Learn the fundamentals needed to compile the international accounts. This course covers the fundamentals needed to compile the international accounts. The course introduces the conceptual statistical framework for balance of payments and IIP-as presented in the Balance of Payments and International Investment Position Statistics Manual, sixth edition (BPM6), which is harmonized with other macroeconomic statistical frameworks.
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You will learn about the current, capital, and financial account balances, and how they reflect your economy's interaction with the rest of the world. Basic concepts, definitions, and classifications are covered, along with the principal accounting rules (including valuation and time of recording) that are relevant for compilation of the international accounts. The course also discusses the functional categories, including direct investment. The need for integration of the balance of payments with the IIP for compiling comprehensive, internationally comparable statistics will also be discussed.
What you'll learn
Upon completion of this course, participants should be able to:
- Explain the framework of the balance of payments and IIP and relevant indicators, such as the current, capital, and financial accounts balances.
- Apply core concepts and definitions relevant to the international accounts such as residence, economic territory, predominant center of economic interest, and accounting rules.
- Classify cross-border transactions and positions according to the BPM6.
- Record the main components of balance of payments and IIP.
- Explain the direct investment framework and its role in the economy, including as a source of financing.
- Compare the different functional categories and understand the economic interpretation for each category.
- Recognize the need for integration of the balance of payments with the IIP for producing consistent and coherent data.
