Front Matter

Front Matter

Author(s):
International Monetary Fund
Published Date:
July 2008
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© 2008 International Monetary Fund

Production: Multimedia Services Division

Cover: Lai Oy Louie

Typesetting: Choon Lee

Cataloging-in-Publication Data

Monetary and financial statistics : compilation guide — Washington, D.C. : International Monetary Fund, 2008.

p. cm.

Includes bibliographical references.

ISBN 978-1-58906-584-0

1. Money — Statistics — Handbooks, manuals, etc. 2. Finance — Statistics — Handbooks, manuals, etc. 3. International Monetary Fund. I. International Monetary Fund.

HF219.M66 2008

Price: $45.00

Please send orders to:

International Monetary Fund, Publication Services

700 19th Street, N.W., Washington, D.C. 20431, U.S.A.

Tel.: (202) 623-7430 Telefax: (202) 623-7201

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Internet: http://www.imf.org

Contents

Foreword

The global need for monetary and financial statistics that are accurate, comprehensive, comparable across countries, and widely available on a timely basis has been underscored by modern episodes of instability in financial markets, ranging from the Asian debt crisis of the 1990s to the recent stresses in loan and securities markets in the world’s most sophisticated financial centers. The Monetary and Financial Statistics: Compilation Guide (the Guide)—an accompaniment to the Monetary and Financial Statistics Manual (the Manual)—is a significant component of the IMF work on enhancing the quality, availability, and analytical usefulness of financial-sector data in both in-country and international contexts.

The Guide focuses on the cross-country harmonization of source data and methodology for the compilation and presentation of the statistics. It also describes the unified framework for countries’ reporting of monetary data to the IMF. In 2004, the IMF introduced the Standardized Report Forms (SRFs), which are based on the methodology in the Manual and are designed for countries’ reporting of balance-sheet data for their depository corporations, insurance corporations, pension funds, and other institutional types of financial corporations.

Thus far, more than 80 member countries have established monthly reporting of SRF-type data, and time series from these data are published in the IMF’s quarterly International Financial Statistics: Supplement on Monetary and Financial Statistics. Implementation of the reporting by most IMF member countries will be completed in 2008. Shortly thereafter, a new presentation of the SRF-based data will be introduced in the monthly International Financial Statistics, and the methodology of the Manual and Guide will have been fully integrated into the core sets of monetary data published by the IMF.

Implementation of the methodology in the Manual and Guide is integrally linked to other initiatives in the IMF’s Statistics Department, including (1) establishment of the Special Data Dissemination Standard and the General Data Dissemination System for guidance on countries’ dissemination of their macroeconomic statistics and (2) development of financial-sector data for prudential purposes, as contained in the IMF’s Financial Soundness Indicators: Compilation Guide. Finally, the monetary and financial statistics reported by the countries are core components of the data required for the IMF’s balance-sheet approach to debt vulnerabilities in and across countries.

I commend this Guide to member countries in the expectation that it will prove helpful in the compilation of monetary and financial statistics that are of high quality.

Dominique Strauss-Kahn

Managing Director

International Monetary Fund

Preface

The Monetary and Financial Statistics: Compilation Guide (the Guide) has been designed to accompany the Monetary and Financial Statistics Manual (the Manual), which was published by the International Monetary Fund in 2000. The Manual set forth the broad frameworks for the collection, compilation, and presentation of monetary and financial statistics. The Guide is a lengthier volume that contains more detailed coverage of the classification, economic sectorization, valuation, and recording of the various categories of financial assets and liabilities in an economy. The concepts, accounting principles, and other methodological elements of the Manual and the Guide are harmonized with those of the System of National Accounts 1993.

In addition to deeper coverage of numerous topics in the Manual, the Guide gives prominence to the source data for the monetary and financial statistics. For the monetary statistics, the principal data sources are the accounting records for stocks and flows in the financial corporations sector. For the financial statistics, the source data are broadened to include stock and flow data for all government and nongovernment units in all sectors of an economy. The Manual and the Guide need to be viewed as providing guidance and recommendations, rather than prescribing standards that necessarily apply to every country in all circumstances. Recognition is given to the fact that institutional arrangements, as well as national financial reporting standards, may differ across countries.

To promote cross-country consistency of source data for the monetary and financial statistics, the Guide is keyed to the International Financial Reporting Standards, which many countries have adopted as national financial reporting standards. This approach is viewed as supporting a basic objective of the Manual and the Guide—to provide guidance on collection, compilation, reporting, and other forms of dissemination of monetary and financial statistics that are consistent around the world.

The Guide was prepared in the Financial Institutions Division I of the IMF’s Statistics Department under the supervision of Edgar Ayales. Randall Merris drafted Chapters 1–2 and Chapters 4–7 and was responsible for the management of the drafting from inception to completion. Jose Maria Cartas drafted Chapter 3, and Satoru Hagino and Jose Carlos Moreno-Ramírez drafted Chapter 8. Meshack Tjirongo contributed to Chapter 6, and Gary Barenshtein, Jaroslav Kučera, Marco Martínez, and Roman Skarzynski contributed to the numerical examples in Chapter 7 and Appendix I and to the Standardized Report Forms in Appendix II. The draft Guide was edited by James McEuen and Rebecca Obstler in the IMF’s External Relations Department. Mabel Hollstein word-processed the revisions.

The Guide has benefited from the comments of numerous officials in the member countries, ranging from those provided at the formative stage—in particular, during Statistics Department staff visits to the Bank of England, European Central Bank, and Reserve Bank of South Africa—to those on the complete draft. A meeting to discuss the draft Guide was held at the IMF in December 2005. The IMF staff wishes to thank the following regional and national experts who participated in the meeting:

ArgentinaMrs. Beatriz Biasone
BoliviaMs. Maria Teresa Vera Paz
BrazilMr.Virgilio Silva Chevalier
CanadaMr. Patrick O’Hagan
CanadaMr. Joe Wilkinson
ChinaMr. Li Hailong
Czech RepublicMs. Magda Gregorova
FinlandMr. Eero Savolainen
FranceMs. Regine Monfront-Moncomble
GermanyMr. Stefan Brunken
IndiaMr. Muneesh Kapur
Iran, Islamic Republic ofMr. Assadollah Monajemi
ItalyMr. Gianmatteocarlo Piazza
Korea, Republic ofMr. Yu Seong Jeong
KuwaitMr. Sadeq J Al-Mutawa
NorwayMr. Vetle Hvidsten
Russian FederationMrs. Nadezhda Ivanova
Saudi ArabiaDr. Ahmad Alkholifey
Saudi ArabiaMr. Hassan Alshehri
TanzaniaMr. Johnson Jossia Nyella
ThailandMs. Nitidao Ratanapaitoon
United KingdomMr. Chris B. Wright
United StatesMs. Susan Hume McIntosh
AfDBMr. Andre Cyprien Portella
BEACMr. Simplice Duclaire Lonkeng
BCEAOMr. Antonin S. Dossou
BISMr. Paul Van Den Bergh
CEMLAMr. Edwin Rivera
ECBMr. Patrick Sandars
ECBMr. Michel Stubbe
ECCBMs. Gale Archibald
ECCBMs. Leah Sahely
IDBMr. Fernando Fernandez
IMF ConsultantMrs. Carol Carson
IMF ConsultantMr. Kevin O’Connor
OECDMs. Anne Harrison
World BankMr. Ibrahim Levent

Special acknowledgment is accorded to Chris Wright, Bank of England, for his extensive comments following the December 2005 meeting.

In addition to this English language version, the Guide will also be published in Arabic, Chinese, French, Russian, and Spanish.

Robert W. Edwards

Director

Statistics Department

International Monetary Fund

Abbreviations

ADR

American depository receipt

AfDB

African Development Bank

AMC

Asset management company

BA

Banker’s acceptance

BCEAO

Central Bank of West African States

BIS

Bank for International Settlements

BEAC

Bank of Central African States

BOE

Bank of England

BOT

Build-operate-transfer

BPM5

Balance of Payments Manual, 5th edition (IMF, 1993)

CAPM

Capital asset pricing model

CAR

Collateralized automobile receivable

CBA

Cost-benefit analysis

CBS

Central Bank Survey

CDO

Collateralized debt obligation

CEMLA

Center for Latin American Monetary Studies

CMA

Common Market Area

CMIR

Currency and monetary instrument report

CMO

Collateralized mortgage obligation

CO

Coupon only

COP

Call-option payoff

CS

Closing stock

DC

Depository corporation

DCS

Depository Corporations Survey

DDM

Dividend discount model

DQAF

Data Quality Assessment Framework

DR

Depository receipt

DSBB

Dissemination Standards Bulletin Board (IMF)

ECB

European Central Bank

ECCB

Eastern Caribbean Central Bank

ECCU

Eastern Caribbean Currency Union

EMU

Economic and Monetary Union (EU)

ESA

European System of Accounts (Eurostat, 1996)

EU

European Union

FC

Financial corporation

FCS

Financial Corporations Survey

FRA

Forward-rate agreement

FRN

Floating-rate note

FSI

Financial soundness indicator

GDDS

General Data Dissemination System (IMF)

GDP

Gross domestic product

GDR

Global depository receipt

GFSM 2001

Government Finance Statistics Manual 2001 (IMF, 2001)

IAS

International Accounting Standard

IASB

International Accounting Standards Board

IDB

Inter-American Development Bank

IFAC

International Federation of Accountants

IFRS

International Financial Reporting Standard

IFS

International Financial Statistics (IMF)

IIP

International investment position

IPSAS

International Public Sector Accounting Standard

IO

Interest only

L/C

Letter of credit

LEAPS

Long-term equity anticipation security

LIBOR

London interbank offered rate

MBB

Mortgage-backed bond

MCM

Market capitalization method

MFSM

Monetary and Financial Statistics Manual (IMF, 2006b)

MMMF

Money market mutual fund

NATO

North Atlantic Treaty Organization

NAV

Net asset value

NCB

National central bank

NGV

No-growth value

NPI

Nonprofit institution

NPISH

Nonprofit institutions serving households

NPL

Nonperforming loan

OCVA

Other changes in the volume of assets

ODC

Other depository corporation

ODCS

Other Depository Corporations Survey

OFC

Other financial corporation

OFCS

Other Financial Corporations Survey

OS

Opening stock

PO

Principal only

POP

Put-option payoff

PPP

Public-private partnership

PSA

Public Securities Association

PVGO

Present value of growth opportunities

RCB

Regional central bank

REIT

Real estate investment trust

SDDS

Special Data Dissemination Standard (IMF)

SDR

Special drawing right (IMF)

SPE

Special purpose entity

SPI

Share price index

SRF

Standardized report form

1993 SNA

System of National Accounts 1993 (Commission of the European Communities, IMF, and others, 1993)

UN

United Nations

VAT

Value-added tax

VC

Valuation change

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