## Financial Innovation and Statistical Methodological Guidance—Key Considerations

_IMF Working Papers, October 28, 2022_

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**Canonical URL:** [Financial Innovation and Statistical Methodological Guidance—Key Considerations](https://www.imf.org/en/publications/wp/issues/2022/10/28/financial-innovation-and-statistical-methodological-guidance-key-considerations-525062)

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## Bibliographic details
- Authors: Joe Crowley, Marco A Espinosa-Vega, Elizabeth Holmquist, Ken Lamar, Emmanuel Manolikakis, James McAndrews, Holt Williamson
- Published: October 28, 2022
- Series: IMF Working Papers
- DOI: https://doi.org/10.5089/9798400224157.001

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### Summary
- Financial risks outside of the traditional banking sector can quickly spread throughout financial systems and lead to disruptions in the real economy.
- A lack of adequately detailed financial sector statistics can obscure buildups of risks from policymakers and hinder their ability to effectively respond once these risks materialize.
- Authorities worldwide, international organizations (including the IMF), and the Group of 20 (G-20) called for financial reforms and launched efforts to gather information on nonbank financial intermediary (NBFI) activities—including the Data Gaps Initiative (DGI) and enhanced Financial Stability Board (FSB) NBFI data collection.
- Despite these initiatives, gaps remain in the conceptual and methodological guidance in the financial and macroeconomic statistics manuals on which the FSB, DGI, and national authorities rely; these gaps are increasing in light of increased globalization and financial sector digitalization.
- The paper proposes conceptual guidance to help bridge existing and emerging gaps.

### Key findings and themes
- Emergence of material risks from nonbank financial intermediaries (NBFI) that can affect the real economy.
- Existing data initiatives (DGI, enhanced FSB NBFI data collection) represent significant strides but do not fully close conceptual and methodological gaps.
- Globalization and financial sector digitalization are intensifying the need for updated statistical guidance.
- The paper focuses on providing conceptual guidance aimed at strengthening the statistical foundation used by international and national authorities.

### Subjects and keywords
- Subjects: Commercial banks, Financial institutions, Fintech, National accounts, Nonbank financial institutions, Technology, Virtual currencies
- Keywords: Commercial banks, Crypto Assets, enhanced Financial Stability Board, Fintech, Global, information on nonbank financial intermediary, Market-Based Finance, NBFI data collection, NBFI taxonomy, Non Bank Financial Intermediation, Non-Bank Payment Service Providers, Nonbank financial institutions, System of National Accounts, Virtual currencies

### Policy implications and recommendations (conceptual)
- Strengthen conceptual and methodological guidance in financial and macroeconomic statistics manuals relied upon by the FSB, DGI, and national authorities.
- Update guidance to reflect challenges posed by globalization and financial sector digitalization.
- Enhance collection and granularity of NBFI-related statistics to enable earlier detection of risk buildups and more effective policy responses.

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- **Working Paper**
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_Source: https://www.imf.org/en/publications/wp/issues/2022/10/28/financial-innovation-and-statistical-methodological-guidance-key-considerations-525062_