Statistical Activities of IMF: A Factor of Global Financial Stabilization in the Post-Crisis Period

Abstract

The areas of transformation of the statistical activities of the International Monetary Fund (IMF) in the post-crisis period are outlined, and their contribution in the global financial stabilization is assessed. The IMF results in detecting and eliminating information shortages by disseminating the standard methodology for statistical studies, unified principles for information collection, methods for computation and analysis of statistical indicators, harmonization and unification of the information content and dissemination methods are described. The evolution of the three-tier statistical standard of IMF (Special Data Dissemination Standard, General Data Dissemination System and Special Data Dissemination Standard Plus) is analyzed as the global reference for disseminating economic and financial data, which simplifies access of economic experts from all over the world to timely and complete statistical information, thus helping the international community implement macroeconomic policies. The article gives an assessment of IMF activities in collecting and disseminating statistical data about the areas where the system risk detected in time of the latest global crisis increased to the largest extent: studies devoted to cross-border and cross-sector relations, the market of bonds and derivatives, large banks and non-banking sector. The area of IMF statistical activities related with studies of trans-border financial relations is described. The initiatives on eliminating information shortage, required to trigger global regulatory reforms and implemented by IMF in collaboration with other international organizations are highlighted. The IMF strategy on data and statistics in the digital era, intended to improve the IMF statistical activities given the critical level of data volatility and the increasing demand for high quality data in conformity with the new priorities of supervision, is described. The areas of further improvements in the international cooperation and elimination of statistical data shortages detected by the crisis by use of innovative methods for collection, processing and dissemination of statistical data, to produce the sets of timely, reliable and comparable indicators for non-financial and financial sector, are outlined.

Keywords

• international monetary fund (imf), statistical activities, special data dissemination standard, general data dissemination standard, global financial crisis.