© 1995 International Monetary Fund
Cataloging-in-Publication Data
Balance of payments compilation guide.—Washington, DC, USA: International Monetary Fund, c1995. x, 380 p.
ISBN 9781557754707
1. Balance of payments—Statistics—Handbooks, manuals, etc. I. International Monetary Fund. HG3882.B25 1995
Price: US$32.50
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Preface
The Balance of Payments Compilation Guide (the Guide) is a companion document to the Balance of Payments Manual (the Manual), the fifth edition of which was published by the International Monetary Fund (IMF) in 1993. The primary purpose of the Guide is to provide practical direction for using sources and methods to compile statistics on the balance of payments and the international investment position.
The Manual reflects important changes in international transactions (e.g., liberalization in financial markets, unprecedented growth in the volume of international trade in services, innovations in creation and packaging of financial instruments, and new approaches to restructuring external debt). The Guide reflects the emergence of new data sources and adaptations in the application of statistical methodologies to changing circumstances.
Statistical methodologies evolve over time and in the context of institutional arrangements existing in different countries. Therefore, the Guide does not present a prescriptive or definitive approach to compiling statistics on the balance of payments and the international investment position. Instead, the Guide presents the relative strengths and weaknesses of a variety of approaches and notes source data adjustments required to derive, in conformance with recommendations of the Manual, data on flows and stocks. The Guide also discusses relationships between the compilation of balance of payments statistics and relevant aspects of the national accounts.
The Guide was prepared, through close consultation with national compilers of balance of payments statistics and experts from interested international and regional organizations, by staff of the IMF Statistics Department. The project was supervised by Assistant Director Mahinder S. Gill, Balance of Payments and External Debt Division I (BOPEDD I). In October 1991, Mr. Geoffrey Robertson, who was then a senior economist in the division and on secondment from the Australian Bureau of Statistics, prepared a preliminary draft of the Guide. This preliminary document was circulated to national balance of payments compilers and balance of payments experts working in international and regional organizations. Mr. Peter Harper (economist, BOPEDD I) subsequently undertook the task of redrafting the preliminary document and revising the text to incorporate the effects of reviewer comments and the updated statistical framework embodied in the fifth edition of the Manual and the revised System of National Accounts published in 1993. Mr. Peter Hofman of the Netherlands Bank provided a draft of the discussion on electronic data interchange (EDI), which appears in chapter 3 of the Guide. Ms. Nancy Basham, assistant editor in the Statistics Department, edited the final document and coordinated print production. Ms. Suzanna Persaud (staff assistant, BOPEDD I) typed revised and final versions of the Guide.
The IMF staff wishes to acknowledge, with thanks, its indebtedness to national and international balance of payments experts for the valuable comments and suggestions offered on the content of the Guide.
John B. McLenaghan
Director
Statistics Department
Contents
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Preface
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Acronyms Used in This Guide
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I. Introduction
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Purpose of This Guide
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Scope of This Guide
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Organization of This Guide
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The Balance of Payments (BOP) Conceptual Framework
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Data Sources Used to Compile BOP Statistics
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Compiling and Disseminating BOP Statistics
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II. International Trade Statistics (ITS)
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Introduction
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International Guidelines on ITS
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Compilation of ITS
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Uses of ITS in International Accounts
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III. International Transactions Reporting Systems (ITRS)
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Introduction
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Model of a Simple ITRS
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Modifying the Model of the Simple ITRS
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Measurement of Noncash Transactions
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Preparation of a BOP Statement
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A Model ITRS
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Electronic Reporting
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IV. Enterprise Surveys (ES)
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Introduction
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Goods and Merchanting Services
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Freight and Insurance on Imports
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Use of ES to Measure International Travel
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Insurance Transactions
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Use of ES to Measure Other Services
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Transactions Associated with Foreign Workers
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Special Bank Data
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Private Development Aid Transfers
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Use of ES to Measure External Assets and Liabilities
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Surveys of Banks and Other Financial Institutions
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V. International Transportation Surveys
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Overview
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Model Collection Forms
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Passenger Fares—Travel Revenue or Ticket Sales
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International Shipping Surveys
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International Airline Surveys
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Rail Transport
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Other Modes: Road, Waterways, and Space
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Transactions Involving Oil Rigs and Fishing Vessels
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VI. Surveys of International Activity Associated with Securities
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Overview
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Data Requirements
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Identifying Security Issuers and Owners
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Identifying Transactors
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Derivative Instruments
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Data Sources
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Model Collection Forms
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Overcoming Possible Problems
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VII. Collections from Persons and Households
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Overview
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Migration Statistics
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Alternative Statistics on Across-the-border Movements
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Surveys of Travelers
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Other Collections
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VIII. Official Data Sources Not Included Elsewhere
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Overview
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Data on the Official Sector
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Administrative By-product Data
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IX. Data from Partner Countries and International Institutions
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Partner Country Data
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Data from International Institutions
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X. Compiling the BOP Statement: an Overview
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Introduction
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The BOP Worksheet
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Estimation and Projection
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BOP Coding System
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Relationship Between the Balance of Payments Manual and the System of National Accounts
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Unit of Account and Multiple Exchange Rate Conversions
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Treatment of the Operation of Mobile Equipment
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Treatment of Construction Activity
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Selected Household Transactions
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Treatment of Individuals with Multiple Residences
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XI. Compiling the BOP Current Account: Goods
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Introduction
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International Trade Statistics as a Primary Source for Compilation of Goods
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An International Transactions Reporting System as a Primary Source for Compilation of Goods
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Enterprise Surveys as Primary Sources for Compilation of Goods
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Subclassification of Commodities
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Estimation in the Absence of Data
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Projections
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Treatment of Goods for Processing
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Treatment of Transfer Pricing
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XII. Compiling the BOP Current Account: Services
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Transportation
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Travel
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Other Services
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XIII. Compiling the BOP Current Account: Income
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Compensation of Employees
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Investment Income
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XIV. Compiling the BOP Current Account: Current Transfers
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Introduction
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Data Sources and Methods
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Treatment of Technical Assistance in the BOP
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Treatment of Food Aid in the BOP
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Reconciliation with Rest of the World Accounts
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XV. Compiling the BOP Capital Account
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Capital Transfers
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Acquisition and Disposal of Non-produced, Nonfinancial Assets
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XVI. Compiling the BOP Financial Account and the International Investment Position (IIP)
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Introduction
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Direct Investment
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Portfolio Investment
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Other Investment
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Reserve Assets
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Extrapolation and Projection
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Liabilities Constituting Foreign Authorities’ Reserves and Exceptional Financing
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Compilation of External Debt Statistics
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XVII. Compiling BOP and IIP Statements by Partner Country
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Overview
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Multilateral Settlements
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Countries and Regional Groupings
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Use of International Trade Statistics to Compile Partner Country Statistics
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Use of Other Sources to Compile Partner Country Statistics
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Treatments of Certain Direct Investment Transactions
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XVIII. Survey (Collection) Design
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Introduction
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Well-defined Objectives
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Legislative Authority
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Selection of an Appropriate Data Source
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Statistical Units
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The BOP Register
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Collection Strategies
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Collection Processes
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Developing Relationships with Data Providers
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Dealing with Non-response
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Verifying Reported Data
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XIX. Questionnaire (Form) Design
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Overview
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Page One of the Form
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Questions and Instructions
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Types of Questions
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Some Miscellaneous Issues
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Steps in Questionnaire Design
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Model BOP Forms
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Model Exploratory Form I
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Model BOP Enterprise Register Form 2
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Model International Transactions Reporting System Forms
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Model Enterprise Survey Forms
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Other Model Forms
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XX. The BOP Statistical Process
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Overview
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BOP Databases
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Designing the Data Extraction Process
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The Estimation Process
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Designing the Worksheet
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Analysis and Verification of Results
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Preparing Data for Publication
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Developing Computer Processing Systems
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Timetables
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Resources
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Assessing the Accuracy of Estimates
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Issues Associated with Revisions
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XXI. Publication of BOP Statistics
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Introduction
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Consultation with Users
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Periodicity
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Frequency and Timeliness of Publication
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Dissemination Media
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Supporting Material in Publications
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Presentation of Key Aggregates
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Presentation of Detailed and Supplementary Statistics
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Seasonally Adjusted, Trend, and Constant Price Series
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Historical Data
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Housekeeping Matters
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Appendices
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I. Balance of Payments Compiler Survey on Data Sources and Methods
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II. Model Balance of Payments Forms
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III. Model Balance of Payments Publication Tables
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Index
Acronyms Used in This Guide
BEC |
Broad Economic Category |
BIS |
Bank for International Settlements |
BOP |
balance of payments |
BPM |
Balance of Payments Manual |
c.i.f. |
cost, insurance, and freight |
CRS |
Creditor Reporting System (Organisation for Economic Cooperation and Development) |
DAC |
Development Assistance Committee of the Organisation for Economic Cooperation and Development |
DRS |
Debtor Reporting System (World Bank) |
EDI |
electronic data interchange |
ES |
enterprise surveys |
FISIM |
financial intermediation services indirectly measured |
f.o.b. |
free on board |
Guide |
Balance of Payments Compilation Guide |
IFS |
International Financial Statistics |
IIP |
international investment position |
ITRS |
international transactions reporting system |
ITS |
international trade statistics |
LCFAR |
liabilities constituting foreign authorities’ reserves |
OECD |
Organisation for Economic Cooperation and Development |
SITC |
Standard International Trade Classification |
SNA |
System of National Accounts 1993 |