Page 81 - Revista del Centro de Investigación y Desarrollo del INEI - Economía, Sociedad y Estadística N° 9

of such policies include reallocating budget items,
providing subsidies to producer companies and
11
households and relaxing fiscal obligations. Analysis System of
12
of the impact of the support measures implemented
by the government is presented in annex 3. National
Accounts
ii. Record government subsidies to producer companies
as other subsidies on production (D39) . Record System of National Accounts 2008 2008
13
production as zero for those market companies that
have been closed down temporarily during the crisis
without the possibility of switching to alternative
sales and production channels. If such companies
continue to incur expenses, either for inputs or for
the compensation of employees, these are recorded
European
Commission
as transactions and the losses are recorded under International
gross operating surplus or gross mixed income . Monetary Fund European Commission International Monetary Fund
14
USD 150 Organisation for
Economic
ISBN 978-92-1-161522-7 Co-operation and
Development
iii. Impute other subsidies on production (D39) United Nations Organisation for Economic United Nations World Bank
Printed at the United Nations, New York
08-44065 — December 2009 — 6,750
under the measurement of output and value World Bank Co-operation and Development
added of collective and individual government
services valued at current prices whose supply is the case in the current situation. A numerical
has been severely restricted (United Nations, 2020, example of the proposed record is given in annex 2.
paragraph 36). To this end the sum-of-costs formula
recommended by the 2008 SNA must continue to iv. Adjust the volume index of collective and individual
be used, but incorporating this imputation as a government services, where measurement is based
subsidy on production with a negative sign. In a on the total number of jobs . The adjustment
15
worst-case scenario, if the service has been totally may be upward (for example, health services)
suspended, the output and value added that is or downward (services affected by complete or
accounted for is equal to zero, since the value of partial closures due to quarantine). To make the
the other subsidies on production is equivalent to adjustment, consideration may be given to qualitative
the sum of the costs, always with a negative sign. information or estimates by service involved on
The existence of subsidies payable and receivable hours worked under normal conditions compared
within the government sector itself is contemplated to hours worked in the current situation, on the use
in situations where there are subsidies “applicable and effectiveness of teleworking, on e-learning and/
to all producers” (IMF, 2014, paragraph 6.86), which or qualitative adjustments by characteristic. This

11 Includes producer companies and households. The subsidy provides an incentive to keep employees on the payroll and helps to ensure
business continuity in the future.
12 Transfers provide social assistance to consumer households.
13 This recommendation is in line with those made in United Nations (2020).
14 Moderated by other subsidies on production.
15 The 2008 SNA proposes three possible methods of compiling volume estimates of the output of non-market goods and services: derive
a pseudo output price index to reflect productivity growth; the output volume method for individual services, based on the calculation
of a volume indicator of output using weighted measures; and the input method for collective services, which consists of measuring
changes in the weighted sum of volume measures of all the inputs, either by deflating the various input costs by corresponding
constant-quality price indices or, alternatively, using volume indicators (for example, number of hours worked by employees).

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