Mind the emerging data gaps in monetary and financial statistics

This paper moves the lens to focus on the emerging data gaps in the broad area of monetary and financial statistics amid rapid financial innovations. While there were some weak spots in otherwise reasonably firms monetary and financial statistics in the past, rapid financial innovations supported by technology-led transformation of the financial space is causing a creative destruction in financial sector that is leading to the emergence of more serious and new deeper data gaps. This requires close attention from the compilers so that they can rivet the old and the new data gaps in monetary and financial statistics in a meaningful and efficient way, keeping in mind a user's perspective. The paper makes specific recommendations for statistical agencies to make a coordinated systematic effort to plug the emerging data gaps.