G20 Data Gaps Initiative (DGI-2): Progress Achieved, Lessons Learned, and the Way Forward
Accurate and timely data are essential to assess economic and financial stability risks and to develop effective policy responses to address those risks. Such data are becoming more important as economies face greater uncertainties in a rapidly changing environment.
Since the G20 Finance Ministers and Central Bank Governors endorsed the twenty recommendations made by the International Monetary Fund (IMF) staff and the Secretariat of the Financial Stability Board (FSB) in October 2009, significant progress has been made in addressing the data gaps identified during the global financial crisis of 2007-08 through the two phases of the Data Gaps Initiative (DGI).
The first phase of the Data Gaps Initiative (DGI-1: 2009-15) focused on the development of conceptual frameworks, as well as enhancements to some statistical collection and reporting. While progress was made, more work was needed to encourage convergence of data provision among the participating economies and to consolidate the progress made during DGI-1.
The main objective of DGI-2 (2015 – 21) was to implement the regular collection and dissemination of reliable and timely statistics for policy use. The need for these statistics became clearer during the implementation of DGI-1. The twenty recommendations outlined in DGI-2 were classified into three main headings:
monitoring risks in the financial sector;
vulnerabilities, interconnections and spillovers; and
data sharing and communication of official statistics.
This Report, prepared by the FSB Secretariat and the IMF staff in consultation with the participating economies and the IAG member agencies, provides an overview of the progress in addressing data gaps since the launch of the (DGI-2 in September 2015.
The report summarises the main achievements in addressing data gaps identified during the 2007-8 global financial crisis, in particular during DGI-2, and highlights lessons learned; describes the plan to address remaining challenges related to DGI-2; and provides more information on the proposed new DGI led by the IMF.
Overview of DGI-1 and DG-2 recommendations
|DGI-1 Recommendations||DGI-2 Recommendations|
|I.1 Mandate||II.1 Mandate|
|Build-up of risk in the financial sector||Monitoring risks in the financial sector|
|I.2 Financial Soundness Indicators (FSIs)||II.2 Financial Soundness Indicators (FSIs)|
|I.3 FSIs - Tail risk, concentrations, variations & distributions, volatility||II.3 FSI Concentration and Distribution Measures (CDM)|
|I.4 Aggregate leverage and maturity mismatches||II.4 Global Systemically Important Financial Institutions (G-SIFIs)|
|I.5 Credit Default Swaps (CDS)||II.5 Non-Bank Financial Intermediation (NBFI)|
|I.6 Structured products||II.6 Derivatives|
|I.7 Securities statistics||II.7 Securities statistics|
|Cross-border financial linkages||Vulnerabilities, interconnectedness and spillovers|
|I.8 Global Systemically Important Financial Institutions (G-SIFIs) - linkages||II.8 Sectoral accounts|
|I.9 G-SIFIs||II.9 Household Distribution Information|
|I.10 International Banking Statistics (IBS) and Coordinated Portfolio; Investment Survey (CPIS) - Participation||II.10 International Investment Position (IIP)|
|I.11 IBS & CPIS - Enhancement||II.11 International Banking Statistics (IBS)|
|I.12 International Investment Position (IIP)||II.12 Coordinated Portfolio Investment Surpvey (CPIS)|
|I.13 Financial and nonfinancial institutions - cross-border exposures||II.13 Coordinated Debt Investment Survey (CDIS)|
|I.14 International exposures of large nonbank financial institutions||II.14 Cross-border exposures of non-bank corporates|
|Vulnerability of domestic economies to shocks|
|I.15 Sectoral accounts||II.15 Government Finance Statistics (GFS)|
|I.16 Distributional information||II.16 Public Sector Debt Database (PSDS)|
|I.17 Government Finance Statistics (GFS)||II.17 Residential Property Prices (RPPI)|
|I.18 Public Sector Debt||II.18 Commercial Property Prices (CPPI)|
|I.19 Real estate prices|
|Improving communication of official statistics||Communication of official statistics|
|I.20 Principal global indicators||II.19 International data cooperation and communication|
|II.20 Promotion of data sharing|