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Mr. Andrew Baer, Mr. Kwangwon Lee, and James Tebrake

Front Matter Page Statistics Department Contents Abstract I. Background II. Cloud Computing Services III. Cloud Computing—The Industry IV. The Challenges Cloud Computing Poses for National Accountants V. Updating Our Toolbox to Account For The Cloud VI. Updating Classification Systems VII. New Data Sources VIII. Sample Sizes and Coverage IX. Conceptual Challenges X. What Difference This Makes To Our Users XI. Conclusion XII. References Tables 1. Traditional Model 2. Cloud Model 3. Cloud Model with Rationalization 4

Mr. Andrew Baer, Mr. Kwangwon Lee, and James Tebrake

these challenges and highlights some of the implications these changes are having on the way users of economic statistics interpret investment, trade and productivity. II. Cloud Computing Services Cloud computing services provide customers with on-demand Internet access to ICT resources, such as computing power, data storage capacity, software services and operating system functionality. These resources run on servers, storage devices, and networking equipment housed in data centers operated by the cloud computing provider. The service provider is responsible

Mr. Andrew Baer, Mr. Kwangwon Lee, and James Tebrake
Digitalization and the innovative use of digital technologies is changing the way we work, learn, communicate, buy and sell products. One emerging digital technology of growing importance is cloud computing. More and more businesses, governments and households are purchasing hardware and software services from a small number of large cloud computing providers. This change is having an impact on how macroeconomic data are compiled and how they are interpreted by users. Specifically, this is changing the information and communication technology (ICT) investment pattern from one where ICT investment was diversified across many industries to a more concentrated investment pattern. Additionally, this is having an impact on cross-border flows of commercial services since the cloud service provider does not need to be located in the same economic territory as the purchaser of cloud services. This paper will outline some of the methodological and compilation challenges facing statisticians and analysts, provide some tools that can be used to overcome these challenges and highlight some of the implications these changes are having on the way users of national accounts data look at investment and trade in commercial services.
Brent Moulton, James Tebrake, and Martha Tovar

types of ICT goods: (i) Computers and peripheral equipment; (ii) Communication equipment; (iii) Consumer electronic equipment; and (iv) Miscellaneous ICT components and goods. ii. Priced digital services – except cloud computing services and digital intermediary services, include the following broad categories: (i) Manufacturing services for ICT equipment; (ii) Business and productivity software and licensing services; (iii) Information technology consultancy and services; (iv) Telecommunications services; (v) Leasing or rental services for ICT equipment; and (vi

Brent Moulton, James Tebrake, and Martha Tovar
The pervasive impact of digitalization on the economy and the lack of an agreed definition makes it challenging to obtain estimates of the digital economy. Nowadays, some countries have estimated the value of the digital economy by identifying digital products or industries as defined in the international classifications. This study presents the estimates of digital industries for five countries that participated in an experimental exercise, applying a simplified standard approach recommended by the international agencies as part of the national accounts framework and using publicly available and limited secondary information. The results show that the structure and evolution of digital industries vary across countries and over time and that the estimates depend significantly on the underlying data sources. The conclusions of this exercise reveal the need to upgrade the data sources to better identify the impact of digitalization and contribute to policy-making on the economic benefits of digitalization.
International Monetary Fund. Monetary and Capital Markets Department

financial services currently regulated by the Central Bank and have a potentially profound impact on certain aspects of existing regulations. DORA aims to introduce a harmonized and comprehensive framework on digital operational resilience for European financial institutions. When formally adopted, DORA will also bring critical third-party service providers – such as cloud computing services - within direct oversight of the ESAs. As currently structured, DORA is divided into two parts. The first part of DORA applies to a very wide spectrum of EU “financial entities

Tamas Gaidosch, Frank Adelmann, Anastasiia Morozova, and Christopher Wilson

participants are working toward improvements: In March 2018, RMS launched a probabilistic cyber risk model. It estimates losses at different return periods for five loss categories: data exfiltration, contagious malware, financial theft, cloud outages, and denial of service attacks. AIR Worldwide has set out a detailed accumulation methodology and, in collaboration with Lloyds, used it in analyzing the impact of outages of cloud computing service providers and impacts on the US economy and insurers. 2 Lloyd’s, AIR Worldwide, and RMS collaborated to develop standard

Mr. Tadatsugu Matsudaira

still in its early days and the relationship between RPA and AI is still not fully mature. Cloud Computing Cloud computing is the on-demand availability of computer system resources, especially data storage and computing power, without direct active management by the user. Cloud computing has effectively solved the financial and infrastructural problems associated with operating and maintaining software applications, as it eases the total cost of ownership previously required. Advantages of using cloud computing services (such as software as a service [SaaS

International Monetary Fund. Monetary and Capital Markets Department
Ireland’s fintech sector is growing in importance through the entry of innovative new players and digital transformation of incumbents’ business models and products. The Irish Government has adopted an action plan for the development of Ireland’s international financial services sector that includes several initiatives of relevance to fintech. Meanwhile, the Central Bank of Ireland (the Central Bank), the integrated financial services regulator, engages with new entrants with a view to securing consumer interests and safeguarding the resilience of the financial system, thereby harnessing the benefits of fintech while managing additional risks it may generate. The largest sub-sector is represented by payment and e-money institutions (PIEMIs). Recent data show most Irish adults are using digital payments multiple times a week, while 24 percent use their mobile phone for contactless payments. Ownership of crypto-assets is also on the rise, especially among young adults. Beyond payments and crypto-assets, fintech activities are developing on a smaller scale in areas such as insurance and investment management. Meanwhile, the importance of market support firms, including cloud service providers (CSPs), continues to grow.