Front Matter

Front Matter

Author(s):
International Monetary Fund
Published Date:
September 2000
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    © 2000 International Monetary Fund

    Production: IMF Graphics Section

    Cover & Design: Luisa Menjivar-Macdonald

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    Contents

    The following symbols have been used throughout this volume:

    • … to indicate that data are not available;

    • — to indicate that the figure is zero or less than half the final digit shown, or that the item does not exist;

    • – between years or months (for example, 1997–99 or January–June) to indicate the years or months covered, including the beginning and ending years or months;

    • / between years (for example, 1998/99) to indicate a fiscal or financial year.

    “Billion” means a thousand million; “trillion” means a thousand billion.

    “Basis points” refer to hundredths of 1 percentage point (for example, 25 basis points are equivalent to ¼ of 1 percentage point).

    “n.a.” means not applicable.

    Minor discrepancies between constituent figures and totals are due to rounding.

    As used in this volume the term “country” does not in all cases refer to a territorial entity that is a state as understood by international law and practice. As used here, the term also covers some territorial entities that are not states but for which statistical data are maintained on a separate and independent basis.

    PREFACE

    The International Capital Markets report is an integral element of the IMF’s surveillance of developments in international financial markets. The IMF has published the International Capital Markets report annually since 1980. The report draws, in part, on a series of informal discussions with commercial and investment banks, securities firms, stock and futures exchanges, regulatory and monetary authorities, credit rating agencies, and the staffs of the Bank for International Settlements and the International Swaps and Derivatives Association. The discussions leading up to the present report took place in Brazil, Chile, France, Germany, Hong Kong SAR, India, Japan, Singapore, South Africa, Switzerland, the United Kingdom, and the United States, in early 2000. The report reflects information available up to the end of June 2000.

    The International Capital Markets report is prepared in the Research Department, under the general direction of the Economic Counsellor, Michael Mussa. The International Capital Markets project is co-directed by Donald J. Mathieson, Chief of the Emerging Markets Studies Division, and Garry J. Schinasi, Chief of the Capital Markets and Financial Studies Division. Co-authors of the report from the Research Department are Torbjorn Becker, Bankim Chadha, Jorge Chan-Lau, R. Sean Craig, Burkhard Drees, Ronald Johannes, Charles Kramer, William Lee, Gabrielle Lipworth, Jens Nystedt, Anthony Richards, Jorge Roldos, R. Todd Smith, Amadou Sy, and Caroline Van Rijckeghem. Silvia Iorgova, Anne Jansen, Oksana Khadarina, Subramanian Sriram, and Peter Tran provided research assistance. Contributors from other departments are Paula De Masi, Western Hemisphere Department; Peter Hayward, Monetary and Exchange Affairs Department; and James Morsink, Asia and Pacific Department. Caroline Bagworth, Sheila Kinsella, Rosalind Oliver, Ramanjeet Singh, and Adriana Vohden provided expert word processing assistance. Marina Primorac of the External Relations Department edited the manuscript and coordinated production of the publication.

    The study has benefited from comments and suggestions from staff in other IMF departments, as well as from Executive Directors following their discussions of the International Capital Markets report on August 2, 2000. However, the analysis and policy considerations are those of the contributing staff and should not be attributed to Executive Directors, their national authorities, or the IMF.

    LIST OF ABBREVIATIONS

    ADRs

    American Depository Receipts

    BBVA

    Banco Bilbao Vizcaya Argentaria

    BCCI

    Bank of Credit and Commerce International

    BIBF

    Bangkok International Bank Facility

    BIS

    Bank for International Settlements

    BSCH

    Banco Santander Central Hispano

    CACs

    Collective Action Clauses

    CFTC

    Commodity Futures Trading Commission

    ECB

    European Central Bank

    ECU

    European Currency Unit

    EMBI

    Emerging Markets Bond Index

    EMF

    Emerging Markets Free

    EMTA

    Emerging Markets Traders Association

    EMU

    European Monetary Union

    EONIA

    euro overnight index average

    ESCB

    European System of Central Banks

    EU

    European Union

    FDI

    foreign direct investment

    FSA

    Financial Supervisory Agency

    FOMC

    Federal Open Market Committee

    GDRs

    Global Depository Receipts

    G-7

    Group of Seven

    G-10

    Group of Ten

    HIPC

    heavily indebted poor countries

    HLI

    highly leveraged institution

    IFC

    International Finance Corporation

    IIF

    Institute of International Finance

    IMFC

    International Monetary and Financial Committee

    ISDA

    International Swaps and Derivatives Association

    JGB

    Japanese government bonds

    LCBO

    large, complex, banking organization

    LIBOR

    London interbank offered rate

    LTCB

    Long-Term Credit Bank

    LTCM

    Long-Term Capital Management

    MRO

    main refinancing operations

    NAFTA

    North American Free Trade Agreement

    NCB

    Nippon Credit Bank

    NPV

    net present value

    OECD

    Organization for Economic Cooperation and Development

    OTC

    over-the-counter

    PFE

    potential future exposure

    PSI

    private sector involvement

    SAR

    Special Administrative Region

    SDDS

    Special Data Dissemination Standard

    SEC

    Securities and Exchange Commission

    VaR

    value at risk

    Y2K

    Year 2000

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