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Quarterly Update on the Special Data Dissemination Standard

First Quarter 2006

May 22, 2006
 

Observance Status

As of the end of the first quarter of 2006, all 62 SDDS subscribers were declared in observance of the SDDS requirements for the coverage, periodicity, and timeliness of the data and for the dissemination of advance release calendars (ARCs) (Table 1). The IMF's Dissemination Standards Bulletin Board (DSBB) disseminates a complete list of subscribers. Observance of SDDS metadata requirements improved with the increase in posted summary methodologies.

Table 1. SDDS Indicators
Indicators As of
March 31, 2005		 As of
December 31, 2005		 As of
March 31, 2006
Number of subscribers 60 62 62
Number of countries officially in observance1 60 62 62
Number of summary methodologies posted2 1136 1194 1200
1Observance of the requirements of the SDDS with respect to the coverage, periodicity, and timeliness of the data and the use of ARCs. Other elements of the SDDS dealing with the integrity and quality of the data are on a self-disclosure basis, with subscribers providing information on which users can make their own judgments. A subscriber experiencing difficulties in meeting SDDS requirements is not automatically in "nonobservance" of the SDDS. When deviations from SDDS requirements occur, the IMF staff tries to resolve the issue with the subscriber, and then, if necessary, through the Executive Director. If these efforts fail, the matter is brought to the attention of the subscriber's Governor for the Fund. A subscriber is officially declared in "nonobservance" only when a note to that effect is posted on the DSBB.
2Out of a required total of 1,318 summary methodologies (21 data categories per subscriber, plus 16 subscribers that are currently disseminating the encouraged forward-looking indicators). All subscribers are disseminating summary methodologies for most data categories.

Monitoring Data Releases

The IMF monitors the data and access dimensions of the SDDS for each subscriber by comparing the first appearance of new information on the National Summary Data Page (NSDP) against the last release date announced in the ARC, which should meet the SDDS timeliness requirements. Table 2 contains results for the first quarter of 2006. Compared with the same quarter in 2005 and the fourth quarter of 2005, the timeliness of the 2006 Q1 reporting changed little for data that are disseminated on a monthly or quarterly basis, while that for data disseminated on an annual basis improved by 3.2 and 5.3 percentage points, respectively.

Table 2. Monitoring of Data Releases
2005 Quarter 1 – 2006 Quarter 11
Data Categories Q1/05 (R) Q4/05 Q1/06
Monthly data 88.1 89.8 87.9
   Production index 91.2 89.7 90.3
   Consumer prices 93.6 95.0 93.9
   Producer prices 92.9 92.0 89.3
   Central government operations 75.2 81.0 74.5
   Analytical accounts of banking sector 89.0 88.7 87.3
   Analytical accounts of central bank 85.8 89.0 89.5
   Official reserves 87.6 90.2 93.0
   Reserves template 87.0 86.8 87.1
   Merchandise trade 90.7 96.1 89.6
Quarterly data 89.0 89.8 91.7
   National accounts 81.7 93.7 91.8
   Employment 90.9 90.6 95.3
   Unemployment 93.3 93.5 97.6
   Wages and earnings 91.3 86.8 89.1
   Central government debt 84.2 83.2 87.0
   Balance of payments 90.6 90.2 92.8
   External debt 90.9 90.8 88.4
Annual data 82.0 79.9 85.2
   General government operations 80.6 72.7 80.5
   International investment position 85.7 87.1 90.0
(R): Revised.
1Percentage of data categories subscribers disseminated on their National Summary Data Pages (NSDP) in accordance with SDDS timeliness requirements (quarterly averages)

Working Paper-Sovereign Borrowing Cost and the IMF's Data Standards Initiatives

IMF Working Paper No. 06/78 entitled "Sovereign Borrowing Cost and the IMF's Data Standards Initiatives" investigates, for 26 emerging market and developing countries, the effects of the IMF's data standards initiatives on sovereign borrowing costs in private capital markets. Panel econometric estimates suggest that subscription to the Special Data Dissemination Standard (SDDS) reduces launch spreads by an average of 20 percent, while participation in the General Data Dissemination System (GDDS) reduces spreads for those countries with access to capital markets by an average of 8 percent. These estimates correspond to discounts of some 50 and 20 basis points, respectively. Evidence of similar discounts is also found when launch yields are analyzed. This paper was published on March 1, 2006.

Working Paper-IMF Data Standards Initiatives: A Consultative Approach To Enhancing Global Data Transparency

IMF Working Paper No. 06/102 entitled "IMF Data Standards Initiatives: A Consultative Approach To Enhancing Global Data Transparency" highlights the process of consultation used in conjunction with the International Monetary Fund's data transparency standards, the Special Data Dissemination Standard (SDDS) and the General Data Dissemination System (GDDS). The paper underscores that the standards to date have attained their intended results by adhering to several key principles of sound consultation: taking account of countries' capabilities, clearly delineating the responsibilities of the IMF and participating countries, establishing effective monitoring procedures, and managing the consultation within a dedicated work program that has been reviewed periodically to ensure its transparency and accountability. The paper also notes that the experience of the IMF with these principles has broader applicability for other international standards that exist to promote cooperation among countries in various economic and financial areas.