the united states experience in collecting fats
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The United States Experience in Collecting FATS. Anne Flatness U.S. Bureau of Economic Analysis. 2008 APEC Capacity Building Seminar-Workshop on the Measurement of International Trade in Services 2 October, 2008 Manila, Philippines. Bureau of Economic Analysis. - PowerPoint PPT PresentationTRANSCRIPT
The United States Experience in Collecting
FATSAnne Flatness
U.S. Bureau of Economic Analysis
2008 APEC Capacity Building Seminar-Workshop on the Measurement of International Trade in Services
2 October, 2008 Manila, Philippines
2www.bea.gov
Bureau of Economic Analysis
Data collection and dissemination agency Part of the U.S. Department of
Commerce Compiles national and international
accounts Gross domestic product International transactions accounts, also
known as the balance of payments Separate data system for multinationals
Regional statistics Industry statistics, including input/output
(I/O) accounts
3www.bea.gov
U.S Sales of Services
0
50
100
150
200
250
300
350
400
450
500
550
Billions $ U.S. International Sales of Private Services 1987-2006
Sales Abroad by Foreign Affiliates
U.S. Cross-Border Exports
4www.bea.gov
U.S. Purchases of Services
0
50
100
150
200
250
300
350
400
450
500
550
Billions $ U.S. International Purchases of Private Services 1987-2006
U.S. Purchases from Foreign-Owned Affiliates
U.S. Cross-Border Imports
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Legal Framework
International Investment Survey Act of 1976 Expanded as the International
Investment and Trade in Services Survey Act in 1984
Mandatory Confidential
Paperwork Reduction Act
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Conceptual Framework
International guidelines IMF Balance of Payments Manual (5th ed.
– “BPM5”) Sixth edition scheduled for 2008
OECD Benchmark Definition of FDI Sets world standard for FDI statistics
System of National Accounts
7www.bea.gov
United States Experience
First collected FDI operations data for 1950, covering outward investment
Collection became more regular and more detailed in the late 1970’s / early 1980’s Sales of goods and sales of services now
reported separately and by destination More detailed breakdown of industry
classifications
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U.S. Collection Method
Largely a survey-based system Benchmark surveys every 5 years
Most comprehensive in subject matter Lowest reporting thresholds
Annual surveys in interim years Higher exemption levels and fewer items Use statistical sampling Estimates are made for below-threshold
companies
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Types of Data Collected
Balance sheets Income statements Sales Employment and employee compensation Research and development expenditures Taxes U.S. trade in goods Value added (estimates built up from
other items)
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Some Features of the Data on Services Supplied Through Affiliates
Covers sales of services only; excludes goods and investment income (where included in operating revenue)
Excludes U.S. cross-border trade, which is recorded in the BOP Foreign affiliates: Sales to foreign persons U.S. affiliates: Sales in the United States
Covers majority-owned affiliates only
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Some Features of the Data on Services Supplied Through Affiliates
(Cont’d) Covers affiliates in all
industries . . . . . . but with services industries
shown in greater detail Foreign affiliates classified in their
country of location U.S. affiliates classified according
to the country of their ultimate beneficial owner (UBO)
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Recent Changes
Improved measurement of insurance Old measure based on insurance-
related operating revenue New measure based on ‘normal’ losses;
loss data collected on surveys Wholesale and retail trade
Old measure regarded as sales of goods New measure captures the services
component of sales using estimates of margin output
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Current Projects
Estimates covering banks Beginning in 2002, requested that banks
report sales of services; plan to incorporate estimates in the near future
Imputed services of banks and other financial firms (FISIM) Beginning in 2002, requested that banks
report interest received and paid, plan to incorporate estimates in the near future
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Conclusions
BEA uses benchmark and annual surveys to collect data on FATS Surveys are mandatory and confidential
Data presented by industry and by country of affiliate or UBO
New measures of insurance and wholesale and retail services
Expanding coverage to include banks