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This paper aims to promote harmonization between macroeconomic statistics guidelines and accounting standards. It first highlights recent development that act as drivers to the harmonization of the two systems. It then compares the two systems and reviews approaches aimed at further harmonization. This is followed by a description of the specificity of each system in terms of the emphasis each puts on various aspects of data quality. The paper concludes that through differences between the two systems will remain, they are more likely to be documented, via statistical metadata, than in the past; in the public sector, there is a promising potential for data reconciliation in the form of bridging items; and convergence is likely to be achieved in selected areas.

Macroeconomics --- National income --- Economics --- Net national product --- Flow of funds --- Gross national product --- Income --- Statistical methods. --- Accounting --- Economic Methodology: General --- Econometric and Statistical Methods: General --- Macroeconomics and Monetary Economics: General --- International Economics: General --- Public Administration --- Public Sector Accounting and Audits --- General Aggregative Models: General --- Personal Income, Wealth, and Their Distributions --- Public finance accounting --- Financial reporting, financial statements --- Accounting standards --- National accounts --- Financial statements --- Personal income --- Fiscal accounting and reporting --- Finance, Public

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Recent financial crises have highlighted the potentially significant macroeconomic costs of financial system instability, and the potential for the instability in the financial system of one country to have broader implications for the stability of financial systems and macroeconomic performance in other countries. This paper reviews the different analytical approaches to assessing vulnerabilities in the financial systems and the benefits and limitations of the different approaches, and suggests enhancements that could help strengthen financial system stability assessments.

Banks and Banking --- Finance: General --- Taxation --- Accounting --- International Financial Markets --- Economic Methodology: General --- Banks --- Depository Institutions --- Micro Finance Institutions --- Mortgages --- Financing Policy --- Financial Risk and Risk Management --- Capital and Ownership Structure --- Value of Firms --- Goodwill --- General Financial Markets: Government Policy and Regulation --- Taxation, Subsidies, and Revenue: General --- Public Administration --- Public Sector Accounting and Audits --- Banking --- Financial services law & regulation --- Finance --- Public finance & taxation --- Financial reporting, financial statements --- Financial sector risk --- Market risk --- Credit risk --- Tax incentives --- Financial sector policy and analysis --- Financial regulation and supervision --- Financial sector stability --- Financial statements --- Public financial management (PFM) --- Financial risk management --- Banks and banking --- Financial services industry --- Finance, Public --- Germany

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This paper analyzes the nonfinancial corporation (NFC) sector’s financial balance sheets using data available from the OECD. In our sample of 20 advanced economies, corporate debt in percent of GDP—a frequently used indicator in the context of corporate balance sheet adjustments—has remained high since the global financial crisis, with significant differences in the level and the trend between the high-debt and low-debt groups. Looking at financial balance sheets more broadly, including net financial wealth, the NFC sector’s balance sheet conditions have improved recently, particularly reflecting accumulation of corporate cash and valuation gains on financial assets. Longer time series and more granular data for Japan, which has been experiencing a prolonged period of balance sheet adjustments, indicate that a continued strengthening of balance sheets might occur even after debt levels are reduced.

Accounting --- Corporate Finance --- Investments: Stocks --- Macroeconomics --- Money and Monetary Policy --- Economic Methodology: General --- Methodology for Collecting, Estimating, and Organizing Macroeconomic Data --- Data Access --- Measurement and Data on National Income and Product Accounts and Wealth --- Environmental Accounts --- Globalization: Macroeconomic Impacts --- Public Administration --- Public Sector Accounting and Audits --- Monetary Systems --- Standards --- Regimes --- Government and the Monetary System --- Payment Systems --- Pension Funds --- Non-bank Financial Institutions --- Financial Instruments --- Institutional Investors --- Financial Crises --- Financial Institutions and Services: General --- Financial reporting, financial statements --- Monetary economics --- Investment & securities --- Economic & financial crises & disasters --- Ownership & organization of enterprises --- Financial statements --- Currencies --- Stocks --- Global financial crisis of 2008-2009 --- Business enterprises --- Public financial management (PFM) --- Money --- Financial institutions --- Financial crises --- Economic sectors --- Finance, Public --- Global Financial Crisis, 2008-2009 --- Japan