The 2007-2009 financial crisis and recession: Reflections in the national accounts

OECD

doi:https://doi.org/10.1787/9789264214637-14-en

Understanding National Accounts

Second Edition

This second edition of Understanding National Accounts, that provides a comprehensive explanation of how national accounts are compiled, contains new data and new chapters, and is adapted to the new systems of national accounts, SNA 2008 and ESA 2010, that came into effect in September 2014. It approaches national accounts from a truly global perspective, with special chapters dedicated to international comparisons, globalisation and well-being as well as to the national systems used in major OECD economies, such as the United States.

Each chapter of the manual uses practical examples to explain key concepts in national accounts in a clear and accessible way. And, each chapter concludes with a synthesis of key points covered in the chapter, followed by resources for further exploring the topic, and by a set of exercises to test your knowledge. It is an ideal guide to national accounts for students and other interested readers.

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Related Content:

https://doi.org/10.1787/9789264214637-en

Chapter

The 2007-2009 financial crisis and recession: Reflections in the national accounts

This chapter describes the financial crisis and recession as reflected in the national accounts of OECD countries. It first summarises how the 2008-09 recession affected GDP and other major national accounts data, including the financial accounts and balance sheets, focusing on the experience of the OECD in aggregate and of the G7 countries. Next, the chapter considers how the rate of recovery has differed across countries since 2009. It then looks back at the period leading up to the recession and at how some of the imbalances were reflected in national accounts. The chapter concludes by considering the data gaps in accounts that were exposed by the crisis: what relevant information would policy makers have liked to have had, but which national accounts were unable to provide? It also discusses some of the steps that are being taken to address these gaps.

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