Front Matter

Front Matter

Author(s):
International Monetary Fund
Published Date:
October 1998
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    © 1998 International Monetary Fund

    Production: IMF Graphics Section

    Figures: Theodore F. Peters, Jr.

    Typesetting: Choon Lee

    ISBN 9781557757708

    ISSN 0258-7440

    Price: US$25.00

    (US$20.00 to full-time faculty members and students at universities and colleges)

    Please send orders to:

    International Monetary Fund, Publication Services

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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, 1997–98 or January-June) to indicate the years or months covered, including the beginning and ending years or months;

    / between years (for example, 1997/98) 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).

    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, 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, China, the Czech Republic, France, Germany, Hong Kong SAR, Indonesia, Japan, Korea, Malaysia, the Philippines, Singapore, Switzerland, Thailand, the United Kingdom, the United States, and Venezuela, between February and May 1998. The report reflects information available up to mid-July 1998, and hence does not cover the turbulence in Russia.

    The International Capital Markets report is prepared by the Research Department. The International Capital Markets project is directed by Charles Adams, Assistant Director, together with Donald Mathieson, Chief of the Emerging Markets Studies Division, and Garry Schinasi, Chief of the Capital Markets and Financial Studies Division. Coauthors of the report from the Capital Markets and Financial Studies Division of the Research Department are Laura Kodres, Charles Kramer, Joaquim Levy, Alessandro Prati, Andrei Kirilenko, all Economists; Todd Smith, Visiting Scholar; Subramanian Sriram, Senior Research Officer; and Xuechun Zhang, Research Assistant. Coauthors of the report from the Emerging Markets Studies Division of the Research Department are Barry Eichengreen, Senior Policy Advisor; Bankim Chadha, Deputy Division Chief; Sunil Sharma, Senior Economist; Subir Lall, Anthony Richards, Jorge Roldos, Amadou Sy, Giovanni Dell’Ariccia, all Economists; Anne Jansen, Senior Research Officer; Kenneth Wood, Financial Systems Officer; and Peter Tran, Research Assistant. Shiela Kinsella, Rosalind Oliver, Ramanjeet Singh, and Adriana Vohden provided expert word processing assistance. Esha Ray of the External Relations Department edited the manuscript and coordinated production of the publication.

    This study 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 July 31, 1998. However, the analysis and policy considerations are those of the contributing staff and should not be attributed to the Executive Directors, their national authorities, or the IMF.

    List of Abbreviations

    ADRs

    American Depository Receipts

    AFB

    Association Française de Banques

    AMC

    Asset Management Corporation

    ASB

    Accounting Standards Board

    BIBF

    Bangkok International Banking Facility

    BIS

    Bank for International Settlements

    BFSR

    Bank Financial Strength Ratings

    BHCA

    Bank Holding Company Act

    BMF

    Bolsa de Mercadorias e Futuros

    BNL

    Banca Nazionale del Lavoro

    CAD

    Capital Adequacy Directive

    CBO

    collateralized bond obligation

    CBOT

    Chicago Board of Trade

    CBR

    Central Bank of Russia

    CCPC

    Cooperative Credit Purchase Corporation

    CD

    certificate of deposit

    CFTC

    Commodity Futures Trading Commission

    CLO

    collateralized loan obligation

    CLS

    Continuously Linked Settlement

    CMAs

    Cash Management Accounts

    CME

    Chicago Mercantile Exchange

    CNBV

    National Banking Commission

    CSFPs

    Credit Suisse Financial Products

    DIACs

    Discretionary Investment Advisory Companies

    DIC

    Deposit Insurance Corporation

    DJIA

    Dow Jones Industrial Average

    DTB

    Deutsche Terminbörse

    DVP

    delivery versus payment

    EAF2

    Euro Access Frankfurt 2

    EBA

    European Bankers’ Association

    EBRD

    European Bank for Reconstruction and Development

    ECB

    European Central Bank

    ECS

    Euro Clearing System

    ECU

    European currency unit

    EMBI

    Emerging Markets Bond Index

    EMCC

    Emerging Market Clearing Corp.

    EMI

    European Monetary Institute

    EMU

    Economic and Monetary Union

    ERM

    exchange rate mechanism

    ESCB

    European System of Central Banks

    EU

    European Union

    FASB

    Financial Accounting Standards Board

    FCDU

    Foreign Currency Deposit Unit

    FDI

    foreign direct investment

    FDIC

    Federal Deposit Insurance Corporation

    FFIEC

    Federal Financial Institutions Examination Council

    FIDF

    Financial Institutions Development Fund

    FOBAPROA

    Fondo Bancario de Protección al Ahorro

    FRANs

    floating rate accrual notes

    FSA

    Financial Supervisory Agency

    GDDS

    General Data Dissemination System

    GDP

    gross domestic product

    GDRs

    Global Depository Receipts

    GSA

    Glass-Steagall Act

    HKMA

    Hong Kong Monetary Authority

    HLAC

    Housing Loans Administration Corporation

    HTB

    Hokkaido-Takushoku Bank

    IAIS

    International Association of Insurance Supervisors

    IAS

    International Accounting Standards

    IAPC

    International Auditing Practices Committee

    IASC

    International Accounting Standards Committee

    IBRA

    Indonesia Bank Restructuring Agency

    IFAC

    International Federation of Accountants

    IFCI

    International Finance Corporation Index

    IOSCO

    International Organization of Securities Commissions

    ISDA

    International Swaps and Derivatives Association, Inc.

    ITMCs

    investment trust management companies

    JGB

    Japanese Government Bond

    KDB

    Korea Development Bank

    KDIC

    Korean Deposit Insurance Corporation

    KMAC

    Korea Asset Management Corporation

    LIBOR

    London interbank offered rate

    LOLR

    lender of last resort

    LIFFE

    London International Financial Futures Exchange

    LTCB

    Long-Term Credit Bank

    MATIF

    Marché à Terme International de France

    MOU

    memorandum of understanding

    NCB

    Nippon Credit Bank

    NDF

    nondeliverable forward

    NYSE

    New York Stock Exchange

    OECD

    Organization for Economic Cooperation and Development

    OTC

    over the counter

    PBC

    People’s Bank of China

    PCA

    Prompt Corrective Action

    PIBOR

    Paris interbank offered rate

    RCB

    Resolution and Collection Bank

    RTGS

    real-time gross settlement

    S&P

    Standard and Poor’s

    SBIF

    Superintendency of Banks and Financial Institutions

    SDDS

    Special Data Dissemination Standards

    SEC

    Securities and Exchange Commission

    SIMEX

    Singapore International Monetary Exchange

    SOEs

    state-owned enterprises

    SPANs

    spread adjustable notes

    SPCs

    special-purpose corporations

    TIBOR

    Tokyo interbank offered rate

    TROR

    total rate of return

    TSE

    Tokyo Stock Exchange

    UNCITRAL

    United Nations Commission on International Trade Law

    URR

    unremunerated reserve requirement

    VAR

    value at risk

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