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International Monetary Fund

. Set out below are the advantages and disadvantages of these approaches. An “end-investorsurvey 30 . An “end-investorsurvey focuses primarily on the beneficial owner of nonresident securities. This approach should provide good coverage when investment in nonresident securities is concentrated in institutional investors, for instance, banks, security dealers, mutual funds, and pension and insurance funds. The quality of the data provided should also be good because end-investors are probably best informed about the size, composition, and value of their own

Venkat Josyula

others with knowledge of local market conditions and investment conduits. See the discussion later in this chapter (paragraphs 4.27–4.41) on the pros and cons of using an end-investor survey, a survey of custodians, or a combination of both approaches. How are data currently collected on securities issued by a nonresident, for both transactions and positions? Is it possible to adapt an existing survey and/or administrative source data, or is there a need to develop a new approach? 4.12 If data for either portfolio investment in the financial account of the

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their own custody, or some combination of these? 4.11 This issue should also be explored with institutional investors and others with a knowledge of local market conditions and investment conduits. See the discussion later in this chapter on the pros and cons of using an end-investor survey, a survey of custodians, or a combination. How are data currently collected on securities issued by a nonresident, for both transactions and positions? Is it possible to adapt an existing survey, or is there a need to develop a new approach? 4.12 If data for either

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discussions with custodians, it was concluded that custodians could be relied upon to provide accurately the required information on an aggregate basis. Hence, a combined custodian/end-investor reporting system was selected, with the latter confined to institutional investors and a few important investment companies. For pension funds and insurance companies, total holdings as reported in the CPIS end-investor survey could be checked against data reported in their annual balance sheets. Any differences between these totals and those reported to be held by resident

Mr. Philip R. Lane and Mr. Gian M Milesi-Ferretti
The paper provides a systematic analysis of bilateral, source and host factors driving portfolio equity investment across countries, using newly-released data on international equity holdings at the end of 2001. It develops a model that links bilateral equity holdings to bilateral trade in goods and services and finds that the data strongly support such a correlation. Larger bilateral positions are also associated with proxies for informational proximity. It further documents that the scale of aggregate foreign equity asset and liability holdings is larger for richer countries and countries with more developed stock markets.
Mr. Philip R. Lane and Mr. Gian M Milesi-Ferretti

that experienced periods of substantial capital flight in the past (such as several Latin American countries) and, more generally, for assets held in offshore centers for tax shelter reasons. 16 Third-party holdings . Third party holdings refer to securities issued by country B and held in an institution residing in country C by a resident of country A. Third-party holdings do not pose a measurement problem when using end-investor surveys, but can lead to mismeasurement if the surveys are based on custodians (typically domestic ones, therefore missing assets held by

Venkat Josyula

system was selected, with the latter confined to institutional investors and a few important investment companies. For pension funds and insurance companies, total holdings as reported in the CPIS end-investor survey could be checked against data reported in their annual balance sheets. Any differences between these totals and those reported to be held by resident custodians on behalf of pension funds and insurance companies are taken to be securities held with nonresident custodians. Russian Federation 6.15 Data on resident holdings of securities are

Venkat Josyula

compiling and maintaining a register, ideas about what can be stored on the register (and on a computerized register), and finally an explanation of how the register can be used during the national survey. No register can be developed until national compilers decide how they intend to achieve comprehensive coverage of domestic residents’ holdings of securities issued by nonresidents, whether primarily through an end-investor survey, a custodian survey, an investment (fund) manager survey, or a combination of these options. Compiling a Register 5.7 The sources of

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establishes the direct investment relationship, and any other equity or debt that is issued by the direct investment enterprise or the direct investor or its affiliates and owned by them, should be excluded from the Coordinated Survey. 17 In practice, the method by which they are excluded may well depend on the general collection method adopted. 83 . In an end-investor survey, the reporting instructions should be clear as to what should be included and what should be excluded. Because end-investors are best informed about the composition of their investments, they should

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securities, that is, primarily through an end-investor, custodian-based, or mixed custodian/end-investor survey. This issue is addressed in detail in chapter 2 . A. Compiling a Register 120 . The sources of information on potential survey respondents are varied, and the work required to compile a register will depend on the extent to which a register already exists in the statistical agency. Box 1 provides guidance on how to compile a register, including the possible sources of information, based on the experience of the Australian Bureau of Statistics. In