Information about 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[1] 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, prices and financial series (e.g., money and 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 government or quasi-government organisation and/or the central bank. International statistics are produced by several international bodies and firms, including the International Monetary Fund and 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 financial experts 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.
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).[2][3]
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.
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Economic policy
Monetary policy
Central bank Money supply
Fiscal policy
Spending Deficit Debt
Trade policy
Tariff Trade agreement
Finance
Financial market
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International Monetary Fund
IMF member states
Headquarters Washington, D.C., USA
Managing Director Dominique Strauss-Kahn
Central Bank of
Base borrowing rate 5.50%
Website www.
..... Click the link for more information.
Economic policy
Monetary policy
Central bank Money supply
Fiscal policy
Spending Deficit Debt
Trade policy
Tariff Trade agreement
Finance
Financial market
..... Click the link for more information.
An abstract model (or conceptual model) is a theoretical construct that represents something, with a set of variables and a set of logical and quantitative relationships between them.
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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[1] 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, prices and financial series (e.g., money and 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 government or quasi-government organisation and/or the central bank. International statistics are produced by several international bodies and firms, including the International Monetary Fund and 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 financial experts 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).[2][3]
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.
See also
Related topics
- Barter
- Business
- Demand
- Dismal Science
- Finance
- EAEPE
- Economy
- First world
- Second world
- Third world
- Fourth world
- Fifth world
- Economic aid
- Economic calendar
- Economic depression
- Economic development
- Economic indicators
- Economic recession
- Economic sanction
- Economic sociology
- Ecological Economics
- Exchange rate
- Global economy
- Gross Domestic Product
- Gross National Product
- Law of supply and demand
- Macroeconomics
- Microeconomics
- Monetary policy
- Money
- Money supply
- Oligopolistic
- Socioeconomics
- Supply
- Trade
- Trade deficit
- Trade surplus
- US dollar
- Wealth
- World Bank
- World economy
References
External links
States
Central banks
Providers of aggregated data
In statistics, signal processing, and econometrics, a time series is a sequence of data points, measured typically at successive times, spaced at (often uniform) time intervals.
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Economics is the social science that studies the production, distribution, and consumption of goods and services. The term economics comes from the Greek for oikos (house) and nomos (custom or law), hence "rules of the house(hold).
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variable (IPA pronunciation: [ˈvæɹiəbl]) (sometimes called a pronumeral) is a symbolic representation denoting a quantity or expression.
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Measures of national income and output are used in economics to estimate the value of goods and services produced in an economy. They use a system of national accounts or national accounting first developed during the 1940s.
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Gross National Income (GNI) comprises the total value of goods and services produced within a country (i.e. its Gross Domestic Product), together with its income received from other countries (notably interest and dividends), less similar payments made to other countries.
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- For the British independent record label, see Output Recordings
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Trade is the voluntary exchange of goods, services, or both. Trade is also called commerce. A mechanism that allows trade is called a market. The original form of trade was barter, the direct exchange of goods and services.
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The US Consumer Confidence Index (CCI) is defined as the degree of optimism on the state of the economy that consumers are expressing through their activities of savings and spending.
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price is the assigned numerical monetary value of a good, service or asset.
The concept of price is central to microeconomics where it is one of the most important variables in resource allocation theory (also called price theory).
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The concept of price is central to microeconomics where it is one of the most important variables in resource allocation theory (also called price theory).
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Money is any token or other object that functions as a medium of exchange that is socially and legally accepted in payment for goods and services and in settlement of debts.
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This article or section needs copy editing for grammar, style, cohesion, tone and/or spelling.
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You can assist by [ editing it] now. A how-to guide is available, as is general .
This article has been tagged since February 2007.
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International trade is the exchange of goods and services across international boundaries or territories. In most countries, it represents a significant share of GDP. While international trade has been present throughout much of history (see Silk Road, Amber Road), its economic,
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In finance, the exchange rate (also known as the foreign-exchange rate, forex rate or FX rate) between two currencies specifies how much one currency is worth in terms of the other.
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government is a body that has the power to make and the authority to enforce rules and laws within a civil, corporate, religious, academic, or other organization or group.[1]
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Economic policy
Monetary policy
Central bank Money supply
Fiscal policy
Spending Deficit Debt
Trade policy
Tariff Trade agreement
Finance
Financial market
..... Click the link for more information.
International Monetary Fund
IMF member states
Headquarters Washington, D.C., USA
Managing Director Dominique Strauss-Kahn
Central Bank of
Base borrowing rate 5.50%
Website www.
..... Click the link for more information.
Economic policy
Monetary policy
Central bank Money supply
Fiscal policy
Spending Deficit Debt
Trade policy
Tariff Trade agreement
Finance
Financial market
..... Click the link for more information.
In statistics, linear regression is a regression method that models the relationship between a dependent variable Y, independent variables Xi, i = 1, ..., p, and a random term ε.
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In econometrics, the Box-Jenkins methodology, named after the statisticians George Box and Gwilym Jenkins, applies autoregressive moving average ARMA or ARIMA models to find the best fit of a time series to past values of this time series, in order to make forecasts.
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Seasonality of food refers to the times of year when a given type food is at its peak, either in terms of harvest or its flavour. This is usually the time when the item is the cheapest and the freshest on the market.
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In statistics, in univariate data, each data point has only one scalar component. Or, when the statistical technique to be used, it contains only one dependent variable. The more general case is multivariate.
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Multivariate statistics or multivariate statistical analysis in statistics describes a collection of procedures which involve observation and analysis of more than one statistical variable at a time. Sometimes a distinction is made between univariate (e.g.
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economist is an expert in the social science of economics.[1] The individual may also study, develop, and apply theories and concepts from economics and write about economic policy.
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Econometrics is concerned with the tasks of developing and applying quantitative or statistical methods to the study and elucidation of economic principles.[1] Econometrics combines economic theory with statistics to analyze and test economic relationships.
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FINANCIAL is the weekly English-language newspaper with offices in Tbilisi, Georgia and Kiev, Ukraine. Published by Intelligence Group LLC, FINANCIAL is focused on opinion leaders and top business decision-makers; It's about world’s largest companies, investing, careers, and
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For other uses, see Model.
An abstract model (or conceptual model) is a theoretical construct that represents something, with a set of variables and a set of logical and quantitative relationships between them.
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supply and demand describe market relations between prospective sellers and buyers of a good. The supply and demand model determines price and quantity sold in the market.
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price is the assigned numerical monetary value of a good, service or asset.
The concept of price is central to microeconomics where it is one of the most important variables in resource allocation theory (also called price theory).
..... Click the link for more information.
The concept of price is central to microeconomics where it is one of the most important variables in resource allocation theory (also called price theory).
..... Click the link for more information.
Employment is a contract between two parties, one being the employer and the other being the employee. An employee may be defined as: "A person in the service of another under any contract of hire, express or implied, oral or written, where the employer has
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