Financial statistics

Meeting of the OECD Short-term Economic Statistics Expert Group (STESEG), Paris, 10 - 11 September 2009


The OECD Short-term Economic Statistics Expert Group (STESEG) meeting will be held at OECD headquarters, 2 rue André Pascal, Paris 75016, on Thursday 10 and Friday 11 September 2009.


Draft Agenda


Thursday 10 September


10.00 – 10.20 Welcome and introduction


10.20 – 12.00 Session I

Short-term economic statistics and the current crisis
The International Perspective
Chair – Alfredo Leone, International Monetary Fund


Since the financial crisis first emerged there have been questions asked about how statistics can help or could have helped. A task-force, led by the IMF (Inter-Agency Group on Economic and Financial Statistics), has been established to improve the availability of timely and relevant financial and economic indicators. This group recently produced the following website:  Proposals emerging from this task-force and other international initiatives will be discussed.


Background and introduction to topic
Alfredo Leone, International Monetary Fund


The current economic crisis: statistical initiatives of the E(S)CB
Daniela Schackis, ECB ppt presentation


Macroeconomic statistics and the current crisis:
Challenges ahead and statistical initiatives at the IMF

Alfredo Leone, International Monetary Fund ppt presentation


The OECD Perspective
David Brackfield, OECD




12.00 – 14.00 Lunch


14.00 – 16.20 Session II

Short-term economic statistics and the current crisis
A national statistics office perspective
Chair – Gian Paolo Oneto, ISTAT


A situation like the financial crisis raises questions for National Statistics Offices in the basic compilation and dissemination of short-term economic statistics. What should a NSO do in regards to seasonal adjustment outliers, enterprise deaths mid-sample, mergers, the entry of the government into the market etc? This session will discuss these issues and allow NSOs an opportunity to learn from each other and if successful this could lead to a more consistent response to the challenges that the crisis has generated.


Background and introduction to topic
Gian Paolo Oneto, ISTAT


Statistical methods in a rapid recession

Derek Bird, United Kingdom Office for National Statistics (ONS) ppt presentation


Issues arising in the statistics from the crisis for the BEA
Dennis Fixler, US Bureau of Economic Analysis (BEA)


Measuring US industrial production during a downturn in economic activity
John J Stevens, US Federal Reserve Board


Michael Smedes, Australian Bureau of Statistics (ABS)


The Italian housing market in the crisis: fresh evidence

Francesco Zollino, Bank of Italy




16.20 – 16.40 Coffee Break


16.40 – 17.40 Session III

Implementation of new international classifications into short-term economic statistics
Chair – Brain Newson, Eurostat


The 2009 year has seen most of the international classification standards updated, for example ISIC rev 3.1 to rev 4 and NACE rev 1.1 to rev 2. The European Union has implemented a program of how the new standards will be introduced into short-term economic statistics. There are still a number of discussions (e.g. backcasting) that could take place about what impact these will have on the subject areas. In addition there is also scope for countries outside the EU to outline how and when they expect to make the change and their initial thinking.


Brian Newson, Eurostat


Implementation of NACE rev. 2 in short-term economic statistics: what did we do in practice?
Leendert Hoven, Statistics Netherlands background paper


Calculation of STS-indicators in industries and construction according to NACE Rev. 2
Monika Brunauer, Statistics Austria




17.40 – 19.00 OECD STESEG Cocktail, Salle Marshall


Friday 11 September

9.30 – 11.20 Session IV

The use of administrative data in improving short-term statistics estimates
Chair – Søren Kristensen, Statistics Denmark


NSOs are always faced with the need to reduce respondent load while at the same time becoming more efficient. A clear way forward is the increased use of administrative data. While this is a subject that the group has been involved with in the past, there is more scope for countries to discuss new methods, with a possible focus in the area of short-term service statistics. There is also a possibility of re-establishing the taskforce to update and revamp the existing frameworks as a number of conferences/workshops have taken place in the last few years.


Opening remarks
Søren Kristensen, Statistics Denmark


Use of administrative data in sub-annual statistics – how far can we go?
Kathy Connolly, Statistics New Zealand ppt presentation


“Why collect the same information twice?” Exploring the possibilities of using VAT data in the estimation of the Danish IIP
Søren Kristensen, Statistics Denmark


Use of administrative data in short-term statistics for the service sector
Daniel Lennartsson, Statistics Sweden ppt presentation


Credit-card purchases as a short-term indicator
Yoel Finkel, Central Bureau of Statistics Israel ppt presentation


Preparing for changes in adminstrative data for short-term statistics

Ville Koskinen, Statistics Finland




11.20 – 11.40 Coffee Break


11.40 – 12.00 Session V

Development of short-term business demography statistics
Chair – David Brackfield, OECD


The OECD has recently developed a number of business demography indicators (such as entry, exit and survival rates) as part of its Entrepreneurship Indicators Programme. Most of these indicators are only available 2 to 3 years after the period to which they refer; making them less than ideal when it comes to assessing policies or events in real-time (like the current crisis). Timelier sources, namely Labour Force Surveys (LFS), are available that could provide more up-to-date indicators of business demography. See:


Short-term indicators of business dynamics: entry, exit and survival rates
Nadim Ahmad, OECD


12.00 – 12.30 Session VI

National Presentations
Chair – David Brackfield, OECD


Benchmarking official data in Mexico
Adriana Jimenez-Pineda, INEGI Mexico ppt presentation


12.03 – 14.00 Lunch


14.00 –? Session VII

STESEG – Where to from here
Chair – David Brackfield, OECD


A summary of the meeting and a discussion on the future of the group with input from the delegates.


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