RECORDING GLOBALIZATION IN NATIONAL ACCOUNTS

Abstract

The article considers a wide circle of issues pertaining to recording globalization in national accounts. This topic is relatively new and one of purposes of this article is to attract attention of experts in national accounting to it and initiate discussion. Though the SNA 2008 does not contain a separate section on this topic the recommendations on compilation of its accounts and computation of major indicators are developed to reflect this phenomenon. Globalization of the world economy has different aspects and manifestations and they had different impact on various accounts and indicators of the SNA. They are associated with activities of multinational corporations, with growth of investments abroad, with increase of processing goods abroad, with growing investments by households in dwellings abroad, with transborder flows of income. The most part of transactions associated with globalization are recorded in balances of payments the data of which are used for compilation of national accounts and it requires cooperation between central banks and statistical agencies. Taking decisions on priorities in recording globalization in national accounts statistical agencies of countries have to take into consideration importance of relevant aspects and transactions for their economies. For example, for Russia, taking into account its links with the CIS countries, particularly important is monitoring of transborder flows of migrants and income, recording reinvested income of enterprises of direct foreign investments.