GUIDELINES FOR USING BOP-DSD CONCEPTS IN TIME SERIES KEYS
1 AUGUST 2013
1.
The Balance of Payments Data Structure Definition (BOP-DSD) includes 16
dimensions and 13 attributes.1 Dimensions are used to uniquely identify a time series and,
when joined together, they provide the “time series keys” which is the unique identifier for a
time series. When defining a time series key using SDMX, a valid code must be assigned to
each dimension of the DSD. Annex 1 provides for a fictitious example of how the data
requests codified according to the BOP-DSD would look like. Attributes are used to further
describe the data.
2.
Attributes provide further descriptive and technical metadata, referring either to a
specific observation of the time series key or to the whole series key. Attributes are either
mandatory (i.e. they apply mandatorily to the whole dataflow) or conditional (i.e. they apply
only to a subset of the dataflow). Their level of attachment and status are defined in the DSD.
Their usage will be further detailed in the reporting guidelines.
3.
In addition to the dimensions and attributes explicitly defined in the DSD, the BOPDSD includes the concept of “observation value” (OBS_VALUE), where the observed value
can be found. The DSD also includes the time dimension (TIME_PERIOD), which is a
specialized dimension. It represents the point in time at which the phenomenon was observed
or measured.
4.
All dimensions and attributes provided in this DSD are coded concepts which are
associated with a code list and a descriptor for the coded item. For some dimensions, the
same code list is re-used when relevant. For example, the same code list is used for
identifying items of the reference area and the counterpart area, as they both refer to the same
list of countries, territories, and regional groupings. Items related to geographical areas are
listed in a non-hierarchical presentation (flat list). However, in the Excel version of the DSD,
“integrity rules” are provided for selected items to help users identify the relationships that
exist within a code list as well as to describe the composition of an item.
5.
The BOP-DSD Technical Group (TG) has defined the list of concepts that are
necessary to codify the reporting requirements of four international agencies2 for data
collection of external sector statistics based on the methodology defined in the IMF Balance
1
Compared to the version of the BOP-DSD issued in July 2012, one dimension was added to allow
for the identification of data compiled according to national or community “Compilation
methodology”.
2
The four agencies are the ECB, Eurostat, IMF, and OECD.
1
of Payments and International Investment Position Manual, sixth edition (BPM6)3. The
reporting requirements for foreign direct investment (FDI) statistics are covered by a separate
DSD, which borrows several dimensions from the BOP-DSD and adds a few complementary
dimensions to address the specificities of FDI.
6.
Some of the concepts used to identify external sector statistics are overlapping with
those used in national accounts statistics. The items lists, codes, and descriptors for these
common concepts have, therefore, been harmonized, to the extent possible, across the DSDs
for balance of payments and national accounts. As a result, the code lists of harmonized
concept lists are exhaustive and may include items that are required for national accounts but
not used for reporting balance of payments statistics. These longer code lists that are shared
across statistical domains will promote consistency of coded information, as well as sharing
of data.
7.
The codes used in the various code lists benefit from the latest work by the SDMX
Statistical Working Group (SWG). The SWG has recommended using generic codes for
common concepts, when applicable. The generic codes proposed by the SWG are included in
a very large number of DSDs because they cover very general and frequently used concepts.
The main purpose of a set of generic code list is to propose standardized identifiers which
can be shared.
8.
The generic codes recommended by the SWG were adopted across the BOP-DSD
code lists, and are provided in Table 1 below. The leading underscore is used to visually
mark the codes as "reserved", which is in line with established programming practice.
Table 1. SWG list of generic codes adopted for the BOP-DSD
Recommended Code
Value
Recommended Code
Description
_X
Not allocated/unspecified
_Z
Not applicable
_T
Total
9.
In the Excel representation of the DSD, filters are provided to pre-select items
relevant to specific reporting requirements. The filters should facilitate navigating the items
list by pre-selecting items that are applicable for BOP reporting to IMF, or reporting of
EBOPS for example. Furthermore, coded examples have been prepared by international
organizations to describe the time series keys for the various external sector statistics that
3
The needs of the Manual on Statistics of International Trade in Services are also covered to what regards
resident-non resident services transactions as the Extended Balance of Payments Services (EBOPS)
Classification is covered by the BOP DSD.
2
they collect. These examples are included in a workbook that can be provided by the
international organizations.
10.
International and supra-national organizations are expected to adopt gradually the
BOP-DSD for the collection of external sector statistics. For each dataset collected by these
organizations, detailed content, instructions and guidelines will be provided to facilitate the
adoption of the BOP-DSD for a seamless exchange of data.
11.
The rest of this document provides general guidelines for using the 16 dimensions
and 13 attributes of the BOP-DSD for the construction of the time series keys (TSKs) for
data exchange and to report external sector statistics.
12.
The following are the 16 dimensions used by the BOP-DSD:
1. Frequency
2. Adjustment indicator
3. Reference country or area
4. Counterpart Area
5. Reference sector
6. Counterpart sector
7. Flows and stocks indicators
8. Accounting entries
9. International accounts item
10. Functional category
11. Instrument and assets classification
12. Maturity
13. Unit of measure
14. Currency of denomination
15. Valuation
16. Compilation methodology
13.
The BOP-DSD also uses the following 13 attributes4:
I. Time format
II. Observation status
III. Confidentiality Status
IV. Pre-break value
V. Comments to the observation value
VI. Detailed description (title complement)
VII. Short title
VIII. Unit multiplier
4
Attributes are either attached at the time series level or at the observation level. No sibling group (concept
heavily used in SDMX-EDI data exchange) have been defined.
3
IX. Decimals
X. Time period collection
XI. Reference period detail
XII. Compiling organisation
XIII. Underlying compilation
A) Dimensions
1. Frequency
14.
This concept refers to the periodicity of the reported data. A single data file (or a
dataset in SDMX terminology) could include multiple frequencies. The most commonly used
frequencies are annual, quarterly, and monthly.
15.
Example: if the frequency of the time series is quarterly, the “Frequency” dimension
for that time series should be coded as "Q".
2. Adjustment Indicator
16.
This concept identifies the type of adjustment made to the time series. These
adjustments refer to seasonal, trading day, and trend cycle adjustments. In practice, they
usually apply only to infra-annual series, while annual time series data would usually be
coded as “neither seasonally or working day adjusted” (code N). In the data exchange
agreements, the data collection agency would usually specify which types of adjusted time
series (if any) they are seeking.
17.
For example: if the time series is not subject to any adjustment, the “adjustment
indicator” dimension for that time series should be coded as "N".
3. Reference Country or Area
18.
This concept identifies the reference area for the time series encoded using the
relevant code list of the DSD. The reference area is an economic territory, country, or region
for which external sector statistics are provided. External sector statistics disseminated by
international organizations (IOs) would likely include many reference countries, as well as
regional country groupings (areas), of which the composition is provided by IOs.
19.
The country code list follows the ISO 3166-1 alpha-2 classification and is a "crossdomain" code list, according to the recommendation of the SDMX Initiative. The codes used
4
for various regional groupings were harmonized across international agencies that use the
BOP-DSD, wherever possible.5
4. Counterpart Area
20.
This concept identifies the counterpart area for transactions and positions. All time
series for external sector statistics make reference to transactions or positions data between
residents and non-residents during a period (transactions) or at a specific point in time
(position). The counterpart area concept is used to identify the territory of the non-resident
entity of individual time series.
21.
For most time series in global balance of payments or international investment
position data, the counterpart area will be defined as the “rest of the world”.
22.
Please note that in the area code list included in BOP-DSD-V04 the two following
aggregates are provided:

W1= Rest of the World – corresponds to all economic territories outside the reporting
economy and is normally used for time series that refer to global balance of payments
statistics (i.e., when no geographical breakdowns are required).

W0= World (all entities) –corresponds to the “rest of the world” plus the reference
economy; this concept is only used for a few series in some reporting specific to
international reserves (such as the reserves template and foreign direct investment
statistics, see also FDI-DSD).
23.
In the context of the global balance of payments (i.e., with the “rest of the world”)
there are specific time series collected by the IMF that requires identifying the counterpart
area. These exceptions include “loans with the IMF” (as the distinct territorial enclave of an
international organization defined as “IMF”) and “other loans” (defined as “loans not with
the IMF”). A code for the territorial enclave “IMF” (1C) is included in the "Counterpart
area" code list, as well as a code for the “Rest of the world excluding IMF” (W1X1).
24.
External statistics can also be compiled with a geographical breakdown for partner
countries. Reporting of balance of payments to the ECB and to Eurostat, as well as detailed
(EBOPS) trade in services, requires geographical breakdown for partner countries. Detailed
information on counterpart areas are also required for the time series provided in the context
of the IMF Coordinated Investment Portfolio Survey and the IMF Coordinated Direct
Investment Survey and foreign direct investment statistics (see FDI-DSD).
5
This harmonization resulted in a code list that has been revised compared to the BOP-DSD V0.1
issued in July 2012.
5
25.
The country code list follows the ISO classification and is a "cross-domain" code list,
according to the recommendation of the SDMX Initiative. The codes used for various
regional groupings were harmonized across international agencies that use the BOP-DSD,
wherever possible.
5. Reference Sector
26.
This concept identifies the reference (institutional) sector, which is the corresponding
resident sector within the compiling economy for the BOP/IIP item. Traditionally, time series
for the goods and services account of the balance of payments refer to the relations of all the
institutional sectors of the reference area (coded as “S1” for total economy) with the Rest of
the World. For these time series, the “reference sector” dimension would usually be coded as
"S1".
27.
This concept is also used in National Accounts statistics. Therefore, the list of items
and codes included under this concept is very long.
28.
It should be noted that the sector classification in external sector statistics is generally
much more aggregated than in national accounts. For example, in the balance of payments,
the financial account is presented according to “other sectors”, which include i) financial
corporations other than banks, and ii) non-financial corporations, households, and NPISHs.
The items list provided in the “CL_SECTOR” code list includes all the groupings of sectors
commonly used in external sector statistics, as well as the more complete sector breakdowns
used in national accounts. When reporting data for external sector statistics, only a few of the
sectors provided in the “CL_SECTOR” code list will be used. Most investment income
transactions traditionally refer to “all institutional sectors” but the DSD provides for the
encoding of time series identifying the sector of the resident units involved in the investment
income transactions. As such, the coding structure proposed in the DSD could be
incorporated in the design of production databases for countries that collect and process data
at such levels of detail.
29.
BPM6 includes, under “international account items”, time series on secondary
income. Many of these time series refer to transactions undertaken by either the general
government or sectors other than the general government as the reference (institutional)
sectors. For these time series, the codes "S13" and "S1W" from the “reference sector”
dimension should be used.
30.
For the financial account, most time series (with the exception of those related to
direct investment functional category) require a specific institutional sector breakdown for
the resident units (reference sector).
6. Counterpart Sector
6
31.
This concept identifies the counterpart (institutional) sector of the external sector time
series.
32.
The items and codes included under this concept accommodate the needs of external
sector and national accounts statistics
33.
Traditionally, time series for the external sector statistics are vis-à-vis a counterpart
area defined as the “rest of the world” and a counterpart sector defined as “total economy”
(which covers all counterpart sectors). However, Eurostat and ECB require, for selected
financial transactions, a breakdown for the counterpart sector. When used together with the
“Reference Sector”, this level of detail allows establishing what is often referred to as “from
whom to whom” statistics. The “counterpart sector” concept is also used for transactions and
positions data on reserve assets to separately identify currency and deposit claims on
monetary authorities and on other entities.
34.
For most current and capital account transactions, this concept is "not applicable".
However for secondary income and for capital transfers, this dimension should be used to
codify transactions with specific counterpart sectors. For example: current transfers
(“International accounts item”: D75) of general government (“reference sector”: S13) to
NPISHs should be coded with “counterpart sector”: S15.
7. Flows and Stocks Indicator
35.
This concept identifies whether the time series is a transaction flow, a position
(stock), or a change in position not due to transactions (e.g., revaluations). It also includes
additional items to identify specific external sector transactions required for the “reserves
template”, which is a requirement of the IMF Special Data Dissemination Standard (SDDS).
36.
For example: if the time series refer to financial instruments, the “flows and stocks
indicator” dimension for these time series could be coded as "T" when the instruments are
transacted (included in BOP reporting), or as "LE" when the time series refer to stocks
(included in the IIP).
8. Accounting Entries
37.
This concept identifies the type of accounting entry: (i) for transactions on current
and capital account components, whether the time series is a credit, a debit, or the balance of
credit minus debit. Credit and debit series are reported as positive numbers, thus the balance
is expected to correspond to credit minus debit;6 (ii) for positions and transactions data in the
6
There are very few instances when credits and debits may be recorded as a negative number. Such
instances include the refund of taxes to tax payers, the recording of negative reinvestment earnings by
direct investment enterprises, which also implies the recording of negative income receivable and/or
(continued)
7
financial account, whether the time series refers to assets (or the net acquisition of), liabilities
(or the net incurrence of), or a net position, defined as assets minus liabilities. In the BPM6
standard components, time series for transactions related to the (International Accounts Item)
“financial account” are usually recorded as net acquisition of financial assets and net
incurrence of liabilities.7 However, there are instances when time series for the underlying
gross increases and decreases in assets and liabilities could be required. As such, the
“Accounting Entries” concept also provides additional items to further identify transactions
in financial assets as gross increases and gross decreases of assets, and transactions in
financial liabilities as gross increases and gross decreases of liabilities. Gross increases and
decreases are reported as positive numbers, while the net acquisition and the net incurrence
correspond to increases minus decreases8.
38.
For example: for time series that refer to gross acquisitions of equity shares assets
(F51), the “accounting entries” dimension will be coded as “AI”, while the net result of
acquisitions (AI) minus sales (AD) of F51 will be coded as "A". Note that, for balance of
payments reporting of transactions in financial assets and liabilities, only the net result is
usually requested (“A” for net acquisition of assets, and “L” for net incurrence of liabilities).
9. International Accounts Item
39.
This concept identifies the detailed items that are outcomes of production activities
[goods and services, including the detailed list for the Extended Balance of Payments
Services (EBOPS) classification], types of primary and secondary income, capital accounts
items, and provides a single item for the financial account. The concept provides
memorandum items to record specific types of transactions, such as the IMF “exceptional
financing transactions”, which apply to specific financial arrangements made by the
authorities to meet balance of payments needs. The concept also provides items for specific
international accounts data required for the “reserve template”.
40.
While other concepts used in the BOP-DSD are designed to cover a unique
methodological aspect of external sector statistics (e.g., “maturity” or “institutional sector”),
this concept has a broader scope. It covers many differing concepts, such as the functional
classification of services, classification of primary and secondary income, balancing items,
payable (depending if the data are about the economy of the direct investor of the direct investment
enterprise). The balance is still reported as credits minus debits.
7
This is a fundamental change in the BPM6, where transactions in financial assets and liabilities are
reported as net increases in assets or net incurrences of liabilities. In BPM5, the same transactions
were reported on a net credit or net debit basis.
Additional “net” concepts are provided to support the needs of the FDI reporting (see notes
for FDI-DSD)
8
8
including “net errors and omissions”, and memorandum items. The items provided in this
concept are closely aligned with the standard components of the balance of payments
statistics and, as such, provide a classification of concepts that is familiar to compilers of
these statistics.
41.
The “financial account” is provided as a single concept in the international accounts
item. “Financial account” is then further defined by the other dimensions of the DSD, which
support identifying the financial instrument, reference sector, functional category, maturity,
currency of denomination, etc. This approach provides flexibility in the definition of time
series keys, supporting the definition of a very large number of time series.
42.
In spite of the fact that “financial account” is part of the balance of payments but not
of the international investment statistics, a pragmatic approach was adopted. Consequently,
for reporting IIP statistics the present dimension “international accounts item” should
include “financial account” (as one would select for BOP statistics).
10. Functional Category
43.
This concept identifies functional categories applicable of financial accounts. It
applies to all time series for which the “international accounts items” are coded as “financial
account” and as types of “investment income”. For other time series, this item is coded as
“non applicable”.
11. Instruments and assets classification
44.
This concept identifies the type of financial instrument which is reported in the
external sector time series.
45.
This concept is also used in National Accounts. Therefore it includes a long list of
items and codes (e.g. all those relating to non-financial assets) that will not be used in
external sector statistics.
46.
The list of financial instruments provided under the sub-heading “memorandum item”
(“memo”) reflect in part the structure of the BPM6 presentation, where, for selected
functional categories, financial instruments are grouped in clusters rather than the standard
classification of these instruments. Similarly, to the functional category concept, the financial
instruments concept applies to all time series for which the “international accounts item” are
coded as “financial account” and to selected items coded as “investment income”.9 For other
time series, this item is coded as “non applicable”.
9
The DSD provides for a detailed identification of investment income by instruments, although this is
not part of the standard components of the BPM6.
9
12. Maturity
47.
This concept identifies the types of maturity of the financial instrument of the
external sector statistics time series.
48.
For most time series for which the “international accounts items” are sub-components
of the current account or the capital account, the maturity concept will be coded as “not
applicable”. For most “international accounts item” coded as “financial account” and for
selected items coded as “investment income”, the time series are usually coded with
reference to the maturity of the coded financial instrument. For financial instruments that are
classified as equity securities, other securities, and investment fund shares, the maturity is
“not applicable”, as they do not have a specified redemption or repayment date.
49.
This concept also include a list of maturity concepts that are needed to meet the
requirements of the reserve template and that refer to various residual maturities of financial
instruments with all types of original maturities.
13. Unit of measure
50.
This concept identifies the unit of measure in which the time series is recorded. Most
frequently, but not always, it refers to a currency unit. It could also refer to Fine troy ounces
(used for the Reserves Template).
14. Currency of denomination
51.
This concept identifies the currency of denomination of the financial instrument or of
the invoice of goods and services. For balance of payments and international investment
position data, the concept is usually recorded as “all currency of denomination”. However,
there are a number of instances when more detailed information is needed on the currency of
denomination.
52.
BPM6 introduces a number of “Additional Analytical Position Data” that requires
identifying the currency of denomination of the various positions data.
14. Valuation
53.
data.
This concept identifies the method of valuation for selected transactions and positions
54.
There are a number of instances when more detailed information could be sought on
the valuation method followed for specific items, hence the reason for introducing this
concept. For example, the BPM6 introduces a number of “Additional Analytical Position
Data” that require identifying the notional value (sometimes called the nominal amount) of
selected derivative positions.
10
55.
This concept is also used in National Accounts statistics.
16. Compilation Methodology
56.
This concept is used to distinguish between external sector time series which are
compiled according to the methodology applied for national statistics by opposition to similar
external sector time series which follow the specific methodology applied for economic or
currency union statistics. Most countries will only use code “N”, having only one set of
national external statistics, compiled according to the general international standards.
B) Attributes
I.
Time Format
57.
This attribute provides coded information about the type of time references used in
the data. The attribute is attached at the “series”. In the DSD, it is defined as a “conditional”
attribute.
II.
Observation status
58.
This attribute provides coded information about the "status" of an observation, i.e. the
ranking based on its characteristics, as described in the code list. The attribute is attached at
the “observation” level, i.e. to individual observations. It is a “mandatory” attribute of the
BOP-DSD.
III.
Confidentiality status
59.
This attribute provides coded information with respect to the sensitivity (for
dissemination) and confidentiality status of the data. The attribute is attached at the
“observation” level. This is a “mandatory” attribute in the BOP DSD.
IV.
Pre-break value
60.
This attribute allows transmitting a second value for a specific observation where the
time series breaks owing to changes such as methodological changes, change of the reporting
population, inclusion of new instruments, etc. The pre-break value allows users to reconstruct
a time series without break in series. This is a “conditional” attribute for the BOP-DSD at the
“observation” level.
V.
Comments to the observation value
61.
This attribute provides information in a free text format on selected aspect of the data
or metadata, e.g., for explaining breaks in series or unusual behaviour. The attribute is
attached at the “observation” level. This is defined a “conditional” attribute in the BOP-DSD.
11
VI.
Detailed description (title complement)
62.
This attribute provides for a description of series keys in free text format. The
attribute is attached at the “series” level. This is a “conditional” attribute in the BOP-DSD.
VII.
Short title
63.
This attribute provides, in free text format, a short name describing the statistical
object identified by the series key. This could be used, for example, as heading in a chart or a
table. The attribute is attached at the “series” level. This is a “conditional” attribute in the
BOP-DSD.
VIII.
Unit multiplier
This attribute provides code values for indicating the magnitude in the units of
measurements. The attribute is attached at the “series” level. This is a mandatory attribute for
the BOP-DSD.
IX.
Decimals
64.
This attribute provides a list of values showing the number of decimal points used in
the data. The attribute is attached at the “series” level. This is a “mandatory” attribute in the
BOP-DSD.
X.
Time period collection
65.
This attribute provides coded information on when the observation values are
collected. The attribute is attached at the “series” level. This is a “mandatory” attribute in the
BOP-DSD.
XI.
Reference period detail
66.
This attribute gives information about the reference period if different from the
calendar year; for example, the start of the fiscal year for data reported on a fiscal year basis.
While the information is reported in free text format, rules are provided in the Excel version
of the BOP-DSD on how to report this information. The attribute is attached at the “series”
level. This is a “conditional” attribute in the BOP-DSD.
XII.
Compiling organisation
67.
This attributes provides codes to indicate the data compiling agency responsible for
the compilation of the time series. The attribute is attached at the “series” level. This is a
“conditional” attribute in the BOP-DSD.
XIII.
Underlying compilation
12
68.
This attribute provides information in a free text format on selected aspects of the
underlying compilation. The attribute is attached at the “series” level. This is a “conditional”
attribute in the BOP-DSD.
Reporting guidelines on how to report the BPM6 statistics in the various data exchange
context will be further elaborated.
13
14
Annex: Coded BOP example