Front Matter

Front Matter

Author(s):
International Monetary Fund. Statistics Dept.
Published Date:
December 2013
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    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.

    p.; cm.

    ISBN 978-1-48430-365-8

    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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    978-1-48437-235-7 (Mobi pocket)

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    Contents

    Preface

    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.

    Acknowledgments

    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

    Director

    Statistics Department

    International Monetary Fund

    Abbreviations

    1993 SNA

    System of National Accounts, 1993

    1995 ESA

    1995 European System of Accounts

    2008 SNA

    System of National Accounts, 2008

    ARC

    Advance release calendar

    BIS

    Bank for International Settlements

    BOP

    Balance of Payments

    BPM5

    Balance of Payments Manual, fifth edition

    BPM6

    Balance of Payments and International Investment Position Manual, sixth edition

    CBS

    Central bank survey

    CFS

    Statement of Sources and Uses of Cash

    CGD

    Central government debt

    CGO

    Central government operations

    CPI

    Consumer price index

    DCS

    Depository corporations survey

    Debt Guide

    External Debt Statistics: Guide for Compilers and Users (2003)

    DQAF

    Data quality assessment framework

    DQRS

    Data quality reference site

    DSBB

    Dissemination Standards Bulletin Board

    FLIs

    Forward-looking indicators

    FSIs

    Financial soundness indicators

    FSI Guide

    Financial Soundness Indicators Compilation Guide (2006)

    G-7

    Group of Seven

    GDDS

    General Data Dissemination System

    GDP

    Gross domestic product

    GFS

    Government finance statistics

    GFSM 1986

    Manual on Government Finance Statistics (1986)

    GFSM 2001

    Government Finance Statistics Manual (2001)

    GGO

    General government operations

    GNI

    Gross national income

    GNP

    Gross national product

    ICS

    Integrated Correspondence System

    IIP

    International investment position

    ILO

    International Labor Office

    IMF

    International Monetary Fund

    IMFC

    International Monetary and Financial Committee

    ISIC

    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 enterprise

    NLT

    No later than

    NPISH

    Nonprofit institutions serving households

    NSDP

    National Summary Data Page

    ODCs

    Other depository corporations

    ODCS

    Other depository corporations survey

    OECD

    Organization for Economic Cooperation and Development

    PMI

    Purchasing Managers’ Index

    PPI

    Producer price index

    PSDSG

    Public Sector Debt Statistics Guide 2011

    PSO

    Public sector operations

    ROSC

    Report on Observance of Standards and Codes

    SDDS

    Special Data Dissemination Standard

    SDDS Guide

    The Special Data Dissemination Standard: Guide for Subscribers and Users

    SDDS Plus

    Special Data Dissemination Standard Plus

    SDMX

    Statistical Data and Metadata Exchange

    SDRs

    Special Drawing Rights

    SIC

    Standard Industrial Classification

    SOEF

    Statement of Other Economic Flows

    SOGO

    Statement of Government Operations

    SOO

    Summary of observance

    Reserves Template Guidelines

    International Reserves and Foreign Currency Liquidity: Guidelines for a Data Template (2013)

    TFFS

    Task Force on Finance Statistics

    UN

    United Nations

    WPI

    Wholesale price index

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