ASi" kUCTURE FlOR DEVELOPMENT

and bxes not allocable to other categories. They tics on merchandise trade are based on countres'
may include negative values that are adjustments, customs returns.
for instance, for taxes collected on behalf of state Merchandise exports and imports, with some exand
local governments and not allocable to individ- ceptions, cover international movements of goods
ual tax categories.
across customs borders; trade in services is not hi-
Nonta revenue comprises receipts that are not a cluded. Exports are valued fob. (free on board) and
compulsory nonrepayable payment for public pur- inports cif. (cost, insurance, and freight) unless
poses, such as fines, adminsitrative fees, or entre- otherwise spedfied in the foregoing sources. These
preneurial income from government ownership of values are in current U. S. dollars.
pmperty. Proceeds, of grants and borrowing fmds The growth rates of merchandise exports and imarising
from the repayment of previous lending by ports are based on constant price data, which are
governrments, incurrence of liabilities, and proceeds obtained from export or import value data as defrom
the sale of capital assets are not included. flated by the corresponding price index. The World
Bank uses its own price indexes, which are based on
Table 12. Money and interest rates international prices for priary commodities and
unit value indexes for manufactures. These price in-
The data on bradry defined money are based on the dexes are country-specific and dsaggregated by
IMFs International Financial Stfatistic (IS). Broadly broad commodity groups. This ensures consistency
defined money comprises most liabilities of a coun- between data for a group of countries and those for
ry's monetary institutions to residents other than individual countries. Such consistency will increase
the central govenmnent For most counties, broadly as the Wlorld Bank continues to improve its trade
defined money is the sum of money (S line 34) price indexes for an increasing number of countries.
and quasi money (IFS line 35). Money comprises the These growth rates can differ from those derived
economy's means. of payment currency outside irom national piactices because national pnrce inbanks
and demand deposits. Quasi money coom- dexes may use different base years and weighting
prises time and savings deposits and similar bank procedures from those used by the World Bank.
accounts that the issuer can exchange for money The terms of trde, or the net barter terms of trade,
with little if any delay or penalty. Where nonmone- measure the relative movement of export pnces
tary financial institutions are important issuers of against that of import prices. Calculated as the ratio
quasi-monetary liabilities, these are often included of a country's index of average export prices to its
in the measure of broadly defined money
average import price mdex, this mdicator shows
The growth rates for broadly defined money axe changes over a base year in the level of export prices
. calculated from year-end figures, while the average as a percentage of import prices. The terms of trade
* of the year-end figures for the specified year and the index numbers are shown for 1985 and 1992, where:
previous year is used for the ratio of broadly de- 1987 = 100. The price indexes are from the source
* : fined money to GDP. cited above for the growth rates of exports and
-The nominal izterest rates of banks, also from IFS, imports.
-.. represent the rates paid by commercial or similar The summary measures for the growth rates are
banks to holders of their quasi-monetary liabilities calculated by aggregating the 1987 constant US.
(deposit rate) and charged by the banks on loans to doDar price series for each year and then applying
prime customers (lending rate). TIhe data are, how- the.least-squares growth rate procedure for the periever,
of limited international comparability partly ods shown.
because coverage and definitions vary.
S-ince interest rates (and growth rates for broadly Tables 14 arid 15. Structure of merchandise
defined money) are expressed in nominal terms, imports and exports
-: much of the variation among countries stems from
dfferences in inflation. For easy reerenc, the Table The. shares in these tables are derived from trade
* indicator of recentinflationisrepeated in this table. values in current dollars reported in the U.N. trade
data systern, supplemented by World Bank esti-
Table 13. Growth of merchandise trade
mates.
Mlerchandise exports and imports are defined in
*The main data source for current trade values is the the technical note for Table 13
U.N. Commodity Trade (COMTRADE) data file, The categorization of exports and imports folsupplemented
by World Bank estimates. The statis- lows the Standard I!ernationial Trade Classification
237