Key Aspects of U.S. Data & Metadata for CDIS Jessica M. Hanson Workshop on the IMF’s Coordinated Direct Investment Survey June 8, 2011

bea.gov Data Supplied to CDIS  Inward and outward positions for yearend 2009  Total position – for all countries with which a position exists; 156 countries for inward; 194 countries for outward  Equity, net debt, debt assets, debt liabilities – for selected countries (special tabulation for CDIS)  Net debt of financial intermediaries (FI) – for UK and Canada (most intercompany debt of FI is not direct investment)  Regional totals – defined differently by BEA and CDIS

bea.gov Data Sources  Mandatory quarterly, annual, and benchmark surveys of inward and outward direct investment  Benchmark surveys cover universe of direct investment (census)  Quarterly surveys are sample surveys covering larger direct investment enterprises (DIEs)  Data collected at the enterprise level with country-level consolidations  Data estimated for nonresponding or exempt DIEs based on previously reported data and growth rates derived from data of responding DIEs

bea.gov Characteristics of the Data  Classified by country of the foreign direct investor (inward) or location of DIE (outward) using the directional principle  Supplementary series for inward by country of ultimate beneficial owner (ultimate investing country)  Valuation is at book value – generally historical cost  Two alternate valuations are estimated at the global level – current cost and market value  Data include some but not all positions of fellow enterprises  Not distinguishable from other direct investment positions

bea.gov Inward Direct Investment Foreign parent group 10 to 50 percent Foreign United States Inward position includes equity of foreign direct investor in U.S. DIE and debt between foreign parent group and U.S. DIE. It excludes debt and equity positions between U.S. DIE and fellow enterprises outside the foreign parent group (those that are not majority-owned by a member of the group). > 50 percent

bea.gov Outward Direct Investment Consolidated U.S. direct investor 10 to 50 percent United States Foreign Outward position includes equity and net debt of consolidated U.S. direct investor in foreign DIE. It excludes debt and equity positions between foreign DIE and fellow enterprises outside the consolidation (those that are not majority-owned by the consolidated direct investor). > 50 percent

bea.gov For More Information, Contact: Jessica M. Hanson Direct Investment Division Bureau of Economic Analysis (202)