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International Monetary Fund. Statistics Dept.
This Technical Assistance Report discusses the findings and recommendations made by the IMF mission regarding the balance of payments, international investment position, and secondary income statistics in El Salvador. The mission reviewed progress made on the recommendations for the Coordinated Direct Investment Survey (CDIS). Although El Salvador is currently reporting data to the CDIS, there are some topics that need improvement, particularly the positions of the shareholders of the three most important financial groups and their subsidiaries to avoid duplicate entries. The mission agreed with the authorities regarding the monitoring of processing payment vouchers sent to the Central Reserve Bank of El Salvador by banks and other entities paying remittances for amounts exceeding the threshold of US$500 to complete the personal transfers’ estimates.
Mr. Ralph Chami, Mr. Adolfo Barajas, Anjali Garg, and Connel Fullenkamp
Using data on the distribution of migrants from Africa, GDP growth forecasts for host countries, and after estimating remittance multipliers in recipient countries, this paper estimates the impact of the global economic crisis on African GDP via the remittance channel during 2009-2010. It forecasts remittance declines into African countries of between 3 and 14 percentage points, with migrants to Europe hardest hit while migrants within Africa relatively unaffected by the crisis. The estimated impact on GDP for relatively remittance-dependent countries is 2 percent for 2009, but will likely be short-lived, as host country income is projected to rise in 2010.
Ms. Aiko Mineshima and Mr. Christopher Browne
Remittances are large and have grown substantially over the past decade in the Pacific region. This primarily reflects the impact of emigration due to low growth and limited employment prospects at home. Many Pacific emigrants settle abroad with their families for long periods, but maintain close links with their relatives, villages and churches. The paper finds that the altruistic motive for remittances remains much stronger in the Pacific region than in the rest of Asia, where investment considerations increasingly appear to predominate, especially for the large share of single citizens working abroad for limited periods.
International Monetary Fund

Abstract

A companion document to the fifth edition of the Balance of Payments Manual, the Balance of Payments Compilation Guide shows how the conceptual framework described in the Manual may be implemented in practice. The primary purpose of the Guide is to provide practical guidance for using sources and methods to compile statistics on the balance of payments and the international investment position. the Guide is designed to assist balance of payments compilers and statisticians in understanding the relative strengths and weaknesses of various approaches. The material reflects the emergence of new data sources and adaptations in the application of statistical methodologies to changing circumstances. Discussed in the Guide are all of the tasks that a BOP compiler normally performs. Appendices contain a set of model BOP questionnaires and a set of model BOP publication tables. Relationships between the balance of payments statistics and relevant aspects of national accounts are covered as well.

International Monetary Fund

Abstract

1. The Balance of Payments Compilation Guide (Guide) is a companion document to the fifth edition of the Balance of Payments Manual (BPM) published by the International Monetary Fund (IMF or the Fund) in 1993. The primary purpose of the BPM is to set out the conceptual framework underlying balance of payments and international investment position statistics. The purpose of the Guide is to show how the conceptual framework described in the BPM may be implemented in practice. Key elements of the framework are described in paragraphs 12-30 of this introductory chapter.

International Monetary Fund

Abstract

36. International trade statistics (ITS) measure quantities and values of goods that, by moving into or out of a country, add to or subtract from a nation’s material stock of goods. ITS are compiled from forms or from electronic transmissions sent by importers and exporters (or their agents) to customs or to the ITS compiler. BOP compilers in most countries rely on ITS to compile the goods item in the BOP and, in some countries, ITS are used in compiling other items in BOP accounts.

International Monetary Fund

Abstract

63. An international transactions reporting system (that is, a system for reporting international transactions) measures: (1) individual BOP cash transactions that pass through domestic banks and through enterprise accounts with banks abroad, (2) noncash transactions, and (3) stock positions. Statistics are compiled from forms submitted to domestic banks and from forms submitted by enterprises. An international transactions reporting system (ITRS) can provide comprehensive and timely BOP statistics. Most international transactions reporting systems, which were formerly known as foreign exchange record systems, evolved as by-products of foreign exchange control systems. However, as foreign exchange restrictions were eased or lifted, many systems began to measure more than foreign exchange transactions; hence, a broader designation is necessary to describe them.

International Monetary Fund

Abstract

130. Chapter 4 discusses the use of enterprise surveys (ES) to measure certain components of the BOP and IIP—that is, current account transactions as well as transactions in, and levels of, an economy’s external financial assets and liabilities. Chapters 5 and 6 describe international transportation surveys and the measurement, by means of surveys, of activities associated with internationally traded securities. While all are ES, the different types are discussed separately because of their complexity.

International Monetary Fund

Abstract

376. Chapter 9 discusses data that may be available, from partner countries and international institutions, on transactions with compiling countries. Examples are data compiled by other countries; data, which is provided by foreign embassies and international institutions, on expenditure and bilateral development assistance in respect of compiling countries; and data from records of nonresident creditors. This chapter also discusses availability and use of statistics, which are compiled by international institutions, on development assistance and external debt.

International Monetary Fund

Abstract

209. The international transportation industry has many unique features that require special attention when BOP transactions are measured. Various modes of transport (including sea, air, rail, road, space, and waterways) may be employed, and this chapter discusses the use of enterprise surveys to measure the BOP transactions associated with each of these modes. The implications, for the measurement of transportation services, of the point-of-valuation convention adopted for transactions in goods adds to the complexity of recording transportation industry transactions in the BOP. The BOP treatment of mobile equipment is discussed in chapter 10, paragraphs 442-451; chapter 12, paragraphs 492-507 provide details on the compilation of transportation services. Both of these sections should be read, in conjunction with this chapter, when the compiler is developing international transportation surveys.

International Monetary Fund

Abstract

250. Chapter 4 discusses enterprise surveys (ES) that are used to approach principals to measure liabilities to, and claims on, nonresidents. However, additional collection arrangements may be required in countries in which (a) securities are issued by residents and acquired by nonresidents—particularly if the securities are held by resident custodians (nominees) on behalf of the nonresident principals; (b) securities are issued by nonresidents and acquired by residents; or (c) portfolio managers (banks or fund managers) place funds abroad on behalf of clients. Similarly, a country that uses an ITRS may have to make special arrangements to collect data on transactions that involve resident intermediaries acting on behalf of nonresidents. This chapter examines the role of financial intermediaries and their impact on the BOP and outlines ways in which the compiler may collect appropriate BOP data on international securities. (The term intermediaries is used broadly to include banks and security dealers, as well as companies that manage large share or bond registers in respect of their own shares or bonds.39)

International Monetary Fund

Abstract

300. This chapter discusses collections of data from individuals and households, which are groups of persons with common economic interests, for measurement of various household sector transactions in the BOP. The chapter describes migration statistics and similar statistics on movements of persons across national borders, surveys collecting data on travel expenditure, and other household surveys.

International Monetary Fund

Abstract

328. Data sources available from the official sector (the general government sector and the monetary authorities) are examined in chapter 8. The chapter covers sources of data on own-account transactions and stocks of external financial assets and liabilities of the general government sector and the monetary authorities.56 These transactions can have a significant impact on the BOP; therefore, their measurement requires careful attention. The chapter also examines data (which may be relevant to the BOP) gathered by official sector institutions as a by-product of carrying out their various functions. Examples are data from applications to invest, to acquire foreign exchange, and to export, and data from taxation, education, and health authorities.

International Monetary Fund

Abstract

404. Previous chapters have focused on various data sources that may be used to compile a BOP statement. This chapter examines the compilation process itself. The BOP worksheet is discussed, and broad issues associated with estimation and projection are described. Introduction of a BOP coding system is followed by a discussion of the relationship between the BPM and the SNA. Selection of the unit of account for the BOP and treatment of multiple exchange rates are then described. The remainder of the chapter addresses compilation issues (including treatments of mobile equipment, construction activity, household transactions, and wealthy individuals) that could have significant impacts on a number of BOP components.