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Background: The Ongoing Global Crisis

The Inter-Agency Group on Economic and Financial Statistics (IAG) and the G-20 Data Gaps Initiative Alfredo M. Leone Deputy Director, Statistics Department Side Event at the 43st session of the United Nations Statistical Commission New York, February 29, 2012.

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Background: The Ongoing Global Crisis

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  1. The Inter-Agency Group on Economic and Financial Statistics (IAG) and the G-20 Data Gaps InitiativeAlfredo M. LeoneDeputy Director, Statistics DepartmentSide Event at the43st session of the United Nations Statistical Commission New York, February 29, 2012

  2. Background: The Ongoing Global Crisis • The main manifestations of the global crisis which surfaced in 2008 were: • Concentrated mainly in industrialized, and a large number of emerging economies; • Severe in terms of lost output and high unemployment; • Propagating worldwide at a high speed; • Involving systemically important global financial institutions (G-SIFIs), with operations spreading across many markets worldwide, as well as shadow banks. • Today, we still observe significant turmoil, particularly in Europe, a battered international financial system, and an ailing recovery.

  3. Data Dimensions • The crisis: • Highlighted the critical importance of timely, consistent, and comparable across countries statistics. • Revealed additional statistical needs for proper financial stability analysis and policy decision making: • Identifying leverage and risk-taking • Understanding interconnectedness: • Across sectors within an economy • Cross borders • Among G-SIFIs and shadow banks • Identified room for improvement in the communication of official statistics. • Today, the G-20 Data Gaps Initiative is well underway to address gaps and reinforce the national and global statistical systems, aiming at a global financing reporting system that will comprehensively monitor global financial flows and stocks

  4. International Collaboration • The initiative involves a great deal of collaboration among international institutions: • Work is coordinated by the Inter-Agency Group on Economic and Financial Statistics (IAG) • Reporting to the G-20 Finance Ministers and Central Bank Governors is made by the IMF and the FSB

  5. Consultation Process with the G-20 • IMF/FSB G-20 Senior Officials Conferences: • July 2009 and March 2011, Washington, D.C., USA • April 2010, and late June 2012 (planned) Basel, Switzerland. • IMF staff conducted bilateral consultation with G-20 economies (2010/2011). • Four regional conferences planned: • Mexico City, Mexico (March 2012); • Paris, France (April 2012); • Ankara, Turkey (April 2012); and • China (April 2012).

  6. Communication Process • UNSC Side Events: 2009-2012 • http://unstats.un.org/unsd/statcom/statcom_2011/Seminars/Inter_Agency_Group/default.html • IMF Statistics Department Seminars at IMF/World Bank Annual Meetings (2010 and 2011) • Financial Stability, the Data Challenge:http://www.imf.org/external/am/mmedia/view.aspx?vid=632822639001 • Casting Light on Shadow Banking, Data Needs for Financial Stability: http://www.imf.org/external/am/2011/mmedia/view.aspx?vid=1178595839001

  7. Communication Process (cont)Principal Global Indicators • A product of the Inter-Agency Group (IAG) • Brings together data for G-20 economies and five non G-20 economies members of the FSB • One-stop shop • http://www.principalglobalindicators.org/default.aspx

  8. Brief Chronology • Establishment of the Inter-Agency Group on Economic and Financial Statistics, IAG (2008) • BIS, ECB, Eurostat, IMF (Chair), OECD, UN, WB • Coordinate work to explore data gaps and strengthen data collection • Established Principal Global Indicators (PGI) Website: http://www.principalglobalindicators.org/default.aspx • G-20 request to the IMF and the Financial Stability Board (FSB) to explore gaps and provide proposals to address them to the G-20 Finance Ministers and Central Bank Governors. • Reports provided in November 2009, June 2010, and June 2011. • Data gaps identified and work plans and timetables endorsed by the G-20 Finance Ministers and Central Bank Governors. • Work is progressing and next progress report to the G-20 is expected in September 2012.

  9. Brief Chronology (cont) • IMFC (IMF Governing Body) welcomed and endorsed the work of the IMF and FSB to provide better indicators of systemic risks and address data gaps (April 2009, October 2010, and September 2011) • IMF Executive Board approved enhancements to the IMF Special Data Dissemination Standard (SDDS), including the establishment of a higher tier, the SDDS plus. • The Global Issues Group (GIG) of the World Economic Forum, comprising of leaders of the world’s multilateral and regional institutions,supports the efforts underway as part of the G20 Data Gaps Initiative to create a global financing reporting system that will comprehensively monitor global financial flows and stocks

  10. There Exist Conceptual/ Statistical Frameworks and Ongoing Collection Conceptual Statistical Framework Needs Further Development DATA GAPS # 2 Financial Soundness Indicators (FSIs) #5 Credit Default Swaps #7 Securities # 10, #11, #12 Coordinated Portfolio Investment Survey, International Banking Statistics, International Investment Positions #15 Institutional Sector Accounts # 17 Government Finance Statistics # 18 Public Sector Debt #19 Real Estate Prices #20 Principal Global Indicators (PGIs) # 3 Tail Risk in the Financial System #4 Aggregate Leverage and Maturity Mismatches; #6 Structured Products #8 and # 9 Global Network Connections and Systemically Important Global Institutions # 13 and #14 Financial and Nonfinancial Corporations’ Cross Border Exposures #16 Distributional Information Build-up of Risk in the Financial Sector Cross-border Financial Linkages Vulnerability of Domestic Economies to Shocks Improving Communication of Official Statistics

  11. Emerging Views from the Consultations • Broad agreement on the identified data gaps that need to be addressed • Recognition that enhancements to existing datasets could address certain gaps in the near future • Other gaps would take longer and require additional resources • The inter-agency coordination is very much welcome. IAG and PGI seen as major steps forward, but it needs to be intensified, including by: • Reducing reporting burden to countries • Developing common templates to facilitate common sourcing of data • Improving data sharing across international institutions

  12. Concluding Remarks • Considerable progress is being made in addressing data gaps, with individual IAG agencies allocated to lead specific recommendations and G-20 countries implementing enhancements • Already the outcomes of these efforts are yielding results, with improvements in available data on credit default swaps, securities, CPIS, IIP, sectoral accounts, government finance statistics, public debt, real estate prices, and in the communication of statistics (PGI) • Data Dissemination Standards (GDDS and SDDS) have been strengthened • But challenges remain ahead, including the need to sustain: • Implementation of plans and timetables • Further progress in the development of new data frameworks • Adequate resources for statistical work • Coordination and collaboration—not only among IAG agencies, but also with and within national statistical agencies

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