Estimation of Financial Intermediation Services Indirectly Measured (FISIM) Thailand’s Case

Puntharik Supaarmorakul
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Puntharik Supaarmorakul: Bank of Thailand

No 2007-06, Working Papers from Monetary Policy Group, Bank of Thailand

Abstract: Financial services constitute the output of financial intermediaries. In order to compensate for the operational costs and the risk incurred as a result of providing such services, financial intermediaries charges fees. Fees charged for financial services provided can be both in the form of explicitly and implicitly priced. Proper allocation of implicitly priced financial services or financial intermediation services indirectly measured (FISIM) is deemed as an improvement to the national accounts compilation, as more accurate GDP levels could be obtained and would reflect the entire value added of financial corporations. This paper discusses primarily the concept of FISIM based mainly on SNA 1993 and the valuation of implicitly priced financial services provided by financial intermediaries in the context of Thailand. Also included is a discussion on whether the methods and input parameters recommended by SNA 1993 and those that are used by other countries can be applied to Thailand’s FISIM compilation. For constant price FISIM data series, the paper will discuss how using different deflators and the use of single and/or multiple deflators can affect the outcome of FISIM. The final section discusses outstanding issues or concerns.

Keywords: financial intermediation service; FISIM; reference rate approach; SNA; Thailand (search for similar items in EconPapers)
Pages: 16 pages
Date: 2007-06
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