Back Matter

Back Matter

Author(s):
International Monetary Fund. Monetary and Capital Markets Department
Published Date:
May 2010
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    GLOSSARY

    Asset-backed security (ABS)

    A security that is collateralized by the cash flows from a pool of underlying assets, such as loans, leases, and receivables. Often, when the cash flows are collateralized by real estate, an ABS is called a mortgage-backed security.

    Basel II

    An accord providing a comprehensive revision of the Basel capital adequacy standards issued by the Basel Committee on Banking Supervision. Pillar I of the accord covers the minimum capital adequacy standards for banks, Pillar II focuses on enhancing the supervisory review process, and Pillar III encourages market discipline through increased disclosure of banks’ financial condition.

    Capital inflows

    Total net nonresident investment in the reporting economy: (1) net direct investment (investment minus disinvestment), (2) net flow of portfolio investment liabilities (increases minus decreases), and (3) net flow of other investment liabilities (increases minus decreases).

    Capital outflows

    Total net resident investment abroad: (1) net direct investment abroad (investment minus disinvestment), (2) net flow of portfolio investment assets (increases minus decreases), (3) net flow of other investment assets (increases minus decreases), and (4) net transactions in reserve assets.

    Carry trade

    A leveraged transaction in which borrowed funds are used to take a position in which the expected interest return exceeds the cost of the borrowed funds. The “cost of carry” or “carry” is the diffierence between the interest yield on the investment and the financing cost (e.g., in a “positive carry” the yield exceeds the financing cost).

    Central counterparty (CCP)

    An entity that interposes itself between counterparties, becoming the buyer to sellers and the seller to buyers in what would otherwise be bilateral arrangements between sellers and buyers.

    Charge-off

    Provision made by a lender recognizing that an amount of debt it is owed is unlikely to be collected in full.

    Clearing

    The process of transmitting, reconciling, and, in some cases, confirming payment orders or security transfer instructions prior to settlement, possibly including the netting of cash flows and the establishment of final positions for settlement. Clearing can be bilateral or multilateral.

    Clearing member (CM)

    A CM is a member of a clearing house. In a central counterparty (CCP) context, a CM clears on its own behalf, for its customers, and on behalf of other market participants. Nonclearing members use CMs to access CCP services. All trades are settled through a CM.

    Close-out netting clause

    A legal provision in master agreements, allowing for the nondefaulting party to offset receivables and payables when one party defaults. When default occurs, termination of the contract is triggered and a single net amount due between the counterparties becomes payable.

    Collateral

    Assets pledged or posted to a counterparty to secure an outstanding exposure on one or more derivatives contracts.

    Commercial mortgage-backed security (CMBS)

    A security that is collateralized by the cash flows from a pool of underlying commercial mortgages.

    Credit default swap (CDS)

    A credit derivative whose payout is triggered by a “credit event,” often a default. CDS settlements can either be “physical”—whereby the protection seller buys a defaulted reference asset from the protection buyer at its face value—or in “cash”—whereby the protection seller pays the protection buyer an amount equal to the difference between the reference asset face value and the price of the defaulted asset. A single-name CDS contract references a single firm or government agency, whereas CDS index contracts reference standardized indices based on baskets of liquid single-name CDS contracts.

    Credit derivative

    A financial contract under which an agent buys or sells risk protection against the credit risk associated with a specific reference entity (or specified range of entities). For a periodic fee, the protection seller agrees to make a contingent payment to the buyer on the occurrence of a credit event (usually default in the case of a credit default swap).

    Delinquency

    Failure to make contractual payments under a loan, usually defined as a certain number of days (or more) overdue (e.g., more than 30, 60, or 90 days).

    Derivative receivables and values and payables

    An institution’s derivative receivables are the sum of the positive replacement of all its over-the-counter derivatives contracts, and the derivative payables are the sum of the negative values.

    EMBIG

    JPMorgan’s Emerging Market Bond Index Global, which tracks the total returns for traded external debt instruments in 34 emerging market economies with weights roughly proportional to the market supply of debt.

    Event study

    A statistical method to assess the short-term impact of an event, such as an announcement of capital control implementation, by comparing the changes in the macrofinancial variable in the pre- and post-event period.

    Exchange traded fund (ETF)

    An investment fund traded on stock exchanges, many of which track an index, such as the S&P 500. ETFs may be attractive to investors due to their low costs and tax efficiency.

    Financing gap

    In this report, the gap between ex ante projected credit demand and credit capacity. There is no ex post financing gap, because changes in interest rates and/or quantity rationing bring credit demand and supply into balance.

    Fixed-effects panel data estimation

    An econometric panel data technique that accounts for possible time model invariant unobserved characteristics in the underlying data.

    Foreclosure

    The act by the lender of taking control of the pledged or mortgaged assets, such as a house, usually with the intention of selling those assets to recover part or all of the amount due from the borrower.

    Funding

    In this report, the process by which banks issue or assume liabilities associated with assets on their balance sheets.

    Generally accepted accounting principles (GAAP)

    This is the standard framework of guidelines for financial accounting in a given jurisdiction. In Chapter 1, it typically refers to the standards in the United States.

    Government-sponsored enterprise (GSE)

    A financial institution that provides credit or credit insurance to specific groups of the economy, such as agriculture or housing. In the United States, such enterprises are federally chartered and maintain legal and/or financial ties to the government.

    Haircut

    An amount subtracted from the market value of posted collateral to reflect its credit, liquidity, and market risk.

    Hedge fund

    An investment pool, typically organized as a private partnership or entity. These funds face few restrictions on their portfolios and transactions. Consequently, they are free to use a variety of investment techniques—including short positions, transactions in derivatives, and leverage—to attempt to raise returns and manage risk.

    Hedging

    Offsetting an existing risk exposure by taking an opposite position in the same or a similar risk—for example, in related derivatives contracts.

    Home Affordable Modification Program (HAMP)

    A program sponsored by the U.S. Treasury under which qualifying mortgage borrowers and their servicers are incentivized to modify the loan payment schedule to improve affordability. Th us far, the modifications have focused on lowering monthly payments rather than principal writedowns.

    Incremental value-at-risk

    A technique used in risk management to estimate the marginal (or incre- mental) contribution of a particular security to the risk of a portfolio.

    Interest rate derivative

    A derivative contract that is linked to one or more reference interest rates.

    International Financial

    Standards, interpretations, and the framework of accounting adopted by the

    Reporting Standards (IFRS)

    International Accounting Standards Board (IASB).

    Jump-to-default risk

    The risk that a credit counterparty will default before a lender, bondholder, or exposed counterparty has time to sell or hedge their position.

    Large and complex financial institution (LCFI)

    A systemically important financial institution that is involved in a diverse range of financial activities and/or geographical areas. Typically these are large and interconnected with other financial institutions.

    Leverage

    The proportion of debt to equity (also assets to equity or capital to assets in banking). Leverage can be built up by borrowing (on-balance-sheet leverage, commonly measured by debt-to-equity ratios) or by using off-balance-sheet transactions. In this report, the term is also used to refer to the ratio of credit to GDP.

    LIBOR

    The London Interbank Offered Rate is an index of the interest rates at which banks offer to lend unsecured funds to other banks in the London wholesale money market.

    Loss-sharing (or loss allocation) agreement

    An agreement among participants in a clearing or settlement system regarding the allocation of any losses arising from the default of a participant in the system or of the system itself.

    Mark-to-market valuation

    The act of recording the price or value of a security, portfolio, or account to reflect its current market value rather than its book value.

    Mortgage-backed security (MBS)

    A security that derives its cash flows from principal and interest payments on pooled mortgage loans. MBSs can be backed by residential mortgage loans or loans on commercial properties.

    Notional amount

    On a derivative contract, the nominal or face value used to calculate payments and final settlement values or the amount of an asset or commodity on which the final settlement is based.

    Novation

    The replacement of an existing obligation by a new obligation between the existing or substitute parties that legally discharge the original obligation.

    Overnight index swap (OIS)

    An interest rate swap whereby the compounded overnight rate in the specified currency is exchanged for some fixed interest rate over a specified term.

    Over-the-counter (OTC)

    A financial contract whose value derives from underlying securities prices, derivative interest rates, foreign exchange rates, commodity prices, or market or other indices, and that is traded bilaterally.

    Quantitative easing

    An expansion of a central bank’s balance sheet through purchases of government securities funded through the creation of base-money (reserve balances of banks and cash).

    Real effective exchange rate (REER)

    An exchange rate index calculated as a weighted average of bilateral exchange rates with a country’s trading partners adjusted for inflation differentials.

    Regulatory arbitrage

    Taking advantage of differences in regulatory treatment across countries or different financial sectors, as well as differences between economic risk and that measured by regulatory guidelines, to reduce regulatory capital requirements.

    Rehypothecation

    The reuse of posted collateral to secure a counterparty obligation to a broker in order to secure another transaction, such as a loan.

    Retained securitization

    Assets that have been packaged into a security on a bank’s balance sheet but have not been sold in the market.

    Risk aversion

    The degree to which an investor who, when faced with two investments with the same expected return but different risk, prefers the one with the lower risk. Th at is, it measures an investor’s aversion to uncertain outcomes or payouts.

    Segregation

    The creation of securities from a reference portfolio of preexisting assets or future receivables that are placed under the legal control of investors through a special intermediary created for this purpose (a “special purpose vehicle” [SPV] or “special purpose entity” [SPE]). In the case of “synthetic” securitizations, the securities are created from a portfolio of derivative instruments.

    Securitization

    A method of protecting client assets by holding them separately from those of the clearing member, the central counterparty, a custodian, or other clients, as the case may be.

    Settlement

    The act that discharges obligations with respect to funds or securities transfers between two or more parties.

    Swap

    An agreement between counterparties to exchange periodic payments based on different reference financial instruments or indices on a predetermined notional amount.

    Swap spread

    The differential between the government bond yield and the fixed rate on an interest rate swap of the equivalent maturity.

    Systemic risk

    The risk that the failure of a particular financial institution would cause large losses to other financial institutions, thus threatening the stability of financial markets. In a central counterparty context, systemic risk can be understood as the risk that the failure of one participant to meet its required obligations would cause other participants or financial institutions to be unable to meet their obligations when due.

    Tangible assets (TA)

    Total assets minus intangible assets (such as goodwill and deferred tax assets).

    Tangible common equity (TCE)

    Total balance sheet equity minus preferred debt minus intangible assets.

    Tier 1 capital

    The core capital supporting the lending and deposit activities of a bank. It consists primarily of common stock, retained earnings, and perpetual preferred stock.

    Too important to fail

    Institutions that are believed to be so large, interconnected, or critical to the workings of the wider financial system or economy that their disorderly failure would impose significant costs on third parties.

    Trade repository

    An electronic data storage center where records of trades are kept. It captures various contractual details, such as counterparty identifiers, payment dates, and calculation protocols.

    Value-at-risk (VaR)

    A risk management technique used to estimate the probability of portfolio losses based on the statistical analysis of historical price trends and volatilities.

    Writedown

    The recognition in a set of accounts that an asset may be worth less than earlier supposed.

    ANNEX SUMMING UP BY THE ACTING CHAIR

    The following remarks by the Acting Chair were made at the conclusion of the Executive Board’s discussion of the Global Financial Stability Report on April 5, 2010.

    Executive Directors welcomed the insights of the Global Financial Stability Report (GFSR) and broadly endorsed its main messages. Directors noted that, since the October 2009 GFSR, risks have eased as the recovery has gained traction, but global financial stability is not yet restored. They were of the view that vulnerabilities now increasingly emanate from concerns over the sustainability of sovereigns’ balance sheets. Such longer-run solvency concerns could translate into short-term strains in funding markets and intensify funding challenges facing banks in advanced economies. Changes in the global risk profile also reflect a greater differentiation of conditions across countries. Nevertheless, most countries face common policy challenges to further reduce risks, including containing sovereign vulnerabilities and their spill-overs; addressing remaining areas of financial sector weakness; and sustaining financial regulatory reforms. Timely international cooperation will remain crucial to ensure effective policy implementation.

    Directors noted that the crisis has led to a deteriorating outlook for debt burdens. They agreed with the emphasis in the GFSR on the interlinkages between fiscal and financial sector risks, which could lead to financial instability if government financing pressures become acute. The skillful management of sovereign risks—including development of credible fiscal consolidation plans, prudent debt management, and structural reforms—is essential for averting an adverse feedback to banking systems and an extension of the crisis.

    Directors welcomed the improvements in the advanced economy banking systems, noting that estimated bank writedowns have declined, capital raising has continued, and recent positive earnings have allowed some banks to replenish their capital. However, they expressed concern that in some countries segments of the banking system remain poorly capitalized and face significant downside risks. Directors considered that slow progress on stabilizing funding and addressing weak banks could delay policy exits from extraordinary support measures.

    Directors agreed that credit supply is likely to remain constrained as banks continue to repair balance sheets and sovereign borrowing needs rise. Policy measures to address capacity constraints, along with the management of fiscal risks, should help to relieve pressures on the supply of and demand for credit.

    Directors noted that, while emerging markets appear to have withstood the crisis well, vulnerabilities may be developing that require the attention of policymakers. Capital flows, particularly portfolio flows, to some emerging market economies have been quite rapid and could lead to excessive credit growth and asset price bubbles. Directors generally agreed that there is no strong evidence of systemwide bubbles at present, but cautioned that, in the current environment of low interest rates, excessive asset valuations could form over the medium term. As regards surges of capital inflows, Directors agreed that, as discussed in Chapter 4, macroeconomic and prudential measures should constitute the main policy response. The use of capital controls can in some cases complement conventional policies, but can only provide temporary relief.

    Directors stressed the need to press ahead with financial sector reforms to make the global financial system more resilient. Such reforms will entail more and better quality capital and improvements in liquidity management and buffers. Greater attention should also be paid to addressing the complex issues related to too-important-to-fail institutions and systemic financial risks. Given their complexity, Directors called for a careful further consideration of the reform proposals.

    Moreover, the reforms discussed in the report should be seen together with other initiatives under way, such as governance of financial institutions, supervision, and macroprudential frameworks.

    Directors noted that Chapter 2 provides in-depth analysis and practical advice for addressing systemic risks, and welcomed a possible methodology to devise systemic-risk-based capital surcharges. However, a number of critical issues, including intensive data requirements, merit further examination before this approach could be considered. In addition, such surcharges should be evaluated relative to other methods or regulations and weighed against the benefit of lowering systemic risk. Moreover, should capital surcharges be implemented, this should take place gradually, so as to ensure the availability of adequate credit to support the recovery.

    Directors welcomed the analysis on financial regulatory architecture. It would be important to strike the right balance between protecting the stability of the financial system and ensuring its innovativeness and efficiency, in particular with regard to too-important-to-fail institutions. Directors were generally of the view that, regardless of how regulatory functions are allocated, regulators’ toolkits will likely need to be augmented to mitigate systemic risks.

    As regards improvements in the financial infrastructure, Directors agreed that a critical mass of over-the-counter derivatives should be moved on to central counterparties to reduce systemic risks as described in Chapter 3. However, central counterparties should be prudently risk-managed and regulated because they concentrate credit and operational risk. A gradual phasing-in of central clearing is advisable to minimize potential shocks to dealer balance sheets from the need to post more collateral. Furthermore, recognizing that some contracts will not be centrally cleared, some Directors considered that the recording of all over-the-counter derivative transactions in regulated and supervised central trade repositories should be mandated, and the data recorded there should be made available to the appropriate authorities.

    STATISTICAL APPENDIX

    This statistical appendix presents data on financial developments in key financial centers and emerging and other markets. It is designed to complement the analysis in the text by providing additional data that describe key aspects of financial market developments. These data are derived from a number of sources external to the IMF, including banks, commercial data providers, and official sources, and are presented for information purposes only; the IMF does not, however, guarantee the accuracy of the data from external sources.

    Presenting financial market data in one location and in a fixed set of tables and charts, in this and future issues of the GFSR, is intended to give the reader an overview of developments in global financial markets. Unless otherwise noted, the statistical appendix reflects information available up to February 26, 2010.

    Mirroring the structure of the chapters of the report, the appendix presents data separately for key financial centers and emerging and other markets. Specifically, it is organized into three sections:

    • Figures 1-14 and Tables 1-9 contain information on market developments in key financial centers. This includes data on global capital flows, and on markets for foreign exchange, bonds, equities, and derivatives as well as sectoral balance sheet data for the United States, Japan, and Europe.

    • Figures 15 and 16, and Tables 10-21 present information on financial developments in emerging and other markets, including data on equity, foreign exchange, and bond markets, as well as data on emerging and other market financing flows.

    • Tables 22-27 report key financial soundness indicators for selected countries, including bank profitability, asset quality, and capital adequacy.

    List of Tables and Figures

    Financial Soundness Indicators

    Figure 1.Major Net Exporters and Importers of Capital in 2009

    Source: IMF, World Economic Outlook database as of March 10, 2010.

    1 As measured by economies’ current account surplus (assuming errors and omissions are part of the capital and financial accounts).

    2 Other economies include all economies with shares of total surplus less than 2.1 percent.

    3 As measured by economies’ current account deficit (assuming errors and omissions are part of the capital and financial accounts).

    4 Other economies include all economies with shares of total deficit less than 3.5 percent.

    Figure 2.Exchange Rates: Selected Major Industrial Countries

    (Weekly data)

    Sources: Bloomberg L.P.; and the IMF Global Data System.

    Note: In each panel, the effective and bilateral exchange rates are scaled so that an upward movement implies an appreciation of the respective local currency.

    1 Local currency units per U.S. dollar except for the euro area and the United Kingdom, for which data are shown as U.S. dollars per local currency.

    2 2000 = 100; constructed using 1999–2001 trade weights.

    Figure 3.United States: Yields on Corporate and Treasury Bonds

    (Monthly data)

    Sources: Bloomberg L.P.; and Merrill Lynch.

    Figure 4.Selected Spreads

    (In basis points; monthly data)

    Sources: Bloomberg L.P.; and Merrill Lynch.

    1 Spread between yields on three-month U.S. treasury repo and on three-month U.S. treasury bill.

    2 Spread between yields on 90-day investment grade commercial paper and on three-month U.S. treasury bill.

    3 Spread over 10-year government bond.

    Figure 5.Nonfinancial Corporate Credit Spreads

    (In basis points; monthly data)

    Source: Merrill Lynch.

    Note: Option-adjusted spread.

    Figure 6.Equity Markets: Price Indices

    (January 1, 1990 = 100; weekly data)

    Source: Bloomberg L.P.

    Figure 7.Implied and Historical Volatility in Equity Markets

    (Weekly data)

    Sources: Bloomberg L.P.; and IMF staff estimates.

    Note: Implied volatility is a measure of the equity price variability implied by the market prices of call options on equity futures. Historical volatility is calculated as a rolling 100-day annualized standard deviation of equity price changes. Volatilities are expressed in percent rate of change.

    1 VIX is Chicago Board Options Exchange’s volatility index. This index is calculated by taking a weighted average of implied volatility for the eight S&P 500 calls and puts.

    Figure 8.Historical Volatility of Government Bond Yields and Bond Returns for Selected Countries1

    (Weekly data)

    Sources: Bloomberg L.P.; and Datastream.

    1 Volatility calculated as a rolling 100-day annualized standard deviation of changes in yield and returns on 10-year government bonds. Returns are based on 10-plus-year government bond indexes.

    Figure 9.Twelve-Month Forward Price/Earnings Ratios

    Source: I/B/E/S.

    Figure 10.Flows into U.S.-Based Equity Funds

    Sources: Investment Company Institute; and Datastream.

    1 In billions of U.S. dollars.

    Figure 11.United States: Corporate Bond Market

    Sources: Board of Governors of the Federal Reserve System; and Bloomberg L.P.

    1 Spread against yield on 10-year U.S. government bonds.

    Figure 12.Europe: Corporate Bond Market1

    Sources: DCM Analytics; and Datastream.

    1 Nonfinancial corporate bonds.

    2 Spread between yields on a Merrill Lynch High-Yield European Issuers Index bond and a 10-year German government benchmark bond.

    3 Nonfinancial corporate bond issuance in euro area countries.

    Figure 13.United States: Commercial Paper Market1

    Source: Board of Governors of the Federal Reserve System.

    1 Nonfinancial commercial paper.

    2 Difference between 30-day A2/P2 and AA commercial paper.

    Figure 14.United States: Asset-Backed Securities

    Sources: Merrill Lynch; Datastream; and the Securities Industry and Financial Markets Association.

    1 Merrill Lynch AAA Asset-Backed Master Index (fixed rate) option-adjusted spread.

    2 Collateralized bond/debt obligations; from 2007 onward, CBO/CDO amount outstanding is included in Other.

    Table 1.Global Financial Flows: Inflows and Outflows1(In billions of U.S. dollars)
    InflowsOutflows
    1998199920002001200220032004200520062007200819981999200020012002200320042005200620072008
    United States
    Direct investment179.0289.4321.3167.084.463.8146.0112.6243.2275.8319.7−142.6−224.9−159.2−142.4−154.5−149.6−316.2−36.2−244.9−398.6−332.0
    Portfolio investment187.6285.6436.6428.3427.6550.2867.3832.01,126.71,154.7527.7−130.2−122.2−127.9−90.6−48.6−123.1−177.4−257.5−498.9−396.0117.4
    Other investment54.2167.2280.4187.5283.2244.4519.9302.7695.3699.0−313.4−74.2−165.6−273.1−144.7−87.9−54.3−510.1−267.0−544.3−677.4219.4
    Reserve assetsn.a.n.a.n.a.n.a.n.a.n.a.n.a.n.a.n.a.n.a.n.a.−6.78.7−0.3−4.9−3.71.52.814.12.4−0.1−4.8
    Total capital flows420.8742.21,038.2782.9795.2858.31,533.21,247.32,065.22,129.5534.1−353.8−504.1−560.5−382.6−294.7−325.4−1,000.9−546.6−1,285.7−1,472.1−0.1
    Canada
    Direct investment22.724.866.127.722.17.2−0.725.959.8111.445.4−34.1−17.3−44.5−36.2−26.8−23.6−42.6−27.6−44.5−59.6−79.0
    Portfolio investment16.62.710.324.211.914.141.810.927.6−32.529.6−15.1−15.6−43.0−24.4−18.6−13.8−18.9−44.2−69.4−42.810.0
    Other investment5.4−10.80.87.85.112.3−3.930.034.360.313.89.410.2−4.2−10.7−7.9−14.2−7.1−17.8−30.6−54.5−31.0
    Reserve assetsn.a.n.a.n.a.n.a.n.a.n.a.n.a.n.a.n.a.n.a.n.a.−5.0−5.9−3.7−2.20.23.32.8−1.3−0.8−3.9−1.8
    Total capital flows44.816.677.259.739.033.637.166.7121.7139.288.7−44.8−28.5−95.4−73.4−53.2−48.4−65.8−91.0−145.3−160.8−101.8
    Japan
    Direct investment3.312.38.26.29.16.27.83.2−6.822.224.6−24.6−22.3−31.5−38.5−32.0−28.8−31.0−45.4−50.2−73.5−130.8
    Portfolio investment56.1126.947.460.5−20.081.2196.7183.1198.6196.6−103.0−95.2−154.4−83.4−106.8−85.9−176.3−173.8−196.4−71.0−123.5−189.6
    Other investment−93.3−265.1−10.2−17.626.634.168.345.9−89.148.962.037.9266.3−4.146.636.4149.9−48.0−106.6−86.2−260.8139.5
    Reserve assetsn.a.n.a.n.a.n.a.n.a.n.a.n.a.n.a.n.a.n.a.n.a.6.2−76.3−49.0−40.5−46.1−187.2−160.9−22.3−32.0−36.5−30.9
    Total capital flows−34.0−125.945.449.115.7121.5272.8232.3102.6267.7−16.4−75.813.4−168.0−139.2−127.7−242.3−413.6−370.8−239.4−494.2−211.9
    United Kingdom
    Direct investment74.789.3122.253.825.527.657.3177.4154.1197.893.5−122.8−202.5−246.3−61.8−50.3−65.6−93.9−80.8−85.6−275.5−163.1
    Portfolio investment35.2171.3268.159.174.3172.8178.3237.0285.5406.7363.9−53.2−34.3−97.2−124.71.2−58.4−259.4−273.4−257.0−179.6199.6
    Other investment110.587.1365.1346.692.7387.9781.7902.0666.31,439.2−1,412.9−22.9−68.7−374.4−250.8−108.5−420.9−595.9−926.2−708.3−1,484.31,000.0
    Reserve assetsn.a.n.a.n.a.n.a.n.a.n.a.n.a.n.a.n.a.n.a.n.a.0.31.0−5.34.50.62.6−0.4−1.71.3−2.63.1
    Total capital flows220.3347.8755.3459.5192.6588.31,017.41,316.51,105.92,043.6−955.6−198.6−304.5−723.2−432.9−157.0−542.4−949.7−1,282.1−1,049.6−1,941.91,039.5
    Euro area
    Direct investment216.3416.3199.8184.9153.3114.8194.1328.6563.5207.1−348.7−413.3−297.9−163.7−164.7−215.3−453.6−542.7−664.8−485.1
    Portfolio investment305.2267.9318.1298.6381.4486.1660.3890.5800.4523.4−341.8−385.2−254.8−163.5−318.1−428.8−514.6−650.5−597.1−25.5
    Other investment199.2340.2238.660.4198.4356.0801.7945.71,269.8295.3−30.5−166.2−244.3−219.6−282.3−425.2−737.7−998.6−1,287.2−180.8
    Reserve assetsn.a.n.a.n.a.n.a.n.a.n.a.n.a.n.a.n.a.n.a.n.a.11.416.216.8−3.032.815.623.0−2.5−5.6−5.6
    Total capital flows720.71,024.4756.5543.8733.0956.91,656.12,164.72,633.71,025.8−709.6−948.5−780.2−549.8−732.3−1,053.7−1,682.9−2,194.3−2,554.7−697.1
    Emerging and developing economies2
    Direct investment169.5184.3169.3182.5172.9174.0250.0335.0417.1611.6686.8−14.5−17.6−20.2−12.0−22.9−26.6−63.3−83.1−161.8−199.3−250.8
    Portfolio investment43.833.933.43.0−5.055.1109.2176.4283.4352.2−33.8−30.6−23.3−65.9−58.6−37.2−71.4−106.0−169.8−399.7−341.4−132.9
    Other investment40.1−14.328.1−2.06.278.4122.5122.4194.6694.5123.8−92.2−78.8−122.6−21.1−37.8−84.6−125.8−197.9−272.6−524.7−343.4
    Reserve assetsn.a.n.a.n.a.n.a.n.a.n.a.n.a.n.a.n.a.n.a.n.a.6.4−37.8−84.0−90.3−154.5−303.9−426.7−540.1−717.7−1,226.6−668.0
    Total capital flows253.4203.9230.8183.5174.2307.5481.7633.9895.11,658.3776.8−130.9−157.5−292.7−182.0−252.4−486.4−721.9−990.9−1,551.8−2,292.1−1,395.0
    Sources: IMF, International Financial Statistics and World Economic Outlook databases as of March 10, 2010.

    The total net capital flows are the sum of direct investment, portfolio investment, other investment flows, and reserve assets. “Other investment” includes bank loans and deposits.

    This aggregate comprises the group of emerging and developing economies defined in the World Economic Outlook.

    Table 2.Global Capital Flows: Amounts Outstanding and Net Issues of International Debt Securities by Currency of Issue and Signed International Syndicated Credit Facilities by Nationality of Borrower(In billions of U.S. dollars)
    2009
    2005200620072008Q1Q2Q3
    Amounts outstanding of international debt securities by currency of issue
    U.S. dollar5,379.16,391.37,535.98,224.68,590.28,994.29,164.0
    Japanese yen469.6485.0575.4747.8684.1687.4725.7
    Pound sterling1,062.61,447.81,705.71,702.81,777.32,114.62,133.4
    Canadian dollar146.6177.9266.2240.1237.2267.9287.8
    Swedish krona23.234.346.748.457.464.671.1
    Swiss franc208.6254.2300.7331.7322.3348.7363.3
    Euro6,309.98,305.110,537.110,874.910,684.611,799.012,421.9
    Other352.2451.9606.2559.5539.6607.4652.7
    Total13,951.817,547.421,573.822,729.922,892.724,883.825,820.1
    Net issues of international debt securities by currency of issue
    U.S. dollar476.11,012.21,144.5688.8365.6404.0169.8
    Japanese yen3.819.567.020.8−7.8−11.8−10.6
    Pound sterling197.3221.1226.5562.4101.958.278.4
    Canadian dollar29.432.151.130.93.810.0−1.3
    Swedish krona6.27.09.411.711.42.90.4
    Swiss franc13.128.523.113.412.48.7−2.6
    Euro985.01,200.21,150.4952.1280.5433.2191.6
    Other86.379.5105.168.8−6.24.78.6
    Total1,797.12,600.12,777.22,349.0761.5909.8434.4
    Signed international syndicated credit facilities by nationality of borrower
    All countries1,725.12,064.02,770.01,537.8178.4290.7198.3
    Industrial countries1,490.01,722.32,256.61,173.7140.7251.0150.8
    Of which:
    United States700.7778.31,070.3442.736.878.358.0
    Japan27.652.075.546.415.76.311.8
    Germany84.3133.0126.447.019.924.68.2
    France112.5101.1167.576.46.05.38.8
    Italy40.838.936.523.10.415.23.6
    United Kingdom158.3189.4240.8191.011.020.28.4
    Canada40.261.578.544.43.78.87.5
    Source: Bank for International Settlements.
    Table 3.Selected Indicators on the Size of the Capital Markets, 2008(In billions of U.S. dollars unless noted otherwise)
    GDPTotal Reserves Minus Gold2Stock Market CapitalizationDebt SecuritiesBank Assets3Bonds, Equities, and Bank Assets4Bonds, Equities, and Bank Assets4(In percent of GDP)
    PublicPrivateTotal
    World61,218.77,389.733,513.131,573.951,694.883,268.7104,712.3221,494.0361.8
    European Union117,134.2296.27,269.18,769.320,272.129,041.351,044.487,354.8509.8
    Euro area13,631.0185.54,991.07,705.915,994.223,700.136,345.065,036.2477.1
    North America15,941.0110.412,771.18,643.123,434.832,077.916,539.161,388.1385.1
    Canada1,499.643.81,033.4755.7750.91,506.62,534.35,074.3338.4
    United States14,441.466.611,737.67,887.422,683.930,571.314,004.856,313.7389.9
    Japan4,887.01,009.43,209.09,116.32,338.011,454.310,419.325,082.6513.3
    Memorandum items:
    EU countries
    Austria414.88.976.3216.4477.3693.7741.91,511.9364.5
    Belgium506.39.3167.4523.6580.51,104.11,958.43,230.0638.0
    Denmark340.040.5140.0100.4630.9731.41,335.92,207.2649.1
    Finland271.17.0157.5119.0124.2243.2413.4814.1300.3
    France2,866.833.61,490.61,481.73,080.84,562.511,208.017,261.1602.1
    Germany3,673.143.11,110.61,646.73,829.95,476.66,894.613,481.7367.0
    Greece351.90.390.9346.9165.2512.2567.31,170.5332.6
    Ireland267.60.949.5112.6487.2599.81,571.52,220.8830.0
    Italy2,313.937.1522.11,998.72,482.14,480.84,257.89,260.6400.2
    Luxembourg57.90.366.62.897.5100.3982.11,149.01,984.0
    Netherlands877.011.5206.6403.31,671.62,074.84,061.76,343.2723.3
    Portugal244.91.374.8188.9291.9480.8307.7863.2352.4
    Spain1,602.012.4948.4634.02,698.63,332.63,076.57,357.5459.3
    Sweden479.025.9270.0128.6513.6642.2634.41,546.6322.9
    United Kingdom2,684.244.31,868.2834.33,133.43,967.612,729.018,564.8691.6
    Newly industrialized Asian economies51,735.2849.52,447.6555.0902.01,456.93,481.87,386.4425.7
    Emerging market economies618,941.94,838.25,960.04,077.22,129.86,207.016,729.528,896.5152.6
    Of which:
    Asia7,378.32,545.62,879.12,180.11,126.13,306.29,878.616,063.8217.7
    Western Hemisphere4,277.4497.21,456.61,164.2658.91,823.12,258.55,538.2129.5
    Middle East and North Africa2,243.5899.9652.465.390.0155.31,628.22,435.9108.6
    Sub-Saharan Africa933.4152.4381.368.160.1128.2753.51,263.0135.3
    Europe4,109.3743.2590.8599.5194.6794.12,210.73,595.687.5
    Sources: World Federation of Exchanges; Bank for International Settlements; IMF, International Financial Statistics (IFS) and World Economic Outlook databases as of March 10, 2010; ©2003 Bureau van Dijk Electronic Publishing-Bankscope; and Bloomberg L.P.

    This aggregate includes euro area countries, Denmark, Sweden, and the United Kingdom.

    Data are from IFS.

    Total assets of commercial banks, including subsidiaries.

    Sum of the stock market capitalization, debt securities, and bank assets.

    Hong Kong SAR, Korea, Singapore, and Taiwan Province of China.

    This aggregate comprises the group of emerging and developing economies defined in the World Economic Outlook.

    Table 4.Global Over-the-Counter Derivatives Markets: Notional Amounts and Gross Market Values of Outstanding Contracts1(In billions of U.S. dollars)
    Notional AmountsGross Market Values
    End-June 2007End-Dec. 2007End-June 2008End-Dec. 2008End-June 2009End-June 2007End-Dec. 2007End-June 2008End-Dec. 2008End-June 2009
    Total516,407595,738683,814547,371604,62211,14015,83420,37532,24425,372
    Foreign exchange48,64556,23862,98344,20048,7751,3451,8072,2623,5912,470
    Forwards and forex swaps24,53029,14431,96621,26623,1074926758021,615870
    Currency swaps12,31214,34716,30713,32215,0726198171,0711,4211,211
    Options11,80412,74814,7109,61210,596235315388555389
    Interest rate2347,312393,138458,304385,896437,1986,0637,1779,26318,01115,478
    Forward rate agreements22,80926,59939,37035,00246,798434188140130
    Swaps272,216309,588356,772309,760341,8865,3216,1838,05616,43613,934
    Options52,28856,95162,16241,13448,5137009531,1201,4351,414
    Equity-linked8,5908,46910,1776,1596,6191,1161,1421,1461,051879
    Forwards and swaps2,4702,2332,6571,5531,709240239283323225
    Options6,1196,2367,5214,6074,910876903863728654
    Commodity37,5678,45513,2293,8203,7296361,8982,209829689
    Gold4265956493324254770685543
    Other7,1417,86112,5803,4893,3045891,8292,141774646
    Forwards and swaps3,4475,0857,5611,9951,772
    Options3,6942,7765,0191,4931,533
    Credit default swaps42,58158,24457,40341,88336,0467212,0203,1925,1162,987
    Single-name instruments24,23932,48633,41225,74024,1124061,1581,9013,2631,953
    Multi-name instruments18,34125,75723,99116,14311,9343158621,2911,8541,034
    Unallocated61,71371,19481,71965,41372,2551,2591,7902,3033,6452,868
    Memorandum items:
    Gross credit exposure4n.a.n.a.n.a.n.a.n.a.2,6723,2563,8594,5553,744
    Exchange-traded derivatives595,09179,07882,00657,86463,449
    Source: Bank for International Settlements.

    All figures are adjusted for double-counting. Notional amounts outstanding have been adjusted by halving positions vis-à-vis other reporting dealers. Gross market values have been calculated as the sum of the total gross positive market value of contracts and the absolute value of the gross negative market value of contracts with nonreporting counterparties.

    Single-currency contracts only.

    Adjustments for double-counting are estimated.

    Gross market values after taking into account legally enforceable bilateral netting agreements.

    Includes futures and options on interest rate, currency, and equity index contracts.

    Table 5.Global Over-the-Counter Derivatives Markets: Notional Amounts and Gross Market Values of Outstanding Contracts by Counterparty, Remaining Maturity, and Currency1(In billions of U.S. dollars)
    Notional AmountsGross Market Values
    End-June 2007End-Dec. 2007End-June 2008End-Dec. 2008End-June 2009End-June 2007End-Dec. 2007End-June 2008End-Dec. 2008End-June 2009
    Total516,407595,738683,814547,371604,62211,14015,83420,37532,24425,372
    Foreign exchange48,64556,23862,98344,20048,7751,3451,8072,2623,5912,470
    By counterparty
    With other reporting dealers19,17321,33424,84518,81018,8914555947821,459892
    With other financial institutions19,14424,35726,77517,22321,4415578069951,4241,066
    With nonfinancial customers10,32910,54811,3628,1668,442333407484708512
    By remaining maturity
    Up to one year236,95040,31643,63931,07630,302
    One to five years28,0908,55310,7019,0499,698
    Over five years23,6067,3708,6434,0758,775
    By major currency
    U.S. dollar340,51346,94752,15237,51640,7371,1121,4711,8382,8461,961
    Euro318,28021,80625,96318,58320,6534557901,0101,4091,032
    Japanese yen310,60212,85713,61611,29211,438389371433884531
    Pound sterling37,7707,9798,3774,7326,213174260280633435
    Other320,12522,88825,85816,27518,5095617239631,411982
    Interest rate4347,312393,138458,304385,896437,1986,0637,1779,26318,01115,478
    By counterparty
    With other reporting dealers148,555157,245188,982160,261148,1502,3752,7743,5546,8894,759
    With other financial institutions153,370193,107223,023187,885250,0692,9463,7864,96510,0519,928
    With nonfinancial customers45,38742,78646,29937,74938,9797426177451,071790
    By remaining maturity
    Up to one year2132,402127,601153,181152,060159,143
    One to five years2125,700134,713150,096124,731128,301
    Over five years289,210130,824155,028109,104149,754
    By major currency
    U.S. dollar114,371129,756149,813129,898154,1671,8513,2193,6019,9116,473
    Euro127,648146,082171,877146,085160,6462,8462,6883,9105,1286,255
    Japanese yen48,03553,09958,05657,42557,451364401380847800
    Pound sterling27,67628,39038,61923,53232,5916274306841,1611,117
    Other29,58135,81139,93928,95732,343375439689965833
    Equity-linked8,5908,46910,1776,1596,6191,1161,1421,1461,051879
    Commodity57,5678,45513,2293,8203,7296361,8982,209829689
    Credit default swaps42,58158,24457,40341,88336,0467212,0203,1925,1162,987
    Unallocated61,71371,19481,71965,41372,2551,2591,7902,3033,6452,868
    Source: Bank for International Settlements.

    All figures are adjusted for double-counting. Notional amounts outstanding have been adjusted by halving positions vis-à-vis other reporting dealers. Gross market values have been calculated as the sum of the total gross positive market value of contracts and the absolute value of the gross negative market value of contracts with nonreporting counterparties.

    Residual maturity.

    Counting both currency sides of each foreign exchange transaction means that the currency breakdown sums to twice the aggregate.

    Single-currency contracts only.

    Adjustments for double-counting are estimated.

    Table 6.Exchange-Traded Derivative Financial Instruments: Notional Principal Amounts Outstanding and Annual Turnover
    2009
    1999200020012002200320042005200620072008Q1Q2Q3
    (In billions of U.S. dollars)
    Notional principal amounts outstanding
    Interest rate futures7,924.97,907.89,269.69,955.613,123.718,164.920,708.724,476.226,769.618,732.317,827.718,811.520,095.5
    Interest rate options3,755.54,734.212,492.811,759.520,793.824,604.131,588.238,116.444,281.733,978.833,013.838,920.142,030.7
    Currency futures36.774.465.647.079.9103.5107.6161.4158.595.286.3135.9172.4
    Currency options22.421.427.427.437.960.766.178.6132.7129.3110.6103.9108.2
    Stock market index futures340.1368.5333.7350.8501.5631.2776.61,030.81,110.7655.6622.4743.2950.7
    Stock market index options1,508.61,141.11,560.71,687.92,160.42,954.54,004.45,526.96,624.54,272.54,125.94,734.36,135.3
    Total13,588.214,247.523,749.823,828.236,697.046,519.057,251.669,390.479,077.657,863.755,786.563,448.869,492.7
    North America6,931.08,168.616,188.913,706.519,461.227,538.035,852.041,505.442,501.429,818.926,851.329,824.932,995.7
    Europe4,008.84,195.06,141.78,801.415,406.916,308.017,973.023,215.430,566.724,622.126,080.830,039.332,300.9
    Asia-Pacific2,398.71,597.71,308.01,191.21,612.42,423.63,001.14,044.04,964.02,685.92,220.82,661.13,021.3
    Other249.7286.2111.2129.1216.5249.3425.5625.51,045.5736.8633.7923.61,174.8
    (In millions of contracts traded)
    Annual turnover
    Interest rate futures672.7781.21,057.51,152.11,576.81,902.62,110.42,621.23,076.62,582.9443.0490.3496.2
    Interest rate options118.0107.7199.6240.3302.3361.0430.8566.7663.3617.7131.7141.7127.4
    Currency futures37.143.549.142.658.883.7143.0231.1353.1433.874.490.0103.3
    Currency options6.87.010.516.114.313.019.424.346.459.89.210.411.2
    Stock market index futures204.9225.2337.1530.6725.8804.5918.71,233.71,930.22,467.9601.8581.6550.6
    Stock market index options322.5481.51,148.22,235.53,233.92,980.13,139.83,177.53,815.64,174.1959.11,064.71,083.3
    Total1,362.01,646.02,801.94,217.25,911.86,144.96,762.17,854.49,885.210,336.22,219.12,378.72,372.1
    North America462.8461.3675.7912.31,279.81,633.61,926.82,541.83,146.53,079.6577.1595.5590.2
    Europe604.7718.6957.71,075.11,346.51,412.71,592.91,947.42,560.22,939.5623.7599.7597.9
    Asia-Pacific207.7331.3985.12,073.13,111.62,847.62,932.42,957.13,592.53,753.6892.31,044.21,048.4
    Other86.8134.9183.4156.7174.0251.0310.0408.1586.0563.5126.1139.2135.5
    Source: Bank for International Settlements.
    Table 7.United States: Sectoral Balance Sheets(In percent)
    200320042005200620072008
    Corporate sector1
    Debt/net worth48.145.240.638.941.948.3
    Short-term debt/credit market debt28.028.327.928.231.030.9
    Interest burden210.57.77.17.110.212.1
    Household sector
    Net worth/assets82.782.883.182.881.878.3
    Equity/total assets24.725.024.226.126.519.3
    Equity/financial assets39.940.740.142.241.230.3
    Net worth/disposable personal income562.7595.3642.7650.7620.1475.8
    Home mortgage debt/total assets12.112.212.312.613.315.9
    Consumer credit/total assets3.73.53.23.13.24.0
    Total debt/financial assets27.928.028.027.828.234.1
    Debt-service burden313.213.313.713.813.913.6
    Banking sector4
    Credit quality
    Nonperforming loans5/total loans1.20.90.80.81.42.9
    Net loan losses/average total loans0.90.70.60.40.61.3
    Loan-loss reserve/total loans1.81.51.31.21.42.3
    Net charge-offs/total loans0.90.60.60.40.61.3
    Capital ratios
    Total risk-based capital12.812.612.312.412.212.7
    Tier 1 risk-based capital10.110.09.99.89.49.7
    Equity capital/total assets9.210.110.310.210.29.4
    Core capital (leverage ratio)7.97.87.97.97.67.4
    Profitability measures
    Return on average assets (ROA)1.41.31.31.30.90.1
    Return on average equity (ROE)15.313.712.913.09.11.3
    Net interest margin3.83.63.63.43.43.3
    Efficiency ratio656.558.057.256.359.258.4
    Sources: Board of Governors of the Federal Reserve System, Flow of Funds; Department of Commerce, Bureau of Economic Analysis; Federal Deposit Insurance Corporation; and Federal Reserve Bank of St. Louis.

    Nonfarm nonfinancial corporate business.

    Ratio of net interest payments to pre-tax income.

    Ratio of debt payments to disposable personal income.

    FDIC-insured commercial banks.

    Loans past due 90+ days and nonaccrual.

    Noninterest expense less amortization of intangible assets as a percent of net interest income plus noninterest income.

    Table 8.Japan: Sectoral Balance Sheets1(In percent)
    FY2003FY2004FY2005FY2006FY2007FY2008FY2009
    Corporate sector2
    Debt/shareholders’ equity (book value)121.3121.5101.798.297.1106.8105.1
    Short-term debt/total debt37.836.836.435.334.134.631.8
    Interest burden322.018.415.615.216.228.333.3
    Debt/operating profits1,079.2965.9839.9820.4798.61,538.61,947.2
    Memorandum item:
    Total debt/GDP490.996.485.789.883.396.0100.5
    Household sector
    Net worth/assets84.584.684.985.185.1
    Equity4.95.78.78.75.4
    Real estate33.031.529.929.930.9
    Net worth/net disposable income725.9721.0737.7742.1729.6
    Interest burden54.94.84.64.74.64.6
    Memorandum items:
    Debt/equity317.6268.4174.5172.2274.4
    Debt/real estate47.049.050.649.848.3
    Debt/net disposable income133.2131.5131.6130.0128.0
    Debt/net worth18.418.217.817.517.5
    Equity/net worth5.86.810.210.26.4
    Real estate/net worth39.037.235.235.236.3
    Total debt/GDP477.576.176.375.272.9
    Banking sector6
    Credit quality
    Nonperforming loans7/total loans5.84.02.92.52.42.42.6
    Capital ratio
    Stockholders’ equity/assets3.94.24.95.34.53.64.3
    Profitability measures
    Return on equity (ROE)8−2.74.111.38.56.1−6.94.9
    Sources: Ministry of Finance, Financial Statements of Corporations by Industries; Cabinet Office, Economic and Social Research Institute, Annual Report on National Accounts; Japanese Bankers Association, Financial Statements of All Banks; and Financial Services Agency, The Status of Nonperforming Loans.

    Data are fiscal year beginning April 1. Stock data on households are only available through FY2007. Data in FY2009 are those of the first half of 2009.

    All industries except finance and insurance.

    Interest payments as a percent of operating profits.

    Revised due to the change in GDP figures.

    Interest payments as a percent of disposable income.

    Data cover city banks, the former long-term credit banks, trust banks, regional banks I, and regional banks II. For FY2009, data refer to end-September 2009.

    Nonperforming loans are based on figures reported under the Financial Reconstruction Law.

    Net income as a percentage of stockholders’ equity (no adjustment for preferred stocks, etc.). For FY2009, the figure is estimated by doubling the net income in the first half of FY2009 (from April to September 2009).

    Table 9.Europe: Sectoral Balance Sheets1(In percent)
    200320042005200620072008
    Corporate sector2
    Debt/equity370.969.070.474.476.289.5
    Short-term debt/total debt33.833.936.437.039.235.4
    Interest burden415.014.4414.715.717.818.0
    Debt/operating profits304.2302.8318.2344.4357.5390.7
    Memorandum items:
    Financial assets/equity1.41.41.51.51.61.7
    Liquid assets/short-term debt86.095.196.795.497.6102.8
    Household sector
    Net worth/assets83.881.584.584.384.583.4
    Equity/net worth11.813.912.312.111.710.8
    Equity/net financial assets34.444.934.834.533.632.1
    Interest burden55.75.45.45.35.45.4
    Memorandum items:
    Nonfinancial assets/net worth65.668.064.664.965.366.3
    Debt/net financial assets52.770.848.348.048.154.5
    Debt/income99.9104.9105.9109.0111.3108.0
    Banking sector6
    Credit quality
    Nonperforming loans/total loans2.32.12.11.92.03.0
    Loan-loss reserve/nonperforming loans73.072.872.567.663.058.4
    Loan-loss reserve/total loans2.41.81.51.41.31.7
    Capital ratios
    Equity capital/total assets2.93.53.73.73.62.8
    Capital funds/liabilities5.05.75.95.75.84.9
    Profitability measures
    Return on assets, or ROA (after tax)0.50.50.50.60.5−0.2
    Return on equity, or ROE (after tax)11.313.514.415.612.9−6.0
    Net interest margin1.51.21.00.90.90.9
    Efficiency ratio773.164.860.959.863.076.1
    Sources: Banque de France; INSEE; Bundesbank; U.K. National Statistics Office; ©2003 Bureau van Dijk Electronic Publishing-Bankscope; and IMF staff estimates.

    GDP-weighted average for France, Germany, and the United Kingdom, unless otherwise noted.

    Nonfinancial corporations.

    Corporate equity adjusted for changes in asset valuation.

    Interest payments as percent of gross operating profits.

    Interest payments as percent of disposable income.

    Fifty largest European banks. Data availability may restrict coverage to less than 50 banks for specific indicators.

    Cost-to-income ratio.

    Figure 15.Emerging Market Volatility Measures

    Sources: Morgan Stanley Capital International; JPMorgan & Chase Co.; and IMF staff estimates.

    1 Data utilize the MSCI Emerging Markets index in U.S. dollars to calculate 30-day rolling volatilities.

    2 Data utilize the EMBI Global total return index in U.S. dollars to calculate 30-day rolling volatilities.

    Figure 16.Emerging Market Debt Cross-Correlation Measures

    Sources: JPMorgan Chase & Co.; and IMF staff estimates.

    1 Thirty-day moving simple average across all pair-wise return correlations of 20 constituents included in the EMBI Global.

    2 Simple average of all pair-wise correlations of all markets in given region with all other bond markets, regardless of region.

    Table 10.MSCI Equity Market Indices
    2009End of Period12- Month High12- Month LowAll-Time High1All-Time Low1
    Q1Q2Q3Q42006200720082009
    Emerging markets570.0761.3914.1989.5912.71,245.6567.0989.5989.5475.11,338.5175.3
    Latin America2,171.42,974.73,689.34,116.72,995.74,400.42,077.74,116.74,210.51,827.85,195.4185.6
    Argentina1,107.51,517.31,910.62,101.03,084.12,918.81,304.02,101.02,226.5976.14,187.7152.6
    Brazil1,833.42,552.33,232.63,624.52,205.43,867.21,638.23,624.53,729.41,540.04,727.684.1
    Chile1,280.41,693.61,786.92,051.61,492.41,802.81,130.92,051.62,051.61,130.92,057.9178.1
    Colombia400.9601.7807.8790.5549.8619.3447.9790.5849.1369.4849.141.2
    Mexico2,885.83,885.44,567.45,138.15,483.35,992.13,356.85,138.15,290.72,335.16,775.7306.7
    Peru764.4842.71,211.81,217.7671.41,248.7719.31,217.71,355.5558.51,488.373.5
    Asia238.7317.3376.6401.7371.5513.7235.8401.7401.7196.9571.9104.1
    China41.355.159.264.852.184.940.864.867.234.7137.212.9
    India229.8366.2435.9468.5390.6668.9233.6468.5468.5187.1694.271.2
    Indonesia290.4444.1606.1634.6449.3677.6287.5634.6641.5233.6894.542.6
    Korea190.2237.9319.7327.1336.7437.5193.1327.1327.1141.1491.329.0
    Malaysia222.5283.3322.4341.8288.6408.6231.3341.8350.7209.6458.454.2
    Pakistan62.664.084.882.0141.2187.146.182.089.537.1211.725.3
    Philippines174.9215.8246.1269.0263.2363.4167.9269.0272.3155.6697.676.4
    Taiwan Province of China163.4204.1244.4264.2278.8294.0150.8264.2264.2135.1529.3108.7
    Thailand124.9188.5223.4225.8189.7267.4132.8225.8235.5115.3651.744.0
    Europe, Middle East, & Africa188.9248.5297.3324.1364.4458.2198.2324.1327.5159.3473.880.8
    Czech Republic384.0486.0584.9544.6546.5828.9455.5544.6609.5300.9929.254.4
    Egypt511.2689.9838.4785.5829.21,284.0591.7785.5909.1426.71,468.861.3
    Hungary304.0505.0717.4742.71,003.01,137.4427.1742.7803.2234.61,304.877.3
    Israel192.2221.3242.9275.9194.4264.0182.4275.9276.3177.2284.467.6
    Jordan151.3155.0153.8149.9209.1252.9162.5149.9177.5142.5362.252.6
    Morocco414.0482.0447.8416.2361.9521.2453.6416.2487.6369.4703.499.4
    Poland450.7608.7799.6902.41,223.41,501.2657.5902.4979.1363.21,671.998.2
    Russia418.4569.6720.3795.31,250.31,536.4397.0795.3844.0328.91,641.530.6
    South Africa289.4378.3429.9468.0443.1508.3305.1468.0468.0229.1578.298.3
    Turkey239.4366.6484.5528.1441.7751.1275.0528.1532.6199.0789.866.1
    Sectors
    Energy474.9639.7739.8795.7760.01,154.2437.0795.7829.4389.01,255.481.7
    Materials338.8409.4493.1549.3442.1657.9314.2549.3549.4297.6750.586.0
    Industrials126.4169.8194.3204.2210.7351.1130.6204.2205.0101.9403.852.6
    Consumer discretionary233.1341.0435.2489.4422.6490.9229.8489.4489.4187.2527.874.1
    Consumer staple197.1253.4303.1349.3266.2330.2209.6349.3349.3173.8349.380.4
    Health care378.1436.0464.0525.7356.3458.8375.2525.7526.6353.3526.683.3
    Financials181.8265.1322.5342.8328.8424.0194.1342.8352.4147.3473.074.6
    Information technology128.9158.9208.7228.0231.8231.5111.4228.0228.0102.0300.073.1
    Telecommunications164.6199.7217.6220.0218.0328.0180.7220.0229.6145.5343.262.9
    Utilities211.9276.1306.7324.3282.1379.2214.5324.3324.3187.2389.163.1
    Table 10. (continued)
    Period on Period Percent Change
    2009End of period
    Q1Q2Q3Q42006200720082009
    Emerging markets0.533.620.18.329.236.5−54.574.5
    Latin America4.537.024.011.639.346.9−52.898.1
    Argentina−15.137.025.910.066.1−5.4−55.361.1
    Brazil11.939.226.712.140.575.3−57.6121.3
    Chile13.232.35.514.826.420.8−37.381.4
    Colombia−10.550.134.2−2.110.912.6−27.776.5
    Mexico−14.034.617.612.539.09.3−44.053.1
    Peru6.310.243.80.552.186.0−42.469.3
    Asia1.232.918.76.729.838.3−54.170.3
    China1.333.37.39.578.163.1−51.958.8
    India−1.659.319.07.549.071.2−65.1100.5
    Indonesia1.052.936.54.769.650.8−57.6120.8
    Korea−1.525.034.42.311.230.0−55.969.4
    Malaysia−3.827.313.86.033.141.5−43.447.8
    Pakistan36.02.132.6−3.3−1.732.5−75.478.1
    Philippines4.223.414.19.355.438.0−53.860.2
    Taiwan Province of China8.324.919.88.116.35.4−48.775.1
    Thailand−5.950.918.51.06.840.9−50.370.0
    Europe, Middle East, & Africa−4.731.619.69.021.325.8−56.763.5
    Czech Republic−15.726.520.3−6.929.651.7−45.119.6
    Egypt−13.635.021.5−6.314.854.8−53.932.8
    Hungary−28.866.142.03.531.113.4−62.473.9
    Israel5.415.19.813.6−7.135.8−30.951.3
    Jordan−6.82.4−0.8−2.5−32.520.9−35.8−7.7
    Morocco−8.716.4−7.1−7.162.644.0−13.0−8.3
    Poland−31.435.031.412.935.322.7−56.237.3
    Russia5.436.126.510.453.722.9−74.2100.3
    South Africa−5.230.713.68.917.314.7−40.053.4
    Turkey−13.053.232.29.0−9.270.0−63.492.0
    Sectors
    Energy8.734.715.77.638.551.9−62.182.1
    Materials7.820.820.511.435.948.8−52.274.8
    Industrials−3.234.314.55.135.066.6−62.856.3
    Consumer discretionary1.446.327.612.510.916.2−53.2113.0
    Consumer staple−5.928.619.615.235.124.1−36.566.7
    Health care0.815.36.413.3−9.428.8−18.240.1
    Financials−6.345.821.66.336.728.9−54.276.6
    Information technology15.823.331.39.210.9−0.1−51.9104.7
    Telecommunications−8.921.39.01.137.250.4−44.921.8
    Utilities−1.230.311.15.843.234.4−43.451.2
    Table 10 (concluded)
    2009End of Period12- Month High12- Month LowAll- Time High1All- Time Low1
    Q1Q2Q3Q42006200720082009
    Advanced markets805.2964.11,127.01,168.51,483.61,588.8920.21,168.51,178.0688.61,682.4423.1
    Australia460.6586.8771.4804.1799.0998.8476.4804.1828.0367.31,127.4176.2
    Austria933.41,216.11,560.91,406.03,248.93,273.21,015.91,406.01,656.2708.93,661.2606.1
    Belgium665.3823.51,058.51,074.52,260.72,141.6696.51,074.51,147.7551.32,496.2497.6
    Canada986.71,280.21,507.01,574.21,512.91,930.11,030.91,574.21,588.4823.82,144.6304.7
    Denmark2,755.93,689.84,355.54,232.74,859.46,036.63,129.84,232.74,523.42,419.26,380.6708.5
    Finland330.6422.9476.9460.2679.3985.1429.2460.2506.8271.81,329.033.2
    France1,052.11,246.21,573.41,599.62,051.62,275.11,253.21,599.61,649.0902.42,350.4422.2
    Germany1,066.41,281.41,579.01,613.41,902.12,520.71,330.01,613.41,664.2913.12,538.9467.9
    Greece298.3408.4541.8418.3801.71,036.1341.2418.3607.6239.11,053.1157.5
    Hong Kong SAR4,653.26,226.37,079.27,289.87,249.89,966.94,696.97,289.87,477.74,065.010,589.51,427.6
    Ireland107.8114.9136.1132.4565.4441.8120.4132.4145.586.3606.886.3
    Italy248.4312.6395.3383.5636.0653.0312.8383.5420.3190.0689.7132.0
    Japan1,741.92,141.52,265.62,201.73,208.33,034.42,108.22,201.72,340.11,579.54,149.21,385.4
    Netherlands1,210.91,486.61,943.12,010.92,486.82,922.61,458.62,010.92,081.91,053.33,070.7558.3
    New Zealand63.878.697.396.4147.9153.967.496.4103.252.3178.749.5
    Norway1,561.31,901.72,406.12,760.63,386.34,348.91,512.62,760.62,792.01,279.64,992.1534.0
    Portugal99.8121.7146.2146.8193.3234.0108.5146.8156.388.6246.466.0
    Singapore1,930.32,763.03,261.33,555.73,399.84,212.72,125.43,555.73,555.71,614.44,664.3893.9
    Spain397.3533.7672.7672.4716.0864.0492.7672.4711.3326.9909.2101.2
    Sweden3,070.14,039.05,064.55,247.06,839.06,746.03,276.05,247.05,679.92,570.38,152.0737.9
    Switzerland2,430.42,799.53,433.23,564.54,079.34,237.32,899.63,564.53,627.82,078.64,449.8527.2
    United Kingdom694.3867.11,018.51,081.91,521.51,593.4787.71,081.91,118.1600.01,737.3425.9
    United States759.2874.71,005.91,061.11,336.31,390.9854.41,061.11,073.3645.41,493.0273.7
    Period on Period Percent Change
    Advanced markets−12.519.716.93.718.07.1−42.127.0
    Australia−3.327.431.54.227.125.0−52.368.8
    Austria−8.130.328.4−9.934.80.7−69.038.4
    Belgium−4.523.828.51.533.3−5.3−67.554.3
    Canada−4.329.717.74.516.227.6−46.652.7
    Denmark−11.933.918.0−2.836.824.2−48.235.2
    Finland−23.027.912.8−3.527.145.0−56.47.2
    France−16.018.426.31.731.710.9−44.927.6
    Germany−19.820.223.22.233.032.5−47.221.3
    Greece−12.636.932.7−22.831.629.2−67.122.6
    Hong Kong SAR−0.933.813.73.026.337.5−52.955.2
    Ireland−10.56.518.5−2.743.9−21.9−72.79.9
    Italy−20.625.826.4−3.028.12.7−52.122.6
    Japan−17.422.95.8−2.85.1−5.4−30.54.4
    Netherlands−17.022.830.73.528.217.5−50.137.9
    New Zealand−5.323.123.8−0.910.04.0−56.243.0
    Norway3.221.826.514.741.628.4−65.282.5
    Portugal−8.021.920.20.443.421.0−53.635.4
    Singapore−9.243.118.09.041.923.9−49.567.3
    Spain−19.434.326.00.044.820.7−43.036.5
    Sweden−6.331.625.43.640.5−1.4−51.460.2
    Switzerland−16.215.222.63.825.93.9−31.622.9
    United Kingdom−11.924.917.56.226.24.7−50.637.3
    United States−11.115.215.05.513.24.1−38.624.2
    Source: Morgan Stanley Capital International.Note: Data are indices in U.S. dollar terms. The country and regional classifications used in this table follow the conventions of MSCI, and do not necessarily conform to IMF country classifications or regional groupings.

    From 1990 or initiation of the index.

    Table 11.Foreign Exchange Rates(Units per U.S. dollar)
    2009End of Period12- Month High12- Month LowAll- Time High1All- Time Low1
    Q1Q2Q3Q42006200720082009
    Emerging markets
    Argentina3.723.803.843.803.063.153.453.803.453.860.983.86
    Brazil2.321.951.771.742.141.782.311.741.702.450.003.95
    Chile583.20533.65549.70507.45533.38497.95638.50507.45492.65641.14295.18759.75
    China6.836.836.836.837.817.306.836.836.826.854.738.73
    Colombia2,548.302,143.151,919.732,043.792,240.002,018.002,248.582,043.791,824.332,608.85689.212,980.00
    Egypt5.635.595.505.485.715.535.495.485.445.683.296.25
    Hungary232.52194.10183.84189.00190.29173.42190.10189.00176.13252.4590.20317.56
    India50.7347.9148.1146.5344.2639.4248.8046.5346.0951.9716.9251.97
    Indonesia11,700.0010,208.009,665.009,404.008,994.009,400.0011,120.009,404.009,340.0012,100.001,977.0016,650.00
    Jordan0.710.710.710.710.710.710.710.710.700.710.640.72
    Malaysia3.653.523.463.433.533.313.473.433.363.732.444.71
    Mexico14.1713.1913.5113.0910.8210.9113.6713.0912.6415.572.6815.57
    Morocco8.408.047.757.9011.7010.439.477.907.558.797.2112.06
    Pakistan80.5181.4383.1584.2560.8861.6379.1084.2578.1784.7521.1884.75
    Peru3.153.012.882.893.203.003.132.892.853.261.283.65
    Philippines48.3348.1447.3446.1649.0141.2347.5246.1646.0049.0323.1056.46
    Poland3.503.172.872.862.902.472.972.862.713.901.724.71
    Russia33.9531.1530.0230.0426.3324.6329.4030.0428.6936.370.9836.37
    South Africa9.507.717.517.407.016.869.537.407.2410.642.5012.45
    Thailand35.5034.0633.4433.3735.4529.8034.7433.3733.1036.2823.1555.50
    Turkey1.671.541.481.501.421.171.541.501.441.810.001.81
    Venezuela2.152.152.152.152.152.152.152.152.152.150.562.15
    Advanced markets
    Australia20.690.810.880.900.790.880.700.900.940.630.980.48
    Canada1.261.161.071.051.171.001.221.051.021.300.921.61
    Czech Republic20.6518.4917.2518.4720.8318.2019.2218.4717.0023.4914.4342.17
    Denmark5.625.315.085.205.655.115.335.204.925.954.679.00
    Euro area21.331.401.461.431.321.461.401.431.511.251.600.83
    Hong Kong SAR7.757.757.757.757.787.807.757.757.757.767.707.83
    Japan98.9696.3689.7093.02119.07111.7190.6493.0286.41100.9980.63159.90
    Korea1,383.101,273.801,178.051,164.00930.00936.051,259.551,164.001,152.931,570.65683.601,962.50
    New Zealand20.560.650.720.720.700.770.580.720.760.490.820.39
    Norway6.746.435.775.766.245.446.955.765.537.224.969.58
    Singapore1.521.451.411.401.531.441.431.401.381.551.351.91
    Sweden8.257.706.967.166.856.477.837.166.789.325.0911.03
    Switzerland1.141.091.031.031.221.131.071.031.001.190.981.82
    United Kingdom21.431.651.611.621.961.981.461.621.701.382.111.37
    Table 11 (concluded)
    Period on Period Percent Change
    2009End of period
    Q1Q2Q3Q42006200720082009
    Emerging markets
    Argentina−7.1−2.0−1.21.1−1.0−2.8−8.8−9.1
    Brazil−0.419.010.51.39.420−23.132.7
    Chile9.59.3−2.98.3−4.07.1−2225.8
    China−0.10.00.10.03.47.06.90.0
    Colombia−11.818.911.6−6.12.111.0−10.310.0
    Egypt−2.40.61.70.30.53.20.70.2
    Hungary−18.219.85.6−2.711.99.7−8.80.6
    India−3.85.9−0.43.41.812.3−19.24.9
    Indonesia−5.014.65.62.89.3−4.3−15.518.2
    Jordan0.00.10.00.2−0.10.00.00.2
    Malaysia−4.93.61.71.07.16.7−4.61.2
    Mexico−3.57.5−2.43.2−1.7−0.8−20.24.4
    Morocco12.74.43.8−1.92.012.310.119.8
    Pakistan−1.7−1.1−2.1−1.3−1.8−1.2−22.1−6.1
    Peru−0.64.94.3−0.27.16.6−4.48.5
    Philippines−1.70.41.72.58.318.9−13.22.9
    Poland−15.110.410.30.411.817.5−16.83.7
    Russia−13.49.03.8−0.19.26.9−16.2−2.1
    South Africa−6.911.77.2−6.617.914.4−5.34.1
    Thailand−2.14.21.90.215.719.0−14.24.1
    Turkey−7.58.13.7−0.9−4.721.1−24.02.8
    Venezuela0.00.00.00.00.00.00.00.0
    Advanced markets
    Australia−1.616.69.51.77.611.0−19.727.8
    Canada−3.38.48.71.5−0.316.8−18.115.7
    Czech Republic−6.911.77.2−6.617.914.4−5.34.1
    Denmark−5.25.94.4−2.211.510.5−4.02.5
    Euro area−5.25.94.3−2.211.410.5−4.22.5
    Hong Kong SAR0.00.00.0−0.1−0.3−0.30.6−0.1
    Japan−8.42.77.4−3.6−1.16.623.2−2.6
    Korea−8.98.68.11.28.6−0.6−25.78.2
    New Zealand−3.415.412.0−0.13.08.8−24.424.8
    Norway3.24.811.40.28.114.7−21.820.6
    Singapore−6.15.22.70.58.46.50.72.0
    Sweden−5.07.110.7−2.815.95.9−17.49.4
    Switzerland−6.24.95.6−0.17.77.56.13.8
    United Kingdom−1.914.9−2.10.213.71.3−26.510.7
    Source: Bloomberg L.P.

    High value indicates value of greatest appreciation against the U.S. dollar; low value indicates value of greatest depreciation against the U.S. dollar. “All-Time” refers to the period since 1990 or initiation of the currency.

    The exchange rate for Thailand is an onshore rate.

    3 U.S. dollars per unit.

    Table 12.Emerging Market Bond Index: EMBI Global Total Returns Index
    2009End of Period12- Month High12- Month LowAll- Time High1All- Time Low1
    Q1Q2Q3Q420052006200720082009
    EMBI Global37641746046735038440936446746935746963
    Latin America
    Argentina43749910983126112471091114119436
    Brazil65069274474650558063367074675962775968
    Chile21122023023217718519720523223519323598
    Colombia30433236135925628330930835937129637170
    Dominican Republic15618122023015618419812023023012023083
    Ecuador28335544048063656181122048048122088961
    El Salvador13815117317413415216512217417712217795
    Mexico36739642342633335337737942643835243858
    Panama64472980480156763769163980183862983856
    Peru62166773673451459163360173475660175652
    Uruguay16519421422115117718816222122616022638
    Venezuela39747359054856263456333854859433863859
    Asia
    China31732433633826027128931433834331134398
    Indonesia13516218719313315415913119319412119490
    Malaysia24926427327521522424024427527823927864
    Philippines43545348849933739442540349949940149981
    Vietnam113121133131101112117991311359813577
    Europe, Middle East, & Africa
    Bulgaria68371980882864367671364682883564683580
    Egypt18719119720015516117117820020017820087
    Hungary14916118218514815316814918518614218697
    Iraq99128154161102115811611618116164
    Lebanon27228730431921221523624931931924931999
    Pakistan79110145140112123111571401525716049
    Poland37939241941832734037337341842637042671
    Russia54460267069953856860749469970249470226
    Serbia199121140142108117121821421428214276
    South Africa38440443844633734937335744644935744999
    Tunisia16517618418414314916015918418515918598
    Turkey38442445647633635639238347647735147791
    Ukraine195326379374334353372172374389151389100
    Latin America33437041040831635437233140841632141662
    Non-Latin America45150054856641344347642556656642156672
    Table 12 (concluded)
    Period on Period Percent Change
    2009End of period
    Q1Q2Q3Q420052006200720082009
    EMBI Global3.410.810.21.510.79.96.3−10.928.2
    Latin America
    Argentina−9.073.733.510.22.751.3−11.1−57.9132.8
    Brazil−2.96.47.50.213.214.89.15.811.4
    Chile2.64.54.41.03.24.16.44.513.1
    Colombia−1.19.28.7−0.712.410.79.1−0.516.7
    Dominican Republic29.416.021.74.424.118.07.3−39.090.8
    Ecuador28.725.224.29.113.2−11.844.6−72.9118.3
    El Salvador12.59.914.20.68.814.18.0−25.642.1
    Mexico−3.48.06.90.78.16.06.90.712.3
    Panama0.913.210.2−0.311.112.38.5−7.625.4
    Peru3.37.510.3−0.26.014.87.1−5.122.2
    Uruguay1.717.810.33.516.317.36.6−14.036.7
    Venezuela17.619.124.7−7.216.112.8−11.2−39.962.1
    Asia
    China1.12.23.70.63.04.16.78.47.7
    Indonesia3.319.615.33.29.715.93.0−17.346.9
    Malaysia2.06.43.10.73.74.37.41.412.6
    Philippines7.94.07.72.420.616.87.9−5.123.7
    Vietnam13.87.29.9−0.910.64.5−15.332.8
    Europe, Middle East, & Africa
    Bulgaria5.75.212.52.42.15.15.6−9.528.2
    Egypt5.31.83.11.53.83.85.94.212.1
    Hungary−0.38.612.71.72.83.79.4−11.224.2
    Iraq22.329.720.54.412.4−29.999.5
    Lebanon9.35.55.95.08.71.69.95.328.1
    Pakistan39.539.431.8−3.54.510.3−10.0−48.8147.4
    Poland1.63.36.9−0.35.03.89.9−0.112.0
    Russia10.110.611.24.413.35.56.9−18.541.4
    Serbia121.622.415.51.58.33.7−32.674.5
    South Africa7.55.48.41.74.33.76.8−4.324.8
    Tunisia3.76.74.40.13.73.87.8−0.915.7
    Turkey0.210.37.64.39.56.110.2−2.324.1
    Ukraine13.467.216.2−1.17.75.95.2−53.8117.9
    Latin America0.810.810.8−0.310.911.95.2−11.123.3
    Non-Latin America6.010.89.83.110.67.27.5−10.733.0
    Source: JPMorgan Chase & Co.Note: The country and regional classi. cations used in this table follow the conventions of JPMorgan, and do not necessarily conform to IMF country classi. cations or regional groupings.

    Data prior to 2006 refer to Serbia and Montenegro.

    Table 13.Emerging Market Bond Index: EMBI Global Yield Spreads(In basis points)
    2009End of Period12- Month High12- Month LowAll- Time High1All- Time Low1
    Q1Q2Q3Q420052006200720082009
    EMBI Global6574333372942371712557242947262881,631151
    Latin America
    Argentina1,8941,0627846605042164101,7046601,9606597,222185
    Brazil4242822341893081902204291894661892,451138
    Chile286161139958084151343954119541152
    Colombia4863012231982441611954981985401761,07695
    Dominican Republic1,1188584874053781962811,6054051,6054051,785122
    Ecuador3,5681,3229407696619206144,7317694,7317695,069436
    El Salvador67049236932623915919985432685432692899
    Mexico4412802341921431151724341924851921,14989
    Panama481277214166239146184539166539159769114
    Peru4252722051652571181785091655091611,06195
    Uruguay6363833212382981852436852386852381,982133
    Venezuela1,5701,2089041,0413131835231,8641,0411,8648752,658161
    Asia
    China21012287646851120228642343836438
    Indonesia7424332952302691532757622308882271,143136
    Malaysia34416717413682661193701363701301,14165
    Philippines432324265206302155207546206550203993132
    Vietnam574379296314190952037473147482561,10189
    Europe, Middle East, & Africa
    Bulgaria59143123817990661536741796741691,67942
    Egypt190150100−35852178385−3385−3646−3
    Hungary540373220186745884504186613185613−29
    Iraq1,0536755234475265691,2824471,2934471,398376
    Lebanon5994594072872463954937942878002871,204111
    Pakistan1,7001,0376416881981545352,1126882,1595502,225122
    Poland31921914812462476731412434411141017
    Russia630418299203118991578052038052037,06387
    Serbia19295093823332381863041,2243331,2243331,351134
    South Africa426292197149878416456214956214980550
    Tunisia445245168189818314046418948313765648
    Turkey5283392901972232072395341976331971,196168
    Ukraine2,7771,2268929891841723032,7719893,6607693,660125
    Latin America6954643723552721802757463557473421,532157
    Non-Latin America6123972972241791592276992247052241,812142
    Table 13 (concluded)
    Period on Period Percent Change
    2009End of period
    Q1Q2Q3Q420052006200720082009
    EMBI Global−68−224−96−43−110−6684470−430
    Latin America
    Argentina190−832−278−124−4,023−2881941,294−1,044
    Brazil−5−142−48−45−68−11830209−240
    Chile−57−125−22−4416467192−248
    Colombia−12−185−78−25−88−8334303−300
    Dominican Republic−487−260−371−82−446−182851,324−1,200
    Ecuador−1,163−2,246−382−171−29259−3064,117−3,962
    El Salvador−184−178−123−43−6−8040655−528
    Mexico7−161−46−42−31−2857262−242
    Panama−58−204−63−48−35−9338355−373
    Peru−84−153−67−4018−13960331−344
    Uruguay−49−253−62−83−90−11358442−447
    Venezuela−294−362−304137−90−1303401,341−823
    Asia
    China−18−88−35−2311−1769108−164
    Indonesia−20−309−138−6525−116122487−532
    Malaysia−26−1777−384−1653251−234
    Philippines−114−108−59−59−155−14752339−340
    Vietnam−173−195−8318−95108544−433
    Europe, Middle East, & Africa
    Bulgaria−83−160−193−5913−2487521−495
    Egypt−195−40−50−103−43−6126207−388
    Hungary36−167−153−3442−1626420−318
    Iraq−229−378−152−7643713−835
    Lebanon−195−140−52−120−8814998301−507
    Pakistan−412−663−39647−35−443811,577−1,424
    Poland5−100−71−24−7−1520247−190
    Russia−175−212−119−96−95−1958648−602
    Serbia1−295−420−127−49−52118920−891
    South Africa−136−134−95−48−15−380398−413
    Tunisia−19−200−7721−10257324−275
    Turkey−6−189−49−93−41−1632295−337
    Ukraine6−1,551−33497−71−121312,468−1,782
    Latin America−51−231−92−17−143−9295471−391
    Non-Latin America−87−215−100−73−60−2068472−475
    Source: JPMorgan Chase & Co.Note: The country and regional classifications used in this table follow the conventions of JPMorgan, and do not necessarily conform to IMF country classifications or regional groupings.

    Data prior to 2006 refer to Serbia and Montenegro.

    Table 14.Emerging Market External Financing: Total Bonds, Equities, and Loans(In millions of U.S. dollars)
    2009
    20052006200720082009Q1Q2Q3Q4
    Total337,728.6414,781.4572,611.1343,794.4410,007.6100,065.485,474.2103,219.2121,168.7
    Sub-Saharan Africa11,364.215,800.128,306.16,843.812,847.12,611.53,062.25,541.11,552.3
    Algeria489.32.0411.01,738.0
    Angola3,122.791.974.61,759.4136.3123.11,500.0
    Burkina Faso11.014.5
    Cameroon30.0
    Cape Verde13.0
    Central African Republic305.5
    Côte d’Ivoire45.0150.7150.7
    Ethiopia100.246.846.8
    Gabon34.41,000.0600.0
    Ghana706.5860.01,464.31,000.01,331.555.01,276.5
    Kenya64.0330.110.0277.062.862.8
    Lesotho19.7
    Mali180.9110.4
    Mauritius99.3180.029.0
    Morocco1.9158.71,721.0472.6
    Mozambique38.8834.055.055.0
    Namibia50.0100.097.6
    Nigeria874.0640.04,884.3223.5414.774.7340.0
    Senegal31.6200.0200.0
    Seychelles200.030.0
    South Africa6,265.912,700.720,054.42,935.98,671.32,169.82,774.52,394.61,332.3
    Tanzania136.0446.1
    Togo125.0
    Tunisia579.924.7403.4402.01.41.4
    Uganda12.650.030.020.0
    Zambia505.0255.020.025.025.0
    Zimbabwe4.875.180.0
    Central and Eastern Europe53,582.450,954.953,333.142,311.536,514.63,340.38,366.511,053.913,753.9
    Albania78.1
    Bulgaria1,103.71,727.11,360.01,415.0540.545.746.68.1440.2
    Croatia1,263.71,896.72,786.51,472.33,494.41,361.135.52,097.8
    Estonia692.8470.9299.2328.953.053.0
    Hungary9,341.77,328.75,330.89,103.95,615.2241.870.02,878.22,425.3
    Latvia516.11,457.41,614.71,892.0278.2132.0146.2
    Lithuania1,220.01,292.01,645.3263.32,415.2187.9727.31,500.0
    Macedonia, FYR176.514.4452.865.0387.9
    Moldova13.1171.328.428.4
    Montenegro0.821.46.46.36.3
    Poland16,391.78,332.17,342.98,168.413,379.51,295.61,823.64,669.15,591.2
    Romania2,611.0747.21,129.11,890.0185.2132.928.423.9
    Serbia11,252.660.2568.6243.3886.8210.9675.9
    Turkey18,999.627,641.631,220.117,278.69,179.01,371.53,765.03,195.5847.0
    Commonwealth of Independent States49,018.581,983.3112,324.878,347.952,227.230,411.78,966.47,411.25,438.0
    Armenia1.330.019.111.02.42.4
    Azerbaijan400.2183.8315.7116.6459.8260.010.013.0176.8
    Belarus32.0338.6302.8327.053.510.043.5
    Georgia11.1220.8341.6649.655.535.520.0
    Kazakhstan8,199.116,655.818,049.711,077.11,053.770.023.1779.4181.2
    Kyrgyz Republic2.07.446.235.011.2
    Mongolia30.06.085.06.81.01.0
    Russia37,003.659,165.384,535.961,229.646,930.729,851.08,864.45,664.12,551.2
    Tajikistan1.22.016.73.23.2
    Ukraine3,334.45,378.18,672.94,889.83,616.3222.520.0899.72,474.1
    Uzbekistan3.64.916.455
    Developing Asia87,449.8111,889.1168,004.596,215.7156,104.835,830.139,008.238,478.442,788.1
    Bangladesh16.7106.557.565.4126.915.041.470.5
    Brunei Darussalam505.0
    Cambodia96.3220.0
    China38,804.650,039.575,143.529,041.466,734.323,055.512,041.714,801.516,835.5
    Fiji150.0
    India21,660.029,534.460,599.337,570.056,881.45,096.421,035.718,115.412,634.0
    Indonesia5,193.38,432.48,440.713,748.813,004.03,437.22,321.21,794.45,451.1
    Lao P.D.R.1,000.0592.0213.7213.7
    Malaysia6,154.67,686.97,068.25,260.27,107.71,175.21,200.31,018.43,713.7
    Marshall Islands24.0170.01,069.3204.0400.0400.0
    Nepal15.0
    Pakistan739.23,260.02,158.3885.2611.8298.9312.9
    Papua New Guinea1,024.378.578.5
    Philippines6,194.87,041.86,319.03,066.17,572.51,570.81,280.02,194.02,527.7
    Sri Lanka383.0129.8755.0538.7560.060.0500.0
    Thailand6,310.94,784.12,494.23,070.41,461.0203.1484.8513.2259.8
    Vietnam968.8457.42,655.21,653.51,353.0764.3193.0395.7
    Middle East and North Africa50,850.381,592.077,839.660,108.852,949.97,220.612,777.912,953.119,998.3
    Bahrain2,913.83,825.76,170.11,245.01,824.51,754.570.0
    Egypt3,426.14,379.65,471.76,128.51,450.7566.8175.1708.8
    Iran, I.R. of1,928.8142.5
    Iraq107.82,877.0
    Jordan60.0180.0
    Kuwait4,445.05,346.61,919.93,146.8894.9115.0779.9
    Lebanon2,558.06,040.02,420.03,203.22,905.62,365.640.0500.0
    Libya38.0
    Oman3,320.73,430.23,580.7950.6461.851.9409.9
    Qatar10,768.510,527.914,700.511,318.115,616.1833.83,952.22,230.08,600.0
    Saudi Arabia5,791.09,115.57,110.67,232.52,282.92,282.9
    Syrian Arab Republic80.0
    United Arab Emirates14,519.535,661.633,712.621,769.227,464.43,405.36,904.28,155.18,999.8
    Yemen, Republic of2,422.247.647.6
    Western Hemisphere85,463.472,560.0132,803.059,966.899,363.820,651.113,293.127,781.537,638.1
    Argentina20,663.03,343.610,472.21,651.4648.045.0603.0
    Bolivia54.0100.0
    Brazil27,486.031,219.473,737.430,843.139,713.57,059.88,273.28,984.315,396.2
    Chile6,808.66,009.93,743.25,680.44,360.1600.0872.0500.02,388.1
    Colombia3,063.35,036.17,879.41,991.76,452.61,000.01,083.92,000.02,368.7
    Costa Rica91.71.731.185.0
    Cuba1.9
    Dominican Republic284.4779.8657.9479.6
    Ecuador759.019.1104.0
    El Salvador454.51,326.6800.0800.0
    Guatemala365.015.0
    Haiti134.0
    Honduras4.6113.6
    Jamaica1,466.61,076.11,275.0450.01,085.0335.0250.0500.0
    Mexico14,104.216,341.917,678.910,647.928,157.99,522.72,545.39,867.36,222.6
    Nicaragua
    Panama842.72,120.4438.496.0375.01,211.0
    Paraguay98.8
    Peru2,583.91,489.95,724.42,330.03,676.41,695.3127.71,101.9751.5
    Trinidad and Tobago100.02,708.0955.4850.0850.0
    Uruguay1,061.22,700.01,148.32.6500.0500.0
    Venezuela6,111.3376.19,381.04,650.011,000.03,000.08,000.0
    Source: Data provided by the Bond, Equity and Loan database of the International Monetary Fund sourced from Dealogic.Note: Deal inclusion conforms to the vendor’s criteria for external publicly syndicated issuance, generally excluding bilateral deals.

    Data prior to 2006 refer to Serbia and Montenegro.

    Table 15.Emerging Market External Financing: Bond Issuance(In millions of U.S. dollars)
    2009
    20052006200720082009Q1Q2Q3Q4
    Total148,059.2130,816.9144,572.277,663.9143,413.919,628.526,839.440,748.956,197.0
    Sub-Saharan Africa2,681.44,898.912,318.61,532.83,435.6100.01,818.9516.71,000.0
    Gabon1,000.0
    Ghana950.0
    Morocco671.3
    Nigeria525.0
    Senegal200.0200.0
    Seychelles200.030.0
    South Africa2,681.44,698.99,813.61,532.83,235.6100.01,818.9516.7800.0
    Tunisia488.6253.4
    Central and Eastern Europe32,181.622,917.817,765.015,091.422,902.72,479.74,835.26,855.08,732.9
    Bulgaria383.4220.8
    Croatia384.9746.43,148.01,050.22,097.8
    Estonia426.638.0
    Hungary7,351.46,900.94,088.25,281.33,045.370.01,397.41,577.9
    Latvia123.1266.1607.6
    Lithuania778.61,241.61,484.2104.92,388.1187.9700.11,500.0
    Macedonia,FYR176.5243.9243.9
    Poland11,851.54,693.54,111.03,785.110,153.61,291.71,271.04,207.53,383.3
    Romania1,197.01,162.523.923.9
    Serbia11,018.5165.2
    Turkey8,875.09,209.97,132.24,150.03,900.01,000.01,500.01,250.0150.0
    Commonwealth of Independent States20,321.630,981.343,428.227,150.714,705.61,850.34,288.34,700.03,867.0
    Azerbaijan5.0100.049.6
    Belarus2.519.43.0
    Georgia200.0500.0
    Kazakhstan2,850.07,055.88,808.63,575.0671.2500.0171.2
    Mongolia75.0
    Russia15,365.720,804.630,190.322,063.110,809.31,850.34,288.33,359.41,311.4
    Ukraine2,105.93,113.54,035.0960.03,225.1840.62,384.4
    Developing Asia16,869.814,708.715,377.68,976.417,439.94,600.02,034.23,531.97,273.8
    China3,858.21,110.02,144.22,055.33,267.5146.51,692.21,428.8
    Fiji150.0
    India2,118.32,644.27,549.41,407.52,150.0150.02,000.0
    Indonesia2,817.32,000.01,750.04,200.05,453.63,000.0750.0358.61,345.0
    Malaysia1,184.12,076.2918.6439.781.081.0
    Marshall Islands400.0400.0
    Pakistan1,050.0750.0137.7137.7
    Philippines3,900.04,623.21,000.0350.05,350.01,500.01,000.01,250.01,600.0
    Sri Lanka500.0500.0500.0
    Thailand2,241.81,055.0765.4523.8
    Vietnam750.0100.0100.0
    Middle East and North Africa15,037.726,595.317,143.37,350.731,387.02,365.68,703.76,462.413,855.3
    Bahrain1,296.71,120.01,767.7350.0750.0750.0
    Egypt1,250.01,803.5300.0300.0
    Iraq2,700.0
    Jordan
    Kuwait500.01,137.0575.0305.7500.0500.0
    Lebanon1,780.05,741.62,300.03,138.22,865.62,365.6500.0
    Oman25.0
    Qatar2,250.03,040.013,830.03,000.02,230.08,600.0
    Saudi Arabia1,800.02,913.8140.0140.0
    United Arab Emirates5,672.49,917.99,772.43,556.813,001.44,953.74,092.53,955.3
    Western Hemisphere60,967.130,714.838,539.517,562.053,543.28,233.05,159.118,683.021,468.1
    Argentina18,984.41,745.53,400.965.0545.045.0500.0
    Brazil17,769.012,303.99,916.96,734.710,166.71,025.02,910.04,026.72,205.0
    Chile900.01,100.0250.099.82,951.4600.0300.0200.01,851.4
    Colombia2,435.53,177.63,133.71,039.75,903.01,000.01,000.02,000.01,903.0
    Dominican Republic196.6550.0430.0
    Ecuador650.0
    El Salvador375.0625.0800.0800.0
    Guatemala200.0
    Jamaica1,050.0880.0625.0350.01,085.0335.0250.0500.0
    Mexico9,165.16,207.26,341.44,472.915,540.93,700.0532.96,606.34,701.7
    Panama1,323.0323.01,000.0
    Peru2,155.0445.04,449.0150.02,878.21,250.0121.21,000.0507.0
    Trinidad and Tobago100.0980.7900.0850.0850.0
    Uruguay1,061.22,700.0342.6500.0500.0
    Venezuela5,925.38,750.04,650.011,000.03,000.08,000.0
    Source: Data provided by the Bond, Equity and Loan database of the International Monetary Fund sourced from Dealogic.Note: Deal inclusion conforms to the vendor’s criteria for external publicly syndicated issuance, generally excluding bilateral deals.

    Data prior to 2006 refer to Serbia and Montenegro.

    Table 16.Emerging Market External Financing: Equity Issuance(In millions of U.S. dollars)
    2009
    20052006200720082009Q1Q2Q3Q4
    Total53,352.999,457.6183,536.345,513.991,731.77,584.521,367.226,889.235,890.8
    Sub-Saharan Africa1,189.03,875.38,187.21,004.31,377.6122.4193.71,061.6
    Algeria2.0
    Central African Republic305.5
    Ghana9.8
    Kenya252.0
    Morocco133.31,049.7472.6
    Namibia87.6
    Nigeria692.8
    South Africa1,184.23,800.27,179.2664.71,377.6122.4193.71,061.6
    Zimbabwe4.875.1
    Central and Eastern Europe1,709.53,252.44,977.21,166.63,992.9221.61,563.42,207.9
    Bulgaria93.585.7
    Croatia220.01,377.6
    Estonia266.221.5216.1
    Hungary48.8191.81,201.71,201.7
    Lithuania51.215.0
    Poland1,249.81,588.5498.21,151.62,791.2221.6361.72,207.9
    Romania172.5116.9
    Turkey1,164.32,576.6
    Commonwealth of Independent States8,163.417,654.135,960.14,087.21,215.8181.9695.8338.1
    Armenia2.42.4
    Georgia159.8100.0
    Kazakhstan1,548.24,303.65,030.4219.9195.115.1180.0
    Russia6,458.213,165.429,596.82,850.3955.6164.4515.8275.4
    Ukraine157.125.31,332.9917.062.762.7
    Developing Asia35,145.657,124.580,472.422,578.962,704.96,485.314,827.818,100.023,291.8
    Bangladesh16.723.039.970.570.5
    Cambodia96.3220.0
    China23,188.440,517.148,272.112,754.139,915.96,318.99,684.58,733.515,179.1
    India8,571.011,009.021,674.66,017.116,638.84.93,846.28,433.54,354.2
    Indonesia1,334.2675.93,009.02,327.21,639.612.2861.095.8670.5
    Malaysia672.3559.41,790.9660.04,029.1129.7425.2456.83,017.4
    Pakistan922.2793.4109.3
    Papua New Guinea1,024.3
    Philippines740.21,515.72,226.8201.0299.8299.8
    Sri Lanka55.53.7
    Thailand567.21,805.8819.9416.6111.219.711.080.5
    Vietnam601.490.0
    Middle East and North Africa1,860.92,499.36,414.33,957.91,900.6952.2796.9151.5
    Bahrain87.2420.5266.4
    Egypt686.8483.7592.1483.6114.2114.2
    Kuwait1,642.0
    Lebanon778.0248.4
    Oman148.434.6
    Qatar234.8171.4900.0952.2952.2
    Saudi Arabia41.8639.9639.9
    United Arab Emirates160.5976.64,293.0425.0194.3156.937.3
    Western Hemisphere5,284.615,052.047,525.112,719.020,539.9976.84,990.04,671.69,901.5
    Argentina987.11,845.3
    Brazil3,782.811,177.139,242.810,435.418,195.2976.84,906.13,025.69,286.7
    Chile598.1742.9317.731.831.8
    Colombia54.23,365.7511.683.9427.7
    Mexico903.81,513.82,111.12,127.21,567.31,556.410.9
    Panama156.4
    Peru576.9642.6234.189.5144.5
    Source: Data provided by the Bond, Equity and Loan database of the International Monetary Fund sourced from Dealogic.Note: Deal inclusion conforms to the vendor’s criteria for external publicly syndicated issuance, generally excluding bilateral deals.
    Table 17.Emerging Market External Financing: Loan Syndication(In millions of U.S. dollars)
    2009
    20052006200720082009Q1Q2Q3Q4
    Total136,316.5184,506.3244,502.6220,616.6174,862.072,852.437,267.635,581.129,080.9
    Sub-Saharan Africa7,493.87,025.97,800.24,306.78,034.02,389.11,049.63,962.9552.3
    Algeria489.3411.01,738.0
    Angola3,122.791.974.61,759.4136.3123.11,500.0
    Botswana
    Burkina Faso11.014.5
    Cameroon30.0
    Cape Verde13.0
    Côte d’Ivoire45.0150.7150.7
    Djibouti
    Ethiopia100.246.846.8
    Gabon34.4600.0
    Ghana706.5860.0504.51,000.01,331.555.01,276.5
    Kenya64.0330.110.025.062.862.8
    Lesotho19.7
    Mali180.9110.4
    Mauritius99.3180.029.0
    Morocco1.925.4
    Mozambique38.8834.055.055.0
    Namibia50.0100.010.0
    Nigeria874.0640.03,666.5223.5414.774.7340.0
    Senegal31.6
    South Africa2,400.34,201.63,061.6738.54,058.11,947.5761.9816.4532.3
    Tanzania136.0446.1
    Togo125.0
    Tunisia91.224.7150.0402.01.41.4
    Uganda12.650.030.020.0
    Zambia505.0255.020.025.025.0
    Zimbabwe80.0
    Central and Eastern Europe19,691.324,784.730,590.926,053.49,619.1860.73,309.72,635.62,813.1
    Albania78.1
    Bulgaria626.81,420.61,360.01,415.0540.545.746.68.1440.2
    Croatia1,263.71,291.9662.61,472.3346.4310.935.5
    Estonia449.445.1328.953.053.0
    Hungary1,941.4427.81,050.93,822.61,368.3241.8279.1847.5
    Latvia393.01,191.31,614.71,284.3278.2132.0146.2
    Lithuania390.250.4161.2143.527.227.2
    Macedonia, FYR14.4209.065.0144.0
    Moldova13.1171.328.428.4
    Montenegro0.821.46.46.36.3
    Poland3,290.42,050.22,733.73,231.7434.73.9331.099.8
    Romania1,414.0574.71,012.2727.5161.3132.928.4
    Serbia1234.160.2403.4243.3886.8210.9675.9
    Turkey10,124.617,267.421,511.313,128.65,279.0371.52,265.01,945.5697.0
    Commonwealth of Independent States20,533.433,347.832,936.547,110.136,305.928,561.44,496.22,015.31,232.9
    Armenia1.330.019.111.0
    Azerbaijan400.2178.8215.767.0459.8260.010.013.0176.8
    Belarus32.0336.1283.5324.053.510.043.5
    Georgia11.161.0141.649.655.535.520.0
    Kazakhstan3,800.95,296.44,210.77,282.2187.470.08.099.410.0
    Kyrgyz Republic2.07.446.235.011.2
    Mongolia30.06.010.06.81.01.0
    Russia15,179.725,195.424,748.936,316.235,165.728,000.74,411.71,788.8964.4
    Tajikistan1.22.016.73.23.2
    Ukraine1,071.42,239.33,305.03,012.8328.6222.520.059.127.0
    Uzbekistan3.64.916.45.05.0
    Developing Asia35,434.540,055.972,154.564,660.475,960.124,744.822,146.216,846.612,222.5
    Bangladesh83.617.665.456.415.041.4
    BruneiDarussalam505.0
    China11,757.98,412.324,727.214,232.023,550.816,736.72,210.84,375.8227.6
    India10,970.715,881.231,375.330,145.438,092.65,091.517,189.59,531.96,279.8
    Indonesia1,041.85,756.53,681.77,221.65,910.8425.0710.21,340.03,435.6
    Lao P.D.R.1,000.0592.0213.7213.7
    Malaysia4,298.25,051.24,358.84,160.52,997.61,045.5775.2480.6696.3
    Marshall Islands24.0170.01,069.3204.0
    Nepal15.0
    Pakistan739.21,287.8614.9775.9474.1298.9175.2
    Papua New Guinea78.578.5
    Philippines1,554.6902.93,092.22,515.01,922.770.8280.0644.1927.7
    Sri Lanka327.5129.8255.0535.060.060.0
    Thailand3,501.81,923.3908.82,130.01,349.8183.4473.9432.7259.8
    Vietnam218.8457.42,053.81,563.51,253.0664.3193.0395.7
    Middle East and North Africa33,951.752,497.454,282.148,800.319,662.34,855.03,122.05,693.85,991.5
    Bahrain1,530.02,285.24,136.0895.01,074.51,004.570.0
    Egypt1,489.33,895.93,076.15,644.81,036.5566.8175.1294.6
    Iran,I.R.of1,928.8142.5
    Iraq107.8177.0
    Jordan60.0180.0
    Kuwait3,945.04,209.61,344.91,199.1394.9115.0279.9
    Lebanon50.0120.065.040.040.0
    Libya38.0
    Oman3,172.23,405.23,580.7916.0461.851.9409.9
    Qatar8,518.57,253.114,529.210,418.1833.8833.8
    Saudi Arabia3,991.06,201.77,068.87,232.51,503.01,503.0
    Syrian Arab Republic80.0
    United Arab Emirates8,686.624,767.119,647.317,787.514,268.83,405.31,950.63,905.75,007.2
    Yemen, Republic of2,422.247.647.6
    Western Hemisphere19,211.726,795.246,738.429,685.725,280.711,441.33,144.04,426.96,268.6
    Argentina1,678.6611.05,226.01,586.4103.0103.0
    Bolivia54.0100.0
    Brazil5,934.37,738.324,577.613,673.011,351.55,058.0457.11,931.93,904.6
    Chile5,310.64,166.93,175.55,580.71,377.0572.0300.0505.0
    Colombia627.81,804.41,380.0952.038.038.0
    Costa Rica91.71.731.185.0
    Cuba1.9
    Dominican Republic87.8229.8227.9479.6
    Ecuador109.019.1104.0
    El Salvador79.5701.6
    Guatemala165.015.0
    Haiti134.0
    Honduras4.6113.6
    Jamaica416.6196.1650.0100.0
    Mexico4,035.48,620.99,226.44,047.911,049.75,822.72,012.41,704.61,510.0
    Nicaragua
    Panama686.3797.4115.496.0375.0211.0
    Paraguay98.8
    Peru429.0468.0632.92,180.0564.1445.36.512.3100.0
    TrinidadandTobago1,727.355.4
    Uruguay805.72.6
    Venezuela186.0376.1631.0
    Source: Data provided by the Bond, Equity and Loan database of the International Monetary Fund sourced from Dealogic.Note: Deal inclusion conforms to the vendor’s criteria for external publicly syndicated issuance, generally excluding bilateral deals.

    Data prior to 2006 refer to Serbia and Montenegro.

    Table 18.Equity Valuation Measures: Dividend-Yield Ratios
    2009
    20052006200720082009Q1Q2Q3Q4
    Emerging markets2.52.21.94.22.13.92.92.32.1
    Asia2.62.11.84.21.73.72.51.81.7
    Europe/Middle East/Africa2.12.02.04.32.24.23.22.42.2
    Latin America3.02.42.14.02.73.93.53.32.7
    Argentina1.70.81.62.71.12.93.11.21.1
    Brazil3.93.12.24.73.04.44.03.73.0
    Chile3.01.91.72.61.62.42.42.21.6
    China2.71.51.23.11.93.22.42.01.9
    Colombia1.72.52.32.42.82.43.22.82.8
    Egypt1.42.31.86.34.88.76.34.84.8
    Hungary2.22.52.34.61.35.31.81.41.3
    India1.31.00.71.80.91.71.10.90.9
    Indonesia3.32.31.55.41.75.23.72.91.7
    Jordan1.13.41.83.43.13.73.03.13.1
    Malaysia2.92.62.04.12.44.03.12.62.4
    Mexico1.61.21.62.82.43.22.82.52.4
    Morocco3.83.52.73.24.93.33.33.74.9
    Pakistan5.05.84.112.56.49.19.16.66.4
    Philippines2.22.32.24.42.24.13.32.32.2
    Poland2.74.23.65.93.04.14.53.33.0
    Russia1.61.01.23.51.43.22.01.51.4
    South Africa2.52.42.74.52.74.54.22.92.7
    Sri Lanka1.71.41.99.81.67.02.01.81.6
    Thailand3.73.92.96.52.95.53.92.92.9
    Turkey2.02.92.35.82.14.92.92.22.1
    Source: Morgan Stanley Capital International.Note: The country and regional classifications used in this table follow the conventions of MSCI, and do not necessarily conform to IMF country classifications or regional groupings.
    Table 19.Equity Valuation Measures: Price-to-Book Ratios
    2009
    20052006200720082009Q1Q2Q3Q4
    Emerging markets2.42.62.91.42.21.41.82.02.2
    Asia2.12.42.81.42.21.51.92.12.2
    Europe/Middle East/Africa2.92.82.71.21.81.21.51.71.8
    Latin America2.62.83.11.72.41.72.02.32.4
    Argentina3.13.52.90.91.20.81.01.41.2
    Brazil2.42.53.11.52.31.61.92.22.3
    Chile1.92.32.41.82.31.72.02.22.3
    China2.13.24.51.82.71.82.42.42.7
    Colombia3.41.91.81.52.31.52.02.42.3
    Egypt8.04.75.51.72.21.52.12.42.2
    Hungary3.03.02.60.91.40.81.01.41.4
    India4.45.26.42.23.82.33.23.73.8
    Indonesia3.14.45.82.43.92.63.24.23.9
    Jordan4.72.22.41.72.41.61.81.92.4
    Malaysia1.82.22.51.52.11.51.82.02.1
    Mexico3.33.63.32.42.62.02.42.72.6
    Morocco2.74.26.15.24.04.95.14.34.0
    Pakistan3.62.93.71.11.91.61.41.91.9
    Philippines2.02.82.91.82.61.92.22.42.6
    Poland2.62.62.51.21.61.01.31.51.6
    Russia2.42.72.40.71.30.71.01.21.3
    South Africa3.23.33.11.92.41.71.92.22.4
    Sri Lanka2.02.61.70.82.20.81.71.92.2
    Thailand2.41.92.41.11.91.11.61.91.9
    Turkey2.22.02.31.11.91.01.51.81.9
    Source: Morgan Stanley Capital International.Note: The country and regional classifications used in this table follow the conventions of MSCI, and do not necessarily conform to IMF country classifications or regional groupings.
    Table 20.Equity Valuation Measures: Price/Earnings Ratios
    2009
    20052006200720082009Q1Q2Q3Q4
    Emerging markets15.015.717.18.520.69.114.319.020.6
    Asia14.215.819.09.424.310.219.026.324.3
    Europe/Middle East/Africa17.315.714.66.716.26.49.012.416.2
    Latin America14.514.716.09.018.310.613.315.618.3
    Argentina19.516.713.13.78.04.66.37.38.0
    Brazil12.412.815.57.917.09.511.814.117.0
    Chile21.723.622.113.318.712.915.516.218.7
    China12.221.027.010.321.110.416.219.121.1
    Colombia29.720.127.013.425.113.515.521.325.1
    Egypt31.519.121.57.113.96.310.012.013.9
    Hungary12.811.312.83.714.23.76.19.014.2
    India20.222.932.810.521.812.018.220.921.8
    Indonesia12.119.521.58.716.49.013.116.616.4
    Jordan41.515.321.314.415.915.813.115.115.9
    Malaysia14.518.416.910.220.312.017.321.020.3
    Mexico17.117.316.412.322.714.020.121.422.7
    Morocco19.522.827.226.014.322.222.921.414.3
    Pakistan12.910.013.43.810.16.18.510.210.1
    Philippines15.717.716.511.719.112.517.419.619.1
    Poland15.713.215.27.319.37.112.816.819.3
    Russia15.815.814.13.415.63.66.19.615.6
    South Africa17.016.514.910.716.69.810.613.916.6
    Sri Lanka15.521.514.77.177.79.019.947.777.7
    Thailand10.29.114.87.119.36.516.121.219.3
    Turkey16.512.410.95.312.65.09.212.512.6
    Source: Morgan Stanley Capital International.Note: The country and regional classifications used in this table follow the conventions of MSCI, and do not necessarily conform to IMF country classifications or regional groupings.
    Table 21.Emerging Markets: Mutual Fund Flows(In millions of U.S. dollars)
    2009
    20052006200720082009Q1Q2Q3Q4
    Bonds5,729.06,233.14,294.9−14,717.68,275.7−3,037.2876.73,884.76,551.5
    Equities21,706.122,440.840,827.1−39,490.064,383.22,037.326,731.511,274.424,340.0
    Global3,147.74,208.615,223.3−9,114.134,471.33,599.410,138.85,461.915,271.2
    Asia6,951.816,790.216,404.6−19,586.819,108.6−1,260.711,998.23,238.45,132.6
    Europe/Middle East/Africa7,587.2−1,877.4−953.3−4,928.78,786.0−1,309.4705.31,346.31,275.0
    Latin America4,019.53,319.510,152.6−5,860.42,017.31,007.93,889.21,227.72,661.2
    Source: Emerging Portfolio Fund Research, Inc.Note: The country and regional classifications used in this table follow the conventions of Emerging Portfolio Fund Research and individual fund managers, and do not necessarily conform to IMF country classifications or regional groupings.
    Table 22.Bank Regulatory Capital to Risk-Weighted Assets(In percent)
    200420052006200720082009Latest
    Advanced economies
    Australia10.510.410.410.211.411.7September
    Austria912.411.813.212.712.914.3September
    Belgium13.011.511.911.216.217.3December
    Canada13.312.912.512.112.214.5September
    Czech Republic12.511.911.511.612.314.1December
    Denmark13.413.213.812.3December
    Finland19.117.215.115.413.5June
    France11.511.310.910.2December
    Germany12.412.212.512.913.6December
    Greece12.813.212.211.29.411.7September
    Hong Kong SAR15.414.814.913.414.816.6September
    Iceland1012.812.815.112.1December
    Ireland712.612.010.910.710.610.6September
    Israel10.810.710.811.011.112.6June
    Italy1111.610.610.710.410.8December
    Japan2511.612.213.112.312.414.3September
    Korea12.113.012.812.312.314.2September
    Luxembourg1217.515.515.314.315.417.5March
    Malta21.320.422.021.017.7December
    Netherlands12.312.611.913.211.913.3June
    Norway12.211.911.211.711.212.1September
    Portugal1310.411.310.910.49.410.3June
    Singapore16.215.815.413.514.716.5September
    Slovak Republic18.714.813.012.811.112.3October
    Slovenia11.810.511.011.211.711.6September
    Spain11.011.011.210.611.312.2December
    Sweden1410.110.110.09.810.212.7December
    Switzerland1512.612.413.412.114.816.9June
    United Kingdom12.712.812.912.612.913.3June
    United States2613.212.913.012.812.814.3December
    Emerging and developing economies
    Central and Eastern Europe
    Albania21.618.618.117.117.216.7September
    Bosnia and Herzegovina18.717.817.717.116.316.4September
    Bulgaria16.615.314.513.814.917.3September
    Croatia16.015.214.416.915.416.2September
    Estonia11.510.710.810.813.315.7December
    Hungary12.411.611.010.411.113.1September
    Latvia11.710.110.211.111.814.6December
    Lithuania12.410.310.810.912.914.2December
    Macedonia, FYR523.021.318.317.016.216.5September
    Montenegro631.327.821.317.115.012.9September
    Poland3015.414.513.212.010.813.1September
    Romania820.621.118.113.813.813.7September
    Serbia27.926.024.727.921.921.2June
    Turkey2928.223.721.918.918.020.4November
    Commonwealth of Independent States
    Armenia32.333.734.930.127.528.3December
    Belarus25.226.724.419.321.819.8December
    Georgia2836.031.036.030.024.026.6November
    Kazakhstan15.314.914.814.214.9−9.1December
    Moldova31.427.227.929.132.232.7November
    Russia17.016.014.915.516.820.9November
    Ukraine16.815.014.213.914.015.6September
    Developing Asia
    Bangladesh6.97.35.17.410.1June
    China−4.72.54.98.412.010.0November
    India1612.912.812.312.313.013.2March
    Indonesia19.419.321.319.316.817.5October
    Malaysia14.413.713.513.212.714.6November
    Pakistan2010.511.312.712.312.314.1December
    Philippines1718.417.717.615.715.515.8September
    Thailand12.413.213.614.813.8December
    Middle East and North Africa
    Egypt18,2711.413.714.714.814.715.3September
    Jordan17.817.621.420.818.419.3June
    Kuwait17.321.321.818.516.0September
    Lebanon1921.222.925.012.512.112.4November
    Morocco10.511.512.310.611.211.7June
    Oman17.618.517.215.814.715.5June
    Saudi Arabia17.817.821.920.616.0December
    Tunisia2111.612.411.811.611.7December
    United Arab Emirates2216.917.016.714.413.318.6November
    Sub-Saharan Africa
    Gabon2322.319.817.814.319.4December
    Ghana13.916.215.814.813.818.2December
    Kenya16.616.416.518.018.919.9October
    Lesotho22.025.019.014.012.015.0September
    Mozambique18.013.412.514.213.915.1December
    Namibia15.414.614.215.715.516.4September
    Nigeria14.717.822.621.021.921.5March
    Rwanda14.014.013.716.615.920.5September
    Senegal11.911.113.113.613.916.5December
    Sierra Leone38.135.733.335.043.534.0December
    South Africa2414.012.312.112.813.013.6June
    Swaziland15.517.326.323.633.826.3September
    Uganda20.518.318.019.520.721.1June
    Western Hemisphere
    Argentina14.015.316.816.916.818.6November
    Bolivia114.914.713.312.613.713.3November
    Brazil18.617.918.918.718.318.2October
    Chile13.613.012.512.212.514.3December
    Colombia14.214.713.113.613.415.1November
    Costa Rica219.120.618.816.115.116.0December
    Dominican Republic112.912.512.413.013.414.5September
    Ecuador112.011.612.012.513.013.9November
    El Salvador13.413.513.813.815.116.5November
    Guatemala14.513.713.613.813.515.4December
    Mexico114.114.316.115.915.315.9September
    Panama17.616.815.813.614.415.9September
    Paraguay320.520.420.116.818.216.8November
    Peru14.012.012.512.111.913.5December
    Uruguay421.722.716.917.816.717.0December
    Venezuela19.215.514.312.913.415.0October
    Sources: National authorities; and IMF staff estimates.Note: Due to differences in national accounting, taxation, and supervisory regimes, FSI data are not strictly comparable across countries.

    Commercial banks.

    Banking sector excludes offshore banks.

    Staff estimates for 2008 and 2009.

    In 2006, the Central Bank of Uruguay changed the methodology for calculating the regulatory capital ratio, changing the weights and adding a factor to the denominator to account for market risk. Therefore, regulatory capital ratios are smaller from 2006 onward, compared to previous years. The data exclude the state mortgage bank.

    From end-2007 the calculation of the ratio is based on a revised methodology.

    A revised banking law took effect affecting the series from March 2009 onward.

    Covers institutions whose ultimate parent is regulated by Irish authorities.

    The National Bank of Romania amended the capital adequacy requirements effective January 1, 2007, to be consistent with EU minimum requirements and Basel II. The former 12 percent capital adequacy ratio and 8 percent Tier I ratio were substituted by a new 8 percent solvency ratio.

    Starting in 2004 data reported on a consolidated basis.

    Covers the three largest commercial banks and large savings banks (six through 2005, five in 2006, and four in 2007).

    Consolidated reports for banking groups and individual reports for banks not belonging to groups.

    Data before 2004 not directly comparable with data after 2005; end-year data for 2007 and 2008; annual average for previous years. 2009 data not fully comparable with the data before due to differences in consolidation.

    For 2005–06 the figures are for the sample of institutions that are already complying with IFRS, accounting as of December 2004 for about 87 percent of the usual aggregate considered. From 2007 onward, the sample of banking institutions under analysis was expanded to include the institutions that adopted IFRS in 2006.

    Data for the four large banking groups.

    The 2007 and 2008 ratios were calculated from numbers that originate from the Basel I as well as from the Basel II approach. Therefore, interpretation must be done carefully since they can vary within +/–10 percent.

    Unless otherwise indicated, data refer to the end of the fiscal year, i.e., March of the indicated calendar year.

    On a consolidated basis.

    Based on data for fiscal year ending June 30 for public sector banks and December 31 for other banks.

    From 2007 onward, based on revised risk weights (Basel II).

    Data for 2007 and 2008 have been restated on the basis of annual audits.

    Prior to 2006, the capital to risk-weighted assets includes only private and public banks; from 2006 forward, it includes former development banks. Data for 2008 are preliminary.

    Data for national banks only.

    Specific loan loss provisions are excluded from the definition of capital. General loan loss provisions are included in Tier 2 capital up to an amount equal to 1.25 percent of risk-weighted assets. Regulatory capital is the sum of Tier 1 capital and the minimum of Tier 1 and Tier 2 capital. Risk-weighted assets are estimated using the following risk weights: 0 percent: cash reserves in domestic and foreign currency and claims on the central bank and the government; 20 percent: claims on correspondent banks in foreign currency; 100 percent: all other assets.

    Total (banking and trading book).

    Unless otherwise indicated, data refer to the end of the fiscal year, i.e., March of the next calendar year; for major banks.

    All FDIC-insured institutions.

    Preliminary data for September 2009, not yet reflecting final audited accounts.

    Not a member of the Commonwealth of Independent States, but included here for reasons of geography and similarities in economic structure.

    Includes participation banks.

    Domestic banks.

    Table 23.Bank Capital to Assets(In percent)
    200420052006200720082009Latest
    Advanced economies
    Australia55.15.25.44.94.44.9September
    Austria94.94.85.26.56.36.8September
    Belgium3.12.73.34.13.34.5December
    Canada5.65.65.25.04.75.6September
    Czech Republic105.25.46.05.75.76.5December
    Denmark5.75.76.25.7December
    Finland9.69.99.88.37.4September
    France5.14.44.54.14.2December
    Germany4.04.14.34.34.5December
    Greece9,115.35.96.76.64.56.1September
    Hong Kong SAR13.613.313.010.411.012.7September
    Iceland127.17.47.86.9December
    Ireland7,305.14.74.54.64.75.6September
    Israel5.55.65.96.15.76.0June
    Italy6.46.94.96.46.68.0September
    Japan274.24.95.34.53.64.3September
    Korea218.09.39.29.08.810.8September
    Luxembourg135.54.14.14.14.15.0March
    Malta13.712.914.213.712.6December
    Netherlands4.83.13.03.33.23.8June
    Norway147.67.47.06.45.96.0September
    Portugal156.15.86.46.45.56.0June
    Singapore9.69.69.69.28.310.5September
    Slovak Republic7.77.47.08.09.89.7October
    Slovenia8.18.58.48.48.48.6November
    Spain166.76.87.26.76.4December
    Sweden174.84.84.94.74.75.0December
    Switzerland185.35.14.94.65.75.3June
    United Kingdom147.06.16.15.54.44.8June
    United States2810.310.310.510.39.311.0December
    Emerging and developing economies
    Central and Eastern Europe
    Albania4.85.45.95.86.78.8September
    Bosnia and Herzegovina415.714.414.313.014.315.3November
    Bulgaria510.27.47.37.78.511.0September
    Croatia8.69.010.312.513.514.0September
    Estonia9.98.77.67.79.28.5December
    Hungary8.58.28.38.28.08.8September
    Latvia8.07.67.67.97.37.4December
    Lithuania9.57.97.67.99.28.0December
    Macedonia, FYR17.015.913.311.411.511.9September
    Montenegro620.415.310.48.08.48.6November
    Poland338.07.97.88.17.99.6September
    Romania88.99.28.67.38.17.0November
    Serbia16.218.521.023.623.3June
    Turkey3215.013.411.913.011.813.6November
    Commonwealth of Independent States
    Armenia17.821.522.922.523.021.0December
    Belarus19.019.817.916.018.616.7December
    Georgia3122.018.821.220.417.119.0November
    Kazakhstan13.113.013.215.212.2−9.3December
    Moldova518.315.716.716.317.018.1November
    Russia13.312.812.113.313.615.7December
    Ukraine13.812.413.312.514.013.2September
    Developing Asia
    Bangladesh4.34.73.34.66.5June
    China194.04.45.15.86.15.6December
    India205.96.46.66.4March
    Indonesia10.29.810.810.610.311.0September
    Malaysia8.27.77.67.48.09.0November
    Pakistan236.77.99.410.510.010.1December
    Philippines12.511.811.711.710.611.4September
    Thailand8.08.98.99.5December
    Middle East and North Africa
    Egypt22,296.16.35.56.26.3September
    Jordan7.28.210.710.610.410.4December
    Kuwait12.112.711.712.011.6September
    Lebanon6.87.59.18.98.57.0November
    Morocco7.67.77.46.97.37.3June
    Oman12.314.612.914.513.315.1June
    Saudi Arabia8.08.89.39.910.011.8November
    Tunisia
    United Arab Emirates2411.111.411.19.410.612.6November
    Sub-Saharan Africa
    Gabon2513.211.110.27.010.7December
    Ghana266.47.215.013.612.817.0December
    Kenya11.912.112.412.611.413.0October
    Lesotho10.310.27.58.27.9December
    Mozambique7.46.66.37.27.57.7December
    Namibia8.87.87.57.98.08.8September
    Nigeria9.912.414.716.318.018.4March
    Rwanda8.79.49.310.312.314.3March
    Senegal7.77.68.38.39.19.3December
    Sierra Leone512.710.317.016.718.718.9December
    South Africa8.27.97.97.9December
    Swaziland14.314.413.717.317.616.9September
    Uganda10.310.310.910.413.213.4June
    Western Hemisphere
    Argentina11.812.913.413.112.913.4November
    Bolivia111.511.310.09.69.38.6November
    Brazil10.19.810.09.99.39.2October
    Chile7.06.96.66.76.97.4December
    Colombia12.112.312.012.112.213.6November
    Costa Rica29.49.710.310.113.313.9December
    Dominican Republic18.99.410.09.59.710.2December
    Ecuador18.58.48.78.78.87.9November
    El Salvador9.710.110.711.812.713.4November
    Guatemala8.98.58.29.210.310.5December
    Mexico111.212.513.613.89.2