Sapienza University - Macroeconomic Financial Accounts 

Introduction Sofia Poggi

Introduction Francesco Ruggeri

Contents of Course 1 - Giuseppe De Arcangelis

Introduction to the Course - Daniele Fano

1.1 Introduction to the topics of week 1- Giuseppe De Arcangelis

Introduction to week 1- Daniele Fano

Lesson 1.1.1 Financial Transactions the end of one story, the beginning of another one.

Lesson 1.1.2 The Identity relating net lending/net borrowing across the five institutional sectors

Lesson 1.1.3 Heuristic Aspects of the balancing logic and the current account balance as a proxy

How to select and download data from the OECD website

Podcast: Peter van de Ven (Head of National Accounts, OECD)

Contents of Week 1 - Figures at a Glance

Welcome

Introduction - Slides

Table 1.1.1 Figures at a Glance

You are ready for Topic 1

Slides 1.1.1 Financial Transactions: the end of one story, the beginning of another one.

You are ready for Topic 2

Slides 1.1.2 The Identity relating net lending/net borrowing across the five institutional sectors

Table 1.1.2 b net lending/net borrowing across sectors

You are ready for Topic 3

Slides 1.1.3 Heuristic Aspects of the balancing logic and the current account balance as a proxy

Table 1.1.1 Figures at a Glance

SNA definitions: Institutional Sectors

Reference Reading

Daniele Fano and Peter van de Ven

Podcast audio Peter van de Ven (Head of National Accounts, OECD)

1.1.1 Figures at a Glance

1.1.2 - Net lenders and net borrowers

1.1.3 The "private sector" as a proxy

1.1.4 - Private Sector Lending/Borrowing (as % of GDP)

1.1.5 - Exercise your algebra with table 1.1.1

1.2 Introduction to the topics of week 2 - Giuseppe De Arcangelis

Lesson 1.2.1 Insights from a national economy vs rest of the world framework

Lesson 1.2.2 - The sequence of accounts, the rest of the world and the balance of payments

Lesson 1.2.3 From the balancing items to the institutional sectors breakdowns.

How to select and download data from the IMF website and from the Eurostat website

Podcast Henning Ahnert (Head of the Financial Accounts and Fiscal Statistics section at ECB)

Contents of Week 2 - Deriving net lending/net borrowing : national economy vs. rest of the world, balancing items, sectoral breakdowns

You are ready for Topic 1

Slides 1.2.1 Insights from a national economy vs rest of the world framework

Table 1.2.1 The goods and services account

Tables 1.2.1 b and 1.2.1 c Value Added (GDP) appears

You are ready for Topic 2

Slides 1.2.2 The Sequence of Accounts, the Rest of the World and the Balance of Payments

Table 1.2.2 Simplified view of the sequence of current and capital accounts

You are ready for Topic 3

Slides 1.2.3 From the balancing items to the institutional sector breakdowns

Tables 1.2.5 - European countries in 2018

USA 1952-2011- Chart

SNA definitions: Transactions, accounting identities, netting and consolidating

Reference Reading

Giuseppe De Arcangelis and Henning Ahnert Part 1

Podcast audio Henning Ahnert (Head of the Financial Accounts and Fiscal Statistics section at ECB) Part 1

1.2.1 The goods and services account

1.2.2 Value Added (GDP) appears

1.2.3 - balance of payments current and capital account items

1.2.4 - European countries in 2018

1.2.5 - USA 1952-2011-

1.3 Introduction to the topics of week 3 - Giuseppe De Arcangelis

Lesson 1.3.1. The logic of the Financial Account and its informational content

Lesson 1.3.2. "From whom to whom"?

Lesson 1.3.3. Risk, securitization and institutionalization

Discrepancies between the Capital Account and the Financial Account

Tutorial 3.1 Financial Instruments

Tutorial 3.2 The FED documentation

Tutorial 3.3 Shakespeare in Finance

Podcast Henning Ahnert (Head of the Financial Accounts and Fiscal Statistics section at ECB) Part 2

Contents of Week 3 - Financial Transactions. Instruments and interconnections

You are ready for Topic 1

Slides 1.3.1. The logic of the Financial Account and its informational content

Table 1.3.1

You are ready for Topic 2

Table 1.3.2- An example - this is our "worksheet"!

Slides 1.3.2. "From whom to whom"?

You are ready for Topic 3

Table 1.3.3-From whom to whom transactions

Slides 1.3.3 Risk, securitization and institutionalization

Table 1.3.4. Canada - Who are the creditors of Provincial and territorial governments ?

Slides - Discrepancies between the Capital Account and the Financial Account

Reference Reading

Giuseppe De Arcangelis and Henning Ahnert Part 2

Podcast audio Henning Ahnert (Head of the Financial Accounts and Fiscal Statistics section at ECB) Part 2

1.3.1-Terminology

Quiz 1.3.2 Financial Accounts USA 2019

Quiz 1.3.3 Equities From whom to whom Euro area Q1 2020

Quiz 1.3.4 - From whom to whom Statistics Canada

1.4 Introduction to the topics of week 4 - Giuseppe De Arcangelis

Lesson 1.4.1. The Balance Sheet and its logic

Lesson 1.4.2. Highlights on the Institutional Sectors and Financial Net Worth

Lesson 1.4.3.Considerations on Households' Wealth

Using the OECD website for analyzing figures about levels : Financial Net Worth, International Investment Position

Using the IMF website for analyzing figures about levels : Financial Net Worth, International Investment Position

Contents of Week 4 - Stocks. Net Worth. Financial Wealth

You are ready for Topic 1

Slides 1.4.1. The Balance Sheet and its logic

You are ready for Topic 2

Slides 1.4.2. Highlights on the Institutional Sectors and Financial Net Worth

Table 1.4.2 Financial Net Worth across Sectors

Tables Financial Net Worth The case of Australia Germany and Italy

You are ready for Topic 3

Slides 1.4..3 Considerations on Households' Wealth

SNA definitions: Quadruple accounting

Reference Reading

Quiz 1.4.1- Financial Net Worth Across Sectors European Countries

Quiz 1.4.2- Australia, Italy, Germany Net worth and its components

1.5 Introduction to the topics of week 5 Giuseppe De Arcangelis

Lesson 1.5.1 Accumulation Accounts in the SNA

Lesson 1.5.2 The relative importance of factors affecting Net Worth

Lesson 1.5.3 About stocks and flows across growth and cycles

How to update a table going to the original source.

Contents of Week 5 - Accumulation

You are ready for Topic 1

Slides 1.5.1 Accumulation Accounts in the SNA

Table 1.5.1 - The accumulation accounts at a glance...

Table - 1.5.2 a summary of concepts and sequences

You are ready for Topic 2

Slides 1.5.2 The relative importance of factors affecting Net Worth

Table - 1.5.6 look further into the details

You are ready for Topic 3

Slides 1.5.3 About stocks and flows across growth and cycles

SNA definitions: Net lending net borrowing redefined; nominal vs. real holding gains

Reference Reading

"Selected Questions sent to the OECD National Statistics Department...and Answers" by Isabelle Ynesta, OECD".

1.5.1 Accumulation Accounts at a glance

1.5.2 a summary of concepts and sequences

1.5.3 Changes in net worth

Quiz 1.5.4 -Stocks and flows

1.6 Introduction to the topics of week 6 - Giuseppe De Arcangelis

Lesson 1.6.1. Macro-financial tools for evaluating stability

Lesson 1.6.2. Past and present: from the 2007-2009 crisis to Covid-19

Lesson 1.6.3. The main available reports and documents.

Podcast Part 1 Bruno Tissot (Head of Statistics and Research Support at the BIS and Head of the Secretariat of the Irving Fisher Committee on Central Bank Statistics (IFC)

Podcast Part 2 Bruno Tissot (Head of Statistics and Research Support at the BIS and Head of the Secretariat of the Irving Fisher Committee on Central Bank Statistics (IFC)

Podcast Part 3 Bruno Tissot (Head of Statistics and Research Support at the BIS and Head of the Secretariat of the Irving Fisher Committee on Central Bank Statistics (IFC)

CONTENTS of WEEK 6 - Financial Accounts, Economic and Monetary Policy, Stability

You are ready for Topic 1

Slides 1.6.1 Macro-financial tools for evaluating stability

You are ready for Topic 2

Slides 1.6.2. Past and present: from the 2007-2009 crisis to Covid-19

You are ready for Topic 3

Slides 1.6.3. The main available reports and documents

Correspondence table between US flow of funds and SNA Financial accounts

Reference Reading

"Selected Questions sent to the OECD National Statistics Department...and Answers" by Isabelle Ynesta, OECD".

Daniele Fano and Bruno Tissot Part 1

Podcast audio Part 1

Daniele Fano and Bruno Tissot Part 2

Podcast audio Part 2

Daniele Fano and Bruno Tissot Part 3

Podcast audio Part 3

Multiple-choice quiz

Quiz 1.6.1 -The Operational Deficit

Quiz 1.6.2 - Stability and sustainability

Final test