- 8 February 2023
- STATISTICS PAPER SERIES - No. 42Details
- To carry out the analysis required for monetary policy, the European Central Bank (ECB) and the European System of Central Banks (ESCB) need comprehensive and reliable government finance statistics. The focus of government finance statistics has traditionally been the government as a whole (consolidated), with a particular emphasis on central government. In recent years, however, the focus on subnational government finance statistics has increased, with stories of misreporting by a number of such governments hitting the news. Moreover, subnational governments are the layer of government to which people have the closest connection through their use of services that are either subsidised or directly provided by these bodies. These two aspects prompted the authors to take a closer look at the subnational government finance statistics of all European Union (EU) countries during the period 2000-19 (before, during and after the financial crisis). Data for the year 2020 are not included in this paper to prevent the analysis being skewed by the impact of government coronavirus measures.
- JEL Code
- H11 : Public Economics→Structure and Scope of Government→Structure, Scope, and Performance of Government
H2 : Public Economics→Taxation, Subsidies, and Revenue
H41 : Public Economics→Publicly Provided Goods→Public Goods
H7 : Public Economics→State and Local Government, Intergovernmental Relations
- 20 February 2020
- STATISTICS PAPER SERIES - No. 33Details
- Since the financial crisis, central bank policymakers have expressed a need for more integrated microdata for monetary policy purposes and for macroprudential and microprudential supervision, with a stronger focus on lending. In response to this policy need, the European System of Central Banks (ESCB) has increased the scope and quality of instrument-level data (e.g. loan-by-loan) it collects. At the same time, the ESCB has further developed the Register of Institutions and Affiliates Data (RIAD), which is pivotal in ensuring the successful linking of the databases, because it ensures the unique identification of counterparties. RIAD allows data to be aggregated using various types of company information, such as industrial activity or geographical location, but it also offers the possibility of aggregating data according to multiple group structures based on different concepts of what a “group” is. This paper discusses why there is a policy need for microdata and highlights some of the practical uses of the interlinked data. It also sheds more light on how information contained in different granular databases can be combined and aggregated in a flexible manner according to different business needs. It describes in detail the process of linking through a common stable identifier, points out current limitations and suggests a possible way forward.
- JEL Code
- C81 : Mathematical and Quantitative Methods→Data Collection and Data Estimation Methodology, Computer Programs→Methodology for Collecting, Estimating, and Organizing Microeconomic Data, Data Access
E44 : Macroeconomics and Monetary Economics→Money and Interest Rates→Financial Markets and the Macroeconomy
G32 : Financial Economics→Corporate Finance and Governance→Financing Policy, Financial Risk and Risk Management, Capital and Ownership Structure, Value of Firms, Goodwill
- 14 April 2010
- OCCASIONAL PAPER SERIES - No. 109Details
- In mid-September 2008, a global financial crisis erupted which was followed by the most serious worldwide economic recession for decades. As in many other regions of the world, governments in the euro area stepped in with a wide range of emergency measures to stabilise the financial sector and to cushion the negative consequences for their economies. This paper examines how and to what extent these crisis-related interventions, as well as the fall-out from the recession, have had an impact on fiscal positions and endangered the longer-term sustainability of public finances in the euro area and its member countries. The paper also discusses the appropriate design of fiscal exit and consolidation strategies in the context of the Stability and Growth Pact to ensure a rapid return to sound and sustainable budget positions. Finally, it reviews some early lessons from the crisis for the future conduct of fiscal policies in the euro area.
- JEL Code
- E5 : Macroeconomics and Monetary Economics→Monetary Policy, Central Banking, and the Supply of Money and Credit
E2 : Macroeconomics and Monetary Economics→Consumption, Saving, Production, Investment, Labor Markets, and Informal Economy
- Eurosystem Monetary Transmission Network