Front Matter

Front Matter

Author(s):
Jose Cartas, and Artak Harutyunyan
Published Date:
November 2017
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    MONETARY AND FINANCIAL STATISTICS MANUAL AND COMPILATION GUIDE

    2016

    © 2017 International Monetary Fund

    Cataloging-in-Publication Data

    Joint Bank-Fund Library

    Names: International Monetary Fund.

    Title: Monetary and financial statistics manual and compilation guide.

    Description: Washington, DC : International Monetary Fund, 2016, ©2017.| Includes bibliographical references (page 393–396) and index.

    Identifiers: ISBN 9781513579191 (paper)

    Subjects: LCSH: International finance—Statistical methods. | Statistics—Methodology—Standards. | International Monetary Fund.

    Classification: LCC HG3821.I52 2016

    ISBN: 978–1–51357–919–1 (paper)

    ISBN: 978–1–51356–398–5 (PDF)

    ISBN: 978–1–51358–272–6 (ePub)

    ISBN: 978–1–48430–952–0 (Mobi)

    Please send orders to:

    International Monetary Fund, Publication Services

    P.O. Box 92780, Washington, D.C. 20090, U.S.A.

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

    E-mail: publications@imf.org

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    Contents

    Foreword

    The need for accurate, comprehensive, and reliable monetary and financial data across countries has been underscored by modern episodes of financial instability, in particular that of 2008–2009. The International Monetary Fund (IMF) has taken the lead in promoting methodologically sound and internationally comparable monetary and financial statistics. In 2000, the IMF published the Monetary and Financial Statistics Manual (MFSM), followed in 2008 by its accompanying Compilation Guide (MFS Guide).

    This Monetary and Financial Statistics Manual and Compilation Guide (Manual) updates and merges into one volume methodological and practical aspects of the compilation process of monetary statistics. The Manual is aimed at compilers and users of monetary data, offering guidance for the collection and analytical presentation of monetary statistics. The Manual includes standardized report forms, providing countries with a tool for compiling and reporting harmonized data for the central bank, other depository corporations, and other financial corporations.

    The methodology and concepts described in the Manual are consistent with other macroeconomic data sets, including the System of National Accounts 2008 (2008 SNA), the sixth edition of the Balance of Payments and International Investment Position Manual (BPM6), the Government Finance Statistics Manual 2014 (GFSM 2014), and the publication by the United Nations and the European Central Bank of the handbook on Financial Production, Flows and Stocks in the System of National Accounts. This consistency underscores the close relationship existing between the different macroeconomic statistical systems.

    The Manual has been prepared by the Statistics Department, in consultation with a group of experts of national central banks, statistical offices, and other international organizations. Earlier versions of the Manual were posted on the IMF’s website for comments by the general public. I would like to thank all of the experts involved for their invaluable assistance and for their collaborative spirit.

    We publish this Manual in the expectation that it will assist member countries in their efforts to improve the process of compiling and disseminating high-quality monetary and financial statistics. I encourage member countries to adopt the guidelines of the Manual.

    Christine Lagarde

    Managing Director

    International Monetary Fund

    Preface

    The Monetary and Financial Statistics Manual and Compilation Guide (Manual) updates and merges into one volume methodological and practical aspects of the compilation process of monetary and financial statistics. The Manual sets forth the broad framework for the collection and presentation of these statistics and provides specific recommendations for the classification, sectoring, valuation, and recording of various categories of financial assets and liabilities in an economy. The Manual was produced by the IMF’s Statistics Department (STA) as part of its mandate to provide leadership on the development and application of sound statistical methodologies and practices.

    The concepts, accounting principles, and other methodological elements of this Manual are harmonized with those of the System of National Accounts 2008 (2008 SNA), the sixth edition of the Balance of Payments and International Investment Position Manual (BPM6), the Government Finance Statistics Manual 2014 (GFSM 2014), and the handbook on Financial Production, Flows and Stocks in the System of National Accounts published by the United Nations and the European Central Bank. Since the main source data for monetary statistics are the accounting records of the financial corporations, this Manual elaborates on the relationship between monetary and financial statistics and internationally accepted accounting standards, in particular the International Financial Reporting Standards (IFRSs).

    The purpose of this Manual is to support compilers of monetary and financial statistics in the production of methodologically sound and cross-country comparable monetary data. It provides a set of tools for identifying, classifying, and recording stocks and flows of financial assets and liabilities; it describes standardized, analytically oriented frameworks in which monetary statistics may be presented; and it identifies a set of analytically useful aggregates within those frameworks.

    Acknowledgments

    The Manual draws on the 2000 Monetary and Financial Statistics Manual (MFSM) and the 2008 Monetary and Financial Statistics Compilation Guide (MFS Guide). It was prepared by the staff of the Financial Institutions Division of STA under the general direction of Mr. Robert Heath, STA Deputy Director, and Mr. Luca Errico, Division Chief. Mr. Artak Harutyunyan (Deputy Division Chief) managed the project and, with José M. Cartas (Senior Economist), reviewed and edited the text.

    The primary contributors to this Manual include Mme. Xiuzhen Zhao and Messrs. José M. Cartas, Thomas Elkjaer, Artak Harutyunyan, Jaroslav Kucera, Marco Martínez, Pierre Papadacci, and Richard Walton. Other contributors include Messrs. Thomas Alexander, Gary Barinshtein, Agus Firmansyah, Venkateswarlu Josyula, Phousnith Khay, Alexander Massara, André Mialou, Farid Talishli, and Giovanni Ugazio. Mr. Kenneth Sullivan (accounting expert and former IMF staff) provided support on the IFRSs and other accounting related issues. Mme. Gloria Adison and Mr. Redley Pinkney provided administrative support, and Messrs. Goran Amidzic, Matias Costa Navajas, and Plapa Koukpamou provided support with numerical examples and figures.

    This Manual has benefited from the review and comments of a wide range of individuals from STA and other IMF departments, including Mmes. Sage De Clerck, Majdeline El Reyes, Valeria Fichera, La-Bhus Fah Jirasavetakul, Kyung Kwak, Maria Mantcheva, Rita Mesias, Karen Ongley, Tamara Razin, Gabriela Rosenberg, Chen Wenjie, and Vera Zolotarskaya; and Messrs. David Amaglobeli, Michael Atingi Ego, Zdravko Balyozov, Sean Craig, Steve Dawe, Marcelo Dinenzon, Robert Dippelsman, Jemma Dridi, Heikki Hatanpaa, Christopher Hinchcliffe, Kareem Ismail, Alberto Jimenez de Lucio, Marco Marini, Justin Matz, Nicolas Million, José Carlos More-no-Ramírez, Marshall Reinsdorf, Ranil Manohara Salgado, Mike Seiferling, Manik Shrestha, Subramanian Sriram, Michael Stanger, Bernhard Steinki, Philip Stokoe, Deon Tanzer, Tobias Wickens, Dong Frank Wu, and Barry Yuen.

    Finally, this Manual benefited from the comments from numerous officials in member countries and international organizations, which are gratefully acknowledged. Also, we wish to thank the following experts who participated in the February 2012 meeting of experts in Washington, D.C., convened to launch the revision of the MFSM and MFS Guide.

    AlgeriaMr. Abdelhakim Sekhri, Banque d’Algérie
    ArmeniaMr. Martin Galstyan, Central Bank of Armenia
    AustraliaMs. Wendy Raed, Australian Bureau of Statistics
    BelarusMr. Boris Vlasenko, National Bank of Belarus
    BrazilMs. Marcia Cristina Fiorindo, Banco Central do Brasil
    CanadaMr. Joseph Wilkinson, Statistics Canada
    ChileMs. Beatriz Velásquez, Central Bank of Chile
    ChinaMs. Huiying Gao, People’s Bank of China
    FranceMr. Marc Chazelas, Banque de France
    GermanyMs. Marit Wehner, Deutsche Bundesbank
    IcelandMs. Hrönn Helgadóttir, Central Bank of Iceland
    IndiaMr. B. M. Misra, Reserve Bank of India
    IndonesiaMr. Wiwiek Sisto Widayat, Bank Indonesia
    IsraelMr. Uri Barazani, Bank of Israel
    ItalyMr. Gianmatteo Piazza, Banca d’Italia
    JapanMr. Chihiro Sakuraba, Bank of Japan
    Korea, Republic ofMr. Byoung Soo Kim, Bank of Korea
    MexicoMr. Nicolás Amoroso, Banco de Mexico
    MoroccoMrs. Dounia Tahri, Bank Al-Maghrib
    PeruMr. Guillermo Guevara, Banco Central de Reserva del Perú
    PolandMs. Malgorzata Lichota, National Bank of Poland
    PortugalMs. Paula Alexandra Casimiro, Banco de Portugal
    Russian FederationMrs. Nadezhda Ivanova, Central Bank of the Russian Federation
    South AfricaMr. Danie Meyer, Reserve Bank of South Africa
    Saudi ArabiaMr. Ibrahim Binmayouf, Saudi Arabian Monetary Authority
    SpainMr. Gonzalo Sainz, Banco de España
    SwitzerlandMr. Daniel Kromer, Swiss National Bank
    ThailandMs. Nitidao Ratanapaitoon, Bank of Thailand
    TurkeyMs. Burcu Cakmak, Central Bank of Turkey
    United KingdomMr. Jonathan Beadle, Bank of England
    United StatesMs. Carol Bertaut, United States Federal Reserve Board
    Ms. Elizabeth B. Holmquist, United States Federal Reserve Board
    BCEAOMr. Toussaint Damoh
    BEACMr. Simplice Duclair Lonkeng
    ECBMr. Henning Ahnert
    BISMr. Christian Dembiermont
    EurostatMr. Leonidas Akritidis
    IAISMr. Sebastian von Dahlen
    OECDMr. Satoru Hagino
    UNSDMr. Benson Sim
    The World BankMs. Huixia Chen
    Mr. Erik Feyen

    Louis Marc Ducharme

    Director

    Statistics Department

    International Monetary Fund

    Acronyms

    1993 SNA

    System of National Accounts 1993

    2008 SNA

    System of National Accounts 2008

    AAOIFI

    Accounting and Auditing Organization for Islamic Financial Institutions

    AMC

    Asset management company

    BA

    Bankers’ acceptances

    BCEAO

    Banque Centrale des États de l’Afrique de l’Ouest

    BEAC

    Banque des États de l’Afrique Central

    BIS

    Bank for International Settlements

    BLA

    Bilateral Loan Agreement

    BMA

    Bond Market Association

    BML

    Broad money liabilities

    BOE

    Bank of England

    BOOTs

    Build, own, operate, transfer schemes

    BOP

    Balance of payments

    BPM5

    Balance of Payments Manual, fifth edition

    BPM6

    Balance of Payments and International Investment Position Manual, sixth edition

    BSA

    Balance sheet approach

    CB

    Central bank

    CBA

    Cost-benefit analysis

    CBS

    Central bank survey

    CCP

    Central clearing counterparty

    CDO

    Collateralized debt obligation

    CDS

    Credit default swap

    CLN

    Credit-linked notes

    CMA

    Common market area

    CMO

    Collateralized mortgage obligation

    CPI

    Consumer price index

    CS

    Closing stock

    CSDB

    Centralized securities database

    CUCB

    Currency union central bank

    CUNCB

    Currency union national central bank

    DC

    Depository corporation

    DCS

    Depository corporations survey

    DGI

    Data gaps initiative

    DQAF

    Data Quality Assessment Framework

    DR

    Depository receipt

    DSSB

    Dissemination Standards Bulletin Board

    ECB

    European Central Bank

    ECCU

    Eastern Caribbean Currency Union

    ECCB

    Eastern Caribbean Central Bank

    ECF

    Extended Credit Facility

    EFF

    Extended Fund Facility

    ESAF

    Enhanced Structural Adjustment Facility

    ESO

    Employee stock option

    FCL

    Flexible Credit Line

    FC

    Financial corporations

    FCS

    Financial corporations survey

    FRA

    Forward rate agreement

    GAB

    General Arrangements to Borrow

    GDP

    Gross domestic product

    GDDS

    General Data Dissemination System

    GFS

    Government finance statistics

    GFSM 2014

    Government Finance Statistics Manual 2014

    GNDI

    Gross national disposable income

    GNI

    Gross national income

    GRA

    General Resources Account

    IAH

    Investment account holders

    IASB

    International Accounting Standards Board

    IAS

    International Accounting Standard

    ICPF

    Insurance corporations and pension funds

    ICS

    Integrated Correspondence System

    IDB

    Islamic Development Bank

    IFI

    Islamic financial institution

    IFRSs

    International Financial Reporting Standards

    IFS

    International Financial Statistics

    IFSB

    Islamic Financial Services Board

    IG

    Implementation Guidance

    IIP

    International investment position

    IMF

    International Monetary Fund

    IPSGS

    Insurance, pension, and standardized guarantee schemes

    IRA

    Individual retirement account

    ISIN

    International Securities Identification Number

    IT

    Information technology

    LIBOR

    London interbank offered rate

    LICs

    Low-income countries

    MBB

    Mortgage-backed bond

    MCM

    Market capitalization method

    MFI

    Monetary financial institution

    MFS Guide

    Monetary and Financial Statistics Compilation Guide

    MFSM

    Monetary and Financial Statistics Manual 2000

    MMFs

    Money market funds

    MT

    Managed trust

    NAV

    Net asset value

    NCB

    National central bank

    NFA

    Net foreign assets

    NFC

    Nonfinancial corporation

    NPI

    Nonprofit institution

    NPISH

    Nonprofit institutions serving household

    NPL

    Nonperforming loan

    OCVA

    Other changes in the volume of assets and liabilities

    ODC

    Other depository corporation

    ODCS

    Other depository corporations survey

    OFC

    Other financial corporation

    OFCS

    Other financial corporations survey

    OIN

    Other items (net)

    OS

    Opening stock

    OTC

    Over-the-counter

    PEF

    Private equity fund

    PFIs

    Private finance initiatives

    PLL

    Precautionary and Liquidity Line

    PLS

    Profit and loss sharing

    PNFC

    Public nonfinancial corporation

    PPP

    Public-private partnership

    PRGF

    Poverty Reduction and Growth Facility

    PRGT

    Poverty Reduction and Growth Trust

    PSA

    Public Securities Association

    PSIA

    Profit sharing investment accounts

    PVA

    Present-value approach

    REIT

    Real estate investment trust

    RPF

    Reserve position in the Fund

    RTP

    Reserve tranche position in the IMF

    SBA

    Stand-By Arrangement

    s-b-s

    Security-by-security

    SDDS

    Special Data Dissemination Standard

    SDR

    Special Drawing Rights

    SHS

    Security holding statistics

    SIC

    Standards Interpretations Committee

    SIFMA

    Securities Industry and Financial Markets Association

    SNA

    System of National Accounts

    SPE

    Special purpose entity

    SRF

    Standardized report form

    SSF

    Social security fund

    STA

    Statistics Department

    SWF

    Sovereign wealth fund

    UFC

    Use of Fund credit

    VC

    Valuation changes

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