Overview of the IMF s Data Standards Initiatives
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1 Overview of the IMF s Data Standards Initiatives Presented by Artak Harutyunyan Washington DC December 4, 2006
2 Main Topics Origin and purpose Country Participation in the Initiatives Key Features of the GDDS Key Features of the SDDS Data Included in the GDDS/SDDS GDDS/SDDS Quality Dimensions Differences Between the SDDS and the GDDS Technical Assistance and Other Collaborative Efforts IMF s Executive Board s reviews of the initiatives Some general observations 1
3 Origin and Purpose (1) The IMF launched the data standards initiatives in 1996 to enhance member countries data transparency and to promote their development of sound statistical systems to inform public and private decision-making. The need for data standards was highlighted by the financial crises of the 1990s, in which information deficiencies were seen to play a role. 2
4 Origin and Purpose (2) The initiatives cover the General Data Dissemination System (GDDS) and the Special Data Dissemination Standard (SDDS). The GDDS provides countries seeking to develop their statistical systems a framework within which to work toward disseminating comprehensive and reliable data that, among other things, meet SDDS requirements. The SDDS guides countries that have or seek access to capital markets to disseminate key data so that users in general, and financial market participants in particular, can better assess the economic situations of individual countries. 3
5 Origin and Purpose (3) In drafting the SDDS and GDDS, the IMF staff drew on a wide range of experiences: Consultation with data producers and users by visits, questionnaires, and discussion drafts. Reference to internationally accepted practices and principles, such as the UN s Fundamental Principles of Official Statistics. 4
6 Country Participation in the Initiatives (1) Since the IMF launched the data standards initiatives a decade ago, 150 of its 184 member countries have participated. There are currently 64 SDDS subscribers and 86 GDDS participants. In total, 92 countries participated in the GDDS, six have graduated to become SDDS subscribers (Armenia, Bulgaria, Kazakhstan, the Kyrgyz Republic, Romania, and Moldova). The over 80-percent participation rate reaffirms the importance countries place on data transparency in the globalized economy, which the initiatives promote. 5
7 Country Participation in the Initiatives (2) To date, SDDS countries comprise 26 advanced economies, 13 from Central and Eastern Europe, 10 from Latin America, 6 from the Commonwealth of Independent States, 5 from developing Asia, 3 from Africa, and 1 from the Middle East. Of the 86 GDDS participating countries, about 50 percent are from Africa, 20 percent from Latin America, and the rest from Central and Eastern Europe, developing Asia, and the Middle East. 6
8 Dissemination Standards Bulletin Board To support the SDDS and the GDDS, the IMF has established and maintained the Dissemination Standards Bulletin Board (DSBB) to provide users ready access to economic and financial data and metadata disseminated by countries that participate in the GDDS or subscribe to the SDDS. The DSBB also identifies the members subscribing to the SDDS and participating in the GDDS. The responsibility for the accuracy of the metadata and of the economic and financial statistics underlying the metadata rests with member countries. 7
9 Key Features of the GDDS (1) The GDDS is a framework that guides countries in developing sound statistical systems as the basis for disseminating data to the public. The GDDS fosters: The application of sound methodology The adoption of good compilation and dissemination practices The observance of procedures ensuring professionalism 8
10 Key Features of the GDDS (2) The GDDS requires participating countries to prepare metadata on their current statistical practices, to develop their plans for improvement in the near and medium term, and to identify associated needs for technical assistance in implementing these plans. Participating countries must update their metadata at least annually to describe how their data compilation and dissemination activities are keeping pace with the best statistical practices. The DSBB disseminates metadata of GDDS participating countries. 9
11 Key Features of the SDDS (1) The SDDS is a data dissemination standard that identifies best practices in the dissemination of economic and financial data. Requires the presentation of metadata describing dissemination practices on the electronic bulletin board DSBB on the internet ( 10
12 Key Features of the SDDS (2) The SDDS prescribes that 21 categories of data be disseminated, each at a specific frequency and with a prescribed timeliness. These data cover the real sector, the fiscal sector, the financial sector, and the external sector. The SDDS requires subscribing countries to disseminate the data on a timely and regular basis, as set forth in the Standard, on the subscribing country s national website designated as the National Summary Data Page (NSDP). The SDDS also calls for subscribing countries to provide advance release calendars (ARCs) for posting on the IMF s DSBB that shows release dates for each data category at least for the following four months. 11
13 Key Features of the SDDS (3) The SDDS takes into account differences in institutional arrangements by providing flexibility options; the Standard does not follow a one size fits all approach. The availability of flexibility options for periodicity or timeliness varies with data categories. To provide users ready access to the subscriber s data, the NSDP is to be hyperlinked to the DSBB. Users can access the latest actual data (for the most recent two periods) through hyperlinks to the NSDP maintained by the subscribing country. 12
14 Data Included in the GDDS/SDDS (1) In each sector, economic and financial data that are important in evaluating performance and policy are identified at three different levels Comprehensive frameworks Tracking categories (core indicators) Other relevant categories 13
15 Data Included in the GDDS/SDDS (2) Comprehensive frameworks Real sector National accounts (SDDS/GDDS) Fiscal sector General government or public sector operations (SDDS/GDDS) Central government operations (GDDS) Financial sector Depository corporations survey (SDDS/GDDS) External sector Balance of payments (SDDS/GDDS) and IIP (SDDS) 14
16 Data Included in the GDDS/SDDS (3) Tracking categories Production index (SDDS/GDDS) Central government operations (SDDS) Central bank accounts (SDDS/GDDS) International reserves (SDDS/GDDS) Merchandise trade (SDDS/GDDS) External debt (SDDS) 15
17 Data Included in the GDDS/SDDS (4) Other relevant categories Price indices (SDDS/GDDS) Labor market data (SDDS/GDDS) Central government debt (SDDS/GDDS) Interest rates (SDDS/GDDS) Stock market (SDDS/GDDS) International investment position (SDDS/GDDS) Exchange rates (SDDS/GDDS) External debt (GDDS) 16
18 Data Included in the GDDS/SDDS (5) For socio-demographic data The SDDS prescribes population data as an addendum; useful as a scaling factor (e.g., GDP per capita). The GDDS provides examples of commonly used indicators for population, health, education, and poverty. 17
19 GDDS/SDDS Quality Dimensions (1) The GDDS and SDDS set out objectives for data production and dissemination. They link to the IMF Data Quality Assessment Framework (DQAF) which considers the following dimensions: 0. Prerequisites of quality 1. Assurance of integrity 2. Methodological soundness 3. Accuracy and Reliability 4. Serviceability 5. Accessibility 18
20 GDDS/SDDS Quality Dimensions (2) For each dimension, the DQAF identifies 3-5 elements of good practice, and for each element, several relevant indicators. Further, in a cascading structure, more detail and concreteness are provided by focal issues and key points. 19
21 Prerequisites of Quality This category identifies conditions within the agency in charge of producing statistics that have an impact on data quality. Elements of prerequisites of quality include: 0.1. Legal and institutional environment 0.2. Resources 0.3. Relevance 0.4. Other quality management 20
22 Assurance of Integrity Assurances of Integrity identifies features that support firm adherence to objectivity in the collection, compilation, and dissemination of statistics so as to maintain users' confidence. Elements of this category include: 1.1 Professionalism 1.2. Transparency 1.3. Ethical standards 21
23 Methodological Soundness Methodological soundness refers to the application of international standards, guidelines, and agreed practices. Application of such standards is indicative of the soundness of the data and fosters international comparability. Elements of methodological soundness include: 2.1. Concepts and definitions 2.2. Scope 2.3. Classification/ sectorization 2.4. Basis for recording 22
24 Accuracy and Reliability Accuracy and reliability identifies features that contribute to the goal that data portray reality. Elements of accuracy and reliability include: 3.1. Source data 3.2. Assessment of source data 3.3. Statistical techniques 3.4. Assessment and validation of intermediate data and statistical outputs 3.5. Revision studies 23
25 Serviceability Serviceability focuses on practical aspects of how well a dataset meet users' needs. Elements of serviceability include: 4.1. Periodicity and timeliness 4.2. Consistency 4.3. Revision policy and practice 24
26 Accessibility Accessibility deals with the availability of information to users. Elements of accessibility include: 5.1. Data accessibility 5.2. Metadata accessibility 5.3. Assistance to users 25
27 Differences Between the SDDS and the GDDS (1) The SDDS is a monitored standard. The GDDS is a framework to guide development. The SDDS prescribes specific practices that must be observed by countries that subscribe to it, whereas the GDDS provides guidelines on good practices and is generally less demanding than the SDDS. SDDS subscribers must fully meet the requirements of the SDDS at the time of subscription, while the GDDS does not fix dates by which participating countries must improve their existing practices; GDDS participating countries are to set their own priorities and timing for developing their statistical systems. 26
28 Differences Between the SDDS and the GDDS (2) Primary focus SDDS on dissemination of frequent and timely data Subscribers generally meet high data standards Comprehensive statistical frameworks are already adequate and complete (at time of SDDS subscription). GDDS on improvement in data quality to assist countries in developing their statistical systems through setting up plans for improvement and identifying technical assistance needs. 27
29 SDDS and GDDS Guidelines Useful guidelines help participation and observance. The IMF has developed guidelines to assist countries in subscribing to the SDDS or in participating in the GDDS. To incorporate enhancements to the SDDS since its inception, a new guide to the SDDS is to be released in the latter part of 2006 to replace the provisional guidelines produced in A revised GDDS guide will follow in due course. 28
30 Technical Assistance and Other Collaborative Efforts (1) The IMF staff conducts outreach seminars in various regions of the world to explain the basic tenets and the operational aspects of the SDDS, its enhancements to meet emerging users needs over time, and the benefits of sound dissemination practices. The IMF staff also holds regional seminars on the GDDS. The IMF staff solicits feedback from member countries on the data standards initiatives at these seminars. 29
31 Technical Assistance and Other Collaborative Efforts (2) The IMF staff also collaborates with other international organizations on a number of GDDS projects, especially in Africa and in Pacific Island countries. The World Bank s Statistical Capacity Building (STATCAP) lending program uses the GDDS metadata to assess statistical programs of various agencies and donors. The Partnership for Development of Statistics in the 21 st Century (PARIS21) uses the GDDS to assist countries in implementing changes to advance statistical development. 30
32 IMF Executive Board s Reviews of the Initiatives Since their inceptions, the SDDS and GDDS have been periodically reviewed by the IMF s Executive Board to ensure their usefulness in meeting the emerging needs of data users in the globalized economy. Enhancements to the SDDS, which are incorporated into the GDDS where appropriate, have been guided by decisions taken by the IMF Executive Board in its reviews of the data standards initiatives. To date, the IMF Executive Board has undertaken six such reviews, in 1997, 1998, 2000, 2001, 2003, and Enhancements to the SDDS and the GDDS, as endorsed by the IMF Executive Board, are summarized in the attached table. 31
33 Some General Observations (1) The wide participation can be attributed to the consultative process that has allowed for the development of a coherent work program that takes account of countries capabilities and establishes effective monitoring procedures to ensure the credibility of the standards for policymakers, capital markets, and the general public. The approach has also provided checks and balances and fostered accountability. 32
34 Some General Observations (2) Empirical studies suggest that adhering to the SDDS or the GDDS, to varying extents, helps improve a country s access to international capital markets. An IMF working paper on the borrowing costs of emerging market and developing countries found strong and consistent evidence of discounts for sovereign bond issuers participating in the GDDS, as well as for countries subscribing to the SDDS. The discounts amounted to about 8 percent for GDDS participants and 20 percent for SDDS subscribers, or the equivalent of about 20 and 50 basis points, respectively. 33
35 Additional Information Cady, John, 2004, Does SDDS Subscription Reduce Borrowing Costs for Emerging Market Economies? IMF Working Paper, No. 04/58. ( Cady, John ; Pellechio, Anthony; 2006, Sovereign Borrowing Cost and the IMF's Data Standards Initiatives IMF Working Paper, No. 06/78. ( Kester, Anne, 2006, IMF Data Standards Initiatives: A Consultative Approach to Enhancing Global Data Transparency IMF Working Paper, No. 06/106. ( 34
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