- International Monetary Fund
- Published Date:
- September 1999
© 1999 International Monetary Fund
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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).
“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.
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, the Commission of the European Union, and the International Swaps and Derivatives Association. The discussions leading up to the present report took place in Argentina, Belgium, China, France, Germany, Hong Kong SAR, Hungary, Italy, Japan, Malaysia, Mexico, Poland, Singapore, Switzerland, Turkey, the United Kingdom, and the United States, in early 1999. The report reflects information available up to the end of June 1999.
The International Capital Markets report is prepared in 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 Research Department are Peter Breuer, Bankim Chadha, Nada Choueiri, Burkhard Drees, Anne Jansen, Charles Kramer, Subir Lall, William Lee, Joaquim Levy, Alessandro Prati, Anthony Richards, Jorge Roldos, Todd Smith (Visiting Scholar), Subramanian Sriram, Amadou Sy, Peter Tran, and Caroline Van Rijckeghem. Contributors from other departments are Martin Cerisola, Western Hemisphere Department; Cem Karacadag, Monetary and Exchange Affairs Department; and James Morsink, Asia and Pacific Department. Celia Burns, 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 July 29, 1999. 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 AbbreviationsBIS
Bank for International SettlementsBNL
Banca Nazionale del LavoroCAPM
Capital Asset Pricing ModelCAPS
Capital Augmented Preferred SecuritiesCCBM
correspondent central banking modelDJIA
Dow Jones Industrial AverageDCR
Duff & Phelps Credit Rating AgencyEAF
Euro Access FrankfurtEBA
European Bankers’ AssociationECB
European Central BankEFIL
Exchange Fund Investment LimitedEMU
Economic and Monetary UnionEONIA
euro overnight index averageERM
exchange rate mechanismEU
Federation of Bankers’ AssociationsFESCO
Forum of European Securities CommissionsFOBAPROA
Fondo Bancario de Proteccion al AhorroFOMC
Federal Open Market CommitteeFRC
Financial Reconstruction CommitteeFSA
Financial Supervisory AgencyG-7
Group of SevenG-10
Group of TenGITIC
Guangdong International Trust and Investment CorporationHKMA
Hong Kong Monetary AuthorityHLI
highly leveraged institutionIAS
International Accounting StandardIASC
International Accounting Standards CommitteeIFC
International Finance CorporationIIF
Institute of International FinanceINDRA
Indonesia Debt Restructuring AgencyIOSCO
International Organization of Securities CommissionsIPAB
Instituto de Proteccion del Ahorro BancarioISD
Investment Services DirectiveISDA
International Swaps and Derivatives AssociatioiITIC
international trust and investment corporationJGB
Japanese government bondsKAMCO
Korea Management CorporationLIBOR
London interbank offered rateLTCM
Long-Term Capital ManagementMRO
main refinancing operationsNCB
national central bankNDF
Nationally Recognized Statistical Rating OrganizationOCC
Office of the Comptroller of the CurrencyOTC
prompt corrective actionPNS
Paris Net SettlementROE
return on equityRTGS
real-time gross settlementS&P’s
Standard & Poor’sSAR
Special Administrative RegionSDDS
Special Data Dissemination StandardSEC
Securities and Exchange CommissionSLIPS
Stapled Limited Interest Preferred SecuritiesTARGET
Trans-European Automated Real-Time Gross Settlement Express TransferTIBOR
Tokyo interbank borrowed rateVaR
value at riskY2K