The remote technical assistance (TA) mission provided guidance to the National Statistical Committee of the Republic of Belarus (BelStat) on the preliminary estimates of the Financial Accounts and Balance Sheets (FABS) for 2017. The TA mission assisted with compiling the revaluation and the other changes in volume accounts to give better consistency to the financial flows and stocks and improve the reconciliation process of the FABS. BelStat is in charge of compiling the current accounts for all the institutional sectors and is starting to compile the financial accounts for which important progress has been made. To regularly compile FABS, the mission recommended that BelStat addresses the discrepancies between the net lending/borrowing from the capital and the financial account by incorporating more data sources such as government’s financial stocks and business accounting data. The TA mission also provided guidance on compiling the Financial Intermediation Services Indirectly Measured (FISIM) to get a more consistent estimate. The mission highlighted the progress made and encouraged BelStat to continue working on compiling FABS for 2017 and onwards.
The 2007–09 international financial crisis underscored the importance of reliable and timely statistics on the general government and public sectors. Government finance statistics are a basis for fiscal analysis and they play a vital role in developing and monitoring sound fiscal programs and in conducting surveillance of economic policies. The Government Finance Statistics Manual 2014 represents a major step forward in clarifying the standards for compiling and presenting fiscal statistics and strengthens the worldwide effort to improve public sector reporting and transparency.
United Nations, European Commission, Food and Agricultural Organization of the United Nations, International Monetary Fund, Organization for Economic Co-operation and Development, and World Bank
Comparable and reliable data supporting coherent analytical and policy frameworks are essential elements to inform debates and guide policy related to the interrelationships between the economy and the environment. "The System of Environmental-Economic Accounting 2012—Central Framework" (SEEA Central Framework) is a statistical framework consisting of a comprehensive set of tables and accounts, which guides the compilation of consistent and comparable statistics and indicators for policymaking, analysis and research. It has been produced and is released under the auspices of the United Nations, the European Commission, the Food and Agriculture Organization of the United Nations, the Organisation for Economic Co-operation and Development, the International Monetary Fund, and the World Bank Group. The SEEA-Central Framework reflects the evolving needs of its users, new developments in environmental economic accounting and advances in methodological research.
The Balance of Payments and International Investment Position Compilation Guide is a companion document to the sixth edition of the Balance of Payments and International Investment Position Manual (BPM6) published in 2009. The purpose of the Guide is to show how the conceptual framework described in the BPM6 may be implemented in practice. The Guide is not intended to be a “stand-alone” manual; users of the Guide should be familiar with the BPM6.
This book is an update of the Guidelines published in 2001. It sets forth the underlying framework for the Reserves Data Template, and provides operational advice for its use. The updated version also includes three new appendices aimed at assisting member countries in reporting the required data.
The sixth edition of the Balance of Payments and International Investment Position Manual presents revised and updated standards for concepts, definitions, and classifications for international accounts statistics. These standards are used globally to compile comprehensive and comparable data. The sixth edition is the latest in a series that the IMF began in 1948. It is the result of widespread consultation and provides elaboration and clarification requested by users. In addition, it focuses on developments such as globalization, financial market innovation, and increasing interest in balance sheet analysis.
International Monetary Fund. External Relations Dept.
Asia Leading the Way explores how the region is moving into a leadership role in the world economy. The issue looks at Asia's biggest economy, China, which has relied heavily on exports to grow, and its need to increase domestic demand and to promote global integration if it is to continue to thrive. China is not the only Asian economy that heavily depends on exports and all of them might take some cues from the region's second-biggest economy, India, which has a highly developed services sector. Min Zhu, the new Special Advisor to the IMF's Managing Director, talks about Asia in the global economy, the global financial crisis, correcting imbalances, and the IMF in Asia. And "People in Economics" profiles an Asian crusader for corporate governance, Korea's Jang Hasung. This issue of F&D also covers how best to reform central banking in the aftermath of the global economic crisis; the pernicious effects of derivatives trading on municipal government finances in Europe and the United States; and some ominous news for governments hoping to rely on better times to help them reduce their debt burdens. Mohamed El-Erian argues that sovereign wealth funds are well-placed to navigate the new global economy that will emerge following the world wide recession. "Back to Basics" explains supply and demand. "Data Spotlight" explores the continuing weakness in bank credit. And "Picture This" focuses on the high, and growing, cost of energy subsidies.
This Guide provides clear, up-to-date guidance on the concepts, definitions, and classifications of the gross external debt of the public and private sectors, and on the sources, compilation techniques, and analytical uses of these data. The Guide supersedes the previous international guidance on external debt statistics available in External Debt: Definition, Statistical Coverage, and Methodology (known as the Gray Book), 1988. The Guide’s conceptual framework derives from the System of National Accounts 1993 and the fifth edition of the IMF’s Balance of Payments Manual (1993). Preparation of the Guide was undertaken by an Inter-Agency Task Force on Finance Statistics, chaired by the IMF and involving representatives from the Bank for International Settlements, the Commonwealth Secretariat, the European Central Bank, Eurostat, the OECD, the Paris Club Secretariat, UNCTAD, and the World Bank.
The Special Data Dissemination Standard (SDDS) was established by the IMF in 1996 to guide members that already had, or that might seek, access to international capital markets in providing key economic and financial data to the public. In the following year, the IMF established the General Data Dissemination Standard (GDDS), which seeks to prepare countries for meeting the requirements of the SDDS. Data supplied by countries subscribing to the SDDS, as well as information provided by countries participating in the GDDS, are posted on the Dissemination Standards Bulletin Board (DSBB) on the IMF's public website (http://dsbb.imf.org). This Guide is intended to assist subscribers of the SDDS, GDDS participants moving toward subscription to the SDDS, and users of the DSBB in becoming aware of the features and scope of the SDDS and the DSBB. It is intended to further the IMF's initiatives in data transparency and standards, to enhance the public availability of timely and comprehensive international statistics, and therefore to contribute to countries pursuit of sound macroeconomic policies and to the improved functioning of global financial markets.
Strong fundamentals should allow Europe to weather financial turbulence relatively well. Nonetheless, growth is set to ease in 2008 in nearly all countries. Policymakers will need to deal up front with the financial market turmoil, while implementing fiscal consolidation and structural reforms, including in the financial sector, to address vulnerabilities, raise medium-term growth prospects, and deliver on the promise of convergence for emerging Europe. Three analytical chapters discuss reforms to strengthen Europe's financial systems to allow advanced economies to benefit from innovation without incurring excessive risk and, in emerging economies, to manage rapid financial deepening and develop financial systems further.