The views expressed herein are those of the author and should not be attributed to the IMF, its Executive Board, or its Management. Report on the Work.

The views expressed herein are those of the author and should not be attributed to the IMF, its Executive Board, or its Management.

Report on the Work of the Inter-Agency Report on the Work of the Inter-Agency Group on Economic and Financial Group on Economic and Financial

Statistics Statistics

Manik ShresthaManik ShresthaIMF Statistics DepartmentIMF Statistics Department

OECD Working Party on Financial OECD Working Party on Financial StatisticsStatistics

Paris, November 2-3, 2009Paris, November 2-3, 2009

22

Response of Statistics to the Response of Statistics to the Global CrisisGlobal Crisis

History has demonstrated that crises create History has demonstrated that crises create new demands for economic and financial new demands for economic and financial datadata this crisis is no differentthis crisis is no different

The Statistics Department of the IMF is The Statistics Department of the IMF is working along two tracks:working along two tracks: making data more accessible and timely making data more accessible and timely

for a wider audiencefor a wider audience; and; and addressing new data needs arising from addressing new data needs arising from

the crisis. the crisis.

33

Response of Statistics to the Response of Statistics to the Global CrisisGlobal Crisis

Global and coordinated view and actions are Global and coordinated view and actions are needed to address issues on data needed to address issues on data accessibility and data gapsaccessibility and data gaps

For this purpose, the Inter-Agency Group on For this purpose, the Inter-Agency Group on Economic and Financial Statistics was Economic and Financial Statistics was created in December 2008 with IMF’s created in December 2008 with IMF’s initiativeinitiative IMF chairs the Inter-Agency GroupIMF chairs the Inter-Agency Group Members include BIS, Eurostat, ECB, OECD, Members include BIS, Eurostat, ECB, OECD,

World Bank, and UNWorld Bank, and UN Inter-Agency Group has high level representation Inter-Agency Group has high level representation

44

Inter-Agency Group: major Inter-Agency Group: major milestonesmilestones

December 2008 – establishedDecember 2008 – established February 2009 – meeting in New York to February 2009 – meeting in New York to

agree to launch the Principal Global agree to launch the Principal Global Indicators (PGI) websiteIndicators (PGI) website

June 2009 – meeting in Basel to discuss June 2009 – meeting in Basel to discuss improvements to PGI and data gapsimprovements to PGI and data gaps

November 2009 – meeting in DC to agree November 2009 – meeting in DC to agree on enhancements to PGI and actions for on enhancements to PGI and actions for addressing data gapsaddressing data gaps

High level of collaboration has been a High level of collaboration has been a feature of the Group to date feature of the Group to date

55

Making Data More Making Data More AccessibleAccessible

Inter-Agency Group has focused on Inter-Agency Group has focused on developing the developing the Principal Global Indicators (PGI) (PGI) websitewebsite The PGI was launched in April 2009 and The PGI was launched in April 2009 and

is hosted at IMF.orgis hosted at IMF.org http://http://

financialdatalink.sharepointsite.net/financialdatalink.sharepointsite.net/

default.aspxdefault.aspx

66

Making Data More Making Data More AccessibleAccessible

Initial focus of the PGI is on G-20 countries Initial focus of the PGI is on G-20 countries timely and high frequency data on the financial, fiscal, timely and high frequency data on the financial, fiscal,

external, and real sectors; external, and real sectors; links to central banks, financial regulatory agencies, and links to central banks, financial regulatory agencies, and

other key websites (SDDS/GDDS country page); other key websites (SDDS/GDDS country page); access to data from partner international agencies;access to data from partner international agencies; provide data on cross-country format;provide data on cross-country format; Promote data in more innovative way.Promote data in more innovative way.

The intention is to expand country coverage and the scope The intention is to expand country coverage and the scope over time, as resources permit.over time, as resources permit.

The PGI website has been receiving a good level of hits The PGI website has been receiving a good level of hits (starting with around 1000 hits per day in the beginning to (starting with around 1000 hits per day in the beginning to about 1500 hits in October. about 1500 hits in October.

77

88

99

1010

1111

1212

1313

PGI : Next StepsPGI : Next Steps

The Inter-Agency Group is overseeing an The Inter-Agency Group is overseeing an enhancement to the PGI website with enhancement to the PGI website with launch tentatively scheduled for end-launch tentatively scheduled for end-December 2009December 2009 Introduce layering approach to presenting dataIntroduce layering approach to presenting data Allow some analytic presentation of data (for Allow some analytic presentation of data (for

example, ranking for unemployment rates) example, ranking for unemployment rates) Greater prominence to cross-country data Greater prominence to cross-country data

presented in comparable unit of measurement presented in comparable unit of measurement (percent changes, ratios, ...)(percent changes, ratios, ...)

The intention is to leverage the IMF data The intention is to leverage the IMF data warehouse (IMF.Stat) and provide dynamic warehouse (IMF.Stat) and provide dynamic access to the data as well as offer data retrieval access to the data as well as offer data retrieval facility (SDMX-ML format)facility (SDMX-ML format)

1414

Addressing Data NeedsAddressing Data Needs In early months of 2009, the Inter-Agency Group In early months of 2009, the Inter-Agency Group

reviewed data gaps revealed by the crisis which reviewed data gaps revealed by the crisis which were identified through consultations with users, were identified through consultations with users, internally in their agencies or in other international internally in their agencies or in other international forums. forums. February 2009: February 2009:

Presentation to heads of national statistical Presentation to heads of national statistical agencies of G-20 countries in the context of agencies of G-20 countries in the context of the United Nations Statistical Commission the United Nations Statistical Commission meeting.meeting.

July 2009:July 2009: IMF and Financial Stability Board (FSB) IMF and Financial Stability Board (FSB)

organized a Users Conference at IMF organized a Users Conference at IMF Headquarters (primarily experts from G-20 Headquarters (primarily experts from G-20 countries and international agencies)countries and international agencies)

1515

Addressing Data NeedsAddressing Data Needs The Inter-Agency Group identified four significant areas of The Inter-Agency Group identified four significant areas of

focus: focus: The The financial sectorfinancial sector, notably, notably those segments where the those segments where the

data reporting is not well established. data reporting is not well established. Sectoral Balance sheet, particularly dataSectoral Balance sheet, particularly data of nonfinancial of nonfinancial

corporation and household sectors.corporation and household sectors. House prices and housing-relatedHouse prices and housing-related data, practice uneven data, practice uneven

across countries.across countries. Ultimate risk/credit transfer instruments, Ultimate risk/credit transfer instruments, where the risks where the risks

lay, their scale and inter-connections among and lay, their scale and inter-connections among and between economies. between economies.

The work of the Inter-Agency Group on identifying data The work of the Inter-Agency Group on identifying data gaps has laid the ground for further advancing this work in gaps has laid the ground for further advancing this work in the context of preparing a report to the G-20 finance the context of preparing a report to the G-20 finance ministers and central bank governors. ministers and central bank governors.

1616

Addressing Data NeedsAddressing Data Needs (in cooperation with the FSB)(in cooperation with the FSB)

The G-20, Working Group 2 recommended in April The G-20, Working Group 2 recommended in April 2009: 2009: “…“….the IMF and the FSF explore gaps and provide .the IMF and the FSF explore gaps and provide

appropriate proposals for strengthening data appropriate proposals for strengthening data collection before the next meeting of G-20 collection before the next meeting of G-20 Finance Ministers and Central Bank Governors.”Finance Ministers and Central Bank Governors.”

At the Spring Meetings (April 2009), the IMF’s At the Spring Meetings (April 2009), the IMF’s International and Financial Committee welcomed International and Financial Committee welcomed “…“…the work of the IMF with the Financial Stability the work of the IMF with the Financial Stability

Board (FSB) to provide better indicators of Board (FSB) to provide better indicators of systemic risks and address data gaps, and systemic risks and address data gaps, and underline the importance of international underline the importance of international cooperation in preventing such systemic risks.” cooperation in preventing such systemic risks.”

1717

Addressing Data NeedsAddressing Data Needs (in cooperation with the FSB)(in cooperation with the FSB)

Initial steps to carry this work forward have been taken:Initial steps to carry this work forward have been taken: contacting the FSB, contacting the FSB, Arranging meetings with the Inter-Agency GroupArranging meetings with the Inter-Agency Group

A Users Conference was organized in July, primarily for A Users Conference was organized in July, primarily for users from G-20 countriesusers from G-20 countries

The preparation for the report to the G-20 finance The preparation for the report to the G-20 finance ministers and central bank governors is well advancedministers and central bank governors is well advanced

The report includes 20 recommendations for addressing The report includes 20 recommendations for addressing data gaps and will be a main agenda item of the Inter-data gaps and will be a main agenda item of the Inter-Agency Group meeting in November 16-17, 2009Agency Group meeting in November 16-17, 2009

Report back to G-20 in June 2010 on the actions taken Report back to G-20 in June 2010 on the actions taken by that date and future plans and timetable for by that date and future plans and timetable for addressing each outstanding recommendation addressing each outstanding recommendation

1818

Addressing Data NeedsAddressing Data Needs (in cooperation with the FSB)(in cooperation with the FSB)

The report to G-20 on the financial crisis and information The report to G-20 on the financial crisis and information gaps identifies four main themes: gaps identifies four main themes: Build-up of risk in the financial sectorBuild-up of risk in the financial sector

Improve coverage of indicators of financial health and Improve coverage of indicators of financial health and soundness of financial institutions, particularly “shadow soundness of financial institutions, particularly “shadow banking system”banking system”

Develop measures of aggregate leverage and maturity Develop measures of aggregate leverage and maturity mismatches in the financial systemmismatches in the financial system

Improve coverage of risk transfers and improve disclosure Improve coverage of risk transfers and improve disclosure requirements for complex structured productsrequirements for complex structured products

Cross-border financial linkagesCross-border financial linkages Better understand cross-border financial linkages of Better understand cross-border financial linkages of

systematically important global financial institutionssystematically important global financial institutions Strengthen data collection on cross-border banking flows Strengthen data collection on cross-border banking flows

and positionsand positions

1919

Addressing Data NeedsAddressing Data Needs (in cooperation with the FSB)(in cooperation with the FSB)

The report to G-20 on the financial crisis and The report to G-20 on the financial crisis and information gaps identifies four main themes: information gaps identifies four main themes: Vulnerability of domestic economies to Vulnerability of domestic economies to

shocksshocks Strengthen sectoral coverage of national Strengthen sectoral coverage of national

balance sheets and flow of funds databalance sheets and flow of funds data Promote timely and cross-country standardized Promote timely and cross-country standardized

and comparable government finance statisticsand comparable government finance statistics Disseminate more comparable data on real Disseminate more comparable data on real

estate pricesestate prices Improving communicationImproving communication

Improve the communication of official statistics Improve the communication of official statistics and close gaps in availability of data to usersand close gaps in availability of data to users

2020

Addressing Data NeedsAddressing Data Needs

The Inter-Agency Group will continue The Inter-Agency Group will continue to collaborate and intends to work to collaborate and intends to work with countries to move forward the with countries to move forward the challenging but important agenda set challenging but important agenda set by the G-20. by the G-20.

Addressing data needs will require Addressing data needs will require internationally coordinated efforts internationally coordinated efforts among international organizations among international organizations and countries.and countries.