Front Matter

Front Matter

Author(s):
International Monetary Fund
Published Date:
September 1999
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    © 1999 International Monetary Fund

    Production: IMF Graphics Section

    Figures: Theodore F. Peters, Jr.

    Typesetting: Choon Lee

    ISBN 9781557758521

    ISSN 0258-7440

    Price: US$36.00

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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).

    “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, 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 Abbreviations

    BIS

    Bank for International Settlements

    BNL

    Banca Nazionale del Lavoro

    CAPM

    Capital Asset Pricing Model

    CAPS

    Capital Augmented Preferred Securities

    CCBM

    correspondent central banking model

    DJIA

    Dow Jones Industrial Average

    DCR

    Duff & Phelps Credit Rating Agency

    EAF

    Euro Access Frankfurt

    EBA

    European Bankers’ Association

    ECB

    European Central Bank

    EFIL

    Exchange Fund Investment Limited

    EMU

    Economic and Monetary Union

    EONIA

    euro overnight index average

    ERM

    exchange rate mechanism

    EU

    European Union

    FBA

    Federation of Bankers’ Associations

    FESCO

    Forum of European Securities Commissions

    FOBAPROA

    Fondo Bancario de Proteccion al Ahorro

    FOMC

    Federal Open Market Committee

    FRC

    Financial Reconstruction Committee

    FSA

    Financial Supervisory Agency

    G-7

    Group of Seven

    G-10

    Group of Ten

    GITIC

    Guangdong International Trust and Investment Corporation

    HKMA

    Hong Kong Monetary Authority

    HLI

    highly leveraged institution

    IAS

    International Accounting Standard

    IASC

    International Accounting Standards Committee

    IFC

    International Finance Corporation

    IIF

    Institute of International Finance

    INDRA

    Indonesia Debt Restructuring Agency

    IOSCO

    International Organization of Securities Commissions

    IPAB

    Instituto de Proteccion del Ahorro Bancario

    ISD

    Investment Services Directive

    ISDA

    International Swaps and Derivatives Associatioi

    ITIC

    international trust and investment corporation

    JGB

    Japanese government bonds

    KAMCO

    Korea Management Corporation

    LIBOR

    London interbank offered rate

    LTCM

    Long-Term Capital Management

    MRO

    main refinancing operations

    NCB

    national central bank

    NDF

    nondeliverable forward

    NRSRO

    Nationally Recognized Statistical Rating Organization

    OCC

    Office of the Comptroller of the Currency

    OTC

    over-the-counter

    PCA

    prompt corrective action

    PNS

    Paris Net Settlement

    ROE

    return on equity

    RTGS

    real-time gross settlement

    S&P’s

    Standard & Poor’s

    SAR

    Special Administrative Region

    SDDS

    Special Data Dissemination Standard

    SEC

    Securities and Exchange Commission

    SLIPS

    Stapled Limited Interest Preferred Securities

    TARGET

    Trans-European Automated Real-Time Gross Settlement Express Transfer

    TIBOR

    Tokyo interbank borrowed rate

    VaR

    value at risk

    Y2K

    Year 2000

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