Chapter

APPENDIX 3 Glossary

Author(s):
International Monetary Fund
Published Date:
December 2011
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Accrual basis of recording

Flows and stock positions are recorded when economic value is created, transformed, exchanged, transferred, or extinguished.

Ancillary activity

An ancillary activity is a supporting activity undertaken within an enterprise in order to create the conditions within which the principal or secondary activities can be carried out. In addition, ancillary activities have certain common characteristics related to their output.

Arrears

Arrears are defined as amounts that are both unpaid and past the due date for payment.

Asset-backed securities

Asset-backed securities and collateralized debt obligations are arrangements under which payments of interest and principal are backed by payments on specified assets or income streams.

Average interest rate

The average interest rate is the weighted-average level of interest rates on the outstanding gross public sector debt or any specific debt instrument, at nominal and market value, as at the reference date. The weights to be used are determined by the value in the unit of account of each borrowing as a percentage of the total.

Average time to maturity

The average time to maturity measures the weighted average time to maturity of all the principal payments in the portfolio.

Average time to refixing

The average time to refixing is a measure of weighted average time until all the principal payments in the debt portfolio become subject to a new interest rate.

Balance sheet

A balance sheet is a statement of the values of the stocks of assets owned and of the liabilities owed by an institutional unit or group of units, drawn up in respect of a particular point in time.

Banker’s acceptance

A banker’s acceptance is created when a financial corporation endorses, in return for a fee, a draft or bill of exchange and the unconditional promise to pay a specific amount at a specified date.

Bills

Bills are defined as securities (usually short-term) that give holders the unconditional rights to receive stated fixed sums on a specified date.

Bonds and debentures

Bonds and debentures are securities that give the holders the unconditional right to fixed payments or contractually determined variable payments on a specified date or dates.

Budgetary central government

The budgetary central government is a single unit of the central government that encompasses the fundamental activities of the national executive, legislative, and judiciary powers.

Central bank

The central bank is the national financial institution that exercises control over key aspects of the financial system.

Central government subsector

The central government subsector consists of the institutional unit(s) of the central government plus those nonmarket nonprofit institutions that are controlled by the central government. The political authority of central government extends over the entire territory of the country. The central government subsector includes social security funds operated by central government, if social security funds are not classified as a separate subsector of general government.

Collateralized debt obligations

See asset-backed securities.

Consolidation

Consolidation is a method of presenting statistics for a set of units (or entities) as if they constituted a single unit.

Contingent liabilities

Contingent liabilities are obligations that do not arise unless a particular, discrete event(s) occurs in the future. A key difference between contingent liabilities and current financial liabilities (and public sector debt) is that one or more conditions must be fulfilled before a financial transaction is recorded.

Control of a corporation

Control is defined as the ability to determine general corporate policy of the corporation. “General corporate policy” refers to, in a broad sense, the key financial and operating policies relating to the corporation’s strategic objectives as a market producer.

Corporations

Corporations are all entities that are (i) capable of generating a profit or other financial gain for their owners, (ii) recognized by law as legal entities separate from their owners who enjoy limited liability, and (iii) set up for purposes of engaging in market production (i.e., producing goods and services at economically significant prices). See also economically significant prices.

Currency

Currency consists of notes and coins that are of fixed nominal values and are issued or authorized by the central bank or government.

Currency of denomination

The currency of denomination is determined by the currency in which the value of flows and stock positions is fixed as specified in the contract between the parties.

Debt

See gross debt, total.

Debt assumption

Debt assumption is a trilateral agreement between a creditor, a former debtor, and a new debtor (typically a government unit) under which the new debtor assumes the former debtor’s outstanding liability to the creditor, and is liable for repayment of debt.

Debt cancellation

See debt forgiveness.

Debt conversion

Debt conversion (swap) is an exchange of debt—typically at a discount—for a nondebt claim (such as equity), or for counterpart funds that can be used to finance a particular project or policy.

Debt defeasance

With defeasance, a debtor unit removes liabilities from its balance sheet by pairing them with financial assets, the income and value of which are sufficient to ensure that all debt-service payments are met.

Debt forgiveness

Debt forgiveness (or debt cancellation) is defined as the voluntary cancellation of all or part of a debt obligation within a contractual arrangement between a creditor and a debtor.

Debt instrument

A debt instrument is defined as a financial claim that requires payment(s) of interest and/or principal by the debtor to the creditor at a date, or dates, in the future. See gross debt, total.

Debt liabilities

See gross debt, total.

Debt liability in arrears

A debt liability is in arrears when it has not been liquidated by its due-for-payment date, that is, when principal or interest payments are not made when due.

Debt net of highly liquid assets

Debt net of highly liquid assets is, in most cases, equal to gross debt minus financial assets in the form of currency and deposits. However, in some cases, debt securities held for debt management purposes could be included as highly liquid financial assets.

Debt payments on behalf of others

Rather than assuming a debt, a public sector unit may decide to repay that debt or make a specific payment on behalf of another institutional unit (original debtor), without a guarantee being called or the debt being taken over.

Debt prepayment

Debt prepayment consists of a repurchase, or early payment, of debt at conditions that are agreed between the debtor and the creditor.

Debt refinancing

Debt refinancing involves the replacement of an existing debt instrument or instruments, including any arrears, with a new debt instrument or instruments.

Debt reorganization

Debt reorganization (also referred to as debt restructuring) is defined as an arrangement involving both the creditor and the debtor (and sometimes third parties) that alter the terms established for servicing an existing debt.

Debt rescheduling

Debt rescheduling is a bilateral arrangement between the debtor and the creditor that constitutes a formal postponement of debt-service payments and the application of new and generally extended maturities.

Debt securities

Debt securities are negotiable financial instruments serving as evidence of a debt.

Debt-service moratorium

A debt-service moratorium involves an individual creditor permitting the debtor a formal suspension of debt-service payments falling due within a given period.

Debt write-offs

Debt write-offs or write downs refer to unilateral reductions by a creditor, of the amount owed to it.

Deep-discount bonds

Deep-discount bonds are long-term securities that require periodic coupon payments during the life of the instrument, but the amount is substantially below the market rate of interest at issuance.

Deposits

Deposits are all claims, represented by evidence of deposit, on the deposit-taking corporations (including the central bank) and, in some cases, general government and other institutional units.

Domestic currency

Domestic currency is that which is legal tender in the economy and issued by the monetary authority for that economy; that is, either that of an individual economy or, in a currency union, that of the common currency area to which the economy belongs. See also foreign currency.

Domestic debt

Debt liabilities owed by residents to residents of same economy are domestic debt.

Economic assets

Economic assets are entities (i) over which economic ownership rights are enforced by institutional units, individually or collectively, and (ii) from which

economic benefits may be derived by their owners by holding them or using them over a period of time.

Economic owner

The economic owner of entities such as goods and services, natural resources, financial assets, and liabilities is the institutional unit entitled to claim the benefits associated with the use of the entity in question in the course of an economic activity by virtue of accepting the associated risks.

Economically significant prices

Economically significant prices are prices that have a significant influence on the amounts that producers are willing to supply and on the amounts that purchasers wish to buy.

Economy

An economy consists of a set of resident institutional units.

Exchange

An exchange involves the provision of something of economic value in return for a corresponding item of economic value. See also transfer.

Explicit contingent liabilities

Explicit contingent liabilities are defined as legal or contractual financial arrangements that give rise to conditional requirements to make payments of economic value. The requirements become effective if one or more stipulated conditions arise. Also see implicit contingent liabilities.

External debt

Debt liabilities owed by residents to nonresidents are external debt.

Extrabudgetary

General government entities with individual budgets not fully covered by the general budget are considered extrabudgetary.

Face value

The face value of a debt instrument is the undiscounted amount of principal to be repaid at maturity. See also nominal value.

Fair value

The fair value of a debt instrument is its “market-equivalent” value and is defined as the amount for which a financial asset could be exchanged, or a liability settled, between knowledgeable, willing parties in an arm’s length transaction.

Financial assets

Financial assets consist of financial claims plus gold bullion held by monetary authorities as a reserve asset. A financial claim is an asset that typically entitles the owner of the asset (the creditor) to receive funds or other resources from another unit, under the terms of a liability.

Financial auxiliaries

Financial auxiliaries are institutional units principally engaged in serving financial markets, but do not take ownership of the financial assets and liabilities they handle.

Financial claims

See financial assets.

Financial corporations

Financial corporations comprise all resident corporations whose principal activity is the provision of financial services.

Financial lease

A financial lease is a contract under which the lessor as legal owner of an asset conveys substantially all risks and rewards of ownership of the asset to the lessee.

Fiscal risks

At the most general level, fiscal risks may be defined as any potential differences between actual and expected fiscal outcomes.

Foreign currency

All currencies other than domestic currency are foreign currencies. See domestic currency.

Foreign debt

See external debt.

General government sector

The general government sector comprises all government units and all nonmarket nonprofit institutions that are controlled by government units.

Gold swap

A gold swap involves an exchange of gold for foreign exchange deposits with an agreement that the transaction be reversed at an agreed future date at an agreed gold price.

Government units

Government units are institutional units with legislative, judicial, or executive authority over other institutional units within a given area; they assume responsibility for the provision of goods and services to the community or to individual households on a nonmarket basis; they make transfer payments to redistribute income and wealth; and they finance their activities mainly by means of taxes and other income from units in other sectors of the economy.

Gross debt at market value

“Gross debt at market value” means that debt securities are valued at market prices; insurance, pension, and standardized guarantee schemes are valued according to principles that are equivalent to market valuation; and all other debt instruments are valued at nominal prices, which are considered to be the best generally available proxies of their market prices.

Gross debt, total

Total gross debt—often referred to as “total debt” or “total debt liabilities”—consists of all liabilities that are debt instruments. A debt instrument is defined as a financial claim that requires payment(s) of interest and/or principal by the debtor to the creditor at a date, or dates, in the future.

Holding gains and losses

A holding gain or loss (or revaluation) is a change in the monetary value of an asset or liability resulting from changes in the level and structure of prices (for example, from changes in interest rates) and/or the exchange rate, assuming that the asset or liability has not changed qualitatively or quantitatively.

Implicit contingent liabilities

Implicit contingent liabilities do not arise from a legal or contractual source but are recognized after a condition or event is realized. Also see explicit contingent liabilities.

Index-linked securities

Index-linked securities are instruments for which either the coupon payments (interest) or the principal or both are linked to another item, such as a price index or the price of a commodity.

Institutional unit

An institutional unit is an economic entity that is capable, in its own right, of owning assets, incurring liabilities, and engaging in economic activities and in transactions with other entities.

Interest

Interest is a form of investment income that is receivable by the owners of certain kinds of financial assets (SDRs, deposits, debt securities, loans, and other accounts receivable) for putting these financial and other resources at the disposal of another institutional unit.

International organizations

International organizations have the following characteristics: (i) The members of an international organization are either national states or other international organizations whose members are national states; (ii) they are entities established by formal political agreements between their members that have the status of international treaties; their existence is recognized by law in their member countries; and (iii) they are created for various purposes, such as international financial organizations (for example, the IMF and World Bank) or to provide nonmarket services of a collective nature for the benefit of their member states (for example, peacekeeping, education, and policy issues).

Intersectoral consolidation

Intersectoral consolidation, which is consolidation between subsectors of the public sector to produce consolidated statistics for a particular grouping of public sector units (for example, between central, state, and local governments, or between general government and public nonfinancial corporations).

Intrasectoral consolidation

Intrasectoral consolidation, which is consolidation within a particular subsector to produce consolidated statistics for that particular subsector (for example, within the central government subsector or within public nonfinancial corporations subsector).

Joint venture

A joint venture involves the establishment of a corporation, partnership, or other institutional unit in which, legally, each party has joint control over the activities of the joint venture unit.

Legal owner

The legal owner of entities such as goods and services, natural resources, financial assets, and liabilities is the institutional unit entitled in law and sustainable under the law to claim the benefits associated with the entities.

Liability

A liability is established when one unit (the debtor) is obliged, under specific circumstances, to provide funds or other resources to another unit (the creditor).

Life insurance and annuities entitlements

Life insurance and annuities entitlements are financial claims policyholders have against an enterprise offering life insurance or providing annuities.

Loan

A loan is a financial instrument that is created when a creditor lends funds directly to a debtor and receives a nonnegotiable document as evidence of the asset.

Local government subsector

The local government subsector consists of local governments that are separate institutional units plus those nonmarket nonprofit institutions that are controlled by local governments. In principle, local government units are institutional units whose fiscal, legislative, and executive authority extends over the smallest geographical areas distinguished for administrative and political purposes. The local government subsector includes social security funds operated by local governments, if social security funds are not classified as a separate subsector of general government.

Market prices

Market prices for transactions are defined as amounts of money that willing buyers pay to acquire something from willing sellers; the exchanges are made between independent parties and on the basis of commercial considerations only, sometimes called “at arm’s length.”

Market value of financial assets and liabilities

Financial assets and liabilities (including debt instruments) should be valued in macroeconomic statistics at market value, that is, as if they were acquired in market transactions on the balance sheet reporting date (reference date). See also market prices.

Maturity

The maturity of a debt instrument refers to the time until the debt is extinguished according to the contract between the debtor and the creditor. In the statistical guidelines this time period is either from the date of incurrence or reference (original/remaining maturity, respectively) of the debt liability to the date at which the liability will be extinguished.

Monetary transaction

A monetary transaction is one in which one institutional unit makes a payment (receives a payment) or incurs a liability (acquires an asset) stated in units of currency. See also nonmonetary transaction.

Net debt

Net debt is calculated as gross debt minus financial assets corresponding to debt instruments.

Net financial worth

Net financial worth of an institutional unit (or grouping of units) is the total value of its financial assets minus the total value of its outstanding liabilities.

Net worth

Net worth of an institutional unit (or grouping of units) is the total value of its assets minus the total value of its outstanding liabilities

Nominal value

The nominal value of a debt instrument is a measure of value from the viewpoint of the debtor: at any moment in time it is the amount that the debtor owes to the creditor. See also face value.

Nonfinancial assets

Nonfinancial assets are economic assets other than financial assets.

Nonfinancial corporations

Nonfinancial corporations are corporations whose principal activity is the production of market goods or nonfinancial services.

Nonlife insurance technical reserves

Nonlife insurance technical reserves consist of (i) prepayments of net nonlife insurance premiums and (ii) reserves to meet outstanding nonlife insurance claims.

Nonmarket nonprofit (NPIs) controlled by government

Nonmarket NPIs that are controlled by government units are legal or social entities created for the purpose of producing goods and services on a nonmarket basis, but whose status does not permit them to be a source of income, profit, or other financial gain for government. See also government units.

Nonmonetary transaction

A nonmonetary transaction is one not initially stated in units of currency by the transacting parties (for example, the provision of aid in the form of goods). See also monetary transaction.

Nonparticipating preferred stocks/shares

Nonparticipating preferred stocks or shares are those that pay a fixed income but do not provide for participation in the distribution of the residual value of an incorporated enterprise on dissolution.

Nonperforming loans

Nonperforming loans are those for which (i) payments of principal and interest are past due by three months (90 days) or more; or (ii) interest payments equal to three months (90 days) interest or more have been capitalized (reinvested to the principal amount) or payment has been delayed by agreement; or (iii) evidence exists to reclassify a loan as non-performing even in the absence of a 90-day past due payment, such as when the debtor files for bankruptcy.

Nonprofit institutions (NPIs)

Nonprofit institutions (NPIs) are legal or social entities, created for the purpose of producing goods and services, whose status does not permit them to be source of income, profit, or other financial gain for the units that establish, control, or finance them.

Notional amount

The notional amount—sometimes described as the nominal amount—is the amount underlying a financial derivatives contract that is necessary for calculating payments or receipts on the contract

Off-market swap

An off-market swap is a swap which has a nonzero value at inception as a result of having reference rates priced different from current market values, i.e., “off-the-market.”

On-balance sheet securitization

On-balance sheet securitization involves debt securities backed by a future revenue stream generated by the assets. The assets remain on the balance sheet of the debt securities issuer (the original asset owner), typically as a separate portfolio. There is no securitization unit involved.

One-off guarantees

One-off guarantees comprise those types of guarantees where the debt instrument is so particular that it is not possible to calculate the degree of risk associated with the debt with any degree of accuracy. In contrast to standardized guarantees, one-off guarantees are individual, and guarantors are not able to make a reliable estimate of the risk of calls.

On-lending of borrowed funds

On-lending of borrowed funds refers to a resident institutional unit, A (usually central government), borrowing from another institutional unit(s), B (usually a nonresident unit), and then on-lending the proceeds from this borrowing to a third institutional unit(s), C (usually state or local governments, or a public corporation[s]), where it is understood that unit A obtains an effective financial claim on unit C.

Other accounts payable

See other accounts payable/receivable.

Other accounts payable/receivable Other accounts receivable Other economic flow

Other accounts payable/receivable consist of trade credits and advances and miscellaneous other items due to be paid or received. See other accounts payable/receivable. An “other economic flow” is a change in the volume or value of an asset or liability that does not result from a transaction. See also holding gains and losses and other changes in the volume of assets.

Other public financial corporations

Other public financial corporations comprise all resident financial corporations, except public deposit-taking corporations, controlled by general government units or other public corporations.

Pension entitlements

Pension entitlements are financial claims that existing and future pensioners hold against either their employer, or a fund designated by the employer, to pay pensions earned as part of a compensation agreement between the employer and employee.

Principal liability

The provision of economic value by the creditor, or the creation of debt liabilities through other means, establishes a principal liability for the debtor, which, until extinguished, may change in value over time.

Provident funds

Provident funds are compulsory saving schemes that maintain the integrity of the contributions for individual participants.

Provision for calls under standardized guarantees

The estimated default rate of a pool of similar standardized guarantees establishes a debt liability, which is referred to as “provision for calls under standardized guarantee schemes.”

Public corporations

Public corporations include all corporations controlled by government units or by other public corporations. Corporations subject to the control of a government (or public corporation) that is resident in a different economy from that government are not classified as public corporations. See also control of a corporation.

Public deposit-taking corporations

Public deposit-taking corporations are financial corporations controlled by general government units or other public corporations whose principal activity is financial intermediation and who have liabilities in the form of deposits or financial instruments that are close substitutes for deposits. See also financial corporations.

Public deposit-taking corporations except the central bank

Public deposit-taking corporations except the central bank consist of all resident depository corporations, except the central bank, that are controlled by general government units or other public corporations.

Public financial corporations

All resident financial corporations controlled by general government units or other public corporations are part of the public financial corporations subsector. See also financial corporations.

Public nonfinancial corporations

All resident nonfinancial corporations controlled by general government units or public corporations are part of the public nonfinancial corporations subsector. See also nonfinancial corporations.

Public sector

The public sector consists of all resident institutional units controlled directly, or indirectly, by resident government units, that is, all units of the general government sector, and resident public corporations.

Publicly guaranteed debt

Publicly guaranteed debt is defined as debt liabilities of public and private sector units, the servicing of which is contractually guaranteed by public sector units. These guarantees consist of loan and other payment guarantees, which are a specific type of one-off guarantees.

Public-private partnerships (PPPs)

Public-private partnerships (PPPs) are long-term contracts between two units, whereby one unit acquires or builds an asset or set of assets, operates it for a period, and then hands the asset over to a second unit.

Quasi-corporation

A quasi-corporation is (i) either an unincorporated enterprise owned by a resident institutional unit that has sufficient information to compile a complete set of accounts and is operated as if it were a separate corporation and whose de facto relationship to its owner is that of a corporation to its shareholders, or (ii) an unincorporated enterprise owned by a nonresident institutional unit that is deemed to be a resident institutional unit because it engages in a significant amount of production in the economic territory over a long or indefinite period of time.

Repo

See securities repurchase agreement.

Residence

The residence of each institutional unit is the economic territory with which it has the strongest connection (i.e., its center of predominant economic interest).

Restructuring agencies

Restructuring agencies are entities set up to sell corporations and other assets, and for the reorganization of companies.

Revaluations

See holding gains and losses.

Securities lending

Securities lending is an arrangement whereby a security holder transfers securities to another party (security taker), subject to the stipulation that the same or similar securities be returned on a specified date or on demand.

Securities repurchase agreement (repo)

A securities repurchase agreement (repo) is an arrangement involving the sale of securities for cash, at a specified price, with a commitment to repurchase the same or similar securities at a fixed price either on a specified future date (often one or a few days hence) or with an open maturity.

Securitization

Securitization occurs when a unit, named the originator, conveys the ownership rights over financial or nonfinancial assets, or the right to receive specific future flows, to another unit, named the securitization unit. In return, the securitization unit pays an amount to the originator from its own source of financing. The securitization unit obtains its own financing by issuing debt securities using the assets or rights to future flows transferred by the originator as collateral.

Sinking fund

A sinking fund is a separate account, which may be an institutional unit or not, that is made up of segregated contributions provided by the unit(s) that makes

use of the fund (the “parent” unit) for the gradual redemption of the parent unit’s debt.

Social insurance benefit

A social insurance benefit is a social benefit payable because the beneficiary participates in a social insurance scheme and the social risk insured against has occurred. See social insurance scheme.

Social insurance contribution

A social insurance contribution is the amount payable to a social insurance scheme in order for a designated beneficiary to be entitled to receive the social benefits covered by the scheme. See social insurance scheme.

Social insurance scheme

A social insurance scheme is an insurance scheme where the following two conditions are satisfied: (a) the benefits received are conditional on participation in the scheme and constitute social benefits (as this term is used in the 2008 SNA); and (b) at least one of the three conditions following is met: (i) Participation in the scheme is obligatory either by law or under the terms and conditions of employment of an employee, or group of employees; (ii) The scheme is a collective one operated for the benefit of a designated group of workers, whether employed or non-employed, participation being restricted to members of that group; and (iii) An employer makes a contribution (actual or imputed) to the scheme on behalf of an employee, whether or not the employee also makes a contribution. See also social insurance benefit and social insurance contribution.

Social security funds

Social security funds are those units that are devoted to the operation of social security schemes.

Social security schemes

Social security schemes are social insurance schemes covering the community as a whole, or large sections of the community, and are imposed and controlled by government units. See also social insurance scheme.

Sovereign wealth funds

Created and owned by the general government, SWFs hold, manage, or administer assets to achieve financial objectives, and employ a set of investment strategies which include investing in foreign financial assets. The funds are commonly established out of balance of payments surpluses, official foreign currency operations, the proceeds from privatizations, fiscal surpluses, and/or receipts resulting from commodity exports.

Special drawing rights (SDRs)

Special drawing rights (SDRs) are international reserve assets created by the International Monetary Fund (IMF) and allocated to its members to supplement reserve assets.

Standardized guarantees

Standardized guarantees are those kinds of guarantees that are issued in large numbers, usually for fairly small amounts, along identical lines.

State government subsector

The state government subsector consists of state, provincial, or regional governments that are separate institutional units plus those nonmarket nonprofit institutions that are controlled by state, provincial, or regional governments. State governments are institutional units exercising some of the functions of government at a level below that of central government and above that of the governmental institutional units existing at a local level. The state government subsector includes social security funds operated by state governments, if social security funds are not classified as a separate subsector of general government.

Stock positions

Stock positions, or stocks, refer to the level of assets, liabilities, and net worth at a specific point in time.

Stripped securities

Stripped securities are securities that have been transformed from a principal amount with coupon payments into a series of zero-coupon bonds, with a range of maturities matching the coupon payment date(s) and the redemption date of the principal amount(s).

Swap contract

A swap contract involves the counterparties exchanging, in accordance with prearranged terms, cash flows based on the reference prices of the underlying items.

Synthetic securitization

Synthetic securitization involves transfer of the credit risk related to a pool of assets without transfer of the assets themselves, either through a securitization unit or through the direct issuing of debt securities by the original asset owner.

Traded debt securities

Traded debt securities are those debt securities traded (or tradable) in organized and other financial markets—such as bills, bonds, debentures, negotiable certificates of deposits, asset-backed securities, etc.

Transaction

A transaction is an interaction between two units by mutual agreement or through the operation of the law, or an action within a unit that is analytically useful to treat as a transaction (often because the unit is operating in two different capacities). “Mutual agreement” means that there was prior knowledge and consent by the units, but it does not mean that the units involved entered into the transaction voluntarily. Every transaction involves an exchange or a transfer.

Transfer

A transfer involves a provision (or receipt) of an economic value by one party without receiving (or providing) a corresponding item of economic value. See also exchange.

Transferable deposits

Transferable deposits comprise all deposits that are (i) exchangeable (without penalty or restriction) on demand at par, and (ii) directly usable for making third-party payments by check, draft, giro order, direct debit/credit, or other direct payment facility. Nontransferable deposits comprise all other financial claims, other than transferable deposits, represented by evidence of deposit.

True-sale securitization

True-sale securitization, involves debt securities issued by a securitization unit where the underlying assets have been transferred from the original asset owner’s (i.e., the originator’s) balance sheet to that of the securitization unit.

Zero-coupon bonds

Zero-coupon bonds are long-term securities that do not involve periodic payments during the life of the bond. A single payment, that includes accrued interest, is made at maturity.

Index

A

Accounting principles

  • aggregation, 8.3, 8.6, 8.9

  • consolidation, 2.154-2.157, 8.1-8.32

  • currency conversion, 2.141-2.142

  • currency of denomination, 2.146-2.148

  • currency of settlement, 2.147-2.148

  • maturity, 2.149-2.153

  • time of recording, 2.103-2.111

  • unit of account, 2.139-2.140

  • valuation, 2.115-2.123

    • of insurance, pension, and standardized guarantee schemes, 2.135-2.138

    • of nontraded debt instruments, 2.124-2.131

    • of traded debt securities, 2.132-2.134

Accounts payable/receivable. See Other accounts payable/receivable.

Accrual accounting. See Accrual basis of recording.

Accrual basis of recording, 2.103-2.111, 2.159. See also Accrual of interest.

  • and arrears, 2.113, 5.42

  • and the assumption of guaranteed debt, 4.26

  • definition, 2.103

  • of MDRI debt relief, 4.74

  • of nonlife insurance premiums, 3.49

Accrual of interest, 2.10, 2.109-2.111, 2.158-2.179, 5.44, A2.3

  • and remuneration payable on the basis of IMF members’ reserve tranche position, 4.159

  • exchange rate for the, 2.142

  • nominal value and, 2.124, 2.130

  • of debt securities issued at a discount/premium, 2.164-2.166, Box 2.3, A2.9

  • on arrears, 5.45

  • on assumed debt, 4.26

  • on debt securities with embedded derivatives, 2.175

  • on financial leases, 2.179, 4.91-4.95, Box 4.11

  • on index-linked debt securities, 2.167-2.174

  • on nonperforming debt/loans, 2.176-2.178

Activation of a one-off guarantee. See One-off guarantees, activation of.

Agency to manage bailout operations, 4.112, 4.117. See also Restructuring agencies and Special purpose entities.

Agreed minute, 4.64, 10.128, 10.196

ALM. See Asset-liability management.

Amortization of debt liabilities resulting from on-lending of borrowed funds, 4.146-4.148

  • of discount/premium of deep-discount and zero-coupon bonds and accrued interest, 2.133, 2.164-2.166, Box 2.4

  • schedules, 4.74, 9.19. See also Debt-service payment schedules.

  • tables, 6.43, 10.201

Ancillary activity, 2.31

  • definition, Chapter 2 footnote 22 Ancillary unit, 4.80

Annuities entitlements. See Life insurance and annuities entitlements.

Arrears and the accrual principle, 2.113, 2.177, 5.44

  • and the debt-service payment schedule, 5.33

  • definition, 2.112

  • interest on, 5.45

  • interest that has accrued and is in, 2.108

  • nominal value of, 2.130

  • other charges on, 5.45

  • overview of, 2.112-2.114

  • presentation of statistics on, 5.11, 5.42-5.46, Table 5.9, 6.42

  • refinancing of, 4.41

  • rescheduling of, 4.38-4.39

  • technical, 4.65

Article IV consultation between the IMF and a member, Chapter 10 footnote 33.

Asset-backed securities definition, 3.36

  • securitization and, 4.101

Asset-liability management (ALM), 6.63, 10.90, 10.95, 10.184

Assumption of pension liabilities. See Debt arising from government’s assumption of pension liabilities.

Assumption of risk and economic ownership, 3.4, 3.40-3.42, 4.87-4.90, 4.103, 4.107, 4.122-4.126

  • by restructuring agencies, 2.62-2.63

  • by special purpose entities, 2.65

Average interest rate calculation of, 5.56-5.59

  • definition, 5.57

Average maturity. See Average time to maturity.

Average time to maturity, definition, Chapter 9 footnote 17

Average time to refixing, definition, Chapter 9 footnote 18

B

Bailout operations. See Debt arising from bailout operations.

Balance sheet assets and liabilities excluded from the balance sheet, 3.11

  • data source for compilation of debt statistics, 6.19, Table 6.1, 6.26-6.31, 6.38

  • debt liabilities and the, 1.2, 2.4, 3.1, 3.14, Table 3.1

  • definition, 3.2

  • exchange rate to be used for currency conversion, 2.141, Chapter 2 footnote 58

  • overview of, 3.2-3.13

  • recording of pension entitlements of unfunded government pension schemes in the, 2.81

  • recording of SDR holdings and allocations on the, 3.21-3.23, 4.163-4.165, Chapter 6 footnote 9

  • structure of a government finance statistics (GFS), 3.15, Table 3.1

  • stock positions recorded in the, A2.12-2.13

  • supplement information and memorandum items to the, 2.80, Chapter 3 footnote 26, 4.3

  • valuation of financial assets and liabilities on the reporting date of the, 2.115, 2.118

Bank for International Settlements, 10.4-10.14

Banker’s acceptance, 3.28, 4.6

  • definition, 3.30

Bilateral rescheduling agreements, 4.38, 4.64-4.65, 10.123-10.134

Bills, 2.110, 2.132, 3.28, 7.1, A2.9

  • definition, 3.29

BIS. See Bank for International Settlements.

Bonds convertible into equity, 3.35, 5.35. See also Swaps.

  • deep-discounted and zero-coupon, 2.110, 2.164, 3.37, 5.57, 7.11

  • definition, 3.31

  • overview and description of, 3.28, 3.31-3.33

  • valuation of, 2.121, 2.132-2.133, A2.9

  • with an embedded option, 5.34, 5.35

Brass plate companies, residence of, 2.97

Budgetary, 2.25-2.32

  • central government 2.25-2.26, 2.35

    • definition, 2.26

  • state/local government, 2.26

Buybacks. See Debt buybacks.

C

Cancellation of debt by mutual agreement. See Debt forgiveness.

Captive financial institutions, 2.55

CBDMS. See Computer-based debt management system.

CDOs. See Collateralized debt obligations.

CDS. See Swaps, credit default.

Center of predominant economic interest, 2.95

Central bank, 2.52-2.53

  • as depository for IMF holdings of a member’s currency, 4.150

  • classification of currency issued by, 3.25

  • currency union, 2.99, Chapter 2 footnote 39

  • definition, 2.52

  • general government sector plus, 2.56

  • implicit contingent liabilities of, 4.21

  • on-lending of borrowed funds from IMF to other public sector units, 4.74, 4.158. See also On-lending of borrowed funds.

  • SDRs held by the, 4.163-4.164

Central borrowing authority, 2.32

Central compiling agency, 6.5-6.6, 6.8, 6.10, 6.13, 6.24-6.25, 6.41

Central government public sector, 2.56

Central government subsector, 2.23, 2.26, 2.34-2.36

  • consolidation of, 2.156, 8.4, 8.17-8.32

  • definition, 2.34

Central government. See Central government subsector CIRR. See Commercial Interest Reference Rate.

Claims of pension funds on pension manager, 3.60-3.61

Clean price, 2.119, 10.191. See also Dirty price.

Collateralized debt obligations, 3.36. See also Asset-backed securities.

Collateralized loan, 3.41, 3.43

Commercial Interest Reference Rate (CIRR), 4.83

Commercial paper, 3.28-3.29, 10.109, 10.168

Commitment fee, Table 6.2, 6.50 Commodities, as a debt repayment, 2.128-2.129 Commonwealth Secretariat, 10.15-10.31

  • Debt Recording and Management System (CS-DRMS), 10.162-10.187

Completion point, 4.68-4.70, 4.72

Compound interest, interest cost accrual, 2.161, 2.163, Box 2.3

Computer-based debt management system, 6.55

Concessionality. See Debt concessionality.

Consolidation debtor-creditor relationships needed for, 3.67

  • definition, 2.154, 8.3

  • effects of, 8.7-8.10

  • guidelines for, conceptual, 8.14-8.21

    • practical, 8.26-8.31

  • how to, 8.32, Table 8.2

  • of international banking statistics, 10.5-10.7

  • of on-lent funds, 4.145, 6.31

  • of sinking funds, 8.22-8.25

  • overview of, 2.154-2.157

  • period, Table 6.2, 10.126

  • reasons for consolidating statistics, 8.11-8.13

  • types of, 2.156, 8.4

  • vs. aggregation, 8.5-8.6

Contingencies. See Contingent liabilities.

Contingent assets, 3.11. See also Contingent liabilities.

Contingent liabilities and fiscal risk, 4.3, 9.22-9.23, 9.28-9.29

  • and the balance sheet, 3.11, 3.14

  • compared with liabilities, Chapter 4 footnotes 2 and 3

  • definition, 4.5

  • definition of debt and, 2.9

  • measuring of, 4.23-4.24, Box 4.1

  • presentation of statistics on, explicit contingent liabilities and net obligations for social security benefits, 5.49, 5.53-5.54, Table 5.12

    • publicly guaranteed debt, 5.11, Table 5.1, 5.36-5.41, Tables 5.8a and 5.8b

  • typology of, 4.3-4.26, Figure 4.1

Contracts, leases, and licenses, 3.13, 4.90

Control. See Indicators of control by a government unit.

Convertible bond, 3.28, 3.33, 3.35, 5.35

Corporations definition, 2.19

Cost-risk analysis, 9.16 - 9.17, Box 9.3, 10.26, 10.92

Counterparty. See also Identifying the holders of traded debt securities.

  • classification by institutional sector, 3.67-3.71

  • to SDR holdings and allocations, 4.161, 8.19,

Country Policy and Institutional Assessment (CPIA) Index, 9.11

Coupon payments, 2.160, 2.163, 2.165, 3.32, 3.37

  • backed by specific assets or future revenue streams, 4.102, 4.104, 4.107

  • indexed-linked, 2.148, 2.167-2.174, 3.38, 5.24

Credit and loans from the IMF, 4.156-4.158

Credit availability guarantees, 4.17, 4.24

Credit derivatives, 4.102

Credit guarantees, 4.17, 4.24

Credit risk, transfer of, 4.103, 4.107, 10.5-10.6

CS-DRMS. See Commonwealth Secretariat—Debt Recording and Management System.

Currency definition, 3.25

  • destruction of, A2.8

  • domestic and foreign, 2.143-2.145

  • indexed to foreign currency, 2.174

  • linked instruments, 2.148

  • of conversion, 2.141-2.142

  • of denomination, 2.146-2.148

    • definition, 2.146

  • of settlement, 2.147-2.148

  • unit of account, 2.130-2.140

    • swaps, 4.128, Box 4.17

  • valuation of, 2.124

Currency union, 2.99, 2.143, 2.145

  • central bank, 2.99, Chapter 2 footnote 39

  • cutoff date, for debt reorganization, 10.129, 10.138

D

Data compilation, 6.1-6.57

  • data sources for, 6.18-6.40

    • balance sheet, 6.26-6.31

    • debt office, 6.23-6.25

    • other sources, 6.39-6.40

    • questionnaires and periodic surveys, 6.32-6.38

Debentures, 2.132, 3.28, 7.1

  • definition, 3.31

Debt arising from bailout operations classification of unit established to manage bailout, 4.117

  • description of, 4.109-4.112, 9.22

  • statistical treatment of, 4.113-4.118, Box 4.13

Debt arising from government’s assumption of pension liabilities, 4.136-4.138

Debt arising from off-market swaps. See also Off-market swaps.

  • description of, 4.127-4.128

  • statistical treatment of, 4.129-4.131, Box 4.17

Debt arising from public-private partnerships (PPPs). See also Public-private partnerships.

  • description of, 4.119-4.122

  • statistical treatment of, 4.123-4.126, Box 4.16

Debt arising from unfunded public sector employer pension schemes. See also Unfunded nonautonomous pension schemes.

  • description of, 4.132-4.133

  • statistical treatment of unfunded nonautonomous pension schemes, 4.134-4.135, Box 4.18

Debt assumption and reconciliation of debt stocks and flows, A2.18

  • and reconciliation of opening and closing balance sheet values of publicly guaranteed debt, 5.40-5.41, 6.53

  • as a bailout intervention, 4.110

  • as a transaction, A2.4

  • definition, 4.56

  • description of, 4.16, 4.25, 4.30, 4.56

  • of nonperforming debt, 2.178

  • statistical treatment of, 4.26, Table 4.1, 4.57, Box 4.7

Debt buybacks, 4.30, 6.53, 10.20, 10.137, 10.180, 10.197, 10.204.

  • See also Debt prepayments.

Debt cancellation. See Debt forgiveness.

Debt concessionality, 4.38, 4.47, 4.79, 4.156, 5.56

  • and debt sustainability analysis, Box 9.2, 9.7, 9.19

  • overview of, 4.81-4.86

Debt conversion, 3.35, 4.30, 5.35

  • definition and description of, 4.48-4.51

  • statistical treatment of, Table 4.1, 4.52, Box 4.5

Debt defeasance, 2.61

  • definition and description of, 4.80

Debt distress, 9.7-9.12

Debt forgiveness arrears and, 2.113

  • compared with debt write-off/write-down, 4.76

  • compiling information on, 6.53

  • definition, 4.33

  • description of, 4.30-4.31, 4.33

  • international initiatives that involve, 4.71, 4.74

  • debt prepayment that involves, 4.54-4.55

  • debt refinancing that involves, 4.43

  • debt rescheduling that involves, 4.38

  • nominal value of debt and, 2.124

  • statistical treatment of, Table 4.1, 4.34-4.36, Box 4.2

Debt instruments, 2.3, 3.7

  • average interest rates on, 5.56-5.59

  • classification by type of, 5.11, Table 5.1, Table 5.2, 5.15, Table 5.3, 5.29, Table 5.7, 5.43, 5.46, Table 5.9

  • counterparties to, 3.67-3.71

  • definition, 2.3

  • financial assets corresponding to, 2.13, 2.14, Table 2.1, Table 3.1, 5.12-5.14

  • for the purpose of the Excessive Deficit Procedure (EDP), Chapter 10 footnote 17

  • included in the definition of debt, 2.3, 2.7, 2.11, 2.107, Table 3.1, A1.2

  • identification and classification of, 3.17-3.66

  • information that should be collected for each, 6.41-6.57, Table 6.2

  • interest accruing on, 2.108-2.111, 2.158-2.179 maturity of, 2.149-2.153

  • possible data sources by, 6.21-6.40, Table 6.1

  • to be consolidated, 8.14-8.21, 8.26-8.31

  • valuation of, 2.115-2.122, A1.5

    • insurance, pension, and standardized guarantee schemes, 2.135-2.138

    • nontraded, 2.124-2.131

    • traded, 2.132-2.134

Debt liabilities. See Gross debt and Debt Instruments.

Debt liability in arrears, 2.112-2.113, 5.42-5.46, 6.50

  • definition, 2.113

Debt net of highly liquid assets definition, 5.14

Debt office, functions of the, 6.58-6.63

Debt payments on behalf of others definition and description of, 4.58

  • statistical treatment of, Table 4.1, 4.59-4.61, Box 4.8

Debt positions and related flows with the IMF, 4.149-4.165

Debt prepayment, 4.30, 6.53, 10.134, 10.183, 10.197, 10.204

  • definition and description of, 4.53

  • statistical treatment of, 4.54-4.35, Box 4.6

Debt presentation tables, 5.1-5.55

  • detailed tables debt-service payment schedules of gross outstanding debt, Table 5.7, 5.28-5.35

  • gross debt by currency of denomination and maturity, Table 5.4, 5.18-5.19

  • gross debt by maturity and type of debt instrument, Table 5.3, 5.15-5.17

  • gross debt by residence of the creditor and by, 5.27

    • type of debt instrument, Table 5.6a

    • type of institutional sector of the creditor, Table 5.6b

    • currency of denomination, Table 5.6c

  • gross debt by type of interest rate and currency of denomination, Table 5.5, 5.20-5.26

memorandum tables arrears by type of arrears and type of debt instrument, Table 5.9, 5.42-5.46

  • average interest rates by original maturity and type of debt instrument, Table 5.13, 5.55-5.59

  • financial derivatives position, Table 5.11, 5.50-5.52

  • publicly guaranteed debt by maturity and type of debt instrument, Tables 5.8a and 5.8b, 5.36-5.41

  • reconciliation of market and nominal value of debt securities by type of residence and type of institutional sector of the creditor, Table 5.10, 5.47-5.48

  • total explicit contingent liabilities and net obligations for future social security benefits, Table 5.12, 5.53-5.54

  • overview of, 5.5-5.9

  • summary tables gross debt, Table 5.1, 5.10-5.11

    • gross and net debt, Table 5.2, 5.12-5.14

Debt refinancing, 4.30, 4.71, 6.53, 10.175, 10.181, 10.183, 10.197

  • definition and description of, 4.37, 4.41

  • statistical treatment of, Table 4.1, 4.42-4.47, Box 4.4

Debt relief from IDA and AfDF, 4.73-4.74

  • from IMF’s HIPC and MDRI Trusts, 4.72-4.74, 10.175

Debt reorganization, 6.53, 10.188, 10.192, 10.196-10.197, 10.206, 10.208

  • and debt payments on behalf of others, 4.58

  • definition and summary of types of, 4.27-4.32

  • Paris Club debt reorganization arrangements, 4.83-4.86

  • summary of statistical treatment of various types of, Table 4.1

Debt repayment. See also Debt-service payments.

  • arrears on, 2.177

  • capacity, Box 9.2

  • extending period of, 4.38

  • of principal by guarantor, 4.26, 4.56

  • under debt relief from IMF’s HIPC and MDRI Trusts, 4.74

Debt repudiation, 4.75

Debt rescheduling, 4.30-4.31, 4.71, 6.53, 10.197, 10.204

  • debt service moratorium extend by creditors and, 4.67

  • definition and description of, 4.37-4.38

  • Paris Club arrangements for, 4.63-4.65, 4.86, 10.123, 10.125-10.126, 10.130

  • statistical treatment of, Table 4.1, 4.39-4.40, Box 4.3

Debt restructuring. See Debt reorganization.

Debt securities average interest rates for, 5.57-5.58

  • BIS statistics on international, 10.12-10.14

  • clean and dirty prices of, 2.119

  • data sources for, 6.23, 6.35, 6.41-6.57

  • definition, 3.28

  • interest on debt securities issued at a discount/premium, 2.164-2.166, Box 2.3

    • debt securities with embedded derivatives, 2.175, 5.34-5.35

    • debt securities with known cash flows, 2.162-2.166

    • indexed-linked, 2.167-2.174

  • issued with securitization, 4.101-4.108

  • issues in identification of counterparties of traded. See Identifying the holders of traded debt securities.

  • overview and description of, 3.28-3.38

  • reconciliation of market and nominal value of, 5.47-5.48, Table 5.10

  • sovereign issuer of, 2.57

  • valuation of, 2.115-2.116, 2.132-2.134, 5.3, A1.5

Debt sustainability analysis (DSA), 2.117, 9.2-9.15, 10.7, 10.11, 10.26, 10.68, 10.151, 10.174

Debt swap. See Debt conversion.

Debt write-downs. See Debt write-offs.

Debt write-offs compared with debt reorganization and forgiveness, 4.29, 4.33

  • definition and description of, 4.75

  • statistical treatment of, 4.76-4.78, Box 4.9

Debt. See Gross debt and Net debt.

Debtor approach to interest calculation, 2.162, Box 2.4

Debt-service moratorium, 4.66-4.67, 10.128

  • definition, 4.66

Debt-service payment schedules, 2.153, 5.6, 5.28-5.35, Table 5.7, 6.30

Debt-service payments, 2.10, 2.160, 4.28, 4.37-4.38, 4.80, 6.43, 6.46-6.47, 6.50-6.52, 5.39, 9.19, 10.169, 10.20310.205. See also Debt service moratorium.

  • falling due between Paris Club Agreed Minute and specified implementation date, 4.64-4.65

  • in arrears, 2.112-2.113, 5.42-5.46

  • in the assessment of sustainability, Box 9.2

  • schedule, 2.153, 5.6, 5.28-5.35, Table 5.7, 6.30

Decentralized agencies. See Extrabudgetary.

Decision point, 4.68-4.70

Deep-discount bonds accrual of interest on, 2.110, 2.121, 5.57

  • definition, 3.32

  • valuation of, 2.121, 2.133

Default rate of a pool of similar guarantees, 3.62, 4.12-4.13

Defined-benefit pension schemes, 2.82, 3.54, 5.25

  • valuation of, 2.136

Defined-contribution pension schemes, 2.82, 3.54, 5.25

  • valuation of, 2.136

Deposit guarantees, 3.62

Depository for the IMF’s holdings of member’s currency, 4.150

Deposits consolidation of, 2.155, 8.21, 8.29, 8.31

  • definition, 3.26

  • exchange of gold for foreign exchange, 3.43

  • liabilities in the form of, 2.51, 2.54, 3.26

  • monetary gold in the form of unallocated gold accounts, 3.12

  • overview and description of, 3.26-3.27

  • payable on demand, 5.33

  • payments in the form of, 2.11

  • transferable and nontransferable, 3.27

  • valuation of, 2.124, 2.126

Derivatives. See Financial derivatives.

Dirty price, 2.119, 10.191. See also Clean price.

Discounts on issue of bonds and bills. See Accrual of interest, Deep-discount bonds, and Zero-coupon bonds.

Dissemination of public sector debt statistics, 6.15-6.17. See also

Debt presentation tables. DMFAS. See United Nations Conference on Trade and Development (UNCTAD)—Debt management and financial analysis system (DMFAS).

Domestic currency, 2.140-2.144, 2.174

  • debt denominated in, 2.146

  • debt settled in, 2.147-2.148

  • definition, 2.143

  • unit, 2.140

Domestic debt and on-lending of borrowed funds, 4.139-4.148, 6.31

  • and the debt sustainability framework for low-income countries, 9.10

  • arising from IMF borrowing by central bank passed on to government, 4.158

  • debt office and, 6.58-6.63, Table 6.3

  • definition, 2.5

  • holders of traded debt securities, 7.31-7.33, 7.50-7.51

DSA. See Debt sustainability analysis.

E

ECB. See European Central Bank.

Economic assets, 3.14, 4.90. A2.13

  • definition, 3.4

  • future revenue not recognized as, 3.36, 4.102-4.103, 4.106, 4.108

Economic owner definition, 4.123

  • of assets under financial leases, 4.87-4.89,

  • of assets under operating leases, 4.90

  • of assets under public-private partnerships, 4.121-4.126, Box 4.14, Box 4.15

  • of securities under repurchase agreements, 3.41, 3.71, 7.11, 7.19

Economic ownership. See also Economic owner.

  • change date, 2.106

  • enforcement of rights of, 3.4

Economic territory, 2.59, 2.95-2.96, 2.98

Economically significant prices, 2.19, 2.48, 2.58, 2.74

Economy definition, 2.96

EDP (Excessive Deficit Procedure) debt. See Maastricht debt of the European Union.

Effective financial claim, 4.25, 4.57, Chapter 4 footnote 19, 4.59-4.61, 4.113, 4.139, 4.141, 5.40

Embedded derivatives accrual of interest on debt securities with, 2.175

  • instruments with, 3.33, 4.107, 5.34-5.35, 10.20, 10.175, 10.180, 10.183

Employee stock options. See Financial derivatives and employee stock options.

Environmental liabilities, 3.11, 4.21

Equity and investment fund shares, 2.107, 3.6-3.7, 3.9. See also Debt-for-equity swaps.

  • and the definition of debt, 2.4, 2.6, 3.14, A1.2, A2.15

European Central Bank (ECB), 10.32-10.55

European Union, statistics on the Excessive Deficit Procedure (EDP). See Maastricht debt of the European Union.

Eurostat, 10.56-10.67

  • Practical applications of the economic ownership concept, Box 4.15

  • Practical guidance for publicly guaranteed debt, Chapter 4 footnote 8

Exchange definition, A2.5

Exchange rate changes, A2.9, A2.16

  • and nominal value, 2.120

    • for conversion of debt in a multiple exchange rate system, Chapter 2 footnote 58

    • for currency conversion of stock positions, 2.141, 2.174

    • for currency conversion of transactions, 2.142, 2.174

    • used for projection of future debt-service payment schedule, 5.30

    Ex-dividend, 2.107

    Explicit contingent liabilities definition, 4.7

    • presentation of statistics on, 5.36-5.41, Tables 5.8a and 5.8b, 5.49, 5.53-5.54, Table 5.12, 9.29

    • typology of, 4.8-4.20 Export credit guarantees, 3.62, 4.63, 9.13, 10.123, 10.126

    External debt and on-lending of borrowed funds, 4.139-4.148, 6.31

    • and the Heavily Indebted Poor Countries Initiative, 4.68-4.71

    • and the Multilateral Debt Relief Initiative, 4.72-4.74

    • cross-checking with, 6.10

    • debt burden thresholds, 9.9-9.12, Table 9.1

    • debt conversions of, 4.50

    • debt office and, 6.58-6.63, Table 6.3

    • definition, 2.5

    • locational banking statistics of the BIS providing information for, 10.10-10.11

    • relationship between public sector debt and, A1.1-A1.7

    • resulting from IMF borrowing by central bank, 4.158

    • statistics as a source for identifying holders of traded debt securities, 7.8, 7.20

    • sustainability analysis, 9.2-9.15, Box 9.2

    • unit of account of, 2.139-2.140

    Extrabudgetary, 2.25-2.32, 2.35, 2.74, 2.92, 8.22

    • definition, 2.27

    • source data for, 6.26-6.29, 6.32

F

Face value definition, 2.121

  • nominal value and, 2.120, 5.61

Fair value definition, 2.122

  • of nonperforming loans, deposits, and other accounts payable/receivable, 2.125-2.126

  • use of, in determining the type of lease, 4.89

Financial assets. See also Liabilities.

  • corresponding to debt instruments, 1.2, 2.13, Table 2.1, 5.12-5.14, A2.13-A2.14, A2.17

    • classification of, 3.16-3.66

    • consolidation of, 2.155, 8.14-8.32

    • denominated in foreign currencies, 2.141

    • valuation of, 2.115-2.138

  • definition, 3.6

  • included in the calculation of net debt. See Financial assets corresponding to debt instruments.

  • overview and description of, 3.5-3.12

  • source data for, 6.27, 6.35, 6.38

Financial auxiliaries, 2.55

Financial claims, 2.3, 3.8. See also Effective financial claim.

  • definition, 3.6

  • remove from the balance sheet, A2.8

Financial corporations sector, 2.15, 2.19. See also Public financial corporations subsector.

Financial derivatives and off-market swaps, 4.127-4.131

  • and the definition of debt, 2.4, 2.6, 3.14, A1.2

  • as financial instruments, 3.6-3.7

  • guarantees in the form of, 4.11

  • presentation of statistics on, 5.7, 5.49-5.52, Table 5.11

  • source of data on, 6.54, Table 6.2

Financial derivatives and employee stock options. See Financial derivatives.

Financial lease, 3.8, 3.39-3.40. See also Debt arising from financial leases.

  • compared with other types of leases, 4.90

  • definition, Chapter 3 footnote 18, 4.87

  • imputed, for public-private partnerships, 4.125, Box 4.15

  • interest on, 2.179

  • situations that would lead to a, 4.88-4.89

  • statistical treatment of debt arising from, 4.91-4.95

Financial supervisory authorities, 2.52, 2.55

Fiscal agency to conduct financial transactions with the IMF, 4.150

Fiscal risks analysis of, 9.21-9.29

  • and contingent liabilities, 4.3

  • definition, 9.21

  • statement of, 9.23-9.26

Fixed-rate instruments average interest rate of, 5.58

  • nominal value of, 2.120

  • classification by type of interest rate, 5.20-5.26, Table 5.5

Foreign currency, 2.139-2.148

  • definition, 2.143

  • coupon and interest payments indexed to, 2.174

  • data requirements for debt in, 6.52

Foreign exchange reserves, 2.52, 3.22, 4.152, 4.154-4.156

Foreign-controlled nonfinancial corporations, 2.16

Future obligations for social security benefits. See Net obligations for future social security benefits.

G

GDDS. See General Data Dissemination System.

General corporate policy, 2.17

General Data Dissemination System (GDDS), 5.1, 6.16, 10.71-10.72, 10.80, 10.172

General government sector, 2.15

  • definition, 2.18

  • plus the central bank, 2.56

  • subsectors of, 2.16, 2.21-2.46, Figure 2.3

GFSM. See Government Finance Statistics Manual.

Global note facilities (GNFs), 4.17

Going concern, 4.57, Chapter 4 footnote 19

Gold bullion. See Monetary gold

Government debt office. See Debt office.

Government Finance Statistics Manual, relationship with, 1.3, 1.5, 2.3-2.4, 3.14-3.16

Government units budgetary entities that are, 2.25-2.26

  • central bank passing on proceeds of IMF borrowing to, 4.158

  • classified by level of government, 2.22-2.24, 2.34-2.46

  • consolidation of general, 2.154-2.157, 8.1-8.32

  • corporations controlled by, 2.17, 2.19

  • definition, 2.18

  • extrabudgetary entities that are, 2.27-2.32

  • joint ventures of, 2.68-2.72

  • net obligations for future social security benefits of, 5.54

  • nonmarket NPIs controlled by, 2.18

  • nonmarket producers controlled by another, 2.30

  • pension schemes of, 2.77-2.85

  • provident funds of, 2.86-2.89

  • quasi-corporations of, 2.59-2.60

  • restructuring agencies of, 2.61-2.63

  • sinking funds of, 2.73-2.76, 8.22-8.25

  • sovereign wealth funds of, 2.90-2.93 special purpose entities of, 2.64-2.67

  • transfer between two, Chapter 4 footnote 14

  • unfunded nonautomous employer pension schemes of, 4.132-4.135

Gross debt and accrued interest, 2.108

  • and Maastricht debt, 5.61, Chapter 10 footnote 16

  • and SDR allocations, 3.23, 4.162

  • at market value, 5.3

  • attributed to the guarantor, 2.9, 2.114, 2.136, 2.178, 3.14, 3.62, 4.12, 4.14-4.18, 4.25-4.26, Box 4.1, 4.56, 5.38-5.39, 5.41, A2.4

  • definition, 2.3

  • historical data on issuance of, 5.55

  • main data sources for, 6.18-6.40

  • narrower definitions of, 2.7

  • of public financial corporations, 2.50

  • of sinking funds, 8.25

  • summary of, 5.10-5.13

  • sustainability analysis, 9.2-9.15, Box 9.2

Gross debt at market value definition, 5.3

Guaranteed public sector debt. See Loans and other debt instrument guarantees.

Guarantees, 4.8-4.20. See also Loans and other debt instrument guarantees, Publicly guaranteed debt, and Standardized guarantees.

  • extended as part of bailout operations, 4.111, 4.115

H

Heavily Indebted Poor Countries (HIPC) Initiative, 4.62, 4.68-4.71, 10.30-10.33

  • and the Multilateral Debt Relief Initiative (MDRI), 4.72-4.74

Holding gains and losses and currency of denomination, 2.146, 5.18, 10.52

  • arising from indexed-linked debt securities, 2.172-2.174

  • calculation of, A2.10-A2.11

  • definition, A2.9

  • overview and description of, A2.9-A2.11

Households sector, 2.15

I

Identifying the holders of traded debt securities, 7.1-7.53

  • from whom-to-whom framework, 7.25-7.30

  • selected country practices, 7.31-7.53

  • sources of data on holders of public sector securities, 7.2-7.22

IFMIS. See Integrated financial management information system.

IMF. See International Monetary Fund.

Implicit contingent liabilities, 2.58, 4.20-4.22, 5.40, 5.54, Table 5.12, 9.22, 9.29

  • definition, 4.7

  • examples of, 4.21

Imputed loan under a financial lease, 3.8, 3.40, 4.92, 4.125

  • interest on, 2.179

Index-linked securities, 2.161

  • accrual of interest on, 2.167-2.174

  • classification by type of interest rate, 5.24

  • definition, 3.38

Indicators of control by government of a corporation, 2.17

  • a joint venture, 2.71

  • a nonprofit institution (NPI), 2.18

Institutional sectors classification of the counterparty by, 3.67-3.71, 5.27, Table 5.6b, 7.20, 7.26, 7.36-7.38

  • of an economy, 2.15

Institutional units definition, Box 2.1

  • overview and description of, 2.15-2.19

Insurance corporation, 2.55, 2.83

  • pension fund of public sector unit managed on behalf of public sector unit by a, 3.55, 4.132

  • reserves of, 3.50

  • standardized guarantees provided by a, 3.63

Integrated financial management information system (IFMIS), 6.51,10.176, 10.215

Interest accrual of, 2.11, 2.107-2.114, 2.127, 2.129-2.130, 2.158-2.179, 4.159

  • on SDRs, 4.162, 4.165, Chapter 9 footnote 9

  • arrears, 2.8, 2.112-2.114, 5.42-5.46, 6.42

    • rescheduling of, 4.39

  • calculation of compound, Box 2.3

  • currency conversion of transactions in, 2.142

  • definition, 2.10, 2.158

  • indexed-linked securities and, 2.167-2.174, 5.23-5.24

  • on debt that is linked to credit rating of another borrower, 5.22

Interest payments, and interest accrued, 2.10, 2.160

  • arrears in, 2.8, 2.113, 5.42-5.44

  • cancellation of future, 4.33

  • not made when due. See Interest payments, arrears in.

Interest rate. See also Fixed-rate instruments and Variable-rate instruments.

  • accruing on arrears, 2.177, 5.45

  • and debt concessionality, 4.81, 4.84, 4.86

  • and market value, 2.118, Box 2.2, 2.175, 5.47, A2.9

  • and nominal value, 2.120 average. See Average interest rate.

  • data requirements on, 6.52

  • for projection of debt-service payment schedule, 5.30

  • gross debt by type of, 5.20-5.26, Table 5.5

  • swap, 4.128

International Monetary Fund (IMF), 10.68-10.100. See also Stock positions and related flows with the IMF.

  • debt relief from the HPIC and MDRI Trusts of the, 4.74

  • debt sustainability analysis (DSA). See Debt sustainability analysis.

  • international reserve assets created by, 3.21

  • liabilities to the, 3.39

  • number 2 Account, 4.160

  • public sector debt management, 10.86-10.100

  • public sector debt statistics and government finance statistics, 10.69-10.82

  • public sector debt surveillance, 10.84-10.85

International organizations, 2.98-2.101

  • classification of, 3.69

  • currency issued by, 2.145

  • definition, Chapter 2 footnote 38

International reserve assets. See Reserve assets.

International securities identification number (ISIN), Box 7.1

Intersectoral consolidation, 8.4, 8.18, Table 8.1, 8.21-8.22, 8.25, 8.28-8.29, 8.31-8.32

  • definition, 8.4

Intrasectoral consolidation, 8.4, 8.18, Table 8.1, 8.21-8.22, 8.25, 8.28-8.29, 8.31-8.32

  • definition, 8.3

ISIN. See International securities identification number.

J

Joint operating arrangements, 2.72

Joint ventures, 2.68-2.72. See also Public-private partnerships.

  • definition, 2.69

Jointly controlled assets. See Joint operating arrangements.

Jointly controlled operations. See Joint operating arrangements.

L

Late interest, 5.45

Legal owner definition, 4.123

  • of asset under a financial lease, 4.87-4.88, 4.90

  • of asset under a public-private partnership (PPP), 4.123

  • of securities under a securities repurchase agreement, 3.41, 3.42, 3.71, 7.11

Letters of credit, 3.11, 4.17

Liabilities. See also Financial assets, Debt instruments, and Gross debt.

  • definition, 3.5

  • distinction between debt and nondebt liabilities, 2.3-2.4, 2.6, 3.5-3.10

  • in the form of debt instruments, 2.3-2.4, Table 2.1, 3.14-3.66

    • valuation of, 2.115-2.138

    • consolidation of, 2.155, 8.14-8.32

    • denominated in foreign currencies, 2.141

    • classification of, 3.16-3.66

  • nondebt, 2.4, 2.6, 3.14, 5.49-5.54

  • outstanding and actual current, 2.8-2.9

    • excluded from the balance sheet, 3.11

  • overview and description of, 3.5-3.12

LIBOR. See London interbank offered rate.

Life insurance and annuities entitlements definition, 3.51

  • overview and description of, 3.45, 3.51-3.52

  • valuation of, 2.136

Life insurance and annuities entitlements, 2.12, 3.45, 3.51-3.52

  • valuation of, 2.136

Lines of credit, 3.11, 4.17, 4.24

Loan and other debt instrument guarantees. See also Publicly guaranteed debt.

  • alternative measures of valuing expected loss from, 4.24, Box 4.1

  • calling of, 4.56-4.57

  • definition, 4.17

  • overview and description of, 4.17-4.20

  • presentation of statistics on, 5.36-5.41, Tables 5.8a and 5.8b, 5.53, Table 5.12

Loan commitments, 3.11, 4.17, 4.24

Loans and credit from the IMF. See Credit and loans from the IMF.

  • average interest rates on, 5.57

  • concessional. See Debt concessionality.

  • consolidation of, 8.20, 8.29, 8.31

  • definition, 3.39

  • imputed. See Imputed loans.

  • main data sources for, 6.18-6.40

  • nonperforming definition, Chapter 2 footnote 51

    • valuation of, 2.125

    • accrual of interest on, 2.176-2.178

  • overview and description of, 3.39-3.44

  • that have become negotiable, 3.34, 3.39

  • valuation of, 2.125

    • debt forgiveness involving loans, 4.36

  • with embedded derivatives, 3.33

Loans from the IMF. See Credit and loans from the IMF.

Local government subsector definition, 2.41

  • description of, 2.41-2.43

  • source data for, 6.26, 6.32

Locational banking statistics, 10.10-10.11

London interbank offered rate, 5.21

Long-term debt, 2.149

M

Maastricht debt of the European Union, 5.60-5.63, 10.40, 10.42

Market basis. See Economically significant prices.

Market price, definition, Chapter 2 footnote 47

  • of a loan, 2.125

  • of a traded debt security, 2.118-2.119, 2.133, Box 2.2, 4.44, 5.3, 5.47

Market value. See also Market price.

  • changes in, 2.174

  • definition, 2.115

  • gross debt at, 5.3

  • increase due to the accrual of interest, A2.9

  • of a guarantee, 4.24, Box 4.1

  • of insurance, pension, and standardized guarantee schemes, 2.115, 2.135-2.138

  • of nontraded debt instruments, 2.115, 2.124-2.131

    • of arrears, 2.115, 2.130

    • of a deposit, 2.115, 2.124, 2.126

    • of a loan, 2.115, 2.124-2.125, 2.128

    • of other accounts payable/receivable, 2.115, 2.126-2.127, 2.129

    • of trade credit and advances, 2.115, 2.127

  • of a traded debt security, 2.115-2.116, 2.118-2.119, 2.132-2.134, Box 2.2

  • reconciliation of nominal value and, 5.47-5.48, Table 5.10

Maturity, 2.149-2.153. See also Original maturity and Remaining maturity.

  • debtor-approach and yield-to-, 2.162, Box 2.3, 2.173

  • definition, 2.149

  • open, 3.41

  • presentation of debt statistics by, 5.15-5.17, Table 5.3, 5.365.41, Tables 5.8a and 5.8b, 5.56, Table 5.13

Medium-term Debt Strategy (MDTS), 9.16-9.20, Box 9.3, 10.88, 10.92, 10.153, 10.174, 10.216

Memorandum items, 2.6, 2.9, 2.122, 2.125-2.126, 4.3, 4.19, 4.844.86, 5.9, 5.11, 5,24, 5.34-5.35, 5.41

Memorandum tables, 5.5, 5.36-5.54

Monetary gold in the form of bullion, 2.14, 3.12, 5.14

  • nominal value of, 5.14

  • unallocated gold accounts, 3.6, 3.12, 3.26

Monetary transaction definition, A2.6

Money lenders, 2.55

Money market funds, 2.55

Multilateral Debt Relief Initiative (MDRI), 4.72-4.74, 10.175

Multilateral organizations, 4.68-4.70, 4.72-4.73

Multiple options facilities (MOFs), 4.17

N

National private corporations, 2.16

Negotiable certificates of deposit, 2.132, 3.28-3.29, 7.1

Net debt, 2.13-2.14

  • and debt sustainability analysis, 9.3

  • calculation of, 2.13, Table 2.1, Table 3.1, 4.162

  • definition, 2.13, 5.14

  • effect of consolidation on, 8.9

  • of public financial corporations, 2.50

  • presentation of statistics on, 5.12-5.14, Table 5.2

Net financial worth definition, 3.3

Net obligations for future social security benefits, 4.20, 4.22, 5.49, 5.54, Table 5.12, 9.22

Net worth definition, 3.3, Table 3.1

  • effect of consolidation on, 8.9, Box 8.1

  • obligations recognized on a macroeconomic balance sheet in the calculation of, Chapter 4 footnote 2

  • stock position of, A2.12

New money facilities, 4.79, Box. 4.10

No asset securitization, 4.103, 4.106

No true-sale securitization, 4.103, 4.105

No. 2 Account, IMF, 4.151, 4.152, 4.160

Nominal value, 2.115-2.117

  • definition, 2.120

  • gross debt at, 5.3

  • of a guarantee, 4.24, Box 4.1

  • of insurance, pension, and standardized guarantee schemes, 2.115, 2.135-2.138

  • of nontraded debt instruments, 2.115, 2.124-2.131

    • of arrears, 2.115, 2.130

    • of a deposit, 2.115, 2.124, 2.126

    • of a loan, 2.115, 2.124-2.125, 2.128

    • of other accounts payable/receivable, 2.115, 2.126-2.127, 2.129

    • of trade credit and advances, 2.127

    • with uncertain, 2.131

  • of traded debt securities, 2.132

  • reconciliation of nominal value and, 5.47-5.48, Table 5.10

  • vs. face value, 2.121, 5.61

Nondebt instruments, 2.6, 2.14, 4.48, 4.51-4.52, 4.127, 4.129, 5.14, 5.49-5.54

Nonfinancial assets. 3.2, 3.13, 3.25

  • definition, 3.13

Nonfinancial corporations sector, 2.15-2.16, 2.19. See also Public nonfinancial corporations.

Nonfinancial public sector, 2.56

Nonlife insurance technical reserves, 3.45, 3.48-3.50

  • definition, 3.48

  • compared with provisions for calls under standardized guarantee schemes, 3.62

  • valuation of, 2.136

Nonmarket basis. See Economically significant prices and Government units.

Nonmarket nonprofit institutions (NPIs) controlled by government, 2.34, 2.37, 2.41

  • definition, 2.18

  • classification of, 2.28

  • factors to determine control, 2.18

Nonmonetary transaction, 2.105

  • definition, A2.6

Nonmoney market investment funds, 2.55

Nonparticipating preferred shares. See Nonparticipating preferred stocks.

Nonparticipating preferred stocks definition, 3.35

Nonperforming loans accrual of interest on, 2.176-2.178

  • definition, Chapter 2 footnote 51

  • valuation of, 2.125

Nonprofit institutions (NPIs). See also Nonmarket nonprofit institutions controlled by government and Nonprofit institutions serving households.

  • definition, Chapter 2 footnote 13

  • engaging in market production, 2.48, 2.49

Nonprofit institutions serving households (NPISHs) sector, 2.15, 3.68, 7.26

Nonresident special purpose entities. See Special purpose entities.

Nonresidents, 2.94-2.102

  • debt liabilities owed by residents to, 2.5, 3.69, 6.3

  • ownership of traded debt securities, 6.44, 7.2, 7.6, 7.8, 7.15-7.17, Box 7.1, 7.20, 7.25-7.29

  • total publicly guaranteed debt of, 5.38

Nontraded debt instruments, valuation of, 2.124-2.131

Nontransferable deposits, 3.26-3.27, Chapter 3 footnote 20

  • definition, 3.27

Notional amount of a financial derivative, 5.52, 6.54, Table 6.2

  • definition, 5.52

O

Obligations for social security benefits. See Net obligations for future social security benefits.

OECD. See Organization for Economic Cooperation and Development.

Off-market swap debt. See Debt arising from off-market swaps.

  • definition, 3.44, 4.128

On-balance sheet securitization, 4.103

  • definition, 4.108

One-off guarantees, 2.9, 4.14-4.20. 4.115, 5.37. See also Loan and other debt instrument guarantees.

  • activation of, 2.178, 4.25-4.26

  • calling of, 4.56-4.57

  • classification of, 5.26-5.41

  • definition, 4.14

  • presentation of, 5.53, Table 5.12

  • statistical treatment of, 4.25-4.26

  • valuation of, 4.24, 5.36

  • with a very high likelihood to be called, 4.16

On-lending of borrowed funds, 10.188

  • definition and description of, 4.139-4.140

  • statistical treatment of, 4.74, 4.141-4.148, Box 4.19, Table 4.2, 4.158

Operating lease, 4.89-4.90

Options embedded, 2.175, 5.34-5.35, 10.20, 10.175, 10.180, 10.183

  • presentation of data on, Table 5.12

  • separately traded, 3.33

Organization for Economic Cooperation and Development (OECD), 10.101-10.122

Original maturity, 2.150-2.152

  • presentation of gross debt by, Tables 5.1 and 5.2, 5.15-5.17, Table 5.3, 5.36-5.41, Tables 5.8a and 5.8b, 5.56, Table 5.13

Other accounts payable. See Other accounts payable/receivable

Other accounts payable/receivable, 2.107, 3.39, 3.57, 4.65

  • and the definition of debt, 2.3, 3.17

  • consolidation of, 8.20, 8.28

  • data sources for, 6.26-6.27

  • definition, 3.64

  • description of, 3.64-3.66

  • valuation of, 2.124, 2.126

Other accounts receivable. See Other accounts payable/receivable

Other economic flow, 2.105, 2.124, 2.174, 3.3, 4.1, 4.76-4.77, 6.42, A2.3-A2.4

  • definition, A2.7

  • consolidation of, 8.20-8.21, 8.23

Other public financial corporations, 2.50, 3.68, 9.29

  • definition, 2.55

P

Paris Club

  • commercial bank debt relief of the, 10.135-10.137

  • debt reorganization and concessionality, 4.83-4.86

  • debt rescheduling arrangements, 4.37-4.38, 4.63-4.65

  • description of activities of the, 10.123-10.137

Paris Club Secretariat, 10.123-10.137

Paying off debt liability of another unit. See Debt assumption.

Pension entitlements, 2.81, 2.85, 3.45, 3.61, 10.44

  • definition, 3.53

  • overview and description of, 3.53-3.59

  • valuation of, 2.136

Pension funds. See also Pension schemes.

  • classification of, 2.49, 2.55, 2.83, 2.84

  • consolidation of stock positions between government and, 8.28

  • data sources on, 6.39

  • liabilities of, 2.12, 2.136, 2.138, 3.46, 3.53-3.61, 4.132-4.135

Pension schemes. See also Pension funds.

  • classification of, 2.77-2.85

  • liabilities of, 3.46, 3.53-3.60

    • valuation of, 2.136

  • supplementary table showing the extent of, Chapter 5 footnote 17

  • unfunded nonautonomous. See Unfunded nonautonomous pension schemes.

Portfolio analysis, 9.16-9.20, 10. 95, 10.150-10.151, 10.173, 10.210

  • indicators, 9.19

  • management, 6.58, 6.60, 10.99

Preferred shares. See Nonparticipating preferred stocks.

Premiums on issue of bonds and bills. See Accrual of interest, Deep-discount bonds, and Zero-coupon bonds.

Prepayments, of goods and services, 3.64

  • of nonlife insurance premiums, 2.136, 3.48-3.49

  • of taxes, 3.65

Principal liability and accrued interest, 2.109-2.111

  • definition, 2.10

Principal payments, 2.10, 2.160

  • arrears in, 2.8, 2.113, 5.43-5.44

  • backed by specific assets or future revenue streams, 4.102, 4.104, 4.107

  • schedule, 5.28-5.35, 6.30, 9.19

Promissory note, 3.29, 3.64, 4.152, 4.155, 10.168, 10.194

Provident funds, 2.86-2.89

  • definition, 2.86

Provision for calls under standardized guarantees. See also Standardized guarantee schemes.

  • data sources for, 6.27, 6.39

  • definition, 4.13

  • description of, 3.62-3.63, 4.6, 4.13

  • valuation of, 2.136-2.137, 5.3

Provision of economic value, 2.8, 2.10

Provisions, 3.11

Public corporations assuming debt of, 4.57

  • assuming pension liabilities of, 4.136-4.138

  • control by government of, 2.17

  • definition, 2.19

  • established as special purpose entities, 2.64-2.67, 4.97

  • nonautonomous pension funds of, 4.132-4.135

  • quasi-corporations classified as, 2.59-2.60

  • shares and/or equity issued by, 3.10

  • source data for debt of, 6.18-6.40, Table 6.1

Public deposit-taking corporations except the central bank definition, 2.54

Public deposit-taking corporations, 2.50, 2.51-2.54, 2.126, 3.68

  • definition, 2.51

Public financial corporations subsector, 2.49-2.55, 3.68

  • definition, 2.49

  • source data for debt of, 6.18-6.40, Table 6.1

Public nonfinancial corporations subsector, 2.47-2.48, 3.68

  • definition, 2.47

  • source data for debt of, 6.18-6.40, Table 6.1

Public sector definition, 2.17, Figure 2.1

  • institutional coverage and sectorization of the, 2.20-2.93

  • general government and its subsectors, 2.21-2.46

  • other groupings of the public sector, 2.56-2.58

  • public financial corporations, 2.49-2.55

  • public nonfinancial corporations, 2.47-2.48

  • some borderline cases, 2.59-2.93

Public sector employer pension schemes. See Debt arising from public sector employer pension schemes.

Publication. See Dissemination of public sector debt statistics.

Publicly guaranteed debt. See also Loans and other debt instrument guarantees.

  • debt-service schedules of, 5.28

  • definition, 4.17

  • of nonresident units, 5.38

  • of private sector units, 5.38

  • of public sector units, 5.38

  • overview and description of, 4.17-4.19

  • presentation of statistics on, 5.11, Table 5.1, 5.36-5.41, Tables 5.8a and 5.8b

  • reconciliation of stock positions and flows in, 5.39-5.41, Table 5.8b

Public-private partnerships (PPPs). See also Joint ventures.

  • consideration of risks associated with asset(s) to determine economic ownership, Box 4.14

  • debt. See Debt arising from public-private partnerships (PPPs).

  • definition, 4.120

  • practical applications of economic ownership concept, Box 4.15

Q

Quasi-corporations

  • classification of, 2.19, 2.36, 2.40, 2.42, 2.59-2.60, 2.93

  • definition, 2.59

Quasi-fiscal activities. See Quasi-fiscal operations.

Quasi-fiscal operations, 2.58, 2.65, 9.29

Quasi-sovereign, 2.57, 10.90

Quotas of IMF member countries, 4.152-4.153

R

Regional organizations, 2.99-2.102, 10.25, 10.30

Relationship between public sector debt statistics and external debt statistics, A1.1-A1.7

Remaining maturity, 2.150-2.152

  • presentation of gross debt by, Tables 5.1 and 5.2, 5.15-5.17, Table 5.3, 5.36-5.41, Tables 5.8a and 5.8b, 5.56, Table 5.13

Remuneration payable by IMF to members, 4.159

Renegotiation, 10.149

  • change of original terms of a debt by, 2.177, Chapter 4 footnote 15, 4.67, Chapter 6 footnote 15

Repo. See Securities repurchase agreement

Repudiation of debt. See Debt repudiation.

Repurchase agreements. See Securities repurchase agreement.

Rerouting, Chapter 2 footnote 27

Rescheduling. See Debt rescheduling.

Reserve assets. 2.147, 3.6, 3.21-3.22, 4.152, 4.154, 4.161

Reserve position in the IMF, 3.27, 4.154-4.155

Residence, 2.5, 2.94-2.102

  • brass plate companies, 2.97

  • center of predominant economic interest, 2.95

  • classification by residence of the creditor, 5.11, 5.27, 5.29, 5.48, 6.27, 6.35, 6.44, A1.4, A1.6

  • definition, 2.95

  • economy, 2.96

  • economic territory, 2.95

  • international organizations, 2.98-2.99

  • institutional units, 2.96, 2.101

  • shell companies, 2.97

  • special purpose entities, 2.65-2.67, 2.97

  • regional central bank, Chapter 2 footnote 39

  • regional organizations, 2.99-2.102

Resident artificial subsidiary, 2.29-2.31, 4.97

Residual maturity. See Remaining maturity.

Resource leases, 4.90

Restructuring agencies, 2.61-2.63, 4.117

  • definition, 2.61

Restructuring unit. See Restructuring agencies.

Revaluations. See Holding gains and losses

Revolving underwriting facilities (RUFs), 4.17

Risk management, 2.13, 5.12, 9.25, 10.26, 10.88-10.90, 10.141, 10.184

S

SDDS. See Special Data Dissemination Standard.

SDRs. See Special drawing rights.

Secondary market consolidation of debt instruments acquired on the, Chapter 8 footnote 15

  • debt securities traded in the, 7.1, 7.4-7.5, 7.10-7.11, 7.36, 8.31

  • loans that have become marketable in the, 3.34, 3.39

  • market price of loans not intended for trading on the, 2.125

Securities. See Debt securities.

Securities lending, 3.43, 3.71

  • definition, 3.42

Securities repurchase agreement, 3.39, 3.41-3.43

  • classification of the counterparty by institutional sector, 3.71, 7.11, 7.42

  • definition, 3.41

Securitization definition, 4.101

  • statistical treatment of debt and flows from, 4.104-4.108

  • typology of, 3.36, 4.101-4.103

  • unit, 2.65, 2.67, 4.101, 4.103-4.108

Security-by-security database, 7.17, Box 7.1, 10.12

Shell companies, residence of, 2.97

Short-term debt, 2.149

Sinking funds consolidation of, 8.22-8.25

  • definition, 2.73

  • overview and classification of, 2.73-2.76

Social security benefit definition, Chapter 2 footnote 23

  • obligations for future, 3.11, 3.57, 4.21-4.22, 5.54, Table 5.12

  • contribution definition, Chapter 2 footnote 23

  • funds classification of, 2.21-2.24, 2.44-2.46

    • data sources for, 6.26

    • definition, 2.44

  • pensions to individuals provided via, 2.77-2.81

  • scheme definition, 2.44, Chapter 2 footnote 23

Sovereign, 2.57

  • balance sheets, 10.90, 10.98

  • bonds, 10.168

  • debt, 2.57, 10.19

  • issuer, 2.57

Sovereign wealth funds, 2.90-2.93

  • definition, 2.90

Special Data Dissemination Standard (SDDS), 5.1, 6.16, 10.7110.72, 10.80, 10.172

Special drawing rights (SDRs) as a foreign currency, 2.145

  • as a unit of account, 2.139, 3.24

  • changes in value of IMF member’s domestic currency in relation to, 4.157

  • consolidation of, 8.19

  • counterparty to holdings and allocations, 4.161

  • definition and description of, 3.21-3.24

  • IMF member quotas paid in, 4.152

  • recorded in the balance sheet of, 4.163-4.165, 6.27

  • recording of, 3.23, 4.162

Special purpose entities, 2.64-2.67

  • agency to manage or finance bailout operations, 4.112

  • debt of, 4.96-4.98

  • features of, 2.64

  • residence of, 2.65-2.67, 2.97, 4.98-4.100

  • resident artificial subsidiaries set up as, 2.30

  • securitization units set up as, 4.103-4.104

  • statistical treatment of government nonresident, 4.99-4.100, Box 4.12

Special purpose vehicles. See Special purpose entities.

Standardized guarantees. See Standardized guarantee schemes.

Standardized guarantee schemes data sources for, 6.27, 6.39

  • definition, 3.62, 4.12

  • description of, 4.12-4.13

  • valuation of provision of calls under, 2.136-2.137, 5.3

State government subsector definition, 2.37

  • description of, 2.37-2.40, 2.43

  • source data for, 6.26, 6.32

Stock positions definition, A2.12

Stock positions and related flows with the IMF, 4.149-4.165

Stocks. See Stock positions. Stripped securities, 3.37, 10.204

Student loan guarantees, 3.62, 4.12

Supplier credit. See Trade credit and advances.

Swap contract definition, Chapter 3 footnote 21, Chapter 4 footnote 51

  • market value of, 5.52

Swaps. See also Off-market swaps and Swap contracts.

  • credit default (CDS), 4.107

  • debt-for-development, 4.30, 4.48-4.52

  • debt-for-equity, 4.30, 4.48-4.52

  • debt-for-exports, 4.48-4.52

  • debt-for-nature, 4.30, 4.48-4.52

  • dept-for-real-estate, 4.30, 4.48-4.52

  • debt-for-sustainable-development, 4.48-4.52

  • gold definition, 3.43

  • loan-for-bond, 4.48-4.52

Synthetic securitization, 4.103

  • definition, 4.107

T

Total debt. See Gross debt.

Trade credit and advances, 3.64

  • loans to finance, 3.39

  • valuation of, 2.127, 2.129

Traded debt securities definition, 7.1

  • identifying the holders of, 7.1-7.30

    • selected country practices, 7.31-7.53

  • valuation of, 2.116, 2.118-2.119, 2.132-2.134

Transaction definition, A2.4

Transfer definition, A2.5

Transferable deposits, 3.26-3.27

  • definition, 3.27

True-sale securitization, 4.103-4.106

  • definition, 4.104

U

Ultimate risk, 10.8-10.9

Unallocated gold accounts, 2.14, 2.144, 3.6, 3.12, 3.26, 5.14

Uncalled share capital, 3.11, 4.9

Unconditional financial assets, 3.6

  • liabilities, 2.9, 3.5, 3.30

  • right to obtain foreign exchange, 3.22, 4.154

UNCTAD. See United Nations Conference on Trade and Development.

Underwritten note issuance facilities (NIFs), 4.17

Unfunded nonautonomous pension schemes, 2.84, 3.46, 3.56 See also Debt arising from unfunded public sector employer pension schemes.

  • data sources for, 6.39

  • valuation of, 2.136

United Nations Conference on Trade and Development (UNCTAD), 10.138-10.155

  • DMFAS Debt Management and Financial Analysis System, 10.188-10.217

Use of IMF credit and loans. See IMF credit and loans.

V

Variable-rate instruments accrual of interest on, 2.161

  • and debt sustainability, 9.4

  • and index-linked securities, 3.38

  • and medium-term debt strategy, 9.19

  • classification by type of interest rate, 5.20-5.26, 5.58-5.59, 6.45, 6.52

  • nominal value of, 2.120

W

Whom-to-whom framework, 7.24-7.30, Table 7.1, Table 7.2

World Bank, 10.156-10.161

  • classified as an international organization, Chapter 2 footnote 38

  • public sector debt database of the, 10.158-10.161

Z

Zero-coupon bonds and debt rescheduling, 4.38

  • and stripped securities, 3.37

  • definition, 3.32

  • interest accruing from discount/premium on, 2.110, 2.164, Box 2.4

  • valuation of, 2.121, 2.133

This Guide is consistent with the 2008 SNA and BPM6, which include special drawing rights (SDRs) and provisions for calls under standardized guarantee schemes in the standard definitions of debt. The 2003 edition of the External Debt Guide follows the 1993 SNA and the Balance of Payments Manual, Fifth Edition (BPM5), and does not include these instruments in the definition of debt.

As explained in Chapter 2, debt is classified by residence of the creditor. Debt owed to nonresident creditors is referred to as external debt.

However, the latter would only be included in the public sector debt statistics as guaranteed debt—a memorandum item—when the gross debt statistics do not cover all the public sector institutional units. Otherwise, publicly guaranteed public sector debt is, by definition, zero. See the discussion of publicly guaranteed debt (Tables 5.8a and 5.8b) in Chapter 5 for more details.

For example, some transactions, such as the payment of taxes, are imposed by force of law. Although individual units are not free to fix the amounts of taxes they pay, there is collective recognition and acceptance by the community of the obligation to pay taxes. Payments of taxes are, therefore, considered transactions even though they are compulsory.

Some mutual agreements involve three parties. For example, debt guarantees involve the guarantor, the debtor, and the creditor.

In contrast, a unilateral write-off by a debtor, or debt repudiation, is not recognized in the macroeconomic statistical systems.

An exchange is sometimes called a transaction with “something for something” or a transaction with a quid pro quo.

A transaction involving a transfer is also called a transaction with “something for nothing” or a transaction without a quid pro quo.

In all cases, a reference to a change in the volume or value of an asset refers also to changes in liabilities as appropriate.

A reclassification rearranges assets and liabilities without changing the net worth of the unit or sector involved.

A holding gain or loss always affects net worth. The words “gain” and “loss” are used in reference to the direction of the change in net worth. A flow that increases the value of an asset or decreases the value of a liability will increase net worth and is referred to as a holding gain. A flow that decreases the value of an asset or increases the value of a liability will decrease net worth and is a holding loss.

“At market values” means that debt securities are valued at market prices; insurance, pension, and standardized guarantee schemes are valued according to principles that are equivalent to market valuation; and all other debt instruments are valued at nominal prices, which are considered to be the best generally available proxies of their market prices.

However, different sources for stocks and flows may be used to cross-check the data. For example, if the stock positions and flows data do not reconcile, the different sources may assist in establishing where data errors exist.

Net acquisition of financial assets and net incurrence of liabilities.

This reconciliation draws from “the reconciliation of net borrowing” in A Manual on Government Finance Statistics, 1986, page 227.

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