Abstract

Outflows are indicated by a minus sign (-).

Table 1.

Financial Transactions of the Balance of Payments 1986-1989 Global Discrepancies and Adjustments Shown by Major Components

(average net values shown in billions of USS)

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Outflows are indicated by a minus sign (-).

Liabitities constituting foreign authorities reserves

Source: International Monetary Fund, Report on the Measurement of International Capital Flows(the Godeaux Report), September 1992.
Table 2.

1997 CPIS Collection Strategies and Availability of Data

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End investors (EI), Custodians (CU)

Equity securities (EQ), long-term debt securities (LT), short-term debt securities (ST), financial derivatives (FD)

A compulsory survey was one for which national statistical authorities were legally empowered to require resident entities to provide data and to impose fines to non-respondents.

Banks

Only institutional investors

Only when, within a bank or another depositary institution, the reporting responsibility was not delegated

Includes data on long-term and short-term debt securities

Data on securities held as reserve assets were reported in the 1997 CPIS.

Table 3.

Portfolio Investment Assets of 1997 CPIS Participants at End-December 1997

(in millions of US$)

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Supplementary data consist of data on foreign long-term securities (equity and debt) held as reserve assets by the monetary authorities of countries participating in the SEFER; plus BIS data relating to nonresident debt securities held by banks resident in Germany, Hong Kong SAR, Luxembourg, and Switzerland; plus equity and long-term debt securities, held mainly in respect of pension fund operations for staff, by selected international organizations.

Table 4.

Portfolio Investment Assets of 1997 CPIS Participants at End-December 1997

Shown by Instrument and Region of Issuer

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Source: 1997 Coordinated Portfolio Investment Survey
Table 5.

Global Portfolio Investment Assets and Liabilities at End-December 1997*

Shown by Instrument and Region of Issuer

(in billions of US$)

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Regional data are not presented on a consolidated basis.

Compiled by combining information from the 1997 CPIS, SEFER, IO, and BIS

Table 6.

Global Discrepancies in Portfolio Investment Assets and Liabilities at End-December 1997

(in trillions of US$)

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as reported by the 29 participating countries

including adjustments for nonreporting countries and international organizations See Table 4 for the adjusted 1997 CPIS data.

Sources: 1997 CPIS; BIS, IMF, other international organizations, and IMF staff estimates
Table 7.

World Current Account Balances 1992–1998

(in billions of US$)

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Source: Balance of Payments Statistics Yearbook, Volume 50, Part 2, International Monetary Fund, Washington, DC, 1999
Table 8.

World Capital Account and World Financial Account Balances 1992–1998

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Source:Balance of Payments Statistics Yearbook, Volume 50, Part 2, International Monetary Fund, Washington, DC, 1999Notes: In the Financial Account balances, no sign indicates that recorded inflows exceed recorded outflows; a negative sign indicates that recorded outflows exceed recorded inflows.Data on LCFAR were derived from sample data, collected by the IMF, on countries having substantial reserves.These data were used to adjust data on portfolio and other investment liabilities for the purpose of achieving better alignment between the data on portfolio and other investment liabilities and the corresponding asset series.
Chart 1.
Chart 1.

World Transactions and Primary Components of World Financial Account TransactionsaWorld Transactions

(in billions of $ US)

a Transactions are shown on a net basis; that is, transactions are computed as the midpoints (i) between the total absolute value of all net balances (for Current Account and Capital Account transactions) or (ii) between all net changes in financial assets and liabilities.Source: See appendix on IMF database.
Chart 2.
Chart 2.
Chart 2.

Bilateral Discrepanciesa Between Liability Data Reported by 1997 CPIS Participants and Partner Country Data

a shown as a ratio of total portfolio investment liabilities of the reporting country* indicates that the partner country included reserve assets in its CPIS holdingsSource: 1997 Coordinated Portfolio Investment Survey
  • View in gallery

    World Transactions and Primary Components of World Financial Account TransactionsaWorld Transactions

    (in billions of $ US)

  • View in gallery View in gallery

    Bilateral Discrepanciesa Between Liability Data Reported by 1997 CPIS Participants and Partner Country Data

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