Bank for International Settlements (BIS)

Consumer Prices

Data categorization: year-on-year changes by per cent (ratio)

The consumer price data for the most recent periods correspond to the consumer price index published by national statistical offices. Proxy indicators, such as a consumer price index with limited coverage or a retail price index, were used to extend the series backward as far as possible.

The average length of the monthly series is close to 55 years. Some annual series go back to the middle of the 19th century - or even earlier for several countries. The BIS constructed long consumer price index series by joining the series available for consecutive periods. In undertaking this work, the BIS worked in close coordination with national authorities with the aim of providing the most accurate data possible.

The BIS’s data set for consumer prices contains long monthly and annual time series for 60 countries. The average length of the monthly series is close to 55 years. [you already said this] Some annual series go back to the mid-19th century – or even earlier for several countries. [and this] For each country, the most recent data correspond to the national consumer price index published by the statistical offices. Proxy indicators, such as a consumer price index with limited coverage1 [I am assuming this is a footnote that didn't copy-paste correctly, which means this is copied text from some unreferenced source, or plagiarized. Please do not copy-paste directly unless you quote that text and in either case, cite the source.] [also, this is a direct copy of the second sentence of the first paragraph above] or the retail price index, were used to extend the series back as far as possible.

The BIS constructed the long consumer price index by joining2 [same comment as above] the series available for consecutive periods. In doing so, it has worked closely with national authorities to provide the most accurate data possible.[this is a direct copy of the last sentence of the second paragraph] The long series are rebased and presented on a monthly and annual frequency. The publication contains both the index figures with the reference period 2010 = 100 and the year-on-year percentage changes.

The BIS long series have been used, in particular, for the calculation of the published real effective exchange rate and real residential property price [define both of these] series; they are also a useful support for macroeconomic and financial stability research. Listed below [where?] are the series used to compile the BIS long series, as well as links to websites where the most recent national data can be found. Any use of the long series should be cited as follows: “Sources: National sources; BIS long consumer prices database, www.bis.org/statistics/cp.htm.”

And there is only one series in the excel you've attached - what series is that? It sounds like there are multiple CPIs in the BIS dataset. Which did you pull and why?

Credit to the private nonfinancial sector

Overview

All series on credit to the non-financial sector cover 43 economies, both advanced and emerging. They capture the outstanding amount of credit at the end of the reference quarter. Credit is provided by domestic banks, all other sectors of the economy and non-residents. In terms of financial instruments, credit covers the core debt, defined as loans, debt securities and currency & deposits.

All series are published in local currency, in US dollars and as percentages of nominal GDP.[which did you pull? there is only one series in the excel you sent] The regional aggregates as percentages of GDP are calculated based on conversion to the US dollar at market and at purchasing power parity (PPP) exchange rates.

Long series on total credit and domestic bank credit to the private nonfinancial sector

Documentation The BIS has constructed long series on credit to the private non-financial sector for 43 economies, both advanced and emerging. [repetitive] Credit is provided by domestic banks, all other sectors of the economy and nonresidents. The “private non-financial sector” includes non-financial corporations (both private-owned and public-owned), households and non-profit institutions serving households as defined in the System of National Accounts 2008[what is this? is that a report you are referencing? add a link to it or citation.]. In terms of financial instruments, credit covers loans and debt securities. The series have quarterly frequency and capture the outstanding amount of credit at the end of the reference quarter [copied from above]. Table 1[there is no table 1] below shows the list of financial instruments, borrowers and lenders covered by the series.

The BIS consulted its member central banks in this endeavour, and is very thankful for the assistance received [are you writing as the BIS now?] .1 [looks like an unformatted footnote from a copy-paste again] The BIS has made every reasonable effort to ensure that the long series on credit are accurate, but no guarantees are made.

To encompass as long a period as possible, the construction of the long series required combining data from several sources, such as the financial accounts by institutional sector, the balance sheets of domestic banks, international banking statistics, and the balance sheets of non-bank financial institutions. In turn, some of these statistics were compiled in past periods according to earlier methodological frameworks (eg the System of National Accounts 1968, which was replaced by the System of National Accounts 1993). Where original data were published at annual frequency, the intra-annual observations were interpolated.

The combination of different sources and data from various methodological frameworks resulted in breaks in the series. The BIS is therefore, in addition, publishing a second set of series adjusted for breaks, which covers the same time span as the unadjusted series. The break-adjusted series are the result of the BIS’s own calculations, and were obtained by adjusting levels through standard statistical techniques described in the special feature on the long credit series of the March 2013 issue of the BIS Quarterly Review. Since September 2015 data are also available in US dollars and as a percentage of GDP. [is that the data we pulled? the break-adjusted series?]

The data for each country include (i) credit to private non-financial sectors by domestic banks and (ii) total credit to private non-financial sectors. Moreover, for most countries, total credit is broken down into (iii) credit to non-financial corporations and (iv) credit to households and non-profit institutions serving households. [so which did you pull?] Tables 2 and 3 below [where?] contain more information about the methodology followed in the compilation of each time series, as well as links to websites where the most recent national data can be found. For more information, see the above-mentioned article about the long credit series.

Since March 2016, the BIS has added the regional aggregates in the data set. Four aggregates are available: G20, advanced economies, emerging market economies and all reporting economies.2 [same comments as above] The data in billions of US dollars are calculated using market exchange rates and the percentages of GDP are calculated based on conversion to US dollars at market and at purchasing power parity (PPP) exchange rates.

This data set on credit to private non-financial sectors combined with the one on general government debt can provide a useful picture of the aggregated indebtedness of all non-financial sectors.[sounds good, but we only pulled, it looks like, one series, and it's unclear what that series is]