- Eduardo Valdivia-Velarde, and Tamara Razin
- Published Date:
- December 2014
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
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.
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.
ISBN 978-1-48431-275-9 (paper)
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:
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P.O. Box 92780, Washington, DC 20090, U.S.A.
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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.
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
International Monetary Fund
accrued benefit obligationAP
approval of foreign investmentBD4
OECD Benchmark Definition of Foreign Direct Investment, fourth editionBEC
Broad Economic CategoryBIS
Bank for International SettlementsBLA
Bilateral Loan AgreementsBML
Bank of MauritiusBPM5
Balance of Payments Manual, fifth editionBPM6
Balance of Payments and International Investment Position Manual, sixth editionc.i.f.
cost, insurance, and freightCB
central bank surveyCDIS
Coordinated Direct Investment SurveyCOPC
Current Operating Performance ConceptCPC
Central Product ClassificationCPIS
Coordinated Portfolio Investment SurveyCR
Centralized Securities DatabaseDAC
Development Assistance CommitteeDC
depository corporations surveyDFID
United Kingdom Department for International DevelopmentDI
direct investment enterpriseDOTS
Direction of Trade StatisticsDQAF
Data Quality Assessment FrameworkDR
data structure definitionsDTC
exempli gratia (for example)EBOPS
Extended Balance of Payments Services (Classification)ECB
European Central BankEDDI
Enhanced Data Dissemination InitiativeEDS
external debt statisticsEDSG
External Debt Statistics: Guide for Compilers and UsersESCB
European System of Central BanksESO
employee stock optionEU
free on boardFDI
foreign direct investmentFDIR
Framework for Direct Investment RelationshipsFDR
full direct reporterFIN
IMF Finance DepartmentFISIM
financial intermediation services indirectly measuredFMA
Financial Market AuthorityFP
floating production, storage, and off-load (vessels)FS
financial statements of enterprisesFSC
Financial Services CommissionGAB
General Arrangements to BorrowGATT
General Agreement on Tariffs and TradeGBC
global business corporationGDDS
General Data Dissemination SystemGDP
gross domestic productGFS
government finance statisticsGFSM
Government Finance Statistics ManualGNI
gross national incomeHS
Harmonized Commodity Description and Coding Systemi.a.
inter alia (among other things)IAS
International Accounting StandardIASB
International Accounting Standards BoardIBS
international banking statisticsIFS
International Financial StatisticsIIP
international investment positionIIP Guide
Quarterly International Investment Position Statistics: Data Sources and Compilation TechniquesIMF
International Monetary FundIMTS
international merchandise trade statisticsIMTS 2010
International Merchandise Trade Statistics: Concepts and DefinitionsIO
International Reserves and Foreign Currency Liquidity: Guidance for Data TemplateIRTS 2008
International Recommendations for Tourism Statistics 2008ISIN
International Securities Identification NumberISO
International Organization for StandardizationITRS
international transactions reporting systemJEDH
Joint External Debt HubMC
monetary and financial statisticsMFSM-CG
Monetary and Financial Statistics Manual and Compilation Guide (2013)MMF
money market fundMSITS 2010
Manual on Statistics of International Trade in ServicesMTO
money transfer operatorn.i.e.
not included elsewhereNAB
New Arrangements to BorrowNAV
net asset valueNCB
national central bankNFA
net foreign assetsNGO
Note Purchase AgreementNPISH
nonprofit institution serving householdsODA
Official Development AssistanceODC
other depository corporationsODCS
other depository corporations surveyOECD
Organization for Economic Cooperation and DevelopmentOeNB
own fund at book valueOFC
other financial corporationsOFCS
other financial corporations surveyOIN
other items netPBO
projected benefit obligationPCFS
private capital flows surveyPDR
partial direct reporterPSA
production sharing arrangementQEDS
Quarterly External Debt StatisticsRL
register of external loansRPF
reserve position in the IMFSBS
Special Data Dissemination StandardSDMX
Statistical Data and Metadata ExchangeSDR
special drawing rightSDRF
Supplementary Data Report FormsSITC
Standard International Trade ClassificationSMEs
small and medium-sized enterprisesSNA
system of national accountsSPE
special purpose entitySRF
standardized report formSUR
Treasury International CapitalU.S.
ultimate controlling parentWTO
World Trade Organization2008 SNA
System of National Accounts 2008