advantages of such data in terms of completeness of coverage and timeliness are often more than offset by serious disadvantages such as the differences between the scope of the data collected and the underlying statistical and economic concepts. The inadequacy of administrative data on investment flows has resulted in the recognition of the need for well-designed and properly conducted surveys to collect the required data. Further, the imposition of exchange controls is becoming increasingly difficult in today's global economy. Thus, countries that compile statistics of financial flows from administrative records are actively considering the development of survey-based systems to supplement their administrative-based statistics. Unfortunately, the design of effective survey-based systems requires considerable technical expertise and adequate survey infrastructure, in particular a comprehensive sampling frame.
Singapore, for example, found the administrative-based "ticket system" for tracking financial flows inadequate after the complete liberalisation of exchange control regulations in 1978. The ticket system was therefore abandoned in 1981, and replaced by a survey-based system. Since then, the scope and coverage of the survey-based system has been extended to ensure that data collected on both inward and outward flows of direct foreign investment conform to the definitions and guidelines stated in the IMF's Balance of Payments Manual. The surveys conducted for this purpose are extremely large-scale and cover more than 12,000 companies. That considerable efforts and resources are required to compile such statistics can be seen from the fact that only four countries (Australia, Canada, Singapore and the US) have provided investment statistics conforming to the Balance of Payments to the APEC Working Group on Trade and Investment Data.
IV Comparability and International Co-operation
The proper interpretation and assessment of economic and financial statistics can be undertaken only if these statistics are broadly comparable. The achievement of international comparability is made possible by the international standards and frameworks governing the compilation of these statistics. However, as noted above, the efforts and resources required to comply with these
