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Venkat Josyula

. Concerned by these global imbalances and the associated discrepancies in income flows at the global level, the IMF Committee on Balance of Payments Statistics (the IMF Committee) decided in 1993 to support an internationally coordinated benchmark survey of long-term portfolio investment holdings to facilitate cross-economy comparisons, permit data exchanges, and encourage standardization and best practice. By undertaking a benchmark survey of holdings, it was hoped that many economies, for the first time, would be in a position to obtain a good estimate of the outstanding

International Monetary Fund

Conventions” in text and Table B . 1 Data include financial sector support. For Cyprus, 2014 and 2015 balances exclude financial sector support. 2 For cross-economy comparison, the expenditures and fiscal balances of the United States are adjusted to exclude the imputed interest on unfunded pension liabilities and the imputed compensation of employees, which are counted as expenditures under the 2008 System of National Accounts (2008 SNA) adopted by the United States, but not in economies that have not yet adopted the 2008 SNA. Data for the United States in

International Monetary Fund

.6 -3.3 -3.0 Source: IMF staff estimates and projections. Projections are based on staff assessments of current policies (see “Fiscal Policy Assumptions” in text). Note: “Primary balance” is defined as the overall balance, excluding net interest payments. For country-specific details, see “Data and Conventions” in text and Table B . 1 Data include financial sector support. For Cyprus, 2014 and 2015 balances exclude financial sector support. 2 For cross-economy comparison, the expenditures and fiscal balances of the United States are

Emma Angulo and Alicia Hierro

standards and have been used to explain some of the bilateral asymmetries in this paper. The structured design of the metadata questionnaires allows easy cross-economy comparisons, facilitating the identification of methodological differences with main counterparts. The questionnaires also include compilers’ contact data to facilitate information exchange with main counterparts. Methodological comparability is improving over time with the implementation of the international standards set in the BPM6 and the 2015 CDIS Compilation Guide , but there are areas were

Emma Angulo and Alicia Hierro
This paper analyzes asymmetries in direct investment positions reported in the Coordinated Direct Investment Survey (CDIS) following a top down approach. First, it examines asymmetries at global level; second, it examines asymmetries between CDIS reported and derived data for individual economies; and third, the paper analyzes data at bilateral economy level. Then, the paper explores seven main reasons for asymmetries, including those arising even when economies follow international standards. Finally, the paper includes a section on addressing bilateral asymmetries and concludes with specific planned actions to reduce asymmetries, including initiatives led by international organizations.
International Monetary Fund. Monetary and Capital Markets Department

gauge valuation of fixed-income assets. Mature market valuations are also assessed, as emerging market assets often trade in close relation. 41 We acknowledge that historical and cross-economy comparisons may ineffectively capture the current state of a particular market given structural changes in markets over time and differences in market structures between economies. Moreover, Table 1.8 does not include all the factors that may contribute to the formation of financial imbalances, such as measure of credit, financial system liquidity, or investment