- International Monetary Fund. Statistics Dept.
- Published Date:
- December 2013
GUIDE FOR SUBSCRIBERS AND USERS
THE SPECIAL DATA DISSEMINATION STANDARD
© 2013 International Monetary Fund
Cataloging-in-Publication Data Joint Bank-Fund Library
The special data dissemination standard: guide for subscribers and users. –Washington,
D.C.: International Monetary Fund, 2013.
1. International Monetary Fund–Handbooks, manuals, etc. 2. Disclosure of information–Handbooks, manuals, etc. 3. Economics–Information services. 4. Finance–Information services. I. International Monetary Fund.
HG3881.5.I58 G463 2013
ISBN: 978-1-48430-365-8 (paper)
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The International Monetary Fund (IMF) launched the data standards initiatives to enhance member countries’ data transparency and to promote their development of sound statistical systems. The need for data standards was highlighted by the financial crises of the mid-1990s, in which information deficiencies were seen to play a role. Under the data standards initiatives, the IMF established the Special Data Dissemination Standard (SDDS) in 1996 to provide guidance to countries that have or seek access to capital markets to disseminate key data so that users in general, and financial market participants in particular, have adequate information to assess the economic situations of individual countries. The SDDS not only prescribes that subscribers disseminate certain data categories but also prescribes that subscribers disseminate the relevant metadata to promote public knowledge and understanding of their compilation practices with respect to the required data categories. In 1997, the IMF introduced under the initiatives the General Data Dissemination System (GDDS) to provide a framework for countries that aim to develop their statistical systems, within which they can work toward disseminating comprehensive and reliable data and, eventually, meet SDDS requirements. At the Eighth Review of the Fund’s Data Standards Initiatives in February 2012, the IMF’s Executive Board approved the SDDS Plus as an upper tier of the Fund’s data standards initiatives. The SDDS Plus is open to all SDDS subscribers and is aimed at economies with systemically important financial sectors.
As part of the data standards initiatives and in support of ready access by the public to information on countries’ dissemination practices, the IMF established an electronic bulletin board, called the Dissemination Standards Bulletin Board (DSBB), on the IMF website (http://dsbb.imf.org). The DSBB posts information that SDDS countries provide the IMF with on their dissemination practices and offers direct links to the economic and financial data that countries disseminate under the SDDS. The DSBB also displays information that GDDS countries make available to the IMF on their statistical practices.
Member countries’ subscription to the SDDS or participation in the GDDS is voluntary. Countries subscribing to the SDDS must observe certain good dissemination practices, however, and the IMF monitors such observance. Those participating in the GDDS also have to develop plans to improve their statistics.
Empirical studies suggest that subscription to the SDDS or participation in the GDDS, to varying extents, can help reduce the costs of borrowing in international capital markets. In addition, enhanced data transparency and data quality in member countries have been important to the IMF’s work on surveillance and crisis prevention. A major accomplishment of the SDDS is the availability of timely, accurate, and comprehensive information on the economies of SDDS countries, accessible through the IMF’s DSBB.
Updates to the SDDS
Since the inception of the SDDS and the GDDS, their usefulness has been maintained through various enhancements to meet emerging needs of data users in the globalized economy. Enhancements to the SDDS, which have been incorporated in the GDDS where appropriate, have been guided by decisions of the IMF Executive Board in its reviews of the data standards initiatives. The Executive Board has so far undertaken eight such reviews. Modifications since the Seventh Review in December 2010 have included the decision to broaden financial indicators in the SDDS in response to the financial crisis.
SDDS enhancements have added data on countries’ foreign currency liquidity and external debt, a change in response to the Asian financial crisis of 1997–98, which underscored the importance of such information for assessing countries’ external vulnerabilities. Other SDDS enhancements were to incorporate new manuals and guidelines that the IMF Statistics Department has developed to improve concepts and methods used to compile countries’ economic and financial data. These are the Monetary and Financial Statistics Manual (2000), the updated International Reserves and Foreign Currency Liquidity: Guidelines for a Data Template (2013),1 the Government Finance Statistics Manual (2001), Quarterly International Investment Position Statistics: Data Sources and Compilation Techniques (2011), External Debt Statistics: Guide for Compilers and Users (2003), and Financial Soundness Indicators: Compilation Guide (2006). More recently, the IMF’s Executive Board has endorsed steps to safeguard the credibility of the SDDS as a monitored standard to ensure that it retains the confidence of subscribing countries, international capital markets, and the public.
In response to the global financial crisis of 2008, the IMF’s Executive Board agreed to start addressing data gaps in the context of SDDS by (1) including seven financial soundness indicators (FSIs) on an “encouraged” basis (that is, not legally “prescribed” under the SDDS) to strengthen information about the financial sector and better detect system risks; (2) moving to quarterly reporting (from annual) of the international investment position (IIP) data, with a maximum lag of one quarter (quarterly timeliness), on a “prescribed” basis, in order to better understand cross-border linkages; and (3) adding a simplified table on countries’ external debt by remaining maturity (on an “encouraged” basis), to better monitor the vulnerability of domestic economies to shocks. The data quality issue was also addressed through the requirement that the SDDS metadata should indicate where subscribers’ statistical practices deviate from internationally accepted statistical methodologies, as well as by encouraging SDDS subscribers to undertake and publish a data quality assessment using a recognized data quality assessment tool at no more than seven-to-ten-year intervals.
During the Eighth Review of the Fund’s data standard initiatives in February 2012, the IMF’s Executive Board approved further enhancements to the SDDS. These include: (1) the introduction of a more structured timeline for the SDDS nonobservance procedures; (2) hyperlinks in the National Summary Data Pages (NSDPs) to longer time series and more detailed data by year-end 2012; (3) the addition of more structure and focus to the encouraged data category, forward-looking indicators (FLIs), with particular emphasis on specific FLIs; (4) the deletion of the Advance Release Calendar (ARC) flexibility options from the SDDS, after a transition period, by year-end 2017; (5) termination of the preparation of the SDDS quarterly update and its posting on the DSBB; and (6) incorporation of two additional data categories on an encouraged basis (sectoral balance sheets and general government total gross debt).
This revised version of the Guide reflects the developments in the SDDS since 2007 and also amplifies, and in some instances clarifies, issues elaborated in the previous guide. It also aims to prepare GDDS participants for subscription to the SDDS.
This SDDS Guide was prepared by the staff in the Data Dissemination and Review Division of the IMF’s Statistics Department, under the general direction of the Division Chief. Stella Addo and Julia Fookson provided administrative support in preparing the updated guide.
The Guide has benefited from comments and suggestions from SDDS coordinators and others in subscribing countries, experts from international institutions, and other staff of the IMF’s Statistics Department and other IMF departments.
Louis Marc Ducharme
International Monetary Fund
System of National Accounts, 19931995 ESA
1995 European System of Accounts2008 SNA
System of National Accounts, 2008ARC
Advance release calendarBIS
Bank for International SettlementsBOP
Balance of PaymentsBPM5
Balance of Payments Manual, fifth editionBPM6
Balance of Payments and International Investment Position Manual, sixth editionCBS
Central bank surveyCFS
Statement of Sources and Uses of CashCGD
Central government debtCGO
Central government operationsCPI
Consumer price indexDCS
Depository corporations surveyDebt Guide
External Debt Statistics: Guide for Compilers and Users (2003)DQAF
Data quality assessment frameworkDQRS
Data quality reference siteDSBB
Dissemination Standards Bulletin BoardFLIs
Financial soundness indicatorsFSI Guide
Financial Soundness Indicators Compilation Guide (2006)G-7
Group of SevenGDDS
General Data Dissemination SystemGDP
Gross domestic productGFS
Government finance statisticsGFSM 1986
Manual on Government Finance Statistics (1986)GFSM 2001
Government Finance Statistics Manual (2001)GGO
General government operationsGNI
Gross national incomeGNP
Gross national productICS
Integrated Correspondence SystemIIP
International investment positionILO
International Labor OfficeIMF
International Monetary FundIMFC
International Monetary and Financial CommitteeISIC
International Standard Industrial Classification of All Economic Activities (UN)IWGPS
Intersecretariat Working Group on Price Statistics (Ottawa Group)MFSM
Monetary and Financial Statistics Manual (2000)NFPE
Nonfinancial public enterpriseNLT
No later thanNPISH
Nonprofit institutions serving householdsNSDP
National Summary Data PageODCs
Other depository corporationsODCS
Other depository corporations surveyOECD
Organization for Economic Cooperation and DevelopmentPMI
Purchasing Managers’ IndexPPI
Producer price indexPSDSG
Public Sector Debt Statistics Guide 2011PSO
Public sector operationsROSC
Report on Observance of Standards and CodesSDDS
Special Data Dissemination StandardSDDS Guide
The Special Data Dissemination Standard: Guide for Subscribers and UsersSDDS Plus
Special Data Dissemination Standard PlusSDMX
Statistical Data and Metadata ExchangeSDRs
Special Drawing RightsSIC
Standard Industrial ClassificationSOEF
Statement of Other Economic FlowsSOGO
Statement of Government OperationsSOO
Summary of observanceReserves Template Guidelines
International Reserves and Foreign Currency Liquidity: Guidelines for a Data Template (2013)TFFS
Task Force on Finance StatisticsUN
Wholesale price index