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SNA2008 TREATMENT OF MONETARY GOLD AND SDRS IN THE U.S.
FINANCIAL ACCOUNTSPREPARED BY SUSAN HUME MCINTOSH
AND ELIZABETH HOLMQUIST
WORKING PARTY ON FINANCIAL STATISTICS OCTOBER 25, 2011
OECD, PARIS
*The analysis and conclusions set forth are those of the authors and do not indicate concurrence
by other members of the research staff or the Board of Governors.
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Outline of Presentation U.S. official reserve assets and SDR allocations in
the financial accounts Table for transactions Table for outstandings
Monetary gold SNA1993 standards SNA2008 changes Table showing current format
SDR allocations and holdings SNA1993 standards SNA2008 changes Table showing current format
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Reserve Assets External assets readily available to and
controlled by a country’s authorities for direct financing and regulation of international payments imbalances
Include monetary gold, SDR holdings, reserve position in the IMF, and foreign currency holdings
Only central bank and central government can hold reserves
Reserves must be claims on non-resident
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U.S. Financial Account Transaction Table
(1) Includes federal government liability to IMF for special drawing rights (SDRs) allocations and accrued interest.
(2) By international standards, transactions in monetary gold are recorded in the financial account of the domestic sectors as increases (decreases) in assets, and the counterparts are recorded as decreases (increases) in assets of the rest of the world.
* Source: Flow of Funds Accounts, September 16, 2011
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U.S. Financial Account Outstandings Table
(1) Includes federal government liability to IMF for special drawing rights (SDRs) allocations and accrued interest.
(2) By international standards, monetary gold is a financial asset for which there is no corresponding liability.
* Source: Flow of Funds Accounts, September 16, 2011
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SNA1993 Treatment for Monetary Gold (11.63-11.66)
Includes only gold held as a financial asset and as a component of official reserves
Financial asset only for central bank or central government
Takes the form of coins, ingots, or bars with a purity of at least 995/1000
Purchases (sales) recorded as increases (decreases) in assets of monetary authority and as decreases (increases) of assets of the rest of the world
Asset for which there is no outstanding financial liability
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Changes in SNA2008 for Monetary Gold (11.45-11.46)
Recording in the financial accounts remains the same
Discusses allocated and unallocated gold accounts
The allocated gold account provides title to the physical gold; treated as valuables unless held by monetary authority as reserves
The unallocated gold account is a deposit denominated in gold; treated as a deposit unless held with non-residents, then monetary gold
Defined as gold to which the monetary authorities have title and is held as a reserve asset and comprises gold bullion (including gold held in allocated gold account) and unallocated gold accounts with non-residents
Still has no corresponding liability
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Monetary Gold(in billions of U.S. dollars)
1960 1970 1980 2010Transactions: 1
1. Net change in assets 0 0 0 02. Federal government
0 -1.2 0 0
3. Rest of world 1.7 0.8 0 04. Monetary authority -1.7 0.4 0 0
Outstandings: 2
Total assets: 17.8 11.0 11.2 11.0 5. Federal government
0 0.3 0 0
6. Monetary authority 17.8 10.7 11.2 11.0(1) Transactions in monetary gold are recorded in the financial account of the domestic sectors as increase (decrease) in assets and the counterparts are recorded as decreases (increases) in assets of the rest of the world.
(2) Monetary gold is a financial asset for which there is no corresponding liability.
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SNA1993 Treatment of SDRs(11.67-11.68)
SDRs are international reserve assets created by the IMF and allocated to members.
Allocations and cancellations of SDRs are recorded in the “other changes in volume” account.
Transactions are recorded in the financial accounts of the official holder and the rest of world.
SDRs are classified as assets without corresponding liabilities (not liability of IMF).
Value of SDR determined daily on the basis of a weighted basket of currencies.
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Changes in SNA2008 for SDRs(11.47-11.49)
Allocations of SDRs should be recorded as transactions rather than “other changes in volume”.
Allocations are a liability of the official holder and an asset of the rest of the world.
SDR holdings are an asset of the official holder and a liability of the rest of the world.
Monetary gold and SDR holdings should be shown as separate transaction subcategories.
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SDRs Allocations and Holdings
(in billions of U.S. dollars)2007 2008 2009 2010
Transactions: Net change in liabilities1. Federal government: SDR allocations
0 0 47.6 0
2. Rest of world: SDR holdings
0.2 0.1 48.2 0
Net change in assets3. Federal government: SDR holdings
0.2 0.1 48.2 0
4. Rest of world: SDR allocations 0 0 47.6 0
Outstandings: Total liabilities 5. Federal government: SDR allocations
7.7 7.5 55.4 54.4
6. Rest of world: SDR holdings
9.5 9.3 57.8 56.8
Total assets 7. Federal government: SDR holdings
9.5 9.3 57.8 56.8
8. Rest of world: SDR allocations 7.7 7.5 55.4 54.4