Abstract

Bank for International Settlements

Title Page

Bank for International Settlements

Commonwealth Secretariat

Eurostat

International Monetary Fund

Organisation for Economic Co-operation and Development

Paris Club Secretariat

United Nations Conference on Trade and Development

World Bank

Copyright

© 2003 International Monetary Fund

Cataloging-in-Publication Data

External debt statistics : guide for compilers and users. — Washington, D.C. : International Monetary Fund, 2003.

p. cm.

Includes bibliographical references.

ISBN 1-58906-060-1

1. Debts, External — Statistics. 2. Debts, External — Statistical methods.

I. International Monetary Fund.

HJ8011.E75 2003

Price: $60.00

Please send orders to:

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Contents

  • Foreword

  • Preface

    • Evolution of This Guide

    • Acknowledgments

  • Abbreviations and Acronyms

  • 1 Overview

    • The Grey Book

    • Conceptual Approach in the Guide

    • Structure of the Guide

  • PART I: CONCEPTUAL FRAMEWORK

  • 2 The Measurement of External Debt: Definition and Core Accounting Principles

    • Introduction

    • Definition of External Debt

    • Core Accounting Principles

    • Appendix: Accrual of Interest Costs—How Should This Be Implemented?

  • 3 Identification of Institutional Sectors and Financial Instruments

    • Introduction

    • Institutional Sectors

    • Instrument Classification

  • 4 Presentation of the Gross External Debt Position

    • Introduction

    • Presentation Table

    • Memorandum Items

  • 5 Public and Publicly Guaranteed External Debt

    • Introduction

    • Definitions

    • Presentation of Public and Publicly Guaranteed External Debt Position

  • 6 Further External Debt Accounting Principles

    • Introduction

    • Sectors, Maturity, and Instruments

    • Specific Characteristics of External Debt

    • Debt-Service and Other Payment Schedules

  • 7 Further Presentation Tables of External Debt

    • Introduction

    • External Debt by Short-Term Remaining Maturity

    • Debt-Service Payment Schedule

    • Foreign Currency and Domestic Currency External Debt

    • Interest Rates and External Debt

    • External Debt by Creditor Sector

    • Net External Debt Position

    • Reconciliation of External Debt Positions and Flows

    • Traded Debt Instruments

    • Cross-Border Trade-Related Credit

  • 8 Debt Reorganization

    • Introduction

    • Definitions

    • Types of Debt Reorganization

    • Presentation of Data on Debt Reduction

    • Other Transactions Relating to Debt Reorganization

  • 9 Contingent Liabilities

    • Introduction

    • Definition

    • Why Measure Contingent Liabilities?

    • Measuring Contingent Liabilities

  • PART II: COMPILATION—PRINCIPLES AND PRACTICE

  • 10 Overview of Data Compilation

    • Introduction

    • Coordination Among Official Agencies

    • Resources

    • Legal Backing for Data Collection

    • Collection Techniques at Different Stages of Liberalization

    • Dissemination of External Debt Statistics

  • 11 Government and Public Sector Debt Statistics

    • Introduction

    • How Should Data Be Collected and Compiled by the Debt Office?

    • Basic Details and Terms of the Borrowing

    • How Should Information Be Stored?

    • How Can the Debt Office Validate Data?

    • Appendix: Functions of the Government Debt Office

  • 12 Banks and Other Sectors’ External Debt Statistics

    • Introduction

    • Banks

    • Other Sectors

    • Appendix: Estimating Position Data with Transactions Information

  • 13 Traded Securities

    • Introduction

    • General Observations

    • Key Considerations

    • Nonresident Investment in Domestically Issued Securities: Potential Respondents

    • Issues of Securities by Residents in Foreign Markets

    • Information on Securities Involved in Reverse Security Transactions

    • Possible Mismeasurement

    • Periodic Position Surveys

    • Counterpart Information

  • 14 Country Experience

    • Introduction

    • Australia

    • Austria

    • Canada

    • Chile

    • India

    • Israel

    • Mexico

    • New Zealand

    • Philippines

    • Turkey

    • Uganda

  • PART III: USE OF EXTERNAL DEBT STATISTICS

  • 15 Debt Sustainability: Medium-Term Scenarios and Debt Ratios

    • Introduction

    • Medium-Term Debt Scenarios

    • Debt Ratios

  • 16 External Debt Analysis: Further Considerations

    • Introduction

    • Composition of External Debt

    • The Role of Income

    • The Role of Assets

    • Relevance of Financial Derivatives and Repurchase Agreements (Repos)

    • Information on the Creditor

  • PART IV: WORK OF INTERNATIONAL AGENCIES

  • 17 External Debt Statistics from International Agencies

    • Introduction

    • Bank for International Settlements

    • International Monetary Fund

    • Organisation for Economic Co-operation and Development

    • World Bank

    • Joint BIS-IMF-OECD-World Bank Statistics on External Debt

  • 18 External Debt Monitoring Systems

    • Introduction

    • Commonwealth Secretariat’s Debt Recording and Management System (CS-DRMS)

    • UNCTAD’s Debt Management and Financial Analysis System (DMFAS)

  • 19 Provision of Technical Assistance in External Debt Statistics

    • Introduction

    • Commonwealth Secretariat

    • European Central Bank

    • International Monetary Fund

    • Organisation for Economic Co-operation and Development

    • United Nations Conference on Trade and Development

    • World Bank

  • Appendices

    • I. Specific Financial Instruments and Transactions: Classifications

      • Part 1. Financial Instruments: Description and Classification in the Gross External Debt Position

      • Part 2. Classification of Specific Transactions

    • II. Reverse Security Transactions

    • III. Glossary of External Debt Terms

    • IV. Relationship Between the National Accounts and the International Investment Position (IIP)

    • V. Heavily Indebted Poor Countries (HIPC) Initiative and Debt Sustainability Analysis

  • Boxes

    • 2.1. The Choice of a Recording Basis: The Case for Accrual Accounting

    • 2.2. General Methods for Estimating Market Value

    • 4.1. SDDS and GDDS Specifications Regarding Dissemination of External Debt Statistics

    • 7.1. High-Frequency Debt-Monitoring Systems

    • 8.1. Sovereign Bond Restructuring

    • 8.2. Paris Club and Commercial Bank Debt Relief

    • 13.1. Security Databases

    • 14.1. European Union (EU): Statistics on the Excessive Deficit Procedure

    • 17.1. Joint BIS-IMF-OECD-World Bank Statistics on External Debt

  • Tables

    • 2.1. Present Value and the Accrual of Interest Costs: Example 1 (Simple Case)

    • 2.2. Present Value and the Accrual of Interest Costs: Example 2 (Discounted Principal)

    • 2.3. Present Value and the Accrual of Interest Costs: Example 3 (Zero-Coupon Instrument)

    • 3.1. Standard Components of the IIP: Direct Investment

    • 3.2. Standard Components of the IIP: Portfolio Investment

    • 3.3. Standard Components of the IIP: Financial Derivatives

    • 3.4. Standard Components of the IIP: Other Investment

    • 3.5. Standard Components of the IIP: Reserve Assets

    • 4.1. Gross External Debt Position: By Sector

    • 4.2. Periodic Interest Costs That Have Accrued and Are Not Yet Payable: Outstanding Liabilities

    • 4.3. Financial Derivatives Position

    • 4.4. Equity Liability Position

    • 4.5. Debt Securities Acquired Under Reverse Security Transactions: Positions

    • 5.1. Gross External Debt Position: Public and Publicly Guaranteed Debt and Nonguaranteed Private Sector Debt

    • 5.2. Gross External Debt Position: Public Sector Debt and Publicly Guaranteed Private Sector Debt

    • 7.1. Gross External Debt Position: Short-Term Remaining Maturity—Total Economy

    • 7.2. Gross External Debt Position: Short-Term Remaining Maturity—By Sector

    • 7.3. Debt-Service Payment Schedule: By Sector

    • 7.4. Debt-Service Payment Schedule: Public and Publicly Guaranteed Debt and Nonguaranteed Private Sector Debt

    • 7.5. Gross External Debt Position: Foreign Currency and Domestic Currency Debt

    • 7.6. Gross External Foreign Currency and Foreign-Currency-Linked Debt Position

    • 7.7. Projected Payment Schedule in Foreign Currency Vis-à-Vis Nonresidents: Selected Institutional Sectors

    • 7.8. Gross External Debt Position: Interest Rate Composition

    • 7.9. Gross External Debt Position: Average Interest Rates

    • 7.10. Gross External Debt Position: Creditor Sector Information

    • 7.11. Net External Debt Position: By Sector

    • 7.12. Gross External Debt Position: Reconciliation of Positions and Flows

    • 7.13. Gross External Debt Position: Traded Debt Instruments—Reconciliation of Nominal and Market Value

    • 7.14. Gross External Debt Position: Resident-Issued Debt Securities Owned by Nonresidents—Location of Issuance

    • 7.15. Gross External Debt Position: Cross-Border Trade-Related Credit

    • 8.1. Nominal Value Debt Reduction Arising from Debt Reorganizations

    • 8.2. Evolution of Paris Club Rescheduling Terms

    • 9.1. Fiscal Risk Matrix with Illustrative Examples

    • 9.2. Gross External Debt Position: Ultimate Risk Basis

    • 11.1. Information To Be Compiled on Each Instrument

    • 11.2. What a Computer-Based Debt-Management System (CBDMS) Should Do

    • 11.3. Some Recommended Functions of a Debt Office

    • 13.1. Inward Security Investment: Potential Respondents—Advantages and Disadvantages for Positions and Transactions Data

    • 14.1. Outstanding External Loan Claims of BIS Reporting Institutions on Chile, as at End-June 1999

    • 14.2. Adjusted Data for Outstanding External Loan Claims of BIS Reporting Institutions on Chile, as at End-June 1999

    • 14.3. Outstanding External Claims of BIS Reporting Institutions on Chile, as at End-June 1999

    • 14.4. India’s External Debt and Key Debt Indicators

    • 14.5. India’s Central Government Guarantees on External Debt

    • 14.6. Indicators of Nonresident Deposits in India

    • 14.7. Total Philippine External Debt

    • 14.8. Uganda’s External Debt Obligation by Creditor as at June 30, 2000

    • 15.1. Overview of Debt Indicators

    • 17.1. Coverage of BIS International Banking Statistics

    • 17.2. Coverage of BIS International Security Statistics

    • 17.3. Example of Joint BIS-IMF-OECD-World Bank Statistics on External Debt

    • 18.1. Major Functions of the Commonwealth Secretariat Debt Recording and Management System (CS-DRMS)

    • A2.1. External Debt: Recording of Reverse Security Transactions

    • A4.1. Classification by Sector in 1993 SNA

    • A4.2. Link Between the Accounts

    • A4.3. Rest of the World Balance Sheet by Counterpart Sector

    • A4.4. Comparison of Breakdowns by Financial Instrument

    • A4.5. Correspondence of 1993 SNA Tables with BPM5 and IIP Components: Account V—Rest of the World Account, V.III—External Accumulation Accounts

    • A4.6. Correspondence of 1993 SNA Tables with BPM5 and IIP Components: Account V—Rest of the World Account, V.IV—External Assets and Liabilities Accounts

    • A5.1. Data Needed by a HIPC Country Compiler

  • Figures

    • 10.1. Data Suppliers and Collection Tools in Different Policy Environments

    • 11.1. Organizational Chart of a Government Debt Office

    • 14.1. Israel: Report Form on Loans Received by Local Residents from Foreign Residents

    • 14.2. New Zealand: Foreign Currency Liabilities—Questionnaires for Banks and Nonbank Corporate Entities

    • 19.1. World Bank Technical Assistance (TA) in Institutional Capacity Building in Statistics

    • A4.1. Simplified Version of Balance Sheet Accounts

    • A4.2. Balance Sheets of the Total Economy and the Rest of the World

    • A4.3. Detailed Version of Balance Sheet Accounts

    • A4.4. Sectoral Breakdown in 1993 SNA and in IIP

    • A5.1. Enhanced HIPC Initiative Flow Chart

    • A5.2. Steps Toward a Debt Sustainability Analysis (DSA)

  • Bibliography

  • Index

Foreword

This volume, External Debt Statistics: Guide for Compilers and Users (the Guide), has been prepared under the joint responsibility of our eight organizations, through the mechanism of the Inter-Agency Task Force on Finance Statistics. The preparation of the Guide, under way since mid-1999, was based on the broad range of experience of our institutions in close consultation with national compilers of external debt and balance of payments statistics.

International financial crises in the late 1990s underscored the importance of reliable and timely statistics on external debt as a critical element for the early detection of countries’ external vulnerability. Against this background, improving the quality and timeliness of key external debt data and promoting convergence of recording practices have been the focus in the preparation of the Guide. The Guide is a useful source of reference both for national compilers and users of external debt statistics.

The Guide updates the previous international guidelines on external debt statistics, External Debt: Definition, Statistical Coverage and Methodology, published by four of our organizations in 1988. During the 1990s, new statistical guidelines for national accounts and balance of payments statistics were established, and a substantial growth in financial flows between private sector institutions occurred, including the use of debt instruments and financial derivatives to manage and redistribute risk. The concepts set out in the Guide are harmonized with those of the System of National Accounts 1993 and the fifth edition of the IMF’s Balance of Payments Manual, also published in 1993.

We recommend that countries adopt the Guide as the basis for compiling and disseminating external debt statistics.

Malcolm D. Knight

General Manager

Bank for International Settlements

Donald C. McKinnon

Commonwealth Secretary-General

The Commonwealth Secretariat

Yves Franchet

Director-General

Statistical Office of the European Communities (Eurostat)

Horst Köhler

Managing Director

International Monetary Fund

Donald J. Johnston

Secretary-General

Organisation for Economic Co-operation and Development

Delphine d’Amarzit

Secretary-General

The Paris Club Secretariat

Rubens Ricupero

Secretary-General

The United Nations Conference on Trade and Development

James D. Wolfensohn

President

The World Bank Group

Preface

The need for comprehensive, comparable, and reliable information on external debt to inform policymakers, financial markets, and other users of statistics has long been recognized. This was once again reinforced by the international financial crises in the 1990s. Because they carry obligations to make future payments, external debt liabilities have the potential to create circumstances that render an economy vulnerable to solvency and liquidity problems. Moreover, as experience has shown, external vulnerability can have widespread economic costs, and not just for the initially affected economy. It is clear, therefore, that external debt needs to be measured and monitored. To this end, External Debt Statistics: Guide for Compilers and Users (the Guide) provides guidance on (1) the concepts, definitions, and classifications of external debt data, (2) the sources and techniques for compiling these data, and (3) the analytical uses of these data. The Guide is intended to be of use to both compilers and users of external debt statistics.

Evolution of This Guide

The previous international guidance on external debt statistics, External Debt: Definition, Statistical Coverage and Methodology (the “Grey Book”), was published in 1988 by the Bank for International Settlements (BIS), International Monetary Fund (IMF), Organisation for Economic Co-operation and Development (OECD), and World Bank. This publication provided a common definition of external debt. However, since its publication there have been new international statistical guidelines for national accounts and balance of payments statistics—the System of National Accounts 1993 (1993 SNA) and the fifth edition of the IMF’s Balance of Payments Manual (BPM5); a tremendous growth in private sector financial flows, especially to private sector debtors; and, associated with these financial flows, an increased use of instruments such as debt securities and financial derivatives to manage and redistribute risk.

Against this background, the Guide provides a comprehensive conceptual framework, derived from the 1993 SNA and BPM5, for the measurement of gross external debt of the public and private sectors. It draws on many of the concepts introduced in the Grey Book and is intended to provide clear guidance that can be applied consistently across the different sectors of an economy and across the different debt instruments used for borrowing. Thereafter, the Guide provides a scheme for classifying external debt by instruments and sectors that is developed into a presentation table for the gross external debt position. Data disseminated using this presentation table, and employing the concepts outlined earlier in the Guide, are essential for providing a comprehensive and informed picture of the gross external debt position for the whole economy. For countries in which there is a particular interest in public sector debt, the sector information can be rearranged to give focus to public and publicly guaranteed debt, consistent with the approach used by the World Bank’s Debtor Reporting System. Such a presentation may be of central importance where public sector external debt is dominant, although vigilance in monitoring private sector debt liabilities is necessary because experience has shown that these can grow rapidly.

Further, from the evidence of the international financial crises of the 1990s, and from the experience of many countries, additional data series may be vital to assist in identifying potential vulnerability to solvency and liquidity problems arising from the gross external debt position. The important need for data on debt-maturity profiles and currency breakdowns has been highlighted in international forums and, together with improving coverage of private sector debt liabilities, has helped to motivate preparation of the Guide. So, the Guide provides additional conceptual guidance, and presentation tables, for data series such as the debt-service schedule (especially relevant for liquidity analysis), the currency composition of debt, and other series known from experience to be of analytical use. The Guide also explains the concept of net external debt—that is, a comparison of the stock of external debt with holdings of external financial assets of similar instrument type—and incorporates financial derivative positions into external debt analysis.

Drawing on the broad range of experience in the international agencies involved in its production, the Guide provides advice on the compilation of external debt statistics, and the analytical use of such data. This advice is not intended to be comprehensive, but rather provides an overview of the issues. The work of international agencies in the field of external debt is outlined. Because the Guide is primarily intended to be a source of reference for both compilers and users of external debt statistics, certain sections will be more relevant for some audiences than others. For instance, the first section discusses complex conceptual measurement issues and provides detailed advice as a source of reference—this guidance is intended particularly for the compiler. In contrast, the section on the use of external debt data is directed toward both users and compilers. It is hoped that by this approach the Guide will contribute to better external debt statistics and an improved understanding of the complex issues involved in both compiling and analyzing them.

Acknowledgments

The production of the Guide has been jointly undertaken by the international agencies that participate in the Inter-Agency Task Force on Finance Statistics (TFFS), in close consultation with national compilers of external debt and balance of payments statistics. The TFFS is one of the interagency task forces formed under the aegis of the United Nations Statistical Commission and the Administrative Committee on Coordination—Sub-Committee on Statistical Activities, and was set up in 1992. It was reconvened in 1998 to coordinate work among the participating agencies to improve the methodological soundness, transparency, timeliness, and availability of data on external debt and international reserve assets. The TFFS was chaired by the IMF, and the work on the Guide involved representatives from the BIS, the Commonwealth Secretariat, the European Central Bank (ECB), Eurostat, the IMF, the OECD, the Paris Club Secretariat, the United Nations Conference on Trade and Development (UNCTAD), and the World Bank. The core participants in the TFFS’s work on the Guide are listed below (affiliations are those in effect at the time of preparation of the Guide). Their expert contributions and comments made possible the production of the Guide.

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The preparation of the Guide was primarily undertaken in the IMF. Mr. Robert Heath (Senior Economist, Balance of Payments and External Debt Division II, Statistics Department) was the primary drafter and also coordinated and edited the contributions of TFFS participants, national agencies, and other experts. The work was supervised by Mr. Neil Patterson (Assistant Director, Balance of Payments and External Debt Division I, Statistics Department) and Mr. Roger Pownall (Chief, Balance of Payments and External Debt Division II, Statistics Department).

The Guide benefited from the written contributions of other experts in the participating agencies; in particular, Mr. Jean Kertudo (BIS); Mr. Dev Useree, Mr. Andrew Kitili, and Mr. Jose Maurel (all Commonwealth Secretariat); Ms. Silvia von Ledebur (ECB); Mr. Marco Committeri, Mr. Richard Harmsen, Mr. Damoni Kitabire, Mr. René Piché, Mr. Sukhwinder Singh, and Ms. Beatrice Timmermann (all IMF); Mr. Steve Cutts (OECD); Mr. Pal Borresen (UNCTAD); and Mr. Paul Beckerman, Mr. Misha V. Belkindas, Mr. Anthony Richard Howe Bottrill, Ms. Hana Polackova Brixi, Ms. Nevin Fahmy, Mr. Sundarshan Gooptu, Mr. Frederick Henry Jensen, Ms. Marie-Helene Le Manchec, Mr. Deepak K. Mishra, and Ms. Gloria R. Moreno (all World Bank). Mr. Eduardo Valdivia-Velarde (Senior Economist, Balance of Payments and External Debt Division II, Statistics Department, IMF) was responsible for overseeing the preparation of the Guide in its final stages through publication, coordinating final comments, and refining the text. Ms. Elva Harris and Ms. Marlene Pollard (Statistics Department, IMF) provided administrative support in preparing the manuscript, and Mr. James McEuen (External Relations Department, IMF) copyedited the final manuscript and coordinated publication of the Guide.

Also, the TFFS acknowledges, with gratitude, the contributions of many compilers and users of external debt statistics in member countries. Responses to requests for comments on the draft Guide posted on the Internet in March 2001 came from many official agencies and others in countries across the world, and the text benefited enormously from these views. In addition, the following agencies, listed alphabetically by country, provided the case studies of country experience in various aspects of the compilation and use of external debt data. These case studies are set out in Chapter 14.

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Carol S. Carson

Director

Statistics Department

International Monetary Fund

Abbreviations and Acronyms

ADB

Asian Development Bank

AfDB

African Development Bank

BIS

Bank for International Settlements

BOP

Balance of payments

BOPSY

Balance of Payments Statistics Yearbook (IMF)

BPM5

Balance of Payments Manual, fifth edition (IMF)

CBDMS

Computer-based debt-management system

CIRR

Commercial Interest Reference Rate (OECD)

CMFB

Committee on Monetary, Financial and Balance of Payments Statistics (EU)

CPIS

Coordinated Portfolio Investment Survey (IMF)

CRS

Creditor Reporting System (OECD)

CS-DRMS

Commonwealth Secretariat’s Debt Recording and Management System

DAC

Development Assistance Committee (OECD)

DMFAS

Debt Management and Financial Analysis System (UNCTAD)

DOD

Disbursed and outstanding debt

DRS

Debtor Reporting System (World Bank)

DSM Plus

Debt Sustainability Module Plus (World Bank)

ECB

European Central Bank

ESA95

European System of Accounts, ESA 1995

EU

European Union

GDDS

General Data Dissemination System

GDP

Gross domestic product

GNF

Global note facility

Grey Book

External Debt: Definition, Statistical Coverage and Methodology (Bank for International Settlements, International Monetary Fund, Organisation for Economic Co-operation and Development, and World Bank, 1988)

HIPC Initiative

Initiative for heavily indebted poor countries

IADB

Inter-American Development Bank

IBRD

International Bank for Reconstruction and Development

IBS

International Banking Statistics (BIS)

IDA

International Development Association

IFMS

Integrated Financial Management System

IFS

International Financial Statistics (IMF)

IIP

International investment position

IMF

International Monetary Fund

ISIN

International security identification number

LIBOR

London interbank offered rate

MEFMI

Macroeconomic and Financial Management Institute for Eastern and Southern Africa

MOF

Multiple options facility

NIF

Note issuance facility

NNA

National numbering agency

NPISH

Nonprofit institutions serving households

ODA

Official development assistance

OECD

Organisation for Economic Co-operation and Development

OTC

Over-the-counter [markets]

Repo

Repurchase agreement

RUF

Revolving underwriting facility

SDDS

Special Data Dissemination Standard

SDR

Special drawing rights (IMF)

1993 SNA

System of National Accounts 1993

SPE

Special purpose entity

TFFS

Inter-Agency Task Force on Finance Statistics

UNCTAD

United Nations Conference on Trade and Development

Guide for Compilers and Users
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