- Eduardo Valdivia-Velarde, and Tamara Razin
- Published Date:
- December 2014
BPM6 COMPILATION GUIDE
COMPANION DOCUMENT TO THE SIXTH EDITION OF THE BALANCE OF PAYMENTS AND INTERNATIONAL INVESTMENT POSITION MANUAL
INTERNATIONAL MONETARY FUND
© 2014 International Monetary Fund
Joint Bank-Fund Library
Balance of payments and international investment position compilation guide. – Washington, D.C.: International Monetary Fund, 2014.
p. ; cm.
“Companion document to the sixth edition of the Balance of Payments and International Investment Position Manual … published by the International Monetary Fund (IMF) in 2009”—Preface.
1. Balance of payments – Statistics – Handbooks, manuals, etc. 2. Investments – Statistics – Handbooks, manuals, etc. I. Title: Balance of payments and international investment position manual. II. International Monetary Fund.
ISBN 978-1-48431-275-9 (paper)
Disclaimer: The views expressed in this book are those of the authors and should not be reported as or attributed to the International Monetary Fund, its Executive Board, or the governments of any of its member countries.
Please send orders to:
International Monetary Fund, Publication Services
P.O. Box 92780, Washington, DC 20090, U.S.A.
Tel.: (202) 623-7430 Fax: (202) 623-7201
The 2014 Balance of Payments and International Investment Position Compilation Guide (the Guide) is a companion document to the sixth edition of the Balance of Payments and International Investment Position Manual (BPM6) which was published by the International Monetary Fund (IMF) in 2009. The primary purpose of the Guide is to provide practical advice on source data and methodologies for compiling statistics on the balance of payments and the international investment position that are consistent with BPM6.
Globalization, increasing elaboration of balance sheet issues, and financial innovation are three major themes that emerged during the BPM6 revision. The Guide identifies data sources and adjustments to source data that would be appropriate for compiling data on a BPM6 basis.
The Guide provides guidance that is applicable for different economies—from the smallest and least developed to the most advanced and complex. National compilers should develop and adapt the data sources and compilation methods in ways that are appropriate to their national circumstances, by considering the practical and legal constraints in their own economies.
An economy’s data compilation methods should evolve over time as the economy changes. Therefore, the Guide does not present a prescriptive or definitive approach to compiling statistics on the balance of payments and the international investment position (IIP). Instead, the Guide identifies the relative strengths and weaknesses of alternate approaches, and identifies the adjustments that may be required to source data to derive estimates of flows and stocks that are consistent with the recommendations in BPM6.
The BPM6 strengthens the theoretical foundations and linkages with other macroeconomic statistics, and the Guide includes elaboration on these linkages. The Guide also provides practical advice on using the data from the other macroeconomic accounts in compiling the international accounts.
The Guide was produced under the direction of two Directors of the Statistics Department (Adelheid Burgi-Schmelz [2008–2012] and Louis Marc Ducharme [2013–]). Robert Heath was the responsible Deputy Director.
In the Balance of Payments Division, the coordinator was Ms. Tamara Razin (Senior Economist), who also drafted some of the chapters and edited the contributions of others. The work was undertaken under the close supervision and guidance of Mr. Ralph Kozlow (Chief). Many other staff in the division also contributed to the project, including Eduardo Valdivia-Velarde (Deputy Chief), Mr. Paul Austin, Mr. Jose Carlos Moreno-Ramirez, Ms. Silvia Matei, Ms. Rita Mesias (all Senior Economists), Ms. Emma Angulo and Ms. Cornelia Hammer (both Economists), Ms. Colleen Cardillo and Mr. John Joisce (retired, formerly Senior Economists), Ms. Loida Cruz (former Senior Economist, currently with the Bank of Philippines), and Ms. Bianca Ully (former special appointee, currently with the Öesterreichische Nationalbank).
Staff from other divisions of the Statistics Department also contributed to the text: Data Dissemination and Review Division (Mr. Andrew Kitili, Deputy Chief and Mr. Mark van Wersch, Senior Economist), Financial Institutions Division (Mr. Artak Harutyunyan, Deputy Chief), Government Finance Division (Ms. Sagé de Clerck, Senior Economist), Real Sector Division (Mr. Kim Zieschang, Chief, Mr. Robert Dippelsman, Deputy Chief, and Mr. Thomas Alexander, Senior Economist), Statistical Information Division (Mr. René Piché, Deputy Chief, and Mr. James Chan, Information Management Assistant).
The Guide benefited from the written contributions and comments of external experts and institutions, in particular: Mr. Paul Mahoney (Branch Head, Australian Bureau of Statistics, who prepared preliminary drafts of six chapters or appendices); Ms. Anne Harrison, Editor of the 2008 System of National Accounts; the Task Force on Statistics of International Trade in Services; the European Central Bank; the World Trade Organization; the Organization of Economic Co-operation and Development; and the Bank for International Settlements. Case studies were provided by the team of the External Sector Statistics Module within the IMF–United Kingdom Department for International Development project on enhanced data dissemination initiatives1; the European Central Bank; the Öesterreichische Nationalbank; and the Bank of Mauritius.
Mr. Stuart Brown (retired, formerly with the UK Office of National Statistics) reviewed draft chapters and appendices for their consistency with the BPM6. Also, the Statistics Department acknowledges with gratitude the comments on the draft Guide from compilers throughout the world during the several public comment opportunities. The Guide was prepared under the general guidance of the IMF Committee on Balance of Payments Statistics.
Mr. Roderico de Nitti and Ms. Esther George (Statistics Department) provided administrative support in preparing the manuscript. Ms. Cathy Gagnet, Communications Officer in the Communications Department, edited the final document and coordinated print production.
Louis Marc Ducharme
International Monetary Fund
accrued benefit obligation
approval of foreign investment
OECD Benchmark Definition of Foreign Direct Investment, fourth edition
Broad Economic Category
Bank for International Settlements
Bilateral Loan Agreements
Bank of Mauritius
Balance of Payments Manual, fifth edition
Balance of Payments and International Investment Position Manual, sixth edition
cost, insurance, and freight
central bank survey
Coordinated Direct Investment Survey
Current Operating Performance Concept
Central Product Classification
Coordinated Portfolio Investment Survey
Centralized Securities Database
Development Assistance Committee
depository corporations survey
United Kingdom Department for International Development
direct investment enterprise
Direction of Trade Statistics
Data Quality Assessment Framework
data structure definitions
exempli gratia (for example)
Extended Balance of Payments Services (Classification)
European Central Bank
Enhanced Data Dissemination Initiative
external debt statistics
External Debt Statistics: Guide for Compilers and Users
European System of Central Banks
employee stock option
free on board
foreign direct investment
Framework for Direct Investment Relationships
full direct reporter
IMF Finance Department
financial intermediation services indirectly measured
Financial Market Authority
floating production, storage, and off-load (vessels)
financial statements of enterprises
Financial Services Commission
General Arrangements to Borrow
General Agreement on Tariffs and Trade
global business corporation
General Data Dissemination System
gross domestic product
government finance statistics
Government Finance Statistics Manual
gross national income
Harmonized Commodity Description and Coding System
inter alia (among other things)
International Accounting Standard
International Accounting Standards Board
international banking statistics
International Financial Statistics
international investment position
Quarterly International Investment Position Statistics: Data Sources and Compilation Techniques
International Monetary Fund
international merchandise trade statistics
International Merchandise Trade Statistics: Concepts and Definitions
International Reserves and Foreign Currency Liquidity: Guidance for Data Template
International Recommendations for Tourism Statistics 2008
International Securities Identification Number
International Organization for Standardization
international transactions reporting system
Joint External Debt Hub
monetary and financial statistics
Monetary and Financial Statistics Manual and Compilation Guide (2013)
money market fund
Manual on Statistics of International Trade in Services
money transfer operator
not included elsewhere
New Arrangements to Borrow
net asset value
national central bank
net foreign assets
Note Purchase Agreement
nonprofit institution serving households
Official Development Assistance
other depository corporations
other depository corporations survey
Organization for Economic Cooperation and Development
own fund at book value
other financial corporations
other financial corporations survey
other items net
projected benefit obligation
private capital flows survey
partial direct reporter
production sharing arrangement
Quarterly External Debt Statistics
register of external loans
reserve position in the IMF
Special Data Dissemination Standard
Statistical Data and Metadata Exchange
special drawing right
Supplementary Data Report Forms
Standard International Trade Classification
small and medium-sized enterprises
system of national accounts
special purpose entity
standardized report form
Treasury International Capital
ultimate controlling parent
World Trade Organization
System of National Accounts 2008