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OECD Balance of Payments The quality review and follow-up

This document presents a comprehensive review and follow-up on the quality of OECD Balance of Payments (BOP) activities. It covers self-assessment, users and stakeholders, progress reports, methodological standards, core variables collected, data collection methods, measures and controls, user needs, main recommendations, recent developments, data dissemination, and current plans. It emphasizes the importance of improving data quality, timeliness, and user engagement for a more robust BOP dataset.

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OECD Balance of Payments The quality review and follow-up

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  1. OECD Balance of PaymentsThe quality review and follow-up Bill Cave and Isaac Lagnado OECD Statistics Directorate ITS-TIS September 2006

  2. Overview • OECD Statistics Quality Review of BOP activity 2004 • Self-assessment of what we do • Users and stakeholders • Report 2005 • Progress and Follow-up

  3. Self-assessment of what we do • STD Balance of Payments (BOP) activity is twofold. • compilation and maintenance of the BOP Dataset • aims to provide analysts with timely and internationally comparable summary set of BOP data items for OECD (and Big 6) • coordination of OECD interests in Balance of Payments (excluding FDI where DAFFE leads) • representation of these in methodological development work of the IMF Balance of Payments Committee • Links to Trade in Services, FDI, Merchandise trade, Remittances, National Accounts, Financial Accounts etc

  4. Methodological Standards • BOP methodological standards set by IMF • BOP Manual 5th Edition – now being revised • IMF strongly encourages countries to present data according IMF BPM5 standards • All OECD countries ostensibly do so • But national compilation methods vary e.g. ITRS, Surveys, Customs and Other administrative data • Generally good level of international comparability

  5. Core Variables collected • 1 Current Account B(alance) • Goods – X, M, B • Services – X, M, B • Income – Cr, Db, B • Current Transfers – B • 2 Capital Account – B • 3 Financial Account – B • FDI Abroad, FDI in Reporting Economy • Portfolio Investment Assets, .. Liabilities • Financial derivatives net • Other Investment Assets, … Liabilities • Change in reserve assets • 4 Net Errors and Omissions ITS-TIS September 2006

  6. How are data collected? • Web Queries • SIMS : electronic files or interrogation of National databases • Manual entry – seek to minimise • Seasonal adjustment of current account series, where countries do not provide(X12 ARIMA using Fame routines)

  7. Measures and controls • Measures are: • national currency unadjusted and seasonally adjusted (current account only) • US Dollar unadjusted and seasonally adjusted (selected variables only) • Data controls • Data capture – series by series historic comparisons • MEI validation controls • CB=G+S+I+T • FA=DI+PI+FD+OI+RA • CB+CAP+FA+NEO=0

  8. Users • ECO are our most important user for their economic forecasting and analysis. • Timeliness • Want 24 hour updating during peak periods • Seasonal adjusted data • DAF for investment committee or publications • Quarterly data • DSTI Detailed annual data • General demand for zone totals

  9. Main Quality Review Recommendations • Develop Zone totals • More automatic data collection and improve quality control, and timeliness • Review metadata in 2006 • Take opportunities to raise the profile of BOP dataset • No clear demand for more monthly series • Review how to make non-member BOP more coherent

  10. Recent Developments in BOP • More $ series • Zones OECD and G7 Totals for Goods , Services, FDI and G7 • Monitoring timeliness – Exhibit A and B • Coordination with Non-member BOP – Factbook • Newsletter article • Proactive discussion with users

  11. Zone totals for FDI Flows

  12. Data dissemination • MEI • BOP data are compiled, stored and published in the MEI database. Dissemination simply reflects the case of the MEI database as a whole • Press release • Quarterly news release for Trade in Goods and Services • OECD.Stat – BOP dataset on OLIS and free subset on Internet

  13. Current Plans • Review and Revise Metadata by End 2005 • Improve timeliness • Create new Zone totals – OECD Europe, N America, Asia-Pacific • Improve Quality: with SIMS to develop new data preparation and validation area • Non-members?

  14. The End • Thank you for your attention • Any comments or questions? ITS-TIS September 2006

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