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Oecd Benchmark Definition of Foreign Direct Investment: Fourth Edition – Isbn 978-92-64-04573-6 – © Oecd 2008 3 2008 OECD Benchmark Definition of Foreign Direct Investment OECD Benchmark FOURTH EDITION 2008 Definition of Foreign Foreign direct investment (FDI) is a major driver of globalisation. As investment patterns of Direct Investment multinational enterprises become more and more complex, reliable and internationally comparable, FDI statistics are necessary for sound decision making. The OECD Benchmark Definition of Foreign Direct Investment sets the world standard for FDI statistics. It provides a single point FOURTH EDITION 2008 of reference for statisticians and users on all aspect of FDI statistics, while remaining compatible with other internationally accepted statistical standards. This edition introduces new analytical data breakdowns and statistical treatments that better reflect the realities of today’s world economy. The revised Benchmark Definition provides methods for classifying different types of FDI (e.g., mergers and acquisitions, greenfield investments) and for Investment Direct Foreign of Definition Benchmark OECD identifying the ultimate investor. The new edition now addresses the uses of FDI statistics, including globalisation indicators, and has a chapter on statistics relating to the activities of multinational enterprises. FOURTH EDITION FOURTH The full text of this book is available on line via these links: www.sourceoecd.org/finance/9789264045736 www.sourceoecd.org/statisticssourcesmethods/9789264045736 Those with access to all OECD books on line should use this link: www.sourceoecd.org/9789264045736 SourceOECD is the OECD online library of books, periodicals and statistical databases. For more information about this award-winning service and free trials ask your librarian, or write to us at [email protected]. ISBN 978-92-64-04573-6 20 2008 03 1 P -:HSTCQE=UYZ\X[: www.oecd.org/publishing 19X27.indd 1 10-Sep-2009 9:35:18 AM OECD Benchmark Definition of Foreign Direct Investment FOURTH EDITION 2008 Vol. XX, Edition, Author Corps 14 Caecilia Roman, Inter 16 pts Empagement 152 × 199 mm Top 25 mm Left 19 mm ORGANISATION FOR ECONOMIC CO-OPERATION AND DEVELOPMENT The OECD is a unique forum where the governments of 30 democracies work together to address the economic, social and environmental challenges of globalisation. The OECD is also at the forefront of efforts to understand and to help governments respond to new developments and concerns, such as corporate governance, the information economy and the challenges of an ageing population. The Organisation provides a setting where governments can compare policy experiences, seek answers to common problems, identify good practice and work to co-ordinate domestic and international policies. The OECD member countries are: Australia, Austria, Belgium, Canada, the Czech Republic, Denmark, Finland, France, Germany, Greece, Hungary, Iceland, Ireland, Italy, Japan, Korea, Luxembourg, Mexico, the Netherlands, New Zealand, Norway, Poland, Portugal, the Slovak Republic, Spain, Sweden, Switzerland, Turkey, the United Kingdom and the United States. The Commission of the European Communities takes part in the work of the OECD. OECD Publishing disseminates widely the results of the Organisation’s statistics gathering and research on economic, social and environmental issues, as well as the conventions, guidelines and standards agreed by its members. This work is published on the responsibility of the Secretary-General of the OECD. The opinions expressed and arguments employed herein do not necessarily reflect the official views of the Organisation or of the governments of its member countries. Also available in French under the title: Définition de référence de l’OCDE des investissements directs internationaux QUATRIÈME ÉDITION Photo credits: Cover © Peggy Ford-Fyffe King Corrigenda to OECD publications may be found on line at: www.oecd.org/publishing/corrigenda. © OECD 2008 You can copy, download or print OECD content for your own use, and you can include excerpts from OECD publications, databases and multimedia products in your own documents, presentations, blogs, websites and teaching materials, provided that suitable acknowledgment of OECD as source and copyright owner is given. All requests for public or commercial use and translation rights should be submitted to [email protected]. Requests for permission to photocopy portions of this material for public or commercial use shall be addressed directly to the Copyright Clearance Center (CCC) at [email protected] or the Centre français d'exploitation du droit de copie (CFC) [email protected]. FOREWORD Foreword Foreign direct investment (FDI) is a key driver of international economic integration. With the right policy framework, FDI can provide financial stability, promote economic development and enhance the well being of societies. Reliable FDI statistics have always been essential for policy makers faced with the challenges of attracting and making the most of international investment. In the early 1980s, the OECD recognised that traditional reporting models could not account for the removal of regulatory barriers for cross-border investments, the evolution of multinational enterprises and the increasing complexity of their financing through offshore tax juridisctions and other arrangements. As a result, in 1983, the OECD adopted a new "Benchmark Definition of Foreign Direct Investment" which provided a comprehensive set of rules to improve statistical measures of foreign direct investment. However, the financing structures of multinational enterprises and other business combinations have continued to evolve in an increasingly globalised market. To adapt the statistical measures to changing economic and financial realities, the OECD adopted in 2008 the 4th edition of the Benchmark Definition of Foreign Direct Investment which sets the world standard for FDI statistics. This 4th edition introduces new techniques in financial measures of direct investment. As examples, distinguishing financial flows via special purpose entities to reduce the effects of round- tripping of funds; distinguishing FDI by type of transaction (such as mergers and acquisitions); and identifying FDI according to the ultimate investor. This revised Benchmark Definition includes indicators on economic activities of multinational enterprises and a new section for users. The annexes elaborate further specific topics and include practical examples. The 4th editon of the Benchmark Definition will serve as a single point of reference for all that is related to FDI and its measurement. This publication is the result of the work by the Working Group on International Investment Statistics, representing the international community of FDI statisticians [and chaired by Mr. Roger De Boeck]. The work was undertaken at the request of the OECD Investment Committee and in co- operation with the IMF and other partner international organisations. It was supported by material prepared by the Secretariat of the Working Group, Ayse Bertrand, Senior Statisician in the OECD Investment Division headed by Pierre Poret in the Directorate for Financial and Enterprise Affairs. OECD BENCHMARK DEFINITION OF FOREIGN DIRECT INVESTMENT: FOURTH EDITION – ISBN 978-92-64-04573-6 – © OECD 2008 3 TABLE OF CONTENTS Table of Contents Acronyms . 10 Recommendation of the Council on the OECD Benchmark Definition of Foreign Direct Investment . 12 Chapter 1. Introduction . 13 1.1. Summary. .14 1.2. Purpose of the Benchmark Definition . 14 1.3. Revision of the Benchmark Definition . 16 1.4. An overview of foreign direct investment concepts . 17 1.5. Organisation of the Benchmark Definition. 18 Chapter 2. Uses of FDI Statistics. 19 2.1. Summary. .20 2.2. Why measure FDI?. 20 2.3. Understanding the main features of FDI . 21 2.3.1. FDI in the context of economic accounts . 21 2.3.2. FDI Equity ownership: the critical determinant. 22 2.4. Analytical FDI breakdowns. 26 2.4.1. Standard (core) FDI series . 28 2.4.2. Supplemental FDI series . 31 2.5. Interpreting FDI series and globalisation indicators. 32 2.5.1. FDI series . 32 2.5.2. Globalisation indicators related to FDI . 34 Chapter 3. Main Concepts and Definitions of Foreign Direct Investment . 39 3.1. Summary. .40 3.2. Statistical units. .40 3.2.1. Economic territory and the concept of residence . 40 3.2.2. Institutional units. 42 3.2.3. Institutional sectors . 48 3.3. Foreign direct investment. 48 3.4. The direct investment relationship. 49 3.4.1. Foreign direct investor . 49 3.4.2. Foreign direct investment enterprise . 50 3.4.3. Framework for Direct Investment Relationships (FDIR) . 50 3.4.4. The debtor/creditor principle . 56 3.4.5. The Asset/Liability principle and the Directional principle . 56 Chapter 4. FDI Components, Accounts and Scope . 59 4.1. Summary. .60 4.2. FDI components . 60 4.3. FDI accounts . 63 4.3.1. FDI positions . 65 OECD BENCHMARK DEFINITION OF FOREIGN DIRECT INVESTMENT: FOURTH EDITION – ISBN 978-92-64-04573-6 – © OECD 2008 5 TABLE OF CONTENTS 4.3.2. FDI financial transactions . 70 4.3.3. Direct Investment Income. 74 4.3.4. Other changes . 79 4.4. Scope of FDI . .84 4.4.1. Standard content of FDI statistics . 84 4.4.2. Supplemental FDI series . 86 4.4.3. Banks and other financial intermediaries. 89 4.4.4. Financial leases. 89 Chapter 5. FDI Accounting Principles and Valuation . 91 5.1. Summary. .92 5.2. Accounting principles . 92 5.3. Valuation . 93 5.3.1. Valuation of foreign direct investment positions . 93 5.3.2. Valuation of FDI financial flows and transfer pricing . 96 Chapter 6. Special Entities. 99 6.1. Summary. .100 6.2. Special purpose entities . 100 6.3. Collective investment institutions . ..
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