From: Jurriaan Bendien (adsl675281@TISCALI.NL)
Date: Sun Dec 25 2005 - 14:10:59 EST
The imputation of "value added" by the owner-occupied housing "service" differs between countries, because of differences in housing market structures and the availability of source data. I do not know what method the NIPAs use (possibly it is discussed in Survey of Current Business), but insofar as the "net output" of the housing sector includes "consumption of fixed capital" on the product side of the account, the data must refer to the market value of housing assets. UNSNA values own-account housing "services" using data on the same kinds of services sold on the market (the so-called rental equivalence approach). Similarly, the EU Commission Decision of 18 July 1995 specified principles to estimate dwelling "services" in EU countries, and describes the specific guidelines of the estimation in the annex. (95/309/EC, Euratom). The Commission recommended that, for the benchmark year estimates, member countries adopt a stratification method, breaking down the total housing stock into various strata to acquire the information on actual rentals paid in each stratum, and then using actual rentals data for compiling the imputed rentals of owner occupied dwellings. Stratification criteria of dwellings, and special estimation problems such as rent-free and second home etc. are also discussed. In case of rent-free and cheap dwelling, the difference between the actual and referential rental is treated as "remuneration in kind". Estimates for years other than a benchmark year are estimated by extrapolating the base year figures using appropriate quantity, price and quality indicators. Jurriaan
This archive was generated by hypermail 2.1.5 : Mon Dec 26 2005 - 00:00:02 EST