Front Matter

Author(s):
International Monetary Fund
Published Date:
July 2008
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    © 2008 International Monetary Fund

    Production: Multimedia Services Division

    Cover: Lai Oy Louie

    Typesetting: Choon Lee

    Cataloging-in-Publication Data

    Monetary and financial statistics : compilation guide — Washington, D.C. : International Monetary Fund, 2008.

    p. cm.

    Includes bibliographical references.

    ISBN 978-1-58906-584-0

    1. Money — Statistics — Handbooks, manuals, etc. 2. Finance — Statistics — Handbooks, manuals, etc. 3. International Monetary Fund. I. International Monetary Fund.

    HF219.M66 2008

    Price: $45.00

    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

    Foreword

    The global need for monetary and financial statistics that are accurate, comprehensive, comparable across countries, and widely available on a timely basis has been underscored by modern episodes of instability in financial markets, ranging from the Asian debt crisis of the 1990s to the recent stresses in loan and securities markets in the world’s most sophisticated financial centers. The Monetary and Financial Statistics: Compilation Guide (the Guide)—an accompaniment to the Monetary and Financial Statistics Manual (the Manual)—is a significant component of the IMF work on enhancing the quality, availability, and analytical usefulness of financial-sector data in both in-country and international contexts.

    The Guide focuses on the cross-country harmonization of source data and methodology for the compilation and presentation of the statistics. It also describes the unified framework for countries’ reporting of monetary data to the IMF. In 2004, the IMF introduced the Standardized Report Forms (SRFs), which are based on the methodology in the Manual and are designed for countries’ reporting of balance-sheet data for their depository corporations, insurance corporations, pension funds, and other institutional types of financial corporations.

    Thus far, more than 80 member countries have established monthly reporting of SRF-type data, and time series from these data are published in the IMF’s quarterly International Financial Statistics: Supplement on Monetary and Financial Statistics. Implementation of the reporting by most IMF member countries will be completed in 2008. Shortly thereafter, a new presentation of the SRF-based data will be introduced in the monthly International Financial Statistics, and the methodology of the Manual and Guide will have been fully integrated into the core sets of monetary data published by the IMF.

    Implementation of the methodology in the Manual and Guide is integrally linked to other initiatives in the IMF’s Statistics Department, including (1) establishment of the Special Data Dissemination Standard and the General Data Dissemination System for guidance on countries’ dissemination of their macroeconomic statistics and (2) development of financial-sector data for prudential purposes, as contained in the IMF’s Financial Soundness Indicators: Compilation Guide. Finally, the monetary and financial statistics reported by the countries are core components of the data required for the IMF’s balance-sheet approach to debt vulnerabilities in and across countries.

    I commend this Guide to member countries in the expectation that it will prove helpful in the compilation of monetary and financial statistics that are of high quality.

    Dominique Strauss-Kahn

    Managing Director

    International Monetary Fund

    Preface

    The Monetary and Financial Statistics: Compilation Guide (the Guide) has been designed to accompany the Monetary and Financial Statistics Manual (the Manual), which was published by the International Monetary Fund in 2000. The Manual set forth the broad frameworks for the collection, compilation, and presentation of monetary and financial statistics. The Guide is a lengthier volume that contains more detailed coverage of the classification, economic sectorization, valuation, and recording of the various categories of financial assets and liabilities in an economy. The concepts, accounting principles, and other methodological elements of the Manual and the Guide are harmonized with those of the System of National Accounts 1993.

    In addition to deeper coverage of numerous topics in the Manual, the Guide gives prominence to the source data for the monetary and financial statistics. For the monetary statistics, the principal data sources are the accounting records for stocks and flows in the financial corporations sector. For the financial statistics, the source data are broadened to include stock and flow data for all government and nongovernment units in all sectors of an economy. The Manual and the Guide need to be viewed as providing guidance and recommendations, rather than prescribing standards that necessarily apply to every country in all circumstances. Recognition is given to the fact that institutional arrangements, as well as national financial reporting standards, may differ across countries.

    To promote cross-country consistency of source data for the monetary and financial statistics, the Guide is keyed to the International Financial Reporting Standards, which many countries have adopted as national financial reporting standards. This approach is viewed as supporting a basic objective of the Manual and the Guide—to provide guidance on collection, compilation, reporting, and other forms of dissemination of monetary and financial statistics that are consistent around the world.

    The Guide was prepared in the Financial Institutions Division I of the IMF’s Statistics Department under the supervision of Edgar Ayales. Randall Merris drafted Chapters 1–2 and Chapters 4–7 and was responsible for the management of the drafting from inception to completion. Jose Maria Cartas drafted Chapter 3, and Satoru Hagino and Jose Carlos Moreno-Ramírez drafted Chapter 8. Meshack Tjirongo contributed to Chapter 6, and Gary Barenshtein, Jaroslav Kučera, Marco Martínez, and Roman Skarzynski contributed to the numerical examples in Chapter 7 and Appendix I and to the Standardized Report Forms in Appendix II. The draft Guide was edited by James McEuen and Rebecca Obstler in the IMF’s External Relations Department. Mabel Hollstein word-processed the revisions.

    The Guide has benefited from the comments of numerous officials in the member countries, ranging from those provided at the formative stage—in particular, during Statistics Department staff visits to the Bank of England, European Central Bank, and Reserve Bank of South Africa—to those on the complete draft. A meeting to discuss the draft Guide was held at the IMF in December 2005. The IMF staff wishes to thank the following regional and national experts who participated in the meeting:

    ArgentinaMrs. Beatriz Biasone
    BoliviaMs. Maria Teresa Vera Paz
    BrazilMr.Virgilio Silva Chevalier
    CanadaMr. Patrick O’Hagan
    CanadaMr. Joe Wilkinson
    ChinaMr. Li Hailong
    Czech RepublicMs. Magda Gregorova
    FinlandMr. Eero Savolainen
    FranceMs. Regine Monfront-Moncomble
    GermanyMr. Stefan Brunken
    IndiaMr. Muneesh Kapur
    Iran, Islamic Republic ofMr. Assadollah Monajemi
    ItalyMr. Gianmatteocarlo Piazza
    Korea, Republic ofMr. Yu Seong Jeong
    KuwaitMr. Sadeq J Al-Mutawa
    NorwayMr. Vetle Hvidsten
    Russian FederationMrs. Nadezhda Ivanova
    Saudi ArabiaDr. Ahmad Alkholifey
    Saudi ArabiaMr. Hassan Alshehri
    TanzaniaMr. Johnson Jossia Nyella
    ThailandMs. Nitidao Ratanapaitoon
    United KingdomMr. Chris B. Wright
    United StatesMs. Susan Hume McIntosh
    AfDBMr. Andre Cyprien Portella
    BEACMr. Simplice Duclaire Lonkeng
    BCEAOMr. Antonin S. Dossou
    BISMr. Paul Van Den Bergh
    CEMLAMr. Edwin Rivera
    ECBMr. Patrick Sandars
    ECBMr. Michel Stubbe
    ECCBMs. Gale Archibald
    ECCBMs. Leah Sahely
    IDBMr. Fernando Fernandez
    IMF ConsultantMrs. Carol Carson
    IMF ConsultantMr. Kevin O’Connor
    OECDMs. Anne Harrison
    World BankMr. Ibrahim Levent

    Special acknowledgment is accorded to Chris Wright, Bank of England, for his extensive comments following the December 2005 meeting.

    In addition to this English language version, the Guide will also be published in Arabic, Chinese, French, Russian, and Spanish.

    Robert W. Edwards

    Director

    Statistics Department

    International Monetary Fund

    Abbreviations

    ADR

    American depository receipt

    AfDB

    African Development Bank

    AMC

    Asset management company

    BA

    Banker’s acceptance

    BCEAO

    Central Bank of West African States

    BIS

    Bank for International Settlements

    BEAC

    Bank of Central African States

    BOE

    Bank of England

    BOT

    Build-operate-transfer

    BPM5

    Balance of Payments Manual, 5th edition (IMF, 1993)

    CAPM

    Capital asset pricing model

    CAR

    Collateralized automobile receivable

    CBA

    Cost-benefit analysis

    CBS

    Central Bank Survey

    CDO

    Collateralized debt obligation

    CEMLA

    Center for Latin American Monetary Studies

    CMA

    Common Market Area

    CMIR

    Currency and monetary instrument report

    CMO

    Collateralized mortgage obligation

    CO

    Coupon only

    COP

    Call-option payoff

    CS

    Closing stock

    DC

    Depository corporation

    DCS

    Depository Corporations Survey

    DDM

    Dividend discount model

    DQAF

    Data Quality Assessment Framework

    DR

    Depository receipt

    DSBB

    Dissemination Standards Bulletin Board (IMF)

    ECB

    European Central Bank

    ECCB

    Eastern Caribbean Central Bank

    ECCU

    Eastern Caribbean Currency Union

    EMU

    Economic and Monetary Union (EU)

    ESA

    European System of Accounts (Eurostat, 1996)

    EU

    European Union

    FC

    Financial corporation

    FCS

    Financial Corporations Survey

    FRA

    Forward-rate agreement

    FRN

    Floating-rate note

    FSI

    Financial soundness indicator

    GDDS

    General Data Dissemination System (IMF)

    GDP

    Gross domestic product

    GDR

    Global depository receipt

    GFSM 2001

    Government Finance Statistics Manual 2001 (IMF, 2001)

    IAS

    International Accounting Standard

    IASB

    International Accounting Standards Board

    IDB

    Inter-American Development Bank

    IFAC

    International Federation of Accountants

    IFRS

    International Financial Reporting Standard

    IFS

    International Financial Statistics (IMF)

    IIP

    International investment position

    IPSAS

    International Public Sector Accounting Standard

    IO

    Interest only

    L/C

    Letter of credit

    LEAPS

    Long-term equity anticipation security

    LIBOR

    London interbank offered rate

    MBB

    Mortgage-backed bond

    MCM

    Market capitalization method

    MFSM

    Monetary and Financial Statistics Manual (IMF, 2006b)

    MMMF

    Money market mutual fund

    NATO

    North Atlantic Treaty Organization

    NAV

    Net asset value

    NCB

    National central bank

    NGV

    No-growth value

    NPI

    Nonprofit institution

    NPISH

    Nonprofit institutions serving households

    NPL

    Nonperforming loan

    OCVA

    Other changes in the volume of assets

    ODC

    Other depository corporation

    ODCS

    Other Depository Corporations Survey

    OFC

    Other financial corporation

    OFCS

    Other Financial Corporations Survey

    OS

    Opening stock

    PO

    Principal only

    POP

    Put-option payoff

    PPP

    Public-private partnership

    PSA

    Public Securities Association

    PVGO

    Present value of growth opportunities

    RCB

    Regional central bank

    REIT

    Real estate investment trust

    SDDS

    Special Data Dissemination Standard (IMF)

    SDR

    Special drawing right (IMF)

    SPE

    Special purpose entity

    SPI

    Share price index

    SRF

    Standardized report form

    1993 SNA

    System of National Accounts 1993 (Commission of the European Communities, IMF, and others, 1993)

    UN

    United Nations

    VAT

    Value-added tax

    VC

    Valuation change

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