This Guide has been prepared to assist economies that participate or are preparing to participate in the Coordinated Portfolio Investment Survey (CPIS). For economies already participating in the CPIS, the Guide provides statistical guidelines that compilers may find useful for improving the quality of the data and for compiling additional items that were introduced in the aftermath of the 2007–2008 financial crisis. Additionally, this third edition updates the second edition of the CPIS Guide (2002) to reflect the adoption of the sixth edition of the Balance of Payments and International Investment Position Manual (BPM6) as the standard framework for compiling cross-border position statistics and to provide compilation guidance drawing on International Monetary Fund (IMF) staff and IMF members’ experience. This chapter covers the purpose and background of the CPIS and provides an overview of how the Guide is organized.
1.1 The main purpose of the Monetary and Financial Statistics Manual and Compilation Guide (Manual) is to offer guidelines for the compilation and presentation of monetary statistics, with compilers and users of such statistics as its focal target audience. Additionally, the Manual provides an orientation to the financial statistics framework. The Manual is also useful to compilers and users of other macroeconomic statistics in understanding the relationships among the various macroeconomic datasets.
2.1 This chapter provides an overview of the monetary and financial statistics framework, focusing on its scope, uses, and main principles and concepts. Further, it explains the relationship of monetary and financial statistics with the System of National Accounts 2008 (2008 SNA), other statistical manuals, and the International Financial Reporting Standards (IFRSs). The chapter sets the stage for the other chapters of this Manual, providing a context for the reader.
2.1 All countries are welcome to participate. The IMF has invited the participants of the 1997 CPIS; 41 other major investing countries that were invited on the basis of the size of reported portfolio investment in their IIPs or balance of payments statistics; and 16 SEIFiCs (in addition to Bermuda, which participated in the 1997 CPIS). Other IMF members have been advised of the 2001 CPIS and are welcome to participate if they wish.
This chapter sets out the scope and modalities of the Coordinated Portfolio Investment Survey (CPIS), Securities Held as Foreign Exchange Reserves (SEFER), and Securities Held by International Organizations (SSIO).
3.1 The concepts and principles underlying the CPIS are those contained in BPM5. As national compilers apply these concepts and principles, some reporting issues may arise: these practical dimensions are addressed in Chapter 4. In addition, to guide compilers, in 1995 the IMF published the Balance of Payments Compilation Guide, which describes how the conceptual framework in BPM5 can be implemented in practice.
Although the procedures for conducting the national survey are shaped by the national compiling agency, the concepts and principles underlying the survey content should conform to the sixth edition of the Balance of Payments and International Investment Position Manual (BPM6). From this viewpoint, practical guidance on the following key topics that are relevant for undertaking a Coordinated Portfolio Investment Survey (CPIS) are discussed in this chapter: (i) nomenclature, (ii) residence and institutional sector attribution, (iii) valuation, (iv) distinction between direct and portfolio investment, and (vi) treatment of securities where there is potential for double counting. In addition, an appendix discusses the institutional sectors.
3.1 Chapter 3 identifies institutional units and groups them into institutional sectors based on their economic objectives, functions, and behavior. The chapter focuses on the role of institutional units as holders and issuers of financial assets and the classification and sectoring of their accounts for compiling monetary and financial statistics. The definition of institutional units and their classification into sectors follow closely the System of National Accounts 2008 (2008 SNA), the sixth edition of the Balance of Payments and International Investment Position Manual (BPM6), and the Government Finance Statistics Manual 2014 (GFSM 2014). In addition, this chapter expands on issues that are relevant for compilers of monetary statistics and discusses special cases where sectoring is not straightforward.
4.1 This chapter describes the principal characteristics of financial assets and liabilities, and their classification by type of financial instrument within the framework of monetary and financial statistics. The recommended classification at its highest level follows that of the System of National Accounts 2008 (2008 SNA). This chapter also includes three annexes: Annex 4.1 presents examples of debt securities issued through securitization; Annex 4.2 deals with the recommended treatment of accounts with the IMF in monetary statistics; while Annex 4.3 discusses topics related to Islamic financial institutions and instruments.