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Miss Rita Mesias

Abstract

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.

Miss Rita Mesias

Abstract

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.

Miss Rita Mesias

Abstract

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.

Miss Rita Mesias

Abstract

In undertaking an enterprise survey, it is important to develop a timetable. This chapter may be especially helpful to compilers that intend to conduct a direct investment survey for the first time.

Miss Rita Mesias

Abstract

The purpose of this chapter is to assist compilers in improving the quality of direct investment data by using some recommended self-assessment tools for compiling and reporting data, by assessing consistency between International Investment Position (IIP) and CDIS data, and by assessing data reported by counterpart economies (mirror data).

International Monetary Fund. External Relations Dept.

04/235: IMF Managing Director Rodrigo de Rato’s Statement at the Conclusion of His Visit to Mexico, November 9

T. N. SRINIVASAN

This paper examines contractionary currency crashes in developing countries. It explores the causes of India’s productivity surge around 1980, more than a decade before serious economic reforms were initiated. The paper finds evidence that the trigger may have been an attitudinal shift by the government in the early 1980s that, unlike the reforms of the 1990s, was pro-business rather than pro-market in character, favoring the interests of existing businesses rather than new entrants or consumers. A relatively small shift elicited a large productivity response, because India was far away from its income possibility frontier.

Mr. Ari Aisen and Mr. Francisco José Veiga
While most economists agree that seigniorage is one way governments finance deficits, there is less agreement about the political, institutional, and economic reasons for relying on it. This paper investigates the main determinants of seigniorage using panel data on about 100 countries, for the period 1960-1999. Estimates show that greater political instability leads to higher seigniorage, especially in developing, less democratic, and socially polarized countries, with high inflation, low access to domestic and external debt financing and with higher turnover of central bank presidents. One important policy implication of this study is the need to develop institutions conducive to greater economic freedom as a means to lower the reliance on seigniorage financing of public deficits.