1. (May 2012) Improving the Measurement of Cross-Border Securities Holdings: The Treasury International Capital SLT
(PDF). In the wake of the financial crisis, growing interest in improving the measurement of cross-border securities positions spurred the introduction of a new Treasury International Capital (TIC) reporting form, the TIC SLT. This article reviews the existing structure of TIC cross-border position and flow data, the benefits that the new SLT can provide, and the incoming information from the first two reporting months of SLT data, September and December 2011. While some patterns and characteristics of the SLT data will become clear only after more data have accumulated, the SLT data have already begun to provide timely insights on U.S. and foreign cross-border investment flows that are different from the monthly estimates provided by existing flow data. It is from the Federal Reserve Bulletin, Volume 98, May 23, 2012, Board of Governors of the Federal Reserve System.
2. The Financial Crisis and U.S. Cross-Border Financial Flows (PDF). This article illustrates how a wide variety of TIC data can be used in examining international financial flows and portfolio investment positions. The article examines the effects of the recent financial crisis, which began in August 2007, on U.S. cross-border financial flows. The focus is on flows in securities and banking flows, and also analyzes the influences on cross-border positions in securities and of banks and nonbanks. It is from the Federal Reserve Bulletin, November 2009, Board of Governors of the Federal Reserve System.
3. U.S. Cross-Border Derivatives Data: A User's Guide (PDF). This article provides detailed information on the uses and interpretation of the TIC derivatives data. It is from the Federal Reserve Bulletin, May 2007, Board of Governors of the Federal Reserve System.
4. Understanding U.S. Cross-Border Securities Data (PDF). This article is recommended reading for all users of the various TIC data related to cross-border securities. It is from the Federal Reserve Bulletin, 2006, Board of Governors of the Federal Reserve System.
-- The previous article (2004) was Recent Developments in Cross-Border Investment in Securities (PDF). The appendix compares U.S. and foreign measurement of holdings of U.S. securities. It is from the Federal Reserve Bulletin, Winter 2004, Board of Governors of the Federal Reserve System.
-- The first in this recent series of articles (2001) was The U.S. System for Measuring Cross-Border Investment in Securities (PDF). The appendix discusses how to use the monthly transactions data and the annual survey data to construct ongoing estimates of cross-border holdings of securities. It is from the Federal Reserve Bulletin, October 2001, Board of Governors of the Federal Reserve System.
1. How TIC data are used in BEA statistics. (PDF). From the Survey of Current Business, July 2009, Bureau of Economic Analysis (BEA), U.S. Department of Commerce.
2. Balance of Payments data and the latest news release on International Transactions (quarterly) are available from the Bureau of Economic Analysis (BEA), U.S. Department of Commerce.
-- Details of transactions in long-term securities can be found in Table 7a, at the "Interactive Tables" link on the balance of payments webpage. The BEA estimates include adjusted TIC data and, in addition, data on debt and equity transactions associated with merger and acquisition activity that are not included in the TIC data.
-- Among the useful BEA articles available from its balance of payments webpage, is the July 2007 article on "Annual Revision of U.S. International Accounts" that discusses the new TIC data on financial derivatives.
3. Information on the International Investment Position of the United States is available from the Bureau of Economic Analysis (BEA), U.S. Department of Commerce.
The annual article in the July Survey of Current Business includes data on cross-border holdings of securities.