## Issue Note: Title of the Updated BPM

## Source details

**Canonical URL:** [Issue Note: Title of the Updated BPM](https://www.imf.org/-/media/files/data/statistics/bpm6/approved-guidance-notes/issue-note-title-of-the-updated-bpm-final-version.pdf)

## Other formats

- [Markdown version](/-/media/files/data/statistics/bpm6/approved-guidance-notes/issue-note-title-of-the-updated-bpm-final-version.pdf.md)
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### Introduction and context
- Since the first edition of the Balance of Payments Manual was published in 1948, the abbreviation BPM has been used with increasing numbers (BPM1, BPM2, etc.) to highlight the historical evolution from previous editions.
- With the publication of BPM6, the title changed for the first time to Balance of Payments and International Investment Position Manual to underscore the increased importance of external positions.
- When the Annotated Outline for the Revision of BPM5 was published in 2004, three alternative title proposals were considered but the BPM abbreviation was retained for brand value.
- The ongoing update of BPM6 provides an opportunity to adjust the title to emphasize central features of the revised Manual while maintaining continuity and brand recognition.

### Options considered for the title
- The BPM7 editorial team stresses the need to maintain the BPM abbreviation to promote continuity and brand recognition.
- The editorial team recognizes the importance of reflecting that the full stock/flow reconciliation—also known as the integrated international investment position (IIP)—will be placed at the center of the new Manual.
- Four title options presented:
  - Option 1: Balance of Payments and International Investment Position Manual, seventh edition (BPM7)
    - Represents status quo with the only modification being the change from sixth to seventh edition.
  - Option 2: Balance of Payments and Integrated International Investment Position Manual, seventh edition (BPM7)
    - Introduces the term “integrated” in front of the IIP to emphasize that the full stock/flow reconciliation—including a breakdown of other changes in financial assets and liabilities into exchange rate changes, other price changes, and other changes in volume—will be part of the core framework in the new Manual.
  - Option 3: Integrated Balance of Payments and International Investment Position Manual, seventh edition (BPM7)
    - Adds the term “integrated” at the beginning of the title to signify that the Manual not only introduces the fully integrated IIP, but also integration within the balance of payments (BOP) and between the BOP and the IIP. The integration within the BOP refers to the fact that the sum of the current and capital account balances conceptually matches the financial account balance, while the BOP transactions from the financial account feed directly into the IIP data.
  - Option 4: Integrated International Investment Position and Balance of Payments Manual, seventh edition (BPM7)
    - Adds the term “integrated” at the beginning and switches the order of the BOP and IIP to have the IIP first; allows for a broader interpretation of “integrated” (for the IIP, the BOP, and the interaction between them).

### Recommendation of the BPM7 editorial team
- The BPM7 editorial team recommends Option 3: Integrated Balance of Payments and International Investment Position Manual, seventh edition (BPM7).
- Rationale for preferring Option 3:
  - Option 1 is considered inappropriate because it makes no mention of the integrated framework, which is a central feature of the new Manual.
  - Option 3 is preferred over Option 2 because it highlights both the integration within the BOP and IIP and the interaction between them.
  - Option 3 is preferred over Option 4 because it provides a higher degree of continuity by keeping the term “balance of payments” at the beginning of the title, consistent with previous editions.

### BOPCOM consultation outcome
- A majority of the members of the IMF Committee on Balance of Payments Statistics (BOPCOM) supported Option 3 (Integrated Balance of Payments and International Investment Position Manual, seventh edition (BPM7)).

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_Source: https://www.imf.org/-/media/files/data/statistics/bpm6/approved-guidance-notes/issue-note-title-of-the-updated-bpm-final-version.pdf_