2008年-IMF国际货币组织全球_Seventh_Review_of_the_Fund39s_Data_Standards_Initiatives_31页_794kb

报告摘要

Summary of the Seventh Review of the IMF's Data Standards Initiatives

Core Content

The Seventh Review of the IMF's Data Standards Initiatives outlines the progress and future directions of the Special Data Dissemination Standard (SDDS) and the General Data Dissemination System (GDDS) since the Sixth Review. The review highlights the importance of data transparency and quality in the context of financial crises and current economic turmoil. It also discusses the need for strengthening the SDDS and enhancing the GDDS to better serve member countries and improve international surveillance.

Main Points

1. Background and Purpose

The IMF introduced data dissemination standards in response to the 1994-1995 Mexican financial crisis to enhance transparency and promote good governance.
The SDDS and GDDS are voluntary initiatives aimed at improving the quality and availability of macroeconomic and financial data.
The SDDS focuses on countries with access to international capital markets, while the GDDS supports countries with less developed statistical systems.

2. Membership and Outreach

As of the Seventh Review, 64 countries subscribe to the SDDS and 94 countries participate in the GDDS, with 85% of IMF members involved in at least one of the systems.
100 countries have participated in the GDDS since its inception in 1997, with 6 of them graduating to the SDDS.
30 countries are not participants in either system, with most of them having limited statistical capacity or not yet committed to data dissemination.

3. SDDS Advancements

Annual reports on SDDS observance were published for the first time in 2006 and 2007, showing improvements in data dissemination practices.
Subscribers have enhanced metadata descriptions and quarterly certification processes.
The SDMX initiative has seen slow progress due to resource demands, though the Fund has made updates to the metadata common vocabulary.

4. Strengthening the SDDS

The SDDS is being broadened to include financial indicators that could help in understanding and addressing current financial turmoil.
The Fund is exploring the inclusion of Financial Soundness Indicators (FSIs) and harmonized monetary and financial statistics in the SDDS.
The Reserves Template is being clarified to reflect market practices, especially regarding the use of derivatives.

5. Enhancing the GDDS

The GDDS is being enhanced to focus more on data dissemination, aiming to provide immediate benefits to policymakers and support countries in graduating to the SDDS.
The GDDS Guide was updated in 2007 to provide clearer guidance on participation and data quality.

6. Data Quality and Transparency

The SDDS has led to improved data quality and greater public awareness, but it carries reputational risks if users perceive the Fund as endorsing or certifying data quality.
The Data Quality Assessment Framework (DQAF) is being used to assess and improve data quality, with 46 SDDS subscribers having completed and published a Report on the Observance of Standards and Codes (ROSC).

7. Proposed Work Program

The paper proposes to accelerate work on financial statistics and indicators, with a goal of returning to the Board within one year with specific proposals.
It suggests modifying the SDDS legal text to emphasize the use of internationally accepted statistical methodologies.
It also recommends periodic data quality assessments as an encouraged element within the SDDS.

Key Information

SDDS covers key macroeconomic data and has improved transparency and policy-making.
GDDS is a developmental tool for countries not yet ready for the SDDS, with strong external support, particularly from DFID.
SDMX is a data exchange initiative that has not yet reached its full potential due to resource constraints.
FSIs and harmonized statistics are being considered for inclusion in the SDDS to enhance financial transparency.
Metadata and data quality assessments are being emphasized to improve the credibility of the SDDS and GDDS.
Donor financing, such as from DFID and AASFA-Japan, has supported outreach and technical assistance programs for data dissemination.

Resource Implications

The SDDS and GDDS require significant resources, especially for automation and metadata improvements.
The proposed web-based system for updating ARCs, metadata, and certification is expected to improve efficiency in 2009.
The Fund is seeking Board approval to intensify work on financial statistics and indicators, including the development of a transition period for incorporating them into the SDDS.