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.
This chapter describes the purpose and evolution of this Manual, the uses of government finance statistics, the structure of the government finance statistics framework, major methodological changes from the previous editions of this Manual, the implementation of the methodology, and the structure of this Manual.
The Guide has been prepared to assist economies that participate or are considering participating in the Coordinated Direct Investment Survey (CDIS). The Guide is also intended to assist economies already participating in the CDIS by providing statistical guidelines that compilers may find useful for improving the quality of their direct investment data. It updates the CDIS Guide that was released in 2010 to incorporate clarifications based on the International Monetary Fund’s (IMF’s) experience in conducting the CDIS and in preparing the Balance of Payments and International Investment Position Compilation Guide (BPM6 CG). This chapter covers the purpose, background, and strategy adopted for the implementation of the CDIS, and an overview on how the Guide is organized.
This chapter describes the other economic flows that are recorded in the government finance statistics framework. The two major categories are holding gains and losses and other changes in the volume of assets.
This chapter defines and describes the concepts of residence, institutional units, and sectors, and then uses those concepts to delineate the general government and public sectors, and to discuss practical applications of sector classification principles.
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).
Direct investment arises when a unit resident in one economy makes an investment that gives control1 or a significant degree of influence on the management of an enterprise that is resident in another economy. This concept is operationalized where a direct investor (DI) owns equity that entitles it to 10 percent2 or more of the voting power3 in the direct investment enterprise (DIENT) (which is usually equal to ownership of ordinary shares). Once that threshold has been reached, the units involved are said to be in a direct investment relationship, and the equity and debt instrument positions between the DI and the DIENT, and between all DIENTs of the same DI, are included in direct investment, except for debt between selected affiliated financial corporations.4 Included in direct investment are units that are under the control or influence of the same immediate or indirect investor, but do not have control or significant influence over one another. These units are known as “fellow enterprises.” Data in the CDIS are recorded by economy based on the location of the immediate counterpart economy relative to a direct investment position.
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.
This chapter first defines equity and investment fund shares, and debt instruments, and then explains the valuation methods to be used when requesting data on direct investment positions. As well, a brief introduction to the model survey forms is provided.