Post on 18-Jan-2018
description
Progress report on development of SDMX-
based BOP DSDby Bernadette Lauro
ECB/S/ETSBalance of Payments Working Group
Luxembourg, 27 November 2012
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OutlineWhy SDMX for BPM6 Governance structureContent review of BOP DSD (new Data Structure Definition)
The SDMX-based data modelFinalisation of pilot phase IDisposition log – issues for clarification/feedbackRoadmap for adopting BOP-DSDMilestone 4 (implementation) and next steps
Progress report – Why SDMX for BPM6
• SDMX (Statistics Data and Metadata Exchange) is an initiative to foster standards for the exchange of statistical information
• Scope: increase timeliness in data exchange and efficiency
• Sponsored by BIS, ECB, Eurostat, IMF, OECD, WB, UN
• Priority areas for an SDMX-DSD: SNA and BOP
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Progress report – Governance structure for the BOP-DSD
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Progress report – Content review of BOP DSD V01
• Pilot test launched in June 2012 – 27 countries involved
• Purpose of the pilot: codes review/mapping internal data processing/highlight issues; mainly database management-oriented
• Disposition log to summarise actions that will be undertaken
• Separate FDI DSD, with 16 dimensions, o.w. some common dimensions shared with BOP DSD
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Progress report – The SDMX-based data model (dimensions) V0.1
Dimension name Description of the dimension
Frequency Time series frequency (e.g. monthly)
Reference area Reference country (or area) code (e.g. Portugal)
Adjustment indicator Specific adjustments or concepts for the time series (e.g. seasonal adjustment)
Flow stock entry Flow or stock variable indicator (e.g. positions)
International accounts item External statistics item classification (e.g., financial account)
Accounting entry Type of flow or stock in relation to the reference area (e.g. assets)
Counterpart area Country (or area) of counterpart (e.g. Japan or rest of the world)
Reference sector Institutional sector in the reference area (e.g. general government)
Functional category Classification by function of the financial investment (e.g. reserve assets)
Instrument and assets classification
Breakdown by financial instrument (e.g. debt securities)
Maturity Maturity of financial item, original, remaining, or combination (e.g. short term)
Counterpart sector Institutional sector of counterpart (e.g. general government)
Currency of denomination Currency of issuance for financial items or invoicing for goods and services (e.g. euro)
Valuation Valuation method of the underlying series (e.g. market value)
Unit of measure Unit of measure used for reporting the time series (e.g. euro)6
Basic info
Non- financial account excl. Investment income
Financial account +investment income
Complementary info
Progress report – The SDMX-based data model V0.1 (attributes)
Attribute name Description of the attribute Reporting Requirement
Attachment Level
Unit multiplierIndicates whether the unit of measure for the series represents thousands, millions, … M Series
Decimals Indicates the level of precision for the series M SeriesObservation status
Indicates whether the value is a normal value, provisional data, a forecast, … O Observation
Publication status Indicates the publication status of the series M SeriesConfidentiality Status
Indicates whether an observation is freely available, restricted, confidential,… O Observation
Time Format Specifies the format used for describing the reference period O SeriesCompiling organization
Identifies the organization responsible for the compilation of the series O Series
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M= Mandatory
O= Optional.
..more attributes needed for data dissemination (to be agreed)
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Attributes
Attachment
Level C/M Concept Mnemonic Concept Name Code List Mnemonic
Presentation Type
(Code list/Free Text)
Sibling C TIME_FORMAT Time Format CL_TIME_FORMAT Time Format
Observation M OBS_STATUS Observation status CL_OBS_STATUS Observation status code list
Observation C CONF_STATUS Confidentiality Status CL_CONF_STATUS Confidentiality status code list
Observation C COMMENT_OBS
Comments to the
observation value
Free text up to 1050 char. so far.
Increasing the values will be
necessary.
Sibling M UNIT Unit CL_UNIT Unit code list
Sibling M UNIT_MULT Unit multiplier CL_UNIT_MULT Unit multiplier code list
Sibling M
COMMENT_GRP
or COMMENT_SBL
Detailed description of
the group of series Free text up to 1050 char.
Sibling M DECIMALS Decimals CL_DECIMALS Decimals code list
Time series M TIME_PER_COLLECT Time period collection CL_TIME_PER_COLL Time period collection code list
Sibling C COMPILING_ORG Compiling organisation CL_ORGANISATION Compiling organisation code list
Sibling O COMMENT_SBG Sibling Description of the series
Sibling C TITLE Title Free text up to 70 char.
Sibling C DATA_COMP Title Free text up to 1050 char.
Sibling C COVERAGE Title Free text up to 350 char.
Time series C PUBLICATION Title Free text up to 1050 char.
Finalisation of pilot phase I
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• October 2012: 122 comments processed via disposition log file – overall positive feedback
• Actions triggered by disposition “accepted”:– Addition/Deletion of codes– Change in descriptors and validation rules – Address best solutions
• Actions triggered by disposition ”for clarification”:– Review of cross-domain lists by NA DSD SG
and SDMX SWG (REF_AREA, REF_SECTOR, CL_CURRENCY, CL_FREQ)
– Treatment of “fiscal year”
Benefits BOP DSD and SDMX
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• Uses SDMX hierarchical code lists to create relationships between codes
• Address validation rules
Institutional sector code list -- CL_SECTOR
Code DescriptionS1 Total economyS11 Non financial corporations
S11001 Public non financial corporations
S11002 National private non financial corporations
S11003 Foreign controlled non financial corporations
S12 Financial corporations
.. ..
Integrity RuleCode Description
S1 Total economy S1=S11+S12+S13+S14+S15
Disposition log – issues for clarification (1)
• (ID 20) ACCOUNTING ENTRY:
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A Assets (Net Acquisition of) A=AI-AD
AI Gross acquisition of assets
AD Gross sales of assets
L Liabilities (Net Incurrence of) L=LI-LD
LI Gross incurrence of liabilities
LD Gross decrease in liabilities
N Net (Financial Assets minus Liabilities) N=A-L
FC inflows
FD Outflows
Specific for reserve assets
Mnemonic codes
Disposition log – issues for clarification (2)• (ID 22) National vs community concept (i.e.
BOP vs ST1 data): use of different data set identifiers (DSIs)
• (ID 46) ECB Guideline’s requirements will be provided in BOP DSD format with example codification
• (ID 105) Banknote denomination dimension for future reporting of euro banknote shipment with separate DSD
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Disposition log – Issues for clarification (3)
• (ID 89) Other changes in volume = KA
• Possible transmission of data not required in ECB/2011/23
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T Transactions LE Positions (Stocks) K Changes in positions other than transactions K= KA + K7
KAOther Changes in the volume of Assets/Liabilities = Other changes
excluding revaluations
K7 RevaluationsK7= K7A+K7B
K7A Revaluations due to exchange rate changes K7B Revaluations due to other price changes
Feedback received on practical issues (1)
• Cross-domain issues:
• View on fixed versus variable codes in your collection/compilation/transmission system:
» The variable code length is not a problem for countries, however the maximum length of codes must be defined and remain stable;
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Feedback received on practical issues (2)
• (ID 16) PUBLICATION STATUS – attached at the series, not at the observations level. Go back.
• Set by the provider• Conditional (voluntary): provider needs to
flag if they want the receiver not to publish• Allows receiver to manage secondary
confidentiality• Easier for the provider to monitor the
publication of a series than of an observation15
Code Description
P publishable
N non-publishable
Feedback required on practical issues (2)
• Confidentiality of the observation conditional to status of the series– the series is flagged as non-publishable:
• then no observations can be free» Priority over OBS_CONF
– the series is flagged as publishable:• then, if some observations are not to
be published, they should be flagged through the confidentiality attribute
– This means that the proposed code “Under embargo” is redundant:
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Code Description
P Published
N Not published
E Under embargo
Next Steps
• Finalisation BOP DSD V0.1 by early December 2012
• Launch pilot phase II with Sandbox in December 2012
• Beta version of the Sandbox to provide registry, database, user-interface to submit datafile
• Development of final version BOP DSD V0.2 by end-December.
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Next Steps (cont’d)
• Workshop WG ETS on practical issues (Feb2012)» WG SIM members invited to
participate/contribute to the data exchange session
• Written communication with BOP domain groups on BOP DSD V0.2 and associated reporting arrangements (Jan-March 2013)
• In parallel, SDMX review of cross-domain codelists
• BOPCOM to approve BOP DSD V0.3 in Spring 2013
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2014201413131212111120102010
1. PREPARATION
Roadmap for adopting BOP-DSD
2. DEVELOPMENT
5. PRODUCTION AND MAINTENANCE
4. IMPLEMENTATION
3. CONSULTATIONS AND ACCEPTANCE
Q2
24 Jan June
2013
Final BOP DSD
Pilot phase IBOP DSD V01
Q3
Pilot phase IIBOP DSD V02
Start regular data exchange
Jan
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Spring Spring 20132013Jan13Jan13DecDecNovNov2012Q2012Q
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FINALISATION BOP DSD V01
Milestone 4 – Implementation go back
BOP DSD V02 PILOT TEST 2 (Sandbox)
BOP DSD V03
DETAILED IDENTIFICATION OF REPORTING ARRANGEMENTS, DATA FLOWS, CONSTRAINTS
Adaptation of the production systems
Pilot projects
Release (SDMX registry)
2013Q2013Q33
Feb 2012: WG ETS WORKSHOP on practical issues on DSD codification and data exchange – for participation of WG SIM members as well!Review by SDMX SWG of cross-domain codelists
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Thank you for your attention
Please provide feedback to:Bernadette.lauro@ecb.europa.eu
BOP_IIP_Stats@ecb.europa.eu
The views expressed in this presentation are exclusively those of the author