Mundell fleming

Pages: 210 (52432 mots) Publié le: 30 janvier 2011
2009

ANNUAL REPORT THE FRENCH BALANCE OF PAYMENTS AND INTERNATIONAL INVESTMENT POSITION

ISSN 0292-6733

BANQUE DE FRANCE

DIRECTORATE GENERAL STATISTICS Balance of Payments Directorate Sectoral Surveys and Statistics Directorate

121-09

CONTENTS
INTRODUCTION
Introduction 2008 and 2009 balance of payments in detail 7 10

PART 1: THE

FRENCH BALANCE OF PAYMENTS ANDINTERNATIONAL INVESTMENT POSITION

14

Chapter 1 Current account and capital account

15 15 15 18 18 19 20 21 24 24 26 26 26 29 29 29 31 36 38 40 41 43 43 44 46

1| Goods
1|1 General merchandise 1|2 Goods for processing, repairs on goods and goods procured in ports by carriers

2| Services
2|1 Transportation 2|2 Travel 2|3 Other services

3| Income
3|1 Direct investment income 3|2 Portfolioinvestment income 3|3 Other investment income

4| Current transfers
Chapter 2 Financial account

1| Direct investment
1|1 Outward foreign direct investment 1|2 Inward foreign direct investment

2| Portfolio investment
2|1 Assets (residents’ transactions in securities issued by non-residents) 2|2 Liabilities (non-residents’ transactions in securities issued by residents)

3| Otherinvestment (deposits and loans)
3|1 Deposits and loans of monetary financial institutions 3|2 Deposits and loans of the Banque de France, general government and other sectors

4|Reserve assets
Revisions of 2007 and 2008 balance of payments data

Banque de France – The French balance of payments and international investment position • Annual Report • 2009

5

CONTENTS

Chapter 3 Internationalinvestment position

49 49 51 52 56 56 58 60 61 64 67

1| Foreign direct investment
1|1 Outward foreign direct investment 1|2 Inward foreign direct investment

2| Portfolio investment
2|1 Assets (residents’ portfolio investment in securities issued by non-residents) 2|2 Liabilities (non-residents’ portfolio investment in securities issued by residents)

3| Loan-deposit position of MFIs4| Reserve assets
Revisions of 2007 and 2008 international investment position data

PART 2: SUPPLEMENTARY
BOXES

STATISTICAL TABLES

Chapter 1: Current account and capital account 1.1 1.2 1.3 Revision of the “Travel” item Impact of regulatory changes concerning financial institutions’ reporting of trade in services data Methods for compiling and estimating direct investment income 20 22 25Chapter 2: Financial account 2.1 2.2 Supplementary presentation of foreign direct investment statistics Impact of monetary policy transactions on flows of “Other investment” in the balance of payments 32 44

Chapter 3: International investment position 3.1 3.2 Supplementary presentation of foreign direct investment in France’s international investment position New allocations of SDRs in 200953 62

STATISTICS Direct investment statistics by sector: switch to the new NAF rev. 2 activity classification Geographical structure of direct investment 72 89

6

Banque de France – The French balance of payments and international investment position • Annual Report • 2009

INTRODUCTION

I

n 2009, France’s current account showed a deficit of 37 billion, equivalent to 1.9% of GDP, asin the previous year. Outward foreign direct investment exceeded inward foreign direct investment by 63 billion, compared to 67 billion in 2008. After several years of capital outflows, portfolio investment resulted in capital inflows in 2008 and, especially, in 2009. Non-residents’ purchases of French securities were 270 billion greater in 2009 than French residents’ purchases of foreignsecurities. International flows of deposits and loans led to a net reduction of 149 billion in French residents’ liabilities, whereas the same item had increased liabilities every year since 2003 and, particularly, in 2006 and 2007. The stability of the current account deficit at 37 billion stems from a 15-billion improvement in the goods balance, which was offset by declines in the services and incomes...
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