Front Matter

Front Matter

Author(s):
International Monetary Fund
Published Date:
March 1995
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© 1995 International Monetary Fund

Cataloging-in-Publication Data

Balance of payments compilation guide.—Washington, DC, USA: International Monetary Fund, c1995. x, 380 p.

ISBN 9781557754707

1. Balance of payments—Statistics—Handbooks, manuals, etc. I. International Monetary Fund. HG3882.B25 1995

Price: US$32.50

Please send order to:

International Monetary Fund, Publications Services

700 19th Street NW, Washington, DC 20431, USA

Telephone (202) 623-7430 Telefax (202) 623-7201

Preface

The Balance of Payments Compilation Guide (the Guide) is a companion document to the Balance of Payments Manual (the Manual), the fifth edition of which was published by the International Monetary Fund (IMF) in 1993. The primary purpose of the Guide is to provide practical direction for using sources and methods to compile statistics on the balance of payments and the international investment position.

The Manual reflects important changes in international transactions (e.g., liberalization in financial markets, unprecedented growth in the volume of international trade in services, innovations in creation and packaging of financial instruments, and new approaches to restructuring external debt). The Guide reflects the emergence of new data sources and adaptations in the application of statistical methodologies to changing circumstances.

Statistical methodologies evolve over time and in the context of institutional arrangements existing in different countries. Therefore, the Guide does not present a prescriptive or definitive approach to compiling statistics on the balance of payments and the international investment position. Instead, the Guide presents the relative strengths and weaknesses of a variety of approaches and notes source data adjustments required to derive, in conformance with recommendations of the Manual, data on flows and stocks. The Guide also discusses relationships between the compilation of balance of payments statistics and relevant aspects of the national accounts.

The Guide was prepared, through close consultation with national compilers of balance of payments statistics and experts from interested international and regional organizations, by staff of the IMF Statistics Department. The project was supervised by Assistant Director Mahinder S. Gill, Balance of Payments and External Debt Division I (BOPEDD I). In October 1991, Mr. Geoffrey Robertson, who was then a senior economist in the division and on secondment from the Australian Bureau of Statistics, prepared a preliminary draft of the Guide. This preliminary document was circulated to national balance of payments compilers and balance of payments experts working in international and regional organizations. Mr. Peter Harper (economist, BOPEDD I) subsequently undertook the task of redrafting the preliminary document and revising the text to incorporate the effects of reviewer comments and the updated statistical framework embodied in the fifth edition of the Manual and the revised System of National Accounts published in 1993. Mr. Peter Hofman of the Netherlands Bank provided a draft of the discussion on electronic data interchange (EDI), which appears in chapter 3 of the Guide. Ms. Nancy Basham, assistant editor in the Statistics Department, edited the final document and coordinated print production. Ms. Suzanna Persaud (staff assistant, BOPEDD I) typed revised and final versions of the Guide.

The IMF staff wishes to acknowledge, with thanks, its indebtedness to national and international balance of payments experts for the valuable comments and suggestions offered on the content of the Guide.

John B. McLenaghan

Director

Statistics Department

Contents

Acronyms Used in This Guide

BEC

Broad Economic Category

BIS

Bank for International Settlements

BOP

balance of payments

BPM

Balance of Payments Manual

c.i.f.

cost, insurance, and freight

CRS

Creditor Reporting System (Organisation for Economic Cooperation and Development)

DAC

Development Assistance Committee of the Organisation for Economic Cooperation and Development

DRS

Debtor Reporting System (World Bank)

EDI

electronic data interchange

ES

enterprise surveys

FISIM

financial intermediation services indirectly measured

f.o.b.

free on board

Guide

Balance of Payments Compilation Guide

IFS

International Financial Statistics

IIP

international investment position

ITRS

international transactions reporting system

ITS

international trade statistics

LCFAR

liabilities constituting foreign authorities’ reserves

OECD

Organisation for Economic Cooperation and Development

SITC

Standard International Trade Classification

SNA

System of National Accounts 1993

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