This section contains official statistics compiled by the Banco de España on Spains transactions with the rest of the world and on external financial positions: the balance of payments, international investment position, other statistics consistent with the foregoing, external debt, international reserves, foreign currency liquidity and the coordinated direct investment and portfolio investment surveys.
The balance of payments and international investment position are macroeconomic statistics that summarise the economic relations between the residents of an economy and the residents of the rest of the world. The balance of payments records, for each period, the transactions that take place between residents and non-residents and the international investment position shows the value (always at end of period) of positions of external financial assets and liabilities.
External debt comprises a more restrictive set of financial liabilities than that considered in the liabilities of the international investment position. In accordance with international methodology, a financial liability to a resident abroad is considered to be external debt if it is not contingent and it involves a commitment to make future payments. Thus, equity instruments, financial derivatives and gold bars, all of which are included in the international investment position, are not considered to be external debt.
The Coordinated Portfolio Investment Survey (CPIS) and the Coordinated Direct Investment Survey (CDIS) compile information on positions in these categories of investment, supplied to the IMF by the national compilers of a large number of countries, including the Banco de España. The CPIS provides very detailed semi-annual information by instrument, sector and counterpart country and the CDIS provides annual information, also with an extensive geographical breakdown.
Within the balance of payments and the international investment position, international reserves are merely another functional category, so that their transactions and positions data can be consulted within the information offered by these statistics. However, following international standards, and specifically under the SDDS+ (Special Data Dissemination Standard Plus) agreements, the Banco de España also publishes information on international reserves positions as a separate monthly statistic, with a very short lag relative to that of the international investment position.
In addition, more complete information on reserves and foreign currency liquidity is also published monthly under the SDDS+, with the details established by the International Monetary Fund (IMF). These details include the foreign currency positions of the Banco de España and central government, as well as information on predetermined or contingent future drains on foreign currency liquidity.
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