Moving into the 21 st Century: Development and Progress on Data Communication ESDS International Annual Conference London, December 1, 2008.

Moving into the 21st Century:Development and Progress on

Data Communication

ESDS International Annual Conference

London, December 1, 2008

Agenda

♦ Current environment

♦ Recent financial crisis and macro-economic statistics

♦ Developments in datasets

♦ Developments in projects

♦ Questions

The Current Environment

“Traditional” products in print, online, & CD-ROM

♦ Balance of Payments Statistics ♦ Direction of Trade Statistics♦ Government Finance Statistics♦ International Financial Statistics

Supporting statistical materials in print and on web

♦ Manuals and Guides♦ Pamphlets♦ Official Reports

The Current Environment

Online products but in different formats

♦ IFS, BOP, DOT, GFShttp://www.imfstatistics.org/imf/

♦ Static online tables:- International Reserves - Coordinated Portfolio Investment Survey (CPIS)- Currency Composition of Foreign Exchange Reserves (COFER)

♦ FTP site for large data downloads♦ Data Mapper at http://www.imf.org/

Analyze Recent Financial Crisis with Economic and Financial Statistics

Salient recent features captured by

macro-economic and financial data

♦ Growth in monetary aggregates

♦ Increasing leverage by financial institutions

♦ Imbalances in current accounts

♦ Fiscal deficits

♦ Growing net international investment positions

2008 Developments

Government Finance Statistics

♦ GFS online was launched in October 2008

♦ High frequency government finance statistics

- Started publishing in IFS August 2007 issue

- Expansion of country reporting

- Improvement of data timeliness

2008 Developments

Monetary and Financial Statistics

♦ Standardized Report Forms (SRFs)- Developed a coherent and standard framework for reporting monetary data across countries- SRFs present monthly data with a high level of details- An Integrated Monetary Database (IMD) provides common data sources to compile monetary statistics that satisfy the operational and publication needs of the country and the IMF

♦ Balance Sheet Approach (BSA)- Currency and instrument breakdowns in SRFs help to identify currency and capital structure mismatches and generate balance sheet approach matrix

♦ Financial Soundness Indicators (FSI)- Work is underway to initiate regular data collection and dissemination

2008 Developments

General Other depository Other financial Nonfinancial Other resident Central bank government corporations corporations corporations sectors Nonresidents

Central bank

Generalgovernment

Other depository corporations

Other financial corporations

Nonfinancial corporations

Other resident sectors

Nonresidents

Holder of liability

(creditor)Issuer of liability (debtor)

Balance Sheet Approach (BSA)

2008 Developments

MODEL FOR SRF DATA FLOW

STANDARDIZED REPORT FORMS, 1SR, 2SR, 4SR, and 5SR

IFSIFS

Supplement

STA PublicationsArea Department

Work (IMD)National

PublicationsBalance Sheet

Approach (BSA)

2008 Developments

Balance of Payments Statistics

♦ Completion of 2008 BOP Yearbook- It provides detailed tables on balance of payment statistics for 174 countries and international investment position data for 116 countries- 2007 data will show up in Data Mapper in early December- IIP world tables

♦ Expanded Coordinated Portfolio Investment Survey (CPIS) coverage http://www.imf.org/external/np/sta/pi/datarsl.htm

♦ Reserve Template and Currency Composition of Foreign Exchange Reserves

♦ Future development- BPM6- Coordinated Direct Investment Survey (CDIS)- Link the BSA with the “to-whom from-whom” datasets

2008 Developments

Changes to the STA Group Aggregates: Aligning with the WEO Group Definitions

♦ December 1, 2008Publish BOPSY 2008 with the new aggregates

♦ January 2, 2009Publish January 2009 issue of IFS with the new aggregates

♦ February 1, 2009Publish GFSY 2008 with the new aggregates

♦ March 1, 2009Publish Q1 2009 issue of DOT with the new aggregates

♦ March 31, 2009Publish COFER data through Q4 2008 with the new aggregates

2008 Developments Changes to the STA Group Aggregates: Aligning

with the WEO Group Definitions (Continued)

Old Group Aggregates New Group Aggregates World (001) World (001) Industrial Countries (110) Advanced Economies (110) Developing Countries (200) Emerging & Developing Economies (200) Africa (605) Africa (605) Asia (505) Developing Asia (505) Europe (170) Emerging Europe (170) - Central & Eastern Europe (904) - CIS & Mongolia (901) Middle East (405) Middle East (405) Western Hemisphere (205) Western Hemisphere (205) Oil Exporting Countries (999) Export Earnings: Fuel (080) Non-Oil Developing Countries (201) Export Earnings: Nonfuel (092)

2008 Developments

Change the Baseyear to 2005

♦ Update the PPP-GDP weights with 2005 as the reference year

♦ Baseyear change from 2000=100 to 2005=100 for the index series

♦ Complete the rebasing by May 2009 and publish the data with 2005 as the baseyear in June 2009 IFS

2008 Developments

Data Dissemination Projects

♦ Economic Data Warehouse (EDW)

- IMF.Stat

♦ Economic Data Dissemination (EDD)

IMF Economic Information Management Environment

IMF.ORGStatisticsPortalOnlineDatabases

Publications

Pub.Stat?

DataDisseminati

on

DataWarehousing

DataCollection

National SourcesICS (Excel/ SDMXML)

Area DeptsDMX/Other

DataManagement

Research Prognoz

CD ROM

StatisticsEDF/ DMX

Int’l OrganizationsOECD, World Bank,

etc.

CommercialBloomberg, Global Insight,

Haver Analytical, etc.

Publishable DataIFS, WEO, REOs, etc.

Internally Shared Data

Area & Functional Depts.,

National Sources, Intl’l Organizations,Commercial SourcesLimited Sharing

WEO-related, etc.

IMF.Stat

SDMX

Fund-wide Metadata Standards (MetaStore, DSBB, SchemaLogic)

Key Driving Initiatives SDMX WEO Production Redesign

Structural Metadata (SchemaLogic)

Economic Data Dissemination

Data Analysis/ Visualization

Econometric ToolsFame, Eviews,Stata 8

Dynamic/InteractiveGraphicsIMF Data Mapper

EDW: What is IMF.Stat?

♦ Software developed by OECD

♦ Took the database, browser and other tools

♦ Now working together in a joint effort to enhance the product

♦ Have a Memorandum of Understanding (MOU) which describes the arrangement

EDW: Access to data

♦ Currently available internally, though likely to be available externally in future

♦ Data available through - A web browser

• Ad hoc queries• Saved queries• Export to Excel• Bulk export (CSV)

- Excel populator • Allows data to be refreshed directly

from Excel

EDD: How to Serve Different Types of Users

♦ Five user “mindsets” that our research suggests users approach our data with:– Advisor and Decision Maker (Use Me)– Researcher (Scoop Me)– Report Compiler (Report Me)– Model Feeder (Consume Me)– Storyteller (Show Me)

EDD: How to Find the Data

Show Me Find Me

Sco

op M

e

Rep

ort

Me

Con

sum

e M

e

Storyteller

Advisor andDecision Maker

Researcher Report Compiler Model Feeder

Use

Me

Find MeLite

Data Entrance (IMF.org, e-Library, e-Bookstore)

From other pages and sites

EDD: Next Steps

♦ Develop detailed requirements, including usability, functional and IT requirements

♦ Select specific IT solution(s) for the dissemination environment, using a Request for Proposal process by April 2009

♦ Implement the dissemination system by April 2010

Questions?