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International Monetary Fund

. Countries participating in the CPIS were required to report positions in long-term instruments. Mandatory reporting on short-term instruments such as money market instruments and financial derivatives was deferred to a subsequent survey. All 29 countries that participated in the survey collected certain specific data necessary for the data exchange. Mandatory survey collection requirements pertained to portfolio investment assets and, in particular, to equity securities and long-term debt securities issued by nonresidents and owned by domestic residents. Participants

International Monetary Fund

owned by domestic residents. Equity securities and long-term debt securities must be reported separately . These categories of securities are more fully defined in chapter XIX of the fifth edition of the IMF Balance of Payments Manual (BPM5) and in appendix V of this Survey Guide . Country breakdown 8 . To enable data to be exchanged, a full geographic attribution of nonresident securities 4 owned by domestic residents is a mandatory feature of the Coordinated Survey. In other words, securities are to be geographically allocated by the country of

International Monetary Fund

, approximately 55 to 65 percent of the outstanding volume of domestic securities are held by nonresident investors within the European Union member states. This estimate is based on a mixture of the estimation methods mentioned above. 168 . It is also possible to devise checks on the aggregate data received: Nonresident investment in domestic securities could be estimated by residual, that is, the outstanding volume of equity and long-term debt securities issued by residents, adjusted for residents’ investments and compared against the aggregate data received. Data on

International Monetary Fund

securities and long-term debt securities in the form of bonds and notes owned by residents. BPM5 defines these securities in chapter XIX, paragraphs 388 and 390 (see also appendix V —the glossary of security terms) and discusses the methodological treatment of selected instruments in paragraphs 395 to 408. 66 . Nonetheless, financial markets continually evolve. Consequently, national compilers face changing classification and/or valuation or other balance of payments accounting problems. 67 . The Bank of England took the following approach to address these problems