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The measurement of financial services in the national accounts and the financial crisis Michael Davies1 Introduction The current financial crisis has placed a strain on the ability of National Statistics Offices (NSOs) to measure developments in both the real and financial domains. Big shifts in flows,
iii Acknowledgements The Handbook of National Accounting: Financial Production, Flows and Stocks in the System of National Accounts (the Handbook) has been jointly prepared by the Statis- tics Division of the Department of Economic and Social Affairs of the United Nations Secretariat and the European Central Bank Directorate General Statistics as part of a