Abstract

The reliability of country data reported for the world Current Account, Capital Account, and Financial Account has been a matter of concern since the 1980s. Tables 7 and 8 show that discrepancies existed in these accounts through the 1990s. Although the large, negative discrepancy for the world Current Account declined (see Table 7), this decrease probably masked large, offsetting imbalances. In particular, the imbalance in portfolio and other investment income increased. Imbalances in components of the world Financial Account also grew during the 1990s (see Table 8). Consequently, it is almost certain that data now being reported on both Current Account and Financial Account transactions contain substantial deficiencies. Authors of the Godeaux Report noted that deficiencies in data reported for the Financial Account were associated with deficiencies in data reported for Financial Account positions. This observation was confirmed, in respect to portfolio and other investment, by end-December 1997 estimates. (These estimates were previously discussed in the section on 1997 CPIS results.)

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