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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.

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.

International Monetary Fund
This Report on the Observance of Standards And Codes (ROSC) on data module for Uganda provides an assessment of Uganda’s macroeconomic statistics against the recommendations of the General Data Dissemination System (GDDS) complemented by an assessment of data quality based on the IMF’s Data Quality Assessment Framework. This ROSC data module contains the main observations covering four macroeconomic data sets, namely national accounts, the consumer price index (CPI), government finance statistics (GFS), and balance of payments (BOP). It also provides an overview of the dissemination practices compared with the GDDS.
Nazim Belhocine
This paper constructs a data set to document firms' expenditures on an identifiable list of intangible items and examines the implications of treating intangible spending as an acquisition of final (investment) goods on GDP growth for Canada. It finds that investment in intangible capital by 2002 is almost as large as the investment in physical capital. This result is in line with similar findings for the U.S. and the U.K. Furthermore, the growth in GDP and labor productivity may be underestimated by as much as 0.1 percentage point per year during this same period.
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.

Abstract

Taxation, like politics, is the art of the possible--yet most public finance texts ignore the critical role played by tax administration in restoring macroeconomic balance and promoting equity and efficiency. This volume, edited by Richard M. Bird and Milka Casanegra de Jantscher, fills a gap in the literature by linking tax policy and tax administration reform and exploring ways to improve taxpayer compliance.

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

Abstract

4.1. The 1993 SNA presents a comprehensive set of related accounts that are of considerable analytical interest and were designed with a wide range of economic analyses in mind. The accounts can also help compilers identify inconsistencies and errors in the data. Just as compilers are urged to extend their annual data to a wider range of accounts, a quarterly national accounts (QNA) system should seek to cover more than GDP and its components.