Page 154 - Invited Paper Session (IPS) - Volume 2

IPS195 Gabriel Quirós-Romero et al.

The next generation of International Statistical
Standards
Gabriel Quirós-Romero, Jennifer Ribarsky
International Monetary Fund. GQuiros@imf.org and JRibarsky@IMF.org. The views expressed
are those of the authors and do not necessarily represent the views of the International
Monetary Fund (IMF), its Executive Board, or IMF management.

Abstract
Advances in technology and communication, increasing capital movements
and dominance of multinationals as well as reductions in shipping costs have
redefined the global economy. Leading to tighter integration of economies,
with the creation of global value chains through which multinational
corporations stretch their operations across borders. Current statistical
manuals, for which value-added generation is anchored in the traditional
notion of residency, are showing their limits.
Digitalization is also changing how we work, play and communicate in
manners that stretch our statistical standards. Likewise, the gig economy,
facilitated by digitalization, has given a new meaning to the concept of
informality, but may help better measure these activities using big data.
Furthermore, data is “the new oil” of modern economies, a valuable corporate
asset. Lastly, distributional issues are poorly accounted for in the SNA whose
metrics depicts aggregates or averages. This paper offers a discussion on these
issues.

Keywords
SNA; Balance of payments; Globalization; Digitalization; Informal economy

1. Introduction
The International Monetary Fund’s (IMF, the Fund) primary purpose is to
ensure global stability of the international monetary system which includes all
macroeconomic and financial sector issues that bear on global stability. The
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Fund does this in three ways: economic surveillance , lending, and capacity
development. Statistics are an important component for ensuring sound
policy analysis and appropriate evidence-based policy responses.
The international standards explain concepts, definitions, classifications,
and accounting rules that comprise the internationally agreed standards for
measuring the relevant concept (e.g., gross domestic product (GDP)) and are
designed to be robust and flexible so that needs of the various users are met.

The provision of economic and financial information needed for surveillance is spelled out in
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the Articles of Agreement of which Article VIII, Section 5 is a central pillar.
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