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Author:
Mr. Marcello Caiola
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Keywords:
M&G; desk Economist; legal reserve; country; economist; financing
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Abstract

This Manual, addressed mainly to new staff members in the area and functional departments of the IMF, presents different ways to tackle specific problems that desk economists encounter in analyzing country data. This guide presents an approach to analyzing financial developments in a country and to evaluating the quality of data at the disposal of the staff.

Appendix I Estimates of Financial Variables

This appendix describes rules of thumb for estimating accounts of the banking system as a whole on the basis of central bank data. Basically, the purpose of the exercise is to use a limited set of information to estimate missing financial statistics.

Description of the Methodology

The methodology assumes that, over short periods such as two to three months and in the absence of exceptional factors, certain basic relationships and trends do not show substantial variations. For example, seasonal fluctuations of currency issue recur every year. Thus, if in normal circumstances currency issue declines sharply during the first quarter of the year and rises strongly during the last quarter, these seasonal trends could also be expected to take place during the period to be estimated. Also, the relationship between currency in circulation and total bank liabilities to the private sector may be forecast on the basis of previous years’ experience and more recent trends.

However, it must be stressed that this technique should be used only for countries with a “normal” situation, and it should be supplemented by additional information available to the desk economist (see “Comments on Outcome” below). This technique would be of little assistance in the case of countries with rapid inflation and/or financial turmoil, because historical trends and relationships would be of limited validity.

Central bank accounts are available with a minimum of delay, usually two to three months before data for the banking system as a whole. Nevertheless, total banking system accounts may be estimated on the basis of central bank accounts, unless additional information indicates the existence of drastic changes. Table I-1 provides a comparison of estimates of banking system accounts for August, September, and October 1992. The remaining tables present an estimate of Chile’s total banking system accounts at the end of August, September, and October 1992. Data are derived from the Boletín Mensual of the Central Bank of Chile. For purposes of this exercise, banking system accounts are divided into central bank accounts (for which data are available) and accounts of the rest of the banking system (for which estimates must be made). Also, monetary accounts are estimated in an aggregate fashion to minimize errors involved in estimating each individual account (Table I-2).

Two methods are used: Under Alternative A, estimates are based on three-month moving averages (Table I-3); whereas under Alternative B, estimates are based on monthly data (Table I-4). Alternative A smooths out sudden monthly fluctuations through averaging, but it does not fully capture recent upward or downward trends. The reverse applies to Alternative B.

Estimates for August 1992

The following paragraphs describe how the estimates for the month of August 1992 were prepared (Tables I-3 and I-4). A similar methodology was followed to estimate 1992 data (at end-September and end-October) on the assumption that the desk economist had central bank data for these periods, and 1992 data (at end-July and end-August) for the rest of the banking system and for the banking system as a whole. (See Tables I-5 through I-8 for detailed calculations.)

It was assumed that the staff had access to the central bank accounts up to the end of August 1992 and to the accounts for the rest of the banking system (as well as for the banking system as a whole) up to the end of June 1992. The 1992 accounts for end-of-August for the rest of the banking system and for the banking system as a whole were estimated as follows using the two alternatives mentioned above.

  1. Net international reserves. On the basis of past data, the rest of the banking system is assumed to hold no net international reserves.

  2. Other net foreign assets. The 12-month change in nominal terms April-June 1991 to April-June 1992 in the case of Alternative A; and the change from June 1991 to June 1992 in the case of Alternative B1—were applied to the stock at the end of August 1991. In the absence of more detailed information or in the event of recent wide fluctuations, another alternative would be to assume that net foreign assets of the rest of the banking system had remained unchanged since the last known observation in June 1992.

  3. Credit to the public sector, net. The 12-month change in nominal terms was applied to the stock at the end of August 1991.

  4. Credit to the private sector. The 12-month percentage change was applied to the stock at the end of August 1991.

  5. Official capital and reserves. The 12-month change in nominal terms was applied to the stock at the end of August 1991.

  6. Unclassified assets, net. Residual entry.

  7. Liabilities to the private sector. This item may be estimated either on the basis of the ratio of currency in circulation to total bank liabilities to the private sector or on the basis of 12-month percentage changes. The ratio of currency to total liabilities may need to be adjusted for seasonal fluctuations (which would appear to be relevant in Table I-1) as well as for trends during the last 12 months, for example, if the ratio has been rising or declining steadily; and

  8. Net system float. This item is very difficult to estimate. In the absence of timing differences, the intersystem float would be nil; however, in practice, claims and liabilities among banks would never match. In making an estimate, it is assumed that the stock of the intersystem float is nil, but this could result in large changes in the previous observation, as well as in the net unclassified assets, which are estimated as a residual. A more preferable alternative would be to assume that the outstanding interfloat at the end of August 1992 was the same as the average outstanding interfloat in April-June 1992 for Alternative A, and the same as at the end of June 1992 for Alternative B.

Comments on Outcome

To emphasize some of the shortcomings of the suggested methodology, the estimates in the example were based exclusively on numerical relationships, whereas in normal circumstances, the desk economist would have access to additional information such as policy decisions on use of monetary policy instruments, trends in foreign borrowing by banks, and information on public sector borrowing requirements. Also, the estimates in this appendix make no allowance for exchange rate fluctuations, even though several bank accounts (net foreign assets, credits and liabilities to the private sector) included components denominated in foreign currency.

Notwithstanding these shortcomings, estimates based on the methodology described above do not differ substantially from actual data, except in the case of net foreign assets (commercial banks appear to have intensified their foreign borrowing in 1992) and liabilities to the private sector at the end of September 1992. In the example, estimates on the basis of Alternative B appear to be slightly better than those based on Alternative A; in particular, for net foreign assets Alternative B would capture the rising foreign borrowing of the commercial banks.

Table I-1.

Comparison of Estimates: Banking System Accounts, 1992

(In billions of Chilean Pesos)

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Sources: Tables I.2 through I.8.
Table I-2.

Chile: Monetary Accounts1

(In billions of Chilean Pesos)

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Source: Chile, Central Bank of Chile, Boletln Mensual, various issues.

End-of-period stocks.

Table I-3.

Chile: Monetary Accounts: Estimated End-August 1992 (Alternative A) End-of-Period Stocks

(In billions of Chilean Pesos)

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Nominal change (April-June 1991 to April-June 1992) applied to stock at end-August 1991.

Percent change (April-June 1991 to April-June 1992) applied to stock at end-August 1991.

Other banks’ credit to the private sector is a residual, that is, total credit less central bank credit to the private sector.

Residual item.

Table I-4.

Chile: Monetary Accounts: Estimated End-August 1992 (Alternative B) End-of-Period Stocks

(In billions of Chilean Pesos)

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Nominal change (June 1991 to June 1992) applied to stock at end-August 1991.

Percent change (June 1991 to June 1992) applied to stock at end-August 1991.

Other banks’ credit to the private sector is a residual, that is, total credit less central bank credit to the private sector.

Residual item.

Table I-5.

Chile: Monetary Accounts: Estimated End-September 1992 (Alternative A) End-of-Period Stocks

(In billions of Chilean Pesos)

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Nominal change (May–July 1991 to May–July 1992) applied to stock at end–September 1991.

Percent change (May–July 1991 to May–July 1992) applied to stock at end–September 1991.

Other banks’ credit to the private sector is a residual, that is, total credit less central bank credit to the private sector.

Residual item.

Table I-6.

Chile: Monetary Accounts: Estimated End-September 1992 (Alternative B) End-of-Period Stocks

(In billions of Chilean Pesos)

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Nominal change (July 1991 to July 1992) applied to stock at end-Septmeber 1991.

Percent change (July 1991 to July 1992) applied to stock at end-September 1991.

Other banks’ credit to the private sector is a residual, that is, total credit less central bank credit to the private sector.

Residual item.

Table I-7.

Chile: Monetary Accounts: Estimated End-October 1992 (Alternative A) End-of-Period Stocks

(In billions of Chilean Pesos)

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Nominal change (June-August 1991 to June-August 1992) applied to stock at end-October 1991.

Percent change (June-August 1991 to June-August 1992) applied to stock at end-October 1991.

Other banks’ credit to the private sector is a residual, that is, total credit less central bank credit to the private sector.

Residual item.

Table I-8.

Chile: Monetary Accounts: Estimated End-October 1992 (Alternative B) End-of-Period Stocks

(In billions of Chilean Pesos)

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Nominal change (August 1991 to August 1992) applied to stock at end-October 1991.

Percent change (August 1991 to August 1992) applied to stock at end-October 1991.

Other banks’ credit to the private sector is a residual, that is, total credit less central bank credit to the private sector.

Residual item.

1

These base periods were used to estimate all other accounts.

Appendix II Flow of Funds

This section covers a simplified flow of funds exercise. Tables II-1 to II-5 provide matrices and cross checks used in the preparation of a flow of funds table. Tables II-6 to II-13 are examples of a flow of funds exercise for El Salvador. Tables II-14 to II-20 present two simulations in the preparation of flow of funds data.

Table II-1.

Interrelation of Accounts (Matrix)

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X = An amount (including zero) would be recorded in lieu of this symbol. — = Zero by definition.

Code numbers refer to Table II-4.

Code numbers refer to Table II-2.

Code numbers refer to Table II-3.

Excluding interest receipts and those payments that have been attributed to consumption.

At a consolidated public sector level, public sector bonds purchased by public sector entities would by definition be zero.

Table II-2.

Non-Financial Public Sector Operations (Cross Check)

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Memorandum item.

Table II-3.

Operations of the Financial System (Cross Check)

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Table II-4.

Balance of Payments (Cross Check)

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Table II-5.

Bridging Accounts (Matrix)

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Code numbers refer to Table II-2.

Code numbers refer to Table II-3.

Code numbers refer to Table II-4.

Table II-6.

El Salvador: Intersectorial Flow of Funds.

(In millions of colones)

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Sources: Central Reserve Bank of El Salvador; and IMF staff estimates.
Table II-7.

El Salvador: Central Government Operations

(In millions of colones)

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Sources: Ministry of Finance; Central Reserve Bank of El Salvador; and Fund staff estimates.

Projections.

Table II-8.

El Salvador Consolidated Operations of General Government

(In millions of colones)

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Sources: Ministry of Finance; Central Reserve Bank of El Salvador; financial reports of individual autonomous entities; and Fund staff estimates.

Projections.

Table II-9.

El Salvador: Consolidated Operations of State Enterprises

(In millions of colones)

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Sources: Central Reserve Bank of El Salvador; financial reports of individual state enterprises; and Fund staff estimates.

Projections.

Table II-10.

El Salvador: Private Sector Income, Savings, and Expenditure

(In millions of colones)

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Source: Table II-6.

Projections.

After direct taxes.

Table II-11.

El Salvador: Changes in Credit Extended by Financial System

(In millions of colones)

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Projections.

Credit financed by intrasystem loans is classified according to original lender.

The Central Government assumed an IRA debt of 7.3 million colones with the Central Reserve Bank.

Includes intersystem float.

Table II-12.

El Salvadon Detailed Accounts of Financial System1

(In millions of colones)

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Sources: Central Reserve Bank of El Salvador and IMF staff estimates.

At end of year.

Projections.

Includes Instituto Salvadoreño de Fomento Industrial, Fondo Nacional de la Vivienda, Banco de Fomento Agropecuario (BFA), Fondo de Garantía de la Pequeña Empresa, and Fondo Social de la Vivienda.

Includes Banco de Fomento Agropecuario’s loans to the commercial and mortgage banks, amounting to C 14.3 million for 1973 and C 9.8 million for 1974. These loans were originally made by the BCR, and were transferred to BFA in October 1973.

Corresponds to unclassified deposit claims on banking system of some private and public nonbank financial intermediaries.

Table II-13.

El Salvador: Balance of Payments

(In millions of dollars)

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Sources: Central Reserve Bank of El Salvador; and IMF staff estimates.

Preliminary.

Projections.

Chart II-1.
Chart II-1.

El Salvador: Domestic Savings, Investment, and Financing

(In millions of colones)

Source: Table II-6.1 Excluding changes in net international reserves.

Preparation of Flow of Funds Table

Simulation A

Available Information

Presentation

In view of the limited information available, the flow of funds table would have to combine transactions of local governments, state enterprises, and the private sector into a single sector. However, some information for each of these three individual sectors is available, and it may be shown separately.

Steps to be followed (see Table II-19)

Simulation B

Available Information

Presentation

The flow of funds table may present data for all individual sectors; however, data for local governments are incomplete, and those for the private sector are partly derived as a residual.

Steps to be followed (see Table II-20)

  • 1-9. These steps are similar to those in Simulation A.

  • 10. Data on the operations of the state enterprises are entered in the flow of funds table. Surplus/deficit of state enterprises would be equal to sales of goods and services less other current expenditures.

  • 11. Other central government earmarked revenues are recorded as “Other income” of extrabudgetary operations.

  • 12. Central government bonds sold to the private sector and other internal financing of the private sector are calculated as a residual.

  • 13. Overall surpluses/deficits are calculated.

  • 14. Private investment is calculated as a residual.

  • 15. Savings are calculated.

  • 16. Consumption for extrabudgetary operations, local governments, and private sectors are calculated. The first two are estimated on the basis of available data on income and savings; consumption of the private sector is a residual.

  • 17. The entries for “Other (including statistical discrepancy)” for the central bank and other banks are adjusted to reflect interest receipts and payments.

  • 18. Contra-entry to “Other (including statistical discrepancy)” is attributed to private sector.

  • 19. Income, Total and “Other income” are calculated both for the country and for the individual sectors.

Table II-14.

Flow of Funds: Changes in Monetary Accounts

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Transfers for capitalization of state banks.

Table II-15.

Flow of Funds: Central Government Operation

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Table II-16.

Flow of Funds: Balance of Payments

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Central government, 5; state enterprises, 3; central bank, 2.

Table II-17.

Flow of Funds: Operations of State Enterprises

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Table II-18.

Flow of Funds: Additional Information

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Table II-19.

Flow of Funds: Simulation A

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Residual.

Estimated.

Net.

Table II-20.

Flow of Funds: Simulation B

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Residual.

Estimated.

Net.

Appendix III Budget Review

This appendix provides rules of thumb for reviewing the quality of a country’s budget.

A mission should request fiscal data for a sufficient number of years to enable budgeted amounts and actual results to be compared. The following conclusions can be reached on the basis of trends shown in Table III-1:

A. Revenues in the official budget document are usually overestimated by some 8 percent. Further investigation will be required to identify which category of revenues consistently differs from amounts budgeted and what are the causes of these differences.

B. Originally budgeted appropriations are usually revised upward during the course of the year (this is prima facie evidence that the original budget tends to underestimate expenditures). The budgetary process with regard to expenditures appears to have improved in 1991, as the revised budgetary appropriations were only 6.5 percent higher than those in the original budget (the deviation was almost 17 percent in 1989 and 1990), but the budgetary process appears to have weakened again in 1992.

C. Regarding expenditures (on an accrual basis), almost 97 percent of the revised budgetary appropriations was actually spent in the 1989-92 period. In this context, remember that total expenditures cannot be higher than total appropriations. However, expenditures as a percentage of revised budgetary appropriations show an upward trend.

D. In 1989 and 1990, payments were, on average, some 91.5 percent of the expenditures of the respective years, but the ratio dropped to 82 percent in 1991. This drop indicates that a floating debt was accumulating; hence, a presentation on a strictly cash basis would not show the extent of the fiscal imbalance.

E. The floating debt returned to a “normal” level in 1992 (payments of the year were equal to 90 percent of the expenditures). However, from a programming point of view, it is important to note that payments in 1992 were some 6 percent higher than total expenditures because of the payment of the large floating debt of the previous year. The financing needs for 1992 were, therefore, higher than the year’s deficit. As a rule of thumb, the “normal” unpaid bills of a year, that is the “normal” floating debt that is being transferred to the next year, represent roughly the same percentage of total expenditures for the year. That is, if total expenditures grow over time, the outstanding floating debt would also be expected to grow over time. However, any sudden sharp increase or decrease from the normal ratio should be interpreted as a signal that a change of policy has taken place, which needs to be investigated.

F. Both the original and the revised budgets tended to underestimate the actual deficit for the year. In reviewing the original central government budget for 1993, a mission could assume—as a first working proposition and pending a more in-depth investigation—that the deficit shown in the original budget is likely to be greatly underestimated, because revenues are usually overestimated and expenditures underestimated. Also, in that particular country, the floating debt could be an important element to be taken into account when preparing the monetary program Table III-2. Obviously, this initial quick review would need to be substantiated by further investigation of both revenues and expenditures.

Table III-1.

Latina: Budgeted and Actual Central Government Operations

(In millions of local currency)

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Assuming that unpaid bills are paid in the following year.

Table III-2.

Latina: Analytical Presentation of Central Government Operations

(In millions of local currency)

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Source: Table III-1.

Central Government Budgetary Operations: Budget, Accrual, and Cash Presentations

Tables III-3 to III-6 review El Salvador’s central government operations in 1983. To review these operations, one needs three documents:

  • the budget for 1983, including its modifications;

  • the Treasury balance sheet for the end of 1982 and the end of 1983; and

  • the implementation of the 1983 budget.

Operations in any given year result in either an excess or a shortfall of budgetary receipts over expenditures. From a budget point of view, external and internal borrowings and repayments are considered receipts and expenditures, respectively. The difference between these broadly defined receipts and expenditures represents the budget surplus or deficit for the year, to be added to or subtracted from the accumulated surplus or deficit of the previous years shown in the balance sheet.

El Salvador’s original budget for 1983 is shown in Table III-3. To summarize, these data showed (in millions of colones):

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In preparing the budget document for 1983, the Salvadoran authorities estimated the operations for 1982, because the budget document is usually prepared before the end of the year. In this example, they estimated the accumulated deficit (that is, for 1982 and for previous years) at C 250 million.

Table III-3 presents the Treasury balance sheet. At the end of 1982, total assets amounted to C 1,880 million, and total liabilities, C 2,138 million. The “actual” accumulated deficit amounted to C 258 million, as opposed to the figure of C 250 million included in the budget document for 1983, which was an estimate. Apart from the fixed assets, which represent central government participation in the capital of certain public sector funds, entities, and banks, the most important assets were pending revenues, loans to the rest of the public sector that were not included in the budget (otherwise they would have been reported as expenditures) and cash holdings. On the expenditure side, the most important items were the floating debt, expenditure for which payment has not yet been made and commitments for which the order of payments has not yet been issued; short-term loans and advances; and provisions against certain assets.

Table III-4 presents the central government budgetary operations for 1983.

A. Column (1) presents the original budget data. From a budget point of view, the operations for 1983 are expected to show an excess of receipts over expenditures of C 250 million, which would entirely wipe out the accumulated (estimated) deficit of previous years. From an analytical point of view, the 1983 operations would result in an overall deficit of C 516 million, to be financed by the use of foreign loans and sales of bonds.

B. The budget was modified during the year (column (2)): expenditures were increased by C 129 million, including C 40 million of additional amortizations, to be financed by additional budgetary revenues for an equal amount, including C 65 million of additional use of foreign loans, and C 40 million of additional sales of bonds and bank credit, so that the overall result of the budget would remain unchanged. However, from an analytical point of view, the central government deficit to be financed by other sectors would increase to C 581 million.

C. Column (3) presents actual operations on an accrual basis. From an analytical point of view, both revenues and expenditures fell short of budgeted amounts, and the overall deficit was lower than anticipated. Also, the use of both foreign loans and the sales of bonds was well below budgeted amounts. The Treasury increased its floating debt (in El Salvador, accrual presentation is at the commitment level, whereas cash presentation is at the payment level). From a budgetary point of view, the year ended with a deficit of C 127 million instead of a projected surplus of C 250 million.

D. Column (4) presents cash movements in the 1983 budget. The difference between accrual and cash is represented by the commitments for which payments have not yet been made, which is C 136 million and will be reflected in lower cash expenditures. The cash deficit will also be decreased by the same amount.

E. In addition to cash movements related to the budget for 1983, certain cash movements during the year were related to previous years (column (5)). Pending revenues for C 20 million were collected and orders of payment for C 145 million were issued against pending commitments of previous years.

F. Total cash movements for the calendar year 1983 are shown in column (6), which is the sum of columns (4) and (5).

G. Column (7) presents the total transactions of calendar year 1983 on an accrual basis. The differences between this column and column (3) are entirely on the financing side, as the cash movements related to previous years affect balance sheet items exclusively (changes in commitments, pending revenues, and cash).

Apart from the operations related to the year’s budget, and apart from other cash movements shown in column (5), the Treasury balance sheet underwent certain revisions during the course of the year that affected the accumulated surplus or deficit. These changes are shown in Tables III-3 and III-5, and were required because certain pending revenues could not be collected for a variety of reasons, and certain commitments and orders of payment were canceled. In this example, the cumulative deficit from previous years was reduced by C 29 million because of these adjustments.

Table III-3.

El Salvador: Treasury Balance Sheet1

(End-of-year data; in millions of colones)

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Source: Adapted from El Salvador, Ministry of Finance, Informe Complementario Constitucional sobre la Hacienda Pública, Ejercicio Fiscal 1983 (San Salvador: 1983).

Details may not add to totals because of rounding.

See Table III-5.

Including commitments of CY 1982.

Commitments of CY 1982.

Commitments of CY 1983.

Table III-4.

El Salvador. Central Government Budgetary Operations, 1983

(In millions of colones)

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Table III-5.

El Salvador. Changes in Accumulated Deficit, 1983

(In millions of colones)

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Source: Adapted from El Salvador, Ministry of Finance, Informe Complementario Constitucional sobre la Hacienda Pública, Ejercicio Fiscal 1983 (San Salvador: 1983).
Table III-6.

El Salvador Impact of the 1983 Budget Operations on the Treasury Balance Sheet

(In millions of colones)

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Net excess of receipts over expenditures, broadly defined.

The budget assumed that the entire accumulated deficit of previous years would be wiped out.

Tables III-3 and III-6 also present the Treasury balance sheet at the end of 1983 as a result of the operations that took place during the year. The net change in assets and liabilities amounted to C 127 million, which is the difference between budgetary receipts and expenditures, broadly defined for budget purposes.

Analysis of Central Government Revenue

El Salvador’s central government revenue increased to C 484 million in 1974, from C 252 million in 1969 or to 12.3 percent of GDP from 10.6 percent (Table III-7). At first sight, it appears that the revenue effort was the satisfactory result of a strong tax administration. The purpose of this appendix is to analyze the tax effort by answering the following two basic questions:

A. If El Salvador’s tax system—as well as structural aspects of its economy and exogenous factors affecting revenues—had remained unchanged since 1969, would theoretical revenue have been higher or lower than actual revenue?

B. Was the increase in revenue in nominal and in real terms attributable to discretionary decisions, structural changes in the economy, exogenous factors, or administrative performance?

Such a study should begin by setting the base—1969—and relating each revenue component to a certain benchmark, as well as surveying the tax legislation. The analysis would then be an attempt to quantify additional or foregone revenue attributable to the factors mentioned in the two basic questions. The so-called improvement (or deterioration) in tax administration can be measured by comparing theoretical collections with actual collections.

During the period under analysis, the structure of central government revenue changed somewhat (Table III-8). From 1970 to 1974, direct taxes accounted for some 23 percent of total revenue (the decline from 28.6 percent in 1969 was attributable entirely to the disappearance of an emergency tax that was levied only in that year), as a higher yield of income tax compensated for a steady decline in collections of other direct taxes. Contributions from taxes on foreign trade fluctuated between 33.5 percent and 40 percent of total revenue, reflecting changes in collections of export taxes; import taxes declined steadily throughout the period. Notwithstanding the introduction of several new taxes, the share of taxes on domestic transactions tended to decline, accounting for 20.2 percent of total revenues in 1974, compared with over 24 percent in 1969. Collection of other taxes grew steadily, reflecting a revision of the stamp tax.

In general, deliberate government decisions regarding revisions of the tax system had only a minor net impact on total central government revenues. Table III-9 compares, on the one hand, revenue that would have been collected if the revenue structure, broadly defined, had remained unchanged since 1969, and the negative impact from the widening of exemptions and elimination of taxes with, on the other, the actual level of revenues, showing separately revenue resulting from adoption of new tax measures, changes in coffee tax collection, and other unspecified factors. Government decisions resulted in revenue collecting in 1974 that was only 4 percent higher than the revenue that would have been collected if the tax system had remained unchanged.

Further details are shown in Table III-10, where individual tax performance is related to certain benchmarks that are considered to be most appropriate for a given country. Thus, since income tax in El Salvador during 1969-74 was levied on the income generated in the previous year, income tax receipts are compared with the GDP of the previous year. Taxes on domestic transactions are instead compared with private consumption, and other direct taxes are compared with GDP of the current year.

The rapid increase in central government revenues appears to be attributable mostly to the growth of economic activity and to higher coffee export prices. Revenues from improvements in tax administration and from new revenue measures contributed only modestly to the increase in total central government revenues, as they were almost fully offset by shortfalls in revenues attributable to import tax exemptions; to the decline in other direct tax receipts; and, in 1973-74, to the fact that collections of taxes on domestic transactions were adversely affected by accelerating inflation, because they were calculated mostly on a specific rather than an ad valorem basis (Tables III-11 and III-12).

Table III-7.

Salvador: Central Government Revenues

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Table III-8.

El Salvador: Central Government Revenue Structure

(In percent)

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Table III-9.

El Salvador. Revenues Estimated on the Basis of the 1969 Performance and Actual Revenues1

(In millions of colones)

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Excludes emergency tax.

Income tax receipts rose rapidly after 1972, mostly attributable to an improvement in tax administration, as evidenced by the growth in the number of taxpayers that submitted and paid taxes. Similarly, the ratio of income tax to taxable income rose from an average of 11 percent in 1969-71 to about 12.5 percent in 1972-73 (Table III-13).

If the base for taxes on domestic transactions had remained unchanged after 1969, collections from these taxes would have amounted to C 99 million in 1974 (see Table III-10). In addition, rates of some taxes were increased after 1969, and these changes are estimated to have yielded C 16 million in 1974. Therefore, receipts from taxes on domestic transactions should have amounted to C 115 million in 1974. Actual collections amounted instead to C 98 million. The shortfall from the theoretical calculation can be attributed to several factors. Most of the taxes on domestic transactions were specific rather than ad valorem, and receipts lagged somewhat as domestic inflation accelerated in 1973-74. The increase in certain domestic prices also resulted in a drop in demand for some products. Finally, domestic sales of gasoline and diesel dropped in 1974 and, moreover, the use of premium gasoline shifted to use of regular gasoline (which was subject to a lower tax) as a result of price increases (Table III-14).

Import tax collections also showed a shortfall compared with the theoretical calculations on account of a change in the structure of imports and an increase in exemptions. Thus, imports subject to duty declined from 37.5 percent of total imports in 1969 to about 31 percent in 1974. Imports exempt from duty under the Central American Common Market treaty also declined in relative terms during the period. By contrast, imports exempt from duty under other laws and contracts rose from 34.5 percent of total imports in 1969 to about 50 percent in 1974. As a result of these developments, the average import duty declined from 11 percent in 1969 to 6.5 percent in 1974 (Table III-15).

The sharp rise in revenues from other taxes mostly reflected a reform of the stamp tax that was adopted in 1970.

Table III-10.

El Salvador. Comparison Between Revenues Estimated on the Basis of 1969 Tax System and Actual Revenues

(In millions of colones)

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On the basis of GDP of previous year (1.66 percent).

On the basis of GDP of the year (1.04 percent).

See Table III-15.

See Table III-12.

On the basis of private consumption for the year (3.21 percent).

On the basis of private consumption for the year (0.98 percent).

On the basis of private consumption for the year (0.19 percent).

On the basis of GDP for the year (0.52 percent).

Table III-11.

El Salvador: Additional Revenues Since 1969

(In millions of colones)

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Excludes drop in revenues owing to elimination of emergency tax.

Table III-12.

El Salvador: Coffee Exports and Export Taxes

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In thousands of quintals.

In millions of colones.

Table III-13.

El Salvador: Income Tax Statistics

(Value figures in millions of colones)

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Table III-14.

El Salvador: Consumption of Gasoline and Diesel

(In millions of gallons)

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Table III-15.

El Salvador: Import Tax Losses

(Value figures in millions of colones)

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Excludes balance of payments adjustments.

Includes import surcharge.

Analysis of Government Salary Bill

The following numerical examples present the information required and the calculations necessary to determine a country’s government salary bill.

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Note: The Year Four average salary, after general increase (1,10923) is based on the average salary of Year Three (1,076.92), which does not fully reflect the impact of the mid-year salary increase and the special increases. An alternative would be to base the calculations on the average salary of Year Three, after general increase (1,156.36), which, however, does not reflect the unexplained portion of salary increases in Year Three.

As of January 1.

As of July 1.

Based on average salary of previous year.

Assuming that new staff are hired throughout the year, see separate calculations.

Based on average salary after increase.

Granted in addition to general salary increase; hence, 4 percent over average salary of 1,156.46, or 46.26 a year (3.85 per month).

Granted in addition to general salary increase; hence, 4 percent on an average salary after increase of 1,109.23; or 44.37 per year (3.70 per month).

Central Government Operations: Budgetary, Extrabudgetary, and Adjustments

This section presents ways of revising central government budgetary operations to include extrabudgetary operations as well as adjustments to assure consistency of fiscal figures with monetary and balance of payments data. For the sake of simplicity, budgetary operations are derived from the preceding section on central government budgetary operations and refer to El Salvador’s budgetary operations for 1983. Extrabudgetary data and reconciliation adjustments, however, are fictional.

The basic steps are as follows:

  • Enter budgetary data as shown in the preceding section on central government budgetary operations;

  • Adjust these data with those derived from monetary accounts and balance of payments statistics; and

  • Estimate extrabudgetary operations.

Budgetary Data

Data in Table III-16 are derived from previous section on central government budgetary operations; the second column of the table presents financing details as derived from the Treasury balance sheet.

Adjustment to Budgetary Data

A. Reconciliation with monetary accounts (Table III-16). See item 6 under D below.

B. Reconciliation with balance of payments data. According to balance of payments and external debt data, it appears that disbursements of a foreign loan included in the budget amounted to C 27 million instead of C 37 million as shown in the budget operations. Since it was decided to use the external debt statistics as a primary source of information, the budgetary entries for expenditure and use of foreign loans should be revised downward by C 10 million. However, an investigation should be carried out to make sure that the budget figure for use of loans does not include expenditure financed by domestic resources in expectation of a loan disbursement. If this were the case, the adjustment for C 10 million would be made “below the line” rather than in expenditure.

Table III-16.

El Salvador: Central Government Budgetary Operations with Adjustments

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Includes changes in commitments and in orders of payments.

Extrabudgetary Operations

A. During the year, the Central Government accumulated arrears with both external and internal creditors (Table III-17). External arrears amounted to C 12 million (C 11 million for unpaid principal and C 1 million for unpaid interest). Internal arrears included goods and services received and not paid. As commitments were made for these internal transactions, no adjustment is required because they are already reflected in the budgetary floating debt. Budget data are on an accrual basis. In addition, the Central Government reached an agreement with certain foreign creditors to reschedule C 10 million of amortizations and C 3 million of interest that were due during the year. These liabilities were rescheduled over a seven-year period, with a two-year grace period. Information on the external arrears and on the external debt rescheduling was derived from balance of payments data.

B. Also, according to balance of payments data, the Central Government received certain foreign grants that were not included in the budget of C 37 million and made use of the following foreign loans outside the budget: (i) extrabudgetary loans for investment, C 93 million; and (ii) extrabudgetary loans for relending to the rest of the public sector and to banks (two-step loans) of C 76 million.

Two-step loans may be treated in two different ways. The first alternative is to consider them an obligation of the Central Government, with a counterpart entry in the form of a transfer to the final recipient. If this treatment is followed, adjustments would also have to be made in the accounts of the final recipients to ensure consistency and avoid duplication in the use of foreign loans. Also, the debt service of these loans would have to be reported as payments by the Central Government. The second alternative is to consider these loans as foreign obligations of the final recipient, even though they are legally central government debts, on the grounds that the actual use of the money and the servicing of the debt would be made by the final recipient and not by the Central Government. If this alternative is followed, the use and repayment of the two-step loans would not be reported as a central government operation.

Both treatments are equally acceptable, depending on the circumstances, that is depending on the entities responsible for the use of the loans and the repayment. In this section, the first alternative has been followed in order to show the required entries for that option.

C. The central bank made some payments abroad on behalf of the Central Government for servicing of central government debts, which had the guarantee of the central bank (C 18 million for principal and C 2 million for interest). The central bank reported the transactions in its balance sheet as a loan to the Central Government (see item 2 under D below).

D. The following entries can be derived from the central bank balance sheet:

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1. This item has already been taken into account in the budgetary operations.

2. This item has already been taken into account (see C above).

3. It may be assumed that this credit financed central government extrabudgetary expenditures.

4. This entry will have to be reported as an extrabudgetary expenditure of the Central Government.

5. This entry refers to extrabudgetary operations (see F below).

6. This entry has already been taken into account in the budgetary operations; however, according to the treasury balance sheets, these deposits increased by C 23 million. The difference between the treasury figure and the central bank figure is due to timing discrepancies. The adjustment for timing differences needs to be made so that entries in this table for changes in credit from and deposits with the central bank agree with the monetary accounts. (See Table III-16.)

7. Since there are no detailed gross deposits and withdrawals, the change in these deposits could be recorded as net revenue (if positive) or net expenditure (if negative).

8. These deposits reflect revenues that are deposited in a transitory account, and the net change should be recorded as a net revenue.

9. These accounts refer to deposits into sinking funds made by state enterprises for servicing of external debt. If details on actual amortizations were available, the contra-entries to the charges in these deposits should be amortizations and revenues (intratransfers). In this section it is assumed that actual amortizations amounted to C 4 million; therefore, gross deposits are estimated to have amounted to C 12 million.

10. Since no details are available on gross deposits and withdrawals, the changes in these deposits could be recorded as net revenue (if positive) or net expenditure (if negative).

11. For this item, see F below.

Table III-17.

El Salvador: Central Government Extrabudgetary Operations

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Items (8) − 6 (9) + 12 (10) + 9.

Items (7) − 5 (8) − 6 (9, see footnote) + 8 (10) + 9, with reversed signs.

E. According to information provided by the Ministry of Finance, the Central Government also collected certain revenues (C 2 million), outside the budget, that were earmarked and spent for certain specific purposes.

F. The following are the operations of the extrabudgetary funds that refer to certain special investment and other extrabudgetary expenditure (in millions of colones). Regarding the revenues, central government transfers were already recorded in the budget as central government expenditures. In order to avoid inflating both total (budgetary and extrabudgetary) revenues and expenditures, these would be recorded as negative intratransfers.

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Indicates a net repayment by the Central Government.

Excludes two-step loans.

Indicates a net reduction in the floating debt.

Consolidated Central Government Operations

Table III-18 presents the consolidated (budgetary and extrabudgetary) operations of the Central Government.

Table III-18.

El Salvador: Consolidated Central Government Operations

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Privatization of State Enterprises

The purpose of this section is to present the entries in a flow of funds related to the privatization of state-owned enterprises. Since the terms of the sale of state enterprises may vary substantially, the following example is strictly for illustrative purpose, and for this reason, presents very simple transactions.

Assume that the Government decides to sell, either partly or entirely, two state-owned enterprises to the private sector. Enterprise A will be sold to a locally owned company, whereas Enterprise B will be sold to a foreign-owned company. The sale price is estimated to be L/C 100 for each enterprise. For Enterprise A, the local buyer will pay in cash, either through a reduction of its local bank deposits or through a local bank credit. Enterprise B will also be purchased for cash, and for that purpose the foreign-owned company will sell foreign currency to the local banking system.

Following are the detailed transactions, in local currency, as they would appear in a flow of funds table:

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No sign denotes a decrease in deposits or an increase in credit received.

An increase in bank deposits of L/C 100 from the sale of foreign currency, and a decrease in deposits of L/C 100 for the purchase of the state-owned enterprise.

No sign denotes an increase in deposits or a decrease in credit extended.

In the case of Enterprise A, the Central Government will record a capital receipt (L/C 100) and an increase in bank deposits (L/C 100). The private sector will record a transfer (purchase) of investment (L/C 100) and a decline in bank deposits (L/C 100).

In the case of Enterprise B, the sale of foreign currency by the foreign-owned, foreign-based company (which for balance of payments purposes is considered a resident of the country and, therefore, will be included with the private sector) to local banks to obtain local currency will be recorded in the balance of payments as a direct investment (L/C 100) and an increase in local bank deposits (L/C 100). The local banking system will record an increase in its foreign assets (L/C 100) and in private sector deposits (L/C 100). The actual purchase of the state-owned enterprise will be recorded by the Central Government as a capital receipt (L/C 100) and an increase in government deposits (L/C 100), and by the private sector as a transfer (purchase) of investment (L/C 100) and a decline in private sector deposits (L/C 100).

As a result of the operation, the stock of the country’s investment did not change. There was only a transfer of ownership of investment from the Central Government to the private sector, offset by government capital receipts. In the balance of payments, foreign direct investment, which is a liability, will increase by L/C 100, offset by an increase in net foreign assets.

Appendix IV Legal Reserve Requirement and Interest Rate

Table IV-1 presents the relationship between legal reserve deposits and interest rates. This example makes the following assumptions:

A. Banks maintain reserves in line with legal requirements, neither more nor less than required, and all resources available for lending are fully utilized.

B. Administrative costs of banks remain unchanged.

C. Banks will charge an interest rate on their portfolio sufficient to cover their interest payments on deposits and their administrative costs.

D. At the beginning of the period, banks are paying 7 percent interest on their time and savings deposits, and legal reserve requirements are 25 percent on demand deposits and 30 percent on time and savings deposits. Banks would then have to charge 8.8 percent on their lending operations.

E. During the second stage, legal reserve requirements on both demand and time and savings deposits are raised by 5 percentage points. To cover interest payments on deposits and administrative costs, banks would have to raise their lending rates to 9.4 percent.

F. During the third stage, interest paid on deposits is raised to 3 percent on demand deposits and 9 percent on time and savings deposits. Banks would then have to raise their lending rate to 11.5 percent.

Table IV-1.

Legal Reserve Requirements and Interest Rates

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Appendix V Estimate of Import Credits

Most international trade involves one form of credit or another. Usually, the buyer (importer) pays for the merchandise some three months after either shipment or receiving the goods. Foreign loans, some of which have a long-term maturity, may be extended for the financing of imports; these imports, therefore, will have no immediate impact on the foreign exchange holdings of the country. Also, merchandise imports may occur in connection with direct investment and donations, in which case no foreign exchange is involved.

Detailed information on supplier and other trade credits (defined herewith as all short-term delays allowed by exporters in settlement of import bills) are usually lacking in most developing countries.

Nevertheless, supplier and other trade credits may be estimated, albeit in a rough but consistent way over time, on the basis of other available balance of payments information, that is by deducting from total imports all those imports that do not require immediate use of foreign exchange: donations in kind, direct investment, and imports directly financed by medium- and long-term project loans. This method involves making several other estimates, which are subject to a possibly wide margin of error. However, the consistent use of the same formula in estimating trade credits over time and the fact that the balance of payments reports net changes in trade credits, rather than stocks, could minimize these errors somewhat. Table V-1 presents an example of estimating changes in trade credits.

Estimates of trade credits may be complicated in the case of certain trade loans, whereby the creditor country is expected to reimburse the debtor country for import bills upon presentation of proper documentation, including evidence that imports have already been paid for. Thus, at the initial stages, those imports would require a drawdown of the foreign exchange holdings of the central bank (or of the banking system), which would be replenished when the trade loan is disbursed. The two stages of the operation may take place in two different time periods. In the balance of payments of the importing country, these operations would be reported as follows:

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A minus sign indicates an increase.

Table V-1.

Estimated Changes in Trade Credits

(In millions of dollars)

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Family remittances may be either in cash or in kind. The latter usually are not recorded in the customs statistics, in which case they should not be taken into account in estimating trade credits. In this example, it is assumed that imports at customs include family remittances in kind. It may be assumed that in most countries some 50-75 percent of family remittances are in kind; and 25-50 percent in cash. However, in countries with large migrant remittances, the shares of remittances in cash and in kind would be reversed, with the larger share attributable to cash.

Mostly in kind.

This U.S. aid program was provided entirely in kind.

There are available records to indicate whether these donations were in cash, goods, or services.

Refers to direct investment, excluding reinvested profits. As in the case of project loans, it may be assumed that a certain percentage of direct investment (for instance, 50 percent) was in the form of machinery and equipment.

All cash loans (from commercial banks, program loans from multilateral institutions, balance of payments loans) should be excluded, because drawings are reflected by an increase in gross international reserves.

Loans that are clearly used 100 percent for purchase of goods (airplanes, ships, machinery).

All other loans (mostly project loans) would involve cash, goods, or services. It may be assumed that a certain percentage of these loans was in the form of merchandise (in this example, it is assumed that two-thirds of the loan was for import of merchandise).

To be distributed like loans to public sector, if details are available.

In normal circumstances (and apart from seasonality of imports), it may be assumed that importers receive a three-month grace period before paying for the merchandise. In this case, one-fourth of imports that require foreign exchange would be paid for in the following year (trade credit carry out).

Balance of Payments Statistics

This section compares a “complete” balance of payments with an exchange record and an “actual” balance of payments.

The complete balance of payments presents a balance of payments that could be prepared if every single piece of information were available to the compilers. In such a case, the balance of payments would have no errors and omissions, but this is, of course, unattainable in fact.

The exchange record (Table V-2) presents the transactions in foreign exchange as reported by the banking system. It differs from the complete balance of payments both in coverage, as it excludes all transactions that do not involve foreign exchange, and in classification of transactions during a given year. For instance, payments for imports would be classified as imports, even if they refer to payments for past or future imports.

The actual balance of payments (Table V-3) presents a balance of payments as it would normally be prepared by a compiler who has at his disposal only a certain amount of information and estimates. Hence, this presentation requires a balancing entry (“net errors and omissions”).

Balance of payments statistics are usually derived from customs returns, external debt statistics, monetary accounts, and surveys to estimate direct investment and services. However, balance of payments compilers seldom have at their disposal details regarding the financing of exports and imports, except for exchange records (Table V-4), actual use of foreign loans, and private sector foreign assets. Table V-5 provides possible sources of net errors and omissions.

The following are detailed data on a country’s balance of payments transactions during a given year.

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Denotes information available to the balance of payments compilers. In addition, the balance of payments compilers had at their disposal the foreign exchange records of the banking system.

Table V-2.

Foreign Exchange Record

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Table V-3.

Balance of Payments

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(1) 1,000 + (3) 75 = 1,075.

(2) 1,600 − (4) 80 = 1,520.

(1) 90 − (1) 100 = −10.

(2) 200 − (2) 60 − (2) 180 = −40.

(1) −30 − (3) 50 − (4) 80 − (7) 20 = −180.

Residual.

Table V-4.

Complete Balance of Payments by Financing

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Excluding trade credits received.

(1) 100 + 30 + 75 = 205.

(2) 450 + 15 + 70 + 25 = 560.

(8) 5 + 30 = 35.

(9) 25 + 5 = 30.

(12) 15 + 25 = 40.

(10) 450 + 30 + 45 = 525.

(2) −60 − 180 = −240.

(1) −30 − (3) 50 − (7) 20 = 100.

Table V-5.

Possible Sources of Net Errors and Omissions

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References

  • Chile, Central Bank of Chile, Boletin Mensual, various issues.

  • El Salvador, Ministry of Finance, Informe Complementario Constitutional sobre la Hacienda Publica, Ejercicio 1983 (El Salvador: 1983).

  • Enoch, Charles, Tomás Baliño, and William Alexander The Adoption of Indirect Instruments of Monetary Policy, Occasional Paper No. 126 (Washington: International Monetary Fund, forthcoming).

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    • Export Citation

  • European Union, International Monetary Fund, Organization for Economic Cooperation and Development, United Nations, and World Bank,System of National Accounts, 1993 (Brussels/Luxembourg, New York, Paris, Washington, 1993).

    • Search Google Scholar
    • Export Citation

  • International Monetary Fund, Balance of Payments Manual, Fifth edition (Washington: International Monetary Fund, 1993).

  • International Monetary Fund, Government Finance Statistics Yearbook (Washington: International Monetary Fund, 1982 and 1990).

  • International Monetary Fund, “Guidelines for Fiscal Affairs Department Staff Members Participating in Fund Missions” (Washington: International Monetary Fund, Fiscal Affairs Department, January 1979).

    • Search Google Scholar
    • Export Citation

  • International Monetary Fund, A Guide to Money and Banking Statistics in International Financial Statistics (Washington: International Monetary Fund, 1984).

    • Search Google Scholar
    • Export Citation

  • International Monetary Fund, A Manual for Government Finance Statistics (Washington: International Monetary Fund, 1986; revised edition forthcoming).

    • Search Google Scholar
    • Export Citation

  • International Monetary Fund, Theoretical Aspects of the Design of Fund-Supported Programs, Occasional Paper No. 55 (Washington: International Monetary Fund, 1987).

    • Search Google Scholar
    • Export Citation

  • Leone, A. M., “Institutional and Operational Aspects of Central Bank Losses,” IMF Paper on Policy Analysis and Assessment No. PPAA/93/14 (Washington: International Monetary Fund, September 1993).

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    • Export Citation
1

Althoughthe masculine pronoun is used throughout this guide for the sake of brevity, the provisions of the guide apply equally to staff of both genders.

2

Appendix I describes certain rules to estimate accounts of the banking system.

3

At the same time, an attempt to prepare aflowof funds would assist the desk economist in identifying data shortcomings and determining where technical assistance may be required.

4

Section IX reviews in more detail the implications of the different policy alternatives as well as the instruments that the authorities may use.

5

Staff may also wish to consult International Monetary Fund publications, “Guidelines for Fiscal Affairs Department Staff Members Participating in Fund Missions” (Washington: IMF, Fiscal Affairs Department, January 1979), and the redraft of A Manual for Government Finance Statistics (Washington: IMF, 1986)

6

International Monetary Fund, Government Finance Statistics Yearbook (Washington: IMF, 1982, p. 28, 1990, p. 44).

7

For more details on the description and definition of financial institutions, see European Union, International Monetary Fund, Organization for Economic Cooperation and Development, United Nations, and World Bank, System of National Accounts, 1993 (Brussels/Luxembourg, New York, Paris, Washington, 1993); and International Monetary Fund, A Guide to Money and Banking Statistics in International Financial Statistics (Washington: IMF, 1984).

8

A central bank may periodically extend credit to the treasury tofinancegovernment spending, and as long as the money is maintained on deposit with the central bank, there is no monetary impact. In the case of the private sector, depositors and users of bank credit are different and respond to different incentives.

9

For more details on central bank losses, see Leone, A.M., “Institutional and Operational Aspects of Central Bank Losses,” International Monetary Fund Paper on Policy Analysis and Assessment No. PPAA/93/14 (Washington: IMF, September 1993).

10

The only exception is cash holdings of the financial institutions, because central bank accounts are adjusted on the basis of data derived from the rest of the financial system.

11

Stocks are also important in analyzing the adequacy of the foreign assets of the central bank.

12

See also Enoch, Charles, Tomás Baliño, and William Alexander, The Adoption of Indirect Instruments Monetary Policy, Occasional Paper No. 126 (Washington: International Monetary Fund, forthcoming).

13

The same result could be achieved by requiring that legal reserves be discharged partly or totally in government bonds, except that in this case the central government would have to pay interest on the outstanding bonds.

14

For more details on the description and definition of the balance of payments, see International Monetary Fund, Balance of Payments Manual, Fifth edition (Washington: IMF, 1993).

15

An alternative would be to record this change of liability as a memorandum item in order not to inflate data of any given year. The servicing of the debt, however, would be attributed to the new legal debtor (the central government in this specific example).

16

Appendix V describes ways to estimate import credits.

17

For possible sources of net errors and omissions, see Appendix V.

18

For more details, see European Union, International Monetary Fund, Organization for Economic Cooperation and Development, United Nations, and World Bank, System of National Accounts, 1993 (Brussels/Luxembourg, New York, Paris, Washington, 1993).

19

In these countries, ratios to GDP are likely to be exaggerated and could also be inconsistent over time if the scope of the parallel economy is expanding.

20

For more details, see International Monetary Fund publications, Theoretical Aspects of the Design of Fund-Supported Programs, Occasional Paper No. 55, (xWashington, IMF, 1987); and The Monetary Approach to the Balance of Payments, (Washington: IMF, 1977).

21

This section is based on the writings and work of E. Walter Robichek, former Director of the Western Hemisphere Department of the IMF. For an extensive review of the Fund’s financial programming, see International Monetary Fund Theoretical Aspects of the Design of Fund-Supported Adjustment Programs, Occasional Paper No. 55 (Washington: IMF, 1987).

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Cover A Manual for Country Economists
A Manual for Country Economists
ISBN:
9781557754608
ISSN:
2663-3744
Publication Date:
17 Aug 1995
Publisher:
International Monetary Fund
DOI:
https://doi.org/10.5089/9781557754608.069
Pages:
182
  • Chart II-1.
    View in gallery
    Chart II-1.

    El Salvador: Domestic Savings, Investment, and Financing

    (In millions of colones)

Chart II-1.

El Salvador: Domestic Savings, Investment, and Financing

(In millions of colones)

  • Chile, Central Bank of Chile, Boletin Mensual, various issues.

  • El Salvador, Ministry of Finance, Informe Complementario Constitutional sobre la Hacienda Publica, Ejercicio 1983 (El Salvador: 1983).

  • Enoch, Charles, Tomás Baliño, and William Alexander The Adoption of Indirect Instruments of Monetary Policy, Occasional Paper No. 126 (Washington: International Monetary Fund, forthcoming).

    • Search Google Scholar
    • Export Citation

  • European Union, International Monetary Fund, Organization for Economic Cooperation and Development, United Nations, and World Bank,System of National Accounts, 1993 (Brussels/Luxembourg, New York, Paris, Washington, 1993).

    • Search Google Scholar
    • Export Citation

  • International Monetary Fund, Balance of Payments Manual, Fifth edition (Washington: International Monetary Fund, 1993).

  • International Monetary Fund, Government Finance Statistics Yearbook (Washington: International Monetary Fund, 1982 and 1990).

  • International Monetary Fund, “Guidelines for Fiscal Affairs Department Staff Members Participating in Fund Missions” (Washington: International Monetary Fund, Fiscal Affairs Department, January 1979).

    • Search Google Scholar
    • Export Citation

  • International Monetary Fund, A Guide to Money and Banking Statistics in International Financial Statistics (Washington: International Monetary Fund, 1984).

    • Search Google Scholar
    • Export Citation

  • International Monetary Fund, A Manual for Government Finance Statistics (Washington: International Monetary Fund, 1986; revised edition forthcoming).

    • Search Google Scholar
    • Export Citation

  • International Monetary Fund, Theoretical Aspects of the Design of Fund-Supported Programs, Occasional Paper No. 55 (Washington: International Monetary Fund, 1987).

    • Search Google Scholar
    • Export Citation

  • Leone, A. M., “Institutional and Operational Aspects of Central Bank Losses,” IMF Paper on Policy Analysis and Assessment No. PPAA/93/14 (Washington: International Monetary Fund, September 1993).

    • Search Google Scholar
    • Export Citation