Key findings of the workshops on "The use of surveys by central banks

The IFC organised three workshops on "The use of surveys by central banks". A total of 90 participants from 51 central banks attended these workshops. Apart from reviewing country experiences, the workshops allowed participants to draw some general conclusions on particular issues and to identify a number of best practices with respect to the use of surveys. The workshops confirmed that central banks are active collectors and compilers of statistics, in particular with respect to money and banking, external statistics, and finance. Traditionally they have used a full reporting or census approach. Increasingly they are also starting to rely on survey methods. There are a number of reasons for this, including the reduction of compilation costs, the easing of reporting burdens on respondents, and the need to speed up the process of gathering information in order to obtain more timely statistics. Surveys can also be used more readily to collect qualitative information, for instance on inflation expectations and consumer/business sentiment. Sometimes survey methods can also provide more statistical rigour in compilation techniques (for instance the calculation of representative interest rates), and facilitate the monitoring of particular developments and innovations (such asfinancial innovations in payment systems and financial literacy of the population). Finally, in some cases surveys are part of coordinated international data collection efforts, eg the IMF Coordinated Portfolio Investment Survey (CPIS) and the BIS Triennial Survey of Foreign Exchange and Derivative Market Activity. From the workshop discussions it was clear that conducting surveys is an art as much as a science. Many central banks are building up internal expertise on survey methodology and are collaborating closely with their respective national statistical offices, sometimes outsourcing surveys to them or asking them to extend their existing surveys to cover issue of particular interest or concern (eg financial position of the household sector). Until the workshops there has been little structured exchange of information or cooperation between central banks with respect to the conduct of surveys. One reason is that relatively little information is readily available on the types of surveys and survey techniques used by central banks. The background material collected by the IFC Secretariat on the various data collection exercises of central banks, including the conduct of surveys, proved to be of particular interest and should be regularly updated and made available on the IFC internal website. A number of general lessons were learnt and best practises were identified at the workshops. These covered principally the organisation of surveys, the statistical survey techniques used, the design of the questionnaire and how to improve response rates. In terms of the organisation of surveys, there was general agreement that it is crucial to define clear objectives, and to stay focused. Agreement should be obtained from all stakeholders (eg the management of the central bank, industry associations, the national statistical office). A cost/benefit analysis should be conducted in order to select most appropriate collection system since surveys can be costly in terms of human resources. Other sources of statistical information should be explored first. Even if it is decided to conduct a survey, it is necessary to analyse how to combine the survey data with information which are obtainable from other sources. The frequency of regular surveys should be carefully determined. Irrespective of whether they are carried out on a once-off or regular basis, surveys should be properly planned. Care