Federico Diaz Kalan, Ms. Adina Popescu, and Julien Reynaud
There is evidence that fiscal rules, in particular well-designed rules, are associated with lower sovereign spreads. However, the impact of noncompliance with fiscal rules on spreads has not been examined in the literature. This paper estimates the effect of the Excessive Deficit Procedure (EDP) on sovereign spreads of European Union member states. Based on a sample including the 28 European Union countries over the period 1999 to 2016, sovereign spreads of countries placed under an EDP are found to be on average higher compared to countries that are not under an EDP. The interpretation of this result is not straight-forward as different channels may be at play, in particular those related with the credibility and the design of the EU fiscal framework. The specification accounts for typical macroeconomic, fiscal, and financial determinants of sovereign spreads, the System Generalized Method of Moments estimator is used to control for endogeneity, and results are robust to a range of checks on variables and estimators.
Mongolia meets many of the General Data Dissemination System (GDDS) recommendations for coverage, periodicity, and timeliness. The major exceptions include the following: the incomplete coverage of the international investment position; the nonavailability of a primary commodity, agricultural, or other relevant production index; the producer price index; wages and earnings; nonguaranteed private external debt; as well as the nondissemination of data on central government debt and government-guaranteed debt; public and publicly guaranteed external debt and debt service schedule; gross official reserves; and reserve-related liabilities.
This report focuses on the Monetary Statistics Component of the Regional Data Module Report on the Observance of Standards and Codes for the Eastern Caribbean Central Bank (ECCB). The report reveals that with respect to the prerequisites of quality and assurances of integrity, the legislation broadly supports mandatory data reporting and the confidentiality of the reported data. However, the ECCB’s responsibility for compiling and disseminating monetary statistics to the public is not clearly specified in the law. Regarding resources, the number of staff allocated to the compilation of monetary statistics is inadequate.
This report on the Observance of Standards and Codes (ROSC) data module provides an assessment of Namibia’s monetary statistics against the recommendations of the General Data Dissemination System complemented by an assessment of data quality based on the IMF’s Data Quality Assessment Framework. Based on the review of Namibia’s statistical practices, the mission provided a set of recommendations designed to increase further Namibia’s adherence to internationally accepted statistical practices. These recommendations, in the mission’s view, would also enhance the analytical usefulness of Namibia’s monetary statistics.