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Mr. Johan Mathisen and Mr. Anthony J. Pellechio

Abstract

Delineation of sectors and financial instruments in a matrix of balance sheets for an economy is central to specifying the BSA framework for analysis of the potential for emerging liquidity or solvency problems. The sectorization and financial instruments in the 7 x 7 matrix presented in this paper provide a useful baseline for applying the BSA and can be adapted to focus on particular sectors to assess vulnerabilities in the economy. This framework can also be modified to accommodate data limitations and still be useful for vulnerability analysis.

Mr. Johan Mathisen and Mr. Anthony J. Pellechio

Abstract

A distinguishing feature of emerging market crises in the 1990s and early 2000s was the sudden disruption in the capital accounts of key sectors of the economy. Capital account crises typically occur as creditors quickly lose confidence, prompting sudden and large-scale portfolio adjustments such as massive withdrawals of bank deposits, panic sales of securities, or abrupt halts of debt rollovers. As the exchange rate, interest rates, and other asset prices adjust, the balance sheet of an entire economy can sharply deteriorate.

Mr. Johan Mathisen and Mr. Anthony J. Pellechio

Abstract

The purpose of the BSA is to analyze vulnerabilities of sectors and transmission mechanisms among them. Key vulnerabilities that the BSA framework aims to capture can be summarized as follows:4

Mr. Johan Mathisen and Mr. Anthony J. Pellechio

Abstract

The particular framework of a BSA application—a matrix of intersectoral balance sheets in terms of sectors of the economy and components of the balance sheet (Table 1)—depends on the focus of analysis and, as a practical matter, the availability of data. Allen and others (2002) provide a generic matrix encompassing four sectors (government, financial, nonfinancial, nonresident) with assets and liabilities broken down by (short- and long-term) maturity and currency (domestic, foreign). The framework presented in this paper uses the same breakdown of assets and liabilities but expands it to seven sectors.6

Mr. Johan Mathisen and Mr. Anthony J. Pellechio

Abstract

Recent improvements in statistical methodologies and data availability are enhancing the potential for detecting and monitoring macroeconomic balance sheet vulnerabilities. In particular, some of the datasets introduced in recent years permit a much more frequent, detailed, and up-to-date analysis.

Mr. Johan Mathisen and Mr. Anthony J. Pellechio

Abstract

The most important aspect of the new datasets is that they permit tracking the evolution of balance sheet vulnerabilities—the potential for liquidity or solvency problems—on a regular and timely basis for surveillance purposes. As the example of South Africa illustrated, the new datasets—particularly the SRF, JEDH, QEDS, and CPIS—provide financial data with greater periodicity, detail, and timeliness, enabling better tracking of current vulnerabilities using the BSA. These data can be mapped into the 7 x 7 BSA framework for a monthly analysis of sectoral vulnerabilities. If needed, the framework also allows for a detailed breakdown by assets and liabilities by currency, which can be very useful when analyzing particular vulnerabilities. Recent applications of the BSA using these new databases illustrate some of the advantages for IMF surveillance. However, the full potential for detailed examination of a country’s vulnerabilities and cross-country analysis based on comparable data will be realized in future applications of the BSA using these databases.

International Monetary Fund

In recent years, Colombia has found several innovative ways to improve the efficiency of its public enterprise sector. One option used by Colombia to reform public enterprises has been to enhance their commercial orientation and limit the fiscal risk. If a public enterprise is considered commercially run, it could be removed from the country’s fiscal indicators and targets. This paper presents the IMF staff’s evaluation of these two enterprises. It also discusses the commercial orientation and fiscal risk of Isagen and Ecopetrol, respectively.

International Monetary Fund. Statistics Dept.

Abstract

El FMI ha publicado Estadísticas de la deuda externa: Guía para compiladores y usuarios 2013 (Guía de la deuda 2013), que contiene normas mundiales actualizadas para la compilación, declaración y uso analítico de las estadísticas de la deuda externa. La Guía de la deuda 2013 fue elaborada por las nueve organizaciones del Grupo de tareas interinstitucional sobre estadísticas financieras (GTIEF), en estrecha consulta con compiladores nacionales de estadísticas de deuda externa, balanza de pagos y posición de inversión internacional. [1] En la Guía de la deuda 2013 se recogen los principales acontecimientos en las finanzas internacionales desde su publicación. La Guía de la deuda 2013 ofrece directrices sobre 1) los conceptos, las definiciones y las clasificaciones de los datos sobre la deuda externa; 2) las fuentes y técnicas de compilación de estos datos; y 3) los usos analíticos de estos datos. Los conceptos de la Guía están plenamente armonizados con los del Sistema de Cuentas Nacionales (2008) y la sexta edición del Manual de Balanza de Pagos y Posición de Inversión Internacional del FMI. [1] El GTIEF está presidido por el Fondo Monetario Internacional (FMI) e integrado por el Banco Central Europeo (BCE), el Banco Mundial, el Banco de Pagos Internacionales (BPI), la Conferencia de las Naciones Unidas sobre Comercio y Desarrollo (UNCTAD), Eurostat, la Organización para la Cooperación y el Desarrollo Económicos (OCDE), la Secretaría del Club de París y la Secretaría del Commonwealth.

International Monetary Fund. Statistics Dept.

Abstract

The External Debt Statistics: Guide for Compilers and Users (EDS Guide) contains updated global standards for the compilation, reporting, and analytical use of external debt statistics. The 2013 EDS Guide was prepared under the responsibility of the nine organizations in the Inter-Agency Task Force on Finance Statistics, in close consultation with national compilers of external debt, balance of payments, and international investment position statistics, and reflects the significant developments in international finance since the issuance of the 2003 EDS Guide. The new edition provides guidance on the concepts, definitions, and classifications of external debt data; the sources and techniques for compiling these data; and the analytical uses of these data.

International Monetary Fund. Statistics Dept.

Abstract

The IMF has released the 2013 External Debt Statistics: Guide for Compilers and Users (2013 EDS Guide), which contains updated global standards for the compilation, reporting, and analytical use of external debt statistics. The 2013 EDS Guide was prepared under the responsibility of the nine organizations in the Inter-Agency Task Force on Finance Statistics (TFFS), in close consultation with national compilers of external debt, balance of payments, and international investment position statistics. [1] The 2013 EDS Guide reflects the significant developments in international finance since the issuance of the 2003 EDS Guide. The 2013 EDS 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 concepts set out in the 2013 EDS Guide are fully harmonized with those of the System of National Accounts 2008 (2008 SNA) and the sixth edition of the IMF’s Balance of Payments and International Investment Position Manual (BPM6). [1] The TFFS is chaired by the International Monetary Fund (IMF), and its member agencies are the Bank for International Settlements (BIS), the Commonwealth Secretariat (ComSec), the European Central Bank (ECB), the European Commission (Eurostat), the IMF, the Organization for Economic Co-operation and Development (OECD), the Paris Club Secretariat, the United Nations Conference on Trade and Development (UNCTAD), and the World Bank.