This Technical Assistance Report discusses the findings and recommendations made by the IMF mission about compilation and dissemination of government finance statistics (GFS) in Rwanda. The mission reviewed the roadmap of the interagency GFS technical working group, the structure of the public sector, the GFS compilation process, and the conversion of source data to standard fiscal tables consistent with international standards. The mission fully endorsed the authorities’ work program going forward, and agreed that the step-by-step approach starting with producing solid and credible budgetary central government data. The mission cautioned that increasing frequency and expanding coverage of fiscal reports to include the local government sector and, eventually, the extrabudgetary units, will need to be an iterative process requiring continued determined efforts.
This guide explains the nature and objectives of the General Data Dissemination System (GDDS), describes its operation, and provides practical guidance to IMF member countries on participation in the system. The GDDS provides members with a basic framework for a broader national statistical development strategy. It covers a set of statistics recognized to be essential for all countries for policymaking and analysis in an environment that increasingly requires relevant, comprehensive, accurate, and timely statistics available to the general public. The General Data Dissemination System: Guide for Participants and Users addresses the full range of issues critical for compiling and disseminating data and making explicit plans for improvement to align national procedures with best practices.
Ms. Claudia H Dziobek, Mr. Alberto F Jimenez de Lucio, and Mr. James A Chan
This note addresses the following main issues: • Statistical definitions of government (Government Finance Statistics Manual 2001) • Institutional structure of government and public sector • What is a precise definition of government and why it is relevant • Potential pitfalls of lacking a precise definition of government • Definitions of government in IMF-supported programs • Applications for fiscal rules and other fiscal policy design
This Report on the Observance of Standards and Codes (ROSC) provides a review of Georgia’s data dissemination practices against the IMF’s General Data Dissemination System (GDDS), complemented by an in-depth assessment of the quality of the national accounts, consumer price index, producer price index, government finance, monetary, and balance-of-payments statistics. Georgia has made good progress in improving its statistics in a number of areas. Nonetheless, substantial shortcomings are present in some statistical practices and databases. Some of these shortcomings could be addressed with current resources.
Mr. Andrew J Tiffin, Mr. Christian B. Mulder, and Mr. Charalambos Christofides
This paper examines the relationship between adherence to international standards of good practice in policy-making and two key indicators of access to capital markets and the cost of this access: spreads and sovereign ratings. In contrast to other work, this study reviews a broad set of indicators for adherence to international standards. The estimations are conducted for emerging market economies, and pay particular attention to issues of persistence in spreads and ratings and nonlinearities in the relationships. The main finding confirms the expectation that standards are indeed relevant. Accounting standards and property rights are especially important for spreads, in addition to data transparency (SDDS subscription). Accounting standards and corruption are especially important in explaining ratings in addition to trade protectiveness (not a standard).
Because the wave of financial crises in recent years has spurred analysts' and policymakers' interest in monitoring the vulnerabilities of financial systems, the need for supporting data has increased. This paper presents survey results on the collection, compilation, and dissemination of data on a range of indicators of financial soundness in 100 countries. The paper distinguishes between the collection of financial soundness indicators for policymakers and their dissemination to the general public. It also explores the eagerness of national authorities to disseminate the information they collect and to what extent it relates to financial crisis experience.
This report provides a summary of Costa Rica’s macroeconomic data dissemination practices against the IMF’s Special Data Dissemination Standard (SDDS), together with a summary assessment of the dimensions of data quality underlying national accounts statistics, consumer and producer price statistics, government finance statistics, monetary statistics, and balance-of-payments statistics. The authorities are in observance of nearly all SDDS specifications used by the IMF to determine observance of the Standard—that is, coverage, periodicity, and timeliness of the data and the dissemination of advance release calendars. In some instances, timeliness exceeds SDDS requirements.
International Monetary Fund. External Relations Dept.
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This report on the Observance of Standards and Codes on Data Module is a summary assessment of Estonia's data practices against the IMF's Special Data Dissemination Standard, complemented by an in-depth assessment of the dimensions of data quality that underlie the national accounts, consumer prices, government finance, monetary, and balance-of-payments statistics. Accuracy and reliability are generally good, but could be improved in a few areas of national accounts and in general government data by strengthening source data and improving statistical techniques.
Mr. Paul Louis Ceriel Hilbers, Mr. Alfredo Mario Leone, Mr. Mahinder Singh Gill, and Mr. Owen Evens
Following the severe financial crises of the 1990s, identifying and assessing financial sector vulnerabilities has become a key priority of the international community. The costly disruptions in global markets underscored the need to establish a set of monitorable variables for evaluating strengths and weaknesses in financial institutions and to alert authorities of impending problems. These variables, indicators, of financial system health and stability known collectively as macroprudential indicators, are the subject of this Occasional Paper by the Monetary and Exchange Affairs Department and the Statistics Department. Macroprudential indicators take measures at both the level of aggregated financial institutions and at the macroeconomic level; financial crises often occur when weaknesses are identified in both. The authors provide a breakdown and explanations of these indicators and a review of the theoretical and empirical work done thus far. Work at other international and multilateral institutions is included as well as the experiences of several national central banks and supervisory agencies. This paper provides a valuable reference source of current knowledge about macroprudential indicators and issues related to their analysis, identification, measurement, and possible dissemination.