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Brian Graf

next rebasing. Sample rotation is undertaken for specific product groups at different points in time to save on the resources required if all the product groups had their products rotated at the same time. The criteria for choice of product groups to benefit from sample rotation, and the timing of the rotation, should be clearly and openly scheduled in advance according to objective criteria. 7.14 It is important to recognize the interrelationships among the methods for addressing product rotation, product replacement, and quality adjustment. The rotation of CPI

International Monetary Fund. Statistics Dept.
This Technical Assistance Report discusses the findings and recommendations of the IMF mission regarding methodological soundness of all price indexes compiled by the authorities in Mauritius. The methodologies employed by Statistics Mauritius are sound and largely in line with the international guidelines and practices. All price indexes use similar aggregation methodologies and the same index compilation system. Statistics Mauritius is dependent on a consultant to maintain the compilation system. Over time it would be helpful for Statistics Mauritius to explore ways of improving the application of the Statistics Act to acquiring business survey data and administrative data from both government departments and private corporations to improve the coverage and quality of the statistics.
Natalie Chen and Luciana Juvenal
This paper investigates theoretically and empirically the heterogeneous response of exporters to real exchange rate fluctuations due to product quality. Our model shows that the elasticity of demand perceived by exporters decreases with a real depreciation and with quality, leading to more pricing-to-market and to a smaller response of export volumes to a real depreciation for higher quality goods. We test the proposed theory using a highly disaggregated Argentinean firm-level wine export dataset between 2002 and 2009 combined with experts wine rankings as a measure of quality. The model predictions find strong support in the data and the results are robust to different measures of quality, samples, specifications, and to the potential endogeneity of quality.
International Monetary Fund. Monetary and Capital Markets Department
This paper discusses findings and recommendations of the Report on Observance of Standards and codes for Ireland. The Central Bank of Ireland (CBI) is the integrated financial supervisor in Ireland. As the primary regulator of the Irish financial system, CBI has overall responsibility for the supervision of insurers and insurance intermediaries authorized in Ireland. The authorities need to address the significant challenges faced by CBI in attracting and retaining supervisors and to enhance the CBI’s independence. CBI is also advised to review the supervisory risk appetite underpinning Probability Risk Impact Supervisory System, including potential reputational risks.
International Monetary Fund
This Report of the Observance of Standards and Codes (ROSC) Data Module provides an assessment of Tajikistan’s macroeconomic statistics against the recommendations of the General Data Dissemination System (GDDS), complemented by an assessment of data quality based on the IMF’s Data Quality Assessment Framework. The assessment reveals that Tajikistan already meets many of the GDDS recommendations for dissemination of macroeconomic statistics. The main exceptions are the coverage of national accounts, central government operations, and central government debt. All data categories meet or exceed the recommended periodicity and timeliness.
Mick Silver
The 2005 International Comparison Program's (ICP) estimates of economy-wide purchasing power parity (PPP) are based on parity estimates for 155 basic expenditure headings, mainly estimated using country product dummy (CPD) regressions. The estimates are potentially inefficient and open to omitted variable bias for two reasons. First, they use average prices across outlets as the left-hand-side variable. Second, quality-adjusted prices of non-comparable replacements, required when products in outlets do not match the required specifications, cannot be effectively included. This paper provides an analytical framework based on panel data and hedonic CPD regressions for ameliorating these sources of bias and inefficiency.
International Monetary Fund. Monetary and Capital Markets Department
This technical note provides an update on the Australian insurance sector and an analysis of certain key aspects of the regulatory and supervisory regime. The note analyzes the practice in relation to selected Insurance Core Principles (ICPs) in the context of a wider discussion of key issues in regulation and supervision. Despite the negative impact of the low interest rate environment, the life insurance industry retains sufficient loss absorption capacity. The Australian Prudential Regulation Authority (APRA) has undertaken a comprehensive reform of prudential regulation while improving the consistency of the framework between life and general insurers. This focused review confirms that prudential regulation and supervision by APRA is reasonably conservative. The risk-based capital framework is reasonably conservative, which facilitates supervisory risk assessments. APRA has high technical capacity to conduct effective supervision. While there are some gaps in the regulatory regime, APRA seeks to address these through its supervisory process. The report recommends that APRA should expand and deepen its scrutiny of group activities, especially those entailing risky investments and material intragroup transactions.
International Monetary Fund
This report on the Observance of Standards and Codes (ROSC)—data module—provides an assessment of the Slovak Republic’s macroeconomic statistics against the Special Data Dissemination Standard (SDDS), complemented by an assessment of data quality based on the IMF’s Data Quality Assessment Framework. The assessment reveals that statistical agencies in the Slovak Republic generally have a legal and institutional framework that supports statistical quality, although the formal legal mandate to disseminate statistics should be made explicit. Resources are generally adequate for existing statistical programs.
International Monetary Fund. Statistics Dept.
This Report on the Observance of Standards and Codes—Data Module provides an assessment of Uruguay’s macroeconomic statistics against the Special Data Dissemination Standard (SDDS), complemented by an assessment of data quality based on the IMF’s Data Quality Assessment Framework 2012. The findings suggest that Uruguay exceeds the SDDS timeliness requirements for labor market (employment, unemployment, and wages/earnings), price (consumer prices and producer prices), and international investment position data. Currently, Uruguay is using two regular timeliness flexibility options for general government operations and central government operations. In addition, it is using an “as relevant” timeliness provision for analytical accounts of the banking sector for countries with extensive branch banking systems. No flexibility options are being used regarding real sector statistics.