Global Crisis 2008 pptx, The great recession of 2008
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Sep 09, 2024
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About This Presentation
Global recession 2008 ppt. This ppt explains in very detail about the great crisis of 2008 which ruined millions of life and brought disbalance to economy. The housing bubble burst and took and crashed real estate market which was supposed to be very strong at the moment. People couldn't see it ...
Slide Content
Charles Enoch
Deputy Director
Statistics Department, IMF
Role of Member States in the Role of Member States in the
Development of Statistics in the Development of Statistics in the
Global CrisisGlobal Crisis
Deputy Director
Statistics Department, IMF
Role of Member States in the Role of Member States in the
Development of Statistics in the Development of Statistics in the
Global CrisisGlobal Crisis
2
The views expressed in this
presentation are those of the
author and should not be seen
as those of the IMF or its
Executive Board
The views expressed in this
presentation are those of the
author and should not be seen
as those of the IMF or its
Executive Board
3
The Global Financial CrisisThe Global Financial Crisis
First phase in 2007 with Northern Rock and
Bear Sterns.
Crisis became globally systemic in 2008,
requiring massive government support to
ailing institutions plus unorthodox monetary
policies.
Recovery likely to take many years, will need
highly skilled economic management.
The Global Financial CrisisThe Global Financial Crisis
First phase in 2007 with Northern Rock and
Bear Sterns.
Crisis became globally systemic in 2008,
requiring massive government support to
ailing institutions plus unorthodox monetary
policies.
Recovery likely to take many years, will need
highly skilled economic management.
4
Statistics in the Global CrisisStatistics in the Global Crisis
As in previous financial crises, lack of
attention to) statistics seen as contributory
factor in crisis, and in particular in the
intensity of the crisis.
G-20 plenary in London in November 2008
commissioned work to identify “data gaps”
that have been revealed through the crisis.
Statistics in the Global CrisisStatistics in the Global Crisis
As in previous financial crises, lack of
attention to) statistics seen as contributory
factor in crisis, and in particular in the
intensity of the crisis.
G-20 plenary in London in November 2008
commissioned work to identify “data gaps”
that have been revealed through the crisis.
5
Mexican crisis of 1994 found data gaps partly
responsible, largely on the macro side.
Further focus after Asian crises of late-1990s.
Attention to transparency, and adoption of
12 best-practice standards and codes
Led to range of initiatives: SDDS, GDDS,
Data ROSCs, FSIs.
Statistics in the Past CrisesStatistics in the Past Crises
Mexican crisis of 1994 found data gaps partly
responsible, largely on the macro side.
Further focus after Asian crises of late-1990s.
Attention to transparency, and adoption of
12 best-practice standards and codes
Led to range of initiatives: SDDS, GDDS,
Data ROSCs, FSIs.
Statistics in the Past CrisesStatistics in the Past Crises
6
The Initiatives in the Present CrisisThe Initiatives in the Present Crisis
Present crisis: macro data seem reliable;
management of crisis would have been
far more difficult if there had been the
same uncertainty about macro situation
as ten years ago.
Issues now to broaden (geographic)
coverage of initiatives and extend them to
financial data.
The Initiatives in the Present CrisisThe Initiatives in the Present Crisis
Present crisis: macro data seem reliable;
management of crisis would have been
far more difficult if there had been the
same uncertainty about macro situation
as ten years ago.
Issues now to broaden (geographic)
coverage of initiatives and extend them to
financial data.
7
The Data GapsThe Data Gaps
Off-balance-sheet activities (SPVs).
Complex products.
Nontransparent accounting
Unregulated institutions (including
nonbank financial institutions).
In part being addressed by regulators, in part
by market forces, and in part falls to
statistics.
The Data GapsThe Data Gaps
Off-balance-sheet activities (SPVs).
Complex products.
Nontransparent accounting
Unregulated institutions (including
nonbank financial institutions).
In part being addressed by regulators, in part
by market forces, and in part falls to
statistics.
8
This Crisis is Different...This Crisis is Different...
Because it manifests itself at the “center” not
in the “peripheral” countries.
Reforms may be more thoroughgoing, since
they have attention at the highest levels in
the “center” countries (but may not...)
Intense activity in the “centers” may mean
fewer expert resources available for the
“periphery:” peripheral” countries more on
their own.
This Crisis is Different...This Crisis is Different...
Because it manifests itself at the “center” not
in the “peripheral” countries.
Reforms may be more thoroughgoing, since
they have attention at the highest levels in
the “center” countries (but may not...)
Intense activity in the “centers” may mean
fewer expert resources available for the
“periphery:” peripheral” countries more on
their own.
9
The Member States, the Data Initiatives, The Member States, the Data Initiatives,
and the Crisisand the Crisis
On the statistics side, renewed emphasis on
transparency, international standards, and
focus on financial best practices: increased
selectivity likely in line with countries’
involvement/adherence to these
initiatives/standards.
Member countries may consider their
involvement, and whether to enhance them.
The Member States, the Data Initiatives, The Member States, the Data Initiatives,
and the Crisisand the Crisis
On the statistics side, renewed emphasis on
transparency, international standards, and
focus on financial best practices: increased
selectivity likely in line with countries’
involvement/adherence to these
initiatives/standards.
Member countries may consider their
involvement, and whether to enhance them.
10
Member Countries: GDDS (1)Member Countries: GDDS (1)
Prices—consumer price index provides
development framework for statistics, production
of “metadata” describing statistical practices and
encouraging development plans.
Very successful in encouraging improvements in
macroeconomic and sociodemographic statistics.
November 2008 decision for “GDDS plus”
including some data dissemination.
Member Countries: GDDS (1)Member Countries: GDDS (1)
Prices—consumer price index provides
development framework for statistics, production
of “metadata” describing statistical practices and
encouraging development plans.
Very successful in encouraging improvements in
macroeconomic and sociodemographic statistics.
November 2008 decision for “GDDS plus”
including some data dissemination.
11
Member Countries: GDDS (2)Member Countries: GDDS (2)
96 GDDS participants, across all regions.
Most Caricom members participate, also
ECCB as regional member.
Target of complete Caricom participation
(Guyana).
Member Countries: GDDS (2)Member Countries: GDDS (2)
96 GDDS participants, across all regions.
Most Caricom members participate, also
ECCB as regional member.
Target of complete Caricom participation
(Guyana).
12
Member Countries: SDDS (1)Member Countries: SDDS (1)
SDDS intended for all countries that have, or wish
to have, access to international capital markets.
Subscription voluntary, but subscribers are
mandated to fulfill certain obligations (coverage,
timeliness, periodicity of data dissemination, ARC,
metadata).
IMF standard setter, assessor, TA provider.
Member Countries: SDDS (1)Member Countries: SDDS (1)
SDDS intended for all countries that have, or wish
to have, access to international capital markets.
Subscription voluntary, but subscribers are
mandated to fulfill certain obligations (coverage,
timeliness, periodicity of data dissemination, ARC,
metadata).
IMF standard setter, assessor, TA provider.
13
Member Countries: SDDS (2)Member Countries: SDDS (2)
64 subscribers, in nearly all regions.
Research studies show borrowing cheaper for
SDDS subscribers.
Other broader benefits (consideration as “good
housekeeping” certificate, for instance for Fund
programs.
Extensive TA assistance for would-be
subscribers.
No Caricom members yet: Jamaica, Trinidad
and Tobago, and others could consider.
Member Countries: SDDS (2)Member Countries: SDDS (2)
64 subscribers, in nearly all regions.
Research studies show borrowing cheaper for
SDDS subscribers.
Other broader benefits (consideration as “good
housekeeping” certificate, for instance for Fund
programs.
Extensive TA assistance for would-be
subscribers.
No Caricom members yet: Jamaica, Trinidad
and Tobago, and others could consider.
14
Member Countries: Data ROSC (1)Member Countries: Data ROSC (1)
All 12 standards and codes subject to
assessment: Reports on Observance of
Standards and Codes (ROSC).
Assessment of SDDS/GDDS the “Data
ROSC.”
Uses Data Quality Assessment
Framework (DQAF).
Assessments voluntary; publication
voluntary. Great majority published.
Member Countries: Data ROSC (1)Member Countries: Data ROSC (1)
All 12 standards and codes subject to
assessment: Reports on Observance of
Standards and Codes (ROSC).
Assessment of SDDS/GDDS the “Data
ROSC.”
Uses Data Quality Assessment
Framework (DQAF).
Assessments voluntary; publication
voluntary. Great majority published.
15
Member Countries: Data ROSC (2)Member Countries: Data ROSC (2)
120 Data ROSCs undertaken, for 90 countries.
Several updates, as countries used findings as
basis for statistical improvements.
Data ROSC for ECCB, but not for any Caricom
member.
Resource pressures leading to introduction of
near-ROSC, or statistical diagnostic, as for Aruba.
Caricom members may wish to request Data
ROSC in light of enhanced focus on statistics in the
present financial crisis (Jamaica, Trinidad and
Tobago—both have done FSAPs).
Member Countries: Data ROSC (2)Member Countries: Data ROSC (2)
120 Data ROSCs undertaken, for 90 countries.
Several updates, as countries used findings as
basis for statistical improvements.
Data ROSC for ECCB, but not for any Caricom
member.
Resource pressures leading to introduction of
near-ROSC, or statistical diagnostic, as for Aruba.
Caricom members may wish to request Data
ROSC in light of enhanced focus on statistics in the
present financial crisis (Jamaica, Trinidad and
Tobago—both have done FSAPs).
16
Member Countries: FSIs (1)Member Countries: FSIs (1)
IMF Board approved development and
dissemination of FSIs in 2001, after analytical
work in light of 1990s’ crises.
12 core indicators, 28 encouraged: priority to
work on the encouraged in the initial phase.
Coordinated compilation exercise, involving 62
countries (essentially the SDDS subscribers),
and subsequent commitment to disseminate as
from end-2008.
IMF Board approved in November 2008 a work
program to include selected FSIs into SDDS as
encouraged categories after transition period.
Member Countries: FSIs (1)Member Countries: FSIs (1)
IMF Board approved development and
dissemination of FSIs in 2001, after analytical
work in light of 1990s’ crises.
12 core indicators, 28 encouraged: priority to
work on the encouraged in the initial phase.
Coordinated compilation exercise, involving 62
countries (essentially the SDDS subscribers),
and subsequent commitment to disseminate as
from end-2008.
IMF Board approved in November 2008 a work
program to include selected FSIs into SDDS as
encouraged categories after transition period.
17
Member Countries: FSIs (2)Member Countries: FSIs (2)
IMF FSI datapage goes live July 31, 2009.
Data will be available for 40+ countries, also
detailed metadata for 20+ countries; will be
completed for remainder over coming months.
Almost all provide core indicators, less complete
coverage of encouraged categories.
Next stages: broaden indicators including beyond
banking sector, increase country coverage (by 10
per year), increase frequency (quarterly),
enhance analytics.
Member Countries: FSIs (2)Member Countries: FSIs (2)
IMF FSI datapage goes live July 31, 2009.
Data will be available for 40+ countries, also
detailed metadata for 20+ countries; will be
completed for remainder over coming months.
Almost all provide core indicators, less complete
coverage of encouraged categories.
Next stages: broaden indicators including beyond
banking sector, increase country coverage (by 10
per year), increase frequency (quarterly),
enhance analytics.
18
Member Countries: FSIs (3)Member Countries: FSIs (3)
No CARICOM country in IMF FSI dissemination
exercise.
Would be welcome in the future.
Assistance has been given on the nature of the FSIs
and how to self-compile.
Can gain from examining data on the “center”
countries that are appearing on the website.
Can also gain from the detailed metadata: gives vast
scope for analysis, e.g., on countries’ accounting
practices and practices on nonperforming loans.
Member Countries: FSIs (3)Member Countries: FSIs (3)
No CARICOM country in IMF FSI dissemination
exercise.
Would be welcome in the future.
Assistance has been given on the nature of the FSIs
and how to self-compile.
Can gain from examining data on the “center”
countries that are appearing on the website.
Can also gain from the detailed metadata: gives vast
scope for analysis, e.g., on countries’ accounting
practices and practices on nonperforming loans.
19
ConclusionsConclusions
Present financial crisis leads to renewed
focus on data—including the international
initiatives and data gaps.
Limited involvement so far by member states
in the international initiatives (mainly
GDDS), but added reasons now to become
more fully involved, both in the existing
initiatives (SDDS) and the new ones (FSIs).
ConclusionsConclusions
Present financial crisis leads to renewed
focus on data—including the international
initiatives and data gaps.
Limited involvement so far by member states
in the international initiatives (mainly
GDDS), but added reasons now to become
more fully involved, both in the existing
initiatives (SDDS) and the new ones (FSIs).
20
Thank You
Thank You
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