A New Data Structure and Codification for Balance of Payments. Rodrigo Oliveira-Soares and René Piche SDMX Conference, Washington DC 2 May 2011

Transcription

1 A New Data Structure and Codification for Balance of Payments Rodrigo Oliveira-Soares and René Piche SDMX Conference, Washington DC 2 May 2011

2 Outline Background Main driver of change Opportunities arising New data structure and codification Challenges ahead Next steps 2

3 Background Standardisation allows Straight Through Processing of statistics No re-keying or manual intervention 3

4 Background In Europe, a data structure and most of the codes exist since 1997 Gesmes/TS or SDMX/EDI Data exchanges between national central banks and the European Central Bank, also used by national statistics institutes and Eurostat Based on decentralised data storage but clear benefits in adopting data structure in domestic databases Dissemination follows same data structure Data exchanges Web services 4

5 Background Centralised maintenance Code lists Requirements Coordination in implementing new requirements 5

6 Main driver of change New methodological framework for balance of payments 6 th Edition of IMF Manual 6

7 Main driver of change Alignment of terminology with national accounts Higher prominence of the international investment position (stocks) Changes in the existing breakdowns New items 7

8 Opportunities arising Standard to be used worldwide 8

9 New data structure and codification Include additional intelligence in data structure Breakdown of item in several dimensions Explore links between concepts Positions, transactions and income Adopt more user-friendly codes Flat codes, hierarchies identified separately DSD will cover multiple dataflows that may have different hierarchies (BOP, Portfolio Survey-CPIS-, Reserves Template, ) Address relationships between codes (e.g. accounting relations) as separate representations in SDMX 9

10 New data structure and codification Breakdown by dimensions of different aspects previously in item Institutional sector Currency of instrument Maturity of instrument Breakdown by dimensions of different aspects previously in type Credits/debits and assets/liabilities Transactions (o/w income), positions, other changes in positions 10

11 New data structure and codification Logic in drilling down codes Children Same breakdown Of which Easier programming 11

12 New data structure and codification Dimensions for the data structure definition Frequency Reference area (reporting country) Adjustment Data category Data type Item Resident sector Currency breakdown Maturity Counterpart or partner area Counterpart sector Series denomination (unit of measure) 12

13 New data structure and codification 1 Frequency Q Quarterly Reference area DE Germany Adjustment N Neither seasonally nor working day adjusted Data category 40 Transactions Data type A Assets Bop item Debt securities portfolio investment Resident sector SC0 Non financial corporations, households, and NPISH Currency breakdown U USD dollar Maturity S Short-term Counterpart partner area A1 Rest of the World Counterpart sector S2A Credit institution Series denomination E Euro 1. Codes are for illustration purpose only, as they are being reviewed 13

14 Challenges ahead Stylised process in the exchange of statistics National Compiler International Organisation Public Data Warehouse 14

15 Challenges ahead Stylised process in the exchange of statistics Validation National Compiler International Organisation Public Data Warehouse 15

16 Challenges ahead Stylised process in the exchange of statistics Validation Validation (aggregates) National Compiler International Organisation Public Data Warehouse 16

17 Challenges ahead What is not covered by data structure and codification? Relationships between codes Hierarchies Accounting constraints Filter for meaningless combinations of codes in different dimensions Way forward Explore SDMX features to separately express these relationships for each dataflow covered by the DSD using schemas 17

18 Next steps Consultation/review process WGs/Committees from ECB, Eurostat, IMF SDMX Website and Forum Define metadata Implementation Define useful schemas Work on schemas for Specification of required time series Data validation (hierarchies and constraints) Data dissemination 18

19 Next steps Straight through processing 19