VI. TABLES AND CHARTS

International Monetary Fund. Statistics Dept.

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International Monetary Fund. Statistics Dept.

International Monetary Fund. Statistics Dept.
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Language:: English

Print Publication Date:: 03 Sep 2000

Keywords:: MTU; portfolio; investment; CPI; portfolio investment liability; portfolio investment assets; portfolio investment asset; investment liability; short-term debt securities; liabilities of the reporting country; world current account; Stocks; Portfolio investment; Securities; Financial account; Current account

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Abstract

Outflows are indicated by a minus sign (-).

Table 1.

Financial Transactions of the Balance of Payments 1986-1989 Global Discrepancies and Adjustments Shown by Major Components

(average net values shown in billions of USS)

^{^*}Outflows are indicated by a minus sign (-).

^{^**}Liabitities constituting foreign authorities reserves

Source: International Monetary Fund, Report on the Measurement of International Capital Flows (the Godeaux Report), September 1992.

Table 1.

Financial Transactions of the Balance of Payments 1986-1989 Global Discrepancies and Adjustments Shown by Major Components

(average net values shown in billions of USS)

Balance of Payments Components	Original Data*	Adjustments*	Adjusted Data*
Direct investment	-16.5	11.8	-4.0
*Reinvested Earnings*	-22.2	18.2	-4.7
*Other*	5.7	-6.4	0.7
Portfolio investment	5.8	7.4	13.2
*Equities*	-12.4	5.4	-7.0
*Bonds*	18.3	1.9	20.2
Other investment	66.4	-58.6	7.8
Reserves-LCFAR **	-15.3	16.2	0.9
Total (net)	40.4	-23.4	17.0

^{^*}Outflows are indicated by a minus sign (-).

^{^**}Liabitities constituting foreign authorities reserves

Source: International Monetary Fund, Report on the Measurement of International Capital Flows (the Godeaux Report), September 1992.

Table 1.

Financial Transactions of the Balance of Payments 1986-1989 Global Discrepancies and Adjustments Shown by Major Components

(average net values shown in billions of USS)

Balance of Payments Components	Original Data*	Adjustments*	Adjusted Data*
Direct investment	-16.5	11.8	-4.0
*Reinvested Earnings*	-22.2	18.2	-4.7
*Other*	5.7	-6.4	0.7
Portfolio investment	5.8	7.4	13.2
*Equities*	-12.4	5.4	-7.0
*Bonds*	18.3	1.9	20.2
Other investment	66.4	-58.6	7.8
Reserves-LCFAR **	-15.3	16.2	0.9
Total (net)	40.4	-23.4	17.0

^{^*}Outflows are indicated by a minus sign (-).

^{^**}Liabitities constituting foreign authorities reserves

Source: International Monetary Fund, Report on the Measurement of International Capital Flows (the Godeaux Report), September 1992.

Table 2.

1997 CPIS Collection Strategies and Availability of Data

^¹End investors (EI), Custodians (CU)

^²Equity securities (EQ), long-term debt securities (LT), short-term debt securities (ST), financial derivatives (FD)

^³A compulsory survey was one for which national statistical authorities were legally empowered to require resident entities to provide data and to impose fines to non-respondents.

^{^a}Banks

^{^b}Only institutional investors

^{^c}Only when, within a bank or another depositary institution, the reporting responsibility was not delegated

^{^d}Includes data on long-term and short-term debt securities

^{^e}Data on securities held as reserve assets were reported in the 1997 CPIS.

Table 2.

1997 CPIS Collection Strategies and Availability of Data

	Type of Survey¹					Data Collected²
	Aggregate Approach		Security-by-Security Approach		Legal Basis ³	Assets				Liabilities
Countries	El	CU	El	CU		EQ	LT	ST	cFD	EQ	LT	ST	FD
Argentina	●	-	●	-	N/A	●	●	●	-	-	-	-	-
Australia	●	-	-	-	Compulsory	●	●	●	-	●	●	●	-
Austria	-	-	●	●	Compulsory	●	(e)	-	-	-	-	-	-
Belgium	●	●	-	-	Compulsory	●	(e)	●	-	-	-	-	-
Bermuda	●	●	-	-	Voluntary	●	●	-	-	-	-	-	-
Canada	(a)	-	●	●	Compulsory	●	●	●		-	-	-	-
Chile	-	●	●		Voluntary	●	●	-	-	-	-	-	-
Denmark	●	●	-	-	Voluntary	●	(e)	-	-	-	-	-	-
Finland	●	●	-	-	Compulsory	●	●	●	-	-	-	-	-
France	-	-	-	●	Compulsory	●	●	-	-	-	-	-	-
Iceland	●	●	-	-	Compulsory	●	●	-	-	-	-	-	-
Indonesia	●	●	-	-	Voluntary	●	●	●	-	●	●	●	-
Ireland	●	●	-	-	Compulsory	●	●	-	-	-	-	-	-
Israel	●	-	-	●	Compulsory	●	(d)	-	●	●	(d)	-	●
Italy	-	-	●	●	Compulsory	●	●	●	-	-	-	-	-
Japan	(b)	●	-	-	Compulsory	●	●	●	●	●	●	●	●
Korea	●	●	-	●	Compulsory	●	(e)	●	-	-	-	-	-
Malaysia	-	-	●	●	Compulsory	●	●	●	-	●	●	●
Netherlands	-	(a)	-	-	Compulsory	●	●	-	-	●	●	-	-
New Zealand	●	●	-	-	Compulsory	●	●	-	-	-	-	-	-
Norway	●	●	-	-	Compulsory	●	●	-	-	-	-	-	-
Portugal	-	-	(c)	●	Compulsory	●	●	●	-	●	●	●
Singapore	●	●	-	-	Compulsory	●	●	●	-	-	-	-	-
Spain	-	-	●	●	Compulsory	●	●	-	●	●	●	●	-
Sweden	●	●	-	-	Compulsory	●	●	●	-	-	-	-	-
Thailand	●	●	-	-	Voluntary	●	●	-	-	-	-	-	-
United Kingdom	●	-	-	-	Compulsory	●	●	●	-	-	-	-	-
United States	-	-	●	●	Compulsory	●	(e)	-	-	-	-	-	-
Venezuela	-	-	●	-	Voluntary	●	●	●	-	-	-	-	-

^¹End investors (EI), Custodians (CU)

^²Equity securities (EQ), long-term debt securities (LT), short-term debt securities (ST), financial derivatives (FD)

^³A compulsory survey was one for which national statistical authorities were legally empowered to require resident entities to provide data and to impose fines to non-respondents.

^{^a}Banks

^{^b}Only institutional investors

^{^c}Only when, within a bank or another depositary institution, the reporting responsibility was not delegated

^{^d}Includes data on long-term and short-term debt securities

^{^e}Data on securities held as reserve assets were reported in the 1997 CPIS.

Table 2.

1997 CPIS Collection Strategies and Availability of Data

	Type of Survey¹					Data Collected²
	Aggregate Approach		Security-by-Security Approach		Legal Basis ³	Assets				Liabilities
Countries	El	CU	El	CU		EQ	LT	ST	cFD	EQ	LT	ST	FD
Argentina	●	-	●	-	N/A	●	●	●	-	-	-	-	-
Australia	●	-	-	-	Compulsory	●	●	●	-	●	●	●	-
Austria	-	-	●	●	Compulsory	●	(e)	-	-	-	-	-	-
Belgium	●	●	-	-	Compulsory	●	(e)	●	-	-	-	-	-
Bermuda	●	●	-	-	Voluntary	●	●	-	-	-	-	-	-
Canada	(a)	-	●	●	Compulsory	●	●	●		-	-	-	-
Chile	-	●	●		Voluntary	●	●	-	-	-	-	-	-
Denmark	●	●	-	-	Voluntary	●	(e)	-	-	-	-	-	-
Finland	●	●	-	-	Compulsory	●	●	●	-	-	-	-	-
France	-	-	-	●	Compulsory	●	●	-	-	-	-	-	-
Iceland	●	●	-	-	Compulsory	●	●	-	-	-	-	-	-
Indonesia	●	●	-	-	Voluntary	●	●	●	-	●	●	●	-
Ireland	●	●	-	-	Compulsory	●	●	-	-	-	-	-	-
Israel	●	-	-	●	Compulsory	●	(d)	-	●	●	(d)	-	●
Italy	-	-	●	●	Compulsory	●	●	●	-	-	-	-	-
Japan	(b)	●	-	-	Compulsory	●	●	●	●	●	●	●	●
Korea	●	●	-	●	Compulsory	●	(e)	●	-	-	-	-	-
Malaysia	-	-	●	●	Compulsory	●	●	●	-	●	●	●
Netherlands	-	(a)	-	-	Compulsory	●	●	-	-	●	●	-	-
New Zealand	●	●	-	-	Compulsory	●	●	-	-	-	-	-	-
Norway	●	●	-	-	Compulsory	●	●	-	-	-	-	-	-
Portugal	-	-	(c)	●	Compulsory	●	●	●	-	●	●	●
Singapore	●	●	-	-	Compulsory	●	●	●	-	-	-	-	-
Spain	-	-	●	●	Compulsory	●	●	-	●	●	●	●	-
Sweden	●	●	-	-	Compulsory	●	●	●	-	-	-	-	-
Thailand	●	●	-	-	Voluntary	●	●	-	-	-	-	-	-
United Kingdom	●	-	-	-	Compulsory	●	●	●	-	-	-	-	-
United States	-	-	●	●	Compulsory	●	(e)	-	-	-	-	-	-
Venezuela	-	-	●	-	Voluntary	●	●	●	-	-	-	-	-

^¹End investors (EI), Custodians (CU)

^²Equity securities (EQ), long-term debt securities (LT), short-term debt securities (ST), financial derivatives (FD)

^³A compulsory survey was one for which national statistical authorities were legally empowered to require resident entities to provide data and to impose fines to non-respondents.

^{^a}Banks

^{^b}Only institutional investors

^{^c}Only when, within a bank or another depositary institution, the reporting responsibility was not delegated

^{^d}Includes data on long-term and short-term debt securities

^{^e}Data on securities held as reserve assets were reported in the 1997 CPIS.

Table 3.

Portfolio Investment Assets of 1997 CPIS Participants at End-December 1997

(in millions of US$)

^{^*}Supplementary data consist of data on foreign long-term securities (equity and debt) held as reserve assets by the monetary authorities of countries participating in the SEFER; plus BIS data relating to nonresident debt securities held by banks resident in Germany, Hong Kong SAR, Luxembourg, and Switzerland; plus equity and long-term debt securities, held mainly in respect of pension fund operations for staff, by selected international organizations.

Table 3.

Portfolio Investment Assets of 1997 CPIS Participants at End-December 1997

(in millions of US$)

	Equity Securities	Long-term Debt Securities	Total			Short-term Debt Securities	Financial Derivatives	Total
	Country
Countries	a	b	a + b=C	Share	a/b	d	e	c+d+e
United States	1,197,446	542,898	1,740,344	33.21%	2.2	…	....	1,740,344
*United Kingdom*	*461,553*	*483,354*	*944,908*	*18.03%*	*1.0*	*27,080*	....	*971,987*
Japan	158,771	712,161	870,932	16.62%	0.2	31,324	4,406	906,662
*France*	*99,604*	*205,938*	*305,542*	*5.83%*	*0.5*	....	....	*305,542*
Italy	75,233	172,239	247,473	4.72%	0.4	10,391	....	257,863
*Netherlands*	*127,314*	*115,425*	*242,739*	*4.63%*	*1.1*	....	....	*242,739*
Belgium	64,830	86,668	3 51,499	2.89%	0.7	10,786	....	162,285
*Bermuda*	*46,861*	*82,934*	*129,795*	*2.48%*	*0.6*	....	....	*129,795*
Canada	105,920	17,491	123,411	2.35%	6.1	4,859	....	128,270
*Ireland*	*36,506*	*59,144*	*95,650*	*1.83%*	*0.6*	....	....	*95,650*
Sweden	52,367	16,451	68,819	1.31%	3.2	2,739	....	71,557
*Austria*	*11,502*	*39,421*	*50,922*	*0.97%*	*0.3*	....	....	*50,922*
Spain	22,308	24,771	47,079	0.90%	0.9	....	....	47,079
*Denmark*	*21,751*	*21,346*	*43,096*	*0.82%*	*1.0*	....	....	*43,096*
Australia	32,870	7,449	40,319	0.77%	4.4	1,217	....	41,537
*Norway*	*9,282*	*25,395*	*34,676*	*0.66%*	*0.4*	....	....	*34,676*
Argentina	10,090	18,050	28,140	0.54%	0.6	1,551	....	29,691
*Singapore*	*16,199*	*4,527*	*20,726*	*0.40%*	*3.6*	*2,061*	....	*22,788*
Portugal	4,765	14,145	18,911	0.36%	0.3	366	....	19,277
*Korea*	*976*	*8,101*	*9,077*	*0.17%*	*0.1*	*4,428*	....	*13,505*
Finland	3,122	7,849	10,971	0.21%	0.4	591	....	11,562
*New Zealand*	*5,002*	*1,448*	*6,450*	*0.12%*	*3.5*	....	....	*6,450*
Israel	1,057	2,117	3,174	0.06%	0.5	....	6	3,180
*Venezuela*	36	*2,384*	*2,420*	*0.05%*	*0.0*	555	....	*2,975*
Malaysia	1,385	348	1,733	0.03%	4.0	55	....	1,788
*Indonesia*	26	*701*	*726*	*0.01%*	…	*398*	....	*1,124*
Chile	390	137	527	0.01%	2.8	....	....	527
*Iceland*	*386*	82	*468*	*0.01%*	*4.7*	....	....	*468*
Thailand	232	43	275	0.01%	5.4	....	....	275
Total CPIS	2,567,785	2,673,016	5,240,801	100.00%	1.0	98,401	4,411	5,343,613
Supplementary Data *	32,033	716,950	748,983	....	....	....	....	748,983
Grand Total	2,599,818	3,389,966	5,989,784	....	....	98,401	4,411	6,092,596

Table 3.

Portfolio Investment Assets of 1997 CPIS Participants at End-December 1997

(in millions of US$)

	Equity Securities	Long-term Debt Securities	Total			Short-term Debt Securities	Financial Derivatives	Total
	Country
Countries	a	b	a + b=C	Share	a/b	d	e	c+d+e
United States	1,197,446	542,898	1,740,344	33.21%	2.2	…	....	1,740,344
*United Kingdom*	*461,553*	*483,354*	*944,908*	*18.03%*	*1.0*	*27,080*	....	*971,987*
Japan	158,771	712,161	870,932	16.62%	0.2	31,324	4,406	906,662
*France*	*99,604*	*205,938*	*305,542*	*5.83%*	*0.5*	....	....	*305,542*
Italy	75,233	172,239	247,473	4.72%	0.4	10,391	....	257,863
*Netherlands*	*127,314*	*115,425*	*242,739*	*4.63%*	*1.1*	....	....	*242,739*
Belgium	64,830	86,668	3 51,499	2.89%	0.7	10,786	....	162,285
*Bermuda*	*46,861*	*82,934*	*129,795*	*2.48%*	*0.6*	....	....	*129,795*
Canada	105,920	17,491	123,411	2.35%	6.1	4,859	....	128,270
*Ireland*	*36,506*	*59,144*	*95,650*	*1.83%*	*0.6*	....	....	*95,650*
Sweden	52,367	16,451	68,819	1.31%	3.2	2,739	....	71,557
*Austria*	*11,502*	*39,421*	*50,922*	*0.97%*	*0.3*	....	....	*50,922*
Spain	22,308	24,771	47,079	0.90%	0.9	....	....	47,079
*Denmark*	*21,751*	*21,346*	*43,096*	*0.82%*	*1.0*	....	....	*43,096*
Australia	32,870	7,449	40,319	0.77%	4.4	1,217	....	41,537
*Norway*	*9,282*	*25,395*	*34,676*	*0.66%*	*0.4*	....	....	*34,676*
Argentina	10,090	18,050	28,140	0.54%	0.6	1,551	....	29,691
*Singapore*	*16,199*	*4,527*	*20,726*	*0.40%*	*3.6*	*2,061*	....	*22,788*
Portugal	4,765	14,145	18,911	0.36%	0.3	366	....	19,277
*Korea*	*976*	*8,101*	*9,077*	*0.17%*	*0.1*	*4,428*	....	*13,505*
Finland	3,122	7,849	10,971	0.21%	0.4	591	....	11,562
*New Zealand*	*5,002*	*1,448*	*6,450*	*0.12%*	*3.5*	....	....	*6,450*
Israel	1,057	2,117	3,174	0.06%	0.5	....	6	3,180
*Venezuela*	36	*2,384*	*2,420*	*0.05%*	*0.0*	555	....	*2,975*
Malaysia	1,385	348	1,733	0.03%	4.0	55	....	1,788
*Indonesia*	26	*701*	*726*	*0.01%*	…	*398*	....	*1,124*
Chile	390	137	527	0.01%	2.8	....	....	527
*Iceland*	*386*	82	*468*	*0.01%*	*4.7*	....	....	*468*
Thailand	232	43	275	0.01%	5.4	....	....	275
Total CPIS	2,567,785	2,673,016	5,240,801	100.00%	1.0	98,401	4,411	5,343,613
Supplementary Data *	32,033	716,950	748,983	....	....	....	....	748,983
Grand Total	2,599,818	3,389,966	5,989,784	....	....	98,401	4,411	6,092,596

Table 4.

Portfolio Investment Assets of 1997 CPIS Participants at End-December 1997

Shown by Instrument and Region of Issuer

Source: 1997 Coordinated Portfolio Investment Survey

Table 4.

Portfolio Investment Assets of 1997 CPIS Participants at End-December 1997

Shown by Instrument and Region of Issuer

Countries of Nonresident Issuers	Equity Securities	Long-term Debt Securities	Total	Equity/Debt
*Advanced Countries*	84.63	77.89	81.19	1.04
Asia/Pacific	11.90	6.12	8.95	1.87
Europe	52.75	44.90	48.74	1.13
Western Hemisphere	19.98	26.88	23.50	0.71
*Emerging Market Countries*	12.21	11.10	11.64	1.06
Asia/Pacific	5.59	3.07	4.30	1.75
Europe	1.11	1.73	1.42	0.62
Western Hemisphere	4.64	5.69	5.18	0.79
Middle East	0.32	0.24	0.28	1.25
Africa	0.55	0.38	0.46	1.40
*Other Countries*	0.16	0.24	0.20	0.65
Asia/Pacific	0.02	0.02	0.02	0.91
Europe	0.00	0.01	0.01	0.07
Western Hemisphere	0.02	0.02	0.02	1.12
Middle East	0.04	0.04	0.04	0.82
Africa	0.08	0.14	0.11	0.56
*Offshore Centers*	2.83	4.91	3.89	0.55
*International Organizations*	0.17	5.27	2.77	0.03
Total	100.0	100.0	100.0	0.96

Source: 1997 Coordinated Portfolio Investment Survey

Table 4.

Portfolio Investment Assets of 1997 CPIS Participants at End-December 1997

Shown by Instrument and Region of Issuer

Countries of Nonresident Issuers	Equity Securities	Long-term Debt Securities	Total	Equity/Debt
*Advanced Countries*	84.63	77.89	81.19	1.04
Asia/Pacific	11.90	6.12	8.95	1.87
Europe	52.75	44.90	48.74	1.13
Western Hemisphere	19.98	26.88	23.50	0.71
*Emerging Market Countries*	12.21	11.10	11.64	1.06
Asia/Pacific	5.59	3.07	4.30	1.75
Europe	1.11	1.73	1.42	0.62
Western Hemisphere	4.64	5.69	5.18	0.79
Middle East	0.32	0.24	0.28	1.25
Africa	0.55	0.38	0.46	1.40
*Other Countries*	0.16	0.24	0.20	0.65
Asia/Pacific	0.02	0.02	0.02	0.91
Europe	0.00	0.01	0.01	0.07
Western Hemisphere	0.02	0.02	0.02	1.12
Middle East	0.04	0.04	0.04	0.82
Africa	0.08	0.14	0.11	0.56
*Offshore Centers*	2.83	4.91	3.89	0.55
*International Organizations*	0.17	5.27	2.77	0.03
Total	100.0	100.0	100.0	0.96

Source: 1997 Coordinated Portfolio Investment Survey

Table 5.

Global Portfolio Investment Assets and Liabilities at End-December 1997*

Shown by Instrument and Region of Issuer

(in billions of US$)

^{^*}Regional data are not presented on a consolidated basis.

^{^**}Compiled by combining information from the 1997 CPIS, SEFER, IO, and BIS

Table 5.

Global Portfolio Investment Assets and Liabilities at End-December 1997*

Shown by Instrument and Region of Issuer

(in billions of US$)

Areas	Assets						Liabilities
	Estimates Based on Available IIP Data and/or BOP Cumulated Flows			Additions to Basic Estimates**			Estimates Based on Available IIP Data and/or BOP Cumulated Flows			Additions to Basic Estimates **
	Equity Securities	Debt Securities	Total	+ Equity	+ Debt	Total	Equity Securities	Debt Securities	Total	+ Equity	+ Debt	Total
Advanced Countries	2,722	3,395	6,117	336	161	6,614	3,025	4,901	7,926	49	22	7,998
Asia/Pacific	196	721	918	0	1	918	340	371	711	6	-5	713
Europe	1,265	2,116	3,380	91	62	3,534	1,732	2,270	4,002	43	27	4,071
Western Hemisphere	1,261	558	1,819	245	98	2,162	953	2,260	3,213	0	0	3,213
Emerging Markets	61	80	140	10	46	196	200	462	661	109	48	818
Asia/Pacific	51	18	70	1	43	114	78	108	186	96	23	305
Europe	3	9	11	-	-	11	14	42	55	14	17	86
Western Hemisphere	5	33	39	9	3	50	94	275	369	-1	6	374
Middle East	1	11	13	0	0	13	6	21	27	0	0	28
Africa	0	8	8	-	-	8	7	16	23	0	2	25
Other Countries	4	97	101	-	-	101	1	12	13	2	4	20
Asia/Pacific	0	5	5	-	-	5	0	5	5	0	1	6
Europe	0	0	0	-	-	0	0	0	0	0	0	0
Western Hemisphere	0	0	0	-	-	0	0	1	1	0	0	1
Middle East	0	91	91	-	-	91	1	3	3	0	0	4
Africa	4	1	5	-	-	5	0	4	5	2	3	9
Offshore Financial Centers	0	3	3	47	83	133	0	4	4	71	128	203
Monetary Authorities and international Organizations	0	553	553	0	68	620	0	296	296	4	0	300
Total	2,787	4,127	6,914	393	357	7,664	3,226	5,675	8,901	235	203	9,39

^{^*}Regional data are not presented on a consolidated basis.

^{^**}Compiled by combining information from the 1997 CPIS, SEFER, IO, and BIS

Table 5.

Global Portfolio Investment Assets and Liabilities at End-December 1997*

Shown by Instrument and Region of Issuer

(in billions of US$)

Areas	Assets						Liabilities
	Estimates Based on Available IIP Data and/or BOP Cumulated Flows			Additions to Basic Estimates**			Estimates Based on Available IIP Data and/or BOP Cumulated Flows			Additions to Basic Estimates **
	Equity Securities	Debt Securities	Total	+ Equity	+ Debt	Total	Equity Securities	Debt Securities	Total	+ Equity	+ Debt	Total
Advanced Countries	2,722	3,395	6,117	336	161	6,614	3,025	4,901	7,926	49	22	7,998
Asia/Pacific	196	721	918	0	1	918	340	371	711	6	-5	713
Europe	1,265	2,116	3,380	91	62	3,534	1,732	2,270	4,002	43	27	4,071
Western Hemisphere	1,261	558	1,819	245	98	2,162	953	2,260	3,213	0	0	3,213
Emerging Markets	61	80	140	10	46	196	200	462	661	109	48	818
Asia/Pacific	51	18	70	1	43	114	78	108	186	96	23	305
Europe	3	9	11	-	-	11	14	42	55	14	17	86
Western Hemisphere	5	33	39	9	3	50	94	275	369	-1	6	374
Middle East	1	11	13	0	0	13	6	21	27	0	0	28
Africa	0	8	8	-	-	8	7	16	23	0	2	25
Other Countries	4	97	101	-	-	101	1	12	13	2	4	20
Asia/Pacific	0	5	5	-	-	5	0	5	5	0	1	6
Europe	0	0	0	-	-	0	0	0	0	0	0	0
Western Hemisphere	0	0	0	-	-	0	0	1	1	0	0	1
Middle East	0	91	91	-	-	91	1	3	3	0	0	4
Africa	4	1	5	-	-	5	0	4	5	2	3	9
Offshore Financial Centers	0	3	3	47	83	133	0	4	4	71	128	203
Monetary Authorities and international Organizations	0	553	553	0	68	620	0	296	296	4	0	300
Total	2,787	4,127	6,914	393	357	7,664	3,226	5,675	8,901	235	203	9,39

^{^*}Regional data are not presented on a consolidated basis.

^{^**}Compiled by combining information from the 1997 CPIS, SEFER, IO, and BIS

Table 6.

Global Discrepancies in Portfolio Investment Assets and Liabilities at End-December 1997

(in trillions of US$)

^{^*}as reported by the 29 participating countries

^{^**}including adjustments for nonreporting countries and international organizations See Table 4 for the adjusted 1997 CPIS data.

Sources: 1997 CPIS; BIS, IMF, other international organizations, and IMF staff estimates

Table 6.

Global Discrepancies in Portfolio Investment Assets and Liabilities at End-December 1997

(in trillions of US$)

	Portfolio Investment Assets	Portfolio Investment Liabilities	Global Discrepancy
1997 CPIS*	5.2	…
1997 CPIS (adjusted)**	7.7	9.4	1.7

^{^*}as reported by the 29 participating countries

^{^**}including adjustments for nonreporting countries and international organizations See Table 4 for the adjusted 1997 CPIS data.

Sources: 1997 CPIS; BIS, IMF, other international organizations, and IMF staff estimates

Table 6.

Global Discrepancies in Portfolio Investment Assets and Liabilities at End-December 1997

(in trillions of US$)

	Portfolio Investment Assets	Portfolio Investment Liabilities	Global Discrepancy
1997 CPIS*	5.2	…
1997 CPIS (adjusted)**	7.7	9.4	1.7

^{^*}as reported by the 29 participating countries

^{^**}including adjustments for nonreporting countries and international organizations See Table 4 for the adjusted 1997 CPIS data.

Sources: 1997 CPIS; BIS, IMF, other international organizations, and IMF staff estimates

Table 7.

World Current Account Balances 1992–1998

(in billions of US$)

Source: Balance of Payments Statistics Yearbook, Volume 50, Part 2, International Monetary Fund, Washington, DC, 1999

Table 7.

World Current Account Balances 1992–1998

(in billions of US$)

			1991	1992	1993	1994	1995	1996	1997	1998	Average Imbalance 1991-1998
Current Account Balance			-102.0	-101.5	-62.1	-36.0	-34.3	-18.63	32.3	-18.6	-44.9
	*Trade Balance*		*32.5*	*38.6*	*67.0*	*97.2*	*115.0*	*97.6*	*117.3*	*80.1*	*80.7*
		Credit	3,509.0	3,733.0	3,722.0	4,224.0	5,058.0	5,308.0	5,505.0	5,377.1
		Debit	3,476.0	3,693.9	3,654.9	4,127.2	4,943.0	5,210.2	5,388.0	5,297.0
	*Services Balance*		*-40.2*	*-28.1*	*-18.3*	*-4.0*	*-13.2*	*-1.3*	*16.6*	*12.0*	*-9.6*
		Credit	886.1	980.7	995.9	1,808.8	1,231.9	1,313.8	1,363.3	1,361.0
		Debit	926.3	1,008.8	1,014.2	1,084.8	1,245.1	1,315.1	1,346.7	1,349.0
		Transportation	-48.6	-53.0	-55.8	-55.7	-66.3	-63.6	-64.8	-60.9	-58.6
		Travel	19.2	17.8	26.4	24.5	29.1	39.3	36.7	40.2	29.2
		Government Services	-26.7	-17.9	-9.3	-10.9	-13.8	-11.4	-10.3	-6.8	-13.4
		Other Services	16.0	25.0	20.4	38.1	37.9	34.4	55.2	39.4	33.3
	*Income Balance*		-64.9	-70.1	-66.8	-73.6	-87.9	-83.6	-82.5	-109.3	-79.8
		Credit	902.5	920.1	919.8	923.2	1,104.8	1,171.3	1,222.4	1,251.5
		Debit	967.4	990.2	986.6	996.8	1,192.7	1,254.9	1,304.9	1,360.8
		Compensation of Employees	-7.3	-9.7	-10.1	-8.7	-9.0	-9.6	-7.1	-8.4	-8.7
		Reinvested Earnings	48.6	38.1	45.8	41.1	57.8	67.5	56.8	40.7	49.5
		Other Direct Investment Income	3.8	6.0	-0.7	11.1	-17.9	-14.5	0.0	-6.3	-2.3
		Portfolio and Other Investment Income	-110.0	-104.6	-101.8	-117.1	-118.7	-127.0	-132.4	-135.3	-118.4
	*Current Transfers Balance*		*-29.4*	*-41.9*	*-44.0*	*-55.6*	*-48.2*	*-31.3*	*-19.1*	*-19.6*	*-36.1*
		Credit	328.2	310.1	293.8	295.8	326.0	367.5	360.7	370.6
		Debit	357.6	352.0	337.8	351.4	374.2	398.8	379.8	390.2
	*Memoranda Items*
		Current Account Balance as Percent of Gross Current Account Transactions	0.9	0.8	0.5	0.3	0.2	0.1	0.2	0.2	0.5
		Trade Balance as Percent of Gross Transactions in Goods	0.5	0.5	0.9	1.2	1.1	0.9	1.1	0.8	1.0
		Services Balance as Percent of Gross Transactions in Income	2.2	1.4	0.9	0.2	0.5	0.0	0.6	0.4	0.9
		Income Balance as Percent of Gross Transactions in Income	3.5	3.7	3.5	3.8	3.8	3.4	3.3	4.2	4.2
		Current Transfers Balance as Percent of Gross Transactions in Current Transfers	4.3	6.3	7.0	8.6	6.9	4.1	2.6	2.6	6.0
		Capital Account Balance as Percentage of Gross Current Account Transactions	26.3	51.4	44.1	34.1	29.2	1.0	0.4	8.8	27.9

Source: Balance of Payments Statistics Yearbook, Volume 50, Part 2, International Monetary Fund, Washington, DC, 1999

Table 7.

World Current Account Balances 1992–1998

(in billions of US$)

			1991	1992	1993	1994	1995	1996	1997	1998	Average Imbalance 1991-1998
Current Account Balance			-102.0	-101.5	-62.1	-36.0	-34.3	-18.63	32.3	-18.6	-44.9
	*Trade Balance*		*32.5*	*38.6*	*67.0*	*97.2*	*115.0*	*97.6*	*117.3*	*80.1*	*80.7*
		Credit	3,509.0	3,733.0	3,722.0	4,224.0	5,058.0	5,308.0	5,505.0	5,377.1
		Debit	3,476.0	3,693.9	3,654.9	4,127.2	4,943.0	5,210.2	5,388.0	5,297.0
	*Services Balance*		*-40.2*	*-28.1*	*-18.3*	*-4.0*	*-13.2*	*-1.3*	*16.6*	*12.0*	*-9.6*
		Credit	886.1	980.7	995.9	1,808.8	1,231.9	1,313.8	1,363.3	1,361.0
		Debit	926.3	1,008.8	1,014.2	1,084.8	1,245.1	1,315.1	1,346.7	1,349.0
		Transportation	-48.6	-53.0	-55.8	-55.7	-66.3	-63.6	-64.8	-60.9	-58.6
		Travel	19.2	17.8	26.4	24.5	29.1	39.3	36.7	40.2	29.2
		Government Services	-26.7	-17.9	-9.3	-10.9	-13.8	-11.4	-10.3	-6.8	-13.4
		Other Services	16.0	25.0	20.4	38.1	37.9	34.4	55.2	39.4	33.3
	*Income Balance*		-64.9	-70.1	-66.8	-73.6	-87.9	-83.6	-82.5	-109.3	-79.8
		Credit	902.5	920.1	919.8	923.2	1,104.8	1,171.3	1,222.4	1,251.5
		Debit	967.4	990.2	986.6	996.8	1,192.7	1,254.9	1,304.9	1,360.8
		Compensation of Employees	-7.3	-9.7	-10.1	-8.7	-9.0	-9.6	-7.1	-8.4	-8.7
		Reinvested Earnings	48.6	38.1	45.8	41.1	57.8	67.5	56.8	40.7	49.5
		Other Direct Investment Income	3.8	6.0	-0.7	11.1	-17.9	-14.5	0.0	-6.3	-2.3
		Portfolio and Other Investment Income	-110.0	-104.6	-101.8	-117.1	-118.7	-127.0	-132.4	-135.3	-118.4
	*Current Transfers Balance*		*-29.4*	*-41.9*	*-44.0*	*-55.6*	*-48.2*	*-31.3*	*-19.1*	*-19.6*	*-36.1*
		Credit	328.2	310.1	293.8	295.8	326.0	367.5	360.7	370.6
		Debit	357.6	352.0	337.8	351.4	374.2	398.8	379.8	390.2
	*Memoranda Items*
		Current Account Balance as Percent of Gross Current Account Transactions	0.9	0.8	0.5	0.3	0.2	0.1	0.2	0.2	0.5
		Trade Balance as Percent of Gross Transactions in Goods	0.5	0.5	0.9	1.2	1.1	0.9	1.1	0.8	1.0
		Services Balance as Percent of Gross Transactions in Income	2.2	1.4	0.9	0.2	0.5	0.0	0.6	0.4	0.9
		Income Balance as Percent of Gross Transactions in Income	3.5	3.7	3.5	3.8	3.8	3.4	3.3	4.2	4.2
		Current Transfers Balance as Percent of Gross Transactions in Current Transfers	4.3	6.3	7.0	8.6	6.9	4.1	2.6	2.6	6.0
		Capital Account Balance as Percentage of Gross Current Account Transactions	26.3	51.4	44.1	34.1	29.2	1.0	0.4	8.8	27.9

Source: Balance of Payments Statistics Yearbook, Volume 50, Part 2, International Monetary Fund, Washington, DC, 1999

Table 8.

World Capital Account and World Financial Account Balances 1992–1998

Source:Balance of Payments Statistics Yearbook, Volume 50, Part 2, International Monetary Fund, Washington, DC, 1999 Notes: In the Financial Account balances, no sign indicates that recorded inflows exceed recorded outflows; a negative sign indicates that recorded outflows exceed recorded inflows. Data on LCFAR were derived from sample data, collected by the IMF, on countries having substantial reserves. These data were used to adjust data on portfolio and other investment liabilities for the purpose of achieving better alignment between the data on portfolio and other investment liabilities and the corresponding asset series.

Table 8.

World Capital Account and World Financial Account Balances 1992–1998

			1991	1992	1993	1994	1995	1996	1997	1998	Average Imbalance 1991-1998
Capital Account Balance			9.8	19.6	19.3	22.5	17.6	1.1	-0.5	-8.8	10.1
		Credit	23.5	28.8	31.5	44.3	39.0	55.2	45.6	45.7
		Debit	13.7	9.2	12.2	21.8	21.4	54.1	46.1	54.5
Financial Account Balance			157.3	129.1	91.6	62.2	118.6	154.8	144.1	110.3	121.0
	*Direct Investment*		*-42.3*	*-30.7*	*-7.8*	*-18.5*	*-8.0*	*2.1*	*17.3*	*26.3*	*-7.7*
		Abroad	-199.9	-201.2	-227.8	-262.5	-334.1	-365.6	-441.2	-611.9
		In the Reporting Economy	157.6	170.5	220.0	244.0	326.1	367.7	458.5	638.2
	*Portfolio Investment*		*75.0*	*104.7*	*156.2*	*66.8*	*187.8*	*175.9*	*280.0*	*-119.1*	*115.9*
		Assets	-341.9	-352.3	-542.3	-344.0	-365.0	-624.6	-717.3	-963.3
		Liabilities (excluding LCFAR)	416.9	457.0	698.5	410.8	552.8	800.5	997.3	844.2
	*Other Investment*		*145.1*	*85.2*	*15.2*	*55.5*	*-12.8*	*10.7*	*-109.0*	*206.0*	*49.5*
		Assets	22.9	-305.4	-433.5	-266.2	-685.6	-766.1	-1,316.8	-446.0
		Liabilities (excluding LCFAR)	122.2	390.6	448.7	321.7	672.8	776.8	1,207.8	652.0
	*Reserves plus LCFAR*		*-20.5*	*-30.2*	*-72.0*	*-41.6*	*-48.4*	*-34.0*	*-44.2*	*-2.9*	*-36.7*
		Reserves	-52.8	-69.9	-106.2	-112.2	-190.0	-190.3	-104.0	-32.3
		LCFAR	32.3	39.7	34.2	70.6	141.6	156.3	59.8	29.4
Net Errors and Omissions			-65.1	-47.2	-48.8	-48.7	-101.9	-137.3	-175.9	-64.7	-86.2

Table 8.

World Capital Account and World Financial Account Balances 1992–1998

			1991	1992	1993	1994	1995	1996	1997	1998	Average Imbalance 1991-1998
Capital Account Balance			9.8	19.6	19.3	22.5	17.6	1.1	-0.5	-8.8	10.1
		Credit	23.5	28.8	31.5	44.3	39.0	55.2	45.6	45.7
		Debit	13.7	9.2	12.2	21.8	21.4	54.1	46.1	54.5
Financial Account Balance			157.3	129.1	91.6	62.2	118.6	154.8	144.1	110.3	121.0
	*Direct Investment*		*-42.3*	*-30.7*	*-7.8*	*-18.5*	*-8.0*	*2.1*	*17.3*	*26.3*	*-7.7*
		Abroad	-199.9	-201.2	-227.8	-262.5	-334.1	-365.6	-441.2	-611.9
		In the Reporting Economy	157.6	170.5	220.0	244.0	326.1	367.7	458.5	638.2
	*Portfolio Investment*		*75.0*	*104.7*	*156.2*	*66.8*	*187.8*	*175.9*	*280.0*	*-119.1*	*115.9*
		Assets	-341.9	-352.3	-542.3	-344.0	-365.0	-624.6	-717.3	-963.3
		Liabilities (excluding LCFAR)	416.9	457.0	698.5	410.8	552.8	800.5	997.3	844.2
	*Other Investment*		*145.1*	*85.2*	*15.2*	*55.5*	*-12.8*	*10.7*	*-109.0*	*206.0*	*49.5*
		Assets	22.9	-305.4	-433.5	-266.2	-685.6	-766.1	-1,316.8	-446.0
		Liabilities (excluding LCFAR)	122.2	390.6	448.7	321.7	672.8	776.8	1,207.8	652.0
	*Reserves plus LCFAR*		*-20.5*	*-30.2*	*-72.0*	*-41.6*	*-48.4*	*-34.0*	*-44.2*	*-2.9*	*-36.7*
		Reserves	-52.8	-69.9	-106.2	-112.2	-190.0	-190.3	-104.0	-32.3
		LCFAR	32.3	39.7	34.2	70.6	141.6	156.3	59.8	29.4
Net Errors and Omissions			-65.1	-47.2	-48.8	-48.7	-101.9	-137.3	-175.9	-64.7	-86.2

Chart 1.

World Transactions and Primary Components of World Financial Account Transactions^aWorld Transactions

(in billions of $ US)

^a Transactions are shown on a net basis; that is, transactions are computed as the midpoints (i) between the total absolute value of all net balances (for Current Account and Capital Account transactions) or (ii) between all net changes in financial assets and liabilities.Source: See appendix on IMF database.

Chart 2.

Bilateral Discrepancies^a Between Liability Data Reported by 1997 CPIS Participants and Partner Country Data

^a shown as a ratio of total portfolio investment liabilities of the reporting country* indicates that the partner country included reserve assets in its CPIS holdingsSource: 1997 Coordinated Portfolio Investment Survey

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