This course is primarily aimed at undergraduates attending their final year or University students in monetary and financial economics, international macroeconomics and data mining. Professionals in Government institutions, Central Banks, business and the financial industry, along with other professionals interested in finance and macroeconomics, may also benefit from this course. The lectures, the tutorials and the activities lead the participants, step-by-step, through the system of financial accounts and provide unique hands-on guides to the macroeconomic databanks of the major national and international institutions (OECD, European Central Bank, US Federal Reserve System, Bank for International Settlements, IMF). At the end of the course students will gain a clear overview of the financial connections among the institutional sectors in market economies. Student activities include manipulations of data obtained from institutional websites with spreadsheets in order to construct tables and graphs.
Macroeconomic Financial Accounts
Macroeconomic Financial Accounts
Instructors: Giuseppe De Arcangelis
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Access provided by Interbank
3,840 already enrolled
14 reviews
Recommended experience
Recommended experience
Intermediate level
Participants should have basic notions of statistics and of economics . No mathematical requirements are needed.
14 reviews
Recommended experience
Recommended experience
Intermediate level
Participants should have basic notions of statistics and of economics . No mathematical requirements are needed.
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There are 6 modules in this course
This course is primarily designed for undergraduates attending their final year or Master’s students in monetary and financial economics, international macroeconomics and data mining. Professionals in Government institutions, Central Banks, business and the financial industry, along with other professionals interested in finance and macroeconomics, may also benefit from this course. The lectures, the tutorials and the activities lead the participants step-by-step through the system of financial accounts and provide unique hands-on guides to the macroeconomic databanks of the major national and international institutions (OECD, European Central Bank, US Federal Reserve System, Bank for International Settlements, IMF). At the end of the course students will gain a clear overview of the financial connections among the institutional sectors in market economies. Student activities include manipulations of data obtained from institutional websites with spreadsheets in order to construct tables and graphs.
What's included
11 videos16 readings5 assignments1 peer review
11 videos• Total 76 minutes
- Introduction Sofia Poggi• 3 minutes
- Introduction Francesco Ruggeri• 0 minutes
- Contents of Course 1 - Giuseppe De Arcangelis• 3 minutes
- Introduction to the Course - Daniele Fano• 1 minute
- 1.1 Introduction to the topics of week 1- Giuseppe De Arcangelis• 2 minutes
- Introduction to week 1- Daniele Fano• 4 minutes
- Lesson 1.1.1 Financial Transactions the end of one story, the beginning of another one.• 13 minutes
- Lesson 1.1.2 The Identity relating net lending/net borrowing across the five institutional sectors• 8 minutes
- Lesson 1.1.3 Heuristic Aspects of the balancing logic and the current account balance as a proxy• 7 minutes
- How to select and download data from the OECD website• 12 minutes
- Podcast: Peter van de Ven (Head of National Accounts, OECD)• 22 minutes
16 readings• Total 112 minutes
- Contents of Week 1 - Figures at a Glance• 5 minutes
- Welcome• 1 minute
- Introduction - Slides• 10 minutes
- Table 1.1.1 Figures at a Glance• 5 minutes
- You are ready for Topic 1• 1 minute
- Slides 1.1.1 Financial Transactions: the end of one story, the beginning of another one.• 10 minutes
- You are ready for Topic 2• 1 minute
- Slides 1.1.2 The Identity relating net lending/net borrowing across the five institutional sectors• 10 minutes
- Table 1.1.2 b net lending/net borrowing across sectors• 10 minutes
- You are ready for Topic 3 • 1 minute
- Slides 1.1.3 Heuristic Aspects of the balancing logic and the current account balance as a proxy• 10 minutes
- Table 1.1.1 Figures at a Glance• 10 minutes
- SNA definitions: Institutional Sectors• 15 minutes
- Reference Reading• 0 minutes
- Daniele Fano and Peter van de Ven• 1 minute
- Podcast audio Peter van de Ven (Head of National Accounts, OECD)• 22 minutes
5 assignments• Total 70 minutes
- 1.1.1 Figures at a Glance• 15 minutes
- 1.1.2 - Net lenders and net borrowers • 15 minutes
- 1.1.3 The "private sector" as a proxy• 10 minutes
- 1.1.4 - Private Sector Lending/Borrowing (as % of GDP)• 15 minutes
- 1.1.5 - Exercise your algebra with table 1.1.1• 15 minutes
1 peer review• Total 60 minutes
- Using the OECD as a Data Source • 60 minutes
1.2 Deriving net lending/net borrowing : national economy vs. rest of the world, balancing items, sectoral breakdowns
What's included
6 videos16 readings5 assignments1 peer review
6 videos• Total 58 minutes
- 1.2 Introduction to the topics of week 2 - Giuseppe De Arcangelis• 2 minutes
- Lesson 1.2.1 Insights from a national economy vs rest of the world framework• 10 minutes
- Lesson 1.2.2 - The sequence of accounts, the rest of the world and the balance of payments• 7 minutes
- Lesson 1.2.3 From the balancing items to the institutional sectors breakdowns.• 13 minutes
- How to select and download data from the IMF website and from the Eurostat website • 9 minutes
- Podcast Henning Ahnert (Head of the Financial Accounts and Fiscal Statistics section at ECB) • 18 minutes
16 readings• Total 120 minutes
- Contents of Week 2 - Deriving net lending/net borrowing : national economy vs. rest of the world, balancing items, sectoral breakdowns• 5 minutes
- You are ready for Topic 1• 1 minute
- Slides 1.2.1 Insights from a national economy vs rest of the world framework• 10 minutes
- Table 1.2.1 The goods and services account• 10 minutes
- Tables 1.2.1 b and 1.2.1 c Value Added (GDP) appears• 10 minutes
- You are ready for Topic 2• 1 minute
- Slides 1.2.2 The Sequence of Accounts, the Rest of the World and the Balance of Payments• 10 minutes
- Table 1.2.2 Simplified view of the sequence of current and capital accounts• 10 minutes
- You are ready for Topic 3• 0 minutes
- Slides 1.2.3 From the balancing items to the institutional sector breakdowns• 10 minutes
- Tables 1.2.5 - European countries in 2018• 10 minutes
- USA 1952-2011- Chart• 10 minutes
- SNA definitions: Transactions, accounting identities, netting and consolidating• 10 minutes
- Reference Reading• 0 minutes
- Giuseppe De Arcangelis and Henning Ahnert Part 1• 5 minutes
- Podcast audio Henning Ahnert (Head of the Financial Accounts and Fiscal Statistics section at ECB) Part 1 • 18 minutes
5 assignments• Total 70 minutes
- 1.2.1 The goods and services account• 15 minutes
- 1.2.2 Value Added (GDP) appears• 15 minutes
- 1.2.3 - balance of payments current and capital account items• 15 minutes
- 1.2.4 - European countries in 2018• 15 minutes
- 1.2.5 - USA 1952-2011-• 10 minutes
1 peer review• Total 60 minutes
- IMF and Eurostat website • 60 minutes
1.3 Financial Transactions. Instruments and interconnections
What's included
9 videos15 readings4 assignments1 peer review
9 videos• Total 61 minutes
- 1.3 Introduction to the topics of week 3 - Giuseppe De Arcangelis• 2 minutes
- Lesson 1.3.1. The logic of the Financial Account and its informational content• 7 minutes
- Lesson 1.3.2. "From whom to whom"?• 6 minutes
- Lesson 1.3.3. Risk, securitization and institutionalization• 16 minutes
- Discrepancies between the Capital Account and the Financial Account• 5 minutes
- Tutorial 3.1 Financial Instruments • 3 minutes
- Tutorial 3.2 The FED documentation• 1 minute
- Tutorial 3.3 Shakespeare in Finance• 0 minutes
- Podcast Henning Ahnert (Head of the Financial Accounts and Fiscal Statistics section at ECB) Part 2• 20 minutes
15 readings• Total 122 minutes
- Contents of Week 3 - Financial Transactions. Instruments and interconnections• 5 minutes
- You are ready for Topic 1• 1 minute
- Slides 1.3.1. The logic of the Financial Account and its informational content• 10 minutes
- Table 1.3.1• 10 minutes
- Table 1.3.2- An example - this is our "worksheet"!• 10 minutes
- You are ready for Topic 2• 0 minutes
- Slides 1.3.2. "From whom to whom"?• 10 minutes
- Table 1.3.3-From whom to whom transactions• 10 minutes
- Table 1.3.4. Canada - Who are the creditors of Provincial and territorial governments ?• 10 minutes
- You are ready for Topic 3• 1 minute
- Slides 1.3.3 Risk, securitization and institutionalization• 10 minutes
- Slides - Discrepancies between the Capital Account and the Financial Account• 10 minutes
- Reference Reading• 10 minutes
- Giuseppe De Arcangelis and Henning Ahnert Part 2• 5 minutes
- Podcast audio Henning Ahnert (Head of the Financial Accounts and Fiscal Statistics section at ECB) Part 2 • 20 minutes
4 assignments• Total 55 minutes
- 1.3.1-Terminology• 10 minutes
- Quiz 1.3.2 Financial Accounts USA 2019• 15 minutes
- Quiz 1.3.3 Equities From whom to whom Euro area Q1 2020• 15 minutes
- Quiz 1.3.4 - From whom to whom Statistics Canada• 15 minutes
1 peer review• Total 60 minutes
- Financial Instruments• 60 minutes
1.4 Stocks. Net Worth. Financial Wealth
What's included
6 videos11 readings2 assignments1 peer review
6 videos• Total 39 minutes
- 1.4 Introduction to the topics of week 4 - Giuseppe De Arcangelis• 2 minutes
- Lesson 1.4.1. The Balance Sheet and its logic• 11 minutes
- Lesson 1.4.2. Highlights on the Institutional Sectors and Financial Net Worth• 10 minutes
- Lesson 1.4.3.Considerations on Households' Wealth• 10 minutes
- Using the OECD website for analyzing figures about levels : Financial Net Worth, International Investment Position• 3 minutes
- Using the IMF website for analyzing figures about levels : Financial Net Worth, International Investment Position• 3 minutes
11 readings• Total 77 minutes
- Contents of Week 4 - Stocks. Net Worth. Financial Wealth• 5 minutes
- You are ready for Topic 1• 1 minute
- Slides 1.4.1. The Balance Sheet and its logic • 10 minutes
- You are ready for Topic 2• 1 minute
- Slides 1.4.2. Highlights on the Institutional Sectors and Financial Net Worth• 10 minutes
- Table 1.4.2 Financial Net Worth across Sectors• 10 minutes
- Tables Financial Net Worth The case of Australia Germany and Italy• 10 minutes
- You are ready for Topic 3• 0 minutes
- Slides 1.4..3 Considerations on Households' Wealth• 10 minutes
- SNA definitions: Quadruple accounting• 10 minutes
- Reference Reading• 10 minutes
2 assignments• Total 35 minutes
- Quiz 1.4.1- Financial Net Worth Across Sectors European Countries • 15 minutes
- Quiz 1.4.2- Australia, Italy, Germany Net worth and its components• 20 minutes
1 peer review• Total 60 minutes
- Financial Net Worth, IIP - From the IMF database • 60 minutes
1.5 Accumulation
What's included
5 videos13 readings4 assignments1 peer review
5 videos• Total 36 minutes
- 1.5 Introduction to the topics of week 5 Giuseppe De Arcangelis• 2 minutes
- Lesson 1.5.1 Accumulation Accounts in the SNA• 8 minutes
- Lesson 1.5.2 The relative importance of factors affecting Net Worth• 9 minutes
- Lesson 1.5.3 About stocks and flows across growth and cycles• 15 minutes
- How to update a table going to the original source.• 2 minutes
13 readings• Total 89 minutes
- Contents of Week 5 - Accumulation• 5 minutes
- You are ready for Topic 1• 1 minute
- Slides 1.5.1 Accumulation Accounts in the SNA• 10 minutes
- Table 1.5.1 - The accumulation accounts at a glance...• 10 minutes
- Table - 1.5.2 a summary of concepts and sequences • 10 minutes
- You are ready for Topic 2• 1 minute
- Slides 1.5.2 The relative importance of factors affecting Net Worth• 10 minutes
- Table - 1.5.6 look further into the details• 10 minutes
- You are ready for Topic 3• 1 minute
- Slides 1.5.3 About stocks and flows across growth and cycles• 10 minutes
- SNA definitions: Net lending net borrowing redefined; nominal vs. real holding gains• 10 minutes
- Reference Reading• 1 minute
- "Selected Questions sent to the OECD National Statistics Department...and Answers" by Isabelle Ynesta, OECD".• 10 minutes
4 assignments• Total 60 minutes
- 1.5.1 Accumulation Accounts at a glance • 15 minutes
- 1.5.2 a summary of concepts and sequences• 15 minutes
- 1.5.3 Changes in net worth• 15 minutes
- Quiz 1.5.4 – Stocks and flows• 15 minutes
1 peer review• Total 60 minutes
- Changes in valuations• 60 minutes
1.6 Financial Accounts, Economic and Monetary Policy, Stability
What's included
7 videos17 readings3 assignments
7 videos• Total 86 minutes
- 1.6 Introduction to the topics of week 6 - Giuseppe De Arcangelis• 2 minutes
- Lesson 1.6.1. Macro-financial tools for evaluating stability• 18 minutes
- Lesson 1.6.2. Past and present: from the 2007-2009 crisis to Covid-19• 11 minutes
- Lesson 1.6.3. The main available reports and documents.• 7 minutes
- Podcast Part 1 Bruno Tissot (Head of Statistics and Research Support at the BIS and Head of the Secretariat of the Irving Fisher Committee on Central Bank Statistics (IFC) • 14 minutes
- Podcast Part 2 Bruno Tissot (Head of Statistics and Research Support at the BIS and Head of the Secretariat of the Irving Fisher Committee on Central Bank Statistics (IFC) • 15 minutes
- Podcast Part 3 Bruno Tissot (Head of Statistics and Research Support at the BIS and Head of the Secretariat of the Irving Fisher Committee on Central Bank Statistics (IFC) • 19 minutes
17 readings• Total 116 minutes
- CONTENTS of WEEK 6 - Financial Accounts, Economic and Monetary Policy, Stability• 5 minutes
- You are ready for Topic 1• 1 minute
- Slides 1.6.1 Macro-financial tools for evaluating stability• 15 minutes
- You are ready for Topic 2• 1 minute
- Slides 1.6.2. Past and present: from the 2007-2009 crisis to Covid-19• 10 minutes
- You are ready for Topic 3• 1 minute
- Slides 1.6.3. The main available reports and documents • 10 minutes
- Correspondence table between US flow of funds and SNA Financial accounts• 10 minutes
- Reference Reading• 1 minute
- "Selected Questions sent to the OECD National Statistics Department...and Answers" by Isabelle Ynesta, OECD".• 10 minutes
- Daniele Fano and Bruno Tissot Part 1• 0 minutes
- Podcast audio Part 1• 13 minutes
- Daniele Fano and Bruno Tissot Part 2• 1 minute
- Podcast audio Part 2• 14 minutes
- Daniele Fano and Bruno Tissot Part 3• 1 minute
- Podcast audio Part 3• 18 minutes
- Multiple-choice quiz• 5 minutes
3 assignments• Total 120 minutes
- Quiz 1.6.1 – The Operational Deficit• 15 minutes
- Quiz 1.6.2 - Stability and sustainability• 15 minutes
- Final test• 90 minutes
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Sapienza University of Rome, founded in 1303 by Pope Boniface VIII, is the oldest University in Rome and the largest in Europe. Since its founding over 700 years ago, Sapienza has played an important role in Italian history and has been directly involved in key changes and developments in society, economics and politics. It has contributed to the development of Italian and European science and culture in all areas of knowledge. The main campus, designed by Marcello Piacentini, was opened in 1935. It is situated close to the city centre, and is the largest in Europe - a real city within a city where teaching activities are integrated with libraries and museums as well as comprehensive student services. Faculties and Departments also carry out their activities in decentralized locations in different parts of the city. There are two other university campuses elsewhere in Lazio. Sapienza offers a vast array of courses including degree programmes, PhD courses, one to two year professional courses, and Specialization Schools in many disciplines, run by 63 Departments and 11 Faculties.
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Reviewed on Feb 25, 2022
The course was well-prepared and the objective was successfully addressed. The speakers did their best in explaining all the concepts related to the course. Well done!
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