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Using synthetic indicators to assess the quality of macroeconomic statistics via mirror data

Author

Listed:
  • Jellema, Tjeerd
  • Picón Aguilar, Carmen
  • Pastoris, Fausto

Abstract

The quality of the geographical breakdown in the balance of payments and related statistics (such as international trade in goods, trade in services and foreign direct investment (FDI) statistics) can be assessed by means of comparisons with mirror data in order to assess bilateral asymmetries. Although such comparisons are performed on a regular basis, they tend to focus on pairs of countries and are not sufficient to determine which of the countries involved has better data. This paper describes three synthetic indicators that have been developed with a view to assessing whole groups of countries. In the specific context of an economic union’s external account, they allow us to assess the quality of geographical breakdowns by country and the contribution that an individual country makes to the aggregate asymmetry for that group of countries. Those indicators are applied in the context of euro area FDI statistics. JEL Classification: C82, E01, F21, F23

Suggested Citation

  • Jellema, Tjeerd & Picón Aguilar, Carmen & Pastoris, Fausto, 2020. "Using synthetic indicators to assess the quality of macroeconomic statistics via mirror data," Statistics Paper Series 34, European Central Bank.
    • Handle: RePEc:ecb:ecbsps:202034
    Note: 417292
    as

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    File URL: https://www.ecb.europa.eu//pub/pdf/scpsps/ecb.sps34~cb88b4d3d2.en.pdf
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    Cited by:

    1. Suna Şahin, 2022. "Net Errors and Omissions Account Overview: Analysis of Selected Countries (1980-2018)," Journal of Economic Policy Researches, Istanbul University, Faculty of Economics, vol. 9(1), pages 103-120, January.

    More about this item

    Keywords

    asymmetries; balance of payments; foreign direct investment; mirror data;
    All these keywords.

    JEL classification:

    • C82 - Mathematical and Quantitative Methods - - Data Collection and Data Estimation Methodology; Computer Programs - - - Methodology for Collecting, Estimating, and Organizing Macroeconomic Data; Data Access
    • E01 - Macroeconomics and Monetary Economics - - General - - - Measurement and Data on National Income and Product Accounts and Wealth; Environmental Accounts
    • F21 - International Economics - - International Factor Movements and International Business - - - International Investment; Long-Term Capital Movements
    • F23 - International Economics - - International Factor Movements and International Business - - - Multinational Firms; International Business

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