See also Joint External Debt Hub
Overview of CPIS
- Source: Portfolio Investment: Coordinated Portfolio Investment Survey (CPIS): BackgroundIMF, July 2009
The Coordinated Portfolio Investment Survey (CPIS) is conducted on an annual basis under the auspices of the IMF's Statistics Department in response to a recommendation in the IMF Report on the Measurement of International Capital Flows. Participation in the CPIS is voluntary and some 75 economies currently participate in the survey. Data are available annually since 2001 and some data are also available for 1997.
The CPIS provides information on individual economy year-end holdings of portfolio investment securities-equity securities and debt securities-valued at market prices, cross-classified by the country of issuer of the securities. Participants follow definitions and classifications set out in the fifth edition of the Balance of Payments Manual (BPM5).
The coverage of the CPIS is augmented with information from two other surveys, namely Securities Held as Foreign Exchange Reserves, and Securities Held by International Organizations (these data sets are not disclosed at a detailed level, as the data are reported on a confidential basis).
Together, the three surveys provide a database on the stock of cross-border holdings of securities, broken down by the economy of residence of the issuer of the securities, cross classified by type of security.
The requirement to report a geographical breakdown of cross-border security holdings permits a time series analysis of the CPIS survey results from two perspectives. First, it permits an analysis of reporting countries' holdings of portfolio investment securities, which highlights the changing extent of "home bias" in portfolio managers' decision making. Second, the CPIS permits the derivation, from creditor information, source data for portfolio investment liabilities of the countries that issued the securities.
2006 Bank of Spain CPIS conference
In early March 2006, the Bank of Spain hosted an international conference on the Coordinated Portfolio Investment Survey, which was attended by 120 data users and compilers from around the world. The purposes of the conference were to demonstrate how data from the survey can be used and to highlight potential ways to enhance the usefulness of the data.
Round table: CPIS - Uses, limitations and potential improvements
- José Viñals, Banco de España (Chair)
- Javier Santiso, OECD Development Centre
- Duncan McKenzie, International Financial Services London
- Philippe Mesny, Bank for International Settlements
- Steven Keuning, European Central Bank
The use of the CPIS by data compilers
- Carin Pronk, European Central Bank
- Eika Yamaguchi, Bank of Japan
- Patrocinio Tello, Presentation, Banco de España
- Patrocinio Tello, Working paper, Banco de España
- Carol Bertaut, Federal Reserve
The use of the CPIS for economic/financial analysis
- Carol Bertaut, Federal Reserve
- Filippo di Mauro, European Central Bank
- Gian Maria Milesi-Ferretti, Presentation, International Monetary Fund
- Gian Maria Milesi-Ferretti, Working paper 1, International Monetary Fund
- Gian Maria Milesi-Ferretti, Working paper 2, International Monetary Fund
- José Luis Alzola, Citigroup
- Ayse Bertrand, OECD