Chapter

Special Questionnaire on International Capital Flows

Author(s):
International Monetary Fund
Published Date:
June 1992
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Author(s)
Samuel Pizer

Main Objectives

At an early stage in its deliberations, the Working Party on the Measurement of International Capital Flows approved the design and circulation of a questionnaire that would request several types of information on international capital flows. This Special Questionnaire on International Capital Flows was prepared in English, Spanish, and French and was mailed in April 1990 to balance of payments compilers in 69 countries. Its main objectives were as follows.

  • —To obtain details on inflows and outflows in each principal category of capital flows. For instance, capital flows involving banks were broken down into components useful for checking against Bank for International Settlements (BIS) data or the IMF’s international banking statistics (IBS) data.

  • —To obtain data on stocks of cross-border assets and liabilities as a check on the reported flow data and to compile as complete a set of position data as possible (see Chapter 12 of the Report on the Measurement of International Capital Flows). Also, countries were requested to provide reconciliations of their flow and stock data—a step that conforms to the principles of the United Nations System of National Accounts (SNA) and is stressed in the draft fifth edition of the Fund’s Balance of Payments Manual.

  • —To obtain data on compilation methodologies and on the valuation of asset and liability stocks.

  • —To test the relationship between reported income receipts and payments and the associated asset and liability stocks and to assist the Statistics Department of the IMF in preparing its annual estimates of the shortfall in reported global income receipts.

Responses to Questionnaire

Of the 69 recipients of the Questionnaire, 48 countries returned responses (see Table 1). Thirty-five of the responses were sufficiently complete to contribute significantly to an analysis of capital flows data. Some of the respondents provided adequate data only after several inquiries.

Table 1.Respondents to Special Questionnaire on International Capital Flows
RespondentsNonrespondents
ArgentinaMalaysiaAlgeria
AustraliaMexicoAustria
The BahamasNetherlandsBermuda
BahrainNetherlands AntillesBrazil
Belgium-LuxembourgNew ZealandCayman Islands
BoliviaNigeriaCote d’lvoire
CanadaNorwayHungary
ChilePakistanIslamic Republic of Iran
ChinaPanamaIraq
ColombiaPhilippinesIreland
DenmarkPortugalKuwait
EcuadorSingaporeLibya
EgyptSouth AfricaMorocco
FinlandSpainOman
FranceSwedenQatar
GermanySwitzerlandRomania
GreeceThailandSaudi Arabia
Hong KongTurkeySyrian Arab Republic
IndiaUnited KingdomTrinidad and Tobago
IndonesiaUnited StatesTunisia
IsraelVanuatuUnited Arab Emirates
ItalyVenezuela
JapanYugoslavia
KoreaZaire
Note: This table also appears as Appendix I in the Report on Capital Flows.
Note: This table also appears as Appendix I in the Report on Capital Flows.

Middle Eastern and Eastern European countries are not well represented among the respondents, and a few of the nonresponding countries had significant capital account transactions. The returned Questionnaires exposed many major differences with data previously supplied to the Statistics Department. The Questionnaire responses showed somewhat larger net capital flows than did the data that have been regularly submitted to the Fund.

Analysis of Questionnaire Data

The data on capital flows reported in the Questionnaire were referred to the Statistics Department and discussed with the reporting countries. Analysis of the figures proceeded through correspondence, computerized tabulations, and direct interviews with a cross-section of countries.

Table 2 compares the capital flow data reported on the Questionnaire with other data reported to the Statistics Department. Differences gave the Working Party a basis for communicating with the countries concerned and, in most cases, resulted in adjustment or clarification. Some of the discrepancies reflected revisions of data since the publication of the 1990 Balance of Payments Statistics Yearbook, but in many instances the reporting country only recognized that corrections were necessary over the course of the data review. Data on stocks of assets and liabilities as reported on the Questionnaire are discussed in Chapter 12 of the Report on Capital Flows. These position figures are more complete than the reports sent to the Statistics Department and probably are the most comprehensive set of data on this topic ever reported by the countries themselves, though large gaps remain.

Table 2.Total Net Capital Flows: Comparison of Special Questionnaire and Statistics Department Data, 1988(In millions of U.S. dollars; outflows (-))
CountrySpecial

Questionnaire1
Statistics

Department2
Difference
Industrial countries, total41,50439,9211,583
Australia9,4499,494−45
Belgium−3,460−4,8501,390
Canada9,8689,921−53
Denmark3,5872,3981,189
Finland1,7061,7033
France2,8822,606276
Germany−52.645−52,894249
Greece1,211917294
Italy6,7766,168608
Japan−82,430−82,737307
Netherlands−3,103−1,6761,427
Norway5,5495,654105
Portugal−657−74487
Spain2,9956,199−3,204
Sweden2,3314,600− 2,269
Switzerland−12,322−12,3264
United Kingdom12,4979,6662,831
United Slates137,270137,340−70
All other−1,5181,518
Developing countries, total8,0276,2761,751
Argentina1,6871,755−68
The Bahamas65641
Bahrain−302−3031
China4,7144,823−109
Colombia77675224
Ecuador247821−574
India7,1896,240949
Indonesia2,6882,305383
Israel5325302
Korea− 13,572− 13,570−2
Malaysia−1,920−1,906−14
Mexico5,6795,2833%
Pakistan1,1761,401−225
Philippines−89−890
South Africa−458−253−205
Singapore−1,078−1,076−2
Thailand1,2701,25812
Turkey−958−2,1111,153
Vanuatu23158
Venezuela2,9973,040−43
Yugoslavia−2,637−2,636−1
All other−6767
All other countries and international organizations−1,0951,095
Total49,53145,1004,431

Data are after revisions and based on further information received from compilers. They include countries’ revisions not yet included in the IMF data bases.

As published in Balance of Payments Statistics Yearbook, 1990.

Data are after revisions and based on further information received from compilers. They include countries’ revisions not yet included in the IMF data bases.

As published in Balance of Payments Statistics Yearbook, 1990.

Several analytical insights have been produced by the Questionnaire.

Samuel Pizer was a member of the Working Party’s technical staff.

  • —More information on reinvested earnings of direct investment was obtained than is usually supplied to the Fund. In the future, the Fund should be able to broaden its coverage of this important statistic as a result of the Questionnaire.

  • —In many cases, the additional capital flow detail supplied in the Questionnaire provided a basis for correcting data reported by national statistical offices. This detail has helped detect misclassifications, close gaps in the data, and correct arithmetic errors.

  • —In several cases, it appeared that agencies in the reporting countries prepared balance of payments data on bank flows independently from the position data sent to the BIS and the Fund. A follow-up to the Questionnaire explored the connection between the two data sets. The Questionnaire also requested details on transactions of nonbank sectors with foreign banks, which facilitated comparisons with BIS and IBS data (see Chapter 6 in the Report on Capital Flows).

  • —In some cases, countries’ income accounts were clearly out of line with the stock data reported in the Questionnaire. Some improvements should be achieved when the countries concerned are made aware of the problem, and the Fund should make adjustments to the income accounts to counter the discrepancy.

  • —Information on country methodologies—main data sources and valuation practices—was obtained in the Special Questionnaire. These reports were supplemented by subsequent specialized surveys covering direct investment, portfolio investment, and banking, by a Statistics Department inquiry in connection with the draft Balance of Payments Compilation Guide, and by discussions with national compilers. This methodological information underlies the analysis in many chapters of the Report on Capital Flows.

  • —As part of the Questionnaire, the Working Party requested geographic breakdowns of available data. Some countries were able to provide detail that was very useful to the work on direct and portfolio investment.

Perspectives of Special Questionnaire

The Working Party’s Special Questionnaire was detailed and demanding; a copy of the Questionnaire follows this paper. It probed aspects of international capital flows and stocks of cross-border assets and liabilities and requested breakdowns far beyond those regularly reported to the Fund. In quite a few cases, it turned out that additional information was available from national offices. In view of the difficulties for both the Fund and the respondents in implementing the Questionnaire, the Working Party does not recommend repeating it except at considerable intervals. However, the Fund may wish to conduct more limited special surveys when a major component of the global current or capital account seems to behave erratically or deviates from some norm.

The Working Party wishes to acknowledge the substantial effort of the many compilers who completed the Special Questionnaire and who responded to the inquiries of the technical staff. These contributions to the mission of the Working Party are deeply appreciated.

SPECIAL QUESTIONNAIRE ON INTERNATIONAL CAPITAL FLOWS

Please read the attached instructions carefully before completing this form. Retain one copy of your reply for reference. Please return one copy to:

Working Party on Measurement of International Capital Flows Bureau of Statistics International Monetary Fund Washington, D.C. 20431

Country:________

Please report amounts in currency and quantities normally used in reporting to the Bureau of Statistics;

please specify currency _____ and quantity unit _____ (e.g. millions).

PART I. INTERNATIONAL CAPITAL FLOWSOutflow: Increase In foreign assets or decrease. In liabilities (-) Inflow: Increase In foreign liabilities or decrease in assets (+)
LineNet Flows
No.19671968
A. DIRECT INVESTMENT
11. Direct investment abroad, total
2a. Equity capital
3b. Reinvestment of earnings
4c. Intercompany debt (net)
5d. Other or unallocated (specify)
62. Direct investment in reporting country, total
7a. Equity capital
8b. Reinvestment of earnings
9c. Intercompany debt (net)
10d. Other or unallocated (specify)
Line19871988
No.Credits (+)Debits (-)NetCreditsDebitsNet
B. TRANSACTIONS IN SECURITIES1
111. Portfolio investment, total
12a. Foreign securities, total
131. Bonds and notes of international
organizations
142. Bonds and notes of other foreign official
sector
153. Other bonds and notes
164. Equity securities
Memorandum:
Breakdown of B.1.a. total by type of
beneficial owner
17i. Banks (own account)
18ii. Other financial institutions
(own account)
19iii. Other private sector
20iv. Resident public sector
21b. Domestic Securities, total
221. Bonds and notes of resident official
sector
232. Bonds and notes of public nonbank
enterprises
243. Other bonds and notes
254. Equity securities
Memorandum:
Breakdown of new issues, redemptions.
and other transactions in B.1 b.
Bonds and notes
26i. New issues in international markets
27ii. New issues in foreign markets
28iii. New issues in domestic markets
29iv. Redemptions
30v. Secondary market transactions
Equity Securities
31i. New issues
32ii. Other transactions in equity securities
332. Short-term instruments, total
34a. Foreign securities, total
351. Short-term bills or similar obligations of
official sector
362. Commercial paper, bankers acceptances.
or other obligations of private sector
373. Other foreign short-term securities
(specify)
38b. Domestic securities, total
391. Short-term bills or similar obligations of
resident official sector
402. Short-term bills, etc. of non-bank public
enterprises
413. Short-term debt of resident banks (except
deposits)
424. Other short-term securities (specify)
LineNet Flows
No.19671968
43C. LOAN AND DEPOSIT TRANSACTIONS OF
RESIDENT BANKING SECTOR, TOTAL2
44Assets, total (increase –)
451. Claims on foreign banks, total
46a. Affiliated banking offices
47b. Other foreign banks
482. Claims on foreign public sector, total
49a. General government
50b. Central banks
51c. Other
523. Claims on other nonresidents
53Liabilities, total (increase +)
544. Liabilities to foreign banks, total
55a. Affiliated banking offices
56b. Other foreign banks
575. Liabilities to foreign public sector, total
58a. General government
59b. Central banks
60c. Other
616. Liabilities to other nonresidents

Exclude direct investment transactions (included in Section A), certificates of deposit (included in Sections C or D) or other custody transactions (included in Section D).

Include in this section only transactions for banks’ own account. Custody transactions should be reported in Section D below. Exclude direct investment transactions (Section A), securities (Section B), and certificates of deposit issued by resident banks held in custody accounts (Section D). Include credit extended through repurchase agreements (repos).

Include in this section transactions in custody accounts held with resident financial institutions and included in your capital flow data. If these transactions are included in Sections B or C and cannot be separated, please supply a note to that effect.

Exclude direct investment (Section A), securities (Section B), and custody accounts (Section D). Include public enterprises not in the resident official sector

Includes central bank; includes all maturities.

Exclude valuation changes and monetization or demonetization of gold.

In this Section please provide details on the transactions included in the Part I capital flow data that are related to the restructuring or renegotiation of international debts. Please identify separately any flow entries resulting from write-offs or from forgiveness of debt. Also, please identify separately the entries resulting from debt/equity swaps, if any.

Include public enterprises.

Include public enterprises.

Excude direct investment and portfolio holdings of securities, if possible.

Excude direct investment and portfolio holdings of securities, if possible.

Include public enterprises.

LineNet Flows
No.19871988
62D. TRANSACTIONS BY RESIDENT FINANCIAL
INSTITUTIONS FOR CUSTODY ACCOUNTS, TOTAL3
631. Custody accounts held for residents, total
64a. Claims on foreign banks
65b. Transactions in foreign securities
66c. Other foreign assets
672. Custody accounts held for nonresidents, total
68a. Claims on resident banks, including certificates of
deposit (CDs) held in custody
69b. Tranactions in domestic securities
70c. Other domestic assets
71E. TRANSACTIONS OF RESIDENT NONBANK
FINANCIAL INSTITUTIONS, TOTAL4
721. Claims on nonresidents, total
73a. Claims on nonresident banks
74b. Claims on nonresident official accounts
75c. Claims on other nonresidents
762. Liabilities to nonresidents, total
77a. Liabilities to nonresident banks
78b. Liabilities to other nonresidents
79F. OTHER RESIDENT PRIVATE SECTOR
TRANSACTIONS. TOTAL4
801, Claims on nonresidents, total
81a. Claims on nonresident banks
82b. Claims on nonresident official accounts
83c. Trade credit to nonresident private sector
84d. Other claims on nonresidents
852. Liabilities to nonresidents, total
86a. Liabilities to nonresident banks
87b. Liabilities to other nonresidents
88G. RESIDENT OFFICIAL SECTOR: LOANS AND
OTHER EXTERNAL TRANSACTIONS5
(except reserves and securities), TOTAL
891. Loans extended to private nonresidents, net
90a. Drawings (-)
91b. Repayments
922. Loans extended to foreign official sector, net
93a. Drawings (-)
94b. Repayments
953. Other external assets of resident official sector, net
(specify)
964. Loans received from international organizations other
than IMF net
97a. Drawings
98b. Repayments (-)
995. Loans received from other foreign official sector, net…
100a. Drawings
101b. Repayments (-)
1026. Loans received from foreign banking sector, net
103a. Drawings
104b. Repayments (-)
1057. Loans received from other nonresidents, net
106a. Drawings
107b. Repayments (-)
1088. Other external liabilities of resident official sector, net

Exclude direct investment transactions (included in Section A), certificates of deposit (included in Sections C or D) or other custody transactions (included in Section D).

Include in this section only transactions for banks’ own account. Custody transactions should be reported in Section D below. Exclude direct investment transactions (Section A), securities (Section B), and certificates of deposit issued by resident banks held in custody accounts (Section D). Include credit extended through repurchase agreements (repos).

Include in this section transactions in custody accounts held with resident financial institutions and included in your capital flow data. If these transactions are included in Sections B or C and cannot be separated, please supply a note to that effect.

Exclude direct investment (Section A), securities (Section B), and custody accounts (Section D). Include public enterprises not in the resident official sector

Includes central bank; includes all maturities.

Exclude valuation changes and monetization or demonetization of gold.

In this Section please provide details on the transactions included in the Part I capital flow data that are related to the restructuring or renegotiation of international debts. Please identify separately any flow entries resulting from write-offs or from forgiveness of debt. Also, please identify separately the entries resulting from debt/equity swaps, if any.

Include public enterprises.

Include public enterprises.

Excude direct investment and portfolio holdings of securities, if possible.

Excude direct investment and portfolio holdings of securities, if possible.

Include public enterprises.

109H. TRANSACTIONS IN RESERVES, TOTAL6
1101. Gold (monetary)
1112. Special Drawing Rights
1123. Reserve position in the Fund
1134, Claims on foreign official sector, total
114a. Bonds and notes
115b. Bills and other short-term obligations
116c. Central banks (include BIS)
1175. Other reserve assets, total
118a. Claims on nonresident banks
119b. Bonds and notes
120c. Other (specify)
1216. Use of Fund credit and Fund-administered resources..
Memorandum: Balance of Payments Summary
122Current Account (goods, services, income,
and transfers)
123Capital Account (Sum of Part 1 items A-H)
124Errors and Omissions
PART II. ENTRIES IN PART I RELATED TO INTERNATIONAL
DEBT RESTRUCTURING OR RENEGOTIATIONS7
[Increase in claims (-); increase in liabilities (+)]
LineNet Flows
No.19871988
A. ENTRIES IN SECTION I.C. (RESIDENT BANKING),
RELATED TO:
1251. Changes in claims on nonresident banks
1262. Changes in claims on nonresident official accounts
1273. Changes in claims on other nonresidents
1284. Changes in liabilities to nonresident banks
1295. Changes in liabilities to other nonresidents
B. ENTRIES IN SECTIONS I.E. AND I.F. (RESIDENT
NONBANK PRIVATE SECTOR), RELATED TO:
1301. Changes in claims on nonresident banks
1312. Changes in claims on nonresident official accounts
1323. Changes in claims on other nonresidents
1334. Changes in liabilities to nonresident banks
1345. Changes in liabilities to other nonresidents
C. ENTRIES IN SECTION I.G. (RESIDENT OFFICIAL
SECTOR), RELATED TO:
1351. Changes in claims on nonresident banks
1362. Changes in claims on nonresident official accounts
1373. Changes in claims on other nonresidents
1384. Changes in liabilities to nonresident banks
1395. Changes in liabilities to international organizations
1406. Changes in liabilities to nonresident official accounts
1417. Changes in liabilities to other nonresidents

Exclude direct investment transactions (included in Section A), certificates of deposit (included in Sections C or D) or other custody transactions (included in Section D).

Include in this section only transactions for banks’ own account. Custody transactions should be reported in Section D below. Exclude direct investment transactions (Section A), securities (Section B), and certificates of deposit issued by resident banks held in custody accounts (Section D). Include credit extended through repurchase agreements (repos).

Include in this section transactions in custody accounts held with resident financial institutions and included in your capital flow data. If these transactions are included in Sections B or C and cannot be separated, please supply a note to that effect.

Exclude direct investment (Section A), securities (Section B), and custody accounts (Section D). Include public enterprises not in the resident official sector

Includes central bank; includes all maturities.

Exclude valuation changes and monetization or demonetization of gold.

In this Section please provide details on the transactions included in the Part I capital flow data that are related to the restructuring or renegotiation of international debts. Please identify separately any flow entries resulting from write-offs or from forgiveness of debt. Also, please identify separately the entries resulting from debt/equity swaps, if any.

Include public enterprises.

Include public enterprises.

Excude direct investment and portfolio holdings of securities, if possible.

Excude direct investment and portfolio holdings of securities, if possible.

Include public enterprises.

PART III. STOCKS OF INTERNATIONAL ASSETS AND LIABILITIES
(outstanding amount at ends of calendar years; If other dates, specify______)
Line
No.198619871988
142A. ASSETS. TOTAL
143Private sector; total8
1441. Direct investment
1452. Foreign securities, total
146a. Bonds and notes
147b. Short-term instruments
148c. Equity securities
1493. Other foreign assets of resident banks, total
150a. Claims on nonresident banks
151b. Claims on foreign official sector
152c. Claims on other nonresidents
4. Other private foreign assets of:
153a. Nonbank financial institutions
154b. Other nonbanks
155Resident official sector, total
1565. International reserves, total
157a. Gold
158b. SDRs
159c. Reserve position in the Fund
160d. Claims on foreign official sector
161e. Private sector securities
162f. Claims on nonresident banks
163g. Other reserve assets
1646. Loans and credits
1657. Other (specify)
166B LIABILITIES, TOTAL
167Private sector, total8
1681. Direct investment
1692. Securities, total
170a. Bonds and notes
171b. Short-term instruments
172c. Equity securities
1733. Other liabilities of resident banks, total
174a. To nonresident banks
175b. To nonresident official accounts
176c. To other nonresidents
1774. Other liabilities of resident nonbanks, total:
178a. To nonresident banks
179b. To other nonresidents
180Resident official sector, total
1815. Loans received, total
182a. From nonresident banks
183b. From foreign official sector
184c. From IMF or IMF-administered resources
185d. From other international organizations
1866. Bonds and notes
1877. Short-term securities
1888. Other liabilities to nonresidents
Memorandum: Distribution of bonds and notes of resident
private and official sector (2.a. plus 6)
1899. Originally issued in external markets
19010. Originally issued in domestic markets
C. CUSTODY ACCOUNTS NOT INCLUDED ABOVE
1911. Claims on nonresidents
1922. Liabilities to nonresidents

Exclude direct investment transactions (included in Section A), certificates of deposit (included in Sections C or D) or other custody transactions (included in Section D).

Include in this section only transactions for banks’ own account. Custody transactions should be reported in Section D below. Exclude direct investment transactions (Section A), securities (Section B), and certificates of deposit issued by resident banks held in custody accounts (Section D). Include credit extended through repurchase agreements (repos).

Include in this section transactions in custody accounts held with resident financial institutions and included in your capital flow data. If these transactions are included in Sections B or C and cannot be separated, please supply a note to that effect.

Exclude direct investment (Section A), securities (Section B), and custody accounts (Section D). Include public enterprises not in the resident official sector

Includes central bank; includes all maturities.

Exclude valuation changes and monetization or demonetization of gold.

In this Section please provide details on the transactions included in the Part I capital flow data that are related to the restructuring or renegotiation of international debts. Please identify separately any flow entries resulting from write-offs or from forgiveness of debt. Also, please identify separately the entries resulting from debt/equity swaps, if any.

Include public enterprises.

Include public enterprises.

Excude direct investment and portfolio holdings of securities, if possible.

Excude direct investment and portfolio holdings of securities, if possible.

Include public enterprises.

PART IV. RECONCILIATION OF ANNUAL CHANGES IN STOCK DATA
[Increase (+); decrease (—)]
Line

No.
Stock

End of

1986
Capital

Flows
Exchange

rate

Changes
Price

changes
Write-offs

and

Other

adjustments
Stock

End of

1987
193A. EXTERNAL ASSETS, TOTAL
194Private sector, total9
1951. Direct investment
1962. Foreign securities, total
197a. Foreign bonds and notes
198b. Short-term instruments
199c. Equity securities
2003. Other foreign assets of resident banks10
2014. Other private foreign assets
202Resident official sector, total
2035. International reserves
2046. Other official assets
205B. EXTERNAL LIABILITIES, TOTAL
206Private sector, total
2071. Direct investment
2082. Securities, total
209a. Bonds and notes
210b. Short-term instruments
211c. Equity securities
2123. Other liabilities of resident banks10
2134, Other liabilities of resident nonbanks
214Resident official sector, total
2155. Loans received
2166. Bonds and notes
2177. Short-term securities
2188. Other liabilities to nonresidents
Line

No.
Stock

End of

1987
Capital

Flows
Exchange

rate

changes
Price

changes
Write-offs

and

Other

adjustments
Stock

End of

1966
219A. EXTERNAL ASSETS, TOTAL
220Private sector, total9
2211. Direct investment
2222. Foreign securities, total
223a. Foreign bonds and notes
224b. Short-term instruments
225C. Equity securities
2263. Foreign assets of resident banks10
2274. Other private foreign assets
228Resident official sector, total
2295. International reserves
2306. Other official assets
231B. EXTERNAL LIABILITIES, TOTAL
232Private sector, total
2331. Direct investment
2342. Securities, total
235a. Bonds and notes
236b. Short-term instruments
237c. Equity securities
2383. Liabilities of resident banks11
2394. Liabilities of other private resident
nonbanks
240Resident official sector, total
2415. Loans received
2426. Bonds and notes
2437. Short-term securities
2448. Other liabilities to nonresidents

Exclude direct investment transactions (included in Section A), certificates of deposit (included in Sections C or D) or other custody transactions (included in Section D).

Include in this section only transactions for banks’ own account. Custody transactions should be reported in Section D below. Exclude direct investment transactions (Section A), securities (Section B), and certificates of deposit issued by resident banks held in custody accounts (Section D). Include credit extended through repurchase agreements (repos).

Include in this section transactions in custody accounts held with resident financial institutions and included in your capital flow data. If these transactions are included in Sections B or C and cannot be separated, please supply a note to that effect.

Exclude direct investment (Section A), securities (Section B), and custody accounts (Section D). Include public enterprises not in the resident official sector

Includes central bank; includes all maturities.

Exclude valuation changes and monetization or demonetization of gold.

In this Section please provide details on the transactions included in the Part I capital flow data that are related to the restructuring or renegotiation of international debts. Please identify separately any flow entries resulting from write-offs or from forgiveness of debt. Also, please identify separately the entries resulting from debt/equity swaps, if any.

Include public enterprises.

Include public enterprises.

Excude direct investment and portfolio holdings of securities, if possible.

Excude direct investment and portfolio holdings of securities, if possible.

Include public enterprises.

PART V. DATA SOURCES FOR CAPITAL FLOWS
1988
AssetsLiabilities
Line

No.
check appropriate box or boxes □
A. DIRECT INVESTMENT
2451. Surveys of enterprises
2462. Foreign exchange transaction records
2473. Data supplied by banking sources, other than A.2
2484. Other (describe)
B. SECURITIES TRANSACTIONS
2491. Data supplied by resident beneficial owners or obligors
2502. Foreign exchange transaction records
2513. Data supplied by resident banks and security dealers..
2524. Data from foreign sources
2535. Other (describe)
C. BANKING SECTOR DATA
2541. Flow data reported by resident banks
2552. Flows derived from position figures reported by resident
banks
2563. Flows derived from external banking statistics
2574. Other (describe)
D. OTHER PRIVATE CAPITAL FLOWS
2581. Data reported by resident beneficial owners or obligors
2592. Foreign exchange transaction records
2603. Data reported by resident financial sector
2614. Data derived from foreign sources (describe)
2625. Other (describe)

Exclude direct investment transactions (included in Section A), certificates of deposit (included in Sections C or D) or other custody transactions (included in Section D).

Include in this section only transactions for banks’ own account. Custody transactions should be reported in Section D below. Exclude direct investment transactions (Section A), securities (Section B), and certificates of deposit issued by resident banks held in custody accounts (Section D). Include credit extended through repurchase agreements (repos).

Include in this section transactions in custody accounts held with resident financial institutions and included in your capital flow data. If these transactions are included in Sections B or C and cannot be separated, please supply a note to that effect.

Exclude direct investment (Section A), securities (Section B), and custody accounts (Section D). Include public enterprises not in the resident official sector

Includes central bank; includes all maturities.

Exclude valuation changes and monetization or demonetization of gold.

In this Section please provide details on the transactions included in the Part I capital flow data that are related to the restructuring or renegotiation of international debts. Please identify separately any flow entries resulting from write-offs or from forgiveness of debt. Also, please identify separately the entries resulting from debt/equity swaps, if any.

Include public enterprises.

Include public enterprises.

Excude direct investment and portfolio holdings of securities, if possible.

Excude direct investment and portfolio holdings of securities, if possible.

Include public enterprises.

PART VI. BASIS OF VALUATION FOR STOCKS OF
INTERNATIONAL ASSETS AND LIABILITIES, 1988
BookMarketOther
LineValueValue(specify)
No.(check appropriate column)
A. EXTERNAL ASSETS
1. Private sector12
263a. Direct investment
264b. Bonds and notes
265c. Short-term instruments
266d. Equity securities
267e. Other banking sector assets
268f. Other private assets
2. Residential official sector
269a. Reserves
270b. Other
B. EXTERNAL LIABILITIES
1. Private sector12
271a. Direct investment
272b. Bonds and notes
273c. Short-term instruments
274d. Equity securities
275e. Other banking sector liabilities
276f. Other private liabilities
2. Resident official sector
277a. Loans received
278b. Other debt obligations
279c. Other liabilities

Exclude direct investment transactions (included in Section A), certificates of deposit (included in Sections C or D) or other custody transactions (included in Section D).

Include in this section only transactions for banks’ own account. Custody transactions should be reported in Section D below. Exclude direct investment transactions (Section A), securities (Section B), and certificates of deposit issued by resident banks held in custody accounts (Section D). Include credit extended through repurchase agreements (repos).

Include in this section transactions in custody accounts held with resident financial institutions and included in your capital flow data. If these transactions are included in Sections B or C and cannot be separated, please supply a note to that effect.

Exclude direct investment (Section A), securities (Section B), and custody accounts (Section D). Include public enterprises not in the resident official sector

Includes central bank; includes all maturities.

Exclude valuation changes and monetization or demonetization of gold.

In this Section please provide details on the transactions included in the Part I capital flow data that are related to the restructuring or renegotiation of international debts. Please identify separately any flow entries resulting from write-offs or from forgiveness of debt. Also, please identify separately the entries resulting from debt/equity swaps, if any.

Include public enterprises.

Include public enterprises.

Excude direct investment and portfolio holdings of securities, if possible.

Excude direct investment and portfolio holdings of securities, if possible.

Include public enterprises.

PART VII. INCOME IN INTERNATIONAL ASSETS AND LIABILITIES
Line19871988
No.CreditDebitCreditDebit
280A. DIRECT INVESTMENT INCOME,
TOTAL
2811. Reinvested earnings
2822. Distributed earnings (dividends,
interest, and branch profits)
283B. OTHER PRIVATE INCOME, TOTAL..
2841. Interest received or paid by resident
banks, total
285a. From/to nonresident banks
286b. From/to other nonresidents
2872. Interest received or paid by other
private residents, total
288a. From/to nonresident banks
289b. From/to other nonresidents
2903. Dividends (other than on direct
investment)
2914. Other (specify type)
5. Commitment, renegotiation, or other
fees charged by banks
292a. Included in investment income –
293b. Included in other services
294c. Other (please specify where
included)
295C. RESIDENT OFFICIAL INCOME,
TOTAL
2961. From/to foreign official institutions
2972. From/to international organizations
2983. From/to nonresident banks
2994. From/to other private nonresidents
Memorandum: Interest on bonds and notes
Included above in Item B
Included above in Item C
Indicate whether income entries are:
3001. Before [ ] or after [ ] withholding taxes in the reporting country.
3012. Before [ ] or after [ ] withholding taxes in partner countries

Exclude direct investment transactions (included in Section A), certificates of deposit (included in Sections C or D) or other custody transactions (included in Section D).

Include in this section only transactions for banks’ own account. Custody transactions should be reported in Section D below. Exclude direct investment transactions (Section A), securities (Section B), and certificates of deposit issued by resident banks held in custody accounts (Section D). Include credit extended through repurchase agreements (repos).

Include in this section transactions in custody accounts held with resident financial institutions and included in your capital flow data. If these transactions are included in Sections B or C and cannot be separated, please supply a note to that effect.

Exclude direct investment (Section A), securities (Section B), and custody accounts (Section D). Include public enterprises not in the resident official sector

Includes central bank; includes all maturities.

Exclude valuation changes and monetization or demonetization of gold.

In this Section please provide details on the transactions included in the Part I capital flow data that are related to the restructuring or renegotiation of international debts. Please identify separately any flow entries resulting from write-offs or from forgiveness of debt. Also, please identify separately the entries resulting from debt/equity swaps, if any.

Include public enterprises.

Include public enterprises.

Excude direct investment and portfolio holdings of securities, if possible.

Excude direct investment and portfolio holdings of securities, if possible.

Include public enterprises.

Exclude direct investment transactions (included in Section A), certificates of deposit (included in Sections C or D) or other custody transactions (included in Section D).

Include in this section only transactions for banks’ own account. Custody transactions should be reported in Section D below. Exclude direct investment transactions (Section A), securities (Section B), and certificates of deposit issued by resident banks held in custody accounts (Section D). Include credit extended through repurchase agreements (repos).

Include in this section transactions in custody accounts held with resident financial institutions and included in your capital flow data. If these transactions are included in Sections B or C and cannot be separated, please supply a note to that effect.

Exclude direct investment (Section A), securities (Section B), and custody accounts (Section D). Include public enterprises not in the resident official sector

Includes central bank; includes all maturities.

Exclude valuation changes and monetization or demonetization of gold.

In this Section please provide details on the transactions included in the Part I capital flow data that are related to the restructuring or renegotiation of international debts. Please identify separately any flow entries resulting from write-offs or from forgiveness of debt. Also, please identify separately the entries resulting from debt/equity swaps, if any.

Include public enterprises.

Include public enterprises.

Excude direct investment and portfolio holdings of securities, if possible.

Excude direct investment and portfolio holdings of securities, if possible.

Include public enterprises.

Identification of person responsible for completing this form:

Name:_________________________

Address:_______________________

Phone No.:______________________

Fax No.:________________________

NOTES & COMMENTS

INTERNATIONAL MONETARY FUND

WORKING PARTY ON THE MEASUREMENT OF INTERNATIONAL CAPITAL FLOWS

Notes and Instructions for Questionnaire on International Capital Flows

This Questionnaire is part of a special effort by the Working Party on the Measurement of International Capital Flows, established by the IMF, to develop a detailed, comprehensive set of data on international capital flows, together with related data on investment income, stocks of international assets and liabilities, and material on sources and methods of data collection. Because of the broad scope of this inquiry, the questionnaire is necessarily extensive. Moreover, to facilitate comparisons across many data sources, the breakdowns by types of transactions and types of transactors are structured in considerable detail. They may differ in some respects from definitions or categories normally used in reporting to the Bureau of Statistics.

Part I of this form covers comprehensively the balance of payments entries for private and official international capital flows; Part II relates to debt restructuring and other elements of the flow data; Part III requests data for stocks of international assets and liabilities; Part IV provides a reconciliation of stocks and flows; Part V is a checklist for data sources on capital flows; Part VI is a checklist for asset and liability valuations, and Part VII requests data on related international income entries. The basic period for this study is the calendar years 1987 and 1988; if a different period is being reported, please state the period used.

PURPOSE

Most of the data requested are already part of the data collection system of the Bureau of Statistics of the Fund, although the details and specifications may differ. However, the Working Party believes that by pulling together these data covering many countries in this more direct and focused way, it will be possible to bring to light certain gaps or discrepancies that may not be apparent in the preparation of regular statistical reports. It is the intention of the Working Party to follow up this questionnaire through direct consultations between members of its Technical Staff and the national compilers and authorities of a cross-section of member countries.

A further major purpose of the questionnaire is to compile a comprehensive record of the methodologies used by national compilers for collection and estimation of data on international capital flows. Such a compilation will not only facilitate comparisons of data across countries, but will also provide an opportunity for national compilers and their authorities to express their own views on the problems of compiling these data.

ESTIMATES AND REVISIONS

It should be emphasized that this inquiry is in no way a substitute for the material regularly prepared for the IMF’s Bureau of Statistics. For purposes of this questionnaire, the best estimates of the compilers are requested, even where actual data are not available or are considered to be too imprecise to be reported to the Bureau of Statistics. Such estimates should be identified with an asterisk (*). Where the data now available are revisions of data supplied earlier to the Bureau of Statistics, such entries should be marked (rev.). In those cases where details are not available, but are included in a relevant total, please mark the item “not shown separately” (nss).

RELATION TO THE FUND’S BALANCE OF PAYMENTS MANUAL

The 4th edition of the Fund’s Balance of Payments Manual (1977) is presently in the early stages of revision, and it is too soon to predict what changes in BOP compilation methodology might be recommended. An effort has been made in the present Questionnaire to conform critical elements of terminology (e.g., descriptions of economic sectors and instruments) to those used in the existing Manual, but some differences will be noted. Likewise, the ordering of some capital flow entries may be slightly different than those used on the basis of the Manual for submissions to the Bureau of Statistics. In filling out the Questionnaire, compilers are invited to comment on elements of their national procedures that, for whatever reason, do not conform to standards set forth in the existing Manual.

CONFIDENTIALITY

The Working Party will restrict the use of any reported information to the members and staff of the Working Party and of the IMF, when such a restriction is requested by the respondent.

REPORTING SCHEDULE

We would like to have your replies as quickly as possible, but at the same time we realize that the Questionnaire is quite extensive, so that some accommodation is necessary. To meet our schedules, it would be most helpful if you could return the entire Questionnaire not later than 45 days after receipt. However, if you can complete and return any sections of the Questionnaire at an earlier date our work would be greatly facilitated.

METHODOLOGICAL DESCRIPTIONS

A checklist of the types of data sources for capital flows is provided in Part V of the Questionnaire. However, each national compiler is also requested to provide a reasonably comprehensive description of the sources and methods behind each of the main flow and position categories reported in Parts I and II. If complete and current descriptions have been prepared for other purposes (including the Fund’s proposed Balance of Payments Compilation Guide or the Eurostat series) a reference to that source will be acceptable. Otherwise, please send copies of whatever published material or working documents will enable the Technical Staff to understand details of your compilation and valuation procedures. For the special purpose of this survey, respondents are urged to call attention to statistical problems that are known to exist in their national data. Comments on your plans for improving the data would also be very helpful.

VALUATION AND OTHER ADJUSTMENTS

For the purpose of this Questionnaire, the over-all capital flow data reported should conform to the conceptual standards established for the reporting of statistics to the IMF’s Bureau of Statistics, apart from the insertion of estimates, or revisions, as noted above. In principle, these flow data are calculated so as to exclude the effects of factors other than actual transactions that affect the value of external assets and liabilities, such as exchange rate fluctuations, unrealized capital gains or losses, write-offs, or other stock adjustments. Part IV is intended to capture the adjustments not included in your capital flow data. However, if you have additional comments please add a note to your return.

GEOGRAPHIC DETAIL

The Questionnaire items do not call for any geographic breakdowns of the requested data, but any study of the global capital account discrepancy inevitably requires comparisons of data reported by partner countries or regions. Of course, there is great variation among countries in the extent and derivation of any such geographic detail. Therefore, rather than prescribe a fixed format for such information, the Working Party is requesting each national compiler to provide, along with the Questionnaire itself, the most detailed geographic breakdowns that are available, preferably for 1987 and 1988, either in published form or as estimated for internal use, for the items listed in the Questionnaire, or for similar items, wherever possible. Geographical data for direct investment and for official credits extended or received would be especially helpful.

In supplying geographic data, the respondent should indicate, where relevant, the allocation principle that is used when transactions pass through intermediary centers such as tax havens or through chains of ownership in multinational corporate enterprises.

SPECIFIC INSTRUCTIONS

The categories used in this Questionnaire are sometimes broken down into details that may not be available to national compilers. Compilers are requested to provide all possible detail but, where details are not available, sub-totals or totals may be reported instead. For items where you have no information and make no estimate please insert “not available” (n.a.) in the appropriate space; insert a zero (0) where transactions are negligible or do not exist.

Part I. International Capital Flows –

Sections A through H of Part I cover all private and official capital flows, including reserve transactions. Entries should not be duplicated in different Sections of Part I.

I.A. Direct investment –

The concept of direct investment is described in Chapter 18 of the Fund’s Balance of Payments Manual. The breakdown in this Questionnaire follows lines 45-52 of the Balance of Payments Yearbook, except that Item A.I.c and A.II.c include both long-term and short-term accounts. Note that for banks the concept of direct investment as used here covers the long-term capital invested by the parent, but excludes day-to-day commercial banking or financial transactions, which are to be reported in Section I.C. There appears to be some potential for discrepancies (differences in national treatment) in cases where affiliates own equity shares in their parent organizations. If you have such cases, please provide a note indicating how you treat such situations, i.e., whether net or gross.

I.B. Transactions In securities –

This section of the Questionnaire covers primarily the capital flows reported under portfolio investment in the standard components of the Fund presentation. However, a separate grouping is provided for short-term instruments that may be included elsewhere in your reports to the Bureau of Statistics. If they are included elsewhere in such reports please add a note indicating where they are ordinarily included.

In the memorandum item covering new issues, “international markets” refers to markets drawing buyers from various countries; “foreign markets” refers to markets where local residents are the predominant purchasers.

Note that negotiable certificates of deposit are not treated as portfolio securities - a departure from the Manual. For purposes of this Questionnaire, CDs are to be treated as bank deposits.

I.C. Resident banking sector –

This section of the Questionnaire consolidates the items in the Yearbook relating to transactions of “deposit money banks.” The arrangement is intended to fit as closely as possible with banking data available from other national and international sources, and to identify categories of special interest in analyzing sources of discrepancies in reporting. As a result, direct comparisons with individual lines of the Yearbook are not feasible. Note that the resident banking sector includes banks that are resident agencies, branches, and subsidiaries of nonresidents. Transactions involving “financial” leases should be reported under item I.C. if the lender is a bank, or under I.E. for other financial institutions.

I.D. Custody accounts –

This section of the Questionnaire covers primarily custody accounts held by financial institutions for domestic and foreign customers. If changes in these accounts are regularly included in your balance of payments accounts, and can be identified separately, please report them in this section. If you have information on these custody accounts, but do not include changes in their external assets or liabilities in your balance of payments accounts, please provide a note giving as much relevant information as possible, including the type of securities held.

I.E. Nonbank financial institutions –

This section of the Questionnaire covers a classification, “nonbank financial institutions”, that is not separately identified in the Fund’s balance of payments reporting system, but is presumably included among “other” sectors. Examples of such financial institutions would be: finance companies, insurance companies, pension funds, mutual funds, security dealers, and non-bank deposit-taking institutions. If transactions of this potentially important category of transactors can be shown separately, it would be very useful for analytical purposes. If separate data are not available, these transactions will presumably be recorded under item I.F. If instead, they are recorded as part of the banking sector under I.C., please provide a footnote to that effect.

I.F. Other private sector –

This section of the Questionnaire corresponds in general to the information in lines 77-83 and 93-97 of the Yearbook, apart from the assets and liabilities of nonbank financial institutions (which may be reported in Section I.E.), and short-term obligations reported in I.B.. The breakdowns employed in the Questionnaire are intended to facilitate comparisons with other data sets where the sector of the nonresident partner to the transactions is the main reference point.

I.G. and I.II. Resident official sector, including reserves –

These sections are intended to capture most capital flows involving the resident official sector other than those reported in I B.. The coverage corresponds to Yearbook lines 62-68, 84-88, and 98-111, except that the entries for changes in reserves should be transactions only; they should exclude valuation changes and monetization and demonetization of gold (see Part IV below). In this Questionnaire there is an attempt to identify the sources of governmental financing by type of lender, in order to facilitate comparisons with data from partner countries.

With respect to liabilities, the principle followed in this Questionnaire is to treat nonresident transactions in debt obligations of the resident official sector as part of the transactions in securities covered in Section I B., but to include transactions in direct loans received (or extended) by the resident official sector from (to) foreign lenders (borrowers) - including loans from foreign official agencies or commercial banks.

Part II. Debt restructuring –

This section is intended to capture various types of special transactions or adjustments, primarily related to debt restructuring, that affect reported capital flows in significant amounts. The identification of possible special transactions is limited to a few cases; if you have other kinds of significant special transactions that affect your reported capital flows (or, additionally, may affect your asset or liability stocks, or income accounts) please provide a note identifying them and showing the amounts entering your flow data. If you are aware of a different treatment accorded to these same transactions by a partner country, please call that to our attention.

Parts III & IV. Stocks and reconciliation of changes in stocks –

The data on stocks of international assets and liabilities covered in Part III. together with the reconciliation shown in Part IV, will provide a basis for comparison with data on capital flows, and will also help in the updating of adjustments to international investment income prepared by the Bureau of Statistics - (Balance of Payments Statistics, Part 2, Table 3). If your capital flow data include any of the reconciliation items other than capital flows shown in Part IV, please provide an explanatory footnote. The effects of exchange-rate and price changes should be calculated independently, if possible. As with other sections of this Questionnaire, the breakdowns of the data are intended to facilitate comparisons with other available data sets. For Part III. also, it would be most helpful to have as much information as possible on the geographic distributions of the global figures.

Part V. Data sources –

This section provides a simple checklist of the most important data sources for international capital flows. Together with the more extensive descriptions of methodologies to be provided by respondents, these entries will provide a background for evaluation of the effects of varying data sources and methodologies on the overall quality of the reported data on international capital flows.

Part VI. Valuation principles –

This section is intended to provide a simplified guide to the valuation practices of individual countries, in order to facilitate cross-country comparisons. “Book value” refers to valuations maintained in the accounts of the asset and liability holders, which may include mixtures of historical cost and market value elements. “Market value” refers primarily to the estimates, often made by national statistical offices, based on transactions or other available information, to approximate current market values.

VII. Income accounts –

The information on income on investments requested in this section of the Questionnaire parallels the data collected in 1985 by the Working Party on the Current Account Discrepancy. As before, the breakdowns are designed to be comparable with data on stocks of external assets and liabilities.

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