## BPM7 Annex 12. Links Between International Standards for Macroeconomic Statistics: Annotated Outline ## Source details **Canonical URL:** [BPM7 Annex 12. Links Between International Standards for Macroeconomic Statistics: Annotated Outline](https://www.imf.org/-/media/files/data/statistics/bmp7/final-annotated-outlines/bpm7-annex-12-links-between-international-standards-for-macroeconomic-statistics-annotated-outline.pdf) ## Other formats - [Markdown version](/-/media/files/data/statistics/bmp7/final-annotated-outlines/bpm7-annex-12-links-between-international-standards-for-macroeconomic-statistics-annotated-outline.pdf.md) - [Structured JSON version](/-/media/files/data/statistics/bmp7/final-annotated-outlines/bpm7-annex-12-links-between-international-standards-for-macroeconomic-statistics-annotated-outline.pdf.json) --- ### Introduction - Annex is an update of BPM6 Appendix 7. - Purpose: provide a broad framework of statistical linkages of international accounts with the national accounts and other macroeconomic statistics. - Will present interconnections of the balance of payments and international investment position (IIP) with: - the System of National Accounts (SNA), - government finance statistics (GFS), - monetary and financial statistics (MFS), - external debt statistics. - Note: Changes from BPM6 highlighted in yellow. - Prepared by Wilson Phiri (BPM editor) and cleared by BPM Project Manager. ### Accounting System - Extends discussion in paragraphs A7.2–3 in BPM6. - Will outline similarities and differences between accounting systems of balance of payments/IIP and other macroeconomic statistics. ### Classification - Expands discussion in paragraph A7.4 in BPM6. - Will provide similarities and differences in classification between the balance of payments/IIP and other macroeconomic statistics. ### Linkages of Balance of Payments/IIP with Other Macroeconomic Statistics — Overview - Will include a schematic diagram: Figure 1. “Linkages of Balance of Payments and International Investment Position with Other Macroeconomic Accounts”. - Followed by descriptions of main linkages of international accounts with each main macroeconomic dataset. ### a) Linkages with the System of National Accounts (SNA) - Will highlight specific components in the balance of payments that are integrated in the SNA. - Will present linkages of the IIP with the SNA rest of the world account. - Maintains discussion in paragraphs A7.5–7.9 in BPM6 and Table A7.1 with possible updates. - Will reference Chapter 19 of BPM7 (Chapter 14, BPM6) arising from GN B.4 “Reconciliation Between Flows and Stocks” on Consistency between Balance of Payments/IIP and National Accounts. - Schematic elements (as presented): - Real sector and fiscal sector interactions (e.g., Consumption, Investment, Net Exports of Goods and services). - External sector and monetary sector interactions (e.g., Balance of payments; Depository Corporations Survey (Derived Flows); Current account; Financial Account (Transactions); Opening position; Closing position; Other Changes in Volume; Revaluations). - Financial instruments explicitly listed: Direct Investment; Portfolio Investment; Financial Derivatives; Other Investments; Reserve Assets. - Items shown: Net Foreign Assets; Claims on non-residents; Liabilities to non-residents; Broad Money; Net Acquisition of Financial Assets; Net Incurrence of Liabilities; Errors and Omissions; IIP Assets; IIP Liabilities; Other Items Net. ### b) Linkages with Government Finance Statistics (GFS) - Will present linkages of the balance of payments/IIP with GFS. - Primary source documents to be used: - BPM6 Compilation Guide Appendix 6 “Linkages with Other Macroeconomic Datasets” (paragraphs A6.54–6.110). - Government Finance Statistics Manual 2014 (GFSM 2014) Appendix 7 “Linkages between GFS and Balance of Payments and the International Investment Position” (paragraphs A7.75–A7.98). - High-level overview of linkages provided in the online GFSx Course – Module 8: “Using GFS for Policy Purposes”. ### c) Linkages with Monetary and Financial Statistics (MFS) - Will describe interconnections of transactions and positions for: - deposit-taking corporations, - central bank, - other financial corporations, in the international accounts with corresponding sections in monetary and financial statistics. - Primary source documents to be used: - BPM6 Compilation Guide, Appendix 6 “Linkages with Other Macroeconomic Datasets” (paragraphs A6.31–6.53). - Monetary and Financial Statistics Manual and Compilation Guide (MFSMCG 2016), Appendix I, Section IV. “Linkages between Monetary Statistics and External Sector Statistics” (paragraphs A1.14–A1.24). ### d) Linkages of the IIP with External Debt Statistics - Will highlight components in the IIP that constitute external debt and the differences that exist. - Will present linkages of functional categories, instruments, and institutional units between the IIP and external debt statistics. - Primary source documents to be used: - External Debt Statistics Guide, Appendix 4 “The Link between External Debt Statistics and the IIP”, paragraphs 2–6, and Table A4.1. - Relevant references to the Public Sector Debt Statistics Guide for alignment of External Debt Statistics with Public Sector Debt Statistics. ### Schematic Overview (Structure of Annex) - I Introduction - II Accounting System - III Classification - IV Linkages of Balance of Payments and International Investment Position with other Macroeconomic Statistics - a) Linkages with the System of National Accounts - b) Linkages with Government Finance Statistics - c) Linkages with Monetary and Financial Statistics - d) Linkages of International Investment Position with External Debt Statistics - References (lists of manuals and appendix paragraphs to be used) ### References and Source Documents (to be used in annex) - BPM6, Appendix 7. - BPM6 Compilation Guide, Appendix 6 (paragraphs A6.31–A6.110). - GFSM 2014, Appendix 7: Linkages between GFS and Balance of Payments and the International Investment Position (paragraphs A7.75–A7.98). - GFSx Online Course – Module 8: Using GFS for Policy Purposes. - MFSMCG 2016, Appendix I, Section IV. “Linkages between Monetary Statistics and External Sector Statistics” (paragraphs A1.14–A1.24). - External Debt Statistics Guide 2014, Appendix 4 “The Link between External Debt Statistics and the IIP” (paragraphs 2–6, and Table A4.1). - Public Sector Debt Statistics, Guide for Compilers and Users, 2013, Appendix I, Relationship of Public Sector Debt Statistics and External Debt Statistics. ### Key Stakeholders Consulted - [System of National Accounts Lead Editor] - IMF Statistics Department Financial Institutions Division and Government Finance Division --- _Source: https://www.imf.org/-/media/files/data/statistics/bmp7/final-annotated-outlines/bpm7-annex-12-links-between-international-standards-for-macroeconomic-statistics-annotated-outline.pdf_