Front Matter

Front Matter

Author(s):
International Monetary Fund
Published Date:
May 2002
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    ©2002 International Monetary Fund

    Cataloging-in-Publication Data

    Coordinated portfolio investment survey guide. – [2nd ed.] – [Washington, D.C.: International Monetary Fund, 2002].

    p. cm.

    Prepared by IMF Task Force on Coordinated Portfolio Investment Survey.

    ISBN 1-58906-093-8

    1. Securities. 2. Investments. I. IMF Task Force on Coordinated Portfolio Investment Survey. II. International Monetary Fund.

    HG4521.C66 2002

    Price: $26.00

    Please send orders to:

    International Monetary Fund, Publication Services

    700 19th Street, N.W., Washington, D.C. 20431, U.S.A.

    Tel.: (202) 623–7430 Telefax: (202) 623–7201

    E-mail: publications@imf.org

    Internet: http://www.imf.org

    Contents

    Preface

    This second edition of the Coordinated Portfolio Investment Survey Guide is provided to assist national compilers in the conduct of the Coordinated Portfolio Investment Survey (CPIS). The CPIS is being conducted under the auspices of the IMF across a wide range of economies. The survey is conducted simultaneously by all participating economies, uses consistent definitions, and encourages best practices in data collection. The CPIS is thus a unique tool in capturing the world totals and the geographical distribution of the holdings of portfolio investment assets, thereby contributing to a better understanding of capital flows.

    The CPIS was undertaken in response to concerns about imbalances and gaps in statistics on global capital flows. The idea of conducting the CPIS arose from a recommendation contained in the final Report on the Measurement of International Capital Flows, published in 1992, and has been carried forward by the IMF Committee on Balance of Payments Statistics (the IMF Committee). The first CPIS was conducted for year-end 1997 by 29 economies.

    Since 1997, the economic importance of securities markets has continued to grow around the world and the need for better statistics has been further highlighted. In the light of the success of the first survey, the IMF Committee recommended that the CPIS be conducted for a second time, with a reference date of year-end 2001. All of the economies that participated in the 1997 CPIS will do so again in the 2001 CPIS and are expected to be joined by about another 35.

    This second edition of the Survey Guide is the product of a Task Force that was set up by the national compilers of the 1997 CPIS to review the first survey and to prepare for its repetition. I would like to extend my thanks to all the Task Force members for their contributions, and in particular to the Chair, Gunnar Blomberg of the Riksbank, Sweden. An earlier draft was used as a basis for discussion among national compilers at five regional seminars conducted by the IMF’s Statistics Department (STA) in early 2001.

    The Survey Guide was drafted primarily by John Joisce of the Balance of Payments and External Debt Division I of STA, with major contributions from Task Force members, from other national compilers, and from Simon Quin, Robert Heath, Robert Dippelsman, Samuele Rosa, and Alice Lieberman, all of STA. Carmen Diaz-Zelaya and Maria Delia Araneta, also of STA, made valuable contributions to preparing the manuscript, and James McEuen, of the IMF’s External Relations Department, edited the manuscript and coordinated publication. The authors drew heavily from the first edition of the Survey Guide.

    Carol S. Carson

    Director

    Statistics Department

    International Monetary Fund

    IMF Task Force on the 2001 Coordinated Portfolio Investment Survey: Terms of Reference and Membership

    Terms of Reference

    • 1. To examine the results of the 1997 Coordinated Portfolio Investment Survey

    • 2. To assess the effectiveness of the 1997 Coordinated Portfolio Investment Survey

    • 3. To assess whether a repeat survey should be recommended to the IMF Committee on Balance of Payments Statistics.

    Members

    Chairman
    SwedenMr. Gunnar Blomberg
    Sveriges Riksbank
    gunnar.blomberg@riksbank.se
    Members
    ArgentinaMr. Jorge Rodriguez1
    Ministry of Economy and Public Works and Services
    rodri@mecon.gov.ar
    AustraliaMr. Michael Davies
    Australian Bureau of Statistics
    michael.davies@abs.gov.au
    AustriaMr. Michael Andreasch
    Austrian National Bank
    michael.andreasch@oenb.co.at
    BelgiumMr. Guido Melis
    National Bank of Belgium
    guido.melis@nbb.be
    CanadaMr. Eric Boulay
    Statistics Canada
    bouleri@statcan.ca
    FranceMr. Dominique Rougès
    Banque de France
    dominique.rouges@banque-france.fr
    GermanyMrs. Helga Michalik-Ringenaldus
    Deutsche Bundesbank
    statistik-s1@bundesbank.de
    IrelandMr. Michael Connolly
    Central Statistics Office
    michael.connolly@cso.ie
    IsraelMr. Balfour Ozer
    Bank of Israel
    bozer@bankisrael.gov.il
    ItalyMr. Francesco V. Loi
    Ufficio Italiano dei Cambi
    loi@uic.it
    JapanMs. Junko Matsumi
    Bank of Japan
    junko.matsumi@boj.or.jp
    Mr. Yoshiaki Ando2
    Ministry of Finance
    yoshiaki.ando@mof.go.jp
    MalaysiaMrs. Rozainita Shamsudin3
    Bank Negara Malaysia
    roz@bnm.gov.my
    Mrs. Norhayati Sidi3
    Bank Negara Malaysia
    yatie@bnm.gov.my
    SpainMr. Eduardo Rodríguez Tenés
    Banco de España
    bal.pagos@bde.es
    United KingdomMr. Simon Humphries4
    Office for National Statistics
    simon.humphries@ons.gov.uk
    United StatesMr. William Griever
    Board of Governors of the Federal Reserve System
    William.l.griever@frb.gov
    BISMr. Denis Petre
    denis.petre@bis.org
    Ms. Melissa Fiorelli
    melissa.fiorelli@bis.org
    ECBMr. Peter Neudorfer
    peter.neudorfer@ecb.int
    OECDMs. Ayse Bertrand
    ayse.bertrand@oecd.org
    IMFMr. Simon Quin
    squin@imf.org
    Mr. John Joisce
    jjoisce@imf.org

    Mr. Rodriguez replaced Mr. Marcelo G. Dinenzon during the life of the Task Force.

    Mr. Ando replaced Mr. Koichiro Hayashi during the life of the Task Force.

    Mrs. Shamsudin and Mrs. Sidi replaced Mr. Yeo Cheng Yan during the life of the Task Force.

    Mr. Humphries replaced Mr. Colin Yeend during the life of the Task Force.

    Glossary

    ABS

    Australian Bureau of Statistics

    ADR

    American depository receipt

    ALPS

    Adjustable long-term putable security

    ANNA

    Association of National Numbering Agencies

    B/A

    Banker’s acceptance

    BDR

    Bearer depository receipt

    BIS

    Bank for International Settlements

    BPM5

    IMF’s Balance of Payments Manual, fifth edition (Washington: International Monetary Fund, 1993)

    CD

    Certificate of deposit

    CFI

    Classification of Financial Instruments

    CMO

    Collateralized mortgage obligation

    CPIS

    Coordinated Portfolio Investment Survey

    CSO

    Central Statistical Office (Ireland)

    DL bond

    Drop-lock bond

    ECB

    European Central Bank

    ECP

    Euro commercial paper

    EMI

    European Monetary Institute

    EMTN

    Euro medium-term note

    EU

    European Union

    FECD

    Federal Exchange Control Department (Israel)

    FHLMC

    Federal Home Loan Mortgage Corporation (United States)

    FIPS

    Foreign interest payment security

    FNMA

    Federal National Mortgage Association (United States)

    FRN

    Floating-rate note

    FTD

    Financial Terminology Database

    GIAM

    Global ISIN Access Mechanism

    GNMA

    Government National Mortgage Association (United States)

    GUN

    Grantor underwriting note

    IAIM

    Irish Association of Investment Managers

    IBC

    International business company

    IFSC

    International Financial Services Centre (Ireland)

    IIP

    International investment position

    IMF

    International Monetary Fund

    IMF Committee

    IMF Committee on Balance of Payments Statistics

    IO

    International organization

    ISA

    Israeli Securities Authority

    ISIN

    International Securities Identification Number

    ISMA

    International Securities Market Association

    ISO

    International Standards Organization

    LEBA

    London Eurodollar banker’s acceptance

    LIBID

    London interbank bid rate

    LIBOR

    London interbank offered rate

    LIMEAN

    London interbank mean rate

    LYON

    Liquid yield option note

    MBS

    Mortgage-backed security

    MNC

    Multinational corporation

    NIF

    Note issuance facility

    NNA

    National numbering agency

    NPISH

    Nonprofit institution serving households

    OECD

    Organisation for Economic Co-operation and Development

    OEIC

    Open-ended investment company

    OFC

    Offshore financial center

    ONB

    Oesterreichische Nationalbank (Austria)

    ONS

    Office for National Statistics (United Kingdom)

    PRN

    Perpetual-rate note

    RCB

    Regional central bank

    Repo

    Repurchase agreement

    RUF

    Revolving underwriting facility

    SEC

    Securities and Exchange Commission (United States)

    SEDOL

    Stock Exchange Daily Official List (United Kingdom)

    SEFER

    Survey of Geographical Distribution of Securities Held as Foreign Exchange Reserves

    SEIFiC

    Small economy with an international financial center

    SICAF

    Société d’investissement à capital fixe

    SICAV

    Société d’investissement à capital variable

    SII

    Survey of International Investment (Australia)

    SNA

    System of National Accounts (EU, IMF, OECD, UN, and World Bank, System of National Accounts 1993; Brussels/Luxembourg, New York, Paris, and Washington, 1993)

    SPE

    Special purpose entity

    SSIO

    Survey of Geographical Distribution of Securities Held by International Organizations

    STA

    IMF Statistics Department

    T-bill

    Treasury bill

    TPH

    Third-party holdings

    TRUF

    Transferable revolving underwriting facility

    UIC

    Ufficio Italiano dei Cambio (Italy)

    VRN

    Variable-rate note

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