New Statistics at no Costs? The Case of a Joint Compilation of FDI and FATS Statistics in Austria Global Forum on Trade Statistics René Dell’mour Geneva,

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  • New Statistics at no Costs?

    The Case of a Joint Compilation of FDI and FATS Statistics in Austria

    Global Forum on Trade Statistics

    Ren DellmourGeneva, February 3rd 2011

    www.oenb.atoenb.info@oenb.at-* -

    Foreign Direct Investment Statistics FDI Statistics

    part of balance of payments describing financial stocks and flows related cross-border strategic shareholdings in enterprises (inward and outward)usually compiled by central banksForeign Affiliates Statistics FATS - Statistics

    a recently introduced compulsory European statisticson the Activities of Multinational Enterprises (AMNE-statistics)with a focus on foreign-controlled resident enterprises (Inward-FATS)but covering also affiliates abroad controlled by domestic investors (Outward-FATS)First reporting year 2007

    Background (1)

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    Background (2)FDI

    Financial variables

    Concept of Influence (10-% rule)

    Variables weighted by share

    Focus on direct affiliatesFATS

    Non-financial variables

    Concept of control (>50% rule)

    winner takes it all (100% -rule)

    Including affiliates under indirect controlConceptual differences between FDI and FATS

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    Oesterreichische Nationalbank (OeNB)

    Launched its first survey on FDI stocks as early as 1968 already then included questions on economic activities thus going beyond pure bop/iip - requirements

    IMF- Manual (5th edition paragraph 384)

    There are aspects of di, other than those directly related to bop and iip data, that may be of interest from analytical and policy-making points of view. Among such aspects are those pertaining to the financial structure and operations of subsidiaries, associates, branches, and direct investors. Examples are the value of the total assets of enterprises; complete balance sheets and income statements, the composition of sales and of external financing; employment; industry activity of di-enterprises and of direct investors; gross product or value added of subsidiaries in relation to total GDP of the economies involved; and country of ultimate beneficial owner..

    Prior to 2007 OeNB already provided parts of FATS-StatisticsBackground (3)

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    Legislative body commissioned Statistics Austria with the compilation of FATS-Statisticsin close co-operation with OeNB

    Existed on an informal basis for many years (BOP-NA)Formalized in 2002 when Trade in Services was handed over to NSI Quarterly Meetings at the top levelIndividual Contracts for specific tasksstatistical law not only allows, but requires use of existing statistical or administrative dataexchange of micro-data between both institutions permitted

    Clear focus of expertise NSI General economic statistics NCB Financial issues, Financial sector

    Co-operation NSI and NCB

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    *Cooperation of Statistics Austriaand OeNB Non financial corporations Financial corporations General Governement Households Non-profit InsitutionsCurrent accountGoods - FTSServicesIncomeCompensation of employeesInvestment incomeCurrent transfersCapital accountFinancial accountDirect InvestmentPortfolio InvestmentFinancial DerivativesOther InvestmentOfficial Reserve AssetsMatrix of co-operation

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    Balance of PaymentsNSI provides trade in services, current transfers, compensation of employees

    (Statistical) Business register Regular reconciliation, exchange of identifiers, common identifiersIdentical classifications of activity and sectors of units improve quality of statistics

    FISIM and IncomeNCB provides data on financial stocks, income flows and interest ratesNSI calculates FISIM and returns FISIM for BOP -> identical data for SNA

    Structural business statisticsNCB provides non-financial data for banks (employment, investment, etc.).....and FATS(Selected) Areas of Co-operation

    www.oenb.atoenb.info@oenb.at-* -

    How Inward FATS-Statistics is CompiledNCB knows foreign control and UCI from its annual FDI Survey.Case by case data collection allows identification of controlFinally, an automated analysis of the administrative enterprise register results in an exhaustive list of resident, foreign controlled enterprises.

    NSI links SBS and NCB list using common identifiersIdentifies inactive unitsDirectly links big enterprises with SBS data base.(Employment, personnel cost, production, turnover, value added, gross investment, purchase of goods and services (for resale), R&D variables (biennial)For SMEs outside the SBS-sample imputation mechanisms are used to arrive at totals (regression models by activity and size class employment and turnover are used as external variables).

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    How Outward FATS-Statistics is compiledNCB acts on behalf of the NSI

    Annual FDI-Survey addressed to all resident investors has been extended to cover all indirectly controlled affiliates abroad; (Synergy with the Direct influence indirect control concept of FDIR)

    Resident Direct Investors report on ALL foreign subsidiaries above threshold (Name, address, employment, turnover) under control of the reporter.

    This dataset is transferred to NSISubsidiaries of resident investors under foreign control (regional headquarters of foreign MNEs) are excluded in order to avoid double counting (Nationality of the MNE).Subsidiaries within EU-27 are reported to EUROSTAT on a voluntary basis.

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    A small number of Foreign Controlled enterprises (3%)

    which are generally bigger than average ( 19 % of employment)tend to pay better ( 26 % of personnel costs)are more productive than the average (32 % of turnover)and very innovative (53% of business R&D expenditure)

    Foreign control varies between activities

    E.g. 5% of employment in construction, but 28% in manufacturing)

    Foreign control is highly concentrated

    German MNEs (49 % of employment)Swiss MNEs ( 10 % of employment)US MNEs ( 10 % of employment)Dutch MNEs (5% of employment

    Selected Results (Inward)

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    Affiliates abroad controlled by resident investors

    employ 760.000 people, which is more than inward FATS (500.000)but their sales (turnover) amount to 178 bn EUR only, which is less than the comparable figure for inward FATS (197 bn EUR)

    One third of affiliates abroad are part of foreign Multinationals

    Therefore only 480.000 employees abroad are Austrian according to FATSThis fact underlines the role of regional headquarters in Austria Affiliates abroad are much more dispersed

    The biggest host country (Romania) accounts for slightly more than 10%with Hungary, the Czech republic and Germany being only slightly less importantFollowed by almost 80 countries more

    Source: FATS 2007Selected Results (Outward)

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    ConclusionThe new FATS-Statistics could be compiled

    without setting up a new survey without increasing the respondents burden at reasonable cost for the statistical agencies

    Thanks to

    Compatible definitionsOvercoming the confidentiality barrierIncreased use of existing data Harmonization of registersGranular data-collectionClose co-operation of institutions involved

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    Thank you!

    Ren Dell'mourSenior ExpertExternal Statistics and Financial Accounts Oesterreichische NationalbankOtto Wagner-Platz 31090 Vienna/Austria

    Tel: +431 40420/5415

    rene.dellmour@oenb.at

    www.oenb.at

    **Foreign Direct Investment Statistics FDI Statistics

    part of balance of payments --------------- which in turn is part of NA (External Account)describing financial stocks and flows related cross-border strategic shareholdings in enterprisesusually compiled by Central banksForeign Affiliates Statistics FATS - Statistics

    a recently introduced compulsory European statistics ------------ European Regulation on FATS 716/2007on the Activities of Multinational Enterprises (AMNE-statistics)with a focus on foreign-controlled resident enterprises (Inward-FATS)but covering also affiliates abroad controlled by domestic investors (Outward-FATS)First reporting year 2007 ----------------------------- Currently working on reporting year 2009*Currently working on reporting year 2009*A number of good reasons*A number of good reasons*Foreign Direct Investment Statistics FDI Statistics

    part of balance of payments --------------- which in turn is part of NA (External Account)describing financial stocks and flows related cross-border strategic shareholdings in enterprisesusually compiled by Central banksForeign Affiliates Statistics FATS - Statistics

    a recently introduced compulsory European statistics ------------ European Regulation on FATS 716/2007on the Activities of Multinational Enterprises (AMNE-statistics)with a focus on foreign-controlled resident enterprises (Inward-FATS)but covering also affiliates abroad controlled by domestic investors (Outward-FATS)First reporting year 2007 ----------------------------- Currently working on reporting year 2009*Foreign Direct Investment Statistics FDI Statistics

    part of balance of payments --------------- which in turn is part of NA (External Account)describing financial stocks and flows related cross-border strategic shareholdings in enterprisesusually compiled by Central banksForeign Affiliates Statistics FATS - Statistics

    a recently introduced compulsory European statistics ------------ European Regulation on FATS 716/2007on the Activities of Multinational Enterprises (AMNE-statistics)with a focus on foreign-controlled resident enterprises (Inward-FATS)but covering also affiliates abroad cont