Back Matter

Back Matter

Author(s):
International Monetary Fund. Statistics Dept.
Published Date:
June 2015
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    Appendix I. Terms of Reference of the IMF Committee on Balance of Payments Statistics

    1. The Committee will advise the IMF on methodological and compilation issues in the context of balance of payments and international investment position statistics, and foster greater coordination of data collection among countries.

    2. The Committee will advise on the implementation of the Balance of Payments and International Investment Position Manual.

    3. The Committee will bring to the attention of the IMF new developments that impact on the compilation of statistics of cross-border transactions or related stocks of financial assets and liabilities, and work with the IMF in determining how these activities should be treated in accordance with the Balance of Payments and International Investment Position Manual.

    4. The Committee will advise the IMF on the identification and closing of data gaps in the external sector accounts, especially those arising from the need to support surveillance and analysis of cross-border financial interconnectedness.

    5. The Committee will investigate ways in which data collection can be better coordinated among countries, with a view, inter alia, to facilitating the exchange of statistics (e.g., bilateral transactions or stock data). It will also identify related areas for study and determine how work in those areas should be carried forward.

    6. Members are invited to join the Committee on a personal basis reflecting an appropriate level of seniority and expertise in the field of external statistics. As part of their membership obligations, Committee members commit to attending the full meetings of the Committee and to actively participate, unless there are exceptional circumstances that prevent such attendance and participation.

    7. In carrying forward its work, the Committee will collaborate with other national compilers and with appropriate international organizations.

    8. In consultation with the IMF’s Statistics Department, the Committee will determine its work program and will meet under IMF auspices at least once a year.

    9. The Committee’s work will be summarized in an annual report to the Managing Director of the IMF.

    Appendix II. Membership of the IMF Committee on Balance of Payments Statistics and Representatives of International Organizations

    (As of December 31, 2014)

    Chair

    Louis Marc Ducharme

    IMF, Statistics Department

    Members

    Pim Claassen

    De Nederlandsche Bank

    Michael Davies

    Australia Bureau of Statistics

    Kenneth Egesa

    Bank of Uganda

    Rosabel B. Guerrero

    Bangko Sentral ng Pilipinas

    Jian Han

    State Administration of Foreign Exchange

    People’s Republic of China

    Azizullah Khattak

    State Bank of Pakistan

    Wataru Kikuchi

    Ministry of Finance, Japan

    Ralph Kozlow

    IMF, Statistics Department

    Francois Mouriaux

    Banque de France

    Patrick O’Hagan

    Statistics Canada

    Robert Pupynin

    Central Bank of the Russian Federation

    Fernando Rocha

    Banco Central do Brasil

    Yesim Sisik

    Central Bank of Turkey

    Sarahelen Thompson

    Bureau of Economic Analysis

    United States

    Kenji Wada

    Bank of Japan

    Stefaans Walters

    Reserve Bank of South Africa

    Representatives of International Organizations

    Bank for International Settlements

    Philip Wooldridge

    European Central Bank

    Werner Bier

    European Commission-Eurostat

    Matthias Ludwig

    Gulf Cooperation Council Statistics Centre

    Sabir Said Al-Harbi1

    Organization for Economic Cooperation and Development

    Maria Borga

    United Nations Conference on Trade and Development

    Masataka Fujita

    United Nations Statistics Division

    Herman Smith

    Secretariat (IMF, Statistics Department)

    Cornelia Hammer

    Alicia Hierro

    Appendix III. Medium–Term Work Program of the IMF Committee on Balance of Payments Statistics for 2015
    SubjectIssueAction
    Top Priority
    Balance of Payments and International Investment Position Manual (BPM6)Implementation of the BPM6IMF, Committee member(s), and/or other participants report on progress in implementing the BPM6 standards. IMF reports on progress in conducting training in the BPM6 CG. IMF to report on progress in data conversion areas, including the public availability of BPM6-basis estimates for pre-2005.
    International Investment Position (IIP)Further development of annual and quarterly IIP statisticsIMF reports on developments and enhancements in IIP statistics, with reference to recommendations in the IMF/FSB Secretariat reports to G-20 Finance Ministers and Central Bank Governors. IMF to report on development of a training course on enhancements to IIP and related positions statistics. IMF to report on efforts to promote the dissemination of BPM6 Table A9-I on currency composition.
    InterconnectednessReport on the IMF’s work to improve understanding of cross-border financial interconnectedness, including identification of data gapsReport by IMF, including on the G20 Data Gaps Initiative. IMF to report back to the Committee on the consultation with users on foreign currency exposures data.
    Medium Priority
    Coordinated Portfolio Investment Survey (CPIS)Enhance the quality and availability of CPIS data.IMF reports on progress in implementing enhancements to CPIS data.
    IMF to publish results of the CPIS though December 2014.
    Reserve AssetsIMF provides advice to countries regarding statistical treatment of reserve assets.IMF reports on implementation of the updated Guidelines and on other initiatives in the reserve assets area.
    IMF advances work on broadening the availability of data on reserves.IMF to report on results of efforts to broaden the sharing of confidential statistical data (SEFER and INFER) with the consent of the data provider. IMF to report on efforts to disseminate a quarterly table showing the foreign exchange reserves held by SDDS subscribers in non-SDR basket currencies.
    IMF conducts inquiries into feasibility of collecting and disseminating additional data on foreign exchange intervention activities of monetary authorities.IMF to continue its work on a statistical definition of foreign exchange intervention activities and report on a possible draft definition for consideration by the Committee.
    Coordinated Direct Investment Survey (CDIS)Results of the CDISIMF reports on preliminary results from the 2013 CDIS and updated results for earlier years. IMF to update the CDIS Guide.
    International Trade in ServicesManual on Statistics of International Trade in Services (MSITS)Report by OECD on activities of the Task Force on Statistics of International Trade in Services, including progress on the Compilers’ Guide.
    Research topicsReport on long-term research program in consultation with Inter-Secretariat Working Group on National AccountsReport by UNSD and/or IMF
    G20 trade aggregateFeasibility study into developing a G20 trade aggregateIMF to report on progress in developing a G20 trade aggregate, for posting on the Principal Global Indicators website.
    Global discrepanciesDevelopments in discrepancies in global balance of payments statisticsReport by IMF
    External DebtImprove reporting of external debt dataIMF reports on work on converting the QEDS database to a BPM6 basis.
    International financial statisticsDevelopments in banking and related statisticsReport by BIS
    Balance of Payments and International Investment Position Manual (BPM7)Research agenda for BPM7IMF to initiate work on developing a research agenda for BPM7
    Table 1.Global Balances on Current Account, 2007-2013(In billions of U.S. dollars)
    2007200820092010201120122013Average Imbalance 2007-2013
    Current account balance304.5206.4260.4360.0422.6431.4467.8350.4
    Goods balance255.3247.3287.8381.3447.5468.1601.0384.0
    Credit13,572.615,677.912,183.514,871.917,909.418,078.918,539.1
    Debit13,317.215,430.711,895.714,490.617,461.917,610.817,938.1
    Services balance100.655.352.946.373.663.663.165.1
    Credit3,416.43,836.33,455.63,780.54,239.84,373.04,603.9
    Debit3,315.83,781.03,402.63,734.24,166.24,309.34,540.8
    Primary Income balance−54.6−102.7−44.5−35.2−51.0−38.8−117.6−63.5
    Credit4,084.54,018.63,000.63,220.53,660.63,615.43,635.7
    Debit4,139.14,121.33,045.13,255.73,711.73,654.23,753.3
    Secondary Income balance3.26.6−35.8−32.5−47.5−61.6−78.7−35.2
    Credit946.01,062.4993.71,022.11,150.41,146.31,226.1
    Debit942.71,055.81,029.41,054.51,197.91,207.91,304.8
    Memorandum items
    Current account balance as percentage of gross current account transactions0.70.40.70.80.80.80.80.7
    Goods balance as percentage of gross goods transactions0.90.81.21.31.31.31.61.2
    Services balance as percentage of gross services transactions1.50.70.80.60.90.70.70.8
    Primary Income balance as percentage of gross primary income transactions0.71.30.70.50.70.51.60.9
    Secondary Income balance as percentage of gross secondary income transactions0.20.31.81.62.02.63.11.7
    Capital account balance as a percentage of gross capital account transactions11.60.97.612.93.70.95.36.1
    Source: Balance of Payments Statistics Yearbook: World and Regional Tables, Volume 65, 2014.
    Table 2.Global Balances on Capital and Financial Accounts, 2007-2013(In billions of U.S. dollars)
    2007200820092010201120122013Average Imbalance 2007-2013
    Capital account balance−24.5−1.6−16.131.59.5−2.414.11.5
    Credit93.3101.1101.6137.7133.7135.5140.4
    Debit117.8102.8118.2106.3124.2137.9126.3
    Financial account balance315.758.1161.3122.7167.6247.0379.4207.4
    Direct investment156.3157.04.0−87.0−141.6−177.4−241.2−47.1
    Assets2,800.02,423.01,451.51,713.12,184.31,813.91,855.9
    Liabilities2,643.82,265.91,447.41,800.12,325.91,991.32,097.1
    Portfolio investment−150.7−312.6212.2−89.1−352.4137.1−268.1−117.7
    Assets2,563.4−72.31,835.71,366.353.11,495.61,616.2
    Liabilities minus LCFAR12,714.1240.41,623.61,455.4405.51,358.51,884.4
    Liabilities including LCFAR3,637.81,120.32,348.82,366.51,108.71,957.12,033.6
    LCFAR (in Portfolio investment)923.6879.9725.3911.1703.3598.6149.2
    Financial Derivatives (other than reserves) and Employee Stock Options116.9331.5−91.4−106.66.3−61.842.934.0
    Assets−328.6−796.4−978.0−1,148.7−1,432.4−1,305.6−1,389.3
    Liabilities−445.4−1,127.9−886.6−1,042.1−1,438.7−1,243.8−1,432.2
    Other investment25.1−254.9−259.7191.0552.1293.5305.8121.8
    Assets5,802.5−1,067.6−2,156.82,168.82,392.4338.6261.7
    Liabilities minus LCFAR15,777.4−812.7−1,897.11,977.81,840.345.0−44.1
    Liabilities including LCFAR5,960.6−1,002.1−1,882.92,033.52,137.2125.4−19.8
    LCFAR (in Other Investment)183.2−189.414.255.7296.980.424.3
    Reserves minus LCFAR168.2137.1296.2214.4103.255.5540.0216.4
    Reserves1,275.0827.61,035.71,181.31,103.4734.5713.6
    LCFAR1,106.8690.5739.5966.81,000.1679.0173.6
    Net errors and omissions35.7−146.6−83.0−268.7−264.6−182.0−102.4
    Source: Balance of Payments Statistics Yearbook: World and Regional Tables, Volume 65, 2014.

    Liabilities constituting foreign authorities’ reserves. The data in liabilities constituting foreign authorities’ reserves were derived from information collected by the IMF from a sample of large reserve-holding currencies. These data were used to adjust portfolio and other investment liabilities to align the data better with corresponding asset series.

    Table 3.Global IIP—Assets and Liabilities, 2007–2013(In billions of U.S. dollars)
    2007200820092010201120122013
    Assets
    World Total107,672102,159107,446118,088123,598129,789135,335
    Advanced Economies96,15390,15993,587102,182106,500111,332115,046
    Emerging and Developing Economies11,51912,00013,85915,90717,09818,45720,289
    Emerging and Developing Asia3,5374,0654,7495,6596,4107,0647,901
    Europe2,1432,1652,2962,4522,5962,8653,018
    Emerging and Developing Europe7948388838958999811,010
    Commonwealth of Independent States1,3481,3271,4131,5571,6971,8842,008
    Middle East, North Africa, and Pakistan2,5222,5342,6722,8643,0863,4564,188
    Sub-Saharan Africa4404428261,0371,0791,1961,228
    Western Hemisphere2,8782,7933,3173,8953,9263,8773,954
    Liabilities
    World Total108,100103,347107,855118,294124,651130,626135,343
    Advanced Economies96,38092,31694,051102,011107,538111,896115,402
    Emerging and Developing Economies11,71911,03113,80416,28317,11318,73019,940
    Emerging and Developing Asia2,7142,8743,6504,6025,4046,0696,826
    Europe3,2932,8513,2893,6053,5303,9774,166
    Emerging and Developing Europe1,7161,6991,8931,9961,9132,1672,205
    Commonwealth of Independent States1,5761,1521,3961,6091,6171,8091,961
    Middle East, North Africa, and Pakistan1,2981,4341,5361,6531,6911,7911,983
    Sub-Saharan Africa6155479541,1521,2451,3711,400
    Western Hemisphere3,7993,3254,3755,2715,2445,5235,565
    Net IIP 1(427)(1,188)(409)(206)(1,053)(837)(8)

    The balances in IIP assets and liabilities for all economies and international organizations combined should be a net positive figure at the world level, by the value of holdings of gold bullion included in monetary gold.

    The Committee’s Terms of Reference is presented in Appendix I.

    In principle, at the global level, the balance of payments account balances for all economies and international organizations combined should be zero, whereas, in practice, the data do not equal zero. The balances are of interest to the Committee, as they are a symptom of estimation errors that, when large, could lead to policy mistakes. It is noteworthy that a prime reason for the creation of the Committee was concern about the size of statistical estimation errors. A number of factors contribute to the global balances (equal to net errors and omissions with the sign reversed). In particular, net errors and omissions arise from incomplete coverage, misclassifications, different timing, and asymmetric valuations.

    Gold bullion included in monetary gold is recorded as an asset in the IIP accounts, and there is no corresponding liability. Based on data published in the World Tables in International Financial Statistics, holdings of monetary gold were US$ 1.2 trillion at end-2013.

    At the time of preparation of this Annual Report, these aggregates had been released.

    Fifty-six economies reported end-June 2013 data, and 74 economies reported end-December 2013 data.

    Participation in the CDIS continues to grow; 101 economies participated in the preliminary end-2012 survey round.

    The TFGP was created by the Bureau of the Conference of European Statisticians in November 2011 and mandated to prepare a Guide to Measuring Global Production, which aims to assist national accounts and balance of payments compilers in recording global production related activities in their accounts. The draft Guide is due for endorsement in June 2015. STA is a member of this Task Force.

    See “Currency Composition of Official Reserves as Reported by Special Data Dissemination Standard (SDDS) Subscribers and Other Reporters” at http://data.imf.org/?sk=8855e687–3d42–4d47-b47a-3b87fd7dd3bb&ss=SL_1390030109571.

    At the time of the preparation of this Annual Report, an unedited version was available at http://unstats.un.org/unsd/tradeserv/msits/CGmsits2010.htm. It will be officially edited in early 2015.

    Did not attend the meeting of the Committee held in October 2014.

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