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RecentDevelopmentsanD cuRRentInItIatIves

Sisics Dpm2012

InternatIonal Monetary FunD

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Section 2

cs PaA Message From the Director 2Section 1 Introduction 4Section 2 Response to the Global Financial Crisis 5Section 3 Data Management and Publications 8Section 4 Standards for Data Dissemination 13Section 5 Support of Surveillance 17Section 6 Statistical Methodologies 21Section 7 Capacity Building (Technical Assistance and Training) 40Section 8 International Statistical Coordination and Cooperation 45Section 9 Outreach 46IMF Statistics Department in Action 48

BxsBox 1 Enhanced Data Dissemination Initiative Project 16Box 2 Published Research Papers by STA Staff 18Box 3 Data Module ROSCs Completed, by Country Groups 20Box 4 International Standards for National Accounts Statistics: System of National Accounts 2008 22Box 5 Developing Real Estate Property Price Indexes 24

Box 6 Implementation of the System of National Accounts and theInternational Comparison Program 25

Box 7 Conversion of the External Accounts to BPM6 31Box 8 Fostering Consistency Across Macroeconomic Datasets 39Box 9 Technical Assistance Delivery 42Box 10 Courses on Macroeconomic Statistics at ICD-RTCs, FY2012 44Box 11Training on Macroeconomic Statistics at Non-ICD-RTCs, FY2012 44

FusFigure 1 PGI Sectoral Transactions and Balance Sheet Data 7Figure 2 Screen Shot ofIFSData Available from IMF eLibrary iPad App 8

Figure 3 Increased Timeliness ofIFSYearbookon Key Indicators 10Figure 4 Government Finance Statistics: Annual Data Reporting by Level (in 2010) 27Figure 5 Reporting to the IMFs Coordinated Direct and Portfolio Investment Surveys (end-2010) 36

contentS

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2 Recent Developments and Current Initiatives

A MeSSAge FroM the Director

While we have made significant strides in addressing data needs fromthe global community, the needs remain insatiable The persistence ofthe global financial crisis has called for new measures, thereby highlight-ing emerging data needs that need attention, including from the ongoingfinancial supervisory/regulatory reforms (such as implementation of BaselIII) The Statistics Department has been in the forefront in providing aleadership role in several international initiatives aimed at closing datagaps This includes working with other IMF departments, national authori-ties, other international agencies, and the Financial Stability Board (FSB)

to implement the recommendations to address data gaps endorsed by theGroup of 20 economies (G-20) ministers of finance and central bank gov-ernors in November 2009, and the International Monetary and FinancialCommittee in April 2010 These efforts will help foster the work of theIMF in multilateral and bilateral surveillance as well as feeding into otherrelated initiatives such as the G-20 work on strengthening the internationalfinancial architecture and reforming the financial sector

The Department continues its efforts to support the development andimplementation of methodology in macroeconomic statistics and data stan-dards initiatives In August 2012, we released balance of payments and inter-national investment position data converted into the latest data standards,the Balance of Payments and International Investment Position Manual, sixth edi-tion Recognizing the need for a big leap forward in promoting availabilityof high frequency and quality data, the IMF Executive Board approved theestablishment of a new and top tier data dissemination standard, the SDDSPlus The SDDS Plus adds those categories of data that have proven to beessential in understanding financial interconnectedness (both domestic andcross-border), thereby helping identify potential economic vulnerabilities

I am pleased to give you an overview of our Departments services and

products in this years Recent Developments and Current Initiatives.

Our Department continues to meet its mandate of providing important

services to the IMF membership and the international community by

facilitating the provision of comprehensive, timely, comparable, and

consistent data across countries.

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Recent Developments and Current Initiatives

Our capacity-building activities (technical assistance and training),especially in low income countries continue to expand, thanks to collab-orative efforts with our bilateral donors As the training needs continueto evolve, so are our courses Over the last year, we introduced two newcoursesLinkages of Macroeconomic Accountsand Sectoral Balance Sheets andAccumulation Accounts, which have attracted an overwhelming demand dueto their analytical usefulness to country economists The Enhanced Data

Dissemination Initiative, funded by the United Kingdom Department forInternational Development, to provide the support to scale up our statisti-cal capacity building efforts in Africa is now on its third year of implemen-tation Furthermore, during 2012, three new statistics programs fundedby the Japanese government were launched, the latest one being capacitybuilding in real sector statistics in South-Eastern Europe

We have made considerable progress in improving communication ofstatistics and outreach The Principal Global Indicators (PGI)a one-stopexternal website of the Inter-Agency Group on Economic and FinancialStatistics that brings key economic and financial indicators for G-20 econo-mies plus five non-G-20 economies that are members of the FSB is continu-ally being improved Over the last year, key enhancements included theaddition of the G-20 GDP aggregate growth rate in March 2012; sectoralaccounts data of the G-20, which are available from the OECD; inventoryof available data at international agencies on cross-border exposures offinancial and nonfinancial corporations; and cross-country governmentfinance statistics These initiatives align with the priority in addressing gapsin data to help assess financial and macroeconomic stability

Adelheid Burgi-SchmelzDirectorStatistics DepartmentInternational Monetary Fund

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Section 1

This report, prepared on the occasion ofthe World Bank-IMF Annual Meetings2012, summarizes the activities of theIMFs Statistics Department (STA)

during the past year, as well as the direction andmain priorities in the near term It is designed toprovide member countries and the internationalstatistical community with an overview of the

Departments work program to assist countriesmore effectively in developing their statisticalcapacity and strengthening collaboration

STA provides statistical products and servicesthat respond to the analytical and policy needsof the IMF, member countries, and the interna-tional community This years report reflects theDepartments initiatives to reinforce its responseto demands arising from the global economic cri-sis and the alignment of its core areas of activitywith the strategic directions of the IMF and major

institutional reforms

STAs activities encompass the following:

Addressingdatagaps;

Datamanagementandpublications;

Standardsfordatadissemination;

Supportofsurveillance;

Statisticalmethodologies;

Capacitybuilding(technicalassistanceand

training);

Internationalstatisticalcoordinationand

cooperation; and

Outreach.

The main elements of ongoing and plannedwork relating to each of these activities are pre-sented in the next sections

Introduction

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Section 2

In the wake of the global financial crisis of20082009, STA in collaboration with otherinternational agencies has undertaken vari-ous global initiatives to fill the major data

gaps revealed by the crisis The primary focus isthe IMF/FSB G-20 Data Gaps Initiative (DGI)launched in 2009 and endorsed by the G-20Finance Ministers and Central Bank Governors

and the IMFs International Monetary andFinancial Committee (IMFC) The DGI is a com-prehensive multi-year program that includes 20recommendations to address the data gaps infour main areas: build-up of risk in the financialsector, cross-border financial linkages, vulner-ability of domestic economies to shocks, andimproving communication of official statistics,as indentified in the reportThe Financial Crisisand Information Gapspresented to the G-20Finance Ministers and Central Bank Governorsin November 2009 (see http://www.imf.org/

external/np/g20/pdf/102909.pdf) By enhanc-ing the existing statistical framework and foster-ing the development of new ones, the DGI aimsat creating a global reporting system that willcomprehensively monitor global financial andnonfinancial flows and stocks to facilitate betterpolicy analysis and decision making

Considerable progress has been madeover the past three years in implementingthe DGI, both by international agencies andby the G-20 economies At the internationallevel, work on the DGI has been coordinatedby the Inter-Agency Group on Economic andFinancial Statistics (IAG), chaired by the IMFand encompassing the Bank for InternationalSettlements (BIS), the European CentralBank (ECB), Eurostat, the Organization forEconomic Co-operation and Development(OECD), the United Nations, and the World

Response to the Global Financial Crisis

STA officials participate in an IAG videoconference.

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Bank Established in late 2008, the IAG hasbeen playing a pivotal role in promoting andimplementing the DGI Through its quar-terly video conferences and enhanced com-munication, IAG has been very successful incoordinating joint efforts among its memberagencies to address data gaps and accelerateprogress in filling these gaps In particular, thestrengthened cooperation and coordinationacross IAG member agencies have improved

data sharing, raised efficiency by avoidingduplication of efforts, and reduced reportingburden on countries

Progress on the DGI also benefitted fromintensive consultations with the G-20 economiesIn the first half of 2012, four regional confer-ences on the DGI for senior officials of the G-20economies took place in Mexico, Turkey, France,and China; these were jointly organized by STAand the Bank of Mexico, the Treasury of Turkey,the Banque de France, and the Peoples Bank of

China, respectively Participants at the regionalconferences reviewed the progress achieved at anational level, evaluated their action plans andtimetables going forward, and identified chal-lenges and issues requiring further actions toaddress the critical data gaps highlighted by theongoing crisis They also noted the policy rel-evance of the DGI and its positive impact on theorganization of data for analysis and decisionmaking at the national level

The regional conferences culminated in a glob-al conference jointly organized by the FSB and theIMF at the BIS headquarters in Basel in June 2012The global conference gathered more than 50senior users and statisticians from the G-20 econo-mies plus four non-G-20 member economies of theFSB, in addition to representatives from the inter-national institutions that are members of the IAGParticipants took stock of the progress made inimplementing the DGI, as well as the policy use of

the data and of action plans and timetables goingforward They identified three areas of immediatepriorities where proposed enhancements to data-sets should be implemented: the global systemi-cally important financial institutions (G-SIFIS), thesectoral accounts, and cross-border financial link-ages They also noted remaining challenges andthe need for enhancing resources and continuingsupport by the G-20 Finance Ministers and CentralBank Governors The outcomes of the conferenceprovided important input to the annual IMF/FSBprogress report on the DGI to the G-20 Finance

Ministers and Central Bank Governors1

1Following the endorsement by the G-20 of therecommendations in November 2009, three reports(May 2010, June 2011, and September 2012) have beensubmitted The first two reports are available on the IMFWebsite IMF and the Group of Twenty (http://www.imf.org/external/np/g20/pdf/053110.pdf, http://www.imf.org/external/np/g20/pdf/063011.pdf); the2012 report will be posted later in the year

G-20 Regional Conference in China

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STA also represents the IMF in the FSB/G-20 initiative to establish a global Legal EntityIdentifier system, which would allow for consist-ent identification of parties to financial transac-tions world-wide

Daa AvalablyThe main objectives of the IAG are to improveinter-agency cooperation and data availabilityin financial and related statistics by mobiliz-ing existing resources and building on thecomparative advantages of each agency, and tosupport data sharing in a coordinated mannerIn this regard, the IAG launched the PrincipalGlobal Indicators (PGI) website (wwwprincipal-globalindicatorsorg) in April 2009 The websiteprovides selected statistical tables to facilitatethe monitoring of economic and financialdevelopments for the G-20 and five non-G-20 FSB member economies, including cross-country tables of key indicators in comparableunits of measure, long runs of historical datathrough real-time access to the underlying PGIdatabase, and a visual display of key indicators

In April 2011, access to PGI data was furtherenhanced by the release of a downloadableiPad/iPhone application and a Statistical Data

and Metadata Exchange (SDMX) web serviceDuring the course of 2012, the data processinginfrastructure supporting the PGI website wastotally redesigned with the objective of position-ing the PGI website to fully leverage the ben-efits offered by the SDMX standards With thepush by IAG agencies to increase access to theirdata in SDMX format, the PGI website is posi-

tioning itself to offer the most timely data avail-able from contributing international organiza-tions In addition to these technical enhance-ments, the statistical content of the PGI websiteis enhanced on a continuous basis IAG agen-cies agreed on the methodology for compil-ing a G-20 GDP aggregate growth rate, whichwas first released on the PGI website in March2012 The PGI list of cross-country conceptsnow includes cross-border positions in portfolioinvestment taken from the IMF Coordinated

Portfolio Investment Survey At the same time,detailed national accounts sectoral transactionsand balance sheet tables are also available onthe PGI via a new tab on the PGI home page(Figure 1) These enhancements aim at makingthe PGI website a key go to place for gettingthe most relevant economic data on the econo-mies covered in the PGI website

Fu 1. Pgi Sal tasasad Bala S Daa

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Section 3

Daa Publas tasfmaOver the past five years, a number of founda-tional projects have been undertaken to improvethe online availability and presentation of theInternational Financial Statistics(IFS) and otherdata products These efforts culminated in thelaunch of IMF eLibrary Data in early 2011,which provides considerable flexibility both for

presenting data in a range of online data reportsand for users to build their own data queries bysearching across the IMF Data Warehouse IMFData Mapper apps for mobile devices and theIMFs SDMX web service further boost STAsonline data publishing capability

On the other hand, the basic design of theprint edition of the IFSand other printed datapublications has remained largely unchangedand in three decades the IFShas more thantripled in size As users move increasingly, ubiq-uitously, and irreversibly away from print publi-cations in favor of online mechanisms for access-ing information, and as STA expands its capabil-ity to meet this appetite for electronic access to

data, it has embarked on a process of reconsid-ering the design of its printed data publications,including reducing their paper footprint

The first output of this work has been tosignificantly reduce the number of pages inthe monthlyIFSpublication, without depre-ciating the informational value (substantive

information) This has been achieved by mov-ing to a 12-column format (from the previous24-column format), while retaining existingcountry and topical coverage The change wasintroduced in the August 2012 issue of the IFS,which has around 700 pages (down from over1400 the month prior)

STA has also reviewed its overall print publish-ing program The research undertaken showsthat while demand for printed statistical publica-tions is considerably diminished, it remains resil-

ient among a small but influential set of users,both in government and academia This mirrorsthe experience of comparable best-practiceproviders of statistical data, who also expect tocontinue providing printed statistical publica-tions for the foreseeable future STA will work toensure that the data publishing program deliversthe most relevant content to users in formatsthat are appropriate and easy to use, includingcontinuing the migration to online provision ofcontent where warranted

iMF Daa WausThe IMF Data Warehouse continues to providea central repository of ordered economic dataThere has been further expansion in the range oftools available for users to easily access the data

From September 2011, the IMF eLibrarymobile application was made available foriPhone and iPad (Figure 2) The app provides

Data Management and Publications

Fu 2. S S f IFS DaaAvalabl fm iMF Lbay Pad App

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free access to a range of data from across STAspublications and is fed in real-time using thedata warehouses SDMX web service To increasethe accessibility of data from mobile devices, anandroid version of this app was released in July2012 The android version will work on all smartphones and tablets that use the android operat-

ing system In addition, a new version of theIMF eLibrary Data website (http://elibrary-dataimforg) was released in April 2012, featuringimproved performance, usability, and functional-ity The IMF eLibrary data site provides onlineaccess to all published databases of STA

The data warehouse continues to store andsurface the data for the PGI initiative, includingthe PGI mobile application

The IMF Data Warehouse is also available within

the IMF and contains core datasets that provide ahighly comparable collection of macroeconomicand financial data and supporting metadata

Sasal Daa ad Madaaexa (SDMX) iavSDMX, a standard to foster increased efficiencyin the electronic exchange of data amonginternational organizations and from national

data-producing agencies, continues to evolveThe IMF currently chairs the SDMX SponsorsCommittee Over the next two years, the SDMXsponsoring institutions will concentrate theirefforts on implementing the priority actionson SDMX implementation, outreach, training,content-oriented guidelines, technical stan-

dards, and strengthening SDMX governanceOne of the key deliverables is the develop-ment of SDMX artifacts and Data StructureDefinitions (DSDs) for global use, eg, to sup-port the implementation of SDMX exchangesfor data based on the Balance of Payments andInternational Investment Position Manual, sixthedition (BPM6) and System of National Accounts2008 (2008 SNA)

Another important deliverable is the SDMXGlobal Registry, which is being developed for

deployment in early-2013 Once available, itwill provide computer-ready access to SDMXartifacts, such as DSDs, Metadata StructureDefinitions (MSDs), SDMX Cross-domain con-cepts, and Cross-domain codelists Over time,the functionality of the SDMX Global Registrywill be expanded to facilitate the discovery andretrieval of an ever-expanding scope of statisticalinformation available in SDMX formats

IMF eLibrary and PGI Exhibits at the IMF Information Resource Symposium

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Notes:1. Timeliness reflects number of countries for which data published inIFS Yearbook (IFSY)includes period t1.2. Lower count of broad money in IFSY2010 is partially attributed to the transition ofcountries to SRF.

Fu 3. iasd tmlss f IFS Yearbook Ky idas1

IFSY 2012 IFSY 2011 IFSY 2010 IFSY 2009

118110 113 110

101

7969

62

46

173165

137

gDP BoP iiP Bad My2

79

110

39

156

The IMF is also taking advantage of thebenefits of the SDMX standards for a seamlessexchange of statistical data across the various ITplatforms used within the institution While inthe past, accessing statistical data from multipledatabase applications required developing andmaintaining numerous customized interfaces,the IMF is now adopting the SDMX standards forstreamlining and standardizing these processes

Sasal Publas adDaa DssmaAn important goal of the statistical publica-tions program is to achieve the widest possiblecoverage of member countries and to presentcountry data in internationally comparableform This has encouraged members to adoptinternationally recognized statistical standardsand to report statistics in a regular and timelymanner STA continually works with membercountries to expand their data coverage andimprove timeliness, and may also collect offi-cial data from country websites Improvementsin technology and capacity building in coun-tries have yielded significant progress on datatimeliness (Figure 3) In the past year, STAhas undertaken a new initiative to leverage its

technical assistance missions The objective isto improve data reporting to STA by raisingreporting issues with country authorities, whilealso taking the opportunity to bring back datato Headquarters STAs technical assistance mis-sions also ask country authorities to confirmcountry contact information As a result, STAhas received updated information for over 200country contacts and a number of new datasets,which were reported for the first time by coun-tries STA has maintained excellent coopera-tion from country authorities and will continueto leverage technical assistance missions toenhance the content of statistical publicationsand data dissemination This change does notaffect the electronic products, which continue

to provide an exhaustive coverage ofIFSdata

To facilitate the reporting of countries datato STA, the Department released an upgradedIntegrated Correspondence System (ICS) at theend of December 2011 The ICS is a web-baseddata reporting system for use by country datareporters The ICS provides data reporters withan efficient method of sending data to STA in asecure Internet environment using Excel Theupgraded ICS includes a new tool for qualifiedICS correspondents in the reporting countries

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Using the correspondents module of ICS, thedesignated ICS coordinator in the reportingcountry can fully manage the access rights ofother ICS correspondents for his or her countryThis feature will provide greater autonomy toreporting countries for providing timely data andmetadata to STA Metadata for countries that sub-scribe to the Special Data Dissemination Standardor participate in the General Data DisseminationSystem are now submitted using the ICS

STA produces four main statisticalpublications:

InternationalFinancialStatistics(IFS)

BalanceofPaymentsStatisticsYearbook

(BOPSY) DirectionofTradeStatistics(DOTS)

GovernmentFinanceStatisticsYearbook(GFSY)

These publications are available in print,online athttp://elibrary-data.imf.org, andCD-ROM A complete presentation of IMFstatistical publications is included in the IMFPublications Catalog, available from PublicationsServices (telephone: +1-202-623-7430;e-mail:[email protected]); or on the IMF website

(http://www.imf.org)

Key indicators from selected databases areavailable on the IMFs website in the IMF DataMapper, the IMFs data visualization tool TheIFScurrently contains financial and economicstatistics for 192 jurisdictions, of which 135report monetary statistics based on the standard-ized report forms (SRFs) in accordance with theMonetary and Financial Statistics Manual (MFSM).

The BOPSYpublication contains data onbalance of payments statistics for 183 jurisdic-tions and on international investment posi-tion statistics for 130 jurisdictions, virtually allreported in the format recommended in theBalance of Payments Manual, fifth edition (BPM5)Supplementing the annual publication arethe electronic products (online database andCD-ROM), which are updated monthly

The GFSYprovides annual governmentfinance statistics for nearly 130 jurisdictionspresented at the level of the consolidated gen-eral government, along with relevant subsectors(eg, central government) These data are alsoreleased in electronic form on a quarterly basis

and in the IMF Data Mapper on the IMFs web-site The data are supplemented by summarymonthly and quarterly statistics in the IFS

TheDirectionofTradeStatistics(DOTS)databaseoffers two sets of trade information The Yearbook(DOTSY) provides annual bilateral trade dataon the value of imports and exports of goodsfor 184 jurisdictions and major regional groupsExports and imports are based on both coun-try data and estimation procedures designed toreduce gaps in reported values The Quarterly

DOTS(DOTQ) provides data for 159 jurisdictionsand major regional areas These data are alsoreleased in electronic form (online database andCD-ROM), which are updated monthly The dataare widely used for trade policy analysis

Additional online databases are now availablefree of charge from the eLibrary Data website,including Financial Access Survey, FinancialSoundness Indicators, Coordinated Portfolio

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Investment Survey, and Coordinated DirectInvestment Survey Additional datasets will beadded over time

Pm f Sadads ad Sfwacllaba Am SasaloazasSTA co-hosted the 2012 international meetingon the Management of Statistical InformationSystems (MSIS) to promote the adoption ofstandards and software collaboration among sta-tistical organizations MSIS is an annual confer-ence organized by the United Nations EconomicCommission for Europe (UNECE), OECD, andEurostat, which brings together a large numberof countries to discuss issues of common interestand concerns

A common theme throughout the conferencewas the use of key international standards suchas SDMX, the generic statistical business pro-cess model (GSBPM), and the generic statisticalinformation model (GSIM) These standardsprovide the cornerstones for streamlining andmodernizing official statistics In addition, OpenData, the idea that certain data should be freelyavailable to the general public without restric-

tion, was the topic of a panel discussion Thedebates focused on how statistical organizationsshould respond to the various challenges posedby this major upheaval in the data industry

STA co-hosted the 2012 MSIS Conference inWashington, D.C.

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Section 4

The Special Data DisseminationStandard (SDDS) was established inMarch 1996 to guide members thathave, or that might seek, access to

international capital markets in providing theireconomic and financial data to the public TheGeneral Data Dissemination System (GDDS) wasestablished in December 1997 to guide countries

in the provision to the public of comprehensive,timely, accessible, and reliable economic, finan-cial, and socio-demographic data In 2012, theSDDS Plus was created as an upper tier of theIMFs Data Standards Initiatives to help addressdata gaps identified during the global financialcrisis Data dissemination standards promote thedissemination of timely and comprehensive sta-tistics and thereby contribute to the formulationof sound macroeconomic policies and efficientfunctioning of financial markets As of June2012, there are 71 SDDS subscribers and 102

GDDS participantsaccounting for over 90 per-cent of the IMFs member countries The datadissemination initiatives are intended to evolvealong with the changing needs of policymak-ers and other users, which are evaluated duringperiodic reviews by the IMFs Executive BoardThe most recent review was the Eighth Reviewconducted in February 2012 (discussed belowunder the sections on the SDDS Plus, the SDDS,and the GDDS)

t SDDS PlusAt the time of the Eighth Review of the IMFsData Standards Initiatives in February 2012, theExecutive Board approved the creation of theSDDS Plus, which is open to all SDDS subscrib-ers, but is aimed at economies with systemicallyimportant financial sectors The SDDS Plusincludes standards for nine additional data cat-egories that an interested country commits to

fully observe by the end of 2019 These data cat-egories refer to the four macroeconomic sectors:real (sectoral balance sheets), fiscal (generalgovernment operations and general governmentgross debt), financial (other financial corpora-tions survey, financial soundness indicators,and debt securities), and external (CoordinatedPortfolio Investment Survey, Coordinated DirectInvestment Survey, and Currency Compositionof Foreign Exchange Reserves) Adhering tothe SDDS Plus is voluntary, but once a countryadheres, it undertakes to meet the most rigorousdata dissemination and data quality standardswithin the IMFs Data Standards Initiatives

t SDDSCountries subscribe to the SDDS voluntarilyand undertake to observe its requirements withrespect to the coverage, periodicity, and timeli-ness of the economic and financial data, and thedissemination of advance release calendars Inaddition, SDDS subscribers undertake to pursuegood practices with respect to the integrity and

Standards for Data Dissemination

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other quality aspects of the data and provideinformation about their data dissemination prac-tices and compilation methodologies (metada-ta) for posting on the Dissemination StandardsBulletin Board (DSBB) on the IMF website athttp://dsbbimforg Subscribers also maintaina National Summary Data Page (NSDP) on anInternet website, which contains the most recentdata; the DSBB is electronically linked to thesewebsites STA supports potential subscribersthrough its surveillance missions

Currently, over one-third of the IMF mem-ber countries subscribe to the SDDS SinceJuly 2011, the Former Yugoslav Republic ofMacedonia, Mauritius, and West Bank and Gaza

subscribed to the SDDS, bringing the numberof subscribing economies to 71 Annual reportson individual subscribers observance of SDDSundertakings are posted on the DSBB since2007; observance reports for 2011 were postedon the DSBB in May 2012

At the Eighth Review of the IMFs DataStandards Initiatives in February 2012,the Executive Board considered proposalsfor further enhancing the SDDS ExecutiveDirectors saw merit in adding hyperlinks on the

NSDP to time series for all data categories Theysupported the introduction of a more structuredtimeline to strengthen the credibility of the non-observance procedure Executive Directors alsosupported proposals to streamline the SDDS, bystructuring Forward Looking Indicators anddeleting Advance Release Calendar flexibilityoptions Executive Directors further supportedterminating the posting of the SDDS quarterlyupdate on the DSBB In addition, ExecutiveDirectors supported the introduction of two newdata categories on an encouraged basis: sectoral

balance sheets and general government grossdebt; these data categories are part of the newdata categories included in the SDDS Plus

t gDDSThe GDDS is a framework to help participat-ing countries improve their macroeconomicand socio-demographic statistics in a structuredmanner The GDDS facilitates the comparison

of a countrys current statistical practices withinternationally recognized good practices andthe preparation of a countrys strategic planon how to make improvements in its statisticalsystem It guides countries in their efforts to pro-duce and disseminate data in accordance withgood quality standards The GDDS promotesthe application of established methodologicalprinciples, the adoption of sound compilationpractices, and the observance of proceduresthat ensure professionalism and objectivityThe GDDS covers the four macroeconomicsectorsreal, fiscal, financial, and externaland socio-demographic data (population, educa-tion, health, and poverty) The IMF collaborateswith the World Bank, particularly on socio-

demographic data categories

Since July 2011, five countriesBurundi,Djibouti, Maldives, Montenegro, and Papua NewGuineastarted participating in the GDDS, rais-ing the total to 102 GDDS participants (exclud-ing the economies that have graduated from theGDDS to the SDDS) as of June 2012 Metadatafor participants are posted on the DSBB uponparticipation Participants are expected to reviewand update their metadata on either a best-effort or when-merited basis and to update

their plans for improvement on an annual basisGDDS metadata, including plans for improve-ment, are publicly available on the DSBB

The Executive Boards Eighth Review of theData Standards Initiatives encouraged membersto continue their efforts to strengthen partici-pation in the GDDS Executive Directors alsoagreed with the proposal to better leverage plansfor improvement for focusing further and pri-oritizing the delivery of technical assistance instatistics They looked forward to the graduation

of additional countries from the GDDS to theSDDS as national statistical systems strengthen,while recognizing that progress in this area islikely to proceed at a measured pace

D-Fudd gDDS PjsUsing the GDDS framework, the UnitedKingdom Department for InternationalDevelopment (DFID) has supported work to

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develop and disseminate data and metadata,and develop and implement plans for sta-tistical improvement in Africa, especially byAnglophone and neighboring countries Thiswork, which began in 2002, has reached a thirdphase The GDDS Phase I project (20022006)for 15 Anglophone-African countries led to allbut one participating in the GDDS With thisfoundation, participating countries have beguna systematic process to improve their macroeco-nomic and social statistics The GDDS ProjectPhase II: Modules for Strengthening Statisticsthat was funded with US$8 million from DFIDfor three years (20062009) concluded onSeptember 30, 2009 The Phase II project wasexpanded to 22 countries, including all of the

Anglophone African countries1

and was imple-mented jointly by the IMF and the World Bank.

A third DFIDfinanced project, the EnhancedData Dissemination Initiative (EDDI), provides anadditional US$75 million over five years (20102014) and covers 23 countries (adding Burundi)The focus of the EDDI includes: (1) making sig-nificant progress toward SDDS graduation in tar-get countries; (2) improving data disseminationin line with the recent revisions to the GDDS; and(3) supporting the statistical programs of various

regional groups (See Box 1)

In 2011, STA received financial support fromthe government of Japan through the JapanAccount administered by the IMF for a projectto substantially increase GDDS participation

1In addition to the 15 countries that participated in Phase

I, namely Botswana, Eritrea, Ethiopia, Ghana, Kenya, Liberia,

Lesotho, Malawi, Namibia, Nigeria, Sierra Leone, Sudan,

Swaziland, Zambia, and Zimbabwe, the Phase II project includes

Mauritius, Mozambique, Seychelles, Tanzania, the Gambia,

Uganda, and South Africa

among countries in the Asia Pacific region andtargeted member countries in the Middle East/Central Asia region The project is directed atsix Pacific Island countries,2 Lao PDR, andTimor-Leste, as well as Iran, Turkmenistan, andUzbekistan The main focus of the project isto perform diagnostics of each target countrysmacroeconomic statistical systems, as well as thedevelopment of plans for statistical improve-

ments, which would be designed to serve as thebasis for future statistical development Othersignificant results would be the posting of meta-data and links on the IMFs website, includinginformation on participants data compilationand dissemination practices, as well as the devel-opment of NSDPs and advance release calen-dars Papua New Guinea became a GDDS par-ticipant in February 2012 under the project

2Marshall Islands, Federated States of Micronesia, Palau,

Papua New Guinea, Samoa, and Tuvalu

Quarterly National Accounts Module Workshop inWindhoek, Namibia

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The Enhanced Data Dissemination Initiative (EDDI)

funded by the United Kingdom Department for

International Development (DFID) for five years

(20102014) has reached its mid-point. During its

first two and a half years, 17 workshops and more

than 80 technical assistance missions have been

fielded on behalf of the 23 participating African

countries. Technical assistance and training have

been delivered through modules structured around

groups of countries with similar needs in the four

main areas of macroeconomic statistics: monetary,

government finance, balance of payments, and

national accounts. The main emphases have been

on the production of more timely and frequent datafor policymakers, working with regional organiza-

tions such as the East African Community and the

Southern Africa Customs Union, and collaboration

with other TA providers.

Notable outputs achieved during the first half of EDDI,

some of which are ahead of the targets, are:

BurundijoinedtheGDDSonAugust9,2011;

MauritiussubscribedtotheSDDSonFebruary28,

2012;

AllcountriesintheBalanceofPaymentsstatisticsmodule completed private capital flows surveys

(PCFS) and began to analyze and incorporate

results. Ghana has begun to publish international

investment position statistics for the first time based

onPCFSdata;

Ghana,Rwanda,andUgandapublishedforthe

first time quarterly national accounts (QNA), and

ZanzibaralsoreleaseditsfirstQNA;

Fiveadditionalcountries(Botswana,Mauritius,

Mozambique, Tanzania, and Uganda) have started

to publish national summary data pages and four

additionalcountries(Botswana,Mauritius,Rwanda,

and Uganda) have commenced publishing advance

releasecalendars;

TheGovernment Finance Statistics: Compilation

Guide for Developing Countries was published in

September2011;

Threeadditionalcountries(Mauritius,Seychelles,

and Uganda) have begun to publish financial

soundnessindicators;and

FivecountriesofEastAfricanCommunity(Burundi,

Kenya, Rwanda, Tanzania, and Uganda) have

agreed on a framework for harmonizing mon-

etarystatistics,akeysteptowardtheirobjectiveof

achieving a monetary union.

With this momentum, it is expected that in the last

half of EDDI, the remaining countries in the respec-

tive modules cited above will achieve similar results

following the lead and mentoring of those who have

advanced more quickly.

Bx 1. ead Daa Dssma iav Pj

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Section 5

rvw ad rsa AvsSTA participates in core IMF activities relat-ing to bilateral and multilateral surveillance,including global market surveillance and sup-port of macroeconomic adjustment programsIt reviews staff reports prepared in the contextof Article IV consultations to be submitted to theExecutive Board for countries where data provi-

sion to the IMF has serious shortcomings thatsignificantly hamper surveillance The focus isto ensure that the reports (i) describe accuratelythe timeliness, periodicity, coverage, and otheraspects of the quality of data on which the analy-sis is based; (ii) present a strategy for improve-ment in appropriate cases; and (iii) indicate theauthorities data dissemination policies

STA staff participates in the IMFs programof research on operational matters and policyThey also produce research papers which arepublished in publications of the IMF and otherinstitutions (See Box 2)

Daa QualySTA is engaged in actively supporting overallstrategies and action plans for enhancing dataquality in member countries In its efforts topromote data quality with member countries,the Department makes extensive use of theData Quality Assessment Framework (DQAF)that it has developed as a tool to provide a

systematic approach to assessing data qualityDocumentation is available on the DSBB (http://dsbb.imf.org) The DQAF brings together astructure and common language for good prac-tices and internationally accepted concepts anddefinitions in statistics, including those of theUnited NationsFundamental Principles of OfficialStatisticsand the SDDS/GDDS The methodol-ogy helps to identify and document in a system-atic manner practices in statistical production,

ranging from institutional arrangements to datacollection, compilation, and disseminationThe framework is kept current in reflecting inter-nationally recognized good statistical practicesas they evolve The DQAF has been updated toreflect methodologies in the 2008 SNAand BPM6as well as to broaden the coverage of the assess-ment to include the other financial corporations

in the monetary and financial statistics sector

The DQAF can be used by national produc-ers of official statistics as a tool to document andmonitor data quality, by international organiza-tions for their assessment of countries data qual-ity, and by other data users, including those inthe private sector

rps obsva fSadads ad cds

The Report on the Observance of Standardsand Codes (ROSC) initiative was launched as aprominent component of efforts to strengthenthe international financial architecture It cov-ers 12 standards, including data standards Thedepartment has scaled down the number of datamodule assessments in recent years because ofresource constraints In the last 12 months end-ing June 2012, a data module ROSC reassess-ment for Georgia was published

Data module assessments are undertaken using

the DQAF The DQAF helps to identify the devia-tions of countries statistical practices against inter-nationally accepted practices and ways to improvethe quality of statistical products and institutions

As of July 2012, 127 data module ROSCs hadbeen completed, including updates and reassess-ments (See Box 3) Links to the published mod-ules can be found on the IMF website athttp://dsbb.imf.org(go to DQRS)

Support of Surveillance

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Wa Ls Ba: Sasal Dfs f

Publ Db

Rob Dippelsman, Claudia Dziobek, and Carlos

Gutierrez Mangas

IMF Staff Discussion Note (SDN/12/09) (July 2012)

The authors show that debt-to-GDP ratios for a coun-

try at any given time can range from 40 to over 100

percent depending on the definition used. The authors

suggest that gross debt of the general government as

defined in the Public Sector Debt Statistics Guide should

be globally adopted as the headline indicator supple-

mented by other measures for risk-based assessments

of the fiscal position.

Fa edwm, Suual c, ad

em gw

Natasha Che

IMF Working Paper, No. 12/165 (June 2012)

This paper studies the linkage between structural coher-

ence and economic growth. The paper found that at

least for the overall capital, the shares of capital inten-

sive industries were significantly bigger with higher ini-

tial capital endowment and faster capital accumulation.

o exapla w D

Ppal Bmak Md

Marco Marini and Tommaso Di Fonzo

IMF Working Paper, No. 12/169 (June 2012)

This paper deals with the use of the Denton propor-

tional benchmarking method for extrapolation. The

enhanced formula proposed in the IMFs Quarterly

National Accounts Manualis further elaborated, and

then applied to artificial and real-life data to show how

extrapolations may be effectively improved.

o nsaay f exa

ra PssYuko Hashimoto, Hideki Ohnishi, Takaaki Takayasu,

Takatoshi Ito, Tsutomu Watanabe, and Misako Takayasu

International Review of Financial Analysis, Vol. 23

(June 2012)

This paper empirically investigates the nonsta-

tionarity property of the U.S. dollarJapanese yen

exchange rate by using a high frequency dataset

spanning eight years.

Wy hus P idxs Dff: Masum

ad Aalyss

Mick Silver

IMF Working Paper, No. 12/125 (May 2012)

This paper outlines key measurement issues and reports

on empirical work using an international panel dataset.

The paper examines whether differences in house price

indexes (HPI) measurement matter and revisits global

house price inflation measurement and the modeling of

the determinants of house price inflation using HPIs cor-

rected for differences in measurement practice.

Ps-Laspys: t cas f a nw Fmula

f cmpl csum P idxs

Paul Armknecht and Mick Silver

IMF Working Paper, No. 12/105 (April 2012)

This paper suggests alternatives to compiling CPI using

Laspeyres-type arithmetic averages. Empirical application

on U.S. data suggests that the new methods can reduce

biases in estimating CPI.

Suual rfms ad ral cv

Antonio Spilimbergo and Natasha Che

IMF Working Paper, No. 12/106 (April 2012)

This paper examines which structural reforms affect the

speed of the regional convergence within a country.

The paper found that domestic financial development,

trade/current account openness, better institutional

infrastructure, and selected labor market reforms facili-

tate regional convergence.

A iad Famwk f Faal

Pss ad Flws a Fm-Wm--

Wm Bass: cps, Saus, ad PspsManik Shrestha, Reimund Mink, and Segismundo Fassler

IMF Working Paper, No. 12/57 (February 2012)

To enhance the analysis of financial interconnectedness

among and across the various sectors of an economy

and with their counterparts in the rest of the world, this

paper sets the background for internationally coordinat-

Bx 2. Publsd rsa Paps by StA Saff

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ed efforts for compiling data on sectoral financial posi-

tions and flows on a from-whom-to-whom basis within

the framework of the System of National Accounts.

A idx numb Fmula Pblm: t

Aa f Badly cmpaabl ims

Mick Silver

Journal of Official Statistics, Vol. 27, No. 4 (December

2011)

This paper provides a formal analysis as to why super-

lative index number formula (best for aggregating

heterogeneous items) differs from unit value index for-

mula (best for aggregating homogeneous items) and

proposes a solution to the practical case of broadlycomparable items.

ea ifma Faal Sably

AdelheidBurgi-Schmelz,AlfredoM.Leone,Robert

Heath, and Andrew Kitili

IFC Bulletin, No. 34, pp. 11-17 (November 2011)

This paper discusses the lessons from the recent crisis

that have implications for financial stability, outlining

key data gaps identified through the G-20 Data Gaps

Initiative, the progress made in addressing these gaps,

and the key challenges.

hus P ids: Ds Masum

Ma?

Mick Silver

World Economics, Vol. 12, No. 3 (JulySeptember 2011)

This paper argues the need for reliable, consistent, and

internationally comparable residential property price

indices to understand the relationship between the

booms and busts in real estate markets, using data on

U.S., U.K., and Russia.

Assss Sysma tadidssA empal Appa

Luca Errico and Alexander Massara

IMF Working Paper, No. 11/214 (September 2011)

Using the Direction of Trade Statistics database and

network analysis, the paper develops a framework

fordevelopingjurisdictionsbasedontradesizeand

interconnectedness indicators using data for 2000

and 2010. The results indicate a near perfect overlap

between the top 25 systematically important trade and

financialjurisdictions.

iaal rsvs ad glbal

Faal css

Yuko Hashimoto, Kathryn M.E. Dominguez, and

Takatoshi Ito

NBER Working PaperNo.17362(August2011);

published inJournal of International Economics

(March 2012)

This study examines whether pre-crisis international

reserve accumulations, as well as exchange rate andreserve policy decisions made during the global financial

crisis, can help to explain cross-country differences in

post-crisis economic performance. The findings support

the view that higher reserve accumulations prior to the

crisis are associated with higher post-crisis GDP growth.

A nws Md f Bmak

tm Ss Ad a gw ras

Psva Ppl

Marco Marini and Tommaso Di Fonzo

IMF Working Paper, No. 11/179 (July 2011)

This paper proposes a nonlinear benchmarking tech-

niquethatminimizestheadjustmenttothegrowth

rates of the preliminary series. The paper shows that

the proposed technique is easy to implement, compu-

tationally robust, and efficient, features, which make it

a plausible competitor of other benchmarking proce-

dures applied by data producing agencies.

twads a Bs Pa f Mdl U f

Masu ad rlad Sasal Madaa

Michaela Denk and Wilfried Grossmann

IMF Working Paper, No. 11/152 (June 2011)This paper is a contribution to harmonizing cross-domain

terminology to increase the efficiency of data and meta-

data exchange using the example of unit of measure.

It reviews modeling practices and proposes alternatives

that can help further develop the Data and Metadata

Exchange (SDMX) Content-Oriented Guidelines.

Bx 2. (continued)

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Bx 3. Daa Mdul roScs cmpld, by cuy gups

Source: Statistics Department.Covers all data module ROSCs, including updates and reassessments completed through July 2012.Country groups based on the World Economic Outlookclassification.

Western Hemisphere, 21

Sub-Saharan Africa, 23

Middle East &Northern Africa, 8

Central &

Eastern Europe, 20

Advanced, 28

CIS & Mongolia &

Georgia, 18

Developing

Asia, 9

Georgia Data ModuleROSC Team

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Recent Developments and Current Initiatives 2

Section 6

STA is actively engaged in developingstatistical methodologies that enhanceinternational comparability, support theefficient use of statistical resources, and

promote the analytical usefulness of statisticsThe IMFs expertise is primarily in the nationalaccounts, prices, government finance statis-tics, monetary and financial statistics, financial

soundness indicators, and balance of paymentsand other external sector statistics The IMFstatistical methodologies are harmonized withthe principles of the System of National Accountsand the Balance of Payments and InternationalInvestment Position Manual, and they underpinthe IMFs data standards

naal Aus ad Ps SassUnder the mandate of the United NationsStatistical Commission (UNSC), the

Intersecretariat Working Group on NationalAccounts (ISWGNA), comprising representa-tives of the five international organizations(Eurostat, the IMF, the OECD, the UN, and theWorld Bank) issued the 2008 SNAin early 2009The IMF worked with its ISWGNA partners indeveloping the 2008 SNAimplementation guid-ance that was endorsed by the UNSC in its 42ndsession in 2011 (available athttp://unstats.un.org/unsd/nationalaccount/imp.asp) Theprogram provides guidance for monitoring theimplementation of the 2008 SNA, milestones

to assess the scope of accounts that are com-piled by countries, minimum set of accountsthat needs to be compiled, a recommendedset of accounts, and a desired set of accountsTo assess the compliance with major 2008 SNAconcepts, the ISWGNA developed a set of ques-tions The quality of the national accountsdimension is to be assessed using the IMF dataquality assessment framework

Most countries are still using the 1993 ver-sion of the system of national accounts but areworking on implementation of the 2008 SNATo advise on this implementation process,as well as on the 2008 SNAresearch agenda,the ISWGNA re-convened its Advisory ExpertGroup (See Box 4)

Through its technical assistance and train-ing programs, STA is assisting countries toimplement the 2008 SNA One of its major pro-grams is the Capacity Building for SustainableCompilation of Real Sector Statistics in South-Eastern Europe, funded by the government ofJapan This program was launched in July 2012in a workshop in Sarajevo that was opened byHideo Yamazaki, Japanese Ambassador to Bosniaand Herzegovina Under this program, the IMFprovides support and assistance to nine coun-triesAlbania, Bosnia and Herzegovina, Kosovo,

FYR of Macedonia, Montenegro, Serbia, Belarus,Moldova, and Ukraineprimarily through threelong-term experts based in the region as well asvisits of short-term experts

The IMF is working with other internationalorganizations in the IAG on various workinggroups to follow up on recommendations ofthe G-20 Data Gaps Initiative Among these isRecommendation 15 on promoting compila-tion and dissemination of the sectoral nationalaccounts, balance sheets, and flow of fundsThe IMF is leading the working group on devel-oping and implementing a strategy to improvedata compilation and dissemination of theseimportant datasets

The development of sectoral accounts,balance sheets, and flow of funds within theframework of the 2008 SNAalso provides anoverarching framework for data on balance of

Statistical Methodologies

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payments and international investment posi-tion, securities statistics, government finance

statistics, and monetary statistics The reportingtemplates on all these datasets are also beingharmonized with the template on sectoralaccounts, which will ensure data consistencyacross economic sectors and statistics domainsThe development of a full-fledged sectoralaccounts and flow of funds will help betterunderstand financial connections within theeconomy and with the rest of the world, realand financial linkages, and the role played bynonbank financial institutions in the financialsector and in the economy

A conference on Strengthening SectoralPosition and Flow Data in the MacroeconomicAccounts was organized by the IMF and theOECD in 2011 as part of the work program toimplement Recommendation 15 Following theconference, the Working Group on SectoralAccounts of the IAG, both of which chaired bythe IMF, worked with G-20 economies to agree

on a template for compiling and reporting inte-grated sectoral national accounts statistics as part

of the implementation of the 2008 SNA Thesetemplates are posted athttp://www.imf.org/external/np/sta/templates/sectacct/index.htm.

The IAG has agreement from G-20 statisticalsystems on the compilation of sectoral accountsand sectoral financial positions and flows ona quarterly frequency with a timeliness of onequarter Work on sectoral accounts is being inte-grated with the implementation of the 2008 SNAby 2014 in many economies To assist countriesin this effort, in the past fiscal year STA pre-sented two new sectoral national accounts train-ing courses, one on linkages of macroeconomicaccounts for data users, and one on sectoral bal-ance sheets and accumulation accounts for datacompilers These courses are expected to beroutinely offered STA also has initiated techni-cal assistance with emerging market economieson development of sectoral accounts, includingemerging market members of the G-20

Advsy exp gup

In 2009, the UNSC adopted a new version of the inter-

national standard for national accounting, the System

of National Accounts 2008 (2008 SNA) superseding

the 1993 SNA. The 2008 SNA is available in hardcopy

as well as PDF format at (http://unstats.un.org/unsd/

nationalaccount/sna2008.asp). The ISWGNA is the

international consortium responsible for the SNA.

The IMF, through STA, is a permanent member of the

ISWGNA. The chairmanship of the ISWGNA rotates

among the five institutions usually on an annual basis.

The current chair is the OECD.

In 2011, the ISWGNA refreshed its Advisory Expert

Group (AEG) of international experts on national

accounts and revised the AEG terms of reference,

making it a standing committee advising the ISWGNA

on matters arising in 2008 SNA implementation as

well as methodological clarification and guidance.

The first meeting of the re-commissioned AEG was

held during April 2325, 2012 in New York. The AEG

considered an array of issues, including the ISWGNA

work program, an interim report from the ISWGNA

Task Force clarifying the 2008 SNAs guidance on

financial services, providing further guidance on

recording research and development expenditures

as capital formation, setting the discount rate for

calculating pension liabilities, and an array of other

topics. The meetings proceedings are available at

http://unstats.un.org/unsd/nationalaccount/

ramtg.asp?fType=2.

iMF Quarterly National Accounts Manual

In the coming financial year, STA will begin updating

IMFs Quarterly National Accounts Manual, published

in 2001, to incorporate 2008 SNA guidance and cover

methodological developments in benchmarking and

other quarterly national accounts topics.

Bx 4. iaal Sadads f naal Aus SassSystem of National Accounts 2008

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The Inter-Secretariat Working Group on PriceStatistics (IWGPS) oversees authorship of manualson international best practices in concepts and thecompilation of prices statistics STA contributedto the production and publication of manuals onthe consumer price index (CPI), producer priceindex (PPI), and export and import price indices(XMPI) The CPI Manualis available in Arabic,Chinese, English, French, Spanish, and RussianTheExport and Import Price Index Manualis availablein English More recently, the IWGPS has devel-oped a handbook on residential property priceindexes and will begin work on guidance on com-mercial property price indexes (See Box 5)

The Intersecretariat Task Force onMerchandise Trade Statistics, chaired by the

World Trade Organization (WTO), undertakesa range of work in harmonizing and developingmethodology for international trade statisticsSTA has actively participated in this task forcesinitiatives to develop international handbookson concepts and compilation methods for mer-chandise trade statistics and to reconcile mer-chandise trade data collected by the IMF, theUN, and the WTO

STA continued its contribution to theTechnical Advisory Group of the InternationalComparisons Program (ICP) based at theWorld Bank The ICP produces internationalprice indices called purchasing power paritiesthat allow comparison of GDP volume levelsamong countries for a benchmark year, mostrecently for 2005 In December 2007, the ICPissued purchasing power parities from its 2005benchmark round that were subsequently usedin the World Economic Outlookand IFSpublica-tions The new price indices also were usedto produce the ICPs GDP volume data forIMF member countries at purchasing powerparity, one of the elements in the revisedquota formula determining the voice eachmember country has on the IMF ExecutiveBoard (seewww.imf.org/external/np/exr/facts/quotas.htm) STA remains engaged withthe ICPs forthcoming 20112012 round To

Launch of the Japanese-Funded Project Capacity Building for Sustainable Compilation of Real Sector Statistics inSouth-Eastern Europe in Sarajevo, Bosnia and Herzegovina

Japanese Ambassador to Bosnia and Herzegovina withResident Advisors and Participants

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The setting of standards and the wider dissemination

of real estate price indexes is one of the 20 recom-

mendations of the Report on the Financial Crisis and

Information GapsbystaffoftheIMFandtheFSB

Secretariat, endorsed in October 2009 by the G-20

FinanceMinistersandCentralBankGovernors.STA

hasplayedamajorroleindevelopingthiscriticalarea

as key to the success of this venture is the collabora-

tive nature of the work with other international orga-

nizations and stakeholders.

The initiative to improve and harmonize residential

propertypriceindexes(RPPIs)datesbacktoaBIS-

IMF conference in Washington, D.C. in October

2003 resulting in the inclusion of RPPIs in the IMFs

Compilation Guide of Financial Soundness Indicators.

In November 2006, the case for a detailed Handbook

on RPPIs was promoted in an OECD-IMF workshop

on Real Estate Price Indexes. Eurostat took the lead

for the Handbook on RPPIs, which is now available

on Eurostats website.*

To promote implementation, Eurostat and the EU

National Statistical Institutes have carried out a pilot

projecttodevelopharmonizedRPPIs;STAhasprovid-

edtechnicalassistanceonRPPIcompilationtomajor

G-20 economies. International organizations have

also worked to improve the dissemination of RPPIs.

PropertypriceindexesaredisseminatedintheBIS,

PGI, and Eurostat websites.

STA is undertaking a program of research into mea-

surement effects of property price indexes and the

impact of measurement differences on macroeco-

nomic analysis.

*http://epp.eurostat.ec.europa.eu/portal/page/

portal/hicp/methodology/owner_occupied_

housing_hpi/rppi_handbook

Bx 5. Dvlp ral esa Ppy P idxs

Price Statistics Workshop of the System of National Accounts and the International Comparison Program held inBangkok in December 2012

complement the ongoing ICP project, STAlaunched a technical assistance program onthe Implementation of the System of NationalAccounts and the International ComparisonProgram (See Box 6)

gvm Fa SassSTA promotes government finance statistics in sev-eral ways It develops and updates standard con-cepts and definitions of the Government FinanceStatistics Manual(GFSM) and the PublicSectorDebt

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StatisticsGuide(PSDSG), provides training andtechnical assistance, and maintains standardizeddatabases The data cover both transactions andpositions (including public debt) STA contin-ues to work toward the adoption ofGFSMas thestandard for IMF staff reports, the World EconomicOutlookandFiscal Monitordatabases, and PGI web-site It engages with country authorities to effectgradual, but consistent progress toward highquality fiscal data, reduce data gaps, and improveinternational comparability of the data It activelyseeks a dialogue with data users and analysts andviews the economists in the IMF Fiscal AffairsDepartment and area departments as key partnersin achieving high quality fiscal data

STA convened the second meeting of theGovernment Finance Statistics (GFS) AdvisoryCommittee in May 2012 to discuss the updateof the GFSM The Committee reached agree-ment on the main outstanding methodological

issues, such as public sector debt, contingentliabilities, public-private partnerships, resourcerevenues, and bank restructuring agenciesguaranteed by the government The updateis designed to harmonize the GFSM 2001 withthe 2008 SNA It also aims to provide furtherconceptual guidance to compilers of fiscal sta-tistics on how best to meet the analytical needsof users The updated manual will maintainan integration of stock positions and flows,and will create a statistical framework which,if fully implemented, will assess whether mem-ber countries are facing fiscal liquidity and/orsustainability challenges The first draft of theupdated GFSMis expected to be available forpublic comment by the end of 2012

The GFSCompilationGuideforDevelopingCountries, funded by the DFID, has been pub-lished (http://www.imf.org/external/pubs/ft/gfs/manual/compil.pdf) The guide specifi-

Since the launch of the program in 2011, good prog-

ress has been made by the participating countries to

improve the accuracy of their price statistics and nation-

al accounts estimates. The government of Japan is gen-

erously providing the funding for this program.Theoverallobjectiveoftheprogramistobuildstatisti-

cal capacity and improve price statistics and national

accounts estimates in the participating countries.Drivenbycountry-definedneedsandobjectives,the

program provides technical assistance and training

workshops to build a strong foundation for individual

countries to develop new or improve existing key mac-

roeconomic indicators. Workshops include both discus-

sion to promote sharing of experiences and practical

exercises to reinforce best practices.

Papa us ad sus

Participatingcountriesinclude:Bhutan,Cambodia,Fiji,

Indonesia, Maldives, Mongolia, Nepal, Philippines, Sri

Lanka, Thailand, and Vietnam.

Pss

Within a relatively short period of time, participating

countries have made notable progress to date:

Bhutanreleasedthefirsteverproducerpriceindex

inJune2012;

MaldivesreleasedanupdatedCPIinJuly2012that

morebroadlyreflectsinternationalbestpractices;and

NepalwillreleaseaPPIbytheendof2012andis

currently working to transfer responsibility for the

CPI from the central bank to the statistics office.

Steady progress continues to be made by all participat-

ing countries. It is expected that by the end of 2012,a number of the countries will release their first quar-

terly national accounts estimates. This represents huge

improvement over annual national accounts estimates

and will provide users with more timely data on eco-

nomic development and growth. In the course of 2012

and early 2013, countries will continue to meet their

statedTAobjectivesandgoalswiththereleaseofnew

macroeconomic data series.

Bx 6. implma f Sysm f naal Ausad iaal cmpas Pam

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cally addresses GFS compilation issues facedby developing countries and represents a newapproach by STA to assist these countries tocompile GFS in accordance with the guidelinesof the GFSM 2001 In addition, a GFS QuarterlyCompilation Guide is being drafted to providethe procedures for improving the compilationof high frequency data for general governmentThis guide is expected to be published later thisyear The printed version ofPublicSectorDebtStatisticsGuide for Compilers and Users, preparedby the IMF in collaboration with the multi-agen-cy Task Force on Finance Statistics, was releasedin December 2011 The Guide is intended tohelp standardize definitions and classificationsof public sector debt liabilities and to serve asthe conceptual basis for an internationally com-parable public sector debt database

Over 100 countries disseminate their fis-cal data in the GFSM 2001 format in the GFSY(Figure 4) In 2012, STA processed publicfinance statistics for 116 countries for publicationin the 35th edition of the GFSY(the electronicdatabase contains data for a total of 138 coun-tries) Data for 112 countries were processed in2012 for publication in IFS(the electronic data-base contains data for a total of 135 countries)Of these, 86 countries provided high frequency

(quarterly and/or monthly) data The GFSYtimeseries has also been improved by lengthening theseries from 1972 to current, and addressing miss-ing data Currently, the presentation of countrymetadata, particularly the institutional tables, isbeing upgraded to explain the specific institu-tional structure of government (including docu-mentation on structural breaks in the series) andto have the information in a consistent electronicformat Following the IMFs Board decision tomigrate fiscal tables of the staff reports to theGFSM 2001 format, as of end-June 2012, staffreports for 111 countries have now adopted thisformat, which makes the data more comparableacross countries or across regions It also meansthat users can switch back and forth more easilybetween the staff report data and data includedin the GFSY STA, in collaboration with theWorld Bank and the OECD, has established an

online database with access to public sector debtstatistics with 59 countries posting their debt dataas of end-June 2012 (http://www.worldbank.org/qpsd) In view of the high demand for thesedata, STA is stepping up its efforts to furtherbuild up this new database through strengthenedcollaboration with other international agenciessuch as the Commonwealth Secretariat, OECD,and United Nations Conference on Trade andDevelopment (UNCTAD)

The GFS Advisory Committee with Deputy Managing Director Min Zhu

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STA continues to provide technical support,contribute to inter-agency collaboration initiatives,and conduct research on government finance sta-tistics Two new courses were introduced in 2011PublicSectorDebtStatisticsand GFS for Managers Inaddition, STA is engaged in bilateral technicalassistance, some of which are being providedunder regional arrangements such as the EDDIin Africa, Monetary and Economic Communityof Central Africa, and some through the IMFRegional Technical Assistance Centers Morerecently, a three-year GFS technical assistance pro-gram for Asian and Pacific Island Countries waslaunched with funding from the government of

Japan STA collaborates with the IMF Fiscal AffairsDepartment on developing statistics that are inte-grated with public finance management arrange-ments In the area of GFS, STA is also involvedin addressing the recommendations of the G-20Data Gaps Initiative, specifically Recommendation17 on plans to compile quarterly general govern-ment data based on the GFSM 2001 frameworkand Recommendation 18 on participating in theonline public sector debt database

May ad Faal SassCurrently, 133 countries report monetary

statistics to the IMF based on the standard-ized report forms (SRFs) These forms weredesigned to facilitate the compilation and dis-semination of monetary data in accordancewith the internationally accepted method-ologythe Monetary and Financial StatisticsManual (MFSM) and the Monetary and FinancialStatistics: Compilation Guide(MFSCG)while atthe same time reducing reporting burdens formember countries and enhancing cross-countrycomparability Implementation of the SRFs hasrequired that additional guidance on technical

and methodological issues be provided to datacompilers in reporting countries Monetary sta-tistics based on the SRFs are published monthlyin IFSIn addition, SRFs provide a substantialportion of the information needed for theIMFs balance sheet approach, which itself sup-ports vulnerability analysis and serves as a pri-mary source for the development of integratedmonetary databases (common data source forSTA and IMF area departments)

General GovernmentCentral GovernmentBudgetary CentralGovernment

No ReportingN.A.

Fu 4. gvm Fa Sass: Aual Daa rp by Lvl* ( 2010)

*Reporting is based on countries providing sufficient data to computenet lending/borrowing or cash surplus deficit.

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The focus of methodological work in the areaof monetary and financial statistics has shiftedtoward expansion of the coverage of other finan-cial corporations Currently, about 33 out of133 SRF-reporting countries report other finan-

cial corporations data and outreach is underwayto increase the number of reporting countriesFinally, work has been initiated on a project aim-ing to integrate into a single volume by end-2013the MFSMand MFSCGwhile incorporating revi-sions consistent with the methodologies of the2008 SNAand BPM6. Consultations with inter-national experts took place during the MFSMExpert Group Meeting at IMF Headquarters inFebruary 2012 The meetingattended by 42 par-

ticipants from 32 countries and eight internation-al or regional agenciesdiscussed a wide rangeof issues related to the revision of the MFSMandMFSCGFurther consultations are envisaged

Faal Sudss idasAs part of the IMFs ongoing contributions tostrengthening the architecture of the inter-national monetary system, STA continues toupgrade the publicly available FSI website(http://fsi.imf.org) The publicly disseminatedFSIs, ranging from regulatory capital adequacyratios to real estate prices, can assist in analyz-ing the soundness of financial institutions as a

Launch of the GFS Technical Assistance Program for Asian Countries held in Bangkok in March 2012.

Deputy Managing Director Min Zhu delivered the opening remarks at theMFSMExpert Group meeting

in February 2012.

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sector and the conditions of the counterpartcorporate and household sectors and relevantmarkets FSIs complement other assessmentsof soundness, such as early warning indicatorsand macroeconomic vulnerability exercises, andsupport macroprudential analysis and financialsector surveillance

Currently, the website contains FSI data from74 countries, a number that is expected to con-tinue to increase over the period ahead Mostcontributing countries have submitted all 12core FSIs relating to deposit-taking institutions(ie, banks), and many have supplied some ofthe 28 additional indicators that members areencouraged to submit relating to deposit-taking

institutions, other financial corporations, nonfi-nancial corporations, households, market liquid-ity, and real estate markets

In addition to the numerical information, theFSI database includes the metadata provided bycountries on national practices that govern thecompilation of FSIs The data can be searchedand sorted, using criteria chosen by the user fromthe set of metadata categories This permits theretrieval of data that are comparable across coun-tries, and/or across time, for the chosen metadata

categories STA has been utilizing the FSI database,supplemented where necessary with national web-sites and information provided by IMF desk econo-mists, to produce the FSI tables associated with theIMFs Global Financial Stability Report

The next steps in the work on FSIs includethe expansion of the FSI database by havingadditional member countries report their FSIsfor dissemination on the FSI website (http://fsi.imf.org) Moreover, existing reporters arebeing encouraged to further build time series

of FSI data STA is currently reviewing the listof FSIstaking into consideration, inter alia,the lessons from the financial crisiswith a viewto (1) amending, if needed, the current alloca-tion between core and encouraged FSIs and(2) incorporating new FSIs in the current list Inthis context, international experts comprisingthe Financial Soundness Indicators ReferenceGroup (FSIRG) met at IMF Headquarters in

November 2011 and discussed a wide range

of issues related to the revision of the FSIsCompilation Guide Based on the FSIRGsSummary of Key Points and Conclusions, STA devel-oped a work program that will culminate withthe production of a revisedFSIs CompilationGuidetoward the end of 2013 One importantarea that the new guide will focus on is theimprovement of disclosure of insurance com-panies and other nonbank financial institutions(NBFIs) Therefore, STA, in collaboration withthe FSB, is working to improve the informationon NBFIs and to expand the number of coun-tries reporting FSIs for NBFIs

Faal Ass SuvyThe online Financial Access Survey (FAS) data-base athttp://fas.imf.orgprovides financialaccess indicators and accompanying meta-data developed through the Access to FinanceProject It provides the results of the 2012 FAS,which was conducted in collaboration withthe International Finance Corporation (IFC)and the Consultative Group to Assist the Poor

(CGAP) The 2012 FAS was made possible withfinancial support from the Netherlands Ministryof Foreign Affairs and the Australian Agency forInternational Development

The FAS website contains annual data for about160 respondents covering 20042011 for key indi-cators of geographic and demographic outreachof financial services, as well as the underlying data

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The reach of financial services is measured bybank branch network, availability of automated

teller machines, and by four key financial instru-ments: deposits, loans, debt securities issued,and insurance The 2012 FAS questionnaire wasexpanded to include (1) time series for creditunions, financial cooperatives, and microfinanceinstitutions, and (2) the separate identification ofsmall and medium enterprises, households, lifeinsurance, and non-life insurance companies

Sus SassThe BIS, ECB, and the IMF jointly publish theHandbook on Securities Statistics. The Handbookis

the first publicationof its kind dealingexclusively with theconceptual frameworkfor the compilationand presentation ofsecurities statisticsIt directly addressesRecommendation 7of the G-20 Data GapsInitiative concerning

the need to fill data gaps and strengthen datacollection Part 1 of the Handbook, dealing withstatistics on debt securities issues, was publishedin May 2009 Part 2 of the Handbook,publishedin September 2010, provides a conceptualframework for the position and flow statistics ondebt securities holdings based on the 2008 SNAand BPM6 It goes partly beyond these standardsby elaborating on additional issues such as debtsecurities holdings by issuer, currency, maturity,

type of interest rate, and country Special atten-tion is also paid to specific operations related to

debt securities holdings such as reverse transac-tions, short-selling, depository receipts, strippedsecurities, and nominee accounts

Part 3 of the Handbookwill cover the issuanceand holdings of equity securities In this regard,an Expert Group Meeting was held at IMFHeadquarters in October 2011 to discuss a draftof Part 3 of the Handbook It is expected thatPart 3 of the Handbookwill be published in theautumn of 2012

Parts 1 and 2 of the Handbookare availablein electronic version athttp://www.imf.org/external/np/sta/wgsd/index.htm.

Bala f Payms ad oexal S SassBalance of Payments and International Investment

Position Manual (BPM6)

International guidance for compiling balanceof payments statistics must be updated on a

regular basis to keep

abreast of the chang-ing nature of interna-tional transactions andthe increasing dataneeds of users In thisregard, the BPM6wasreleased in hard copyin 2009 as an updateto the BPM5(releasedin 1993) The BPM6

Experts from 32 countries and 10 international organizations attended the FSI Reference Group meeting at IMFHeadquarters in November 2011.

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retains the basic framework of the BPM5, andthe revision was undertaken in parallel with theupdate of the SNA, thereby enhancing the har-monization of macroeconomic statistics

The BPM6is available on the IMF website atwww.imf.org/external/pubs/ft/bop/2007/bop-man6.htm. Hardcopies are available from the IMF

Bookstore and can be ordered online The BPM6has been translated into Arabic, Chinese, Russian,and Spanish, and these versions have been postedon the IMF website The French language versionwill be available toward the end of 2012

The implementation of the BPM6encompass-es several major steps, including:

rlas f bala f payms ad iiP daa

a BPM6psaal bass

BeginningwiththeAugust2012releasesofthe

IFSand the on-line Balance of Payments Statistics

Database, STA disseminates balance of payments and

IIP data from 2005 forward in accordance with the

methodology of the BPM6.

With the change-over of countries data to the BPM6

presentational basis, the IMF continues to publish data

for its membership on a basis that is consistent across

countries and across time periods. Such data consis-

tency is required to perform cross-country data com-

parisons, track growth rates across time, and produce

regional or global data aggregates.

As countries are adopting the new methodological

standard at different times, STA has been working

with three groups of countries for presenting their

data on a BPM6 basis: (i) countries that report data to

the IMF on a BPM6basis;(ii)countriesthatreportdata

to STA based on BPM5and agreed to the generic

conversion of their data to a BPM6 basis by STA for

theIMFspublicationpurposes;and(iii)countriesthat

customize their BPM5-baseddatabyadjustingthe

results from the generic conversion. In the generic

conversion, STA uses conversion rules for re-arrang-

ing the BPM5data to a BPM6 presentational basis. The

rules are broadly applicable to countries in different

parts of the world and in various stages of develop-

ment, keeping the balances on current account, capital

account, and financial account unchanged.

Mindful of the IMF-wide Go Green initiative, the

hard copy of the 2012 Balance of Payments Statistics

Yearbook(BOPSY) has been streamlined. However, to

meet various users demands, the full detail for the

external accounts is available on-line.

Lau f w l madaa

qusas

STA developed a new, web-based balance of payments

and IIP metadata questionnaire. These electronic ques-

tionnaires facilitate the reporting and processing of the

metadata. The metadata, which had been published

in BOPSY Part 3, will be available only on-line and in

CD-ROM. The 2012 BOPSY Part 1 and Part 2 will be

available in hard copy, online, and in CD-ROM.

nw BPM6p fms f daa mpls

STA developed new report forms that cover all BPM6

standard components as well as selected memoran-

dum and supplementary items. The new report forms

are consistent with Appendix 9 of BPM6. They are

available on the Integrated Correspondence System.

oua

STA will continue to engage in technical assistance,

training, and discussions with data compilers and users

inside and outside the IMF to promote and explain

the impact of BPM6 on time series and methodology.

With the aim of facilitating user understanding ofthe changes brought by BPM6 and from data conver-

sion, STA has also prepared a list of FAQs which are

available on the IMF website at http://www.imf.org/

external/pubs/ft/bop/2007/bpm6faq.pdf.

Lk aad

STA will be converting BPM5data to a BPM6 presen-

tational format until countries implement BPM6 and

provide STA with their own BPM6 estimates.

Bx 7. cvs f exal Aus BPM6

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Conversionofthebalanceofpaymentsand

international investment position data to aBPM6presentational format Most econo-mies accepted STAs offer to convert theirBPM5basis data to a BPM6format usingstandard conversion rules that are broadlyapplicable to countries in different parts

of the world and in various stages of devel-opment Beginning with the August 2012releases of the IFSand on-line Balance ofPayments StatisticsDatabase, the balance ofpayments and international investment posi-tion data from 2005 onward will be dissemi-nated by the IMF according to BPM6 About20 countries have already implemented theBPM6framework and reported their ownBPM6estimates to STA

Preparationofthe BPM6 Compilation Guide.

The BPM6 Compilation Guidewill be an updateto the currentBalance of Payments CompilationGuide, which is based on BPM5 Draft chaptersof the BPM6 Compilation Guidehave been post-ed on the internet as a living document forworldwide comments A pre-publication draftof the BPM6 Compilation Guideis expected inJune 2013

Technicalassistanceandtraining:STAcontin-ues to provide technical assistance and train-

ing to support countries in implementing theBPM6 The new manual is now used as thebasis for all technical assistance and trainingactivities in external sector statistics STAsefforts in capacity building of member coun-tries received a further boost with the recentapproval of a three-year programImproving

External Sector Statistics in Asia PacificRegionunder the Japan AdministeredAccount for Selected IMF Activities

iaal ivsm Ps (iiP)SassAs of July 2012, 131 jurisdictions, including allG-20 economies, report IIP data for publication in

the BOPSYand the IFS.STA continues its effortsto increase the number

of economies reportingIIP data through its IIPPipeline Project, an ini-tiative to assist a subsetof economies in compil-ing IIP statistics, notablythose economies thatSTA considers could

potentially develop such data in the near futureIn the IIP World and Regional aggregates pub-

Handbooks Expert Group Meeting at IMF Headquarters in November 2011

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lished in BOPSY, Part 2, reported IIP data accountfor approximately 97 percent of the estimatedglobal totals for IIP assets and liabilities

The efforts to increase quarterly IIP reportingcontinue, in line with Recommendation 12 of theG-20 Data Gaps Initiative and the IMF Executive

Board decision in 2010, which approved the pre-scription of quarterly IIP for SDDS subscriberswith quarterly timeliness, effective four years afterthe Board decision There are currently 76 juris-dictions reporting quarterly IIP data to STA

The publication Quarterly InternationalInvestmentPositionStatistics:DataSourcesand

Compilation Techniques, published inMarch 2011to assist data compilers in preparing and dis-seminating quarte

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