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International Monetary Fund

Abstract

A considerable degree of complexity is involved in organizing a portfolio investment survey to ensure good quality data. Therefore, compilers should carefully consider all possibilities before deciding on the collection system. This chapter guides compilers on this process as follows:

International Monetary Fund

Abstract

While the manner in which the national survey is to be conducted is left to the national compiler, the concepts and principles underlying the national survey are to be applied in conformity with the fifth edition of the International Monetary Fund’s Balance of Payments Manual. To assist compilers in meeting this task, the Task Force identified the following areas where practical guidance is required:

International Monetary Fund

Abstract

Considerable logistics are required before a national survey can be conducted. This chapter provides some practical advice based on the experience of Task Force members. The chapter covers:

International Monetary Fund

Abstract

This paper presents a coordinated portfolio investment survey guide provided to assist national compilers in the conduct of the Coordinated Portfolio Investment Survey, conducted under the auspices of the IMF with reference to the year-end 1997. The guide covers a variety of conceptual issues that a country must address when conducting a survey. It also covers the practical issues associated with preparing for a national survey. These include setting a timetable, taking account of the legal and confidentiality issues raised, developing a mailing list, and maintaining quality control checks.

Mr. Jun Nagayasu and Mr. Ronald MacDonald
This paper empirically examines the long-run relationship between real exchange rates and real interest rate differentials over the recent floating exchange rate period, using a panel cointegration method, with data for a set of industrialized countries. The paper finds evidence of statistically significant long-run relationships and plausible point estimates, which contrasts with much existing evidence. The failure of others to establish such relationships may reflect the estimation method they use rather than any inherent deficiency of the fundamentals-based models.
RONALD MACDONALD and JUN NAGAYASU

This paper empirically examines the long-run relationship between real exchange rates and real interest rate (RERI) differentials over the recent floating exchange rate period. A panel cointegration estimator is applied to a data set of 14 industrialized countries. In contrast to much other research on the RERI model, we find evidence of statistically significant long-run relationships and plausible point estimates. The failure of most other researchers to establish such relationships may therefore reflect the estimation method used rather than any inherent deficiency in the real exchange rate—real interest rate relationship. [JEL F31]