the OECD’s Internet site.

MAIN ECONOMIC INDICATORS 74 SOURCES AND METHODS OECD © October 1997 with an explanation of any adjustment given in the exchange accounts. Provisional credit figures also footnotes. include, besides credits given to the private sector and to non-financial public enterprises, credits given to Estimated figures are not used in Central Bank publi- central government. These extra inclusions are cor- cations. rected as the final figures become available. Provisional data are compiled using preliminary results for selected balance sheet items such as banks’ deposits Timeliness (sight and time), credits and securities portfolios. The Provisional data, compiled from banks’ weekly returns, provisional data are calculated by merging these pre- are published in the Weekly Money and Credit Statis- liminary results with Central Bank data (all data sour- tics Bulletin, 3 weeks after the end of the reference ced from the Central Bank, such as currency in circula- period. tion and Central Bank deposits, are actual). Final figures are disseminated no later than 3 months The definitions of monetary aggregates M1 and M2 are afterwards. the same for both provisional and actual data. How- ever, for M2Y the content differs somewhat in that M2Y provisional figures include inter-bank foreign

MAIN ECONOMIC INDICATORS 75 SOURCES AND METHODS OECD © October 1997 UNITED KINGDOM Domestic Finance (a) Monetary aggregate (M2) (b) Monetary aggregate (M4) (c) Domestic deposits (d) New capital issues (e) Public sector deposits (f) Loans to public sector (g) Loans to private sector (h) Public sector borrowing requirement (i) Bank credit to economy

SOURCE (f) Lending to public sector, Sterling, Total Source agency [FS Table 4.2A, Assets, columns 2 and 3]; (g) Lending to private sector, Sterling Data are compiled by the Bank of England, London. [FS Table 4.2A, Assets, columns 7 and 8]; (h) Public sector borrowing requirement Key national publication sources [MFS Table 4, and FS Table 1.1A, column 10]; Data are available in the monthly Bank of England: (i) Total loans and advances, Total [FS Table 4.2F]. Monetary and Financial Statistics (also available from the Bank’s Internet site at http:// The titles above are quoted from the November 1997 www.bankofengland.co.uk/mfsd/latest.htm) and the issue of Monetary and Financial Statistics (MFS) and Office for National Statistics’ (ONS) monthly Finan- the November 1997 issue of Financial Statistics (FS). cial Statistics. Methodological references Series title in national publications Methodological information is available in ONS, Fi- nancial Statistics Explanatory Handbook, 1997 Edi- (a) Retail deposits and cash in M4, Total tion. [MFS Table 3.2, column 5 and FS Table 3.1D, columns 4 and 5]; Run of data available (b) M4 [MFS Table 3.2, column 9 and FS Table 3.1D, columns 11 and 12]; M2, M4: from June 1982 (quarterly figures also available for M4 from 1963); (c) Calculated from two series [both MFS Table 3.2 and FS Table 3.1D]: Domestic deposits: from 1987 (quarterly from 1970); − M4 [see (b) above] less Public sector deposits: from June 1971(quarterly from − Notes and coin [MFS and FS column 1]; 1968); (d) Total net issues of share and loan capital New capital issues: from 1987; [FS Table 6.2A, column 1]; Loans to public sector, Loans to private sector: from (e) Calculated from two series [both October 1986; MFS Table 11.1 Sterling Liabilities]: Public sector borrowing requirement: from 1979; − Sight Deposits, UK public sector [column 3] plus Bank credit to economy: from 1966. − Time Deposits, UK public sector [column 7];

MAIN ECONOMIC INDICATORS 76 SOURCES AND METHODS OECD © October 1997 Periodicity (e) Public sector deposits concern public sector sight and time deposits in the UK in sterling. Data are compiled on a monthly basis for all series except Bank credit to economy which is compiled on a (f) Loans to public sector concern sterling and other quarterly basis. currency lending by banks to central and other government. Loans to the public sector are items of the Unit of measurement asset side (with loans to overseas adding up to total) of the consolidated balance sheet of UK banks. Data are expressed in UK pounds sterling (£). (g) Loans to private sector concern only lending by banks in sterling and exclude lendings in other cur- CONCEPTS AND COVERAGE rencies. Loans to the private sector are items appearing in the asset side (with loans to overseas Definition plus foreign currency loans to private sector adding up to total) of the consolidated balance sheet of UK (a) Monetary aggregate (M2) refers to retail deposits banks. and the cash component of M4 or M2 (this definition was altered with effect from the flow for De- (h) Public sector borrowing requirement is the sum of cember 1992) and comprises the UK non-bank, the borrowing requirements of central government, non-building society private sector holdings of local authorities and public corporations. It indi- notes and coin together with its sterling denomi- cates the extent to which the public sector borrows nated ‘retail’ deposits with UK banks and building from other sectors of the economy and overseas. societies (after adjustment for an element of transit (i) Bank credit to economy comprises loans and ad- and suspense items). Building societies’ ‘retail’ de- vances to manufacturing and other production in- posits include all shares held, or sums deposited, by dustries (agriculture, energy, construction etc.), the individuals. Banks’ ‘retail’ deposits are defined as service and financial sectors (e.g. building societies, deposits which arise from a customer’s acceptance insurance and leasing companies, etc.), and indi- of an advertised rate (including nil) for a particular viduals. product; typically ‘retail’ deposits are taken in the banks’ branch networks. Coverage (b) Monetary aggregate (M4) comprises the non-bank non-building societies’ holdings of sterling notes Reference period and coin and all sterling deposits (including certifi- For all series except net capital issues, data refer to end cates of deposits, commercial paper, bonds, FRNs of period. A major change to the presentation of (floating rate notes) and other instruments of up to banking and monetary statistics effective from October and including five years’ original maturity and, 1986 moved the reporting date from mid-month to end- from December 1995, liabilities arising from repos) month (see ‘Breaks in time series’ below). at UK banks and building societies. Net capital issues are flows during the period. (c) Domestic deposits consist of all public and private sector deposits in sterling and other currencies. Geographical coverage These represent the total domestic liabilities in the consolidated balance sheet of banks in the UK. The UK (Great Britain and Northern Ireland) and (until (d) New capital issues refer to share and loan capital September 1997 - see ‘Statistical population below’ - issues in sterling or other currencies of ordinary and the Channel Islands and the Isle of Man). preference shares, loan stocks, bonds and notes. Statistical population The series cover only issues which raise cash for the issuer and are net of redemptions. They ex- M2, M4, Domestic deposits, Loans to public sector, clude bonus issues, exchanges of one type of secu- Loans to private sector: Banks within the UK com- rity for another and issues for considerations other prise offices in Great Britain and Northern Ireland of than cash. The data cover issues on the London institutions authorised under the Banking Act 1987, Stock Exchange, the Unlisted Securities Market, together with certain institutions in the Channel Island the Alternative Investment Market, the Third Mar- and the Isle of Man (until September 1997, when these ket (until December 1990), overseas stock ex- institutions became part of the non-resident sector), and changes and issues in euromarkets. the Banking Department of the Bank of England, and, from 1 January 1993 in accordance with the Second

MAIN ECONOMIC INDICATORS 77 SOURCES AND METHODS OECD © October 1997 Banking Co-ordination Directive (2BCD), UK DATA MANIPULATION branches of ‘European Authorised Institutions’. New capital issues and loan capital cover issues by UK Seasonal and other adjustments borrowers (local authorities and public corporations, M2, M4, Loans to public sector and Loans to private industrial and commercial companies and financial sector are seasonally adjusted by the Bank of England. institutions) and by the subsidiaries abroad of UK The other series are not seasonally adjusted. The sea- companies and financial institutions. sonal adjustment is done by summing the adjustments Public sector deposits, Bank credit to economy: Banks calculated for the components and subtracting a mov- within the UK (as defined above) which report monthly ing average of the cumulated seasonals. The same (prior to September 1997, generally those with a total moving average is applied to all series, with the result balance of £100 million or more, or eligible liabilities that seasonally adjusted M4 equals the sum of its sea- of £10 million or more: from September 1997 on- sonally adjusted counterparts. The adjustments are wards, those with £300 million or £30 million respec- financial year constrained (though the treatment of tively), other than discount houses. petroleum revenue tax means that the seasonal adjustments do not necessarily sum to zero over the con- Particular exclusions strained period). Since 1981 all authorised deposit takers, as defined in When balance sheet returns are consolidated, adjust- the Banking Act 1979, are classified to the banks or ments are made for transit and suspense items and mis- building societies sectors. Other financial institutions classified accounts. such as finance houses and credit companies outside the banks’ sector provide loans and credit. Other manipulations Regarding new capital issues, estimates of the amounts DATA COLLECTION raised are based on the prices at which securities are offered to the market. Subscriptions are recorded un- Reporting method der the periods in which they are due to be paid. Con- version issues in lieu of cash repayment are included, The main sources that the Bank of England draws upon but issues of shares and redemption of loan stocks, etc. to produce the various monetary aggregates are: on conversion are not included. monthly and quarterly balance sheet returns submitted by UK banks and building societies (in aggregate); statistics of public sector finance; Balance of Payments DATA QUALITY AND TIMELINESS data; data collected (by the ONS) from Other Financial Institutions (OFI) through regular samples or compre- Breaks in time series hensive surveys and as a supplement to returns of UK The major change to the presentation of banking and banks (since 1982 OFI have been included in the sector monetary statistics effective from October 1986 moved definitions employed by UK banks reporting their bor- the reporting date from mid-month to end-month. rowings and lending). Some series have been constructed on the revised basis The holdings of certificates and other paper of five back to mid-1982. years’ or less original maturity, by banks and building There is also a major break in series at the end of 1981, societies, are partly estimated. when several companies joined the banking sector in Exchange rate volatility causes minor errors regarding accordance with the Banking Act 1979. transactions (i.e. inter-bank lending and deposits). Significant breaks appear in the series due to changes These changes are generally less than 2 per cent of M4. in status when major building societies became public The new capital issues data are compiled mainly from limited companies (e.g. Abbey National Building Soci- information published in the press or appearing in offi- ety in 1989, Cheltenham and Gloucester Building So- cial Stock Exchange publications. ciety in 1995, and National and Provincial Building Society which became part of Abbey National plc. in The Bank of England’s Code of Practice requires that 1996). the Bank make its statistics available to all, in accordance with bank and open government procedures.

MAIN ECONOMIC INDICATORS 78 SOURCES AND METHODS OECD © October 1997 Timeliness New capital issues figures are published in Financial Statistics about six weeks after the end of the reference All series except capital issues: Dissemination of pro- month. visional estimates occurs on the 14th working day after the end of the month to which the data relate, and final data are issued on the 21st working day after.

The OECD Secretariat has been greatly assisted in the Central Bank of Germany (http://www.bundesbank.de) realisation of this publication by the following national Deutsche Bundesbank. agencies. The Secretariat wishes to thank them for Bank of Greece their many valuable comments and contributions: Money and Banking Division, Economic Research Depart- Bank of Canada (http://www.bank-banque-canada.ca) ment, Trapeza tes Hellados. Financial Institution Division, Department of Monetary and Bank of Hungary (http://www.mti.hu/mnb/mnbeng.htm) Financial Analysis, Banque du Canada. Statistics Department, Magyar Nemzeti Bank Bank of Mexico (http://www.banxico.org.mx) Bank of Iceland (http://www.sedlabanki.is) Financiamento Externo, Dirección de Organismos y Acuer- Statistics Department, Seðlabanki Íslands. dos Internacionales, Banco de México. Central Bank of Ireland US Federal Reserve (http://www.bog.frb.fed.us) Monetary Policy and Statistics Department, Central Bank of Board of Governors of the Federal Reserve System, United Ireland. States. Bank of Italy Reserve Bank of Australia (http:www.rba.gov.au) Servizio Studi (Research Department), Direzione per Financial Conditions Section, Economic Analysis Depart- l’Informazione e l’Elaborazione Statistica, Divisione Am- ment, Reserve Bank of Australia. ministrazione della Informazioni Statistiche, Banca d’Italia. Bank of Japan (http://www.boj.or.jp) Luxembourg Monetary Institute Information supplied by: Statistical Standards Department, Institut Monétaire Luxembourgeois. Statistics Bureau, Management and Co-ordination Agency, Bank of the Netherlands (http://www.statistics.dnb.nl) Japan. Statistical Information and Reporting Department, De Bank of Korea Nederlandsche Bank. Banking Statistics Division, Statistics Department, Han-guk Central Bank of Norway (http://www.norges-bank.no) Un-haeng. Norges Bank. Reserve Bank of New Zealand (http://www.rbnz.govt.nz) National Bank of Poland Economics Department, Reserve Bank of New Zealand. Departament Statystyki, Narodowy Bank Polski Austrian National Bank (http://www.oenb.co.at) Bank of Portugal (http://www.bportugal.pt) Abteilung für Volkswirtschaftliche Analysen, Oesterreichis- Statistics and Research Department, Banco de Portugal. che Nationalbank. Bank of Spain (http://www.bds.es) National Bank of Belgium Statistics Research Department, Servicio de Estudios, Banco Financial and Economic Statistics Division, Banque Nation- de España. ale de Belgique. Swedish Central Bank (http://www.riksbank.se) Czech National Bank (http://www.czech.cz/infosrc/cnb/menu.htm) Sveriges Riksbank. Department of Statistics, Ceska Narodni Banca. Swiss National Bank National Bank of Denmark Publications, Banque Nationale Suisse. Statistics Department, Danmarks Nationalbank. Central Bank of the Republic of Turkey Bank of Finland (http://www.bof.fi) (http://www.tcmb.gov.tr/) Monetary Policy Department, Suomen Pankki. The Head Office, Türkýye Cumhurýyet Merkez Bankasi. Bank of France (http://www.banque-france.fr) Bank of England (http://www.bankofengland.co.uk) Service des Analyses et Statistiques Monétaires, Direction des Monetary and Financial Statistics Division HO-5, Bank of Études et Statistiques Monétaires, Direction Générale des England. Études, Banque de France.

The table below gives the standard list of metadata prehensive use of the standard list inappropriate for items which has been adopted to categorise methodo- the current publication. An amended structure has logical information relating to the time series stored in been used instead and is explained at the start of the OECD’s Main Economic Indicators. The specific country sections (2. Methodology). The standard list nature of indicators on domestic finance made a com- is included below for information and comparison.

METADATA ITEMS

SOURCE DATA COLLECTION (continued) Source agencies Administrative source details Key national publication sources Description Series title in national publications Update procedures Breakdown available Quality assessment Methodological references Access and control for statistical usage Run of data available Statistical techniques for processing data Periodicity Multiple source details Unit of measurement Description Standard combination framework CONCEPTS AND COVERAGE Statistical techniques for combining multiple Definition sources Coverage Reporting date in relation to the event measured Reference period Time lapse between event and processing Geographical coverage Classification coverage DATA MANIPULATION Sectoral descriptions Statistical population Aggregation / Grossing up Particular exclusions Grossing up method Aggregation method STANDARDS Weights for aggregation Seasonal and other adjustments Standard systems / framework Other manipulations Standard classifications / nomenclatures International comparability DATA QUALITY AND TIMELINESS Departures from international standards Sampling errors and their corrections DATA COLLECTION Other errors and their corrections Missing data in time series Reporting units Breaks in time series Reporting method Preliminary estimates Survey details Revision policy Description of questionnaire Corroborating data Master list Timeliness Survey description Release dates Non-response rate