FINANCIAL INTERMEDIATION SERVICES INDIRECTLY MEASURED - ESTIMATES FORFRANCE AND THE UK BASED ON THE APPROACH ADOPTED IN THE 1993 SNA

The 1993 SNA proposes a revised treatment of the output of financial i ntermediaries which treats intermediation services in part as a compon ent of final demand, so that GDP is higher than the 1968 SNA suggests. In this paper we present the results of attempts to estimate FISIM (F inancial Intermediation Services Indirectly Measured) for France and t he U.K. The French study uses a reference rate calculated to ensure th at no imputation is made with respect to own funds, while the U.K. stu dy relies on a market interest rate. Both studies present an allocatio n of intermediation services by industry as well as by category of dem and. The adjustments to GDP are of similar magnitudes in both countrie s.