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 BOP-DSD 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 agencies[2] for data collection of external sector statistics based on the methodology defined in the IMF Balance 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 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 attributes[4]:
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
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 "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]
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).
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
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).