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Mr. Abdessatar Ouanes and Mr. Subhash Madhav Thakur

financial transactions may be recorded at different times by the two parties, so that adjustments need to be made to the original data derived from trade returns, exchange records, or enterprise surveys. Valuation A balance of payments transaction should be valued at the market price, which reflects the terms of a specific exchange between a willing buyer and a willing seller. The market price is distinguished from a general price indicator (such as a world market price) for a specific commodity. In practice, this definition creates difficulties in recording

Mr. Peter Harper

. 2. International transaction reporting systems The essential feature of an international transaction reporting system (ITRS) is that it records each balance of payments transaction which passes through a country’s banking system. 11/ However, this in itself is not sufficient to compile good quality balance of payments statistics and a well-designed ITRS should measure other balance of payments transactions, including those involving domestic enterprises bank accounts with banks abroad. Because an ITRS essentially records transactions when payments are made

International Monetary Fund. Statistics Dept.
A technical assistance (TA) mission on external sector statistics (ESS) was conducted in Beirut, Lebanon, during March 12–22, 2018, for the Da Afghanistan Bank (DAB).1 The mission took place at the request of the DAB and with strong support of the IMF’s Middle East and Central Asia Department. This mission is part of the Middle East Regional Technical Assistance Center (METAC) work program. The main objectives of the mission were to assist the DAB in improving the quality of the balance of payments and International Investment Position (IIP) by suggesting improvements in the statistical techniques and promoting the use of adequate source data. The main focus of the mission was on filling data gaps by developing new estimation methods based on existing and new data sources.
Erich Spitäller and Mr. Michel Galy
Recent success of the Spanish economy is frequently attributed to the benefits from economic integration into the European Community, which Spain joined in 1986. By contrast, this paper takes the view that, to a large extent, the origins of success may be traced back to earlier years and that the benefits from EC membership are best seen as reinforcing favorable trends already in effect. Exploring Spain’s economic development from a longer-run perspective, with emphasis on interaction of events at home and abroad, the paper assesses the financial and structural policy record for its contributions to success. Most significant are the “orthodox” stabilization and reform program under the auspices of the Fund in 1959, the “heterodox” adjustment program pursued on transition to democracy in 1977 and the differences in the response of policy to the oil crises of the early and late 1970s. On the whole, the approach to financial stabilization was radical, and that to structural reform gradual. The paper concludes that by mid-1980 Spain had largely accomplished the transition to a modern economy and prospects were favorable for sustainable expansion over the medium term. The mutually reinforcing effects of those circumstances and the subsequent process of integration into the EC spurred the further progress of Spain.
International Monetary Fund. Statistics Dept.
This Technical Assistance report highlights that the mission visited Madagascar to aid in the external sector statistics (ESS), including the balance of payments and international investment position (IIP). The mission focused on assisting improving the coverage of IIP by better using the administrative sources or by identifying new data sources for private sector. A more sustained effort must be applied to the collection system to ensure the timelier submission of data of adequate quality. The compilation of the quarterly ESS, which is one of the main ESS objectives, requires both an increase in the number of compilers and a change of approach in the collection of source data. The quarterly data are compiled on the basis of the ESRI and should be supplemented by the collection of quarterly data using a simple survey of major public and private enterprises. The mission recommended a detailed one-year action plan with a set of priority recommendations carrying particular weight to make headway in improving the ESS.
International Monetary Fund

. Numerous transactions consist of an exchange, such as goods for financial assets, between two enterprises. Accounting entries will be made in each company’s books for this exchange; the entries will show the same dates for acquisition of the goods and relinquishment of the financial asset, on the one hand, and for acquisition of the financial asset and relinquishment of the goods, on the other. Ideally, the entries should be dated the same by both parties. This treatment provides a fixed point of time to which a balance of payments transaction may be related. 116

Vicente Galbis

actual changes in the assets and liabilities of the transactors. But no entries should be made for the contractual commitments of participating banks. Only when this commitment is called upon and the notes have actually been sold to the banks that have underwritten the NIF, or to other investors, should the transaction be recorded as a balance of payments transaction. The sale of the notes will appear both as a liability in the balance sheet of the borrower and as an asset in the balance sheets of the banks (if held by the banks themselves) or of other investors

Mr. Eduardo Valdivia-Velarde and Ms. Tamara Razin

organizers, the balance of payments compiler may explore the likely breakdown between transport and travel costs with resident organizers. 3.235 In collecting the information from individuals traveling abroad (regardless of whether for package tours), it is important that the compiler ascertain the residence of the transport company to determine whether the services provided would be included in the compiler’s economy’s balance of payments. For example, if a resident airline is providing transport services to residents, this is not a balance of payments transaction