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Joint Banco de Portugal, Irving Fisher Committee on Central Bank Statistics and European Central Bank Conference: Bridging measurement challenges and analytical needs of external statistics: evolution or revolution?

17 Feb. 2020 to 18 Feb. 2020
09:00 - 18:00
Banco de Portugal - Largo de São Julião, Lisboa

Attendance is by invitation only.



Monday, 17 February 2020


Introductory speech
Carlos Costa (Governor of Banco de Portugal)


Session 1: The usefulness of external sector statistics in supporting policy

  • Paul Austin, Gabriel Quirós-Romero and Jennifer Ribarsky (International Monetary Fund), “International Financial Integration: The Intersection between Policy and Measurement Needs”
  • Caroline Bo and Casper Winther (Statistics Denmark), “Addressing user needs and making our external economy data more comprehensible”
  • Mher Barseghyan (Central Bank of Armenia), “Need for new “satellite” accounts in International Accounts Statistics”
  • Carnell Lambert and Nikolaos Georgiopoulos (Bermuda Monetary Authority), “Macroprudential Liquidity Stress Tests Using External Claims of Banks”

Moderator: Ana Paula Serra (Banco de Portugal)


Session 2: In search of additional insights

  • Benedetta Bianchi and Giovanna Bua (Central Bank of Ireland), “Foreign exchange derivatives and currency mismatch in Irish investment funds”
  • Virginia Di Nino (European Central Bank), “Decomposing the EA trade balance: where does the value added of conduit economies go?”
  • Rogelio Mercado Jr. (The South East Asian Central Banks (SEACEN) Research and Training Centre), “Bilateral Capital Flows: Gravity, Push, and Pull”
  • Péter Bánhegyi (Magyar Nemzeti Bank), “Special Purpose Entities: A Visit Outside of the Common Set of Residency and Economic Ownership”

Moderator: Bruno Tissot (Bank for International Settlements)


Keynote speech
Philip R. Lane (Member of the Executive Board of the European Central Bank)


Round table discussion: External statistics as a multi-purpose analytical tool: evolution or revolution?

  • Philip R. Lane (European Central Bank) - Moderator
  • Gian Maria Milesi-Ferretti (International Monetary Fund)
  • Cédric Tille (Graduate Institute of International and Development Studies)
  • Stijn Claessens (Bank for International Settlements)
  • Nuno Alves (Banco de Portugal)
  • Rashad Cassim (Irving Fisher Committee on Central Bank Statistics and South African Reserve Bank)


End of first day

Tuesday, 18 February 2020


Session 3: Revisiting compilation frameworks

  • Jennifer Withington (Statistics Canada), “Developing an extended and more agile external accounts program”
  • Stefan Zeugner and Duncan van Limbergen (European Commission), “Revisiting the income balance. What makes EU tax havens different?”
  • Natalia Kupriianova and Nataliya Osiptsova (Central Bank of the Russian Federation), “The system of the presentations of the external sector statistics, strategy and the way of future development”
  • Ana Mitreska, Sultanija Bojcheva-Terzijan, Deajn Stankov and Boban Neshkovikj (National Bank of Republic of North Macedonia), “Empowering External Statistic - How to deal with blurred data sources?”
  • Edoardo Beretta and Alvaro Cencini (Università della Svizzera italiana and Franklin University Switzerland), “Double-entry bookkeeping and the balance of payments: the need for a substantial, conceptual reform”

Moderator: Silke Stapel-Weber (European Central Bank)


Session 4: The impact of globalisation and digitalisation

  • Marios Papaspyrou (Bank of Greece), “On the Re-evaluation of the Air Transport Activity in a Globalized Environment”
  • Blessing Adada Gaiya (Central Bank of Nigeria), “Issues in the Compilation of Remittances in BPM6”
  • Daniel Sánchez (Bank of Spain), “The advantages of data sharing: the use of mirror data to improve the estimation of Household assets/liabilities”
  • Annette Meinusch and Benny Hessel (Deutsche Bundesbank) ,“Measuring digital trade in bop - A supplementary estimate of private households digital purchases using internet data”
  • Alessandro Croce, Marco Langiulli and Giuseppina Marocchi (Bank of Italy), “The weight of a “Libra”: are digital currencies a new challenge for external statistics compilers?”

Moderator: Gabriel Quirós (International Monetary Fund)


Session 5: Foreign Direct Investment issues

  • Paul Feuvrier (Central Bank of Luxembourg), “Luxembourg, the chain of direct investment ownership and the residence principle”
  • Filipa Lima, Flávio Pinheiro, João Falcão Silva and Pedro Matos (Banco de Portugal), “Foreign direct investment – understanding the position of Portugal in a European FDI network”
  • Konstantin M. Wacker (University of Groningen), “Differences in measuring FDI and multinational production: do they matter for our economic conclusions?”
  • Krzysztof Makowski (Narodowy Bank Polski), “Asymmetries along the chain of round-tripping investment and how to reduce them for better external statistics”

Moderator: Peter van de Ven (Organisation for Economic Co-operation and Development)


Session 6: Dealing with Multinational Enterprises

  • Caroline Mehigan, Jenny Osborne-Kinch and Maria Woods (Central Bank of Ireland), “Understanding the presence of MNEs in the Irish Economy”
  • Nadia Accoto, Giuseppina Marocchi and Silvia Sabatini (Bank of Italy), “Changes in the structure of multinational groups – A challenge for external statistics compilers”
  • Carol Bertaut, Beau Bressler, Stephanie Curcuru (Board of Governors of the Federal Reserve System), “Globalization and the Reach of Multinationals: Implications for Portfolio Exposures and Home Bias”
  • Chiara Orsini and Simone Ambroselli (Italian National Institute of Statistics), “Early Warning System (EWS) informative flow weaknesses and opportunities – the Italian experience”

Moderator: Andrea Brandolini (Bank of Italy)


End of Conference