Short description:

Marking a century of the German balance of payments, this open access book covers the main historical, conceptual, analytical and institutional aspects of external statistics. It explores how the balance of payments has evolved as a multipurpose set of statistics for macroeconomic analysis and shows why it matters today for sound economic and monetary policy decisions in a globalised world.

This book brings together academics, statisticians and practitioners from national, European and global institutions to look back on 100 years of the balance of payments in Germany in the context of European and global developments. Their contributions offer different perspectives on how results have been interpreted over a century, describe current challenges and look to the future. They formulate new insights into how to measure globalisation, international economic relations and interdependencies.

Across four sections, this book covers the history and informational value of balance of payments statistics, their importance in international policymaking as well as selected aspects concerning the quality of statistics and measurement of globalisation.

This book is essential reading not just for economists, policymakers, statisticians, researchers and advanced students of economics and official statistics, but also for anyone looking to understand the intricate economic ties between nations and the role that the balance of payments statistics play in supplying the information underpinning economic policy in today?s interconnected global economy.

Long description:

Marking a century of the German balance of payments, this open access book covers the main historical, conceptual, analytical and institutional aspects of external statistics. It explores how the balance of payments has evolved as a multipurpose set of statistics for macroeconomic analysis and shows why it matters today for sound economic and monetary policy decisions in a globalised world.

This book brings together academics, statisticians and practitioners from national, European and global institutions to look back on 100 years of the balance of payments in Germany in the context of European and global developments. Their contributions offer different perspectives on how results have been interpreted over a century, describe current challenges and look to the future. They formulate new insights into how to measure globalisation, international economic relations and interdependencies.

Across four sections, this book covers the history and informational value of balance of payments statistics, their importance in international policymaking as well as selected aspects concerning the quality of statistics and measurement of globalisation.

This book is essential reading not just for economists, policymakers, statisticians, researchers and advanced students of economics and official statistics, but also for anyone looking to understand the intricate economic ties between nations and the role that the balance of payments statistics play in supplying the information underpinning economic policy in today?s interconnected global economy.

Table of Contents:

Foreword (Sabine Mauderer, Vice-President of the Deutsche Bundesbank).- Introduction (Ursula Schipper, Jens Walter, Robert Kirchner).- Part I: 100 Years Balance of Payments in Germany: The German Balance of Payments from an Analytical Perspective ? Milestones Through History (Axel Jochem, Iris Nelißen).- The Methodological Development of the German Balance of Payments since 1924 (Jens Walter).- Part II: Balance of Payments - an Indispensable Source of Information for an Open Economy: The Role of the Balance of Payments for Central Bank Policy - A Major and Reliable Ally for a Special Client (Gerhard Ziebarth).- The Balance of Payments and Research in International Macroeconomics (Philipp Harms).- Balance of Payments - Part of the System of Official Statistics (Walter Radermacher).- Balance of Payments Statistics ? a Building Block for National Accounts (Sascha Ammermann, Luise Bauer, Rita Bolleyer, Stefan Hauf).- Part III: Balance of Payments: Necessary Information for International Politics: The IMF as the Standard Setter of Balance of Payments Statistics; from BPM1 to BPM7 (Jim Tebrake, Carlos Munoz Sanchez).- Evidence-Based Policymaking in the European Union Using Balance of Payments Statistics (Cristina Pereira de Sá, Cornelia van Wersch, Robert Leisch, Matthias Ludwig).- The Euro Area Balance of Payments and International Investment Position and Their Role in ECB Policy Making (Jorge Diz Dias, Olga Monteiro, Martin Schmitz, Caroline Willeke).- How Have Balance of Payments Statistics Been Used in OECD Statistical and Policy Analysis? (Annabelle Mourougane).- Part IV: Selected Balance of Payments Related Aspects: The Eternal Quest for Quality in Official Statistics (Aurel Schubert).- Evidence-Based Policies and Data Quality ? What Is Missing? (Ralf Münnich).- International Finance Through the Lens of BIS Statistics: Residence vs Nationality (Patrick McGuire, Goetz von Peter and Sonya Zhu).- The Commandment of Consistency: the Role of the Committee on Monetary, Financial and Balance of Payments Statistics (CMFB) (Robert Kirchner).