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Nowcashing: Using Daily Fiscal Data for Real-Time Macroeconomic Analysis
Author: Florian Misch, Mr. Brian Olden, Mr. Marcos Poplawski Ribeirohttps://orcid.org/0000-0003-0998-7238, and Lamya Kejji
Series:
IMF Working Papers
Volume/Issue:
Volume 2017: Issue 227
Language:
English
Publication Date:
06 Nov 2017
DOI:
https://doi.org/10.5089/9781484325933.001
ISBN:
9781484325933
ISSN:
1018-5941
Pages:
29
Keywords:
WP; government; balance; cash balance; economic activity; country; government banking arrangement; Nowcashing; Real-time data; Fiscal policy; Nowcasting; balances data; government payment system; government bank accounts; Government finance statistics; Currencies; PFM information systems; Global
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IMF Working Papers describe research in progress by the author(s) and are published to elicit comments and to encourage debate. The views expressed in IMF Working Papers are those of the author(s) and do not necessarily represent the views of the IMF, its Executive Board, or IMF management.
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Traditionally, fiscal data for policy analysis are derived from official reports that, depending on the country, are published either monthly, quarterly or annually, often with significant time lags. However, innovations in digitalization of government payments and accounting systems mean that real-time daily fiscal data exist in many countries. In this paper, we argue that these data contain valuable, but underutilized and underexploited information. Possible uses include (i) realtime fiscal surveillance which allows for much more timely responses to emerging signs of fiscal stress, and (ii) nowcasting economic activity, which is especially useful in countries where higher frequency GDP statistics are unavailable.
Cover IMF Working Papers
IMF Working Papers
ISSN:
1018-5941
Publisher:
International Monetary Fund