International Finance: Pushing the Statistical Envelope to Meet the Challenges of Globalization

Abstract

This paper treats three key areas where statisticians are pushing the envelope to meet the challenges of providing the basis for sound analysis and thus for sound policy in pursuit of assuring prosperity and preventing financial crises. In one area, the challenge is to provide comprehensive and timely data on foreign direct investment. In another area, the challenge is similar-to provide comprehensive and timely data on public debt. Moreover, a whole new area of statistics, dealing with the health of the financial sector, is being developed in recognition that one country's financial health or sickness affects its neighbors and many others in a world of complex global ties.