Chapter

5. External Sector: Data Coverage, Periodicity, and Timeliness

Author(s):
International Monetary Fund. Statistics Dept.
Published Date:
October 2013
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5.1 This chapter discusses the coverage, periodicity, and timeliness of three additional Special Data Dissemination Standard Plus (SDDS Plus) data categories under the external sector: coordinated portfolio investment survey (CPIS), coordinated direct investment survey (CDIS), and currency composition of official foreign exchange reserves (COFER). These data are important for monitoring cross-border inter-connectedness.

Coordinated Portfolio Investment Survey: Coverage

5.2 The CPIS has been conducted annually by the International Monetary Fund (IMF) since 2001. It provides statistics on cross-border holdings of portfolio investment assets (outward investment) and liabilities (inward investment) by counterpart economy broken down by equity and debt securities.

5.3 The SDDS Plus requires participation in the CPIS by provision of at least the core (mandated) set of data. Holdings of securities are to be allocated geographically by the country of residence of the issuer, broken down by equity and debt securities, of which a further breakdown into short- and long-term maturities is required (see Table 5.1). An electronic copy of the CPIS template is available at http://cpis.imf.org/. Securities are valued at market prices.

Table 5.1Core (Mandated) Set of Portfolio Investment Assets Data for the SDDS Plus
Country of residence

of issuer
Equity

securities
Debt

securities
(of which)Total portfolio

investment assets
Long-termShort-term
Source: IMF Statistics Department.

5.4 The concepts, definitions, methodological, and practical issues for the CPIS are provided in the Coordinated Portfolio Investment Survey Guide (an electronic copy is available at http://cpis.imf.org/).

Periodicity and Timeliness

5.5 Periodicity. The SDDS Plus prescribes the provision of annual data as of the end of December each year. Beginning in 2015, the SDDS Plus prescribes semiannual data as of the end of June and December each year.

5.6 Timeliness. The SDDS Plus requires the data to be reported to the IMF within seven months after the end of the reference period. Adherents should redisseminate these data on their National Summary Data Pages (NSDPs) or provide a hyperlink on their NSDPs to the CPIS website maintained by the IMF. Adherents may also decide to disseminate the data on their NSDP at the same time as the data are reported to the IMF.

Coordinated Direct Investment Survey: Coverage

5.7 The CDIS has been conducted annually by the IMF since 2010. It provides statistics on bilateral foreign direct investment positions, inward and outward, by counterpart economy: the inward investment, where the direct investment in the reporting economy is recorded by counterpart economy, and the outward investment, where the reporting economy records the direct investment abroad by counterpart economy. Data are presented according to the directional principle, based on the direction of the direct investment relationship (net values, liabilities minus assets for inward).1

5.8 The SDDS Plus requires participants to report inward direct investment by immediate (first) direct investor, by counterpart economy, for both equity and debt instruments (see Table 5.2). Debt claims and liabilities are reported separately by immediate counterpart economy of direct investor. An electronic copy of the CDIS template is available at http://cdis.imf.org/.

Table 5.2Core Set of Inward Direct Investment Positions for the SDDS Plus
CountryTotal inward

direct

investment

positions
Inward equity

positions (Net)
Debt Instruments
Inward debt positions

(Net; liabilities minus

assets)
Gross debt positions
Debt liabilitiesDebt assets
Source: IMF Statistics Department.Note: Gross debt liabilities and gross debt assets must be shown separately.

5.9 For reporting in the CDIS, unlisted equity is valued based on “own funds at book value.” Listed equities and debt securities are valued at market prices. Debt other than debt securities is valued at nominal values, that is, based on the value of outstanding principal, including any accrued and unpaid interest.

5.10 The concepts, definitions, methodological, and practical issues for the CDIS are provided in the Coordinated Direct Investment Survey Guide (an electronic copy is available at http://cdis.imf.org/).

Periodicity and Timeliness

5.11 Periodicity. The SDDS Plus prescribes annual data, as of the end of December each year.

5.12 Timeliness. The SDDS Plus requires preliminary data to be reported to the IMF within nine months after the end of the reference year. Adherents should redisseminate these data on their NSDPs or provide a hyperlink on their NSDPs to the CDIS website maintained by the IMF. Adherents may also decide to disseminate the data on their NSDP at the same time as the data are reported to the IMF.

Currency Composition of Official Foreign Exchange Reserves: Coverage

5.13 COFER is an IMF database that covers end-of-period quarterly data on economies’ official foreign exchange reserves, broken down by main currencies. Foreign exchange reserves reported under COFER follow the definition of reserves in the Balance of Payments and International Investment Position Manual, sixth edition (BPM6).2

5.14 Currencies identified in the COFER database include:

  • U.S. dollar

  • Euro

  • Pound sterling

  • Japanese yen

  • Swiss franc

  • Australian dollar

  • Canadian dollar.

All other currencies are combined as “other currencies.”

5.15Table 5.3 presents the data to be reported to the IMF for participation in the COFER database. SDDS Plus adherents must not only participate in the COFER database but must also disclose their participation. Countries, however, do not need to disseminate the data.

Table 5.3Currency Composition of Official Foreign Exchange Reserves
Information to be provided by monetary authorities
Total foreign exchange reserves
Of which claims in U.S. dollar
Of which claims in euro
Of which claims in pound sterling
Of which claims in Japanese yen
Of which claims in Swiss franc
Of which claims in Australian dollar
Of which claims in Canadian dollar
Of which claims in other currencies
Source: IMF Statistics Department.

5.16 Confidentiality Policy. Data of individual jurisdictions in the COFER database are strictly confidential. Access to these data is in the form of statistical aggregates only.

Periodicity and Timeliness

5.17 Quarterly COFER data are to be reported to the IMF within one quarter after the end of the reference period. The SDDS Plus does not require publication of the COFER data by SDDS Plus adherents; only participation in the COFER database is required. Monitoring of the observance of the timeliness requirement of COFER data will be based on the date of quarterly COFER data reported to the IMF.

For the directional principle, please refer to the Balance of Payments and International Investment Position Compilation Guide, www.imf.org/external/pubs/ft/bop/2007/bop6comp.htm, Chapter 7, Table 7.1. Countries can use the asset/liability presentation for fellow enterprises if the residence of the ultimate controlling parent is unknown or if there is no ultimate controlling parent. For definitions and concepts of direct investors, direct investment enterprises, and fellow enterprises, please refer to the CDIS Guide, http://cdis.imf.org/.

See BPM6, Chapter 6, Section F.

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