Skip to content Skip to footer site map

Sign In
Home
Treasury For...
AboutExpand About
Resource CenterExpand Resource Center
Empty
ServicesExpand Services
InitiativesExpand Initiatives
CareersExpand Careers
Connect with Us

Resource Center

 Articles on the Treasury International Capital System (TIC)

Bookmark and Share
TIC Home Page Release Dates FAQs about TIC Using TIC Contact TIC

Part A: The following articles by the Federal Reserve are about TIC data, or make significant use of TIC data.

1. (August 2014) Estimating U.S. Cross-Border Securities Positions: New Data and New Methods, Federal Reserve Board, International Finance Discussion Papers, Carol Bertaut and Ruth Judson (August 2014). The Board staff presents new monthly estimates of U.S. cross-border securities investment, combining information from detailed annual Treasury International Capital (TIC) surveys with new information from the TIC form SLT. They also show how changes in the new monthly data can be decomposed into flows, estimated valuation changes, and a residual "gap".

2. (May 2012) Improving the Measurement of Cross-Border Securities Holdings: The Treasury International Capital SLTPDF icon (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.

3. The Financial Crisis and U.S. Cross-Border Financial FlowsPDF icon (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.

4. U.S. Cross-Border Derivatives Data: A User's GuidePDF icon (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.

5. Understanding U.S. Cross-Border Securities DataPDF icon (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 SecuritiesPDF icon (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 SecuritiesPDF icon (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.

 

Part B: The following statistics from the Bureau of Economic Analysis (BEA) use adjusted TIC data.

1. How BEA uses TIC data in the U.S. International Transactions Accounts,PDF icon (PDF), published in the September 2014 issue of the Survey of Current Business, Bureau of Economic Analysis (BEA), U.S. Department of Commerce. Article published in July 2013,PDF icon (PDF).

2. Balance of Payments and International Transactions Data (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 section 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.
There are detailed quarterly articles in Survey of Current Business, including information on cross-border holdings of securities.

 

11/22/2016 3:16 PM

Related Offices