Electronic Transactions as High-Frequency Indicators of Economic Activity

Since the advent of standard national accounts data over 60 years ago, economists have traditionally relied on monthly or quarterly data supplied by central statistical agencies for macroeconomic modelling and forecasting. However, technological advances of the past several years have resulted in new high-frequency data sources that could potentially provide more accurate and timely information on the current level of economic activity. In this paper we explore the usefulness of electronic transactions as real-time indicators of economic activity, using Canadian debit card data as an example. These data have the advantages of daily availability and the high market penetration of debit cards. We find that (i) household transactions vary greatly according to the day of the week, peaking every Friday and falling every Sunday; (ii) debit card data can help lower consensus forecast errors for GDP and consumption (especially non-durable) growth; (iii) debit card transactions are correlated with Statistics Canada’s revisions to GDP; (iv) high-frequency analyses of transactions around extreme events are possible, and in particular we are able to analyze expenditure patterns around the September 11 terrorist attacks and the August 2003 electrical blackout.Business fluctuations and cycles

Compiling the national accounts demystified

This paper unveils the mystery of national accounts statistics. National accounts statistics are not facts. They are estimates of a universal accounting model (SNA93) for describing, analyzing and managing national economies. The operational versions of the universal model decide what is actually estimated. They are estimated by expanding and transforming the available data with accounting identities, tested and untested assumptions and previous estimates. The estimates reflect skills, resources and compilation policy. The resulting differences in the reliability of the national accounts statistics are to a great extent the price to be paid for a miracle come true: all over the world, very incomplete, imperfect, heterogeneous and partly outdated data are to be transformed into complete, consistent, internationally standardized and up-to-date overviews of the national economies and their major components. Nevertheless, compiling the national accounts can be improved in various ways, but this requires an international long-term strategy.National accounts; data compilation; reliability of national accounts statistics; measurement in economics

IMPACT OF EXTERNAL DEBT ON FINANCIAL DEVELOPMENT: AN EMPIRICAL ANALYSIS OF SELECTED EAST ASIAN AND PACIFIC COUNTRIES

This article explores the impact of external debt on financial development in a group of fifteen selected East Asian and Pacific countries from 1992 to 2021. These countries include Cambodia, China, Fiji, Indonesia, Lao PDR, Mongolia, Myanmar, Papua New Guinea, the Philippines, Samoa, the Solomon Islands, Thailand, Tonga, Vanuatu, and Vietnam. Data were extracted from the World Bank and International Monetary Fund databases. This study employs random effects and fixed effects models, Driscoll-Kraay standard errors, and the generalized method of moments to test two hypotheses. The results indicate that external debt has a positive impact on the financial development of these East Asian and Pacific countries, where economic growth plays a vital role in promoting financial development. Additionally, a nonlinear impact of external debt on the financial development of these East Asian and Pacific countries is observed. Based on these findings, it is recommended that appropriate financial development policies be implemented in the identified countries

Impacto de las importaciones no petroleras desde China, en la balanza comercial del Ecuador, período 2013-2017

Ecuadorian non-oil imports from China in recent years have had a significant effect on the trade balance, generating knowledge about Ecuador's situation during the period analyzed, in macroeconomic aspects such as the trade balance that affected the gross domestic product (GDP) on an average of 3%; imports from China have resulted in capital outflows of $ 15,262 million; causing macroeconomic instability, among others. The significant amount of information available in this regard, which constitutes a secondary source of information, which allowed a comparative percentile analysis of non-oil imports and exports of the data collected. This analysis allowed certain conclusions to be drawn up a priori, for example, that in order to generate development and growth in Ecuador, production and industrialization must be supported, generating strategies such as bilateral cooperation and mutual support agreements and agreements that favor the parties; opening markets in other latitudes, which contribute to improving national accounts and a possible trade balance with China.Las importaciones no petroleras ecuatorianas desde China en los últimos años, han tenido un efecto significativo en la balanza comercial, generando conocimiento sobre la situación del Ecuador durante el período analizado, en aspectos macroeconómicos como el saldo comercial que afectó al producto interno bruto (PIB) en un promedio del 3%; las importaciones desde China han provocado una salida de capitales de 15.262 millones de dólares; provocando inestabilidad macroeconómica, entre otros. La importante cantidad de información disponible al respecto, que constituye una fuente de información secundaria, que permitió realizar un análisis comparativo percentil de las importaciones y exportaciones no petroleras de los datos recopilados. Este análisis permitió realizar ciertas conclusiones a priori, por ejemplo que para generar desarrollo y crecimiento en el Ecuador se debe apoyar a la producción y a la industrialización, generar estrategias como convenios y acuerdos bilaterales de cooperación y apoyo mutuo que favorezcan a las partes; abriendo mercados en otras latitudes, que contribuyan a mejorar las cuentas nacionales y un posible equilibrio comercial con China

Determinants of IFRS adoption and accounting quality of Ghana listed-firms

This study aims at examining the extent of Ghana’s decision to adopt International Financial Reporting Standards (IFRS) fit into IFRS adoption determinants, but also to ascertain the effect of IFRS adoption on accounting quality of Ghana Stock Exchange (GSE) firms, and to analyze the effects of IFRS adoption on the financial ratios of the GSE firms, for a period of 2003 to 2013. It is confirmed that Anglo-Saxon, legal and economic openness determinants strongly influence Ghana’s decision to adopt IFRS. The earnings quality measures reveal an improvement in accounting quality after the IFRS adoption. Test results of some financial ratios reveal no difference in performance measurement under both IFRS and Ghana National Accounting Standards (GNAS) principles. Overall, both investors and analysts recognize improvements in corporate reporting environment after the swift to IFRS. This study contributes empirically to literature on how the quality of accounting earnings is affected by IFRS adoption in Ghana. The result useful by capital market participants in their valuation and investment decisions when having in depth understanding of the accounting information. The finding assists regulators, the Institute of Chartered Accountants (ICA) of Ghana and government in cognizance to matters that have direct effect on IFRS applications after adoption in Ghana.Este estudo visa analisar até que ponto a decisão do Gana de adotar as International Financial Reporting Standards (IFRS) se enquadra nos determinantes da adoção das IFRS, como também verificar o efeito da adoção das IFRS na qualidade dos resultados das empresas do Ghana Stock Exchange (GSE), e analisar o efeito da adoção das IFRS nos rácios financeiros das empresas do Ghana Stock Exchange (GSE), para um período de 2003 a 2013. Confirma-se que o determinante Anglo-Americano, o legal e abertura económica influenciaram fortemente a decisão do Gana na adoção das IFRS. As medidas de qualidade dos resultados mostram uma melhoria na qualidade dos resultados devido a uma diminuição na gestão dos resultados após a adoção das IFRS. Os resultados dos testes para alguns dos rácios financeiros mostram que não existem diferenças na mensuração do desempenho quer pelas IFRS e Ghana National Accounting Standards (GNAS). No geral, tanto os investidores como os analistas reconhecem melhoramentos no ambiente do relato financeiro após a mudança para as IFRS. Este estudo contribui empiricamente para a literatura como a qualidade dos resultados contabilísticos é afetada pela adoção no Gana das IFRS. O resultado é útil para os participantes no mercado de capitais na mensuração e decisão nos investimentos quando tenham uma profunda compreensão da informação contabilística. As conclusões ajudam reguladores, o Institute of Chartered Accountants (ICA) do Gana e o governo do Gana no conhecimento de matérias que tenham efeito direto na aplicação das IFRS após a sua adoção no Gana

Compiling the national accounts demystified

This paper unveils the mystery of national accounts statistics. National accounts statistics are not facts. They are estimates of a universal accounting model (SNA93) for describing, analyzing and managing national economies. The operational versions of the universal model decide what is actually estimated. They are estimated by expanding and transforming the available data with accounting identities, tested and untested assumptions and previous estimates. The estimates reflect skills, resources and compilation policy. The resulting differences in the reliability of the national accounts statistics are to a great extent the price to be paid for a miracle come true: all over the world, very incomplete, imperfect, heterogeneous and partly outdated data are to be transformed into complete, consistent, internationally standardized and up-to-date overviews of the national economies and their major components. Nevertheless, compiling the national accounts can be improved in various ways, but this requires an international long-term strategy

Compiling the national accounts demystified

This paper unveils the mystery of national accounts statistics. National accounts statistics are not facts. They are estimates of a universal accounting model (SNA93) for describing, analyzing and managing national economies. The operational versions of the universal model decide what is actually estimated. They are estimated by expanding and transforming the available data with accounting identities, tested and untested assumptions and previous estimates. The estimates reflect skills, resources and compilation policy. The resulting differences in the reliability of the national accounts statistics are to a great extent the price to be paid for a miracle come true: all over the world, very incomplete, imperfect, heterogeneous and partly outdated data are to be transformed into complete, consistent, internationally standardized and up-to-date overviews of the national economies and their major components. Nevertheless, compiling the national accounts can be improved in various ways, but this requires an international long-term strategy

The National Accounts as a Tool for Analysis and Policy; History, Economic Theory and Data Compilation Issues

Without national accounts statistics, citizens, politicians, entrepreneurs and economists would be blind for the size, composition and development of national economies. This book provides a unique overview of the merits and limitations of the national accounts. Attention is paid to the three centuries old history of the national accounts and the links with economic theory, practical data compilations issues and the many uses and applications.Macro-economic statistics; measurement in economics, input-output analysis, economic growth; Tinbergen, Meade, Stone, Hicks, Keynes, Kuznets