OpenBB-finance
[FR] Integate OECD Database within the `economy` menu
Basing this of a variety of market reports, I wanted to understand the ease how we can reproduce the results in the OpenBB Terminal. This lead to the suggestion to integrate the OECD Database.
Context
Getting governmental bond data (most easily, the 10 years curve) the fred functionality can be used. However, it is very tricky to get the data and it doesn't look too nice in the graph. For example, what I need to do to get data on United Kingdom, Germany, Greece and Italy is to query fred with freq -q and find the relevant timeseries. This was okay to do, e.g. I now know that the following will provide that data IRLTLT01GBM156N, IRLTLT01DEM156N, IRLTLT01GRM156N and IRLTLT01ITM156N.
However, what the data actually represents is a mystery. I need to do manual research first to come to this page https://data.oecd.org/interest/long-term-interest-rates.htm. Here is where I discovered that OECD has most of the important data that we can use.
Getting the data
You can query OECD relatively easy. All information comes from https://stats.oecd.org/ and as you can see it is incredibly extensive. See for example a Medium article about it here: https://medium.com/@koki_noda/how-to-use-oecd-data-in-python-69a0234c6b27
For example, here is a massive dump of long-term interest rates: https://stats.oecd.org/restsdmx/sdmx.ashx/GetData/KEI/IR+IRLTLT01.AUS+AUT+BEL+CAN+CHL+COL+CRI+CZE+DNK+EST+FIN+FRA+DEU+GRC+HUN+ISL+IRL+ISR+ITA+JPN+KOR+LTU+LVA+LUX+MEX+NLD+NZL+NOR+POL+PRT+SVK+SVN+ESP+SWE+CHE+TUR+GBR+USA+NMEC+ARG+BRA+CHN+IND+IDN+RUS+SAU+ZAF.ST.A+Q+M/all?startTime=2019&endTime=2022
Which corresponds to the (made compact on purpose) table:
This link I got from https://stats.oecd.org/Index.aspx?QueryId=21762 --> Export --> SDMX. You should be able to query this data through https://data.oecd.org/api/sdmx-ml-documentation/ to get all long term rates in an instant. A process that is much more clean and complete than you would ever be able to achieve via FRED.
Another example of how to query the data is done here: https://github.com/bdecon/econ_data/blob/master/APIs/OECD.ipynb
Impressive bonus: you can also get a complete overview and future expectations from the OECD for any country with the following query: https://stats.oecd.org/Index.aspx?QueryId=51397
Use case
When it comes to market reports written by Finance Societies, Investment Clubs and Investment Banks, they will often require a hefty amount of macro-economic data. Take the following examples:
- Goldman Sachs Market Report
- Market Outlook 2023 by Forbes
- Market Report November for Athens University
- Market Report May for Athens University
Having the OECD source integrated, makes it much easier to collect the relevant data as found in these reports. Therefore, the purpose is to promote adoption within these parties by showing them how easy it is to get a complete market overview through the OpenBB Terminal.
@JerBouma - OECD has a free JSON API
There are some Python Libraries already available to parse it's SDMX format which is also used by a lot of other really interesting sources.
This one seems to not be actively developed: https://pandasdmx.readthedocs.io/en/latest/
But this fork does appear to be actively developed: https://sdmx1.readthedocs.io/en/latest/
https://github.com/khaeru/sdmx
There's a dated by likely still relevant example of use here: http://www.bondeconomics.com/2018/05/loading-oecd-data-with-python.html
Then there's this option which also appears to still be actively developed as well: https://github.com/Meaningful-Data/sdmxthon
@jmaslek Let's close it and I revisit later. There is much more useful stuff we can grab from there but that can be part of 4.0.