2018年-IMF国际货币组织全球_IMF_Committee_on_Balance_of_Payments_Statistics_Annual_Report_2017_11页_315kb

IMF Committee on Balance of Payments Statistics 2017 Annual Report Summary

Core Content

The 2017 Annual Report of the IMF Committee on Balance of Payments Statistics (Committee) provides an overview of global balance of payments and international investment position (IIP) trends, summarizes the Committee's work in 2017, and outlines the 2018 work program. The report highlights the importance of improving data quality, consistency, and coverage in the context of globalization, digitalization, and emerging financial instruments.

Main Points

• Globalization and Financial Interconnectedness:

  • There is increasing interest in enhancing data on capital movements to support analysis of spillovers and interconnections.
  • The Committee supported efforts to improve the Coordinated Portfolio Investment Survey (CPIS) reporting frequency and created a centralized database for non-resident issuer information.
  • The OECD and IMF conducted a comparison of bilateral direct investment data, revealing some inconsistencies that need to be resolved.

• Emerging Issues and Research Agenda:

  • The Committee proposed the creation of a Working Group with the OECD and STA to develop indicators for Global Value Chains (GVCs).
  • The Task Force on Special Purpose Entities (TFSPEs) was established to address data gaps and improve the measurement of SPEs in ESS.
  • The digital economy poses challenges in accurately reflecting digital trade in macroeconomic statistics. The Committee suggested developing a conceptual and measurement framework, with a draft Handbook on Digital Trade planned for 2018.
  • The informal economy requires a strategy to address data gaps, with a task force proposed to identify best practices in compilation methods.

• Data Coverage and Methodology:

  • The Committee focused on improving the coverage of the informal economy, SPEs, and digital trade.
  • The BPM6 framework was updated to include enhancements for IIP reporting, such as currency composition, remaining maturity of debt, and data for other financial corporations.
  • The Chinese renminbi (RMB) was included in the IMF's Currency Composition of Official Foreign Exchange Reserves (COFER) survey, marking a significant step in global currency coverage.

• 2018 Work Program:

  • The top priorities for 2018 include measuring the digital economy in ESS, improving informal economy coverage, strengthening SPEs reporting, measuring GVCs under BPM6, and developing a statistical framework for cryptocurrencies.
  • Medium priority topics include addressing remaining issues in the 2018 research agenda, reducing global and bilateral asymmetries, and finalizing the CPIS Guide update.

Key Information

• ESS Availability:

  • 192 economies submitted balance of payments data, and 164 submitted IIP data in 2017.
  • The global current account balance was consistently positive from 2010 to 2016, reaching $294.5 billion in 2016.
  • The global financial account balance decreased to $85.1 billion in 2016 from $171.9 billion in 2015.

• Data Gaps and Initiatives:

  • The G-20 Data Gaps Initiative (DGI) Phase II aimed to increase the frequency of CPIS reporting.
  • A pilot survey on international mobile money transfer services was initiated to gather data from telecom companies.
  • The Committee emphasized the need for harmonizing data requests and improving the sectorization of non-resident issuers in CPIS.

• Methodological Guidance:

  • The Committee agreed on guidance for the statistical treatment of currency swap agreements, letters of credit, and precious metals accounts.
  • The IMF will finalize clarification notes for these instruments and post them on the BPM6 and Committee websites.

• International Collaboration:

  • The Committee worked closely with international organizations such as the OECD, UN, and BIS to address data gaps and improve statistical frameworks.
  • A workshop on CDIS bilateral asymmetries was organized to facilitate data sharing and reduce discrepancies.

Conclusion

The 2017 Annual Report underscores the ongoing efforts of the IMF and its Committee to enhance the quality and coverage of balance of payments and international investment position statistics. These efforts are critical for understanding global financial dynamics, supporting policy-making, and improving international data coordination in the face of emerging challenges such as the digital economy and global value chains.