Index

A

Accounting systems

and derivatives, 121, 123-124, 127, 129-131

regulatory versus generally accepted, 101, 109, 113, 129-131, 171, 175, 177

of U.S. government agencies, 72, 93-95

Accuracy of data, 21, 73, 74, 75, 89, 179

government transactions, 94, 95

securities transactions, 84, 168-170

Acquisitions and mergers, 25, 29, 59

Adequacy of data, see Data gaps and needs

Agency for International Development (AID), 70, 72

American National Standards Institution (ANSI), 144, 148

Annual Statistical Digest, 133

Assets,

see Bank deposits

Capital flows and mobility

Claims and liabilities

International investment position

Loans and lending activity

Off-balance-sheet transactions

Securitization of assets

Valuation of assets

Automated systems

accounting, 101, 109, 136-137, 171, 174

filing and record-keeping, 109, 136-137, 144-145, 165, 166, 174

trading execution, 26-27

B

B forms, 8, 64, 67, 68, 70, 89, 96-98, 113, 170-172, 174

Bahamas, U.S. banks in, 91

Balance-of-payments accounts, 3, 7, 8, 38, 43-49, 50-51

electronic data transfers, 15-16, 144-149

errors and omissions, 46, 158, 160, 161, 179

Germany, 160-161

Japan, 158, 161, 162

nonbank transactions in, 90-91

statistical discrepancies in, 8, 9, 39, 42, 45-46, 49, 52, 161

U.K., 153-154, 161-162

see also Capital accounts Current accounts External debt

Balance of Payments Manual, 10, 58, 89-90, 127, 128, 134



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Following the Money: U.S. Finance in the World Economy Index A Accounting systems and derivatives, 121, 123-124, 127, 129-131 regulatory versus generally accepted, 101, 109, 113, 129-131, 171, 175, 177 of U.S. government agencies, 72, 93-95 Accuracy of data, 21, 73, 74, 75, 89, 179 government transactions, 94, 95 securities transactions, 84, 168-170 Acquisitions and mergers, 25, 29, 59 Adequacy of data, see Data gaps and needs Agency for International Development (AID), 70, 72 American National Standards Institution (ANSI), 144, 148 Annual Statistical Digest, 133 Assets, see Bank deposits Capital flows and mobility Claims and liabilities International investment position Loans and lending activity Off-balance-sheet transactions Securitization of assets Valuation of assets Automated systems accounting, 101, 109, 136-137, 171, 174 filing and record-keeping, 109, 136-137, 144-145, 165, 166, 174 trading execution, 26-27 B B forms, 8, 64, 67, 68, 70, 89, 96-98, 113, 170-172, 174 Bahamas, U.S. banks in, 91 Balance-of-payments accounts, 3, 7, 8, 38, 43-49, 50-51 electronic data transfers, 15-16, 144-149 errors and omissions, 46, 158, 160, 161, 179 Germany, 160-161 Japan, 158, 161, 162 nonbank transactions in, 90-91 statistical discrepancies in, 8, 9, 39, 42, 45-46, 49, 52, 161 U.K., 153-154, 161-162 see also Capital accounts Current accounts External debt Balance of Payments Manual, 10, 58, 89-90, 127, 128, 134

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Following the Money: U.S. Finance in the World Economy Balance of trade, see Trade surpluses and deficits Balance sheets of the U.S. economy, 38, 46, 48 Bank deposits, 29, 30, 32, 33n, 49, 90 Bank examinations, 35, 108, 112 Bank for International Settlements (BIS), 8, 11, 16, 35, 63n, 70, 90-91, 92, 120, 121, 149, 150, 155 Bank holding companies, 64, 96-99, 100, 131-132 Bank of England, 90, 154, 155, 160, 162 Bank of Japan, 158, 159 Bankers' acceptances, 141, 170 Bankers Trust, 136, 138n Banks and banking services, 25, 30, 31, 35, 73 claims and liabilities reporting, 40, 64, 89-90, 96-98 competition with nontraditional services, 20, 28, 29, 30-31 and derivatives, 30, 166 developing country loans, 30 foreign offices and branches in U.S., 25, 64, 139 off-balance-sheet transactions, 30-31, 132-133, 166 offshore loans to U.S. firms, 30, 40, 91, 92 supervision of, 24, 35, 64, 107-108, 131-133 TIC reporting, 64, 70, 89, 96-98, 100, 164 traditional lending, 30, 37 see also Bank deposits; Bank examinations; Central banks; Federal Reserve Basle Committee on Banking Supervision, 31n Capital Accord, 31, 36, 131 Basle Committee on Payment and Settlement Systems, 142n BEA, see Bureau of Economic Analysis Behind the Numbers U.S. Trade in the World Economy, 21, 38, 49 Benchmark surveys direct investment, 59, 75-76, 113 securities holdings, 6, 57n, 67, 73, 74, 83, 84-85, 86, 87-88, 166 Bretton Woods agreement, 19 Brokers, 35, 96-99 Budget deficits, 26, 33, 46 Bundesbank, 155, 156 Bureau of Economic Analysis (BEA), 75, 84, 85, 108, 149 balance-of-payments compilation, 8, 44, 45-46, 48, 56-57, 68, 70, 72, 91, 164 budget of, 17, 56-57 and derivatives, 13, 133-134 forms, 60-61, 62, 102-107, 113, 175-178 and government capital flow data, 70, 72, 93-95 interagency collaboration, 11, 15, 16, 57-58, 91-93, 113, 143, 149 , 165, 166 national income and product accounts, 46 nonbank claims analysis, 9, 11, 91-92, 113 securities-related income data, 88-89 and TIC data, 63, 68, 70, 164 Bureau of Labor Statistics (BLS), 57, 77 Bureau of the Census, 57, 76-77, 148 C C forms, 67, 68, 70, 90, 91, 92, 98-99, 113, 164, 166, 170 Call Reports, 64, 113, 120, 131-132, 133, 164 Capital accounts, 44-46, 47, 48, 49, 51-52, 53 and financial derivatives, 125-127 and statistical discrepancies, 10, 39-40, 46 see also External debt Capital expenditures, 76, 77, 81 Capital flows and mobility, 32, 33, 34 and budget deficits, 26, 33, 46 data collection systems, 20-22, 37-38, 39-42, 49, 54, 56-58, 75 flight from developing countries, 25-26 foreign assets in U.S., 25, 39-40, 52 Germany, 26, 155-157 restrictions on outward, 19, 24 U.S. assets abroad, 25, 39-40, 52 of U.S. government agencies, 51, 70-72, 93-95 see also Capital accounts; Credit

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Following the Money: U.S. Finance in the World Economy availability; Direct investments; International investment position; Portfolio investments; Securities transactions Capital requirements, 35n Caribbean area, loans to U.S. firms, 91, 92 Cayman Islands offshore lending to U.S., 30, 92n U.S. banks in, 91, 92n Census, see Benchmark surveys; Bureau of the Census Central banks, 11, 36, 41, 70, 90, 92 as lenders of last resort, 35 see also Federal Reserve Central Statistical Office (CSO), U.K., 153-155, 162 Certificates of deposit, 68, 85, 90, 141, 169 Chicago Board of Trade, 27, 118n Chicago Board Options Exchange, 118n, 120 Chicago Mercantile Exchange, 27, 118n CHIPS, 15, 139-142, 143 Claims and liabilities bank reporting, 40, 64, 89-90, 96-98 data gaps and needs, 8, 89-93 German reporting systems, 155-156, 160-161 nonbank institutions reporting, 68, 90-92, 113 TIC reporting (B forms), 8, 64, 67, 68, 70, 89, 96-98, 113, 170-172 , 174 Clearance and settlement systems, 26, 35, 36, 137-142 data sources, 108, 137-142, 164, 166 Clearing House Interbank Payments Systems (CHIPS), 15, 139-142, 143 Commercial paper, 11, 29-30, 85, 88, 141, 166, 171 Commodity Clearing Corporation, 138 Commodity Futures Trading Commission (CFTC), 13, 35n, 108, 120, 124 , 133 Commodity prices, 28, 34, 114 Competition, 24, 114 among financial and nonfinancial institutions, 27-31 Computer technologies, 4, 14, 27 Confidentiality, 58, 78-79, 148 Consolidated Reports of Condition and Income (Call Reports), 64, 113, 120, 131-132, 133, 164 Country and currency reporting, 49, 89, 90, 112-113, 161, 180 BEA direct investment surveys, 102 in Japan, 159 nonbank transactions, 90, 93 securities transactions, 67, 83-84, 86, 87, 89, 95, 165 TIC system, 64, 67, 68, 95, 101, 168-169, 172, 174 Country exposure reports, 171, 179 Credit availability, 32, 33 Credit cards, 30, 108, 164, 166 Current accounts, 19, 33, 44-46, 48, 51 and statistical discrepancy, 39, 45-46 Current-cost valuation, 76, 79 D Data collection systems, 2, 3, 20-22, 37-42, 49, 54, 56-58, 75, 135 federal funding, 56-57 Germany, 155-157, 160-161, 162 Japan, 157-159, 162, 180 U.K., 153-155, 159-160, 161-162 see also Accuracy of data; Benchmark surveys; Bureau of Economic Analysis; Country and currency reporting; Data coverage; Data filers and reporters; Data gaps and needs; Data sources; Electronic data interchange; Forms; Industry-level data; International data exchange; Reporting burden; Timeliness of data; Treasury International Capital reporting system Data compilers, see Bureau of Economic Analysis; Department of the Treasury; Federal Reserve Bank of New York Data coverage, 47, 75, 108, 179 BEA direct investment surveys, 60-61, 103-107, 164 derivatives, 164 nonbank institutions, 88, 90, 91, 164 TIC system, 65, 66, 96-99, 164

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Following the Money: U.S. Finance in the World Economy Data filers and reporters, 11, 44, 88, 89, 108-109 BEA direct investment surveys, 60-61, 62, 102-107, 174-178 delinquent, 59, 80-81, 82 derivatives, 13, 134 exemption levels, 58, 59, 68, 103 TIC system, 12, 13, 65, 66, 96-99, 100-102, 111, 112, 166-174 Data gaps and needs, 2, 3-4, 5-7, 10-12, 20-21, 49, 57, 108-109 derivatives, 3-4, 7, 13-14, 133-134, 135, 166 direct investments, 11-12, 41, 79-82, 165-166 dollar purchases, 4, 7, 11, 41-42, 88 securities transactions, 83-89, 135, 164, 166 U.S. government transactions, 93-95 Data sources in balance-of-payments accounts, 45-46 claims and liabilities, 89-93 clearance and settlement systems as, 108, 137-142, 164, 166 derivatives, 120-121, 133 global custodians as, 11, 14, 85, 87, 87-89, 136-137, 142 see also Treasury International Capital reporting system Data uses and users, 44, 165, 178-185 balance of payments, 48-49, 178 direct investment, 76, 179, 180, 181, 182-184 preliminary releases, 80 Data validation and edit checks, 84 capital flows, 73, 74 government transactions, 72, 94 TIC reports, 64, 68, 84 Dealers, see Securities dealers Delinquent filings, 59, 80-81, 82 by government agencies, 93 Department of Agriculture, 72 Department of Defense, 70, 72 Department of State, 72 Department of the Treasury, 13, 14, 16, 17, 63, 70, 75, 133, 134, 142, 149 benchmark surveys, 11, 67, 84-85, 87, 88-89, 137n currency monitoring, 11, 88 interagency collaboration, 15, 57-58, 63, 113, 143, 165, 166 and nonbank reporting, 90, 91, 113, 137 see also Treasury International Capital reporting system Depository institutions, 64, 96-98, 138-139 Deregulation, 1, 23, 24, 24-25, 28, 114 Derivatives, see Financial derivatives Developing countries capital flight, 25-26 loans, 30, 72, 94 Direct investments, 8, 50-52, 58-59, 75-82 BEA data collection, 6, 8, 11-12, 48, 54, 57-63, 62, 73, 75-82, 102 -107, 113, 164, 179 benchmark surveys, 59, 75-76, 113 capital gains and losses, 73 data gaps and needs, 11-12, 41, 79-82, 165-166 income reporting, 12, 79-81, 82 market and replacement costs, 73 minority ownership, 7, 77-79, 176 real estate, 6, 11, 81-82, 156, 164 reporting burden, 102, 107, 113, 165, 174-178 valuation of, 39, 76, 79 see also Foreign affiliates of U.S.; firms; Multinational companies; U.S. affiliates of foreign firms Dividends, 78, 87-88 Dollar exchange rate, 26, 41, 48, 49, 79 Dollar purchases and holdings, 41, 68 data gaps and needs, 4, 7, 11, 41-42, 88 in TIC reporting system, 85 Du Pont, 77 E Economic conditions, see Macroeconomic conditions Economic policies, see Fiscal policies; Monetary pohcies; Public policies Economies of scale, 80, 136, 137 EDIFACT standard, 14, 15, 15-16, 143-148 Edit checks, see Data validation and edit checks Electronic data interchange (EDI), 14, 15-16, 143-149

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Following the Money: U.S. Finance in the World Economy Electronic filing and record-keeping, 109, 136-137, 144-145, 165, 166, 174 Employee Retirement Income Security Act (ERISA), 137 Employment, 11, 76-77, 78, 82 Equity ownership, 77-78 Eurodollars, 68, 140 European Community, 129, 144 EUROSTAT, 14, 15, 136, 144-146, 148 Exchange rates, 7, 26, 28, 32, 33, 34, 41, 48, 49, 79 and investment position, 73, 79 volatility, 34, 114, 161 Exemption levels, 58, 59, 68, 103 Exporters, 68, 90, 113 Export-Import Bank, 70, 72 Exports, 26, 44, 46, 49, 57, 78 External debt, 5-6, 33, 48, 49, 73-74 valuation of, 39-40 F FDIC Improvement Act, 109, 133n Federal Deposit Insurance Corporation (FDIC), 108, 112, 113, 120, 131 Federal Financial Institutions Examination Council (FFIEC), 108, 109, 110, 112-113, 131-133 Federal Reserve banking supervision, 64, 108, 110-111 currency monitoring, 11, 88 and derivatives, 7, 13, 120-121, 131-132, 133, 134 forms, 108, 110-111, 113 interagency collaboration, 11, 16, 57, 75, 84, 92, 149 national accounting preparation, 46 payment and settlement mechanisms, 36, 138-139, 142 and TIC reporting system, 54, 57, 63, 169 Federal Reserve Bank of New York (FRBNY), 13, 14, 40, 41, 57, 75, 85, 133, 140-141, 142, 155 interagency cooperation, 166 nonbank reporting, 90, 91 securities holdings surveys, 84, 85 securities-related income data, 88-89 and TIC reporting system, 11, 12-13, 63, 64, 68, 88, 100, 101-102, 111, 112, 167, 169-170, 173 Federal Reserve Bulletin, 63, 133 Fedwire, 15, 138-139, 141, 142, 143 Financial Accounting Standards Board (FASB), 127, 130-131, 132 Financial derivatives, 2, 7, 20, 27, 28, 30, 32, 114-121, 137, 166 in balance-of-payments accounts, 123-124, 125-128 data collection, 13-14, 37, 39, 120-121, 123-125, 133-134, 164 data gaps and needs, 3-4, 7, 13-14, 133-134, 135, 166 IMF Manual treatment, 127, 128 and market volatility, 7, 34n, 36, 114, 119 regulation and supervision of, 36, 119, 129, 131-134 SNA treatment, 127, 128, 129 TIC reporting, 67, 100, 124-125, 134, 170 valuation of, 36, 121, 123-124 see also Financial forward contracts; Financial options contracts; Futures contracts; Swap contracts; Warrants Financial forward contracts, 27, 114, 116, 119 Financial institutions, 28, 77 competition with nonbanks, 27-31 as data users, 178, 180-181 securitization of assets, 27-28, 117 see also Banks and banking services; Foreign financial centers; Insurance companies; Mutual funds; Pension funds Financial options contracts, 20, 27, 36, 67, 114, 115, 129 Fiscal deficits, 26, 33, 46 Fiscal policies, 4-5, 31, 32, 33-34 Flow-of-funds accounts, 38, 46, 48, 180 Foreign affiliates of U.S. firms, 25, 38 BEA data collection, 58-59, 77-78, 103-107, 174-177 Foreign corporations capital transfers from U.S. firms, 38 commercial paper issues, 30 see also Direct investments; Foreign affiliates of U.S. firms; Multinational corporations; U.S. affiliates of foreign firms; U.S. parent companies

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Following the Money: U.S. Finance in the World Economy Foreign direct investment, see Direct investments Foreign Direct Investment and International Financial Data Improvements Act, 76, 77 Foreign ownership, 76-77. See also Foreign corporations Forms, 108-109 of banking regulatory agencies, 110-111, 112-113 of BEA, 60-61, 62, 102-107, 113, 175-178 of Federal Reserve, 108, 110-111, 113 TIC, 12-13, 56, 64, 65, 66, 67-68, 70, 85, 88, 95-101, 111, 164, 166-172, 174 Forward market, see Financial forward contracts; Financial options contracts; Futures contracts; Warrants France, deregulation of capital flows, 24 FRBNY, see Federal Reserve Bank of New York Futures contracts, 20, 27, 114, 116, 119 G General Agreement on Tariffs and Trade, 19 Generally accepted accounting principles (GAAP), 109, 113 Geographic allocation, see Country and currency reporting Germany data collection system, 155-157, 160-161, 162 deregulation of capital flows, 24 interest rates, 26, 32 Global custodians, 11, 14, 85, 87, 87-89, 136-137, 142 Globalization of financial markets, 1-2, 19-21 contributing factors, 23-31 and data collection, 2, 3, 20-21, 37-42 and public policy, 4-5, 20, 31-37 GLOBEX electronic trading system, 27 Grants and aid, 70, 72, 94 Gross domestic product (GDP), 46 Group of Seven, 34n Group of Thirty, 119, 142n H Hedging operations, 20, 28, 29 and derivatives, 27, 36, 114, 116, 117, 126 Historical-cost valuation, 39-40, 76 I IMF, see International Monetary Fund Importers, 68, 113 Imports, 44, 46, 57, 78 Inbound surveys, 11, 84, 88 Income on investment, 43, 44, 49, 51, 74 securities holdings, 87-89 for U.S. affiliates of foreign firms, 12, 79-81, 82 Industrial data users, 178, 181 Industry-level data, 12, 76-77, 82 Inflation, 33 Information technologies, 14, 23, 26-27, 34, 136, 137 Institutional investors, 4-5, 25, 28, 34, 118 surveys of, 12, 85, 88 see also Insurance companies; Mutual funds; Pension funds Insurance companies, 20, 24, 25, 28 surveys of, 12, 88 Integration of domestic markets, 20, 25, 26, 119 Interbank deposit markets, 30 Interest rates, 24, 26, 28, 32 and financial derivatives, 36, 114, 120, 121, 123, 127 Intermarket Surveillance Group, 120 Intermediaries, 83, 85 country reporting, 86, 87, 165 TIC reporting, 95, 100, 164 Internal Revenue Service, 177 International Bank for Reconstruction and Development (World Bank) , 129, 168 International Bank Statistics (IBS) series, 90-91, 180 International Banking Facilities (IBFs), 96-99, 100

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Following the Money: U.S. Finance in the World Economy International data exchange, 10, 11, 91, 92-93, 149, 178, 179 comparability and standardization, 16-17, 22, 142, 148, 149-150, 165 -166, 178 derivatives, 13-14, 134 International Investment and Trade in Services Survey Act, 58 International investment position, 5-6, 7, 46, 48, 49, 55-56, 63, 136-137 BEA data collection and publication, 52, 56, 57n, 73-74 and derivatives, 127, 134 International Monetary Fund (IMF), 16, 19, 42, 51, 63n, 77, 93, 129 , 146, 149, 150, 168, 179, 180, 181 Balance of Payments Manual, 10, 58, 89-90, 127, 128, 134 International Bank Statistics (IBS) series, 90-91, 180 Report on Measurement of International Capital Flows, 90 reserve position, 70 International Organization of Securities Commissions, 35n International reserves, 70, 89-90 International Swap Dealers Association, 118, 120 Investment advisers, 12, 35, 88 Investments, see Capital flows and mobility; Direct investments; Income on investment; International investment position; Portfolio investments Italy, deregulation of capital flows, 24 J Japan data collection system, 157-159, 162, 180 deregulation of capital flows, 24 direct investment m U.S., 41, 77, 80 lending to U.S., 30 stock market decline (1991-1992), 34 U.S. securities transactions, 40, 83 L Latin America, dollar holdings in, 41-42 Lending, see Loans and lending arrangements Liabilities, see Claims and liabilities; External debt; International investment position Liberalization of domestic markets, 1, 19, 24-25, 27 Limited partnerships, 6, 11, 81, 82 Liquidity problems, 2, 35-36, 116-117 Loans and lending activity, 49, 140, 141 to developing countries, 30, 72, 94 offshore, to U.S. firms, 30, 40, 91, 92 M Macroeconomic conditions, 2, 23, 25-26 direct investment impacts, 11-12, 76-77, 78, 82 and public policy, 4-5, 32-34, 36-37 see also Exchange rates; External debt; Fiscal policies; Inflation; Interest rates; Monetary aggregates; Monetary policies; Savings Market stability and disruption, 5, 28, 34, 114 and derivatives, 7, 34n, 36, 114, 119 U.S. stock market crash (1987), 5, 34, 35, 109 Market-value basis, 39-40, 73, 76, 79, 121, 123, 178, 180 Merchandise trade, 8, 43, 44, 45-46, 49, 57, 59, 143-144 Minority ownership, 7, 77-79, 176 Monetary aggregates, 32-33n and dollar purchases, 4, 11, 41-42, 88 Monetary policies, 31, 32-33, 41, 48, 49, 127 Money managers, 8-9, 12, 34, 85, 88 Money market mutual funds, 28, 29-30 Monthly Consolidated Foreign Currency Report of Banks (FFIEC 035), 132-133 Mortgages, 30, 117, 124n Multinational companies, 6-7, 11, 28, 29, 81, 82. See also Direct investments; Foreign affiliates of U.S. firms; U.S. affiliates of foreign firms; U.S. parent companies

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Following the Money: U.S. Finance in the World Economy Mutual funds, 25, 28, 29-30 surveys of, 12, 88, 166, 171 N National accounts, 3, 38, 46 See also Balance-of-payments accounts; Balance sheet of the U.S. economy; Flow-of-funds accounts; National income and product accounts National Center for Education Statistics, 57n, 148 National Futures Association, 120 National income and product accounts (NIPA), 38, 46 New York Clearing House Association, 138, 139, 140 Nonbank institutions, 3, 28, 35, 73, 76, 77, 135 claims and liabilities reporting, 68, 90-92, 113 TIC reporting (C forms), 67, 68, 70, 90, 91, 92, 98-99, 113, 164, 166, 170 see also Brokers; Exporters; Insurance companies; Investment banks; Mutual funds; Pension funds; Securities dealers Notional value, 121, 122, 123 O Off-balance-sheet transactions of banks, 30-31, 132-133, 166 involving commercial paper, 29 Office of Management and Budget (OMB), 72, 93, 94-95, 148, 167 Office of the Comptroller of the Currency, 108, 113, 120, 131 Official capital flows, 51 Options, see Financial options contracts Options Clearing Corporation, 138 Organization for Economic Cooperation and Development (OECD), 16, 129, 146, 150, 179, 180, 181 Organization of Petroleum Exporting Countries, 25 Outbound surveys, 11, 84-85, 87, 88, 137n Over-the-counter (OTC) contracts and markets, 27, 36, 118, 121, 124 , 138 P Payments systems, 35, 36, 137-142 Pension funds, 20, 28 international diversification, 25, 28n portfolio restrictions, 24 surveys of, 8-9, 12, 85, 88, 91, 166 Persian Gulf war pledges, 70, 94 Portfolio investments, 8, 37, 51, 52, 54, 58 German reporting systems, 156-157 hedging and position taking, 28-29 Japanese reporting systems, 158-159 restrictions, 24 TIC reporting system, 54, 56, 58, 63-70, 81, 164 U.K. reporting systems, 160, 162 Preliminary data releases, 80 Prepayments, 117 Price volatility, 28, 34, 114 Private capital flows, 8, 51-52 Production measures for foreign-owned plants, 11, 76, 77, 78, 82 Public policies, 1-2, 4-5, 31-37, 42 data used by analysts, 178, 179-180 see also Fiscal policies; Monetary policies Q Quality of data, see Accuracy of data; Data coverage; Data gaps and needs; Data validation and edit checks; Delinquent filings; Timeliness of data R Real estate, 6, 11, 81-82, 156, 164 Redemptions, 172 Regulation and supervision, 32, 48, 109, 117 and accounting systems, 109, 113, 171, 175, 177

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Following the Money: U.S. Finance in the World Economy of banks, 24, 35, 64, 107-108, 131-133 and derivatives, 36, 119, 129, 131-134 see also Deregulation Regulation Q, 24 Reinvested earnings, 58 Reporting burden, 12-13, 21, 38, 95-113, 135 BEA direct investment surveys, 102, 107, 113, 165, 174-178 securities holdings, 87, 88 TIC system, 8, 9, 84, 95-102, 165, 172-174 Report on Measurement of International Capital Flows, 90 Repurchase agreements, 100, 169 Reserves, see Currency reserves; International reserves Residential property, 81-82 Resident-nonresident distinctions, 67 Returns, see Income on investment Risk, see Hedging operations Rockefeller Center, 6, 41 S S forms, 64, 67-68, 70, 84, 85, 88, 99, 168-169, 172, 173, 174 Savings, 26, 46, 48, 49 and fiscal policies, 4-5, 33-34 Seagrams, 77 Seattle Mariners, 6, 41 Securities and Exchange Commission (SEC), 13, 35n, 84, 133, 137 data collection, 35n, 108, 112, 177 Securities dealers, 35, 64, 96-99 Securities holdings, 58, 73 benchmark surveys, 6, 57n, 67, 73, 74, 83, 84-85, 86, 87-88, 166 Securities prices, 34 Securities transactions, 20, 40 country reporting, 67, 83-84, 86, 87, 89, 95, 165 data collection and use, 12, 48-49, 84, 87, 88, 137-142 data gaps and needs, 83-89, 135, 164, 166 of institutional investors, 28 TIC reporting, 56, 64, 67, 70 Securitization of assets, 2, 27-28, 30, 32, 100, 117 Services transactions, 8, 43, 44, 46, 49 Short-term securities, 6, 29-30, 64, 85, 140 TIC reporting, 11, 67, 85, 88, 91, 100, 166 Society for Worldwide Interbank Financial Telecommunications (SWIFT) , 140, 142, 144, 148 Solvency and insolvency, 2, 35-36, 119 Special drawing rights, 51, 70 Standards, 119, 130, 131 Statistical agencies, 20, 38, 57, 109, 148-149, see also Bureau of Economic Analysis Statistical Directive 19, 72, 93, 94-95 Statistical discrepancies, 8, 9, 39, 42, 45-46, 49, 52, 161 Statistical Office of the European Community (EUROSTAT), 14, 15, 136, 144-146, 148 Survey of Current Business, 48, 179, 180 Swap contracts, 7, 20, 27, 29, 114, 116, 118, 119-120, 121, 123, 126 SWIFT, 140, 142, 144, 148 System of National Accounts (SNA), 127, 128, 129, 134 T Taxation, 4-5, 25, 33-34, 79 Technological innovations, 1, 11, 14, 23-24, 26-27, 37, 82 and derivatives, 36, 114 Telecommunications, 4, 14, 23, 26-27, 137 TIC, see Treasury International Capital reporting system Timeliness of data, 21, 57, 178, 179, 180 balance-of-payments accounts, 164 government agencies' reporting, 93, 95 Trade surpluses and deficits, 25, 26, 33, 44-45, 154 Treasury Bulletin, 63, 174, 179, 180 Treasury Department, see Department of the Treasury

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Following the Money: U.S. Finance in the World Economy Treasury International Capital (TIC) reporting system, 8, 54, 56, 57, 69, 164, 181, 185 and accounting systems, 101, 129-131 consolidation levels, 100-101, 169, 173-174 filers' understanding of, 100, 167, 171 filing deadlines, 101, 164 forms, 12-13, 56, 64, 65, 66, 67-68, 68, 70, 85, 88, 95-101, 111, 164, 166-172, 174 FRBNY follow-up queries, 101-102, 167, 173 pension fund coverage, 85 real estate holdings m, 11, 81, 82 respondent burden, 8, 9, 84, 95-102, 165, 172-174 short-term securities, 11, 67, 85, 88, 91, 100, 166 Treasury securities, 30, 40-41, 67 U Uniform Bank Performance Report, 133 Unilateral transfers, 8, 43, 44, 51n, 72 United Kingdom (U.K.), 24, 25 data collection system, 153-155, 159-160, 161-162 deregulation of capital flows, 24, 160 United Nations, 16, 129, 143, 150 U.S. affiliates of foreign firms, 7, 38 banks, 25, 64, 139 BEA data collection, 54, 58, 59, 76-77, 78-81, 104-107, 177-178 investment income, 12, 79-81, 82 late reporting, 80-81, 82 TIC reporting, 13, 64, 112, 168-169 U.S. government agencies, 57-58, 73, 98, 178, 179 capital flows, 51, 70-72, 93-95 grants and aid, 70, 72, 94 regulatory, 107-108, 109, 131-133 statistical, 20, 38, 57, 109, 148-149 see also Bureau of Economic Analysis; Department of the Treasury; Federal Reserve; Federal Reserve Bank of New York; Office of Management and Budget U.S. parent companies, 7, 54, 58 V Validation, see Data validation and edit checks Valuation of assets, 39-40, 49, 161 by BEA, 39, 76, 79 derivatives, 36, 121, 123-124 Voting securities, 58, 59 W Warrants, 67, 115-116 World Bank, 129, 168 Writeoff allowances, 73 X X12 standard, 144 Y Y-9C reports, 132 Z Zero-coupon bonds, 100, 166