Balance of Payments Manual, Sixth Edition Compilation Guide

Front Matter

Front Matter

Author(s):
Eduardo Valdivia-Velarde, and Tamara Razin
Published Date:
December 2014
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    COMPILATION GUIDE

    BPM6 COMPILATION GUIDE

    COMPANION DOCUMENT TO THE SIXTH EDITION OF THE BALANCE OF PAYMENTS AND INTERNATIONAL INVESTMENT POSITION MANUAL

    INTERNATIONAL MONETARY FUND

    © 2014 International Monetary Fund

    Cataloging-in-Publication Data

    Joint Bank-Fund Library

    Balance of payments and international investment position compilation guide. – Washington, D.C.: International Monetary Fund, 2014.

    p. ; cm.

    “Companion document to the sixth edition of the Balance of Payments and International Investment Position Manual … published by the International Monetary Fund (IMF) in 2009”—Preface.

    Includes index.

    ISBN: 978-1-48431-275-9

    1. Balance of payments – Statistics – Handbooks, manuals, etc. 2. Investments – Statistics – Handbooks, manuals, etc. I. Title: Balance of payments and international investment position manual. II. International Monetary Fund.

    HG3882.B35 2014

    ISBN 978-1-48431-275-9 (paper)

    978-1-48437-271-5 (PDF)

    978-1-47551-347-9 (ePub)

    978-1-47554-796-2 (Mobi)

    Disclaimer: The views expressed in this book are those of the authors and should not be reported as or attributed to the International Monetary Fund, its Executive Board, or the governments of any of its member countries.

    Please send orders to:

    International Monetary Fund, Publication Services

    P.O. Box 92780, Washington, DC 20090, U.S.A.

    Tel.: (202) 623-7430 Fax: (202) 623-7201

    E-mail: publications@imf.org

    Internet: www.elibrary.imf.org

    www.imfbookstore.org

    Contents

    Preface

    The 2014 Balance of Payments and International Investment Position Compilation Guide (the Guide) is a companion document to the sixth edition of the Balance of Payments and International Investment Position Manual (BPM6) which was published by the International Monetary Fund (IMF) in 2009. The primary purpose of the Guide is to provide practical advice on source data and methodologies for compiling statistics on the balance of payments and the international investment position that are consistent with BPM6.

    Globalization, increasing elaboration of balance sheet issues, and financial innovation are three major themes that emerged during the BPM6 revision. The Guide identifies data sources and adjustments to source data that would be appropriate for compiling data on a BPM6 basis.

    The Guide provides guidance that is applicable for different economies—from the smallest and least developed to the most advanced and complex. National compilers should develop and adapt the data sources and compilation methods in ways that are appropriate to their national circumstances, by considering the practical and legal constraints in their own economies.

    An economy’s data compilation methods should evolve over time as the economy changes. Therefore, the Guide does not present a prescriptive or definitive approach to compiling statistics on the balance of payments and the international investment position (IIP). Instead, the Guide identifies the relative strengths and weaknesses of alternate approaches, and identifies the adjustments that may be required to source data to derive estimates of flows and stocks that are consistent with the recommendations in BPM6.

    The BPM6 strengthens the theoretical foundations and linkages with other macroeconomic statistics, and the Guide includes elaboration on these linkages. The Guide also provides practical advice on using the data from the other macroeconomic accounts in compiling the international accounts.

    Acknowledgments

    The Guide was produced under the direction of two Directors of the Statistics Department (Adelheid Burgi-Schmelz [2008–2012] and Louis Marc Ducharme [2013–]). Robert Heath was the responsible Deputy Director.

    In the Balance of Payments Division, the coordinator was Ms. Tamara Razin (Senior Economist), who also drafted some of the chapters and edited the contributions of others. The work was undertaken under the close supervision and guidance of Mr. Ralph Kozlow (Chief). Many other staff in the division also contributed to the project, including Eduardo Valdivia-Velarde (Deputy Chief), Mr. Paul Austin, Mr. Jose Carlos Moreno-Ramirez, Ms. Silvia Matei, Ms. Rita Mesias (all Senior Economists), Ms. Emma Angulo and Ms. Cornelia Hammer (both Economists), Ms. Colleen Cardillo and Mr. John Joisce (retired, formerly Senior Economists), Ms. Loida Cruz (former Senior Economist, currently with the Bank of Philippines), and Ms. Bianca Ully (former special appointee, currently with the Öesterreichische Nationalbank).

    Staff from other divisions of the Statistics Department also contributed to the text: Data Dissemination and Review Division (Mr. Andrew Kitili, Deputy Chief and Mr. Mark van Wersch, Senior Economist), Financial Institutions Division (Mr. Artak Harutyunyan, Deputy Chief), Government Finance Division (Ms. Sagé de Clerck, Senior Economist), Real Sector Division (Mr. Kim Zieschang, Chief, Mr. Robert Dippelsman, Deputy Chief, and Mr. Thomas Alexander, Senior Economist), Statistical Information Division (Mr. René Piché, Deputy Chief, and Mr. James Chan, Information Management Assistant).

    The Guide benefited from the written contributions and comments of external experts and institutions, in particular: Mr. Paul Mahoney (Branch Head, Australian Bureau of Statistics, who prepared preliminary drafts of six chapters or appendices); Ms. Anne Harrison, Editor of the 2008 System of National Accounts; the Task Force on Statistics of International Trade in Services; the European Central Bank; the World Trade Organization; the Organization of Economic Co-operation and Development; and the Bank for International Settlements. Case studies were provided by the team of the External Sector Statistics Module within the IMF–United Kingdom Department for International Development project on enhanced data dissemination initiatives1; the European Central Bank; the Öesterreichische Nationalbank; and the Bank of Mauritius.

    Mr. Stuart Brown (retired, formerly with the UK Office of National Statistics) reviewed draft chapters and appendices for their consistency with the BPM6. Also, the Statistics Department acknowledges with gratitude the comments on the draft Guide from compilers throughout the world during the several public comment opportunities. The Guide was prepared under the general guidance of the IMF Committee on Balance of Payments Statistics.

    Mr. Roderico de Nitti and Ms. Esther George (Statistics Department) provided administrative support in preparing the manuscript. Ms. Cathy Gagnet, Communications Officer in the Communications Department, edited the final document and coordinated print production.

    Louis Marc Ducharme

    Director

    Statistics Department

    International Monetary Fund

    Abbreviations

    ABO

    accrued benefit obligation

    AP

    approval of foreign investment

    BD4

    OECD Benchmark Definition of Foreign Direct Investment, fourth edition

    BEC

    Broad Economic Category

    BIS

    Bank for International Settlements

    BLA

    Bilateral Loan Agreements

    BML

    broad-money liability

    BOM

    Bank of Mauritius

    BPM5

    Balance of Payments Manual, fifth edition

    BPM6

    Balance of Payments and International Investment Position Manual, sixth edition

    c.i.f.

    cost, insurance, and freight

    CB

    central bank

    CBS

    central bank survey

    CDIS

    Coordinated Direct Investment Survey

    COPC

    Current Operating Performance Concept

    CPC

    Central Product Classification

    CPIS

    Coordinated Portfolio Investment Survey

    CR

    credit

    CSDB

    Centralized Securities Database

    DAC

    Development Assistance Committee

    DC

    domestic credit

    DCS

    depository corporations survey

    DFID

    United Kingdom Department for International Development

    DI

    direct investment

    DIENT

    direct investment enterprise

    DOTS

    Direction of Trade Statistics

    DQAF

    Data Quality Assessment Framework

    DR

    debit

    DSD

    data structure definitions

    DTC

    deposit-taking corporations

    e.g.

    exempli gratia (for example)

    EBOPS

    Extended Balance of Payments Services (Classification)

    ECB

    European Central Bank

    EDDI

    Enhanced Data Dissemination Initiative

    EDS

    external debt statistics

    EDSG

    External Debt Statistics: Guide for Compilers and Users

    ESCB

    European System of Central Banks

    ESO

    employee stock option

    EU

    European Union

    f.o.b.

    free on board

    FDI

    foreign direct investment

    FDIR

    Framework for Direct Investment Relationships

    FDR

    full direct reporter

    FIN

    IMF Finance Department

    FISIM

    financial intermediation services indirectly measured

    FMA

    Financial Market Authority

    FP

    financial press

    FPSO

    floating production, storage, and off-load (vessels)

    FS

    financial statements of enterprises

    FSC

    Financial Services Commission

    GAB

    General Arrangements to Borrow

    GATT

    General Agreement on Tariffs and Trade

    GBC

    global business corporation

    GDDS

    General Data Dissemination System

    GDP

    gross domestic product

    GFS

    government finance statistics

    GFSM

    Government Finance Statistics Manual

    GNI

    gross national income

    HS

    Harmonized Commodity Description and Coding System

    i.a.

    inter alia (among other things)

    IAS

    International Accounting Standard

    IASB

    International Accounting Standards Board

    IBS

    international banking statistics

    IFS

    International Financial Statistics

    IIP

    international investment position

    IIP Guide

    Quarterly International Investment Position Statistics: Data Sources and Compilation Techniques

    IMF

    International Monetary Fund

    IMTS

    international merchandise trade statistics

    IMTS 2010

    International Merchandise Trade Statistics: Concepts and Definitions

    IO

    international organization

    IRFCL

    International Reserves and Foreign Currency Liquidity: Guidance for Data Template

    IRTS 2008

    International Recommendations for Tourism Statistics 2008

    ISIN

    International Securities Identification Number

    ISO

    International Organization for Standardization

    ITRS

    international transactions reporting system

    JEDH

    Joint External Debt Hub

    MC

    management company

    MFS

    monetary and financial statistics

    MFSM-CG

    Monetary and Financial Statistics Manual and Compilation Guide (2013)

    MMF

    money market fund

    MSITS 2010

    Manual on Statistics of International Trade in Services

    MTO

    money transfer operator

    n.i.e.

    not included elsewhere

    NAB

    New Arrangements to Borrow

    NAV

    net asset value

    NCB

    national central bank

    NFA

    net foreign assets

    NGO

    nongovernmental organization

    NPA

    Note Purchase Agreement

    NPISH

    nonprofit institution serving households

    ODA

    Official Development Assistance

    ODC

    other depository corporations

    ODCS

    other depository corporations survey

    OECD

    Organization for Economic Cooperation and Development

    OeNB

    Öesterreichische Nationalbank

    OFBV

    own fund at book value

    OFC

    other financial corporations

    OFCS

    other financial corporations survey

    OIN

    other items net

    PBO

    projected benefit obligation

    PCFS

    private capital flows survey

    PDR

    partial direct reporter

    PSA

    production sharing arrangement

    QEDS

    Quarterly External Debt Statistics

    RL

    register of external loans

    RPF

    reserve position in the IMF

    SBS

    security-by-security

    SDDS

    Special Data Dissemination Standard

    SDMX

    Statistical Data and Metadata Exchange

    SDR

    special drawing right

    SDRF

    Supplementary Data Report Forms

    SITC

    Standard International Trade Classification

    SMEs

    small and medium-sized enterprises

    SNA

    system of national accounts

    SPE

    special purpose entity

    SRF

    standardized report form

    SUR

    survey

    TIC

    Treasury International Capital

    U.S.

    United States

    UCP

    ultimate controlling parent

    WTO

    World Trade Organization

    2008 SNA

    System of National Accounts 2008

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