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Marvin M. Wofsey and Paul M. Dickie

This paper describes modernization of ports in Peru. With the sea so predominant in the life of the country, modern ports are vital in Peru. A program has been undertaken to abandon the numerous obsolete ports served by barges and to establish a few strategically situated ports—modern, mechanized, and with terminals having direct mooring facilities. At the same time, Callao, the country’s chief port, has been improved, and specially equipped ports are being planned for fishing products.

International Monetary Fund

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.

V.V. Bhatt

This paper examines adjustment, growth, and the IMF’s role. Under the Baker plan, the IMF would continue to play a central role in dealing with the economic imbalances and the debt problems that countries face, a role that would continue to include the analysis and policy advice that the IMF brings to discussions with member countries. The IMF’s role will also be to continue to help countries obtain new external financing from commercial banks as well as from official sources.

International Monetary Fund

This Selected Issues paper on Euro Area Policies underlies global rebalancing of accounts. From a growth-accounting perspective, slower growth in the capital-labor ratio seems to be the main driver behind the deceleration in labor productivity. The increase in bilateral trade was accompanied by a large bilateral EU trade deficit. China’s market share seems to have increased mainly at the expense of other East Asian countries. EU trade with China increased at more than twice the rate of total EU external trade, and China became the EU’s second largest trading partner.

International Monetary Fund

The European Union’s (EU) financial stability framework is being markedly strengthened. This is taking place on the heels of a severe financial crisis owing to weaknesses in the banking system interrelated with sovereign difficulties in the euro area periphery. Important progress has been made in designing an institutional framework to secure microeconomic and macroprudential supervision at the EU level, but this new set-up faces a number of challenges. Developments regarding the financial stability may assist in the continuing evolution of the European financial stability architecture.

Mr. Nils O Maehle, Mr. Robert Dippelsman, and Mr. Adriaan M. Bloem

Abstract

1.1. Quarterly national accounts (QNA) constitute a system of integrated quarterly time series coordinated through an accounting framework. QNA adopt the same principles, definitions, and structure as the annual national accounts (ANA). In principle, QNA cover the entire sequence of accounts and balance sheets in the System of National Accounts 1993 (1993 SNA); in practice, the constraints of data availability, time, and resources mean that QNA are usually less complete than ANA. The coverage of the QNA system in a country usually evolves. In the initial stage of implementation, only estimates of gross domestic product (GDP) with a split by industry and/or type of expenditure may be derived. Gross national income (GNI), savings, and consolidated accounts for the nation can follow fairly soon. Extensions can be made as the use of the system becomes more established, resources become available, and users become more sophisticated; additional breakdowns of GDP, institutional sector accounts and balance sheets, and supply-use reconciliation may be added.1

Mr. Nils O Maehle, Mr. Robert Dippelsman, and Mr. Adriaan M. Bloem

Abstract

2.1. Strategic statistical and managerial issues have to be dealt with to facilitate a smooth and efficient operation of quarterly national accounts (QNA). These issues arise when QNA are being set up, and it could be useful to revisit them from time to time once the QNA are fully operational. The most important statistical issues to be considered are the relationship of the QNA to the annual national accounts (ANA), coverage of the QNA, assessment of quarterly source data, and statistical compilation processes. Important managerial aspects concern the release cycle, the timing of the compilation process, and organizing the staff involved in the compilation. In this chapter, both statistical and managerial issues are examined from a strategic perspective, without much detail (statistical issues will be discussed in more detail in later chapters).

Mr. Nils O Maehle, Mr. Robert Dippelsman, and Mr. Adriaan M. Bloem

Abstract

3.1. This chapter deals with the process of identification and assessment of quarterly data sources. Because circumstances differ, it is not possible to create a standard set of sources that can be applied in all countries. Rather, the approach taken in this chapter is to describe the alternatives that are used in quarterly national accounts (QNA) compilation in various countries and some of the considerations that need to be taken into account in choosing among them.