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Suggested Citation:"INDEX." National Research Council. 1995. Following the Money: U.S. Finance in the World Economy. Washington, DC: The National Academies Press. doi: 10.17226/2134.
×

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

Suggested Citation:"INDEX." National Research Council. 1995. Following the Money: U.S. Finance in the World Economy. Washington, DC: The National Academies Press. doi: 10.17226/2134.
×

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

Suggested Citation:"INDEX." National Research Council. 1995. Following the Money: U.S. Finance in the World Economy. Washington, DC: The National Academies Press. doi: 10.17226/2134.
×

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

Suggested Citation:"INDEX." National Research Council. 1995. Following the Money: U.S. Finance in the World Economy. Washington, DC: The National Academies Press. doi: 10.17226/2134.
×

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

Suggested Citation:"INDEX." National Research Council. 1995. Following the Money: U.S. Finance in the World Economy. Washington, DC: The National Academies Press. doi: 10.17226/2134.
×

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

Suggested Citation:"INDEX." National Research Council. 1995. Following the Money: U.S. Finance in the World Economy. Washington, DC: The National Academies Press. doi: 10.17226/2134.
×

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

Suggested Citation:"INDEX." National Research Council. 1995. Following the Money: U.S. Finance in the World Economy. Washington, DC: The National Academies Press. doi: 10.17226/2134.
×

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

Suggested Citation:"INDEX." National Research Council. 1995. Following the Money: U.S. Finance in the World Economy. Washington, DC: The National Academies Press. doi: 10.17226/2134.
×

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

Suggested Citation:"INDEX." National Research Council. 1995. Following the Money: U.S. Finance in the World Economy. Washington, DC: The National Academies Press. doi: 10.17226/2134.
×

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

Suggested Citation:"INDEX." National Research Council. 1995. Following the Money: U.S. Finance in the World Economy. Washington, DC: The National Academies Press. doi: 10.17226/2134.
×

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

Suggested Citation:"INDEX." National Research Council. 1995. Following the Money: U.S. Finance in the World Economy. Washington, DC: The National Academies Press. doi: 10.17226/2134.
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Suggested Citation:"INDEX." National Research Council. 1995. Following the Money: U.S. Finance in the World Economy. Washington, DC: The National Academies Press. doi: 10.17226/2134.
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Suggested Citation:"INDEX." National Research Council. 1995. Following the Money: U.S. Finance in the World Economy. Washington, DC: The National Academies Press. doi: 10.17226/2134.
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Suggested Citation:"INDEX." National Research Council. 1995. Following the Money: U.S. Finance in the World Economy. Washington, DC: The National Academies Press. doi: 10.17226/2134.
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Following the Money: U.S. Finance in the World Economy Get This Book
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Many questions have been raised about America's status in the increasingly interconnected global economy. Yet key facts--such as the amount of foreign assets abroad owned by U.S. citizens--are not known. The crucial data needed to assess the U.S. position are unavailable.

This volume explores significant shortcomings in U.S. data on international capital transactions and their implications for policymakers. The volume offers clearcut recommendations for U.S. agencies to bring data collection and analyses of the global economy into the twenty-first century.

The volume explores

  • How factors emerging since the early 1980s have shaped world financial markets and revealed shortcomings in data collection and analysis.
  • How the existing U.S. data system works and where it fails how measurements of international financial transactions are recorded; and how swaps, options, and futures present special reporting problems.
  • How alternative methods, such as collecting data, from sources such as global custodians and international clearinghouses, might improve coverage and accuracy.
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