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Miss Rita Mesias

Abstract

This Coordinated Direct Investment Survey Guide (Guide) has been prepared to assist economies in participating in the Coordinated Direct Investment Survey (CDIS). The CDIS is being conducted under the auspices of the Statistics Department of the IMF across a wide range of economies. The survey is conducted simultaneously by all participating economies; uses consistent definitions; and encourages best practices in collecting, compiling, and disseminating data on direct investment positions. The CDIS is thus an important tool in capturing world totals and the geographic distribution of direct investment positions, thereby contributing to important new understandings of the extent of globalization, and improving the overall quality of direct investment data worldwide. As of the writing of this updated Guide, more than 100 economies participate in the CDIS.

Miss Rita Mesias

Enterprise B has equity investment assets (reverse investment 2 ) in Enterprise A of 5. Also, Enterprise B has debt liabilities of 25 to Enterprise A, and that Enterprise B has debt assets (reverse investment) on Enterprise A of 5. Finally, Enterprise B has equity investment assets in Enterprise D of 10 and equity investment assets in Enterprise E of 14, and there are no debt investments between B and D or E. Figure 4.1 Direct Investment of Economies 1, 2, and 3 4.4 Table 4.1 presents the information collected from Enterprise B by compilers in Economy 2

Mr. Philip R. Lane and Mr. Gian M Milesi-Ferretti

below, and we focus in particular on holdings denominated in U.S. dollars and in euros. External assets For foreign direct investment abroad and portfolio equity investment assets , we assume that investment in each country is denominated in the currency of that country. In particular, all euro area holdings in the United States and half of FDI in offshore centers are assumed to be denominated in dollars. Data on the geographical breakdown of the euro area’s International Investment Position at end-2004 comes from the August 2006 ECB Bulletin. The share of

Ezequiel Cabezon and Christian Henn

does not affect the net worth measures that are of our primary interest. 15. As far as available information allows, we perform consolidation across the subsectors of the public sector . Specifically, we consolidate five items: Equity of CG-owned public corporations . We exclude the equity of central-government-owned public corporations from the liabilities of public corporations and the equity investment assets of general government. In 2017, this reduces both these items by NOK 840 billion (30 percent of mainland GDP). Data on the CG’s equity holdings in

International Monetary Fund. Statistics Dept.

-Sector Current Structure Recommended Changes and Notes Extrabudgetary Central government (Statutory Bodies) FLOWS Revenue/Receipts from Sales Tax Revenue: CESS + Lump-sum other tax revenue Non-Tax Revenue grouping only partially GFS compliant Asset sales receipts only partially GFS compliant Grants largely GFS compliant Expenditure (Current + Capital) Current Expenses largely compatible with GFS classification Capital Expenditure with some but not sufficient GFS breakdown COFOG Financial Transactions Staff Loans (Assets) Equity investment (Assets

Mr. Philip R. Lane and Mr. Gian M Milesi-Ferretti
Although Europe in the aggregate is a not a major contributor to global current account imbalances, its trade and financial linkages with the rest of the world mean that it will still be affected by a shift in the current configuration of external deficits and surpluses. We assess the macroeconomic impact on Europe of global current account adjustment under alternative scenarios, emphasizing both trade and financial channels. Finally, we consider heterogeneous exposure across individual European economies to external adjustment shocks.
Ezequiel Cabezon and Christian Henn
Based on a permanent income analysis, Gagnon (2018) has prominently suggested that Norway has saved too much, thereby free-riding on the rest of the world for demand. Our public sector balance sheet analysis comes to the opposite conclusion, chiefly because it also accounts for future aging costs. Unsurprisingly, we find that Norway’s current assets exceed its liabilities by some 340 percent of mainland GDP. But its nonoil fiscal deficits have grown very large (to almost 8 percent of mainland GDP) and aging pressures are only commencing. Therefore, Norway’s intertemporal financial net worth (IFNW) is negative, at about -240 percent of mainland GDP. As IFNW represents an intertemporal budget constraint, this implies that Norway’s savings are likely insufficient to address aging costs without additional fiscal action.
International Monetary Fund. Statistics Dept.
This technical assistance report on Malaysia highlights that the mission aimed to support the Malaysian authorities in improving government finance statistics (GFS) for decision making. The mission reviewed the progress in the implementation of the accounting project to introduce accrual financial reporting standards at the federal government level. The mission identified considerable potential for collaboration between Ministry of Finance (MOF) and Department of Statistics Malaysia (DOSM) with respect to fiscal data collection for other general government sublayers and public nonfinancial corporations. The mission concluded that the general ledger structure is sufficient to produce GFS on both cash and an accrual basis. The mission suggested that collaboration between MOF and DOSM going forward would be necessary to ensure data consistency and to facilitate the explanation of remaining minor differences to users. The mission recommends that the authorities verify the causes for inconsistencies based on recent annual data, and to formally align the collaboration between the institutions.
International Monetary Fund. Monetary and Capital Markets Department

collateral value for provision calculations), legacy NPLs could weigh on credit and economic growth, especially if the need for write-offs and additional provisions leads to capital shortfalls. Moreover, (equity) investment assets seem to be linked to NPLs for one bank. Figure 4. Bank Soundness (In percent unless otherwise indicated) Sources: The Financial Services Commission and IMF staff calculations. CAR = capital adequacy ratio; WM = wealth management. 19. Banks face special challenges to manage liquidity risk, given TCI’s institutional setup and

Mr. Gian M Milesi-Ferretti and Mr. Philip R. Lane
The relationship between international payments and the real exchange rate—the “transfer problem”—is a classic question in international economics. We use new data on countries’ net external positions together with real exchange rate data to shed light on this question. We present a model yielding testable implications on the long-run co-movements of real exchange rates, external positions, relative GDP and terms of trade, and cross-country and time-series evidence on the subject. Countries with net external liabilities are found to have more depreciated real exchange rates, with the main channel of transmission working through the relative price of nontraded goods.