Title Page

GUIDE

COORDINATED DIRECT INVESTMENT SURVEY GUIDE – 2015

2015

Copyright

© 2015 International Monetary Fund

Cataloging-in-Publication Data

Joint Bank-Fund Library

Coordinated direct investment survey guide. – Washington, D.C.: International Monetary Fund, 2015.

pages ; cm

ISBN: 978-1-51351-941-8 (print)

ISBN: 978-1-51358-943-5 (ePub)

ISBN: 978-1-51358-488-1 (Mobipocket)

ISBN: 978-1-51353-890-7 (PDF)

1. Investments, Foreign. 2. Economic surveys. I. International Monetary Fund.

HG4538.C667 2015

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Contents

• Preface

• Abbreviations

• 1. Introduction

  • Purpose of the Coordinated Direct Investment Survey

  • Background

  • Strategy to Implement the CDIS

  • Data to Be Compiled for the CDIS

  • Organization of the CDIS Guide

• 2. Units to Be Surveyed

  • Institutional Units Resident in an Economy

  • Direct Investment Institutional Units

  • Recognition of Notional Units in Direct Investment

  • International Financial Centers, Units Involved with “In-Transit” or “Pass-Through” Finance, and Financial Intermediaries

  • Sources for Identifying Direct Investment Units for the Survey Frame

  • Direct Investment Enterprises and Direct Investors

  • Local Enterprise Groups as DIENTs and as DIs

  • Determining Direct Investment Relationships

• 3. Information to Be Collected in the Survey

  • Equity and Investment Fund Shares, and Debt Instruments

  • Excluded Instruments

  • Valuation Principles

  • Model Survey Forms for Inward and for Outward Direct Investment

• 4. Compilation and Reporting of Direct Investment Statistics

  • Data Compilation

  • Special Cases of Data Compilation

  • Reporting CDIS Data to the IMF

• 5. Undertaking a Direct Investment Survey

  • Timetable

  • Responsibility for Producing Direct Investment Statistics

  • Creation/Update of a Survey Frame

  • Information Content of the Survey Frame

  • Computerizing the Survey Frame

  • Use of the Survey Frame

  • Determining the Coverage of the Direct Investment Survey

  • Draft Survey Questionnaires

  • Communication with Respondents

  • How to Address Low Coverage or Low Response Rates

  • Editing/Validating Collected Data

• 6. Consistency and Validation of CDIS Data

  • CDIS Self-Assessment Tools

  • Consistency with IIP Data

  • Mirror Data

• Appendices

  • I. CDIS Data Reporting Templates and Metadata Questionnaire

  • II. Residence and Institutional Units

    • Residence

    • Institutional Units

  • III. Additional Items

    • Industry Classification

    • Direct Investment Income

    • Direct Investment Financial Transactions

    • Market Valuation of Equity

    • Ultimate Investing Economy

    • Pass-through Funds

    • Round Tripping

  • IV. CDIS Model Survey Forms

    • Model Form 1. Collection Form for Inward Direct Investment Positions

    • Model Form 2. Collection Form for Outward Direct Investment Positions

    • Model Form 3. Form for Inward Direct Investment Positions, Transactions, and Other Changes

    • Model Form 4. Form for Outward Direct Investment Positions, Transactions, and Other Changes

    • Model Form 5. Form for International Investment Positions

  • V. Regional Groupings

• Boxes

  • 3.1 Model Survey Forms

  • 4.1 Data Reporting Template 1: Inward Total by Individual Reporting Economy

  • 4.2 Data Reporting Template 2: Outward Total by Individual Reporting Economy

  • 5.1 Timetable for Conducting a Direct Investment Survey

  • 5.2 Respondent Information

  • 5.3 Issues and Tasks for Computerizing the Survey Form

  • 6.1 Possible Explanations of the Discrepancies between IIP and CDIS Data

  • 6.2 Selected Good Practices

  • 6.3 Example of the Use of Mirror Data to Improve the Quality of Direct Investment Statistics

  • 6.4 Analysis of Bilateral Asymmetries

  • 6.5 Main Identified Reasons for CDIS Bilateral Asymmetries

• Tables

  • 4.1 Economy 2: Direct Investment Position Data Collected from Enterprise B (Asset/Liability Basis)

  • 4.2 Economy 2: Direct Investment Position Data Compiled for Enterprise B (Directional Principle Basis)

  • 4.3 Asset/Liability Basis

  • 4.4 Directional Principle Basis with UCP Known

  • 4.5 Directional Principle Basis with UCP Unknown

  • 4.6 Mutual Direct Investment: Directional Principle Basis (Economy 1)

  • 6.1 Assets/Liabilities Presentation Compared to Directional Principle

• Figures

  • 2.1 Example 1: LEG of Inward Direct Investment

  • 2.2 Example 2: Not a LEG for Inward Direct Investment

  • 2.3 Example 3: LEG for Outward Direct Investment

  • 2.4 FDIR-Continuation of Control

  • 2.5 FDIR-Fellow Enterprises

  • 2.6 FDIR-Multiple Investors

  • 2.7 Direct Influence/Indirect Control Method

  • 2.8 Participation Multiplication Method: Example 1

  • 2.9 Participation Multiplication Method: Example 2

  • 4.1 Direct Investment of Economies 1, 2, and 3

  • 4.2 Investments between a DI and DIENT, Reverse Investment, and Investment between Fellow Enterprises

  • 4.3 Special Case on Mutual Investment

  • AIII.1 Round Tripping

Preface

This Coordinated Direct Investment Survey Guide (Guide) has been prepared to assist economies in participating in the Coordinated Direct Investment Survey (CDIS). The CDIS is being conducted under the auspices of the Statistics Department (STA) of the International Monetary Fund (IMF) across a wide range of economies. The survey is conducted simultaneously by all participating economies, uses consistent definitions, and encourages best practices in collecting, compiling, and disseminating data on direct investment positions. The CDIS is thus an important tool in capturing world totals and the geographic distribution of direct investment positions, thereby contributing to important new understandings of the extent of globalization, and improving the overall quality of direct investment data worldwide. As of the writing of this updated Guide, more than 100 economies participate in the CDIS.

The Guide clarifies and updates (rather than substantially changes) the previous international guidelines on CDIS published by the IMF in 2010. Thus, it maintains the structure of the 2010 Guide. This Guide, as well as the 2010 Guide, is fully consistent with the sixth edition of the IMF’s Balance of Payments and International Investment Position Manual (BPM6) and the fourth edition of the Organisation for Economic Co-operation and Development (OECD)’s Benchmark Definition of Foreign Direct Investment (BD4). This Guide provides and explains simplified methods rather than conceptually ideal methods for economies that do not have fully developed data collection and compilation systems in place. Since the CDIS has become an annual undertaking, STA encourages compilers to refine and improve their direct investment data compilation methods over time, to move them closer to conceptually ideal methods as circumstances may warrant.

The updated Guide was prepared by STA’s CDIS team comprising Rita Mesías (primary drafter), Emma Angulo, Alicia Hierro, Padma Hurree Gobin, and Tatsuhiko Hagitani, all economists of the Balance of Payments Division. They were closely supervised by Eduardo Valdivia-Velarde, Deputy Division Chief, under the general direction of Ralph Kozlow, former Division Chief. Manik Shrestha, Division Chief, oversaw the finalization of the Guide. Ana Boudreau (Balance of Payments Division) provided administrative support in preparing the Guide. This Guide has benefited from comments provided by members of the IMF Committee on Balance of Payments Statistics and the OECD’s Working Group on International Investment Statistics.

Louis Marc Ducharme

Director

Statistics Department

International Monetary Fund

Abbreviations