Back Matter

Back Matter

Author(s):
International Monetary Fund. Statistics Dept.
Published Date:
June 2015
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Appendix I. Terms of Reference of the IMF Committee on Balance of Payments Statistics

1. The Committee will advise the IMF on methodological and compilation issues in the context of balance of payments and international investment position statistics, and foster greater coordination of data collection among countries.

2. The Committee will advise on the implementation of the Balance of Payments and International Investment Position Manual.

3. The Committee will bring to the attention of the IMF new developments that impact on the compilation of statistics of cross-border transactions or related stocks of financial assets and liabilities, and work with the IMF in determining how these activities should be treated in accordance with the Balance of Payments and International Investment Position Manual.

4. The Committee will advise the IMF on the identification and closing of data gaps in the external sector accounts, especially those arising from the need to support surveillance and analysis of cross-border financial interconnectedness.

5. The Committee will investigate ways in which data collection can be better coordinated among countries, with a view, inter alia, to facilitating the exchange of statistics (e.g., bilateral transactions or stock data). It will also identify related areas for study and determine how work in those areas should be carried forward.

6. Members are invited to join the Committee on a personal basis reflecting an appropriate level of seniority and expertise in the field of external statistics. As part of their membership obligations, Committee members commit to attending the full meetings of the Committee and to actively participate, unless there are exceptional circumstances that prevent such attendance and participation.

7. In carrying forward its work, the Committee will collaborate with other national compilers and with appropriate international organizations.

8. In consultation with the IMF’s Statistics Department, the Committee will determine its work program and will meet under IMF auspices at least once a year.

9. The Committee’s work will be summarized in an annual report to the Managing Director of the IMF.

Appendix II. Membership of the IMF Committee on Balance of Payments Statistics and Representatives of International Organizations

(As of December 31, 2014)

Chair

Louis Marc Ducharme

IMF, Statistics Department

Members

Pim Claassen

De Nederlandsche Bank

Michael Davies

Australia Bureau of Statistics

Kenneth Egesa

Bank of Uganda

Rosabel B. Guerrero

Bangko Sentral ng Pilipinas

Jian Han

State Administration of Foreign Exchange

People’s Republic of China

Azizullah Khattak

State Bank of Pakistan

Wataru Kikuchi

Ministry of Finance, Japan

Ralph Kozlow

IMF, Statistics Department

Francois Mouriaux

Banque de France

Patrick O’Hagan

Statistics Canada

Robert Pupynin

Central Bank of the Russian Federation

Fernando Rocha

Banco Central do Brasil

Yesim Sisik

Central Bank of Turkey

Sarahelen Thompson

Bureau of Economic Analysis

United States

Kenji Wada

Bank of Japan

Stefaans Walters

Reserve Bank of South Africa

Representatives of International Organizations

Bank for International Settlements

Philip Wooldridge

European Central Bank

Werner Bier

European Commission-Eurostat

Matthias Ludwig

Gulf Cooperation Council Statistics Centre

Sabir Said Al-Harbi1

Organization for Economic Cooperation and Development

Maria Borga

United Nations Conference on Trade and Development

Masataka Fujita

United Nations Statistics Division

Herman Smith

Secretariat (IMF, Statistics Department)

Cornelia Hammer

Alicia Hierro

Appendix III. Medium–Term Work Program of the IMF Committee on Balance of Payments Statistics for 2015
SubjectIssueAction
Top Priority
Balance of Payments and International Investment Position Manual (BPM6)Implementation of the BPM6IMF, Committee member(s), and/or other participants report on progress in implementing the BPM6 standards. IMF reports on progress in conducting training in the BPM6 CG. IMF to report on progress in data conversion areas, including the public availability of BPM6-basis estimates for pre-2005.
International Investment Position (IIP)Further development of annual and quarterly IIP statisticsIMF reports on developments and enhancements in IIP statistics, with reference to recommendations in the IMF/FSB Secretariat reports to G-20 Finance Ministers and Central Bank Governors. IMF to report on development of a training course on enhancements to IIP and related positions statistics. IMF to report on efforts to promote the dissemination of BPM6 Table A9-I on currency composition.
InterconnectednessReport on the IMF’s work to improve understanding of cross-border financial interconnectedness, including identification of data gapsReport by IMF, including on the G20 Data Gaps Initiative. IMF to report back to the Committee on the consultation with users on foreign currency exposures data.
Medium Priority
Coordinated Portfolio Investment Survey (CPIS)Enhance the quality and availability of CPIS data.IMF reports on progress in implementing enhancements to CPIS data.
IMF to publish results of the CPIS though December 2014.
Reserve AssetsIMF provides advice to countries regarding statistical treatment of reserve assets.IMF reports on implementation of the updated Guidelines and on other initiatives in the reserve assets area.
IMF advances work on broadening the availability of data on reserves.IMF to report on results of efforts to broaden the sharing of confidential statistical data (SEFER and INFER) with the consent of the data provider. IMF to report on efforts to disseminate a quarterly table showing the foreign exchange reserves held by SDDS subscribers in non-SDR basket currencies.
IMF conducts inquiries into feasibility of collecting and disseminating additional data on foreign exchange intervention activities of monetary authorities.IMF to continue its work on a statistical definition of foreign exchange intervention activities and report on a possible draft definition for consideration by the Committee.
Coordinated Direct Investment Survey (CDIS)Results of the CDISIMF reports on preliminary results from the 2013 CDIS and updated results for earlier years. IMF to update the CDIS Guide.
International Trade in ServicesManual on Statistics of International Trade in Services (MSITS)Report by OECD on activities of the Task Force on Statistics of International Trade in Services, including progress on the Compilers’ Guide.
Research topicsReport on long-term research program in consultation with Inter-Secretariat Working Group on National AccountsReport by UNSD and/or IMF
G20 trade aggregateFeasibility study into developing a G20 trade aggregateIMF to report on progress in developing a G20 trade aggregate, for posting on the Principal Global Indicators website.
Global discrepanciesDevelopments in discrepancies in global balance of payments statisticsReport by IMF
External DebtImprove reporting of external debt dataIMF reports on work on converting the QEDS database to a BPM6 basis.
International financial statisticsDevelopments in banking and related statisticsReport by BIS
Balance of Payments and International Investment Position Manual (BPM7)Research agenda for BPM7IMF to initiate work on developing a research agenda for BPM7
Table 1.Global Balances on Current Account, 2007-2013(In billions of U.S. dollars)
2007200820092010201120122013Average Imbalance 2007-2013
Current account balance304.5206.4260.4360.0422.6431.4467.8350.4
Goods balance255.3247.3287.8381.3447.5468.1601.0384.0
Credit13,572.615,677.912,183.514,871.917,909.418,078.918,539.1
Debit13,317.215,430.711,895.714,490.617,461.917,610.817,938.1
Services balance100.655.352.946.373.663.663.165.1
Credit3,416.43,836.33,455.63,780.54,239.84,373.04,603.9
Debit3,315.83,781.03,402.63,734.24,166.24,309.34,540.8
Primary Income balance−54.6−102.7−44.5−35.2−51.0−38.8−117.6−63.5
Credit4,084.54,018.63,000.63,220.53,660.63,615.43,635.7
Debit4,139.14,121.33,045.13,255.73,711.73,654.23,753.3
Secondary Income balance3.26.6−35.8−32.5−47.5−61.6−78.7−35.2
Credit946.01,062.4993.71,022.11,150.41,146.31,226.1
Debit942.71,055.81,029.41,054.51,197.91,207.91,304.8
Memorandum items
Current account balance as percentage of gross current account transactions0.70.40.70.80.80.80.80.7
Goods balance as percentage of gross goods transactions0.90.81.21.31.31.31.61.2
Services balance as percentage of gross services transactions1.50.70.80.60.90.70.70.8
Primary Income balance as percentage of gross primary income transactions0.71.30.70.50.70.51.60.9
Secondary Income balance as percentage of gross secondary income transactions0.20.31.81.62.02.63.11.7
Capital account balance as a percentage of gross capital account transactions11.60.97.612.93.70.95.36.1
Source: Balance of Payments Statistics Yearbook: World and Regional Tables, Volume 65, 2014.
Source: Balance of Payments Statistics Yearbook: World and Regional Tables, Volume 65, 2014.
Table 2.Global Balances on Capital and Financial Accounts, 2007-2013(In billions of U.S. dollars)
2007200820092010201120122013Average Imbalance 2007-2013
Capital account balance−24.5−1.6−16.131.59.5−2.414.11.5
Credit93.3101.1101.6137.7133.7135.5140.4
Debit117.8102.8118.2106.3124.2137.9126.3
Financial account balance315.758.1161.3122.7167.6247.0379.4207.4
Direct investment156.3157.04.0−87.0−141.6−177.4−241.2−47.1
Assets2,800.02,423.01,451.51,713.12,184.31,813.91,855.9
Liabilities2,643.82,265.91,447.41,800.12,325.91,991.32,097.1
Portfolio investment−150.7−312.6212.2−89.1−352.4137.1−268.1−117.7
Assets2,563.4−72.31,835.71,366.353.11,495.61,616.2
Liabilities minus LCFAR12,714.1240.41,623.61,455.4405.51,358.51,884.4
Liabilities including LCFAR3,637.81,120.32,348.82,366.51,108.71,957.12,033.6
LCFAR (in Portfolio investment)923.6879.9725.3911.1703.3598.6149.2
Financial Derivatives (other than reserves) and Employee Stock Options116.9331.5−91.4−106.66.3−61.842.934.0
Assets−328.6−796.4−978.0−1,148.7−1,432.4−1,305.6−1,389.3
Liabilities−445.4−1,127.9−886.6−1,042.1−1,438.7−1,243.8−1,432.2
Other investment25.1−254.9−259.7191.0552.1293.5305.8121.8
Assets5,802.5−1,067.6−2,156.82,168.82,392.4338.6261.7
Liabilities minus LCFAR15,777.4−812.7−1,897.11,977.81,840.345.0−44.1
Liabilities including LCFAR5,960.6−1,002.1−1,882.92,033.52,137.2125.4−19.8
LCFAR (in Other Investment)183.2−189.414.255.7296.980.424.3
Reserves minus LCFAR168.2137.1296.2214.4103.255.5540.0216.4
Reserves1,275.0827.61,035.71,181.31,103.4734.5713.6
LCFAR1,106.8690.5739.5966.81,000.1679.0173.6
Net errors and omissions35.7−146.6−83.0−268.7−264.6−182.0−102.4
Source: Balance of Payments Statistics Yearbook: World and Regional Tables, Volume 65, 2014.

Liabilities constituting foreign authorities’ reserves. The data in liabilities constituting foreign authorities’ reserves were derived from information collected by the IMF from a sample of large reserve-holding currencies. These data were used to adjust portfolio and other investment liabilities to align the data better with corresponding asset series.

Source: Balance of Payments Statistics Yearbook: World and Regional Tables, Volume 65, 2014.

Liabilities constituting foreign authorities’ reserves. The data in liabilities constituting foreign authorities’ reserves were derived from information collected by the IMF from a sample of large reserve-holding currencies. These data were used to adjust portfolio and other investment liabilities to align the data better with corresponding asset series.

Table 3.Global IIP—Assets and Liabilities, 2007–2013(In billions of U.S. dollars)
2007200820092010201120122013
Assets
World Total107,672102,159107,446118,088123,598129,789135,335
Advanced Economies96,15390,15993,587102,182106,500111,332115,046
Emerging and Developing Economies11,51912,00013,85915,90717,09818,45720,289
Emerging and Developing Asia3,5374,0654,7495,6596,4107,0647,901
Europe2,1432,1652,2962,4522,5962,8653,018
Emerging and Developing Europe7948388838958999811,010
Commonwealth of Independent States1,3481,3271,4131,5571,6971,8842,008
Middle East, North Africa, and Pakistan2,5222,5342,6722,8643,0863,4564,188
Sub-Saharan Africa4404428261,0371,0791,1961,228
Western Hemisphere2,8782,7933,3173,8953,9263,8773,954
Liabilities
World Total108,100103,347107,855118,294124,651130,626135,343
Advanced Economies96,38092,31694,051102,011107,538111,896115,402
Emerging and Developing Economies11,71911,03113,80416,28317,11318,73019,940
Emerging and Developing Asia2,7142,8743,6504,6025,4046,0696,826
Europe3,2932,8513,2893,6053,5303,9774,166
Emerging and Developing Europe1,7161,6991,8931,9961,9132,1672,205
Commonwealth of Independent States1,5761,1521,3961,6091,6171,8091,961
Middle East, North Africa, and Pakistan1,2981,4341,5361,6531,6911,7911,983
Sub-Saharan Africa6155479541,1521,2451,3711,400
Western Hemisphere3,7993,3254,3755,2715,2445,5235,565
Net IIP 1(427)(1,188)(409)(206)(1,053)(837)(8)

The balances in IIP assets and liabilities for all economies and international organizations combined should be a net positive figure at the world level, by the value of holdings of gold bullion included in monetary gold.

The balances in IIP assets and liabilities for all economies and international organizations combined should be a net positive figure at the world level, by the value of holdings of gold bullion included in monetary gold.

The Committee’s Terms of Reference is presented in Appendix I.

In principle, at the global level, the balance of payments account balances for all economies and international organizations combined should be zero, whereas, in practice, the data do not equal zero. The balances are of interest to the Committee, as they are a symptom of estimation errors that, when large, could lead to policy mistakes. It is noteworthy that a prime reason for the creation of the Committee was concern about the size of statistical estimation errors. A number of factors contribute to the global balances (equal to net errors and omissions with the sign reversed). In particular, net errors and omissions arise from incomplete coverage, misclassifications, different timing, and asymmetric valuations.

Gold bullion included in monetary gold is recorded as an asset in the IIP accounts, and there is no corresponding liability. Based on data published in the World Tables in International Financial Statistics, holdings of monetary gold were US$ 1.2 trillion at end-2013.

At the time of preparation of this Annual Report, these aggregates had been released.

Fifty-six economies reported end-June 2013 data, and 74 economies reported end-December 2013 data.

Participation in the CDIS continues to grow; 101 economies participated in the preliminary end-2012 survey round.

The TFGP was created by the Bureau of the Conference of European Statisticians in November 2011 and mandated to prepare a Guide to Measuring Global Production, which aims to assist national accounts and balance of payments compilers in recording global production related activities in their accounts. The draft Guide is due for endorsement in June 2015. STA is a member of this Task Force.

See “Currency Composition of Official Reserves as Reported by Special Data Dissemination Standard (SDDS) Subscribers and Other Reporters” at http://data.imf.org/?sk=8855e687–3d42–4d47-b47a-3b87fd7dd3bb&ss=SL_1390030109571.

At the time of the preparation of this Annual Report, an unedited version was available at http://unstats.un.org/unsd/tradeserv/msits/CGmsits2010.htm. It will be officially edited in early 2015.

Did not attend the meeting of the Committee held in October 2014.

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