2014年-FSB全球金融稳定委员会_The_Financial_Crisis_and_Information_Gaps_–_Fifth_Implementation_Progress_Report_64页_1mb

报告摘要

Summary of the Fifth Progress Report on the Implementation of the G-20 Data Gaps Initiative

Core Content

The Fifth Progress Report on the G-20 Data Gaps Initiative (DGI), prepared by the IMF and FSB Secretariat in September 2014, outlines the progress made in addressing key data gaps in financial and economic statistics over the past five years since the initiative's launch in 2009. The report emphasizes the importance of these data in improving financial stability, policy analysis, and international coordination.

Main Points

The DGI has made significant progress in implementing its 20 recommendations, with most conceptual work completed and data collection efforts ongoing across G-20 economies.
Continued cooperation at the national and international levels is essential to complete the initiative and ensure data quality and comparability.
A second phase of the DGI is proposed to be initiated in 2016, with a revised mandate and additional data requests based on user needs.
The reporting of data by non-G-20 economies has also contributed to the global statistical framework and data completeness.

Key Recommendations and Progress

A. Development of Conceptual/Statistical Frameworks

Recommendation 3 (Tail Risk): Close to completion, with the finalization of the pilot exercise expected by the end of 2014.
Recommendation 4 (Aggregate Leverage and Maturity Mismatches): Ongoing for nonbank financial institutions, with FSB working on shadow banking data.
Recommendation 6 (Structured Products): Completed by the IOSCO in April 2010, with further refinements in February 2012.
Recommendation 16 (Distributional Information): Initial work completed in 2013, with an OECD-led experts group launched in 2014 to refine methodology. A data collection is expected in 2015.
Recommendation 19 (Real Estate Prices): A handbook on residential property price indices (RPPI) was published in April 2013, and a handbook on commercial property price indices (CPPI) is expected by mid-2015.
Recommendation 20 (Principal Global Indicators - PGI): Ongoing work to enhance the PGI website, expand data coverage, and improve timeliness, efficiency, and comparability.

B. Enhancement of Existing Conceptual/Statistical Frameworks and Ongoing Data Collection

Recommendation 2 (FSIs): All G-20 economies report some Financial Soundness Indicators (FSIs) to the IMF, with eight reporting all seven FSIs on a quarterly basis.
Recommendation 5 (CDS): Considered complete, as eight G-20 economies with significant CDS markets have been reporting to the BIS CDS database since 2010/2011.
Recommendation 7 (Securities Data): Considered complete, with the Handbook on Securities Statistics (HSS) published and a website established. All G-20 economies report partial data to the BIS Securities Statistics database.
Recommendation 10 (IBS & CPIS - Participation): 17 G-20 economies participate in the IMF's CPIS, and 15 in the BIS's IBS. Additional sample data from two G-20 economies has been provided.
Recommendation 11 (IBS & CPIS - Enhancement): Stage 1 enhancements began in late 2012, and Stage 2 data dissemination is expected by early 2015.
Recommendation 12 (IIP): All G-20 economies disseminate IIP data, with 14 (plus the Euro Area) reporting on a quarterly basis with a one-quarter lag.
Recommendation 15 (Sectoral Accounts): 10 G-20 economies report at least partial data on a quarterly basis. Work is ongoing to improve completeness and consistency.
Recommendation 17 (GFS): Progress is slow, with 10 G-20 economies reporting quarterly general government operations data. A GFS Advisory Committee is planned for early 2015.
Recommendation 18 (Public Sector Debt): 17 G-20 economies participate in the World Bank/IMF/OECD public sector debt database, but coverage remains weak.

Key Information

The DGI has been driven by policy support, peer pressure, and international cooperation.
The initiative has enhanced data completeness, quality, and comparability, supporting financial stability, debt analysis, and understanding interconnectedness.
A pilot project on data cooperation among international agencies has been launched, focusing on GDP, main aggregates, and sectoral accounts.
The DGI is not temporary; it requires continuous effort to expand data coverage, improve data sharing, and sustain high-quality reporting.
A second phase of the DGI is proposed for 2016, with a revised mandate and potential new data requests to ensure relevance for policy and analysis.

Future Work

A second phase of the DGI will be initiated in 2016 to strengthen and consolidate the progress made so far.
The specifics of this phase, including revised targets and new data requests, will be discussed with G-20 economies in the 2015 work plan.
Senior-level representatives from each G-20 economy will be asked to liaise with the IAG to ensure continuity.
The IMF and OECD will continue to provide technical assistance, training, and outreach to support the implementation of reporting templates.

Conclusion

The DGI has made substantial progress in addressing data gaps, particularly in financial stability, cross-border linkages, and sectoral accounts. While some recommendations are considered complete, others require further work to ensure full implementation and data consistency. The report seeks endorsement from the G-20 Finance Ministers and Central Bank Governors of the action plans and timetables outlined in Annex 1. The initiative remains vital for international policy coordination and statistical improvement.