Front Matter

Front Matter

Author(s):
International Monetary Fund
Published Date:
December 1997
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    © 1997 International Monetary Fund

    ISBN 9781557756862

    ISSN 0258-7440

    Price: US$20.00

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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, 1995–96 or January–June) to indicate the years or months covered, including the beginning and ending years or months;

    • / between years (for example, 1995/96) 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 slate 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, the Commission of the European Union, the International Swaps and Derivatives Association, the Japan Center for International Finance, and the Organization for Economic Cooperation and Development. The discussions leading up to the present report look place in Belgium. France, Germany. Indonesia, Italy. Japan, Korea, Singapore, South Africa, Switzerland, Turkey, the United Kingdom, the United States, and Hong Kong, China, between January and April 1997. The report reflects information available up to the end of May 1997: a special chapter provides an update of exchange market developments in the emerging markets through July 1997.

    The International Capital Markets report is prepared in the Research Department. The International Capital Markets project is directed by David Folkerts-Landau, 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 Robert Flood, Senior Economist; Marcel Cassard, Peter Christoffersen, Laura Kodres. Alessandro Prati, and Todd Smith, all Economists; Charles Thomas, Visiting Scholar: and Subramanian Sriram, Senior Research Officer. Coauthors of the report from the Emerging Markets Studies Division of the Research Department are Bankim Chadha, Deputy Division Chief; Sunil Sharma, Senior Economist; Ilan Goldfajn, Jorge Roldos, and Michael Spencer, all Economists; and Anne Jansen, Senior Research Officer, and Peter Tran, Research Assistant. Sheila Kinsella, Adriana Vohden, Tammi Shear, and Ramanjeet Singh provided expert word processing assistance. J.R. Morrison of the External Affairs Department edited the manuscript and coordinated production of the publication.

    This 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 30, 1997. 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

    ABS

    asset-backed securities

    ADR

    American Depository Receipt

    ASB

    Accounting Standards Board (U.K.)

    ASEAN

    Association of South-East Asian Nations

    BAP

    Bankers Association of the Philippines

    BCCI

    Bank of Credit and Commerce International

    BIS

    Bank for International Settlements

    BOT

    Bank of Thailand

    BSP

    Bangko Sentral ng Pilipinas

    CAD

    Capital Adequacy Directive

    CBOE

    Chicago Board Options Exchange

    CBOT

    Chicago Board of Trade

    CCPC

    Cooperative Credit Purchasing Company (Japan)

    CFTC

    Commodity Futures Trading Commission

    CHAPS

    Clearing House Association Payments System

    CHIPS

    Clearing House Interbank Payments System

    CMBS

    commercial-mortgage-backed securities

    CME

    Chicago Mercantile Exchange

    CME-IMM

    Chicago Mercantile Exchange—International Money Market

    CSD

    central securities depository

    DTB

    Deutsche Terminbörse

    ECB

    European Central Bank

    ECU

    European currency unit

    EEA

    European Economic Area

    EFFAS

    European Federation of Financial Analyst Societies

    EMBI

    Emerging Market Bond Index (J.P. Morgan)

    EMI

    European Monetary Institute

    EMS

    European Monetary System

    EMU

    Economic and Monetary Union

    ERM

    exchange rate mechanism

    ESCB

    European System of Central Banks

    EU

    European Union

    FASB

    Financial Accounting Standards Board (U.S.)

    FCDU

    Foreign Currency Deposit Unit (The Philippines)

    FDI

    foreign direct investment

    FDIC

    Federal Deposit Insurance Corporation (U.S.)

    FOBAPROA

    Fondo Bancario de Protectión al Ahorro (Mexico)

    FOGADE

    Fondo de Garantiá de Depósitos y Prótection Bancaria (Brazil)

    G-7

    Group of Seven (Canada, France, Germany, Italy, Japan, United Kingdom, United States)

    G-10

    Group of Ten (Belgium, Canada, France, Germany, Italy, Japan, the Netherlands, Sweden, United Kingdom, United States, Switzerland as honorary member)

    GBI

    Government Bond Index (J.P. Morgan)

    GDP

    gross domestic product

    GDR

    Global Depository Receipt

    HKMA

    Hong Kong Monetary Authority

    HKSAR

    Hong Kong Special Administrative Region

    IASC

    International Accounting Standards Committee

    IFC

    International Finance Corporation

    IFCI

    International Finance Corporation Investable index

    IOSCO

    International Organization of Securities Commissions

    ISD

    Investment Services Directive

    ISDA

    International Swaps and Derivatives Association

    LIBOR

    London interbank offered rate

    LIFFE

    London International Financial Futures Exchange

    MAS

    Monetary Authority of Singapore

    MATIF

    Marché à Terme International de France

    MIDAM

    Mid-America Commodity Exchange

    MLHY

    Merrill Lynch High-Yield

    NASD

    National Association of Securities Dealers (U.S.)

    NASDAQ

    National Association of Securities Dealers Automated Quotation (U.S.)

    NBH

    National Bank of Hungary

    NDF

    nondeliverable forward

    NTMA

    National Treasury Management Agency (Ireland)

    NYFE

    New York Futures Exchange

    NYSE

    New York Stock Exchange

    NZDMO

    New Zealand Debt Management Office

    OECD

    Organization for Economic Cooperation and Development

    OTC

    over the counter

    PCA

    prompt corrective action

    PLMO

    Property Loan Management Organization (Thailand)

    RTGS

    real-time gross settlement

    SEC

    Securities and Exchange Commission (U.S.)

    SET

    Stock Exchange of Thailand

    SFE

    Sydney Futures Exchange

    SIMEX

    Singapore International Monetary Exchange

    SNDO

    Swedish National Debt Office

    S&P

    Standard & Poor’s

    TARGET

    Trans-European Automated Real-Time Gross Settlement Express Transfer System

    TIFFE

    Tokyo International Financial Futures Exchange

    TSE

    Tokyo Stock Exchange

    VAR

    value at risk

    VVA

    Valuación y Venta de Activos (Mexico)

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