{[ promptMessage ]}

Bookmark it

{[ promptMessage ]}

Turkey-BOP-Definitions&Principles--354

Turkey-BOP-Definitions&Principles--354 - BALANCE OF...

Info icon This preview shows pages 1–6. Sign up to view the full content.

View Full Document Right Arrow Icon
i BALANCE OF PAYMENTS STATISTICS DEFINITION, PRINCIPALS AND PRACTICE IN TURKEY THE CENTRAL BANK OF TURKEY STATISTICS DEPARTMENT Balance of Payments Division
Image of page 1

Info icon This preview has intentionally blurred sections. Sign up to view the full version.

View Full Document Right Arrow Icon
i TABLE OF CONTENTS Sayfa No I- DEFINITION ................................................................................................ 1 II- PRINCIPLES .............................................................................................. 2 1. Double-entry ......................................................................................... 2 2. Change of Ownership ........................................................................... 4 3. Market Value ......................................................................................... 4 III- STANDARD COMPONENTS .................................................................... 4 1. Current Account .......................................................................................... 4 a) Goods and Services .............................................................................. 5 i) Goods ............................................................................................ 5 ii) Services ........................................................................................ 5 b) Income .................................................................................................. 5 c) Current transfers ................................................................................... 6 2) CAPITAL AND FINANCIAL ACCOUNT ...................................................... 6 a) Capital Account: .................................................................................... 6 b) Financial Account: ................................................................................. 6 i) Direct investment ........................................................................... 8 ii) Portfolio investment ...................................................................... 8 iii) Financial Derivatives .................................................................... 9 iv) Other Investment ......................................................................... 9 v) Reserve Assets ............................................................................ 9 3) NET ERRORS AND OMISSIONS ....................................................... 10 IV- THE PRACTICE IN TURKEY AND DATA SOURCES ........................... 12 1. Current Account: ....................................................................................... 13 a) Goods: ................................................................................................ 13 b) Services: ............................................................................................. 15 i) Transportation: ............................................................................ 15 ii) Travel: ......................................................................................... 15 iii) Construction Services: ............................................................... 16 iv)Insurance Services: .................................................................... 16
Image of page 2
ii v) Financial Services: ..................................................................... 16 vi) Other Business Services: ........................................................... 16 vii) Government Services: ............................................................... 17 viii) Other Services: ........................................................................ 17 c) Income: ............................................................................................... 17 i) Compensation of Employees: ...................................................... 17 ii) Income: ....................................................................................... 17 d) Current Tranfers: ................................................................................. 18 i) General Government: .................................................................. 18 ii) Other Sectors .............................................................................. 18 Workers’ Remittances: ................................................................... 18 2) Capital and Financial Account: ................................................................. 19 a) Capital Account / Migrants’ Transfers: ................................................ 19 b) Financial Account: ............................................................................... 19 ii) Portfolio Investment: ................................................................... 20 iii) Other Investment: ...................................................................... 21 iv) Reserve Assets: ......................................................................... 23 Appendix: DETAILED PRESENTATION ITEMS IN BALANCE OF PAYMENTS OF TURKEY ....................................................................................................... 24
Image of page 3

Info icon This preview has intentionally blurred sections. Sign up to view the full version.

View Full Document Right Arrow Icon
1 BALANCE OF PAYMENTS STATISTICS DEFINITION, PRINCIPLES AND THE PRACTICE IN TURKEY International standards regarding the compilation of balance of payments statistics are described in the fifth edition of the Balance of Payments Manual (BPM5) prepared by the International Monetary Fund (IMF) in order to provide guidance to member countries, and the said standards ensure international comparability of the balance of payments statistics. Currently, the fifth edition of the Balance of Payments Manual remains in effect, even though the studies continue towards the sixth edition of the Manual. Information on definitions, recording principles and classifications given in this text are prepared based on the BPM5. I- DEFINITION In a general sense, the balance of payments is a statistical statement that systematically records all the economic transactions between residents of a country (Central Government, monetary authority, banks, other sector) and nonresidents for a specific time period. Economic transactions consist of those involving; - goods, services and income, - transactions of financial claims and liabilites, - one-sided transactions between residents and nonresidents for the provision of real and financial resource transfers without quid pro quo. There are two basic concepts in the balance of payments definition: “economic territory ” and “residence” . The concept of “economic territory” corresponds to a geographic territory administered by a government while the concept of “residence” refers to the institutional unit or an individual who regularly resides and engages in economic activities in an economic territory for more than one year.
Image of page 4
2
Image of page 5

Info icon This preview has intentionally blurred sections. Sign up to view the full version.

View Full Document Right Arrow Icon
Image of page 6
This is the end of the preview. Sign up to access the rest of the document.

{[ snackBarMessage ]}

What students are saying

  • Left Quote Icon

    As a current student on this bumpy collegiate pathway, I stumbled upon Course Hero, where I can find study resources for nearly all my courses, get online help from tutors 24/7, and even share my old projects, papers, and lecture notes with other students.

    Student Picture

    Kiran Temple University Fox School of Business ‘17, Course Hero Intern

  • Left Quote Icon

    I cannot even describe how much Course Hero helped me this summer. It’s truly become something I can always rely on and help me. In the end, I was not only able to survive summer classes, but I was able to thrive thanks to Course Hero.

    Student Picture

    Dana University of Pennsylvania ‘17, Course Hero Intern

  • Left Quote Icon

    The ability to access any university’s resources through Course Hero proved invaluable in my case. I was behind on Tulane coursework and actually used UCLA’s materials to help me move forward and get everything together on time.

    Student Picture

    Jill Tulane University ‘16, Course Hero Intern