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CHAPTER 6 Data Collection, Compilation, and …

113 This CHAPTER describes the collection of source data from various source data systems, and considerations in the compilation and dissemination of public sector debt While the process of collecting, compiling, and disseminating public sector debt statistics will vary from country to country, the following common aspects need to be considered (see Figure ): compilation and dissemination of the statistics; Main data sources; and Source data system(s) and/or source data compi lers, including the underlying data A precondition for reliable and timely statis tics is that a strong and well organized institutional setting for the compilation of statistics on public sector debt is in place so that public sector and publicly guaranteed debt is well monitored and managed (see UNCTAD, 1993). This CHAPTER first considers some of the key institutional issues to be addressed when un dertaking the compilation and dissemination of public sector debt statistics.

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1 113 This CHAPTER describes the collection of source data from various source data systems, and considerations in the compilation and dissemination of public sector debt While the process of collecting, compiling, and disseminating public sector debt statistics will vary from country to country, the following common aspects need to be considered (see Figure ): compilation and dissemination of the statistics; Main data sources; and Source data system(s) and/or source data compi lers, including the underlying data A precondition for reliable and timely statis tics is that a strong and well organized institutional setting for the compilation of statistics on public sector debt is in place so that public sector and publicly guaranteed debt is well monitored and managed (see UNCTAD, 1993). This CHAPTER first considers some of the key institutional issues to be addressed when un dertaking the compilation and dissemination of public sector debt statistics.

2 In particular, this CHAPTER em phasizes the need for: A coordination of effort among official agencies, with one agency having overall responsibility for compiling and disseminating the complete set of public sector debt statistics; Adequate resources and appropriate legal backing for the source data collection that will allow the compilation and dissemination of the public sector debt statistics; and dissemination of the public sector debt statistics in a frequent and timely manner that serves users Subsequently, this CHAPTER provides guidance on how public sector debt statistics might be collected and compiled. This guidance is not intended to be compre hensive. Indeed, some elements of public sec tor debt statistics are easier to collect and compile than others. For example, compiling public sector debt sta tistics on a government s domestic currency loan from a group of domestic banks is more straightforward than collect ing information on nonresident ownership of a govern ment s domestic bond issues.

3 But both sets of statistics are required. It is particularly difficult to obtain sta tistics on ownership of traded securities, be cause each change of ownership of these securities may not be registered this issue is addressed in Chap ter 7. B. Some Institutional Considerations for the compilation and dissemination of This section deals with the two final aspects in the public sector statistics compilation process: the compilation and dissemination of the Coordination among official If the responsibility for debt compilation is shared between several agencies, it should be clearly established which agency has the primary responsibili ty for compiling and disseminating the complete set of public sector debt statistics hereafter referred to as the central compiling agency. Responsibility may be assigned through a statistical law or other statutory provision, interagency protocols, executive decrees, This Guide does not recommend which insti tution should be responsible for compiling and dis seminating public sector debt statistics; this depends on the insti tutional arrangements in each country.

4 Nonetheless, it is likely that the central compiling agency is the central Data Collection, compilation , and DisseminationCHAPTER6114 PUBLIC SECTOR DEBT STATISTICS: GUIDE FOR COMPILERS AND USERS bank, the ministry of finance, an independent debt man agement office, or a national statistical In whatever way the statistics are to be col lected and compiled and invariably a range of meth ods 1A national statistical agency may be a user of the debt data, in the sense that the data are communicated by the ministry of finance and/or the central bank to the national statistical agency for approaches will be adopted the process will be resource intensive. Thus, where there is more than one agency involved in the compilation of public sec tor debt statistics, there should be a coordinated and cooperative effort, avoiding duplication of effort and ensuring as far as possible consistency of approach across related data series.

5 With computerized tech niques, different units can be connected through com puter networks Disseminationof public sector debt statisticsCentral compiling agencyDecentralized debt compiling agencyDecentralized debt compiling agencyDecentralized debt compiling agencyDebt officeBalance sheetsSurveys and/or questionnairesOther sourcesCompilation and dissemination of public sector debt statisticsMain types of data sourcesSource data systems and/or compilersAccounting system(s)Financial management systemsDebt management, recording,and reporting systemsOther systemsData reporting requirementsFigure Main Considerations in the Process of Collecting, Compiling, and Disseminating Public Sector Debt Statistics115 CHAPTER 6 Data Collection, compilation , and Disseminationfacilitating the specialization of the different institu tions concerned, without hindering data reporting and compilation .

6 In this regard, proce dures to ensure, as far as possible, smooth and timely flows of data between data compiling agencies are It is essential that adequate agreements or pro cedures exist to facilitate data sharing and coordina tion among the central compiling agency and other data producing agencies ( , source data producing agencies or decentralized compiling agencies). Among other things, these procedures should provide for the effective and timely flow of source data to the central (or decentralized) agencies that compile public sector debt statistics. It is also important to ensure that well estab lished contacts between the staff of the different agen cies exist. This will facilitate dealing with any pro blems, or difficulties, in an expeditious manner, and avoid duplication of data coverage in the different institu tions.

7 One way of encouraging cooperation, de veloping contacts, and resolving problems that arise is to hold regular meetings among staff of the various agencies, at the working level. Not only could these meetings help resolve problems that might be arising, but there would also be an opportunity to notify each other of upcom ing developments and possible future enhancements or changes to collection systems. This type of cooperation helps ideas to spread and improve ments to be made, allows institutions to understand each other s position, and helps build important per sonal If public sector debt statistics are compiled by different agencies, the following considerations must be borne in mind: The concepts used and instruments presented should be consistent, or at least reconcilable. When merging together various sources, the central com piling agency must ensure that other contributing agencies are aware of, and supply statistics that are consistent with, core concepts and presentation requirements (such as residence, valuation, etc.)

8 , as outlined in this Guide. Indeed, the central com piling agency should develop expertise in these standards. In a sense, the central compiling agency should act as the guardian of these standards to ensure that statistics supplied by the other agencies meet the requirements in terms of the coverage, concepts, valuation principles, basis of recording, as well as the periodicity and timeliness on which these statistics have to be provided. It is recommended that the central compiling agen cy carries out, as far as possible, cross check ing of data on a regular basis (at least once a year). Such cross checking will involve comparing data with those of creditors as well as other macroeco nomic statistics, such as external statistics (Inter national Investment Position and external debt) and mone tary and financial statistics.

9 The com parisons can either be undertaken on an individual instrument basis (for example, specific govern ment loans) by the agency responsible for compil ing these sta tistics, and/or at an aggregate level using other macroeconomic statistics datasets and compare, for example, external debt statistics of the government sector. There should be mechanisms to ensure that the disseminated public sector debt statistics con tinue to meet the needs of policymakers and other users. Meetings could be periodically con vened with po licymakers and other data users to review the com prehensiveness of the public sector debt statistics and to identify any emerg ing data requirements. New initiatives could be discussed with policy de partments and statisti cal advisory group(s); such discussions provide scope for seeking additional resources.

10 From these discussions, and in consulta tion with both users and other compiling agencies, the central compiling agency might devise a strate gic plan to improve the quality and coverage of public sector debt Resource allocation decisions for the compila tion of statistics are the preserve of the authorities in each country and should be periodically reviewed. Nonetheless, the authorities are encouraged to pro vide, at least, adequate resources to perform exist ing tasks that is, adequate staff, financial, and computing resources. In particular, key staff should be know ledgeable and well versed in public sector debt con cepts and compilation methods, and a core contingent of trained public sector debt statisticians should be retained at any point in time. Instructions for perform ing existing tasks should be maintained.


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