Balance of Payments Statistical Systems

Course on Balance of Payments and International Investment Position Manual

(BPM6)IMF-PFTAC

NadiNovember 22-December 1, 2010

DM03

Introduction

The BOP process, i.e. turning raw data into BOP (incl. IIP) statistics, can be thought of a system.

A systems based approach enables system components and links to be designed, operated and monitored separately.

Normally our BOP systems are a series of worksheets, some well designed, some not so.

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Elements in a system

Outputs (publication and validation tables) Raw materials and inputs Machinery and operating systems that convert

inputs into outputs A set of rules and procedures Quality control procedures

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Modules in a BOP Statistical System

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Standard Components Module This module defines the system. It contains the broad BOP and IIP aggregates, balances, and important more detailed standard components. It may contain more detail than the publication tables.  

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Publication Tables ModuleThis module shows the publication tables. While based on the standard component module some of the detail may have been combined, where necessary, to suppress confidential data.

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Worksheets Module This module contains the detailed standard components and shows the source for each. It is usually desirable to have separate worksheets for goods, services, primary income, secondary income and capital account, and financial account and IIP. The source series have counterparts in either the data model or the data source modules.    

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Data Models Module Data models are a frequently used device when only partial data to measure a standard component are available. Data models show the assumptions and data sources used to compile the model. Data models are used for example to estimate freight on imports, traveller expenditure, insurance, and household remittances.     

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Data Sources Module This module shows the various data sources used to compile the BOP statistics. Each data source worksheet should be designed to look similar to the data source from which it is taken.      

Design and monitoring

Careful attention needs to paid to designing or altering a system

Data entry cells and formula cells need to be clearly defined

The rules of the system need to be clearly defined and implemented

Quality control needs careful attention Also see BOP Compilation Guide, Chapter 20

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