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Mr. Jose M Cartas and Artak Harutyunyan

Abstract

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.

Mr. Jose M Cartas and Artak Harutyunyan

Abstract

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.

Mr. Jose M Cartas and Artak Harutyunyan

Abstract

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.

Mr. Jose M Cartas and Artak Harutyunyan

Abstract

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.

Mr. Jose M Cartas and Artak Harutyunyan

Abstract

5.1 This chapter discusses financial stocks and flows, and the accounting rules for the compilation of monetary and financial statistics. The stock and flow concepts and accounting rules follow the System of National Accounts 2008 (2008 SNA) and other statistical manuals. The framework used is a consistent system that, in principle, measures each financial flow or stock position identically for the parties involved, using the same accounting rules. The framework is also an integrated system in which changes in stocks of financial assets and liabilities account for all flows in a period. It divides flows into transactions, revaluations (holding gains and losses), and other changes in the volume of assets (OCVA).

Mr. Jose M Cartas and Artak Harutyunyan

Abstract

6.1 This chapter covers concepts and definitions that should be used in constructing money, liquidity, credit, and debt aggregates. It first covers broad money in two sections, then dedicates one section to monetary base (also called base money or reserve money) and another section to liquidity aggregates. The final section discusses credit and debt aggregates. Six annexes focus on currency-union currency, dollarized economies and co-circulation, reserves requirements, seasonal adjustment of economic time series, debt securities issued by economic sector, and on Divisia money. This chapter also sets the stage for Chapter 7, which presents the statistical framework for the compilation of monetary statistics in accordance with the methodology of this Manual.

Mr. Jose M Cartas and Artak Harutyunyan

Abstract

7.1 This chapter discusses the framework for the compilation and presentation of monetary statistics in accordance with the methodology of this Manual, and the necessary source data. Monetary statistics cover stock and flow data on the assets and liabilities of the financial corporations (FCs) sector and its subsectors.

Mr. Jose M Cartas and Artak Harutyunyan

Abstract

8.1 Financial statistics cover the stocks and flows of financial assets and liabilities between all sectors of the economy, and between the sectors of the economy and the rest of the world. Financial statistics thus have broader sectoral coverage than monetary statistics, which cover the stocks and flows of the assets and liabilities of financial corporations (FCs).

Mrs. Ruby Randall, Mr. Jorge Shepherd, Mr. Frits Van Beek, Mr. J. R. Rosales, and Ms. Mayra Rebecca Zermeno

Abstract

The Eastern Caribbean Central Bank is one of just a few regional central banks in the world and the only one where the member countries have pooled all their foreign reserves, the convertability of the common currency is fully self-supported, and the parity of the exchange rate has not changed. This occasional paper reviews recent developments, policy issues, and institutional arrangements in the member countries of the Eastern Caribbean Currency Union, and looks at the regional financial system, its supervision, and the central bank's initiatives to establish a single financial space. The paper includes a large amount of statistical information that is not readily available elsewhere from a single source.

International Monetary Fund

The Eastern Caribbean Currency Union (ECCU) countries’ economies are heavily dependent on the United States for foreign direct investment, mainly in the tourism sector. The Selected Issues paper discusses economic development and policies of the ECCU. About one-third of the stayover tourists to the ECCU countries are from the United States., the top tourist-source country. The flow of remittances is also an important channel of influence, reflecting the significant proportion of Caribbean migrants living in the United States.