Government Finance Statistics Manual 2014

248 Government Finance Statistics Manual 2014

Table 10.2 Classifi cation of Other Economic Flows (concluded)

Holding gains

and losses

Other changes in

the volume of assets

Total other

economic fl ows

Other accounts receivable 4208 5208 9208

Trade credit and advances 42081 52081 92081

Miscellaneous other accounts receivable 42082 52082 92082

Domestic debtors 421 521 921

Same instrument breakdown as above, but excluding

monetary gold

4212–4218 5212–5218 9212–9218

External debtors 422 522 922

Same instrument breakdown as above 4221–4228 5221–5228 9221–9228

Liabilities 43 53 93

Special Drawing Rights (SDRs) 4301 5301 9301

Currency and deposits 4302 5302 9302

Debt securities 4303 5303 9303

Loans 4304 5304 9304

Equity and investment fund shares 4305 5305 9305

Equity 43051 53051 93051

Investment fund shares or units 43052 53052 93052

Insurance, pension, and standardized guarantee schemes [GFS] 4306 5306 9306

Nonlife insurance technical reserves 43061 53061 93061

Life insurance and annuities entitlements 43062 53062 93062

Pension entitlements [GFS] 43063 53063 93063

Claims of pension funds on pension manager 43064 53064 93064

Provisions for calls under standardized guarantee schemes 43065 53065 93065

Financial derivatives and employee stock options 4307 5307 9307

Financial derivatives 43071 53071 93071

Employee stock options 43072 53072 93072

Other accounts payable 4308 5308 9308

Trade credit and advances 43081 53081 93081

Miscellaneous other accounts payable 43082 53082 93082

Domestic creditors 431 531 931

Same instrument breakdown as above 4312–4318 5312–5318 9312–9318

External creditors 432 532 932

Same instrument breakdown as above 4321–4328 5321–5328 9321–9328

category of assets must equal the opening balance

sheet value plus the net value of transactions, other

changes in the volume of assets, and holding gains

that aff ect that category of assets or liabilities. If the

information available on balance sheets, transac-

tions, and other changes in the volume of assets is

complete and accurate, then the net value of holding

gains can be calculated to complete the identity. Th is

formulation does not imply that the value of holding

gains is a residual item—even if estimated this way,

the results should always be carefully examined and

evaluated.

10.11 For some analytic purposes, it may be desir-

able to divide the total value of holding gains accruing

on a category of assets or liabilities into neutral and

real holding gains.

• Neutral holding gains and losses over a period
  are the increase (decrease) in the value of an asset
  that would be required, in the absence of transac-
  tions and other changes in the volume of assets,
  to maintain command over the same amount of
  goods and services as at the beginning of the pe-
  riod. It is the value needed to preserve the real
  value of the asset.


• A real holding gain is defi ned as the value ac-
  cruing to an asset as a result of a change in its
  price relative to the prices of goods and services
  in general. An increase in the relative price of an