- International Monetary Fund. Statistics Dept.
- Published Date:
- February 2016
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.
(As of December 31, 2015)
Louis Marc Ducharme
IMF, Statistics Department
|Pim Claassen||Patrick O’Hagan|
|De Nederlandsche Bank||Statistics Canada|
|Kenneth Egesa||Robert Pupynin|
|Bank of Uganda||Central Bank of the Russian Federation|
|Rosabel B. Guerrero||Fernando Rocha|
|Bangko Sentral ng Pilipinas||Banco Central do Brasil|
|Jian Han||Manik Shrestha|
|State Administration of Foreign Exchange||IMF, Statistics Department|
|People’s Republic of China|
|Paul Mahoney||Central Bank of Turkey|
|Australian Bureau of Statistics|
|Francois Mouriaux||Ministry of Finance, Japan|
|Banque de France|
|Takeshi Nakamura||Bureau of Economic Analysis|
|Bank of Japan||United States|
|Naglaa Nozahie||Stefaans Walters|
|Central Bank of Egypt||Reserve Bank of South Africa|
|Representatives of International Organizations||Secretariat (IMF, Statistics Department)|
|Bank for International Settlements||Tamara Razin|
|Center for Latin American Monetary Studies|
|European Central Bank|
|Organization for Economic Co-operation and Development|
|United Nations Conference on Trade and|
|United Nations Statistics Division|
|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 resources||Guidelines for a tailored approach for implementing BPM6 in balance of payments and IIP are developed|
|Expand the length and consistency of historical series||Increased number of countries compiling historical series on BPM6 basis for longer period|
|Develop methodological guidance when needed||Progress in the update of the BPM5 Textbook|
|Outreach and capacity building||Conducting/participating in outreach workshops and conferences; providing technical assistance and training for implementing BPM6|
|International investment position||Expand country coverage for quarterly IIP||Increased number of countries compiling quarterly IIP|
|Strategy for enhancements to the IIP||Conduct a survey of potential countries to propose a strategy for IIP enhancements|
|Reserve assets conceptual framework||Advise to countries on conceptual and methodological issues||Develop structured framework for determining reserve currency|
|Cross-border financial interconnectedness||Improve understanding of cross-border financial interconnectedness, including identification of data gaps||Increased 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|
|Updating the BPM6||Develop the process for updating BPM6||Initiate 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 domains||Collaboration with various international governing bodies, working groups and tasks forces on national accounts, fiscal, and monetary and financial statistics|
|Global discrepancies||Support a more bilateral-focused approach to addressing statistical discrepancies in global balance of payments statistics||IMF and other IOs to start conducting regular studies of bilateral asymmetries and on consistency of national accounts and balance of payments statistics|
|Reserve assets||Work on broadening the availability of data||Increased 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 statistics||Developments in banking and related statistics||Data on enhanced international banking statistics and securities statistics are disseminated|
|Coordinated Direct Investment Survey||Expand CDIS coverage and improved bilateral comparison||Increased CDIS country coverage|
|IMF analyzes bilateral asymmetries and encourages countries’ bilateral collaboration for reducing asymmetries|
|Coordinated Portfolio Investment Survey||Update the CPIS Guide||Progress made|
|External Debt||Improve reporting of external debt data||Increased 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.