Table 1: Comparator (QEDS/JDS) Table

Loans + deposits (including currency) data provided by QEDS-participating countries are compared with three creditor/market data series: 1) cross-border loans from foreign located banks; 2) official bilateral loans (total); and 3) multilateral loans, total.

Loans from banks resident in non-BIS reporting countries, and official bilateral loans extended by non-OECD countries are not covered in the JDS series. Multilateral loans do not cover all development banks. Reporting institutions may also exclude some components, for example, the World Bank’s JDS data exclude International Finance Corporation (IFC) loans to the private sector. Regarding deposits (including currency) that are reported in national data series, there is no corresponding instrument match in the JDS table but BIS reporting banks’ deposit assets abroad (i.e external deposit liabilities of the banks in the counterpart country) are included under the loans category in the BIS data. Data on official bilateral loans are annual, based on the OECD’s Creditor Reporting System.

For debt securities, BIS data on international debt securities (JDS line 11) are compared with the QEDS data on debt securities (money market instruments, and bonds and notes). BIS data cover: 1) all foreign currency issues by residents, and 2) domestic currency issues by residents in foreign markets and in the domestic market when specifically targeted at nonresidents. The international securities statistics thus exclude domestic currency issues by residents in their own national market (unless specifically targeted at noresidents), whether purchased by residents or nonresidents. Due to the lack of information from commercial data providers, note and money market instruments issued by nonresidents in the domestic economy in the currency of that economy are not included. Securities that are part of debt rescheduling packages are also included in the BIS securities statistics.

To address the coverage issue of nonresident purchases of domestic currency securities (or private placements) issued by residents targeted to their own national market, the JDS table provides as supplementary information, annual data on nonresident holdings of debt securities (line 16), sourced from the IMF’s Coordinated Portfolio Investment Survey (CPIS). In principle, this series covers all nonresident debt securities held by residents of economies participating in the survey.

National data on trade credits are compared with the JDS series on officially supported trade-related credits of the nonbank sector (JDS line 10), which cover the official and officially-guaranteed nonbank trade credits (trade-related credits provided by banks are largely included in BIS data on loans). For JDS line 10, OECD data to end-December 2003 cover trade credits that have been guaranteed or insured by the official sector in the creditor country. They comprise official export credits, which by their nature are long-term, and officially guaranteed or insured suppliers' credits, which are credits extended by exporters to importers abroad. They also include arrears and rescheduled amounts on officially guaranteed or insured financial credits since these are taken over by export credit guarantee agencies from the original bank creditors. Guaranteed financial credits made by banking institutions that do not report to the BIS are also included here. The data include credits extended to both the public and private sector in the borrowing country, and since 1998, cover rescheduled export credits that were previously classified under official bilateral loans. JDS data on nonbank trade credits are available on a semi-annual basis.

By including arrears and rescheduled amounts on officially guaranteed or insured financial credits, and guaranteed financial credits made by banking institutions that do not report to the BIS, the JDS creditor data on nonbank trade credits cover components that do not meet the definition of trade credits in the QEDS, which uses the Balance of Payments Manual, fifth edition (BPM5) definition . On the other hand, the data do not cover private sector credits that do not have official support in the form of insurance and guarantees and which would meet the BPM5 definition. Currently, there is no reliable creditor source for addressing the coverage gap.

While the structure of the QEDS follow the presentation tables of the External Debt Statistics: Guide for Compilers and Users (External Debt Guide), creditor/market data disseminated by the JEDH participating agencies evolve from the agency-specific compilation practices. The JDS series are not designed to substitute for comprehensive external debt statistics and totals are not presented. By providing comparisons of interest to the user, the comparator tables also indicate that the components available on the creditor side may differ from those on the debtor side in coverage and breakdowns. SDDS metadata and QEDS notes provide information on the country-specific compilation practices that would aid user awareness of such differences.

Metadata updated Friday, February 01, 2008

[1] Trade credits consist of claims and liabilities arising from the direct extension of credit by suppliers and buyers for transactions in goods and services and advance payments for work in progress (or to be undertaken) that is associated with such transactions (BPM5., para. 414).