- Economic data
Economic data are usually numerical
time-series, "i.e.," sets of data (covering periods of time) for part or all of a single economy or the international economy. When they are time-series the data sets are usually monthly but can be quarterly and annual. The data may be adjusted in various ways (for ease of further analysis), most commonly adjusted or unadjusted for seasonal fluctuations.
Economic data may also describe functions or inter-relationships between
variables[where the inter-relationships may be theoretical (e.g. a production function) rather than factual] , and they may describe a static as opposed to a dynamic relationship ("e.g.," an input-output matrix or a foreign exchange correlation matrix [http://www.investopedia.com/articles/forex/05/051905.asp Using currency correlations to your advantage] as opposed to, "e.g.." a series showing changes of automobile output over time).
Thousands of data sets are available. These cover, "e.g.," the major components of
Gross National Product, Gross National Expenditure, Gross National Income, and a whole panoply of series including output, orders, trade, confidence, pricesand financial series ("e.g.," moneyand interest rates). At the international level there are many series including international trade, international financial flows, direct investment flows (between countries) and exchange rates.
Within a country the data series are usually produced by one or more statistical organisations, "e.g.," a
governmentor quasi-government organisation and/or the central bank. International statistics are produced by several international bodies and firms, including the International Monetary Fundand the Bank for International Settlements.
Many methods can be used to analyse the data. These include, "e.g.," time-series analysis using
multiple regression, Box-Jenkins analysis, seasonality analysis. Analysis may be univariate(forecasting from one series) or multivariate(forecasting from several series). Economists, econometricians and financialexperts build what can be very complex models that incorporate raw economic data, adjusted economic data, and relationships that they have estimated, to model economic developments. These models may be partial, aimed at examining particular parts of an economy or economies, or they may cover a whole economic system and forecast, "e.g.," demand, prices and employment.
Economic Data Issues
Good economic data is a precondition to effective macroeconomic management. With the complexity of modern economies and the lags inherent in macroeconomic policy instruments, a country must have the capacity to promptly identify any adverse trends in its economy and to apply the appropriate corrective measure. This cannot be done without economic data that is complete, accurate and timely.
Increasingly, the availability of good economic data is coming to be seen by international markets as an indicator of a country that is a promising destination for
foreign investment. International investors are aware that good economic data is necessary for a country to effectively manage its affairs and, other things being equal, will tend to avoid countries that do not publish such data.
The public availability of reliable and up-to-date economic data also reassures international investors by allowing them to monitor economic developments and to manage their
investment risk. The severity of the Mexican and Asian financial crisis was made worse by the realization by investors that the authorities had hidden a deteriorating economic situation by slow and incomplete reporting of critical economic data. Being unsure of exactly how bad the economic situation was, they tried to withdraw their assets quickly and in the process caused further damage to the economies in question. It was the realization that data issues lay behind much of the damage done by these international financial crises that led to the creation of international data quality standards, such as the IMF’s General Data Dissemination System (GDDS). [http://dsbb.imf.org International Monetary Fund, Dissemination Standards Bulletin Board] [http://dsbb.imf.org/Applications/web/gdds/gddshome/ International Monetary Funds, General Data Dissemination System (GDDS)]
Inside a country, the public availability of good quality economic data allows firms and individuals to make their business decisions with confidence that they understand the overall macroeconomic environment. As with international investors, local business people are less likely to over-react to a piece of bad news if they understand the economic context.
* [http://www.statistics.gov.uk/ National statistics, United Kingdom]
* [http://www.census.gov/compendia/statab/ Statistical Abstract of the United States]
* [http://www.bundesbank.de/statistik/statistik.en.php Bundesbank’s Statistics Department, Germany]
* [http://www.riksbank.com/templates/Page.aspx?id=27394 Historical Monetary Statistics of Sweden 1668-2008, the Riksbank]
Providers of aggregated data
* [http://www.oswego.edu/~economic/data.htm Data sources, Oswego]
* [http://members.shaw.ca/RetailInvestor/dataseries.html Amalgamation of US and Cdn financial data series]
Wikimedia Foundation. 2010.
Look at other dictionaries:
Economic statistics — is a branch of applied statistics focusing on the collection, processing, compilation and dissemination of statistics concerning the economy of a region, a country or a group of countries. Economic statistics is also referred as a subtopic of… … Wikipedia
Data Resources Inc. — or DRI was co founded in 1969 by Donald Marron and Otto Eckstein. Marron is best known as the former CEO of PaineWebber and founder of Lightyear Capital. Eckstein was a Harvard University economics professor, economic consultant to Lyndon Baines… … Wikipedia
economic — ec‧o‧nom‧ic [ˌekəˈnɒmɪk◂, ˌiː ǁ ˈnɑː ] adjective [only before a noun] 1. ECONOMICS COMMERCE relating to or involving economics, money, finance, industry, trade etc: • The economic climate (= general state of the economy ) is not … Financial and business terms
economic theory of law — the theory, often associated with Karl Marx, taking the view that law is a mere embellishment upon the exploitation of the proletariat. After revolution, the last function of the law would be to eradicate capitalism. In a technical (and non… … Law dictionary
Economic Affairs — ▪ 2006 Introduction In 2005 rising U.S. deficits, tight monetary policies, and higher oil prices triggered by hurricane damage in the Gulf of Mexico were moderating influences on the world economy and on U.S. stock markets, but some other… … Universalium
Economic policy of the George W. Bush administration — During his first term, George W. Bush sought and obtained Congressional approval for tax cuts: the Economic Growth and Tax Relief Reconciliation Act of 2001, the Job Creation and Worker Assistance Act of 2002 and the Jobs and Growth Tax Relief… … Wikipedia
Economic history of the Russian Federation — Contents 1 Historical background 2 Transition to Market Economy 2.1 Monetary and fiscal policies 2.2 Inflation … Wikipedia
Economic crisis of 2008 — In 2008, the possibility of an economic crisis was suggested by several important indicators of economic downturn worldwide. These included high oil prices, which led to both high food prices (due to a dependence of food production on petroleum,… … Wikipedia
Economic indicator — Economics … Wikipedia
Economic reform in the People's Republic of China — The Chinese economic reform (zh stp|s=改革开放|t=改革開放|p=Găigé kāifàng) refers to the program of economic reforms called Socialism with Chinese characteristics in the People s Republic of China (PRC) that were started in 1978 by pragmatists within the … Wikipedia