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Mr. Ashraf Khan and Majid Malaika
Based on technical assistance to central banks by the IMF’s Monetary and Capital Markets Department and Information Technology Department, this paper examines fintech and the related area of cybersecurity from the perspective of central bank risk management. The paper draws on findings from the IMF Article IV Database, selected FSAP and country cases, and gives examples of central bank risks related to fintech and cybersecurity. The paper highlights that fintech- and cybersecurity-related risks for central banks should be addressed by operationalizing sound internal risk management by establishing and strengthening an integrated risk management approach throughout the organization, including a dedicated risk management unit, ongoing sensitizing and training of Board members and staff, clear reporting lines, assessing cyber resilience and security posture, and tying risk management into strategic planning.. Given the fast-evolving nature of such risks, central banks could make use of timely and regular inputs from external experts.
International Monetary Fund
The adverse impact of the crisis on Luxembourg’s growth outlook is partly mitigated by the authorities’ well-conceived fiscal policy response. The staff report for Luxembourg’s 2009 Article IV Consultation highlights economic developments and policies. It combines substantial fiscal stimulus, including subsidies aimed at stabilizing employment, with the full functioning of the automatic stabilizers. All major expenditure components of GDP are likely to be adversely affected by the financial crisis, waning confidence, and euro area recession.
International Monetary Fund

Abstract

La labor que dedica el FMI a las normas sobre divulgación de datos abarca dos niveles: el Sistema General de Divulgación de Datos (SGDD), que se aplica a todos los países miembros del FMI, y las Normas Especiales para la Divulgación de Datos (NEDD), para los países que tienen o buscan acceso a los mercados internacionales de capital. El marco del SGDD ofrece a los gobiernos una guía sobre el desarrollo general de los datos macroeconómicos, financieros y sociodemográficos fundamentales para el análisis y la formulación de políticas en un contexto que, cada vez más, requiere datos estadísticos relevantes, exhaustivos y exactos. Esta Guía explica la naturaleza, objetivos y funcionamiento del SGDD; qué tipos de datos comprende y cómo participan los países. Brinda a las autoridades estadísticas nacionales una herramienta de gestión y un marco para promover una metodología estadística sólida, la compilación de datos con criterios profesionales y la divulgación de datos. Esta Guía reemplaza a la versión actualizada en marzo de 2002 e incorpora los Objetivos de Desarrollo del Milenio, de las Naciones Unidas, como elementos específicos del componente sociodemográfico del SGDD, desarrollado en colaboración con el Banco Mundial.

International Monetary Fund

Abstract

The IMF's work on data dissemination standards consists of two tiers: the General Data Dissemination System (GDDS), which applies to all IMF member countries, and the Special Data Dissemination Standard (SDDS), for those members having or seeking access to international capital markets. The GDDS framework provide governments with guidance on the overall development of the macroeconomic, financial, and sociodemographic data that are essential for policymaking and analysis in an environment that increasingly requires relevant, comprehensive, and accurate statistical data. This Guide explains the nature, objectives, and operation of the GDDS; the data dimensions it covers; and how countries participate. It provides national statistical authorities with a management tool and a framework to foster sound statistical methodology, professional data compilation, and data dissemination. The Guide supersedes the version updated in March 2002 and incorporates the UN Millennium Development Goals (MDGs) as specific elements of the GDDS sociodemographic component, which was articulated with the collaboration of the World Bank.

International Monetary Fund

Abstract

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.

International Monetary Fund

Abstract

Las Normas Especiales para la Divulgación de Datos (NEDD) fueron establecidas por el FMI en 1996 con el objeto de orientar a los países que ya tienen acceso o procuran obtener acceso a los mercados internacionales de capital en la tarea de divulgar datos económicos y financieros al público. Al año siguiente, el FMI estableció las Normas Generales para la Divulgación de Datos (NGDD), con el objeto de preparar a los países para que puedan cumplir con los requisitos de las NEDD. Los datos suministrados por los países suscriptos a las NEDD, así como la información proporcionada por los países participantes en las NGDD, se publican en la Cartelera Electrónica de Divulgación de Datos (CEDD) en la página web pública del FMI (http://dsbb.imf.org). Esta Guía busca ayudar los suscriptores de las NEDD, a los participantes en el SGDD en transición hacia las NEDD, y a los usuarios de la CEDD a familiarizarse con las características y el alcance de las NEDD y de la CEDD. Su objetivo es promover las iniciativas del FMI en materia de transparencia y normas de datos, mejorar la disponibilidad pública de estadísticas internacionales oportunas y completas, y de esa manera contribuir a la aplicación de políticas macroeconómicas sólidas en los países y a un mejor funcionamiento de los mercados financieros mundiales.

International Monetary Fund

Abstract

Les travaux du FMI sur les normes de diffusion des données se font à deux niveaux : le système général de diffusion des données (SGDD), pour tous les pays membres, et la norme spéciale de diffusion des données (NSDD), pour les pays membres qui ont accès, ou cherchent à avoir accès, aux marchés de capitaux internationaux. Le SGDD fournit aux pays des recommandations sur l'établissement des données macroéconomiques, financières et sociodémographiques qui sont essentielles pour l'élaboration de la politique économique et l'analyse dans un environnement où des statistiques pertinentes, détaillées et exactes sont de plus en plus nécessaires. Ce guide explique la nature, les objectifs et le fonctionnement du SGDD, les dimensions des données et les modalités de participation. Il offre aux offices nationaux de statistiques un outil de gestion et une structure qui favorisent la mise en place d'une solide méthodologie statistique, un établissement professionnel des données et la diffusion des données. Le guide remplace la version mise à jour en mars 2002 et intègre les objectifs du millénaire pour le développement (OMD), adoptés dans le cadre des Nations unies, comme éléments spécifiques du volet sociodémographique du SGDD, qui a été élaboré en collaboration avec la Banque mondiale.

International Monetary Fund

Abstract

La norme spéciale de diffusion des données (NSDD) a été créée en 1996 par le FMI pour aider les pays membres – qui ont ou pourraient chercher à avoir accès aux marchés internationaux de capitaux – à communiquer des données économiques et financières importantes au public. L'année suivante, le FMI a créé la norme générale de diffusion des données (NGDD), qui vise à préparer les pays à satisfaire aux exigences de la NSDD. Les données fournies par les pays souscrivant à la NSDD, ainsi que les informations fournies par les pays participant la NGDD, sont publiées sur le tableau d’affichage des normes de diffusion (TAND) du FMI (site web : http://dsbb.imf.org). Ce guide a pour objectif d'aider les souscripteurs à la NSDD, les pays participant à la NGDD qui s'apprêtent à souscrire à la NSDD, et les utilisateurs du TAND à se familiariser avec les caractéristiques et le champ d'application de la NSDD et du TAND. Il vise à compléter les initiatives du FMI en matière de transparence et de normes relatives aux données, à améliorer la publication de statistiques internationales complètes et à jour, et de contribuer ainsi aux efforts entrepris par les pays pour adopter des politiques macroéconomique saines, ainsi qu'à l'amélioration du fonctionnement des marchés financiers mondiaux.

International Monetary Fund

Abstract

The IMF's work on data dissemination standards consists of two tiers: the General Data Dissemination System (GDDS), which applies to all IMF member countries, and the Special Data Dissemination Standard (SDDS), for those members having or seeking access to international capital markets. The GDDS framework provide governments with guidance on the overall development of the macroeconomic, financial, and sociodemographic data that are essential for policymaking and analysis in an environment that increasingly requires relevant, comprehensive, and accurate statistical data. This Guide explains the nature, objectives, and operation of the GDDS; the data dimensions it covers; and how countries participate. It provides national statistical authorities with a management tool and a framework to foster sound statistical methodology, professional data compilation, and data dissemination. The Guide supersedes the version updated in March 2002 and incorporates the UN Millennium Development Goals (MDGs) as specific elements of the GDDS sociodemographic component, which was articulated with the collaboration of the World Bank.

International Monetary Fund

Abstract

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.