IMF Standards for Data Dissemination
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The IMF has taken several important steps to enhance transparency and openness, including the establishment and strengthening of data dissemination standards to guide countries. The need for standards has been highlighted by financial crises in which information deficiencies played a role. More reliable data and information about data dissemination practices are essential to preventing future crises and to diminishing the impact of unavoidable crises. The IMF has recently introduced enhancements to its Dissemination Standards Bulletin Board to increase the usefulness of such information for data users. |
Why are standards for data dissemination important?
Data dissemination standards are important because they help enhance the availability of timely and comprehensive statistics, which contributes to the pursuit of sound macroeconomic policies. Creating strong and uniform standards has been a top priority for the IMF, which has encouraged members to improve their data and dissemination practices.
What standards for data dissemination are in place?
The standards for data dissemination consist of two tiers. The first is called the Special Data Dissemination Standard (SDDS). It was established in 1996 to guide countries that have access, or might seek access, to the international capital markets. The second tier, the General Data Dissemination System (GDDS), was established in 1997 to help countries provide more reliable data. It is open to all IMF members. Importantly, the GDDS is focused on improving statistical systems, whereas the SDDS focuses on commitments to data dissemination standards in countries that already meet high data quality standards. Both are voluntary, but once a country subscribes to the SDDS, observance of the standard is mandatory.
What commitment do countries subscribing to the Special Data Dissemination Standard make?
Countries that subscribe to the SDDS agree to follow good practices in four areas:
- the coverage, periodicity, and timeliness of data;
- public access to those data;
- data integrity; and
- data quality.
Countries also agree to post information about their data dissemination practices on the IMF's external website on an electronic bulletin board known as the Dissemination Standards Bulletin Board (DSSB). Further, they must establish an Internet site containing the actual data, called a National Summary Data Page (NSDP), to which the DSBB is linked.
As of April 1, 2003, 52 of the 53 countries that subscribe to the SDDS had established the required NSDP.
What commitment do countries participating in the General Data Dissemination System make?
IMF members that participate in the GDDS agree to the following steps:
- to commit to using the GDDS as a framework for statistical development;
- to designate a country coordinator; and
- to prepare descriptions of current statistical production and dissemination practices and plans for short-term and medium-term improvements in these practices for posting on the DSBB.
The GDDS is focused on a set of core statistical frameworks and indicators that provide a clear set of links between the GDDS and the SDDS for member countries seeking to improve the quality of their statistics. Many countries are using participation in the GDDS as a step toward subscription to the SDDS. Indeed, the two standards share several common features. For example, both emphasize sound practices in four sectors of macroeconomic statistics: real, fiscal, financial, and external sector data. In some respects the GDDS is more extensive than the SDDS; for example, it also covers socio-demographic data.
As of April 1, 2003, information on 56 countries participating in the GDDS was posted on the DSBB.
What is the role of the IMF's Dissemination Standards Bulletin Board?
The DSBB is a tool for market analysts and others who track economic growth, inflation, and other economic and financial developments in SDDS and GDDS countries. It describes the statistical practices of these countries-such as methodologies and release practices-for data categories in the real, fiscal, financial, external sectors, and for GDDS countries, demographic categories. The IMF maintains the DSBB.
On March 10, 2003, an enhanced DSBB website was launched. With the enhanced DSBB, users can:
- Search over both SDDS and GDDS metadata for information on any combination of countries, data categories, and metadata elements.
- Search SDDS metadata at a greater level of detail by key statistical concepts embedded within many of the metadata elements.
- See advance release calendar (ARC) information for any combination of SDDS countries and data categories on a quarter-ahead basis.
- Obtain in the "Summary of Observance" page comparative information for any combination of countries and data categories regarding how the SDDS specifications on data coverage, periodicity, and timeliness are being met.
- Have more ready access to data on NSDPs through an increased number of hyperlinks to these sites.