Front Matter

Front Matter

Author(s):
Donald Mathieson, and Garry Schinasi
Published Date:
August 2001
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    © 2001 International Monetary Fund

    Production: IMF Graphics Section

    Cover & Design: Luisa Menjivar-Macdonald

    Figures: Theodore F. Peters, Jr.

    Typesetting: Choon Lee

    ISBN 9781589060562

    ISSN 0258-7440

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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 part 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, insurance companies, pension funds, stock and futures exchanges, regulatory and monetary authorities, finance ministries, credit rating agencies, and the staff of the Bank for International Settlements. The discussions leading up to the present report took place in Argentina, the Czech Republic, France, Germany, Hong Kong SAR, Italy, Japan, the Republic of Korea, Malaysia, Mexico, Singapore, the United Kingdom, and the United States during the period November 2000–April 2001. The report reflects information available up to the end of May 2001.

    The International Capital Markets report was 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. Contributors to the report from the Research Department are Torbjorn Becker, Peter Breuer, Jorge Chan-Lau, R. Sean Craig, Piti Disyatat, Burkhard Drees, Gaston Gelos, Iryna Ivaschenko, Ronald Johannes, Charles Kramer, Ramana Ramaswamy, Jorge Roldos, R. Todd Smith, Amadou Sy, and Caroline Van Rijckeghem. Silvia Iorgova, Anne Jansen, Oksana Khadarina, Yoon Sook Kim, and Peter Tran provided research assistance. Kenneth Kletzer of the IMF’s Research Department also contributed. Contributors from other departments are Kenneth Kang and Martin Muhleisen, Asia and Pacific Department; Roger Nord, European I Department; and Vivek Arora, Western Hemisphere Department. Caroline Bagworth, Ramanjeet Singh, Adriana Vohden, and Joan Wise provided expert word processing assistance. Jacqueline Irving 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 June 28, 2001. 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.

    ACRONYMS AND ABBREVIATIONS

    ADR

    American depository receipt

    BCBS

    Basel Committee on Banking Supervision

    BIS

    Bank for International Settlements

    CBO

    Collateralized bond obligation

    CP

    Commercial paper

    CTD

    Cheapest to deliver

    DVP

    Delivery versus payment

    ECB

    European Central Bank

    ECU

    European Currency Unit

    EMBI

    Emerging Markets Bond Index

    EMTA

    Emerging Markets Traders Association

    EMU

    European Economic and Monetary Union

    EU

    European Union

    EURIBOR

    Euro Interbank Offered Rate

    FDI

    Foreign direct investment

    FRA

    Forward-rate agreement

    GDR

    Global depository receipt

    GEM

    Global Equity Market

    G-7

    Group of Seven

    G-10

    Group of Ten

    HLI

    Highly leveraged institution

    IFC

    International Finance Corporation

    IOSCO

    International Organization of Securities Commissions

    IPO

    Initial public offering

    IRB

    Internal ratings based

    ISDA

    International Swaps and Derivatives Association

    JGB

    Japanese government bond

    LCBO

    Large, complex banking organization

    LIBOR

    London Interbank Offered Rate

    LTCM

    Long-Term Capital Management

    MBS

    Mortgage-backed securities

    MSCI

    Morgan Stanley Capital International (index)

    MSCI EMF

    Morgan Stanley Capital International Emerging Markets Free (index)

    NASDAQ

    National Association of Securities Dealers Automated Quotations

    NPL

    Nonperforming loan

    NRF

    Name registration form

    OECD

    Organization for Economic Cooperation and Development

    OTC

    Over-the-counter

    QFI

    Qualified foreign intermediary

    ROA

    Return on assets

    ROE

    Return on equity

    RTGS

    Real-time gross settlement

    SAR

    Special Administrative Region

    TARGET

    Trans-European Automated Real-Time Gross Settlement Express Transfer

    TMT

    Technology, media, and telecommunications

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