Presentation of Financial Assets in the Statistics of Foreign Economic Relations

• Published in: Статистика и экономика Vol. 20; no. 2
• Main Authors: V. N. Salin, L. Yu. Arhangelskaya, O. G. Tretyakova
• Format: Journal Article
• Language: English; Russian
• Published: Plekhanov Russian University of Economics 02-05-2023
• Subjects: balance of payments; economic assets; financial assets; financial instruments; financial liabilities; international investment position; macroeconomic statistics; reserve assets
• DOI: 10.21686/2500-3925-2023-2-51-67
• ISSN: 2500-3925

The purpose of the study. To characterize the level and dynamics of the country’s economic development, its sovereignty and, accordingly, the adoption of effective management decisions, quantitative information is needed on economic assets, in particular financial ones, their presentation in national accounts, monetary statistics and indexes of the external sector.The aim of the paper is to systematize theoretical and practical developments on the definition and presentation of data on financial assets in modern statistics of Russia’s foreign economic relations, to identify areas for improving methods for assessing and analysis of financial assets, a system of indexes characterizing their presence, structure and dynamics.Materials and methods. In the paper, the authors considered the definitions, specifics, classifications and categories of financial assets and liabilities, applied structural and dynamic  data  analysis,  as well as methods of theoretical research in the form of generalization, comparison and special analytical procedures based on official statistics from Rosstat, the Bank of Russia, the Ministry of Finance and international statistical organizations.Results. The paper identifies the main directions for the statisticalstudy of financial assets, based on current international standards, taking into account national practice. Topical issues of theory and practice of observations and presentation of data on financial assets in foreign economic statistics, application of definitions and classifications of international standards to Russian official statistical activities are considered. The features of the data presentation on financial assets in macrostatistics, in the system of indexes of statistics of foreign economic relations, are formulated. The authors conducted a study of the structure and dynamics of indexes of Russia’s foreign economic statistics that characterize the state and movement of financial assets and liabilities representing them.Conclusion. Statistical analysis of foreign economic transactions with financial assets allow us to identify not only the main trends in the development of these processes, but also makes it possible to analyze the relationship between the subsectors of the Financial corporations’ sector, between this sector and other sectors, as well as a comprehensive change in the volume and composition of stocks and flows of financial assets as a result of the exchange between residents and non-residents.The authors comprehensively reviewed the methodological framework for constructing the financial account of the Balance of payments, International investment position, including in the context of financial instruments. The Balance of payments and International investment position, through their system of statistical indexes, reflect international economic relations and represent an important tool for the study of financial assets. The groupings of items of the financial account of the Balance of payments are based not only on the categories of financial instruments, but also on the functional categories of investments and classifications of institutional sectors, which serve the purposes of a comprehensive reflection of financial assets in foreign economic relations. Thus, it is obvious that the main task of such a presentation is to reflect financial assets in terms of the type of instruments, as well as to analyze the role of a particular sector in the implementation of relevant transactions.In the International investment position, financial assets are also fully reflected in that part of them that is involved in economic transactions between residents and non-residents. Groups of financial assets and liabilities are given in a classification similar to that used in the Balance of payments: by functional purpose, by financial instruments, by institutional sectors, by maturity. Together with the financial account, account figures for other changes in financial assets and liabilities explain the total amount of changes: increases or decreases in the value of financial assets / liabilities, their occurrence or disposal, resulting from transactions, revaluation and other changes in volume.The issues of theory and practice of presenting indexes of financial assets in the considered sections of macrostatistics and their analysis are a relevant and promising direction for improving national statistical accounting, incl. due to the spread of remote work, the collection of information via the Internet, the emergence of a large number of new financial instruments and operations.The authors of the article have repeatedly referred to the problems of macroeconomic financial statistics in their studies, which gave them the opportunity to comprehensively consider the topical issues of representing financial assets in the statistics of foreign economic relations.