The IMF's Statistical Systems in Context of Revision of the United Nations' A System of National Accounts
Chapter

28 Principles of Valuation and Reconciliation Items in the IMF's Money and Banking Statistics and A System of National Accounts

Author(s):
Vicente Galbis
Published Date:
September 1991
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Author(s)
Keith G. Dublin

The presentation of economic accounts of the institutional sectors of the economy in the form of balance sheets is essential to economic and financial analysis because it provides a systematic record of the stocks of real and financial resources that are available to the respective sectors and that affect their economic decisions.1 Although the balance-sheet framework provides a basic structure for monitoring and forecasting the behavior of various economic transactors on the basis of existing patterns of wealth and indebtedness, it is also useful for deriving data on the flow of transactions over time in the absence of independent sources of data on flows. By comparing the values of the same balance-sheet item at different time periods, it is conceptually possible to ascertain the magnitude of transactions that have occurred during any given time period. In reality, however, changes in the values of most balance-sheet items will be affected by both variations in price and in quantity, and the impact of pure price changes, regardless of origin, must first be isolated before it is possible to proceed to determine flows of economic and financial activity. In the United Nation's A System of National Accounts (SNA), and as specified in the Provisional Guidelines,2 these valuation adjustments are recorded separately in a supplementary set of accounts that comprises all reconciliation-type items. The Fund's Money and Banking Statistics (MBS) records the counterparts of these price changes or valuation adjustments as items of net worth or in the capital accounts.3

The aims of this paper are (1) to discuss the basic principles of valuation as they apply to balance sheets in the SNA; (2) to review the structure of the reconciliation accounts in the SNA and the Provisional Guidelines and the ability of these accounts to explain adequately differences that exist between changes in balance-sheet positions and the aggregation of individual transactions over time; and (3) to examine the methodology used in the valuation of financial instruments and the treatment of the valuation adjustment in the MBS.

Section I analyzes the methodology proposed by the SNA for valuing various assets and liabilities and for reconciling differences between changes in stock data and transactions flows. Section II reviews the valuation principles in the MBS and some of the problems posed for compiling MBS data from national balance sheets. This section also discusses the methodology for deriving transactions flows from balance-sheet positions. Section III concludes the paper by comparing valuation principles in the SNA and the MBS, discussing the limitations of attempting to derive flow data from the balance-sheet structure of these systems, and offering proposals for facilitating the estimation of flows from stock data in the revised SNA and the MBS.

I. Role of Balance Sheets in the SNA

National and sectoral balance sheets covering the real and financial assets and liabilities of institutional sectors are an integral part of the SNA. Their place in the framework of the system and the concepts of the accounts are laid out in the 1968 version, which later was supplemented by more specific definitions and classifications in the Provisional Guidelines. The balance-sheet accounts in the SNA are statements of tangible assets and intangible nonfinancial assets owned by institutional sectors of the economy and of the outstanding financial claims among institutional units.

General Characteristics

With regard to financial assets and liabilities, the basic SNA classification is in terms of the legal form of the instrument and its liquidity. Within this structure, the most liquid assets are defined as those which are exchangeable on demand and without penalty for any other financial instrument or for nonfinancial goods and services. Currency and transferable deposits constitute the main examples of instruments that fall into this category. Other deposit accounts with financial institutions that are usually regarded as close substitutes for the means of payment constitute another group of financial instruments that are slightly less liquid than the first. Examples of other groups of financial instruments, in a presumed descending order of liquidity, are bills and bonds, corporate equities, loans, trade credits and advances, and other accounts receivable and payable.

In addition to classifying financial assets and liabilities according to type of instrument, the SNA recommends a more detailed structure of classification for some of the categories of financial transactions in order to indicate the institutional sectors of debtors in the case of financial assets and of creditors in the case of some liabilities (see SNA, Table 24). When transactions in these assets and liabilities are also classified along the lines of institutional sectors, grouping together units that are sufficiently homogeneous in respect of the kinds of liabilities incurred and of the kinds of assets held, they constitute a basis for analysis of the financial flows of these sectors. An example of the balance sheet of financial institutions proposed in the Provisional Guidelines is shown in Table 1.

Table 1.Balance Sheet of Financial Institutions in SNA Provisional Guidelines
Closing Balance-Sheet Account
StocksLiabilities to third parties
Fixed assets (net of accumulativeCurrency issued by the central
consumption of fixed capital)bank and transferable deposits
Land, timber tracts, subsoil assets,Other deposits
and other non-reproducibleBills and bonds, short-term
tangible assetsBonds, long-term
Nonfinancial intangible assetsShort-term loans
Long-term loans
Financial assetsNet equity of households on
Gold and SDRsreserves of life insurance and
Currency and transferablepension funds
depositsOther liabilities
Other deposits
Bills and bonds, short-termLiabilities to second parties
Bonds, long-termand net worth
Corporate equity securities.Corporate equity securities, including
including capital participationscapital participations
Short-term loans
Long-term loansProprietors' net equity in
Proprietors' net equity inquasi-corporate enterprises
quasi-corporate enterprisesNet worth
Other financial assets
Closing assetsClosing liabilities and net worth
Source: United Nations, Provisional International Guidelines on the National and Sectoral Balance-Sheet and Reconciliation Accounts of the System of National Accounts, Statistical Papers, Series M, No. 60 (New York, 1977), Annex VIII.2, p. 82.
Source: United Nations, Provisional International Guidelines on the National and Sectoral Balance-Sheet and Reconciliation Accounts of the System of National Accounts, Statistical Papers, Series M, No. 60 (New York, 1977), Annex VIII.2, p. 82.

Valuation Principles

In the SNA, balance-sheet items, with few exceptions, are valued at current market prices, and for any one sector the total value of all assets held less the total value of financial liabilities and share capital yields a residual that is referred to as “net worth.” The balance sheet for each sector is therefore always in balance because the sum of its net tangible assets, nonfinancial intangible assets, and financial assets is equal to the sum of its liabilities, share capital, and net worth.

As regards the methodology for valuing balance-sheet items, the SNA stipulates that the same mode of valuation should be applied to all assets and liabilities on the grounds that this symmetry in treatment contributes to the comprehensiveness and simplicity of the relationship between these items in the balance-sheet accounts. In the case of assets, the SNA argues that current market values are the most appropriate way of valuing assets because they represent the values arrived at in a voluntary transaction between a buyer and a seller. In addition, investors in financial assets make decisions in respect of these assets in light of their sales value in the market. Accordingly, the SNA suggests that market values should be used to value assets in the form of gold, long-term bonds, corporate equity securities, and shares. However, nominal face values should be used to value all other financial assets (for example, short-term securities) because these can be realized on demand or at short notice at full nominal value. For certain liabilities such as deposits and short-term bills, the most suitable mode of valuation is to assign nominal face values as in the case of short-term assets. For long-term liabilities (for example, bonds, corporate equities, and shares), however, the same valuation principles should be applied to these claims when they are held as assets—namely, market values. Valuing long-term liabilities at market prices can be justified on the grounds that it is the common practice for issuers of long-term bonds to manage their liabilities actively, and they might choose to redeem these bonds early or to refinance their obligations if the current interest rate for long-term bonds is significantly lower than the issue rate for their bonds.

For financial assets denominated in foreign currencies (usually, bank deposits and securities), their values in domestic currencies will change whenever there are changes in exchange rates. The SNA recommends that the appropriate conversion rates to be used would be the average daily transaction rates prevailing during the course of the day on which the balance sheet is prepared. This rule would, however, not apply in instances where the foreign exchange market is segregated on the basis of type of usage or where, because of scarcity, foreign exchange acquires a premium value in the parallel market. In such cases the value of financial assets in national currency should reflect the premium paid to acquire the foreign exchange.

Unlike investors in financial assets, users of fixed assets or raw materials used in the production process are concerned with the current market costs of replacing these assets. Thus, for most reproducible fixed assets, valuation at gross replacement cost with an allowance for depreciation is appropriate. Conceptually, the cost of acquisition of each class of fixed asset (same type and same year of acquisition) is adjusted to current gross replacement cost by an index of the average change in prices from the year of acquisition to the year in question. An allowance for accumulated depreciation between the two dates is deducted in order to arrive at the written-down current replacement cost. The depreciation allowance itself is usually calculated either on the basis of an annual fixed nominal amount during the anticipated life of the equipment—the “straight-line” method—or on the basis of a fixed percentage per year on a diminishing balance.

The problem of disaggregating changes in the values of balance-sheet items in the SNA that are the result of transactions, on the one hand, and price changes, on the other, is addressed in the context of two supplementary accounts. The 1968 SNA envisaged a complete accounting for the change in balance-sheet values over time through two separate accounts, one of which was designed to record the flow of transactions (the capital finance or accumulation account) and the other to reflect the impact of all price and other changes (the reconciliation account). In actuality, the treatment of the capital account, which covers the creation and extinction of financial assets and liabilities, was very brief in the 1968 SNA, and there was no discussion of the reconciliation account. These issues were more fully addressed in the Provisional Guidelines issued in 1977.

The present SNA includes in the capital account, all capital formation in tangible reproducible assets, as well as changes in the accumulation of nonreproducible tangible assets if the latter changes are a consequence of a purchase or sale of those assets. Also included are the creation, elimination, purchases, and sales of financial assets and nonfinancial intangible assets. The function of the reconciliation account is, therefore, to explain the differences between opening and closing values of balance-sheet items that are not covered by transactions recorded in the capital finance account. Accordingly, apart from valuation adjustments owing to price changes, the reconciliation account also comprises the counterparts of balance-sheet changes resulting from the following: adjustments due to unforeseen events, net increases in the value of tangible assets not accounted for in the capital finance account, the allocation of SDRs, adjustments due to structural changes, and statistical discrepancies and discontinuities. These reconciliation items are discussed below, and the detailed entries in the reconciliation account are shown in Table 2.

Table 2.Classification of Items of Reconciliation According to Cause in SNA Provisional Guidelines
Item
Revaluations due to price changes
Market prices
Replacement costs
Rate of discount or capitalization factor
Foreign currency exchange rates
Allocation of SDRs
Adjustments in respect of unforeseen events
Unforeseen obsolescence
Differences between allowances included in capital consumption for
normal damage to fixed assets and actual losses
Transfers to net equity of households on reserves of life insurance and
pension funds
Uncompensated seizure of assets
Net changes in value of tangible assets not accounted for in the capital
finance accounts
Natural growth less depletions
Breeding stock, draught animals, dairy cattle, and the like
Timber tracts and forests
Plantations, orchards, and vineyards
Fisheries
New finds less depletions of subsoil assets
Losses in land and timber tracts in catastrophes and natural events
Adjustments due to changes in structure and classification
Changes in the institutional sector or subsector of owners
Acquisition or divestment of subsidiaries and consolidation or
decomposition of statistical units for other reasons
Changes in the classification of entries
Termination of purchased patents, copyrights, trademarks, and the like
Statistical discrepancies and discontinuities
Source: United Nations, Provisional Guidelines on the National and Sectoral Balance-Sheet and Reconciliation Accounts of the System of National Accounts, Statistical Papers, Series M, No. 60 (New York, 1977), Annex VIII.1, p. 76.
Source: United Nations, Provisional Guidelines on the National and Sectoral Balance-Sheet and Reconciliation Accounts of the System of National Accounts, Statistical Papers, Series M, No. 60 (New York, 1977), Annex VIII.1, p. 76.

Revaluations Because of Price Changes

When balance-sheet items are revalued following changes in market prices, capital gains and losses will be incurred, although in most cases these are not immediately realized. The same is also true when the values of assets and liabilities are determined by capitalizing an expected income stream and the capitalization factor or rate of discount is subsequently changed. These gains and losses, either realized or unrealized, are recorded as entries in the reconciliation account. If assets and liabilities are denominated in foreign currencies, the counterpart of the valuation changes following exchange rate movements is also reflected in the reconciliation account as a valuation adjustment.

Adjustments Because of Unforeseen Events

The SNA production account includes an estimate of consumption of fixed capital as an element of cost. This estimate, in principle, includes an allowance for obsolescence that enters into the fixing of an asset's expected useful life. It also includes an allowance for “normal” accidental damage to fixed capital, defined as that which can be expected to occur regularly every year, for all producers grouped together. There is no place in the transactions account, however, for changes in the physical quantity of tangible assets arising from departures of actual retirements of tangible assets from what was postulated in the assumption about useful life. In those instances where the allowance for expected damage falls short of the actual damage, an adjustment representing the difference is included in the reconciliation account.

Net Increases in the Value of Tangible Assets Not Accounted for in the Capital Finance Account

Although the initial outlays on acquiring fixed nonreproducible assets that are used in the production process are included in gross capital formation and the values of these assets are covered in SNA balance sheets, the natural growth and depletions in these assets are excluded from the capital finance account and are recorded in the reconciliation account. Assets that would fall into this category include, for example, livestock, timber tracts, plantations, land, and fisheries. Although outlays on improvements of these nonreproducible assets are also treated as gross capital formation, changes in the value of these assets that do not result from expenditures on improvement or from production-related activities are omitted from the capital finance account and are shown in the reconciliation account.

SDRs

SDRs were first allocated by the IMF in 1970, after the publication of the SNA. Because SDRs are regarded as acceptable international assets for balance of payments settlements, in the Provisional Guidelines each country's allocation of SDRs is treated as a financial asset and is combined with its holdings of gold in the classification of financial claims on the balance sheet. As in the case of gold, SDRs are not considered to be the liability of any country or institution, and the counterpart of the SDR allocation is reflected in the balance sheet as a part of net worth. Consistent with this treatment, the allocations of SDRs do not appear in the capital finance in the Provisional Guidelines; they are reflected as assets in the balance sheet, and the contra-entry is accounted for in the reconciliation account. This treatment differs from that of the European System of Integrated Economic Accounts (ESA), which classifies the allocation of SDRs and the liability counterpart as a part of the transactions account.4 The liability is viewed as one of indefinite maturity in ESA. In contrast, the allocation of SDRs in the MBS resembles an unrequited transfer in that the holder acquires a financial asset but does not exchange it for anything of economic value. The MBS thus regards the counterpart of SDR allocations as liabilities that are classified in the capital accounts of the monetary authorities.

Changes in Structure and Classification

This category in the Provisional Guidelines embraces both real changes (such as the acquisition or divestiture of subsidiaries by parent companies) and changes in the classification of statistical units (such as changes in the statistical reporting unit). With respect to the real changes, the appearance or disappearance of securities in the balance sheet of the parent company after the acquisition or divestiture of a subsidiary represents a transaction. However, in the Provisional Guidelines these adjustments are not reflected in the capital finance account but as entries in the reconciliation account.

Statistical Discrepancies and Discontinuities

Those differences in the values of entries between the opening and closing balance sheets that cannot be accounted for by transactions and the appropriate identifiable revaluations and adjustments are treated as statistical discrepancies. These statistical discrepancies may arise from unknown inaccuracies, inconsistencies, changes in institutional coverage, or discontinuities in the original sources of data. In the SNA these are classified as part of the reconciliation account, which in this instance fulfills the role of a residual account because these adjustments could not on conceptual grounds be classified as transactions in the capital finance account.

II. Structure and Uses of Balance Sheets in the MBS

The compilation of internationally comparable money and banking statistics poses many problems, both conceptual and practical. The nature of financial systems and the roles they play can differ markedly from country to country. In addition, national statistics on money and banking are constructed according to a variety of methodologies, reflecting differences in individual countries' banking traditions, regulatory views, laws, and accounting practices. Despite these differences, important similarities have evolved among countries in the forms of monetary analysis and concepts that make it possible for analysts to recast data available from national sources into a form that permits international comparison.

General Characteristics

The MBS focuses, in particular, on a concept of money in relation to the domestic and external positions of banking institutions. In contrast to the SNA, the MBS is designed to provide, for each country, a standard set of analytic aggregates (on a monthly, quarterly, and annual basis) that facilitates the integration of money, credit, and balance of payments analysis. Monetary statistics have long been maintained by countries because of the demonstrated relationship among money growth and real output, prices, and the balance of payments, and their relevance for the formulation of financial policies. There is no universally applicable approach to monetary analysis or policy, and thus there is no single analytical framework that can encompass the needs of all users. The MBS system is, however, sufficiently generalized to permit assessment of the linkages between the banking sector, the other domestic sectors of the economy (with special emphasis accorded on the government sector, which is frequently a source of imbalance and the policy area in which imbalances can be redressed), and the balance of payments. These constitute key elements of a financial program, which focuses on the principal financial targets.

Balance-Sheet Accounting Principles

The primary focus of the MBS is the Banking Survey, which consolidates the accounts of the monetary authorities and deposit money banks with the accounts of other banking institutions because these latter institutions also incur deposit liabilities and perform many of the same functions as deposit money banks. Financial instruments that are covered in these balance sheets normally share the common characteristic of a creditor-debtor relationship. There are, however, certain assets that do not have this general attribute but that are, nonetheless, regarded as financial assets from an economic perspective. Three examples of such assets are gold, SDRs, and corporate equity securities or shares. To obtain meaningful economic aggregates from the balance-sheet structures, assets are classified according to the type of debtor, and liabilities according to the degree of liquidity. The balance-sheet structure of the SNA classifies both assets and liabilities by the degree of liquidity. The standard presentation of balance sheet entries for the banking survey in the IMF's International Financial Statistics (IFS) is shown in Table 3.

Table 3.Banking Survey: Generalized Account for IFS
AssetsLiabilities
Foreign assetsForeign liabilities
GoldNonresident deposits
Holdings of SDRsBorrowing from banks abroad
Reserve position in the FundUse of Fund credit
Convertible foreign exchangeIMF Trust Fund loans
Regional monetary cooperationLong-term foreign liabilities
funds
Inconvertible foreign exchangeLiquid liabilities
Claims on central government (net)Monetary liabilities
Treasury billsQuasi-monetary liabilities
Government securitiesBonds
Ways and means advancesRestricted deposits
Less: Central government depositsCounterpart funds
Claims on state and local governmentsCentral government lending funds
Treasury bills
Bonds and other securitiesCapital accounts
Loans and advancesOther items (net)
Claims on nonfinancial public
enterprises
Bills
Securities
Loans and advances
Claims on private sector
Source: A Guide to Money and Banking Statistics in International Financial Statistics (draft) (Washington: International Monetary Fund, 1984).
Source: A Guide to Money and Banking Statistics in International Financial Statistics (draft) (Washington: International Monetary Fund, 1984).

Valuation Principles

Contrary to the general SNA practice, the draft MBS Guide did not recommend uniform valuation procedures for the same financial instruments in the accounts of creditors and debtors. On the assumption that debtors and creditors usually have different perspectives on the value or cost of a financial instrument, the methodology recommended by the draft MBS Guide was to value financial assets at the present discounted value of future payments and to price financial liabilities at nominal face value. The draft MBS Guide, however, noted that as a practical matter financial assets would usually be valued at market prices, since many of these instruments were traded on an ongoing basis and the prices set in the market were probably more indicative of their value to the holder than the present discounted values of future streams of payments. Although in a perfect situation market value and present discounted values should yield the same result, they can diverge for several reasons including speculative activities and the lack of perfect knowledge in relation to future price and interest rate developments. The distinction in treatment in the draft MBS Guide between assets and liabilities was justified on the grounds that, in decision making, creditors would normally focus on market values that represent the best prices to be earned from the sale of their various assets, whereas debtors would tend to emphasize the eventual cost of discharging their liabilities. Departing from the recommendations of the draft MBS Guide, the MBS system now values financial assets at market prices and, therefore, agrees with the SNA that both assets and liabilities should be valued in a symmetrical manner. Accordingly, whereas short-term assets and liabilities are to be valued at face value, the value of long-term assets and liabilities is to be established by reference to market prices. This latter development in the MBS with respect to the valuation of liabilities reflects a recognition that many financial transactors actively manage their liabilities and will refinance outstanding liabilities based on relative changes in financing terms.

For instruments denominated in foreign currencies, the MBS stipulates that for balance-sheet purposes these items should be converted to the national currency at the prevailing exchange rate. Gains and losses accruing to creditors and debtors from the revaluation of foreign assets and liabilities following an exchange rate change are recorded in the capital accounts of the corresponding balance sheet or under a separate revaluation account that includes the counterpart of all valuation adjustments. For purposes of converting from foreign currency to the national currency, the midpoint of the monetary authorities' buying and selling rates for foreign currency transactions is regarded as the prevailing exchange rate between the two currencies. Exceptions to this rule would be made in certain specific situations in which some other exchange rate would clearly be more appropriate, such as a unitary exchange rate in a regime of multiple exchange rates (see Chapter 5 of this volume).

After adoption of the Second Amendment of the IMF's Articles of Agreement in April 1978, the concept of an official price for gold was abandoned, and member countries of the Fund adopted various procedures for valuing gold holdings. As a result, several countries have adopted new gold valuation procedures based on gold prices in the private market, whereas a substantial number still continue to value their official gold holdings at some historical official price. In the MBS, no attempt is made to provide standardized value data on a country's holdings of gold.

Valuation Adjustments

Because valuation adjustments resulting from domestic price changes do not reflect flows of transactions, in the balance-sheet structure of the MBS the counterparts of these adjustments are entered as offsetting entries in the capital accounts of the balance sheet. Similarly, valuation adjustments made to foreign exchange holdings and foreign liabilities on account of exchange rate changes also result in unrealized profits and losses, which are recorded as revaluation items under the reconciliation account. As noted above, gold valuation practices differ among countries. For countries that value gold at market-related prices, it is the general practice that the resulting profits or losses are undistributed and are reported separately in national sources in a gold adjustment subaccount of the reconciliation account. The timing of such valuation adjustments also varies in practice; they may be carried out at prescribed intervals—for example, on balance sheet dates—or only when transactions give rise to realized profits and losses.

Deriving Transaction Flows from MBS Balance Sheets

Contrary to the structure of the SNA, which, in addition to presenting data in the framework of the balance sheet, provides information on transaction flows in the capital finance account, information on financial transactions in MBS must be derived from available balance-sheet data that include both transaction flows and valuation adjustments. In theory, it should be possible to make use of the data on valuation adjustments that are recorded in the capital accounts to isolate all price-related changes from transactions flows. In practice, however, it is not possible to adopt this methodology for specific financial instruments because the valuation adjustments made to individual assets and liabilities are usually recorded as aggregate totals in the capital accounts, with inadequate supporting details concerning individual adjustments.

An alternative procedure for estimating transaction flows is to make use of price indices for individual financial instruments denominated in domestic currency that take into account those price developments that have a direct impact on the instruments in question during a given period. Such indices can, for example, be constructed from information on stock, bond, and share price developments and can be used to deflate end-period values, thereby yielding values in constant prices from which the flow of transactions can be easily calculated. For instruments denominated in foreign currency, the procedures to be followed are somewhat different. The Fund's International Banking Statistics (IBS) recommends that entries in national currency be converted back to their original currencies using the applicable effective end-period exchange rates.5 Changes in these positions are then calculated in terms of the original currencies. These changes are then converted to the national currency using period-average exchange rates. To yield accurate results, these procedures for estimating transaction flows from stocks are recommended only when a significant amount of detail is available for each of the relevant balance-sheet entries.

III. Conclusions

The principles of valuation play an important role in measuring the relative importance of various assets and liabilities in the balance-sheet structure of the SNA and the MBS. These valuation principles, as they apply to financial instruments, are generally comparable for both the SNA and the MBS and emphasize the appropriateness of valuing short-term instruments at face value, long-term domestic assets and liabilities at market prices, and foreign assets and liabilities at the prevailing exchange rate. The MBS recognizes, however, that these principles of valuation represent only a framework of reference, since balance sheets made available from national sources very often reflect national accounting and bank supervisory practices that differ from those recommended in the MBS.

The derivation of transaction flows from balance-sheet stock positions may also be necessary for economic and financial analysis in the absence of detailed data on the volume of transactions. The calculation of flows is, however, complicated whenever balance-sheet entries are revalued following changes in market prices of financial instruments and movements in exchange rates. As regards the SNA, because of the residual nature of the reconciliation account and the inclusion of adjustments other than those related to valuation, it is not possible to derive transaction flows by adjusting individual balance-sheet entries with items recorded in the reconciliation account. In the MBS, because of the aggregated nature of the data, it is also impractical to use data on valuation changes that are shown in the capital accounts to adjust the values of individual balance-sheet items. Depending on the degree of detail provided in the balance sheet itself, in these cases alternative procedures—such as first deflating the end-period values of domestic assets with appropriate price indices, and reconverting foreign instruments into original currencies before calculating flows—can provide a mechanism for estimating transactions from the balance-sheet data. Consideration should, therefore, be given to the inclusion of a section in the revised SNA and in the revised MBS Guide that outlines these procedures for estimating flows from stock data.

This paper draws extensively on Nancy D. Ruggles, “Financial Accounts and Balance Sheets: Issues for the Revision of the SNA” (unpublished; New Haven, Connecticut: Yale University, January 1984).

United Nations, Provisional International Guidelines on the National and Sectoral Balance-Sheet and Reconciliation Accounts of the System of National Accounts, Statistical Papers, Series M, No. 60 (New York, 1977).

MBS refers to the Fund’s current practices and methodology in money and banking statistics. The MBS differs in some respects from the draft of AGuide to Money and Banking Statistics in International Financial Statistics (MBS Guide) issued in 1984 to reflect practices existing then.

EUROSTAT, European System of Integrated Economic Accounts—ESA,2d ed. (Luxembourg, 1979).

See Joslin Landell-Mills, The Fund’s International Banking Statistics (Washington: International Monetary Fund, 1986), p. 18.

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