due account of resource constraints, the Review calls for parsimoniously expanding the framework toward selected new policy priorities.
The Review reported on the transformational progress since the 2015 Ninth Review which reformed the first tier in the framework, by enhancing the General Data Dissemination System. Since that time, 68 e-GDDS countries started publishing key data for surveillance while 19 SDDScountries advanced to the highest tier, the SDDS Plus, bringing the number of SDDS Plus countries to 27.
To keep the framework attuned to new demands for
The IMF Data Standards Initiatives enhance data transparency as a global public good. The Tenth Review updates the framework, in light of new data priorities, through a parsimonious and principles-based expansion of encouraged data categories covering selected aspects in the areas of public debt, macro-financial indicators, foreign exchange intervention, climate change-related policy, and gender- disaggregated labor market statistics. The Review also focuses on strengthening the monitoring of the first tier of the Data Standards Initiatives, the enhanced General Data Dissemination System (e-GDDS), and encouraging subscribers of the second tier, the Special Data Dissemination Standard (SDDS), to modernize data publication technology.
reduce the probability of crises.
8. Efforts to promote transparency gave rise to two major IMF data dissemination initiatives that were aimed at fostering a disciplined and structured approach to the official dissemination of macroeconomic data: the SDDS and the General Data Dissemination System (GDDS) . The IMF encouraged member countries with access, or preparing for access, to capital markets to subscribe to the more demanding SDDS. Countries with less advanced statistical systems were encouraged to participate in the GDDS with a view to preparing for eventual
Mr. Paul Louis Ceriel Hilbers, Mr. Alfredo Mario Leone, Mr. Mahinder Singh Gill, and Mr. Owen Evens
Following the severe financial crises of the 1990s, identifying and assessing financial sector vulnerabilities has become a key priority of the international community. The costly disruptions in global markets underscored the need to establish a set of monitorable variables for evaluating strengths and weaknesses in financial institutions and to alert authorities of impending problems. These variables, indicators, of financial system health and stability known collectively as macroprudential indicators, are the subject of this Occasional Paper by the Monetary and Exchange Affairs Department and the Statistics Department. Macroprudential indicators take measures at both the level of aggregated financial institutions and at the macroeconomic level; financial crises often occur when weaknesses are identified in both. The authors provide a breakdown and explanations of these indicators and a review of the theoretical and empirical work done thus far. Work at other international and multilateral institutions is included as well as the experiences of several national central banks and supervisory agencies. This paper provides a valuable reference source of current knowledge about macroprudential indicators and issues related to their analysis, identification, measurement, and possible dissemination.
. GDDS Participants Included in the Group of Selected Countries by Region
II.1. Ranks of GDDS Country Coordinators
II.2. Ranks of SDDSCountry Coordinators
1993 SNA System of National Accounts 1993
AFR African Department
APD Asia and Pacific Department
ARC Advance Release Calendar
BPM5 Balance of Payments Manual, fifth edition
CPI Consumer price index
DQAF Data Quality Assessment Framework
DSBB Dissemination Standards Bulletin Board
EUR European Department
FSIs Financial Soundness Indicators
Since the IMF launched the data standards initiatives a decade ago, 145 of its 184 member countries have participated. This 80 percent participation rate reaffirms the importance countries place on data transparency in the globalized economy, which the initiatives promote. The wide participation can be attributed to the consultative process that has allowed for the development of a coherent program that takes account of countries' capabilities, delineates clear responsibilities between the IMF and participating countries, and establishes effective monitoring procedures to ensure the credibility of the standards for policymakers, capital markets, and the general public. The approach has also provided checks and balances and fostered accountability. The initiatives may provide insights for the promotion of similar international standards.
. Dissemination Standards Bulletin Board
The DSBB plays a key role in the implementation of the IMF’s data standards initiatives. It identifies publicly the member countries that subscribe to the SDDS and those that participate in the GDDS. It posts metadata of both SDDS and GDDS countries. In addition, as noted earlier, the DSBB is linked to SDDScountries’ NSDPs, providing wide and easy access by the public to SDDScountries’ data. The access to SDDScountries’ data and metadata on the DSBB facilitates cross-country comparisons of such information, a feature that is
International Monetary Fund. External Relations Dept.
end of the transition period, countries subscribing to the SDDS were to begin disseminating the template data on a monthly basis, with up to a one-month lag. Thus, the first set of the template data for end-April 2000 was disseminated by most SDDS-subscribing countries at the end of May 2000. Countries that wish to have their international reserves and related information redisseminated on the IMF’s website provide their data to the IMF soon after they disseminate the data in their national media. Non-SDDScountries are also encouraged to compile the template data