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Central Bank of the Republic of China

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International investment position (Methodology)

The Republic of China
International investment position

Summary of Methodology

 

Contact person Balance of Payments Section
Economic Research Department, Central Bank of the Republic of China (Taiwan)
 
    Phone: 886-2-23571753
Fax: 886-2-23571757
E-mail: bop@mail.cbc.gov.tw

I. Analytical Framework, Concepts, Definitions and Classifications

  • Analytical framework: Taiwan's international investment position (IIP) is compiled in accordance with the guidelines set out in the sixth edition of IMF's Balance of Payments and International Investment Position Manual (BPM6).
  • Definitions: Taiwan's IIP is an annual statistical statement of the stock of Taiwan's external financial assets and liabilities.
  • Classification system: Taiwan's IIP is based on the BPM6.

II. Scope of the Data

  • Coverage: All external financial assets and liabilities are covered.

III. Accounting Conventions

  • Conversion to unit of account: IIP stock figures are translated into U.S. dollars at the exchange rate of the reference date.
  • Valuation: IIP figures are valued at market prices as far as they are available. The stock of direct investment abroad is measured on a net-worth basis because most companies invested are not exchange-listed.

IV. Nature of Basic Data

  • Direct investment: Asset side is based largely on the balance sheet of listed companies and estimated through the accumulation of flows, while liability side is largely based on reports submitted by custody institutions, capital amount of branches or affiliates in Taiwan, external debt statistics, and indirect estimation methods.
  • Portfolio investment: Primary sources of data are banks' balance sheet of foreign assets and liabilities, outward portfolio investment statistics or survey, reports submitted by custody institutions, GDR (global depositary receipt) and ECB (euro convertible bond) outstanding balance, and indirect estimation methods.
  • Financial derivatives: Primary sources of data are banks' balance sheet of foreign assets and liabilities, reports submitted by custody institutions, and indirect estimation methods.
  • Other investment: Primary sources of data are banks' balance sheet of foreign assets and liabilities, external debt statistics, Taiwan's external loans and deposits of reporting banks of BIS international banking statistics, and indirect estimation methods.
  • Reserve assets: Source of data is the CBC's balance of sheet.

V. Compilation Practices

  • A wide variety of verification procedures are practiced during data collection and compilation.

VI. Other Aspects

  • Seasonal adjustment: No seasonal adjustments to IIP data are presently attempted.
  • Data revisions: The data are preliminary when first released and are usually revised one year later.

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