- International Monetary Fund
- Published Date:
- March 1995
© 1995 International Monetary Fund
Balance of payments compilation guide.—Washington, DC, USA: International Monetary Fund, c1995. x, 380 p.
1. Balance of payments—Statistics—Handbooks, manuals, etc. I. International Monetary Fund. HG3882.B25 1995
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The Balance of Payments Compilation Guide (the Guide) is a companion document to the Balance of Payments Manual (the Manual), the fifth edition of which was published by the International Monetary Fund (IMF) in 1993. The primary purpose of the Guide is to provide practical direction for using sources and methods to compile statistics on the balance of payments and the international investment position.
The Manual reflects important changes in international transactions (e.g., liberalization in financial markets, unprecedented growth in the volume of international trade in services, innovations in creation and packaging of financial instruments, and new approaches to restructuring external debt). The Guide reflects the emergence of new data sources and adaptations in the application of statistical methodologies to changing circumstances.
Statistical methodologies evolve over time and in the context of institutional arrangements existing in different countries. Therefore, the Guide does not present a prescriptive or definitive approach to compiling statistics on the balance of payments and the international investment position. Instead, the Guide presents the relative strengths and weaknesses of a variety of approaches and notes source data adjustments required to derive, in conformance with recommendations of the Manual, data on flows and stocks. The Guide also discusses relationships between the compilation of balance of payments statistics and relevant aspects of the national accounts.
The Guide was prepared, through close consultation with national compilers of balance of payments statistics and experts from interested international and regional organizations, by staff of the IMF Statistics Department. The project was supervised by Assistant Director Mahinder S. Gill, Balance of Payments and External Debt Division I (BOPEDD I). In October 1991, Mr. Geoffrey Robertson, who was then a senior economist in the division and on secondment from the Australian Bureau of Statistics, prepared a preliminary draft of the Guide. This preliminary document was circulated to national balance of payments compilers and balance of payments experts working in international and regional organizations. Mr. Peter Harper (economist, BOPEDD I) subsequently undertook the task of redrafting the preliminary document and revising the text to incorporate the effects of reviewer comments and the updated statistical framework embodied in the fifth edition of the Manual and the revised System of National Accounts published in 1993. Mr. Peter Hofman of the Netherlands Bank provided a draft of the discussion on electronic data interchange (EDI), which appears in chapter 3 of the Guide. Ms. Nancy Basham, assistant editor in the Statistics Department, edited the final document and coordinated print production. Ms. Suzanna Persaud (staff assistant, BOPEDD I) typed revised and final versions of the Guide.
The IMF staff wishes to acknowledge, with thanks, its indebtedness to national and international balance of payments experts for the valuable comments and suggestions offered on the content of the Guide.
John B. McLenaghan
Acronyms Used in This GuideBEC
Broad Economic CategoryBIS
Bank for International SettlementsBOP
balance of paymentsBPM
Balance of Payments Manualc.i.f.
cost, insurance, and freightCRS
Creditor Reporting System (Organisation for Economic Cooperation and Development)DAC
Development Assistance Committee of the Organisation for Economic Cooperation and DevelopmentDRS
Debtor Reporting System (World Bank)EDI
electronic data interchangeES
financial intermediation services indirectly measuredf.o.b.
free on boardGuide
Balance of Payments Compilation GuideIFS
International Financial StatisticsIIP
international investment positionITRS
international transactions reporting systemITS
international trade statisticsLCFAR
liabilities constituting foreign authorities’ reservesOECD
Organisation for Economic Cooperation and DevelopmentSITC
Standard International Trade ClassificationSNA
System of National Accounts 1993