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‘Errors & Omissions’ in the Reporting of Australia's Cross‐Border Transactions

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  • Dietrich K. Fausten
  • Brett Pickett

Abstract

The study is motivated by the consideration that large and variable statistical discrepancies in key economic performance data and successive data revisions may distort the conduct of economic policy and its subsequent evaluation. Its specific object is the exploration of the statistical properties of Australia's cross‐border transactions records: the structural stability of reported errors & omissions and the convergence of reported transactions over successive revisions. The major positive findings are that there is only limited evidence of convergence of measured to true magnitudes of cross‐border transactions; that there is robust evidence of structural instability of the balancing item; and that financial sector transactions appear increasingly to constitute the major source of misreporting of balance of payments outcomes.

Suggested Citation

  • Dietrich K. Fausten & Brett Pickett, 2004. "‘Errors & Omissions’ in the Reporting of Australia's Cross‐Border Transactions," Australian Economic Papers, Wiley Blackwell, vol. 43(1), pages 101-115, March.
    • Handle: RePEc:bla:ausecp:v:43:y:2004:i:1:p:101-115
    DOI: 10.1111/j.1467-8454.2004.00219.x
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    Cited by:

    1. Maria Siranova & Menbere Workie Tiruneh, 2016. "The determinants of errors and omissions in a small and open economy: The case of Slovakia," Working Papers wp73, Institute of Economic Research, Slovak Academy of Sciences, revised 08 Apr 2016.
    2. Tuck Cheong Tang & Dietrich Fausten, 2008. "Current And Capital Account Interdependence: An Empirical Test," Monash Economics Working Papers 04/08, Monash University, Department of Economics.
    3. T Tang, 2009. "Testing for Non-linearity in the Balancing Item of Balance of Payments Accounts: The Case of 20 Industrial Countries," Economic Issues Journal Articles, Economic Issues, vol. 14(2), pages 107-124, September.
    4. Siranova, Maria & Tiruneh, Menbere Workie & Fisera, Boris, 2021. "Creating the illicit capital flows network in Europe – Do the net errors and omissions follow an economic pattern?," International Review of Economics & Finance, Elsevier, vol. 71(C), pages 955-973.
    5. Mei-yin Lin & Hui-hua Wang, 2009. "What Causes the Volatility of the Balancing Item?," Economics Bulletin, AccessEcon, vol. 29(4), pages 2738-2748.
    6. Tuck Cheong Tang & Evan Poh Hock Lau, 2007. "An empirical investigation on sustainability of balancing item in Asian countries," Applied Economics Letters, Taylor & Francis Journals, vol. 15(2), pages 117-123.
    7. Tuck Cheong Tang & Evan Lau, 2008. "An Empirical Investigation On The Sustainability Of Balancing Item Of Balance Of Payment Accounts For Oic Member Countries," Monash Economics Working Papers 31/08, Monash University, Department of Economics.
    8. Tuck Cheong Tang, 2007. "Sustainability of balancing item of balance of payments accounts: fresh empirical evidence for G7 countries," Applied Economics Letters, Taylor & Francis Journals, vol. 14(4), pages 251-254.
    9. Liung shi Ding & Tuck cheong Tang, 2017. "‘Net Errors and Omissions' of Balance of Payments and Its Sustainability: A Survey of Literature," Economics Bulletin, AccessEcon, vol. 37(4), pages 2753-2766.

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