G- 20 Data Gaps Ini#a#ve (DGI)

Transcription

1 G- 20 Data Gaps Ini#a#ve (DGI) Mee#ng on Financial Informa#on Needs for Sta#s#cs, Macro- pruden#al Regula#on and Supervision in Central Banks of La#n America and the Caribbean Mexico City- Mexico May 15 and 16, 2014 Roberto Rosales, Deputy Director, IMF s Sta)s)cs Department Reproduc)ons of this material, or any parts of it, should refer to the IMF Sta)s)cs Department as the source.

2 G- 20 DGI: Agenda Crisis and DGI Background The 20 Recommenda)ons Progress in Five Years 2014 Work Program Highlights of Progress since the last Progress Report DGI- Progress in Countries Visited in 2014 Going Forward SDDS Plus- Overview SDDS Plus- Links to G- 20 DGI 2

3 G- 20 DGI- Crisis and DGI The Global Crisis severe in terms of lost output and high unemployment affected all the industrialized countries, and a large number of emerging and developing economies high speed of propaga)on worldwide, revealing the interconnec)ons across economies and markets Involved systemically important global financial ins)tu)ons (G- SIFIs), with opera)ons spreading across many instruments, markets, and sectors 3

4 G- 20 DGI- Crisis and DGI The Global Crisis highlighted the cri)cal importance of relevant sta)s)cs that are )mely, consistent, and comparable across countries revealed addi)onal sta)s)cal needs for proper financial stability analysis to: iden)fy leverage and tail risks understand interconnectedness across sectors within an economy, across borders, among G- SIFIs, Iden)fy scope for improvement in the communica)on of official sta)s)cs. 4

5 G- 20 DGI- Background The G- 20 Working Group on Reinforcing Interna)onal Co- opera)on and Promo)ng Integrity in Financial Markets asked the IMF and the Financial Stability Board (FSB) to explore extent of gaps and provide proposals to address them to the Mee)ng of G- 20 Finance Ministers and Central Bank Governors, in St. Andrews, Scotland, in November 2009 Also the Interna)onal Monetary and Financial Commi]ee (IMFC advisory body to the Board of Governors of the IMF) endorsed the collabora)on of the IMF and FSB aimed at providing be]er indicators of systemic risks and address data gaps (April 2009) 5

6 G- 20 DGI- Background The Inter- Agency Group on Economic and Financial Sta)s)cs (IAG) had been established in 2008 comprising BIS, ECB, Eurostat, IMF (Chair), OECD, UN, WB was tasked to coordinate work to explore data gaps and strengthen data collec)on G- 20 Mee)ng at St. Andrews: endorsed 20 recommenda)ons to address data gaps asked the IMF and FSB to report back to the G20 Finance Ministers and Governors by June 2010 on progress, with a plan of ac)on, including a )metable, to address each of the outstanding recommenda)ons 6

7 G- 20 DGI- Background IMF and the FSB are lead agencies, repor)ng progress to the G- 20 FMCG every year Four Progress Reports were submi]ed to the G- 20 FMCG. May 2010 June 2011 September 2012 September 2013 FiTh Progress Report will be published in September

8 Build- up of risk in the financial sector G- 20 DGI: The 20 Recommenda#ons Conceptual/sta#s#cal framework needs development # 3 Tail risk in the financial system and varia)ons in distribu)ons of, and concentra)ons in, ac)vity # 4 Aggregate Leverage and Maturity Mismatches # 6 Structured products IMF Sta)s)cs Department Conceptual/sta#s#cal frameworks exist, but collec#on needs enhancement # 2 Financial Soundness Indicators (FSIs) # 5 Credit Default Swaps # 7 Securi)es Data Cross- border financial linkages # 8 and # 9 Global network connec)ons and systemically important global financial ins)tu)ons # 13 and # 14 Financial and Nonfinancial Corpora)ons cross border exposures # 10 and # 11 Interna)onal Banking Sta)s)cs (IBS) and the Coordinated Porholio Investment Survey (CPIS) # 12 Interna)onal Investment Posi)on (IIP) Vulnerability of domes#c economies to shocks Improving communica#on of official sta#s#cs # 16 Distribu)onal Informa)on # 15 Sect oral Accounts # 17 Government Finance Sta)s)cs # 18 Public Sector Debt # 19 (Real Estate Prices) # 20 (Principal Global Indicators) 8 8

9 G- 20 DGI- Progress in Five Years Assessment of progress G- 20 economies through: Bilateral mee)ngs Regional and/or Technical Mee)ngs Annual Global Conference Considerable progress made in implemen)ng the 20 recommenda)ons, reflec)ng: strong support and ownership by G- 20 economies strong collabora)on among interna#onal ins#tu#ons, coordinated by the IAG high level support from the G- 20 FMCG 9

10 G- 20 DGI: Progress in five years Build- up of Risk in the Financial Sector IMF Sta)s)cs Department #2: 91 economies (19 of which are G-20) report FSIs regularly, up from 45 (14 of which G-20) in 2009, with 14 G-20 economies reporting FSI data with quarterly/monthly frequency; Spring edition of the GFSR included FSIs for 115 economies for #3: The IMF has published three papers on tail risks, and the upcoming October edition of the GFSR will have a chapter on shadow banking a topic also under study by the FSB. #4: Conceptual work completed by the BIS on system-level measures of maturity mismatches on banks international balance sheets based on the BIS international banking statistics (IBS); FSB working on shadow banking sector. #5: BIS s CDS statistics have now more detail. #6: IOSCO published a report on Asset Backed Securities (ABS) Disclosure Principles in April 2010 and a complementing consultation report in February #7: Parts 1, 2, and 3 of the Handbook on Securities Statistics (HSS) have been published, and all G-20 economies participate in BIS Securities Statistics. #2 Financial Soundness Indicators #3 Tail risk in the financial system #4 Aggregate Leverage and Maturity Mismatches #5 Credit Default Swaps #6 Structured Products #7 Securities Data 10

11 G- 20 DGI: Progress in five years Cross- border Financial Linkages IMF Sta)s)cs Department #8 and 9: A common data template for G-SIBs was approved by the FSB Plenary to become operational in three phases. Phase 1 including the launch of a data hub was completed in March Work in progress for Phase 2 and Phase 3. #10 and 11: (IBS) Stage 1 of the IBS enhancements close to completion, and Stage 2 has started (CPIS). Enhanced CPIS data (incl. semi-annual frequency improvements in timeliness and scope) started to be collected in January 2014 and disseminated by the IMF in March 2014, with 56 economies (including 14 of the 17 G20 economies participating in the annual CPIS collection) submitting enhanced CPIS data. #12: Increase in quarterly reporters of IIP to 81 (including 13 G20 economies), from 47 (including 7 G20 economies) in 2009; BPM6 enhancements on track. #13: A working paper on consolidation concepts was published in February 2012, and work ongoing to turn the paper into a reference document. #14: An inventory and a navigation template on cross-border positions has been developed; the template, populated with data for the G-20 and five non-g-20 FSB member economies was posted on the PGI website. #8, 9 Global network connections and systemically important global financial institutions #10, 11 International Banking Statistics and the Coordinated Portfolio Investment Survey #12 International Investment Position #13, 14 Cross-border financial linkages 11

12 G- 20 DGI: Progress in five years Vulnerability of Domes#c Economies to Shocks IMF Sta)s)cs Department #15: Preparation and dissemination of template on sect oral accounts. OECD data hyperlinked to the PGI website. All G-20 economies developed plans for reporting internationally comparable sect oral accounts and balance sheet data. #16: Work on distributional information is at an advanced stage. An OECD expert group was set up to refine the methodology to compile distributional information. #17: The IAG developed a common reporting template for GFS data. From May 2011, IMF staff reports adopted a presentation of fiscal data following the GFSM #18: The public sector debt database was expanded to the advanced economies. Around 85 countries have agreed to participate, of which 17 G-20 economies reporting data. #19: The Handbook on Residential Property Price Indices (RPPI) was published in April BIS started to disseminate, in 2010, real estate price statistics on its website (17 G-20 economies (are currently providing data). Work is underway on Handbook on Commercial Property Price Indices (CPPI). #15 Sect oral Accounts #16 Distributional Information #17 Government Finance Statistics #18 Public Sector Debt #19 Real Estate Prices 12

13 G- 20 DGI: Progress in five years Recommenda#on #20: The G- 20 economies to support enhancement of the Principal Global Indicators (PGI) website and close the gaps in the availability of their na<onal data. The IAG should consider making longer runs of historical data available. PGI Website (hbp:// Launched in April 2009 and as a joint undertaking of the IAG, hosted by the IMF. Presents major economic indicators available at par)cipa)ng interna)onal agencies. Facilitates the monitoring of economic and financial developments. Expanded coverage: ini)ally covering the G20, has been further expanded to include economies with systemically important financial sectors. Expanded topical coverage of external, fiscal, real, and financial sectors. Plans for work: Improving the data coverage and )meliness of the PGI website. 13

14 G- 20 DGI Work program Majority of recommenda)ons expected to be implemented by end- 2015/ early The G- 20 FMCG (Communiqué- Moscow July 2013) called for the closing of the data gaps iden)fied under the DGI as a prerequisite for enhanced policy analysis. Fourth progress report submi]ed to the G- 20 FMCG in September 2013 proposed that the next progress report will discuss the strategy for comple<ng the implementa<on of the DGI and fostering the provision of comparable economic and financial sta<s<cs in line with policy needs. 14

15 G- 20 DGI Work Program 2014 DGI Agenda includes discussions on: Progress of G- 20 economies in implemen#ng 20 recommenda#ons. What is meant by implementa#on of each of the outstanding DGI recommenda#ons that relate to the enhancement of exis#ng datasets? And, what are the envisaged comple#on dates? What will be the future of the ini#a#ve once the DGI in its present form is completed? Discussions through bilateral visits, EU Regional Conference, Global Conference in June Fioh Progress Report to be presented to the G- 20 FMCG Mee)ng in September 20-21,

16 G- 20 DGI- Highlights of Progress since the Last Progress Report Launch of the IMF/CPIS enhancements (semi- annual repor)ng, enhancements in )meliness and scope) with June 2013 reference data. Dissemina)on started in March (Rec. #10) IMF Sta)s)cs Department Approval of the Phase 2 G- SIB common data template by the FSB Plenary. (Rec. #8) Start of Stage 2 enhanced BIS/IBS data flowing as of end (Rec. #11 ) The drao standardized template which was developed for pooling data from various sources on cross- border posi)ons, par)cularly with regard to nonbank financial ins)tu)ons, was populated with some data from virtually all G- 20 economies and five non- G- 20 FSB member economies and posted on the PGI website. (Rec. #14) Key data from CPIS- sector of holder 16

17 G- 20 DGI- Progress in Countries Visited in 2014 Bilateral mee#ngs with: South Africa, Canada, Turkey, Indonesia, Mexico, Korea, China Highlights of Progress in these G- 20 economies: Commitment to the G- 20 DGI Assessments of costs vs. na)onal policy priori)es Implemen)ng or planning to implement the semi- annual CPIS repor)ng Plans in place to develop sect oral accounts data Work on developing real estate property prices 17

18 G- 20 DGI- Going Forward Con#nued collabora#on among na)onal agencies and interna)onal organiza)ons is essen)al. Momentum needs to be maintained. Going forward: comple)on of the ongoing work, raising awareness on the policy use of the DGI data. Exploring newly emerging data needs. 18

19 Views of Selected Stakeholders 1. IMFC Communiqué, April 2014 On external rebalancing and policy coherence Further progress is needed to improve data provision, close data gaps, enhance fiscal transparency, and fight cross-border tax evasion and tax avoidance. We encourage the Fund to continue to work in collaboration with other organizations in examining these issues as part of its bilateral and multilateral surveillance. 19

20 2. Mr. Kallas European Commission The European Commission supports the regular conduct of Financial Sector Assessment Programs and Article IV consultations, as well as mandatory and timely publication of annual Article IV reviews. Systemically important countries/regions should lead by example. We call on all IMF members with overdue Article IV consultations and deficiencies in the provision of data to the Fund to fully cooperate with the IMF in line with their membership obligations. The availability and quality of economic data is essential to the proper conduct of IMF surveillance. 20

21 3. Mr. Carney, Financial Stability Board On making derivative markets safer The FSB will publish a report in May on approaches to aggregating and sharing derivatives data amongst authorities. It is crucial that the data that will become available under new trade reporting rules can be used by authorities to monitor global financial stability, even though they will be reported to multiple trade repositories. 21

22 4. Ms. Ngozi Okonjo- Iweala, Nigeria In furtherance of the goal of ensuring a more secure and stable global financial system, the pace of implementation of the Global Regulatory Reform Agenda should be accelerated. Five years along the line, much still remains to be done in spite of achievements recorded in the implementation of Basel III, shadow banking, data gaps, over-the-counter (OTC) derivatives, and systemically important financial institutions (SIFI) framework. Regrettably, little progress has been made in implementing reforms of accounting standards. 22

23 5. Mr. Schäuble, Germany On Data Standards Initiatives The SDDS Plus, the highest tier of the IMF s Data Dissemination Standards, is a significant supplement to the Fund s Data Standards Initiatives in publishing comprehensive, timely, accessible, and reliable economic and financial statistical data in a world of continuing economic and financial integration. Especially countries with a systemically important financial sector are invited to adhere early to the initiative. We are therefore pleased to announce that Germany will declare during the spring meetings its intention to join the SDDS Plus Standard. 23

24 Mr. Schäuble (cont.) The already well-established SDDS, a second tier, remains an important source of information on a country s macroeconomic situation and an essential instrument for increasing data transparency and comparability. The international community should thus continue its endeavour in promoting subscription to this standard. Germany supports further developing the GDDS framework in order to give a greater focus to data dissemination and a more specific guidance to countries in their statistical development, paving the way to SDDS subscription. Against this background, we encourage IMF member countries to do every effort to improve data collection and dissemination. 24

25 SDDS Plus- Overview Established in 2012, building on the SDDS Publica)on of comprehensive, #mely, accessible, and reliable economic and financial data in a world of con)nuing economic and financial integra)on. Third and highest )er of the IMF s data ini)a)ve. Intended to Offer users access to adherents data necessary to assess and analyze systemic risks to domes)c economies Contribute to global financial stability and strengthen bilateral and mul)lateral surveillance 25

26 SDDS Plus- Overview Building upon the lessons of the global financial crisis and experience with the SDDS, the SDDS Plus features: Nine new data categories, per)nent to real, fiscal, financial and external sectors Rigorous dissemina)on requirements covering: coverage, periodicity, )meliness, and )me series data. Voluntary adherence Emphasis on countries that have systema)cally important financial sectors that are integral to the working of the interna)onal monetary system 26

27 SDDS Plus- Overview 27

28 SDDS Plus- Links to G- 20 DGI G-20 DGI SDDS Plus 28

29 SDDS Plus- Links to G- 20 DGI G-20 DGI SDDS Plus 29

30 SDDS Plus- Links to G- 20 DGI G-20 DGI SDDS Plus 30

31 SDDS Plus- Links to G- 20 DGI G-20 DGI SDDS Plus 31

32 SDDS Plus- Links to G- 20 DGI G-20 DGI SDDS Plus 32

33 Thank you 33