Metadata Sub-indicator 17.13.1.12. Portfolio investment, net variation in assets less net variation in liabilities
Goal 17. Strengthen the means of implementation and revitalize the global partnership for sustainable development
Target 17.13. Enhance global macroeconomic stability, including through policy coordination and policy coherence
Indicator 17.13.1. Macroeconomic Dashboard
Sub-indicator 17.13.1.12. Portfolio investment, net variation in assets less net variation in liabilities
Portfolio investment is defined as cross-border flows and positions involving debt or equity securities, other than those included in direct investment or reserve assets.
The allocation of these operations is determined by the resident issuer in the case of liabilities, and by the resident that subscribes to or purchases the securities in the case of assets.
Portfolio assets of financial and monetary institutions are obtained from the portfolios reported within the integrated system for the reporting of financial statements. In all other cases, the main source of information used to calculate portfolio investment in the financial account of the balance of payments (BoP) and in the international investment position (IIP) is the securities information system, whose reporting rules are set out in Banco de España Circular 3/2017. The reporting agents subject to this circular are resident securities custodian institutions. In the case of portfolio assets of General Government and other resident sectors that are held in custody by non-resident institutions, the source of information is the data from the direct reporting system for external transactions and positions of those sectors.
In all cases, monthly security-by-security data are available, which facilitate their matching with the ECB Centralised Securities Database (CSDB). This database contains, among many other variables, the information required to estimate the geographical breakdown and to carry out other necessary calculations.
In order to capture securities issued abroad by resident entities, data are drawn from the following sources: the Official Gazette of the Mercantile Registry and the companies’ annual reports filed therein; information obtained directly from the Public Treasury and the Autonomous Communities; the official gazettes of the Autonomous Communities, in the case of Local Governments; financial statements reported to the Banco de España under Circular 4/2017, in the case of securities issued by MFIs; and, finally, foreign issues reported directly by issuers in the OFI sector under Circular 1/2012.
The acquisition of these securities by resident investors, which must be deducted from the total amount of issues, is covered by the sources mentioned above.
MillionEuros
Annual
Tier I
Yes
Balance of Payments, International Trade in Services and Foreign Direct Investment, International Investment Position, External Debt and International Reserves, and Foreign Currency Liquidity (ISO code: 37142)
15/12/2021
World Bank