First release of the quarterly international investment position

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This first release of the quarterly international investment position (June 17, 2003) is part of a joint effort with the national balance sheet accounts (released quarterly for the first time on June 24, 2003) to provide users with more up to date and meaningful data.

The series, provided quarterly back to 1990, are available on CANSIM. Existing annual data continue to be available on CANSIM. Please see the following CANSIM tables: 376-0037, 376-0039 to 376-0041 and 376-0055 to 376-0057.

This release is part of a multi-year plan:

1. With this release, the new quarterly positions remain at book value, as in the past annual releases.
2. In the second year of the project market value estimates for financial assets and liabilities will be available, along with the book value series, in both the international investment positions and the national balance sheet accounts.

Canada's international investment position (catalogue no. 67-202-XIE and catalogue no. 67-202-XIF) will be available as soon as possible after the release.

The level of detail of the quarterly positions is the same for the national balance sheet accounts and the main table of the international investment positions. Some detailed Foreign Direct investment (FDI) and portfolio series are also available on a quarterly basis. However, certain very detailed country breakdown FDI series along with some portfolio investment and other investment series are only available on an annual basis.

Summary methodology for the production of quarterly international investment positions

Quarterly position data for International Investment Positions are produced from 1990 onward. The methodology used to construct these series is summarized as follows:

Direct investment

Annual surveys of the book value of direct investment form the basis of the benchmark estimates for the year-end positions from 1989 to 2001. Quarterly positions between these benchmarks and for periods subsequent to the latest benchmark data are estimated using quarterly flows at market value adjusted to book value. These flows include reinvested earnings.

Portfolio investment

Asset: the Canadian Portfolio Investment Survey (CPIS) provides a benchmark for annual positions at market value that are converted to book values using price to book ratios. Quarterly positions between these benchmarks and for periods subsequent to the latest benchmark data are estimated using quarterly flows at market value adjusted to book value.

Liabilities: A detailed system is used to process data on Canadian bonds and money market instruments. Positions are derived on an issue by issue basis and can be automatically produced on a quarterly basis. Quarterly positions for Canadian equities are derived using quarterly flows adjusted for market to book valuation.

Other investment

Outstanding loans issued by banks and governments are available on a quarterly basis. Loans from other corporations are derived from annual surveys and quarterly flows. Deposits are also available from the banks on a quarterly basis. Official international reserve assets are available on a monthly basis. The other miscellaneous accounts are based on annual surveys adjusted to quarterly positions using quarterly flows.

Currency fluctuations

In addition, outstanding positions for all accounts denominated in foreign currency are re-evaluated each quarter to reflect changes in exchange rates.

List of tables of the International Investment Position available on a quarterly basis:

• International Investment Position with All Countries
• Canadian Direct Investment Abroad, US and All Other Countries
• Profits on Direct Investment Abroad
• Foreign Direct Investment in Canada, US and All Other Countries
• Profits on Foreign Direct Investment in Canada
• Portfolio investment in Canadian Bonds, by Geographical Area
• Portfolio Investment in Canadian Bonds, Book and Market Values, by Sector
• Portfolio Investment in Canadian Money Market Instruments, by Geographical Area
• Portfolio Investment in Canadian Money Market Instruments, by Sector
• Portfolio Investment and Other Investment in Canada, by Sector
• International Investment Position with the United States
• International Investment Position with All Countries excluding the United States