Front Matter

Front Matter

International Monetary Fund
Published Date:
January 1997
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© 1996 International Monetary Fund

Cataloging-in-Publication Data

Coordinated portfolio investment survey: survey guide. — [Washington, D.C.]: International Monetary Fund, [1996] p. cm.

Prepared by the IMF’s Task Force on Coordinated Porfolio Investment Survey.

ISBN 1-55775-606-6

1. Securities. 2. Investments. I. Task Force on Coordinated Portfolio Investment Survey. II. International Monetary Fund.

HG4521.C66 1996

Price: US$25.00

Please send orders to:

International Monetary Fund, Publication Services

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

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


Detailed Contents


The Survey Guide for the Coordinated Portfolio Investment Survey (Survey Guide) is provided to assist national compilers in the conduct of the Coordinated Portfolio Investment Survey, which is being conducted under the auspices of the IMF with reference to year-end 1997.

The idea of conducting the Coordinated Survey arose from a recommendation contained in the Final Report of the IMF Working Party on the Measurement of International Capital Flows published in 1992 and has been carried forward by the IMF Committee on Balance of Payments Statistics. In recognition of the ambitious nature of the project, the Committee, in October 1994, created a Task Force comprised of compilers with considerable expertise in the collection of portfolio investment data and requested that they draw up, by end-March 1996, the detailed specifications of the requirements needed to achieve the objectives for the Coordinated Survey as set by the Committee.

This Survey Guide is the impressive product of the Task Force’s work. I extend my thanks to all members of the Task Force for their contributions and comments and, in particular, to the chair, Ms. Lucie Laliberté, Director of the Balance of Payments Division at Statistics Canada.

The Survey Guide was primarily drafted by Mr. Robert Heath, a Senior Economist in the Balance of Payments and External Debt Division I (BOPEDD I) of the IMF Statistics Department, headed by Assistant Director Mahinder S. Gill, drawing on the Task Force members’ contributions. Mrs. Joan Gibson, editorial officer in the Statistics Department, edited the final document. Ms. Carmen Diaz-Zelaya (administrative assistant, BOPEDD I) prepared the final version for print publication.

John B. McLenaghan

Director, Statistics Department

International Monetary Fund

Terms of Reference: IMF Task Force on Coordinated Portfolio Investment Survey

1. The IMF Committee on Balance of Payments Statistics is coordinating arrangements, primarily among the major industrial countries, for the conduct of coordinated national surveys of cross-border portfolio investment assets (and where feasible, liabilities) in respect of the year-end 1997. The objectives of the survey are twofold:

  • (i) to collect comprehensive information, with geographical detail, on the stock of cross-border equities and long-term bonds and notes for use in the compilation or improvement of international investment position (IIP) statistics on portfolio investment capital. The IIP statistics, in turn, can provide information to check the coverage of recorded estimates of portfolio investment capital flows and associated investment income transactions recorded in the balance of payments; and
  • (ii) to exchange the bilateral data. When the results of the survey become available, the participating countries, with the assistance of the Fund’s Statistics Department, plan to exchange these data among themselves and with other countries. By exchanging comparable data (so far as confidentiality constraints permit), participating countries should be able to improve their estimates of nonresident holdings of their portfolio investment liabilities as well as associated capital flows and investment income data.

2. A representative group of collectors and compilers of balance of payments and international investment position data—the Task Force on Coordinated Portfolio Investment Survey—has been constituted under the auspices of the Committee to assist in the conduct of the survey.

3. Under the direction of the Committee, the Task Force has the following duties:

  • (i) draw up a detailed specification of the minimum amount of information required to achieve the objectives of the survey, including issues of valuation, definition, and classification to be used in the survey and the expected output from the survey;
  • (ii) draw up model questions and notes for inclusion in countries’ questionnaires;
  • (iii) draw up a few model survey designs that are consistent with the objectives of the survey and assess their respective costs and merits;
  • (iv) draw up proposals on whether all or parts of the exercise should be the subject of pilot investigations in one or more countries;
  • (v) recommend a timetable for carrying out the exercise, including the preparation and circulation of results; and
  • (vi) examine the means of disseminating survey results, commenting in particular on any confidentiality restrictions.

4. The coverage of portfolio investment should include, at least, equity securities and debt securities (long-term bonds and notes). The Task Force will make every effort to conform to the concepts, definitions, and valuations set out in the fifth edition of the Balance of Payments Manual. In carrying forward its work, the Task Force will also take account of the work undertaken by the OECD Working Group on Harmonized Investment Definitions.

5. The Task Force will determine the frequency and timing of its meetings. After each meeting, the Task Force will submit a summary of the discussion to the Committee, and it will present a final report to the Committee by March 31, 1996. The Committee may then reconstitute the Task Force to refine the scope of the exercise.

6. The IMF’s Statistics Department will act as Secretariat.

List of Members: IMF Task Force on Coordinated Portfolio Investment Survey


Canada Ms. Lucie Laliberté

Statistics Canada
AustraliaMs. Barbara Dunlop
Australian Bureau of Statistics
AustriaMr. Michael Andreasch
Austrian National Bank
BelgiumMs. Frieda Donkers
National Bank of Belgium
Mr. Guido Melis
National Bank of Belgium
CanadaMr. Jean-Frangois Carbonneau
Statistics Canada
FranceMr. Marc Schweitzer
Banque de France
GermanyDr. Rudolf Seiler
Deutsche Bundesbank
ItalyDr. Francesco Loi
Ufficio Italiano dei Cambi
JapanMs. Kazuko Tanaka
Ministry of Finance
Mr. Shinji Isaki
Bank of Japan
NetherlandsMr. R.P. Sparling
De Nederlandsche Bank N.V.
SwedenMr. Gunnar Blomberg
Sveriges Riksbank
United KingdomMs. Caroline Lakin
Office for National Statistics
Mr. Stephen Sabine
Bank of England
United StatesMr. William Griever
U.S. Treasury Department
Mr. Russell Scholl
U.S. Department of Commerce
BISMr. Rainer Widera
EMIMs. Christina Kruse
OECDMs. Ayse Bertrand
IMFMr. Robert Heath
Mr. John Motala


This Survey Guide is provided to assist national compilers in preparing for the International Monetary Fund’s (the IMF’s) 1997 Coordinated Portfolio Investment Survey (referred to henceforth as the Coordinated Survey). It should be a valuable source of information for compilers of any country embarking upon the Coordinated Survey.

The Survey Guide was prepared by the IMF’s Task Force on Coordinated Portfolio Investment Survey. Established by the IMF’s Committee on Balance of Payments Statistics to prepare for the end-December 1997 Coordinated Survey, the Task Force is composed of experts on the collection of portfolio investment data. The composition of the Task Force is provided before this introduction.

The Survey Guide has two main purposes:

  • to set out the objectives of the Coordinated Survey; and
  • to provide practical advice on how to prepare, organize, and conduct the national survey.

Comprised of four chapters plus eight appendices, the Survey Guide is arranged as follows:

  • The first chapter presents the purpose, scope, and modalities of the Coordinated Survey.
  • The second chapter covers collection methods, the potential units to be surveyed, and the degree of detail required. Practical experience clearly indicates that there is no one best method of compiling portfolio investment data; each country must take account of its own financial structure and particular circumstances.
  • The third chapter covers a variety of conceptual issues that a country must address when conducting a survey. These include the treatment of different types of securities, the method of geographic attribution, the valuation of securities, the difference between direct and portfolio investment, and the treatment of particular types of transactions that could cause double counting. This Survey Guide strongly emphasizes the practical approach to these issues.
  • The fourth chapter covers the practical issues associated with preparing for a national survey. These include setting a timetable, taking account of the legal and confidentiality issues raised, developing a mailing list, choosing from types of software packages that can be used, and maintaining quality control checks.
  • Finally, the appendices provide three model survey forms—one for a survey of custodians and end-investors on a security-by-security basis; the second, for an aggregate survey of custodians and end-investors; and the third, for an aggregate survey of end-investors. The appendices also include a short summary of the Coordinated Survey’s objectives that can be presented to potential respondents, a glossary of security terms, flowcharts on client/custodial relationships, a listing of the major security databases that national compilers may find useful in their work, and a method for reconciling portfolio investment position and transactions data.

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