Back Matter

Back Matter

Author(s):
International Monetary Fund. Statistics Dept.
Published Date:
February 2016
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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, 2015)

    Chair

    Louis Marc Ducharme

    IMF, Statistics Department

    Members

    Pim ClaassenPatrick O’Hagan
    De Nederlandsche BankStatistics Canada
    Kenneth EgesaRobert Pupynin
    Bank of UgandaCentral Bank of the Russian Federation
    Rosabel B. GuerreroFernando Rocha
    Bangko Sentral ng PilipinasBanco Central do Brasil
    Jian HanManik Shrestha
    State Administration of Foreign ExchangeIMF, Statistics Department
    People’s Republic of China
    Yesim Sisik
    Paul MahoneyCentral Bank of Turkey
    Australian Bureau of Statistics
    Daisuke Takahashi
    Francois MouriauxMinistry of Finance, Japan
    Banque de France
    Sarahelen Thompson
    Takeshi NakamuraBureau of Economic Analysis
    Bank of JapanUnited States
    Naglaa NozahieStefaans Walters
    Central Bank of EgyptReserve Bank of South Africa
    Representatives of International OrganizationsSecretariat (IMF, Statistics Department)
    Alicia Hierro
    Bank for International SettlementsTamara Razin
    Philip Wooldridge
    Center for Latin American Monetary Studies
    Salvador Bonilla
    European Central Bank
    Remigio Echeverria
    European Commission-Eurostat
    Silke Stapel-Weber
    Organization for Economic Co-operation and Development

    Fabienne Fortanier
    United Nations Conference on Trade and
    Development
    Astrit Sulstarova
    United Nations Statistics Division
    Ivo Havinga1
    Appendix III. Medium–Term Work Program of the IMF Committee on Balance of Payments Statistics for 2016
    TopicActivitiesOutcomes
    Top Priority
    Implementation of the BPM6 in balance of payments and international investment position (IIP)Develop tailored approach for implementing BPM6, particularly for countries with low statistical capacity and resourcesGuidelines for a tailored approach for implementing BPM6 in balance of payments and IIP are developed
    Expand the length and consistency of historical seriesIncreased number of countries compiling historical series on BPM6 basis for longer period
    Develop methodological guidance when neededProgress in the update of the BPM5 Textbook
    Outreach and capacity buildingConducting/participating in outreach workshops and conferences; providing technical assistance and training for implementing BPM6
    International investment positionExpand country coverage for quarterly IIPIncreased number of countries compiling quarterly IIP
    Strategy for enhancements to the IIPConduct a survey of potential countries to propose a strategy for IIP enhancements
    Reserve assets conceptual frameworkAdvise to countries on conceptual and methodological issuesDevelop structured framework for determining reserve currency
    Cross-border financial interconnectednessImprove understanding of cross-border financial interconnectedness, including identification of data gapsIncreased number of countries compiling enhancements to CPIS (including encouraged sectoral breakdown)
    Increased number of countries compiling equity/debt split in CDIS
    BIS, Financial Stability Board, and IMF continue collaboration on foreign currency exposures data
    Medium Priority
    Updating the BPM6Develop the process for updating BPM6Initiate work on scope of BPM6 update in close coordination with the work on the 2008 SNA update
    Discuss research agenda for updating BPM6
    Collaboration with other statistical domainsCollaboration with various international governing bodies, working groups and tasks forces on national accounts, fiscal, and monetary and financial statistics
    Global discrepanciesSupport a more bilateral-focused approach to addressing statistical discrepancies in global balance of payments statisticsIMF and other IOs to start conducting regular studies of bilateral asymmetries and on consistency of national accounts and balance of payments statistics
    Reserve assetsWork on broadening the availability of dataIncreased number of countries reporting data on various reserve assets related data collections
    Increased transparency in data
    Increased data availability, including broaden the sharing of confidential statistical data with the consent of the data provider
    International financial statisticsDevelopments in banking and related statisticsData on enhanced international banking statistics and securities statistics are disseminated
    Coordinated Direct Investment SurveyExpand CDIS coverage and improved bilateral comparisonIncreased CDIS country coverage
    IMF analyzes bilateral asymmetries and encourages countries’ bilateral collaboration for reducing asymmetries
    Coordinated Portfolio Investment SurveyUpdate the CPIS GuideProgress made
    External DebtImprove reporting of external debt dataIncreased number of external debt reporters with improved quality and coverage

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

    In principle, at the global level, the balance of payments account balances for all economies and IOs 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-2014.

    Official BPM6-based historical series are disseminated in cases where economies have reported such data to STA. If an economy has not submitted their official BPM6-based series or has submitted only recent BPM6-based series, the data reported on a BPM5-basis are converted by STA into a BPM6 presentation format using a standardized conversion framework.

    Did not attend the October 2015 Committee meeting.

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