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Since the IMF launched the data standards initiatives a decade ago, 145 of its 184 member countries have participated. This 80 percent participation rate reaffirms the importance countries place on data transparency in the globalized economy, which the initiatives promote. The wide participation can be attributed to the consultative process that has allowed for the development of a coherent program that takes account of countries' capabilities, delineates clear responsibilities between the IMF and participating countries, and establishes effective monitoring procedures to ensure the credibility of the standards for policymakers, capital markets, and the general public. The approach has also provided checks and balances and fostered accountability. The initiatives may provide insights for the promotion of similar international standards.

America's international economic decisions rest to a large degree on the information available to policymakers. Yet the quality of international trade and financial data is in serious doubt. This book reveals how our systems for collecting and analyzing trade data have fallen behind the times--and presents recommendations for new approaches to accuracy and usefulness of these economic data.The volume traces the burgeoning use of international economic data by public and private analysts at a time when the United States is becoming increasingly integrated into the world economy. It also points out problems of capturing new transactions, comparing data from different sources, limited access to the data, and more. This is the first volume to review all three types of U.S. international data--merchandise trade, international services transactions, and capital flows. Highlights include:Specific steps for U.S. agencies to take.Special analyses on improving the accuracy of merchandise trade data, filling data gaps on the fast-growing international services transactions, and understanding structural changes in world capital markets.Comments, complaints, and suggestions from an original survey of more than 100 key users of trade data.This practical volume will be invaluable to policymakers, government officials, business executives, economists, statisticians, and researchers.

Many questions have been raised about America's status in the increasingly interconnected global economy. Yet key facts-such as the amount of foreign assets abroad owned by U.S. citizens-are not known. The crucial data needed to assess the U.S. position are unavailable. This volume explores significant shortcomings in U.S. data on international capital transactions and their implications for policymakers. The volume offers clearcut recommendations for U.S. agencies to bring data collection and analyses of the global economy into the twenty-first century. The volume explores: How factors emerging since the early 1980s have shaped world financial markets and revealed shortcomings in data collection and analysis. How the existing U.S. data system works and where it fails how measurements of international financial transactions are recorded; and how swaps, options, and futures present special reporting problems. How alternative methods, such as collecting data, from sources such as global custodians and international clearinghouses, might improve coverage and accuracy.

Since the IMF launched the data standards initiatives a decade ago, 145 of its 184 member countries have participated. This 80 percent participation rate reaffirms the importance countries place on data transparency in the globalized economy, which the initiatives promote. The wide participation can be attributed to the consultative process that has allowed for the development of a coherent program that takes account of countries'' capabilities, delineates clear responsibilities between the IMF and participating countries, and establishes effective monitoring procedures to ensure the credibility of the standards for policymakers, capital markets, and the general public. The approach has also provided checks and balances and fostered accountability. The initiatives may provide insights for the promotion of similar international standards

Front Matter -- Contents -- Preface -- 1 Summary -- 2 Globalization of Financial Markets -- 3 Current U.S. Data Systems -- 4 Capital Account Data: Gaps and Needs -- 5 Financial Derivatives: Data Gaps and Needs -- 6 Alternative Data Sources and Collection Methods -- Appendix A Monitoring Capital Transactions in the United Kingdom, Germany, and Japan -- Appendix B Views of Data Compilers, Filers, and Users -- References and Bibliography -- Biographical Sketches of Panel Members and Staff -- Index.

Behind The Numbers -- Copyright -- Contents -- ACKNOWLEDGMENTS -- BEHIND THE NUMBER -- SUMMARY OF MAJOR CONCLUSIONS AND RECOMMENDATIONS -- SUPPLEMENTING THE EXISTING STATISTICAL FRAMEWORK AND INTEGRATING DISPARATE DATA SETS -- A Supplemental Framework -- Comparable Data -- Recommendations -- ENHANCING DATA QUALITY -- Merchandise Trade -- International Services Transactions -- Capital Flows -- Recommendations -- Merchandise Trade -- International Services Transactions -- Capital Flows -- IMPROVING THE DATA COLLECTION AND DATA ANALYSIS INTERFACE -- Merchandise Trade -- International Services Transactions -- Capital Flows -- Recommendations -- INTRODUCTION -- THE INTERNATIONAL ECONOMIC ENVIRONMENT -- DATA NEEDS -- FOCUS OF ANALYSIS -- METHODOLOGY AND REPORT STRUCTURE -- PART I ENHANCING THE USABILITY OF DATA ON U.S. INTERNATIONAL TRANSACTIONS -- 1 Supplementing the Balance-of-Payments Framework -- EXISTING STATISTICAL FRAMEWORK -- A SUPPLEMENTAL FRAMEWORK -- Uses for Public and Private Decisions -- Implications for Existing Data Systems -- RECOMMENDATION -- 2 Extending the Comparability of International and Domestic Economic Data -- COMPARABLE DATA: NEEDED BUT LACKING -- U.S. Foreign and Domestic Data -- International Data -- MERCHANDISE DATA -- U.S. and Other Countries Data -- Price Indexes for Imports And Exports -- Domestic Production and Import and Export Data -- Import and Export Data and Employment, Capital, and Other Establishment Data -- Classification of Intermediate Inputs -- SERVICES DATA -- OTHER DATA -- Sales of Goods and Services by Foreign Affiliates -- Direct Investment -- National Trade Data Bank -- RECOMMENDATIONS -- 3 Developing a Flexible Data System for U.S. International Economic Activities -- CURRENT DATA -- ROLE OF STATISTICAL AGENCIES -- Strengthening Research and Analytic Capabilities -- Determining Data Needs.

Many questions have been raised about America's status in the increasingly interconnected global economy.Yet key facts--such as the amount of foreign assets abroad owned by U.S.citizens--are not known.The crucial data needed to assess the U.S.position are unavailable.This volume explores significant shortcomings in U.S.