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Why are Coordinated Portfolio Investment (CPIS) data collected from the asset side, and what does “derived liabilities” mean?

More reliable detailed cross border positions data can usually be collected on an economy’s holdings of portfolio investment because the holder (creditor) will usually know what securities it holds. On the liabilities side, the issuer of a security (debtor) may not know the residency of the holder because the securities may be held by foreign custodians or other intermediaries. Using the assets data reported by CPIS participating economies, the IMF derives liabilities data for all economies (CPIS reporters as well as nonreporters); these data are termed “derived liabilities”. A subset of economies also report liabilities data (an encouraged item in the CPIS).

The CPIS dataset can be found here.

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