- Paul Hilbers, Alfredo Leone, Mahinder Gill, and Owen Evens
- Published Date:
- April 2000
This appendix reviews the frameworks for the collection of MPIs already in place in international and regional organizations to ascertain the types of data generally available, to identify gaps or weaknesses in coverage, and to assess the potential for exchange of data and cooperation in collection of MPIs.
International Monetary Fund
The IMF collects and disseminates a wide variety of macrostatisics, but does not systematically collect financial microdata. The IMF’s monetary statistics comprise a very extensive database on banking institutions. These data are potentially very important for macroprudential analysis because many MPIs and the monetary statistics compiled by the IMF are derived from the same data sources—central bank and commercial bank balance sheets. The data have a monthly periodicity and are provided to the IMF as soon as possible after the reference date. An analytical presentation of monetary data is published in International Financial Statistics. The published data only highlight a limited number of monetary and credit aggregates. These aggregates are presented in a modified balance sheet format that does not present total assets, total liabilities, and detailed capital account information, and thus does not provide the structural information needed for macroprudential analysis. Also, the monetary statistics have not been constructed under standard accounting rules, such as for valuation or provisioning, which detracts from their usefulness for macroprudential purposes. Similarly, data on bank income, expenses, and profitability, which are used in many MPIs, are not collected.
A number of changes to the methodology for compiling these monetary statistics, which will bring about greater standardization and harmonization between countries, will be introduced when the IMF’s new Manual on Monetary and Financial Statistics is published. The manual recommends that all countries apply the statistical standards presented in the System of National Accounts, 1993, which will result in standard statistical accounting treatments, definitions of the financial sector, and classifications and treatments of financial instruments. The manual also provides for compilation of aggregate balance sheets for the domestic banking sector, which in most countries would be the only aggregate statistics on the financial positions and condition of financial institutions. Implementation of the standards in the manual would aid countries in producing MPIs in a number of ways, including by providing a framework for the classification and the measurement of financial derivatives, and recording assets at their fair market value. The framework of the manual was not designed with MPIs in mind, but it could be extended—after some conceptual work is done—to accommodate further information on MPIs, such as on asset quality, credit concentration, capital adequacy, and relations with foreign affiliates. Perhaps half of the proposed MPIs could be integrated into the monetary statistics framework, with varying degrees of difficulty.
Bank for International Settlements
The BIS publishes international banking statistics in the form of a semiannual consolidated report of statistics on the amount, maturity, and sectoral and nationality distribution of international bank lending. These data are available to the public through the BIS website (http://www.bis.org). The data are also included in a joint BIS/IMF/OECD/World Bank quarterly statistical release on external debt, which was recently introduced in order to facilitate timely access to a single set of debt indicators. These data are also analyzed in depth in the BIS International Banking and Financial Market Developments, which also presents discussions of conceptual and statistical issues related to the data, as needed.
The BIS staff, partly in support of the Committee on the Global Financial System and its predecessor, the Euro-Currency Standing Committee, have carried out work following the financial crises in the early 1990s with a view to identifying indicators of financial risk, and data have been collected as needed to support these analyses.
European Central Bank
The ECB has initiated an MPI project that has identified the EMU monetary statistics as a source of macroprudential information. The EMU countries compile a harmonized set of monetary statistics to provide the statistical basis for the operation of the EMU single monetary policy.90 The statistics are compiled on a timely basis according to statistical standards based on the European System of Accounts, 1995 (ESA95).91 Because universal banking prevails in Europe, the EMU monetary data cover most of the EMU financial sector.
The EMU monetary statistics are presented in a straightforward balance sheet format, with a reasonable amount of detail on financial instruments and counterparty sector. The data compiled for each country cover each institution’s activity within the country, and separate information is provided on positions with other countries within the EMU and with nonresidents of the EMU. This statistical construction permits the European System of Central Banks (ESCB) to produce a comprehensive picture of the financial positions of domestic financial institutions vis-á-vis residents of the country and residents of the EMU. Although there are some limitations to the data because the reporting system was designed primarily to serve monetary statistics purposes, the EMU monetary statistics framework is comprehensive and methodologically strong. The framework is also being enhanced to better incorporate the needs of macroprudential analysis.
The Banking Supervision Committee of the ESCB has initiated a project to identify MPIs for the EU banking sector, and has established a Working Group on Macroprudential Analysis to that end (see Section IV). The ECB has recently completed a “gaps exercise” to inquire about the availability of data at the EU national central banks needed to calculate MPIs from existing data sources. A selection has been made of indicators to follow and data sources to use. The ECB and national central banks are now putting into place mechanisms for compiling the data. Most of the balance sheet data sought will be taken directly from monetary statistics: monthly balance sheets for the banking sector, supplemented by quarterly information that provides greater detail on borrowing from and lending to nonbank financial institutions, corporations, and households (including a split between consumer credit and mortgage lending). There is also information on particular types of lending, deposit rates, and interest rate spreads. Data collection at this stage is limited to the banking sector. In addition to the collection of data through the monetary statistics system, other data are being gathered from national supervisory sources within the Banking Supervision Committee. This exercise draws also on data collection carried out in other supervisory forums, notably the “Groupe de Contact” (composed of representatives of the supervisory authorities of the countries in the European Economic Area). Subsequent actions will depend on the results of the exercise.
EMU member countries also prepare financial accounts that detail financial assets and liabilities of all major sectors of an economy, and the ECB and Eurostat jointly prepare the Monetary Union Financial Accounts (MUFA). The statistical standards for financial accounts are based on ESA95 and thus are harmonized with the standards for monetary statistics, so that it is possible to embed the analysis of the banking sector within the statistical framework for financial activity for the entire economy and its key components. The specific importance of financial accounts for MPIs is that relationships between the financial sector and its creditor and debtor sectors are made explicit in a way that allows tracking of the influence of macroeconomic trends on the condition of the financial sector. The sectoral accounts also permit analysis of the financial strength or vulnerabilities of the various sectors, thus supporting the analysis of transmission of financial strains between the rest of the economy and the banking sector.
As noted in Section IV, the World Bank is involved in the analysis of financial sector soundness, including through its joint work with the IMF under the FSAP. The Financial Sector Liaison Committee of the World Bank and the IMF is currently discussing options for the joint development of a financial sector database for internal use that will include qualitative information, macroeconomic time series, and aggregated microprudential information. Most of the statistical data will be drawn from databases maintained by other institutions, but will also include information gathered during the FSAP missions and other consultations with member countries. The World Bank also makes use of macroprudential information in risk assessment models used in conjunction with its lending operations.
Organization for Economic Cooperation and Development
The OECD collects a wide range of financial sector data from its member countries for use in its regular analysis of national and international financial conditions, as presented in its Financial Market Trench and numerous other analytical and statistical reports. The OECD does not presently collect specific MPIs, but uses a broad range of macro- and microstatistics and qualitative information in its assessments of countries’ financial situations. However, two OECD publications are of particular interest for macroprudential purposes.
- Bank Profitability presents data on (1) bank income, expenditure, and profitability; (2) balance sheets, with substantial detail; (3) capital adequacy; (4) supplemental data on the number of institutions and employment; and (5) some limited information on the overall structure of the financial system. A number of countries provide data disaggregated by major type of bank. Data are available for all OECD member countries, using a standard set of tables that have a rather detailed breakdown. The data are subject to a number of limitations, however, mostly the result of diversity in national coverage.92 Data have an annual periodicity, and the latest data in the 1999 report are from 1997 for all but a few countries.
- Financial Accounts of OECD Countries presents standard tables with annual data on flows of funds and balance sheets of most OECD countries. Detail is given by type of financial instrument and counterparty sector, and sometimes with links to gross saving and investment in the national accounts. These data are compiled in accordance with SNA standards and thus provide links between the financial sector and the overall national economy. This multi-sector by financial instrument framework is potentially useful for macroprudential analysis by permitting examination of the concentration of lending by sector and the transmission of financial stress across sectors. Although adherence to SNA standards imparts some comparability of data across countries, the foreword warns that the “extreme diversity that characterizes the financial institutions of the member countries and the financial instruments they use may limit the comparability of the statistics.”. Data users are advised to refer to a methodological supplement for information on standard concepts, calculation methods, and individual country notes. Other limitations are the restricted country coverage, availability of only annual data, and the long lags in the production of data by some countries.
Recent financial crises have given rise to increased efforts by the international community to foster macroeconomic stability and financial system soundness. Transparency in the functioning of world capital markets and of countries’ financial policies is being promoted. The IMF has taken numerous steps to enhance transparency and openness, including the establishment and recent strengthening of disclosure standards to guide countries in a number of areas, including data dissemination. The need for these standards, first highlighted by the Mexican financial crisis in 1994895, was underscored by the recent financial crises in Asia and elsewhere. The Special Data Dissemination Standard, complete with an electronic bulletin board—and in a growing number of cases, electronic links that enable users to move between the metadata and the actual data—has been in place since March 1996. The General Data Dissemination System was established in December 1997.
Special Data Dissemination Standard
Countries subscribing to the SDDS undertake to follow good practices in four dimensions:
- Data—coverage, periodicity, and timeliness:
- Access by the public—dissemination of advance release calendars, and simultaneous release of the data;
- Integrity—disclosure of information on laws governing the compilation and release of the data, access to the data by other government officials prior to release, ministerial commentary accompanying the release of the data, revision policy, and advance notice of major changes in methodology; and
- Quality—dissemination of documentation on methodology and sources, and dissemination of detailed data that support statistical cross-checks.
Under the SDDS, data dissemination practices are described for a total of 20 data categories covering the real, fiscal, financial, and external sectors as well as for population, and are posted on the Dissemination Standards Bulletin Board. To date, 47 countries—representing a mix of industrial, emerging market, and transition economies—have voluntarily subscribed to the SDDS. Countries are also required to establish an Internet site containing the actual data disseminated under the SDDS, called a national summary data page that is hyperlinked to the DSBB.
The SDDS has led to wider availability and enhanced timeliness of published data and greater use of advance data release calendars. In light of the recent financial crises, the IMF has also taken steps to strengthen the SDDS, particularly in the areas of international reserves and external debt. The new reserves template is more comprehensive than the existing prescription, with subscribers having until March 31, 2000, to meet the new requirements. Improvements in external debt data are also taking place.
General Data Dissemination System
The GDDS, like the SDDS, was developed in close collaboration with a wide range of producers and users of statistics. The primary focus of the GDDS is on improvement in data quality. This stands in contrast with the SDDS, where the focus is on dissemination in countries that generally already meet high data quality standards. Against this background, the GDDS is one of the most important strategic projects for the IMF in the area of statistics, where a long-standing objective has been the improvement of data and statistical practices among the membership. It is hoped that the GDDS will also be a valuable resource for bilateral and multilateral providers of technical assistance, and that the GDDS can provide the basis for enhanced cooperation with other providers of technical assistance. The GDDS’s purposes are (1) to encourage member countries to improve data quality; (2) to provide a framework for evaluating needs for data improvement and setting priorities in this respect; and (3) to guide member countries in the dissemination to the public of comprehensive, timely, accessible, and reliable economic, financial, and sociodemographic statistics. The framework takes into account, across the broad range of countries, the diversity of their economies and the developmental requirements of their statistical systems.
Dissemination Standards Bulletin Board
The DSBB website (http://dsbb.imf.org), which is maintained by the IMF, serves as a toot for market analysts and others who track economic growth, inflation, and other economic and financial developments in countries around the world. The aim of the DSBB is to strengthen the availability of timely and comprehensive information on economic and financial statistics and to contribute to the pursuit of sound macroeconomic policies and improved functioning of financial markets.
The DSBB describes the statistical practices of the SDDS-participating countries in the collection, compilation, and dissemination of key macroeconomic indicators. DSBB users also have access to actual country data on the national summary data pages, A project is under way to enhance the DSBB website with regard to (1) presentation and functionality; (2) tools for metadata management; (3) provision of a database for data that are accessible on or via the DSBB; and (4) marketing of the DSBB.
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162. Fiscal Policy Rules, by George Kopits and Steven Symansky. 1998.
161. The Nordic Banking Crises: Pitfalls in Financial Liberalization? by Burkhard Dress and Ceyla Pazarbasioğlu. 1998.
160. Fiscal Reform in Low-Income Countries: Experience Under IMF-Supported Programs, by a staff team ied by George T. Abed and comprising Liam Ebrill, Sanjeev Gupta, Benedict Clements, Ronald McMor-ran, Anthony Pellechio, Jerald Schiff, and Marijn Verhoeven, 1998.
159. Hungary: Economic Policies for Sustainable Growth, Carlo Cottarelli, Thomas Krueger, Reza Moghadam, Perry Perone, Edgardo Ruggiero, and Rachel van Eikan. 1998.
158. Transparency in Government Operations, by George Kopits and Jon Craig. 1998.
157. Central Bank Reforms in the Bailies, Russia, and the Other Countries of the Former Soviet Union, by a staff team led by Malcolm Knight and comprising Susana Almuifia, John Dalton, Inci Otker, Ceyla Pazarbasioğlu, Arne B. Petersen, Peter Quirk, Nicholas M. Roberts, Gabriel Sensenbrenner, and Jan Willem van der Vossen. 1997.
156. The ESAF at Ten Years: Economic Adjustment and Reform in Low-Income Countries, by the staff of the International Monetary Fund, 1997.
155. Fiscal Policy Issues During the Transition in Russia, by Augttsto Lopez-Claros and Sergei V. Alexas-henko. 1998.
154. Credibility Without Rules’? Monetary Frameworks in the Post-Bretton Woods Era, by Carlo Cottarelli and Curzio Giannini. 1997.
153. Pension Regimes and Saving, by G.A. Mackenzie, Philip Gerson, and Alfredo Cuevas. 1997.
152. Hong Kong, China: Growth, Structural Change, and Economic Stability During the Transition, by John Dodswonh and Dubravko Mihaljek, 1997.
151. Currency Board Arrangements: Issues and Experiences, by a staff team ied by Tomás J.T. Balifio and Charles Enoch. 1997.
150. Kuwait: From Reconstruction to Accumulation for Future Generations, by Nigel Andrew Chalk, Mo-hamed A. Ei-Erian, Susan J. Fennell, Alexei P. Kireyev, and John F. Wilson. 1997.
149. The Composition of Fiscal Adjustment and Growth: Lessons from Fiscal Reforms in Eight Economies, by G.A. Mackenzie, David W.H. Orsmond, and Philip R. Gerson. 1997.
148. Nigeria: Experience with Structural Adjustment, by Gary Moser, Scott Rogers, and Reinold van Til, with Robin Kibuka and Inutu Lukonga. 1997.
Note: For information on the title and availability of Occasional Papers not listed, please consult the IMF Publications Catalog or contact IMF Publication Services.