The current statistical picture of the world is probably the best it has ever been. But it also entails major limitations. In this article we show the limitations by focusing on three key areas: security, economy of development and the environment, and argue that they undermine the performance of global governance, and the possibility of global policy. In particular they do not allow taking the full measure and managing optimally the changes underway at the global level. To overcome this state of affairs, upgrading statistical capabilities is critical. To achieve this objective, the article suggests, among other ideas: adjusting and adapting the conceptualization, collection and implementation of statistical data to a world that is on its way to becoming global; improving the conditions of compilation of statistical data in developing countries; and investing in institution-building and innovation, in developed and developing countries, and in national and international organizations. Policy Implications• Optimizing policy and management in a world partially or fully globalized calls for the need to adjust data that is 'part and parcel' of public policy.• It is necessary to continue to improve the modalities of compilation of statistical data. Hence, making more efforts for standardization and helping support further developing countries to collect data.• The need to invest in institution-building and innovation, in developed and developing countries, and in national and international organizations. This entails improving the ways in which data professionals are trained, conduct research and then exercise their profession.• Increase the level of transparency of data conceptualization, production and dissemination in order to address the growing problem of lack of trust, especially in the financial and economic areas following the mismanagement of information in the context of the 2008 economic crisis In recent years taking the global governance and global policy agenda seriously is emerging as a more and more pressing requirement. The growing globalization of the world (Aart Scholte, 2008), with developments such as the spread of information technology (IT), the Janus face of economic globalization (generating within and among nations, integration and disintegration, winners and losers (de la Dehesa, 2006)), and the 2008 financial and economic crisis and its impact, makes countries increasingly interdependent and in need of being better globally managed in order to optimize opportunities and minimize risks. At the same time, this global governance/global policy agenda continues to be an uphill battle. One of the reasons for this is that the data that global governance and global policy rely on to formulate and implement governance and policy has serious shortcomings.Indeed, although the statistical data available today amounts to the best picture ever put out at the national, regional and global levels, 1 it is not necessarily good enough to satisfy the demands of the present time, let alone the ones of tomorrow....
This paper investigates the effect of financial fragmentation on the monetary transmission mechanism in different Euro area economies, categorized into two groups: countries considered as “core” economies and countries characterized as “peripheral” economies. We analyze the effects of financial fragmentation on the monetary transmission mechanism through the traditional interest rate channel. To gauge the impact of changes in policy rates on the behavior of real variables such as aggregate output and employment we use a Smooth Transition VAR (VSTAR) model. Employing a nonlinear multivariate time series approach helps us capture the regime-dependent dynamics of the variables under study. The results obtained show that money market rates targeted by the central bank do not completely pass through to banks’ lending rates to firms, particularly in a financially fragmented environment. This finding supports the hypothesis of an impairment of the monetary transmission mechanism as a result of financial fragmentation. Given this impairment in some sectors and regions an accompanying credit volume policy might have been appropriate.
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