6. Financial Sector: Data Coverage, Periodicity, and Timeliness
- International Monetary Fund. Statistics Dept.
- Published Date:
- December 2013
6.1 In discussing the GDDS data coverage, periodicity, and timeliness of the financial sector, this chapter covers the depository corporations survey (DCS), the central bank survey (CBS), interest rates, and the stock market—share price index.
Depository Corporations Survey
(previously Analytical Accounts of the Banking Sector)
6.2 The GDDS-recommended comprehensive statistical framework for the financial sector was designated as the “analytical accounts of the banking sector.” In the Monetary and Financial Statistics Manual (MFSM) published in 2000, the framework is presented as the DCS. The DCS covers depository corporations, which include the central bank and other depository corporations (ODCs). The ODCs, in turn, cover resident financial corporations and quasi-corporations that mainly engage in financial intermediation and issue liabilities included in the national definition of money.
6.3 The MFSM and the Monetary and Financial Statistics Compilation Guide (MFSCG 2008) provide an analytical framework and guidelines for the compilation of monetary and financial statistics.1 The GDDS recommends full institutional coverage, as recommended in the MFSM, as the best practice. A participating country’s metadata for this data category should describe the coverage of its DCS and related characteristics.
6.4 Data on the DCS are to be compiled on a monthly basis and disseminated within 1–3 months after the end of the reference month.
6.5 The GDDS recommends that components to be disseminated should include, at a minimum, the following:
Monetary aggregates (broad money, which is a high-ordered monetary aggregate, and narrow money, which is a lower-ordered aggregate, are encouraged, if relevant)
Domestic credit disaggregated into (i) net claims on the general government or claims on the nonfinancial public sector (depending on whether general government or public-sector operations represent the comprehensive framework for the fiscal sector) and (ii) claims on the other resident sectors
Foreign assets and foreign liabilities of the depository corporations, presented as net foreign assets (total foreign assets minus total foreign liabilities),2 or as total foreign assets and total foreign liabilities
6.6 According to the MFSM, the broad money components in the DCS correspond to depository corporations’ liabilities to money-holdings sectors, which usually consist of (i) other financial corporations, (ii) state and local governments, (iii) public nonfinancial corporations, (iv) other nonfinancial corporations, and (v) other resident sectors (households and nonprofit institutions serving households, NPISHs).
Central Bank Survey
(previously analytical accounts of the Central Bank)
6.7 The GDDS recommends the dissemination of monthly data for the central bank survey (CBS), previously designated as the analytical accounts of the central bank, within 1–2 months after the end of the reference month.
6.8 The MFSM and MFSCG provide an analytical framework and guidelines for the compilation of the CBS.
6.9 The GDDS recommends that interest rates should be available on a monthly basis. However, it does not recommend a specific timeliness.
6.10 The GDDS recommends that interest rates on short-term and long-term government securities be disseminated. A three- or six-month treasury bill rate and a 10–year government bond yield are common examples of representative rates. A country may not have a short- or long-term government security rate, for use as a representative rate; for example, under continuing fiscal surpluses, there may be no issuance of government securities, or under conditions of high inflation, there may be no issuance of long-term government securities. These facts need to be noted in the metadata for the DSBB.
6.11 The GDDS also recommends the dissemination of a policy-oriented interest rate such as a central bank lending or discount rate. This interest rate should be described in the metadata for posting on the DSBB (e.g., the policy-oriented interest rate is the rate at which the central bank lends to other depository corporations).
6.12 The GDDS encourages the dissemination of money market or interbank rates and a range of deposit and lending rates.
Stock Market–Share Price Index
6.13 The GDDS encourages participating countries to disseminate stock market data in the form of a share price index, if available, on a monthly basis. No specific timeliness, however, is recommended.
6.14 In countries where no substantial stock market exists, this data category will not be relevant.
The MFSM is consistent with the 1993 SNA in defining the depository corporations subsector to include the central bank and ODCs.
The balance of payment concept of “residency” applies in distinguishing foreign and domestic assets and liabilities.