Chapter

2019 Work Program

Author(s):
International Monetary Fund. Statistics Dept.
Published Date:
February 2019
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22. The top priorities of the Committee for 2019 are: (i) preparation of a strategic (“backbone”) paper describing overarching topics around which the Committee’s research agenda should be structured; (ii) continue the work to improve IE coverage and measurement in ESS; (iii) continue the work to measure GVCs under the BPM6 framework; (iv) advise on the implementation plan for launching the new reporting framework for SPEs’ transactions and positions; and (v) develop further guidance on the treatment of reserve assets for member states in centralized currency unions.

23. The proposed medium priority topics include: (i) providing guidance on items in the 2019 ESS research agenda; (ii) supporting the assessments of global financial stability and external vulnerabilities through (a) studying the feasibility of compiling and disseminating a full reconciliation of cross-border flows and stocks and (b) examining the feasibility of producing IIP with a country breakdown; (iii) enhance balance sheet statistics and global flow of funds by executing the PoC project for a centralized database on sectors and issuers of securities; (iv) finalizing the framework to capture trade finance; and (v) addressing global discrepancies in ESS by supporting a more bilaterally focused approach. The 2019 work program of the Committee is available at BOPCOM 18/16.

Appendix I. Membership of the IMF Committee on Balance of Payments Statistics and Representatives of International Organizations

(As of December 31, 2018)

Chair
Louis Marc Ducharme IMF, Statistics Department
Members
Grace Akrofi

Bank of Ghana
Robert Pupynin

Central Bank of the Russian Federation
Mher Barseghyan

Central Bank of Armenia
Gabriel Quiros

IMF, Statistics Department
Pirn Claassen

De Nederlandsche Bank
Norhayati Razi

Bank Negara, Malaysia
Kenneth Egesa1

Bank of Uganda
Mounir Rhandi

Office des Changes Morocco
Paul Farello

Bureau of Economic Analysis United States
Fernando Rocha

Banco Central do Brasil
Perry Francis

Bank of England
Yangchen Tshogyel

Royal Monetary Authority of Bhutan
Keiji Fukuzawa

Bank of Japan
Carlos Sanchez-Muhoz

IMF, Statistics Department
Jian Han

State Administration of Foreign Exchange People’s Republic of China
Ursula Schipper

Deutsche Bundesbank Germany
Miyuki Izumiyama

Ministry of Finance, Japan
Consuelo Soto

Central Reserve Bank of Peru

Did not attend the October 2018 Committee meeting.

Did not attend the October 2018 Committee meeting.

Representatives of International OrganizationsSecretariat (IMF, Statistics Department)
Bank for International Settlements

Philip Wooldridge
Alicia Hierro

Tamara Razin
European Central Bank

Olga Monteiro
European Commission-Eurostat

Lena Frej Ohlsson
Organization for Economic Co-operation and Development

Maria Borga
United Nations Conference on Trade and Development

Astrit Sulstarova2
United Nations Statistics Division Herman Smith
World Bank

Barbro Hexeberg

Did not attend the October 2018 Committee meeting.

Did not attend the October 2018 Committee meeting.

1The Committee’s Terms of Reference are available at http://www.imf.org/external/bopaqe/bopindex.htm.
2Includes 178 IMF members, 13 economies—non-IMF members, and three currency unions.
3Includes 155 IMF members, 11 economies—non-IMF members, and three currency unions.
4While, at the global level, the balance of payments current account balances for all economies and international organizations (lOs) combined should be zero, in practice, they are not. Global current account imbalances are of interest to the Committee, as they are a symptom, among others, of estimation errors, incomplete coverage (e.g., missing data for a number of economies that do not report to the IMF, including some offshore centers), and asymmetric valuation that, when large, could lead to analytical mistakes.
5As in the case of the current account global balance, global financial flows should also cancel out and sum up to zero since any positive financial account balance of any country vis-a-vis the rest of the world (except for holdings of monetary gold bullion) should be offset by a negative financial account balance of its counterparts altogether.
6Gold bullion included in monetary gold is recorded as an asset in the IIP accounts, and there is no corresponding liability. Based on data published in the World Tables in International Financial Statistics, holdings of monetary gold were around US$1.4 trillion at end-2017.

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