Back Matter

Back Matter

Author(s):
International Monetary Fund
Published Date:
January 1987
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    Appendix I Classification of Countries

    The countries and territories included in the major country groups of the Fund’s World Economic Outlook are listed below.

    Industrial countries:

    • Australia

    • Austria

    • Belgium

    • Canada

    • Denmark

    • Finland

    • France

    • Germany, Fed. Rep. of

    • Iceland

    • Ireland

    • Italy

    • Japan

    • Luxembourg

    • Netherlands

    • New Zealand

    • Norway

    • Spain

    • Sweden

    • Switzerland

    • United Kingdom

    • United States

    Developing countries include all other Fund members (as of July 15, 1987), together with certain essentially autonomous dependent territories for which adequate statistics are available. For this study, this country classification has been modified to exclude the seven offshore banking centers (i.e., The Bahamas, Bahrain, the Cayman Islands, Hong Kong, the Netherlands Antilles, Panama, and Singapore). The regional breakdowns of data for developing countries and areas conform to the regional classification used in the Fund’s International Financial Statistics.

    Market borrowers:

    • Algeria

    • Antigua and Barbuda

    • Argentina

    • Bahamas, The

    • Bolivia

    • Brazil

    • Chile

    • Colombia

    • Congo

    • Côte d’Ivoire

    • Cyprus

    • Ecuador

    • Gabon

    • Greece

    • Hong Kong

    • Hungary

    • Indonesia

    • Korea

    • Malaysia

    • Mexico

    • Nigeria

    • Panama

    • Papua New Guinea

    • Paraguay

    • Peru

    • Philippines

    • Portugal

    • Singapore

    • South Africa

    • Taiwan Province of China

    • Trinidad and Tobago

    • Uruguay

    • Venezuela

    • Yugoslavia

    Official borrowers:

    • Afghanistan

    • Bahrain

    • Bangladesh

    • Bhutan

    • Burkina Faso

    • Burma

    • Burundi

    • Cape Verde

    • Central African Rep.

    • Chad

    • Comoros

    • Djibouti

    • Dominica

    • Dominican Rep.

    • El Salvador

    • Equatorial Guinea

    • Fiji

    • Gambia, The

    • Ghana

    • Grenada

    • Guatemala

    • Guinea

    • Guinea-Bissau

    • Guyana

    • Honduras

    • Jamaica

    • Jordan

    • Lao People’s Dem. Rep.

    • Liberia

    • Madagascar

    • Malawi

    • Maldives

    • Mali

    • Malta

    • Mauritania

    • Nepal

    • Netherlands Antilles

    • Nicaragua

    • Pakistan

    • Rwanda

    • São Tomé and Principe

    • Senegal

    • Seychelles

    • Sierra Leone

    • Somalia

    • St. Lucia

    • St. Vincent

    • Sudan

    • Swaziland

    • Syrian Arab Rep.

    • Tanzania

    • Togo

    • Tonga

    • Uganda

    • Viet Nam

    • Western Samoa

    • Yemen Arab Rep.

    • Yemen, People’s Dem. Rep. of

    • Zaïre

    • Zambia

    Capital importing countries comprise all developing member countries of the Fund except:

    • Iran, Islamic Rep. of

    • Iraq

    • Kuwait

    • Libyan Arab Jamahiriya

    • Oman

    • Qatar

    • Saudi Arabia

    • United Arab Emirates

    Fifteen heavily indebted countries:

    • Argentina

    • Bolivia

    • Brazil

    • Chile

    • Colombia

    • Côte d’Ivoire

    • Ecuador

    • Mexico

    • Morocco

    • Nigeria

    • Peru

    • Philippines

    • Uruguay

    • Venezuela

    • Yugoslavia

    Appendix II Major Innovations in Instruments

    The Floating Rate Euronote

    During the late 1960s, commercial banks in the United States adopted a system of adjusting their prime rate weekly to reflect more closely the increases in their cost of funds. Banks charged a spread above the prime rate, which reflected the creditworthiness of the borrower. Such automatic or floating rate pricing of bank credit shifted the responsibility for increases in lending rates to the monetary authorities. It also shifted the interest rate risk from the bank to the borrower.

    Floating rate pricing spread very rapidly to other banking sectors in the early 1970s. Floating rate pricing was adopted in the Eurobond market; the first Eurodollar floating rate note issue occurred in 1970 when the Italian State borrower Ente Nazionale per l’Energia Electtrica (ENEL) issued $150 million Eurodollar floating rate notes. Until the early 1980s, however, the floating rate note was largely dominated by its banking counterpart, the floating rate syndicated loan.

    The securitization of international finance, which began in the early 1980s, meant that borrowers shifted to the floating rate note market from the syndicated loan market. In 1983, syndicated loans totaled $67 billion, while only $20 billion of floating rate Euronotes were issued. By 1986, however, floating rate note issues had reached $50 billion, while the volume of international syndicated loan credits had receded to $58 billion. This development was due in large part to the lower borrowing costs in the floating rate note market. New issues of floating rate notes also gained in comparison with fixed rate bonds, and floating rate notes accounted for 38 percent of total volume of fixed rate bonds and floating rate notes in 1985. The floating rate note was permitted for the first time in several non-dollar markets in 1985. Refinancing of high coupon bonds lowered the percentage of floating rate bonds in total fixed and floating rate issues to 25 percent in 1986.

    The issuer cost of floating rate notes relative to LIBOR has decreased substantially, especially during 1985–86. Prime sovereign borrowers have been able to undertake large issues at below LIBOR. Second-tier sovereign borrowers and U.S. thrifts and regional banks also have received fine terms. Since 1985, the floating rate note market has introduced a number of innovative coupon reset mechanisms. About 80 percent of floating rate notes guarantee a minimum rate of interest, termed a “floor,” if the index drops below a certain level. Similarly, a significant number of floating rate notes have been issued with an upper limit on the coupon, a “cap.” A mismatched floating rate note has multiple data for selecting interest rates within a single interest payment period; that is, interest payments may be made semiannually, while the interest rate is reset at shorter intervals, for example, monthly. About 20 percent of all floating rate notes were mismatched during 1985.

    The most significant innovation in the floating rate note market has been the recent large-scale issue of perpetual floating rate notes by commercial banks, particularly U.K. banks. Through 1986, there had been about 60 issues totaling $20 billion. The incentives for the issue of some types of perpetual floating rate notes were provided by several countries, including the United Kingdom, the United States, Canada, Australia, and France, which regarded such instruments as primary capital, if coupons may not be paid when a dividend payment has been cancelled.

    The perpetual floating rate note sector of the Euromarket experienced a major liquidity crisis in December 1986, which marked the end of any expansion in this market in the foreseeable future, and which also affected the dated floating rate note adversely, as discussed in the text.

    Currency and Interest Rate Swaps

    The basic swap is an exchange of streams of payments over time between two parties. An interest rate swap is an exchange of interest cash flows in the same currency with the principal amounts remaining with the original parties. In currency swaps, the counterparties exchange the interest payments in one currency for interest payments in another currency and the parties also exchange the principal amounts at a negotiated exchange rate. There are three main types of interest rate swaps: coupon swaps (fixed rate against floating rate), basis swaps (e.g., LIBOR against certificates of deposit), and cross-exchange interest rate swaps (swaps of fixed rate flows in one currency to floating rate flows in another). It is estimated that U.S. banks participated as counterparties in $367 billion of interest rate swaps (notional principal) in 1986, compared with $186 billion at the end of 1985. The basic fixed/floating rate swaps make up the great bulk of total swap volume. Financial liberalization and removal of rigid issue calendars in several national markets has presented new opportunities for swap transactions.

    The main motivation of the end-users in interest rate swaps is to exploit their comparative advantages and their relative scarcity in the two market segments. Typically, a highly regarded borrower will raise fixed rate funds and swap for floating rate funds raised by a less well-regarded borrower. Frequently, there are other types of swap opportunities. For example, relative risk-premiums for two borrowers may differ in two different markets, creating an arbitrage possibility.

    Swaps are also used to transform exposure on the asset side. An institutional investor holding high-grade fixed rate assets can enter the swap market as a fixed rate payer, instead of selling a fixed rate asset and buying a floating rate asset.

    U.S. money center banks and U.K. investment and merchant banks, as well as Japanese securities houses, are the main intermediaries in the swap market. For those institutions, swaps have developed into an important source of off-balance sheet earnings and an important vehicle to generate underwriting businesses. With the growth in volume of swap transactions, an active market between swap dealers has developed. Such dealers, frequently banks, enter swaps with counterparties for which they have arranged a bond issue and then enter into an offsetting swap with a second dealer, who in turn enters into another offsetting swap with another dealer, who offsets his swap with an end-user. It is estimated that the interdealer share of the swap market exceeds 50 percent. A secondary market for swaps has benefited from increased standardization of swap contracts under the auspices of the International Swap Dealers Association (ISDA).

    There are three types of secondary market transactions: swap sales or assignments to a new counterparty, swap terminations, and reverse swaps. Swap sales and swap terminations extinguish the seller’s obligations, while reverse swaps are written to offset the effects of an existing swap.

    Counterparties in swap transactions assume credit risk arising from the possibility that the counterparty does not perform under the swap contract and exposes the other counterparty to unexpected mismatch and losses if interest or currency rates have moved adversely. The swap technique has been one of the most successful of the recent financial innovations; 40 percent of all new international bond issues now involve a swap of one form or another.

    A recent development in swap markets has been the growth of asset swaps; that is, the use of an interest or currency swap to transform an asset rather than a liability. The transactions mostly have involved the transformation of fixed rate assets into floating rate assets, through the creation of “synthetic floaters.” The asset holder, who receives a fixed rate coupon from his asset, agrees to a fixed rate payment on a fixed/floating interest rate swap in return for a floating rate payment. The swap counterparty thus receives fixed payments and pays floating without necessarily possessing floating rate assets; hence the term “synthetic floats.”

    Exchange-Traded Financial Futures and Options Contracts

    A futures contract is a standardized forward contract that is traded on an exchange. Financial futures markets date to the mid-1970s when the Chicago Board of Trade (CBOT) began trading in a futures contract based on Government National Mortgage Association (GNMA) instruments. This was followed with futures contracts for 90-day U.S. Treasury bills and a treasury bond contract. The trading volume in these futures contracts grew quickly, and by 1979 the daily volume of futures trading in the treasury bill market had exceeded the volume of trading in the underlying securities.

    An important reason for the ready acceptance and continued popularity of the markets for interest rate futures has been the establishment of exchange clearinghouses that become the counterparty in every transaction. Thus, it is the soundness of the exchange, rather than the creditworthiness of the original issuer, that is of concern to the holder of the contract. Without the clearinghouse, the market would become much less liquid as the product would lose its homogeneity and trading volume would be smaller.

    The second major advance in futures markets was the introduction of cash settlement rather than settlement in kind. Cash settlement allows the writer of a contract to use market prices at the closing of the contract to determine the gain or loss on the contract and settle in cash rather than deliver the physical commodity. This development has made it possible to write futures contracts on such synthetic securities as ocean freight, consumer price index, and others.

    The development of futures markets paralleled the development of options contracts. In a futures contract, the holder has the right and the obligation to buy and sell the underlying security at a specified price during a specified period; in an option contract, the holder of the option has the right but not the obligation to buy (call option) or sell (put option) the security at the agreed price. Thus the risk of options contracts is asymmetrically distributed: the holder only risks losing the price (premium) paid for the options contracts, while the writer is liable for the full price movement in an adverse direction. The most successful options contracts have been those on foreign exchange.

    In addition to the explicitly traded options contract, there has been a significant expansion in the use of options and forward contracts that are embedded in bonds. In this case, the bond’s principal at redemption has been linked to an index or price of another instrument or currency, or the yield movements have been restricted through caps or collars. Finally, the maturity of bonds has been subject to call and put provisions. The use of equity warrants has been particularly successful in the light of rising stock indices.

    Financial futures and options can be regarded, together with interest rate and currency swaps, as the most successful of the recent financial innovations. The growth in the diversity of contracts traded, in the volume of some of the major contracts, and in the number of exchanges, has been rapid in recent years (Table 47). The trading volume of currency options doubled to 6 million contracts (with an average contract rise of $100,000) from 1985 to 1986; the total financial futures trading volume of all U.S. exchanges grew by 22 percent in 1986 to 120 million contracts (with an average contract size of $1 million), and the trading volume of financial options of all U.S. futures exchanges grew by 64 percent in 1986 to 27 million contracts (with an average contract size of $1 million).

    Appendix III Statistical Tables
    Table 14.Selected Economic Indicators, 1981–87(In billions of U.S. dollars; or in percent)
    1987
    198119821983198419851986Estimates
    Total of identified current account deficits 1179176160196202255245
    Industrial countries525265123137170183
    Of which:
    Seven major242751110121149163
    Developing countries1271249573658562
    Total of identified fiscal deficits for seven major industrial countries
    Central government238308379369386418415
    General government172262289243255296280
    Overall current account balances of developing countries 2–48–87–64–34–24–47–20
    Reserve accumulation of developing countries (accumulation +)–13.0–39.18.816.122.76.531.6
    Growth rate in value of world trade–0.4–6.3–1.96.30.89.413.6
    Growth rate of real GNP of industrial countries1.5–0.32.75.03.12.72.4
    Inflation rate of industrial countries (GNP deflators)8.87.25.14.23.83.33.1
    Interest rates (six-month Eurodollar deposit rate)16.713.69.911.38.66.87.3
    Sources: International Monetary Fund, World Economic Outlook, October 1987: Revised Projections by the Staff of the International Monetary Fund; and Fund staff estimates.

    Sum of all current account deficits, which includes official transfers.

    Sum of all current account deficits and surpluses, which includes official transfers.

    Table 15.Interbank Lending and Deposit Taking, 1982–First Half 1987 1(In billions of U.S. dollars)
    19861987
    19821983198419851986First

    half
    First

    half
    Lending to 210511515421144882254
    Industrial countries738311916636667201
    Of which:
    United States463925336876
    Japan822401482997
    Developing countries 316161185–24
    Offshore centers 418102029872344
    Other transactors 5–2557–10–65
    Memorandum items
    Capital importing developing countries 3,6141285–23
    Non-oil developing countries 3,715141375–23
    Fifteen heavily indebted countries951–1
    Deposit taking from 812511014921646781231
    Industrial countries1137011216236075189
    Of which:
    United States8119148567–7
    Japan1511401112364
    Developing countries 3–96221–1–1715
    Offshore centers 4172613461202622
    Other transactors 53827–7–24
    Memorandum items
    Capital importing developing countries 3,6122244–715
    Non-oil developing countries 3,721221112–317
    Fifteen heavily indebted countries111–3–6–42
    Change in net claims on 9–2055–4–19126
    Industrial countries–4013855912
    Of which:
    United States–352011251313
    Japan–711–137633
    Developing countries 32510–1211215–11
    Offshore centers 41–166–16–33–222
    Other transactors 5–5–23–3–42
    Memorandum items
    Capital importing developing countries 3,62–10515–12
    Non-oil developing countries 3,7133–95–71–14
    Fifteen heavily indebted countries8–6374–3
    Net errors and omissions 1020–5–5419–1–26
    Sources: International Monetary Fund, International Financial Statistics (IFS); and Fund staff estimates.

    Data on lending and deposit taking are derived from stock data on the reporting countries’ liabilities and assets, excluding changes attributed to exchange rate movements.

    As measured by differences in the outstanding liabilities of borrowing countries, defined as cross-border interbank accounts by residence of borrowing bank.

    Excluding offshore centers.

    Consisting of The Bahamas, Bahrain, the Cayman Islands, Hong Kong, the Netherlands Antilles, Panama, and Singapore.

    Transactors included in IFS measures for the world, to enhance global symmetry, but excluded from IFS measures for “All Countries.” The data comprise changes in the accounts of the Bank for International Settlements with banks other than central banks and changes in identified cross-border interbank accounts of centrally planned economies (excluding Fund members).

    Consisting of all developing countries except the eight Middle Eastern oil exporters (the Islamic Republic of Iran, Iraq, Kuwait, the Libyan Arab Jamahiriya, Oman, Qatar, Saudi Arabia, and the United Arab Emirates) for which external debt statistics are either not available or are small in relation to external assets.

    Consisting of all developing countries except the eight Middle Eastern oil exporters (listed in footnote 6), Algeria, Indonesia, Nigeria, and Venezuela.

    As measured by differences in the outstanding assets of depositing countries, defined as cross-border interbank accounts by residence of lending banks.

    Lending to, minus deposit taking from.

    Calculated as the difference between global measures of cross-border interbank lending and deposit taking.

    Table 16.International Positions of Banks by Nationality of Ownership, December 1986(In billions of U.S. dollars)
    Total ClaimsOf which, on
    Related officesOther banksNonbanks1
    Parent

    Country

    of Bank
    Dec.

    1986
    Change

    during

    1986
    Dec.

    1986
    Change

    during

    1986
    Dec.

    1986
    Change

    during

    1986
    Dec.

    1986
    Change

    during

    1986
    Total3,406.3725.8809.9213.51,541.7338.51,035.1172.4
    Of which:
    France276.142.433.74.3155.625.186.412.7
    Germany, Fed. Rep. of270.078.817.84.4172.163.779.710.6
    Italy145.131.95.21.7103.319.736.310.4
    Japan1,117.7411.0363.3171.3444.6142.4307.897.4
    Switzerland152.042.823.06.980.926.040.59.2
    United Kingdom211.719.529.14.1101.69.879.25.9
    United States598.38.8252.84.7179.97.0163.0–2.7
    Total LiabilitiesOf which, to
    Related officesOther banksNonbanks1
    Parent

    Country

    of Bank
    Dec.

    1986
    Change

    during

    1986
    Dec.

    1986
    Change

    during

    1986
    Dec.

    1986
    Change

    during

    1986
    Dec.

    1986
    Change

    during

    1986
    Total3,276.5705.6860.8259.81,502.5318.2767.8105.7
    Of which:
    France263.945.442.07.5171.731.947.14.9
    Germany, Fed. Rep. of203.646.027.97.2100.114.072.924.6
    Italy150.635.77.62.0125.029.712.41.7
    Japan1,070.5397.8399.6203.5512.0154.1113.323.2
    Switzerland133.033.955.515.731.715.137.95.3
    United Kingdom226.223.731.36.088.66.277.38.7
    United States571.919.6222.23.7120.27.6196.710.9
    Net Claims/Net LiabilitiesOf which, on/to
    Related officesOther banksNonbanks1
    Parent

    Country

    of Bank
    Dec.

    1986
    Net

    change

    1986
    Dec.

    1986
    Net

    change

    1986
    Dec.

    1986
    Net

    change

    1986
    Dec.

    1986
    Net

    change

    1986
    Total129.820.2–50.9–46.339.220.3267.366.7
    Of which:
    France12.2–3.0–8.3–3.2–16.1–6.839.37.8
    Germany, Fed. Rep. of66.432.8–10.1–2.872.049.76.8–14.0
    Italy–5.5–3.8–2.4–0.3–21.7–10.023.98.7
    Japan47.213.2–36.3–32.2–67.4–11.7194.574.2
    Switzerland19.08.9–32.5–8.849.210.92.63.9
    United Kingdom–14.5–4.2–2.2–1.913.03.61.9–2.8
    United States26.4–10.830.61.059.7–0.6–33.7–13.6
    Source: Bank for International Settlements, International Banking Developments.

    Includes assets and liabilities vis-à-vis official monetary institutions.

    Table 17.Lending to and Deposit Taking from Nonbanks, 1982–First Half 1987 1(In billions of U.S. dollars)
    19861987
    19821983198419851986First

    half
    First

    half
    Lending to 280443537622945
    Industrial countries5116922351938
    Of which:
    United States1411121241611
    Japan2–35313
    Developing countries 335194–7–5
    Offshore centers 47129513
    Other transactors 5132341
    Unidentified borrowers 6–12517325143
    Memorandum items
    Capital importing developing countries 3,71641–6–4
    Non-oil developing countries 3,826135–5–41
    Fifteen heavily indebted countries2–1–1–2–2
    Deposit taking from 963774858943336
    Industrial countries3728624562725
    Of which:
    United States2616–714261213
    Japan1131
    Developing countries 313181222–13
    Offshore centers 488691142
    Other transactors 5121–1–1
    Unidentified depositors 66223432546
    Memorandum items
    Capital importing developing countries 3,716316611
    Non-oil developing countries 3,8151621552
    Fifteen heavily indebted countries104711
    Change in net claims on 1017–33–13–21–32–49
    Industrial countries14–114–2–20–813
    Of which:
    United States–12–15177–14–2
    Japan2–4–13213
    Developing countries 32213–22–10–4–4
    Offshore centers 4–1–7–41–7–31
    Other transactors 5112511
    Unidentified (net) 6–18–16–1710–3
    Memorandum items
    Capital importing developing countries 3,71–15–11–6–1
    Non-oil developing countries 3,812–43–15–12–6
    Fifteen heavily indebted countries–8–3–9–4–3
    Sources: International Monetary Fund, International Financial Statistics (IFS); and Fund staff estimates.

    Data on lending and deposit taking are derived from stock data on the reporting countries’ liabilities and assets, excluding changes attributed to exchange rate movements.

    As measured by differences in the outstanding liabilities of borrowing countries, defined as cross-border bank credits to nonbanks by residence of borrower.

    Excluding offshore centers.

    Consisting of The Bahamas, Bahrain, the Cayman Islands, Hong Kong, the Netherlands Antilles, Panama, and Singapore.

    Transactors included in IFS measures for the world, to enhance global symmetry, but excluded from IFS measures for “All Countries.” The data comprise changes in the accounts of international organizations (other than the Bank for International Settlements) with banks; and changes in identified cross-border banks accounts of nonbanks in centrally planned economies (excluding Fund members).

    Calculated as the difference between the amount that countries report as their banks’ positions with nonresident nonbanks in their monetary statistics and the amounts that banks in major financial centers report as their positions with nonbanks in each country.

    Consisting of all developing countries except the eight Middle Eastern oil exporters (the Islamic Republic of Iran, Iraq, Kuwait, the Libyan Arab Jamahiriya, Oman, Qatar, Saudi Arabia, and the United Arab Emirates) for which external debt statistics are either not available or are small in relation to external assets.

    Consisting of all developing countries except the eight Middle Eastern oil exporters (listed in footnote 7), Algeria, Indonesia, Nigeria, and Venezuela.

    As measured by differences in the outstanding assets of depositing countries defined as international bank deposits by nonbanks by residence of depositor.

    Lending to, minus deposit taking from.

    Table 18.Gross International Bond Issues and Placements by Groups of Borrowers, 1982–Third Quarter 1987 1(In millions of U.S. dollars)
    19861987
    19821983198419851986First

    three

    quarters
    First

    three

    quarters
    Foreign bonds25,19927,05027,80131,22939,35926,82326,461
    Industrial countries16,85418,69318,29919,47428,76618,34820,916
    Developing countries7268941,6182,0782,1851,952868
    International organizations7,4617,2697,5809,3508,3606,3784,549
    Other1581943043274848128
    Eurobonds50,33050,09881,717136,543187,747147,266120,021
    Industrial countries42,81641,01573,145117,365171,763135,327105,565
    Developing countries3,9702,3823,6467,5113,2472,4762,880
    International organizations3,2806,0744,2188,54310,4887,5019,669
    Other2646277083,1242,2502,0501,907
    International bonds75,52977,148109,518167,772227,106174,079146,482
    Industrial countries59,67059,70891,444136,839200,529153,675126,481
    Developing countries4,6963,2765,2649,5895,4324,4283,748
    International organizations10,74113,34311,79817,89318,84813,87914,219
    Other4228211,0123,4502,2982,0982,034
    Source: Organization for Economic Cooperation and Development, Financial Statistics Monthly.

    The country classifications are those used by the Fund. Excludes special issues by development institutions placed directly with governments or central banks and, from October 1984, issues specifically targeted to foreigners.

    Table 19.Early Repayments of International Bonds, 1984–Third Quarter 1987(In billions of U.S. dollars)
    19861987
    198419851986First

    three

    quarters
    First

    three

    quarters
    By currency of denomination3.218.741.129.128.4
    U.S. dollar2.117.334.525.917.1
    Deutsche mark0.20.52.31.22.4
    Swiss franc0.40.31.50.73.8
    Japanese yen0.31.60.73.3
    Pound sterling0.40.10.20.10.4
    Other0.10.21.00.51.4
    By type of security3.218.741.129.128.4
    Fixed rate bonds2.16.318.011.817.2
    Floating rate notes0.711.319.714.68.4
    Convertibles0.40.51.81.31.6
    Floating rate certificates of deposit0.61.61.41.2
    By issuer3.218.741.129.128.4
    Australia0.11.41.21.6
    Canada0.72.51.51.9
    Denmark1.01.81.10.8
    France0.24.06.75.93.9
    Italy0.12.01.40.3
    Japan0.31.13.12.22.4
    Sweden0.43.44.03.11.7
    United Kingdom0.30.82.51.61.2
    United States1.43.46.65.24.6
    International organizations0.02.33.62.61.6
    Other0.51.96.93.38.4
    Source: Organization for Economic Cooperation and Development, Financial Market Trends.
    Table 20.Borrowing on International Markets by Major Instruments, 1983–Third Quarter 1987 1(In percent)
    19861987
    1983198419851986First

    three

    quarters
    First

    three

    quarters
    Fixed rate bonds645256626269
    Floating rate notes 225343522244
    Equity-related bonds10107121124
    Other bonds 342432
    Total100100100100100100
    Source: Organization for Economic Cooperation and Development, Financial Market Trends.

    Data shown exclude merger-related stand-by agreements and renegotiations.

    Including medium-term floating rate certificates of deposit.

    Zero coupon bonds, deep discount bonds, special placements, and bond offerings not included elsewhere.

    Table 21.Market for Fixed Rate Bonds, 1983–Third Quarter 1987(In billions of U.S. dollars)
    19861987
    198419851986First

    three

    quarters
    First

    three

    quarters
    Borrowers, total58.494.8141.5111.1101.5
    Industrial countries45.977.3122.898.283.4
    Of which:
    Australia2.55.75.44.64.0
    Austria1.72.03.22.63.0
    Belgium0.20.72.31.62.9
    Canada5.27.513.49.86.0
    Denmark2.12.27.23.73.3
    Finland0.60.92.82.12.0
    France2.84.88.67.16.4
    Germany, Fed. Rep. of0.71.67.75.78.2
    Italy0.20.82.01.62.4
    Japan6.511.415.712.812.1
    Netherlands1.01.22.52.32.5
    New Zealand1.41.33.01.51.6
    Norway0.71.44.32.73.5
    Sweden2.13.95.54.73.8
    United Kingdom1.12.55.14.96.3
    United States14.626.229.025.713.8
    Developing countries1.12.32.61.81.7
    Other, including international organizations11.415.216.111.116.4
    Currency distribution, total58.494.8141.5111.1101.5
    U.S. dollar26.945.164.149.825.4
    Japanese yen6.011.321.917.219.2
    Swiss franc8.710.516.412.011.8
    Deutsche mark5.86.711.610.010.1
    ECU2.56.05.84.56.2
    Pound sterling3.43.14.74.59.0
    Australian dollar0.33.13.22.37.5
    Canadian dollar2.22.25.33.75.3
    Netherlands guilder1.81.62.51.91.4
    Other0.83.36.05.35.6
    Source: Organization for Economic Cooperation and Development, Financial Market Trends.
    Table 22.Market for Floating Rate Issues, 1983–Third Quarter 1987(In billions of U.S. dollars)
    19861987
    1983198419851986First

    three

    quarters
    First

    three

    quarters
    Borrowers, total19.538.258.751.241.15.9
    Industrial countries15.734.448.547.338.34.8
    Of which:
    Belgium0.91.61.81.67.5
    Canada0.30.82.13.02.50.1
    Denmark1.81.70.61.21.2
    France4.15.46.54.22.70.2
    Italy0.53.54.42.01.90.4
    Japan2.62.92.31.81.90.4
    Sweden2.64.12.20.10.1
    United Kingdom0.23.712.212.811.60.9
    United States0.35.510.510.17.01.8
    Developing countries1.83.36.22.11.60.9
    Other, including international organizations2.00.34.01.81.10.2
    Currency distribution, total19.538.258.751.241.15.9
    U.S. dollar18.535.150.541.15.50.8
    Pound sterling0.72.03.45.71.50.2
    Deutsche mark3.21.60.8
    ECU0.51.01.01.41.6
    Other0.30.60.61.831.93.3
    Source: Organization for Economic Cooperation and Development, Financial Market Trends.
    Table 23.Market for Equity-Related Bonds, 1983–Third Quarter 1987(In billions of U.S. dollars)
    19861987
    1983198419851986

    First

    three

    quarters


    First

    three

    quarters
    Borrowers, total8.010.911.326.917.235.6
    Japan4.97.65.914.99.324.3
    United States1.01.93.23.42.64.6
    United Kingdom0.30.30.71.50.82.1
    Germany, Fed. Rep. of0.70.31.01.71.21.2
    Switzerland0.60.20.11.20.60.3
    Other OECD countries0.50.60.44.22.73.1
    Currency distribution, total8.010.911.326.917.235.6
    U.S. dollar3.95.55.316.410.825.3
    Swiss franc3.64.23.96.54.36.0
    Deutsche mark0.40.91.32.81.81.3
    Other0.10.30.81.20.33.0
    Source: Organization for Economic Cooperation and Development, Financial Market Trends.
    Table 24.Concerted Lending: Commitments and Disbursements, 1983–Third Quarter 1987 1(In millions of U.S. dollars; classified by year of agreement in principle)
    1987
    1983198419851986First three quarters
    CommitmentsDisbursementsCommitmentsDisbursementsCommitmentsDisbursementsCommitmentsDisbursementsCommitmentsDisbursements
    Argentina
    Medium-term loan1,5005003,7002,5001,2001,550
    Trade deposit facility500500400
    Brazil
    Medium-term loan4,4004,4006,5006,500
    Chile
    Medium-term loan1,3001,300780780785520265
    Cofinancing arrangement with World Bank3002194106
    Colombia
    Medium-term loan1,000970
    Congo
    Medium-term loan60
    Costa Rica
    Revolving trade facility2023152507575
    Côte d’Ivoire
    Medium-term loan104104
    Ecuador
    Medium-term loan431431200200
    Mexico
    Medium-term loan5,0005,0003,8002,8509505,0003,5004
    Cofinancing arrangement with World Bank1,0002
    Contingent investment support facility1,200
    Growth contingency cofinancing with World Bank5002
    Nigeria
    Medium-term loan320
    Panama
    Medium-term loan27813114760519
    Peru
    Medium-term loan450250100
    Philippines
    Medium-term loan925400525
    Poland
    Short-term revolving trade credit facilities 51803382852402198139
    Uruguay
    Medium-term loan240240
    Yugoslavia
    Medium-term loan600600
    Total14,58113,34216,79410,6672,2205,4458,2783,2561,9503,509
    Sources: Restructuring agreements; and Fund staff estimates.

    These data exclude bridging loans.

    These loans have an associated guarantee given by the World Bank in the later maturities equivalent to 50 percent of the nominal amount disbursed.

    Agreement in principle as of December 1982.

    A bridge loan of $500 million was disbursed in December 1986 and repaid when the concerted lending of $3.5 billion was disbursed.

    Utilization of these facilities varied over time, but the amounts of the facilities had to be reconstituted on a six-month basis.

    Table 25.Bank Credit Commitments by Country of Destination, 1981–Third Quarter 1987 1(In billions of U.S. dollars)
    1986519876
    1981198219831984 21985 31986 4First

    three

    quarters


    First

    three

    quarters
    Industrial countries44.851.627.929.930.237.925.229.2
    Australia3.95.92.72.42.65.02.81.8
    Belgium0.52.00.10.90.70.80.70.4
    Canada5.17.02.12.77.06.23.20.9
    Denmark1.61.62.20.70.30.50.30.5
    France0.66.61.52.04.13.72.62.1
    Italy6.45.32.84.75.16.05.23.8
    Spain4.82.02.73.52.64.53.50.7
    Sweden2.52.02.60.41.00.10.10.4
    United Kingdom2.62.20.93.31.52.21.88.8
    United States12.910.07.35.33.55.23.25.2
    Other3.97.03.04.01.83.71.84.6
    Centrally planned economies0.70.20.51.93.52.11.81.1
    Czechoslovakia0.10.10.30.30.2
    German Democratic Republic0.50.10.40.71.20.10.10.1
    U.S.S.R.0.10.91.51.31.00.5
    Other0.20.30.70.40.40.3
    Developing countries 744.442.433.731.318.225.419.913.7
    Capital importing developing countries 743.340.431.430.216.624.018.513.7
    Africa4.12.72.70.61.51.81.10.4
    Côte d’Ivoire0.60.50.10.1
    Morocco0.60.20.10.1
    Nigeria2.00.40.20.3
    South Africa0.31.00.20.2
    Other0.60.62.20.31.37.57.70.4
    Asia10.011.19.49.47.58.25.36.9
    China0.50.30.10.22.37.91.22.4
    India1.00.40.70.60.27.20.61.5
    Indonesia1.11.12.01.60.11.00.70.7
    Korea3.23.63.53.73.71.51.41.6
    Malaysia1.52.41.41.00.21.20.60.2
    Philippines0.91.10.60.9
    Thailand0.80.30.40.80.71.10.70.4
    Other1.01.90.70.60.30.30.10.1
    Europe4.73.73.53.75.05.44.04.2
    Greece1.00.91.21.10.67.21.00.7
    Hungary0.60.30.50.80.90.80.70.8
    Portugal1.71.51.01.01.61.41.11.3
    Turkey0.30.30.41.62.01.21.3
    Yugoslavia1.00.50.6
    Other0.40.20.40.30.1
    Middle East0.20.40.60.40.30.10.2
    Egypt0.40.10.1
    Jordan0.20.30.30.20.2
    Other0.10.1
    Western Hemisphere24.322.515.216.12.48.58.22.1
    Argentina2.81.31.84.22.0
    Brazil6.97.34.66.5
    Chile2.31.21.40.81.1
    Colombia1.00.60.40.41.10.20.2
    Ecuador0.30.10.40.20.2
    Mexico7.96.55.13.87.77.7
    Peru0.91.10.5
    Venezuela1.44.00.2
    Other0.80.40.20.20.20.40.30.1
    Offshore banking centers3.72.21.50.90.40.70.60.4
    International organizations and unallocated1.01.83.93.54.05.23.02.9
    Total94.698.267.567.556.371.350.647.3
    Sources: Organization for Economic Cooperation and Development, Financial Statistics Monthly; and Fund staff estimates.

    Owing to rounding, components may not add.

    Includes agreements in principle with Argentina, Côte d’Ivoire, Ecuador, and the Philippines.

    Includes $0.1 billion revolving trade facility for Costa Rica.

    Includes agreements in principle with the Congo, Mexico, and Nigeria.

    Includes agreement in principle with Mexico.

    Includes agreement in principle with Argentina.

    Excludes offshore banking centers.

    Table 26.Long-Term Bank Credit Commitments, 1981–Third Quarter 1987 1(In billions of U.S. dollars)
    1986519876
    198119821983198421985319864First

    three

    quarters
    First

    three

    quarters
    (Long-term external credit commitments)
    Industrial countries44.851.627.929.930.237.925.229.2
    Seven major27.831.215.018.227.224.376.721.4
    Other17.020.412.911.79.013.78.57.7
    Developing countries 744.442.433.731.318.225.419.913.7
    Capital importing 743.340.431.430.216.624.018.513.7
    Africa4.12.72.70.67.51.87.70.4
    Asia10.011.19.49.47.58.25.36.9
    Europe4.73.73.53.75.05.44.04.2
    Middle East0.20.40.60.40.30.10.2
    Western Hemisphere24.322.515.216.12.48.58.22.1
    Offshore banking centers3.72.21.50.90.40.70.60.4
    Centrally planned economies 80.70.20.51.93.52.11.81.1
    International organizations and unallocated1.01.83.93.54.05.23.02.9
    Total94.698.267.567.556.371.350.647.3
    (Other international long-term bank facilities)
    Industrial countries46.53.112.447.844.125.218.515.4
    Seven major45.91.410.633.933.614.49.79.7
    Other0.61.71.813.910.510.88.75.7
    Developing countries 76.51.90.86.52.53.73.20.9
    Capital importing 76.51.90.76.22.23.73.20.9
    Africa0.10.2
    Asia0.20.30.41.11.32.01.70.5
    Europe0.40.30.70.71.51.50.4
    Middle East
    Western Hemisphere6.21.24.30.10.10.1
    Offshore banking centers0.20.20.40.20.20.20.3
    Centrally planned economies 80.50.50.2
    International organizations and unallocated0.10.20.10.62.10.30.3
    Total53.15.413.555.348.930.022.816.9
    (Total international commitments)
    Industrial countries91.354.640.277.674.263.243.744.6
    Seven major73.632.625.552.754.838.726.431.1
    Other17.622.114.725.519.524.417.313.5
    Developing countries 750.944.334.537.820.729.123.214.7
    Capital importing 749.842.332.136.418.827.721.814.7
    Africa4.22.72.70.87.51.87.70.4
    Asia10.211.49.810.58.810.27.07.4
    Europe4.74.13.84.55.76.95.54.6
    Middle East0.20.40.60.40.30.10.2
    Western Hemisphere30.523.715.220.42.48.68.22.1
    Offshore banking centers3.72.41.61.40.60.90.80.7
    Centrally planned economies 80.70.20.51.93.52.62.31.3
    International organizations and unallocated1.12.04.04.16.25.53.42.9
    Total147.7103.681.0122.7105.1101.373.364.2
    Memorandum item
    Other international long-term bank facilities, excluding merger-related facilities5.49.528.842.929.3
    Sources: Organization for Economic Cooperation and Development, Financial Statistics Monthly; and Fund staff estimates.

    Owing to rounding, components may not add.

    Includes agreements in principle with Argentina, Côte d’Ivoire, Ecuador, and the Philippines.

    Includes $0.1 billion revolving trade facility for Costa Rica.

    Includes agreements in principle with the Congo, Mexico, and Nigeria.

    Includes agreement in principle with Mexico.

    Includes agreement in principle with Argentina.

    Excludes offshore banking centers.

    Excludes Fund member countries.

    Table 27.Chronology of Bank Debt Restructurings and Bank Financial Packages, 1978–September 1987
    Agreement classified by month of signature1
    1978
    Peru: June, December
    Jamaica: September
    1979
    Jamaica: April
    Turkey: June, 2 August
    1980
    Peru: January
    Togo: March
    Zaïre: April
    Bolivia: August, December (deferment)
    Nicaragua: December
    1981
    Bolivia: April
    Jamaica: June 2
    Madagascar: July, November
    Turkey: August
    Nicaragua: December
    Sudan: December
    1982
    Nicaragua: March
    Sudan: March (modification of 1981 agreement)
    Turkey: March
    Poland: April, November 2
    Madagascar: October
    Guyana: June (deferment)
    Liberia: December
    Romania: December
    1983
    Zaïre: January (deferment)
    Brazil: February 2
    Malawi: March
    Sudan: April (modification of 1981 agreement)
    Bolivia: May, October (deferment)
    Romania: June
    Chile: July 2
    Guyana: July (deferment)
    Nigeria: July, September
    Peru: July 2
    Uruguay: July 2
    Mexico: August 2
    Panama: September 2
    Costa Rica: September 2
    Yugoslavia: September 2
    Ecuador: October 2
    Togo: October
    Poland: November 2
    Argentina: December (new financing only)
    Dominican Republic: December
    1984
    Brazil: January 2
    Chile: January, June, and November
    Sierra Leone: January
    Guyana: January, July (deferment)
    Nicaragua: February (deferment)
    Peru: February 3
    Senegal: February
    Niger: March
    Mexico: April (new financing only)
    Sudan: April (modification of 1981 agreement)
    Yugoslavia: May
    Jamaica: June
    Zaïre: June (deferment)
    Poland: July 2
    Madagascar: October
    Zambia: December 3
    1985
    Côte d’Ivoire: March 2
    Mexico: March, August
    Costa Rica: May 2
    Senegal: May
    Philippines: May 2
    Zaïre: May (deferment)
    Guyana: July (deferment)
    Argentina: August 2
    Jamaica: September
    Panama: October 2
    Sudan: October (modification of 1981 agreement)
    Chile: November 2
    Colombia: December (new financing only)
    Ecuador: December 2
    Yugoslavia: December
    1986
    Dominican Republic: February
    Morocco: February and December 3
    Venezuela: February
    South Africa: March (standstill)
    Niger: April
    Zaïre: May (deferment)
    Uruguay: July
    Brazil: July
    Poland: September 2
    Romania: September
    Congo: October 2,3
    Nigeria: November 2,3
    Côte d’Ivoire: December
    1987
    Venezuela: February 3
    Jamaica: March 3
    South Africa: March 3
    Philippines: March 3
    Mexico: March 2
    Zaïre: May (deferment)
    Mozambique: May 3
    Chile: June
    Honduras: June
    Poland: August
    Argentina: August 2
    Mexico: August (private sector debt only)
    Romania: September
    Under negotiation
    BoliviaCosta RicaGabon
    BrazilCôte d’IvoireUruguay
    Colombia (new financing only)EcuadorYugoslavia
    Note: “Restructuring” covers rescheduling and also certain refinancings of member countries.Sources: Restructuring agreements; and Fund staff estimates.

    Agreement either signed or reached in principle (if signature has not yet taken place).

    The restructuring agreement includes new financing.

    Agreed in principle or tentative agreement with banks’ Steering Committees.

    Table 28.Amounts of Long-Term Bank Debt Restructured, 1983–Third Quarter 1987 1(In millions of U.S. dollars; classified by year of agreement in principle)
    1987
    1983198419851986First

    three

    quarters
    Argentina14,20029,5002
    Bolivia(309)3
    Brazil4,4524,8466,6714
    Chile2,1691,1606,0076,0052
    Congo217
    Costa Rica709440
    Côte d’Ivoire5016912
    Dominican Republic5007875
    Ecuador1,8354,2602
    Guyana(24)3(35)3(47)3(57)3
    Honduras235
    Jamaica1651953662
    Madagascar195
    Malawi57
    Mexico18,80048,7002(950)343,7002
    Morocco5382,174
    Mozambique2506
    Nicaragua(145)3
    Niger27437
    Nigeria1,9354,2508
    Panama579
    Peru380460
    Philippines5,88599,0102
    Poland1,1541,3901,9708,4412
    Romania56780080010
    Senegal7820
    Sierra Leone25
    South Africa(9,800)310,900
    Sudan79011838 1192011
    Togo84
    Uruguay216(104)31,9582
    Venezuela21,037221,0882
    Yugoslavia9501,2503,9492
    Zaïre(58)3(64)3(61)3(65)3(61)3
    Zambia74
    Total 1234,598100,83117,69562,47486,592
    Sources: Restructuring agreements; and Fund staff estimates.

    Including short-term debt converted into long-term debt.

    Multiyear rescheduling agreement (MYRA).

    Deferment agreement.

    Excluding $9.6 billion in deferments corresponding to maturities due in 1986.

    Consists of MYRA for maturities of $707 million falling due in 1985–89 and restructuring of $79.8 million of arrears at the end of 1984.

    Including $195 million of interest and principal arrears.

    Preliminary number.

    Including $321 million of interest and late interest arrears which will have to be paid back in equal monthly installments in the period between the signing of the agreement and the end of 1987.

    Short-term debt—other than the trade facility—was consolidated into a medium-term loan under the 1984/85 restructuring.

    Modification of 1986 agreement.

    Modification of 1981 agreement.

    Totals exclude amounts deferred, which are given in parentheses.

    Table 29.Concerted Short- and Medium-Term Facilities Outstanding at End of Period, 1983–Third Quarter 1987(In millions of U.S. dollars)
    1987
    1983198419851986First

    three

    quarters
    Argentina
    Trade deposit facility500500500
    Stand-by money market facility1,4001,4001,4001,400
    Trade credit maintenance facility1,20011,20011,20011,2001
    Brazil
    Interbank exposure5,5005,3005,3005,2505,2502
    Trade-related10,1759,8009,8009,5009,5002
    Chile
    Trade-related1,7001,7001,7001,7001,700
    Nontrade-related1,160(1,160)3
    Costa Rica
    Revolving trade facilities152202277277277
    Ecuador
    Trade-related credits7007007007002284
    Nontrade credits(580)3
    Madagascar
    Short-term debt(117)3
    Mexico
    Interbank exposure 55,2005,2005,2005,2005,200
    Morocco
    Short-term debt61061016061606
    Trade credit maintenance facility18811881
    Panama
    Money-market facility133133133133133
    Trade-related facilities8484848484
    Peru
    Short-term working capital1,2009657777
    Short-term trade-related credit lines8008007777
    Philippines
    Short-term debt of
    Public sector(1,183)3
    Private financial sector(1,594)3
    Corporate sector(448)3
    Revolving trade facility2,9652,9652,9652,965
    Poland
    Short-term revolving trade credit facilities5347747729118808
    Uruguay
    Nontrade-related credits(359)3
    Treasury notes outstanding84128171171171
    Yugoslavia
    Revolving trade facility600600600600600
    Nontrade-related facility200200200200200
    Total28,222932,761931,61231,13930,636
    Sources: Restructuring agreements; and Fund staff estimates.

    Converted into medium-term facility.

    Brazilian authorities have requested the maintenance of this facility, which expired in March 1987.

    Converted into medium-term debt.

    As of August 1987. The facility has been maintained with banks on a month-to-month basis after the expiration of a previous agreement in March 1987.

    Data indicate limits rather than actual exposure.

    Excludes $450 million converted into medium-term debt.

    The 1984 agreement with the Steering Committee was not signed due, inter alia, to Peru’s nonpayment of interest since July 1984, and no agreement is currently in effect for these facilities.

    As of May 1987.

    Total excludes amounts converted into medium-term debt, which are given in parentheses.

    Table 30.Bank Lending to and Deposit Taking from Developing Countries, Total Cross-Border Flows, 1982–First Half 1987 1(In billions of U.S. dollars)
    19861987
    19821983198419851986First

    half
    First

    half
    Lending to 275.846.236.646.490.417.550.4
    Offshore centers 324.711.821.938.791.824.347.0
    Developing countries 451.134.314.87.7–1.4–6.83.4
    Africa5.4–0.31.3–1.9–1.7–1.1
    Asia9.08.16.34.8–1.54.0
    Europe1.32.21.8–0.50.60.2
    Middle East3.6–0.9–2.3–2.4–1.40.2
    Western Hemisphere15.05.70.6–1.5–2.90.1
    Deposit taking from 528.757.442.878.8127.311.142.5
    Offshore centers 324.834.119.454.3131.729.424.1
    Developing countries 43.923.323.522.4–4.3–18.318.4
    Africa1.5–1.23.9–0.7–1.60.8
    Asia11.69.47.99.6–1.215.1
    Europe1.74.02.11.20.1–1.6
    Middle East–3.5–2.52.7–15.0–14.62.6
    Western Hemisphere11.913.85.90.5–0.91.5
    Sources: International Monetary Fund, International Financial Statistics; and Fund staff estimates.

    Data on lending and deposit taking are derived from stock data on the reporting countries’ liabilities and assets, excluding changes attributed to exchange rate movements.

    As measured by differences in the outstanding liabilities of borrowing countries defined as cross-border interbank accounts by residence of borrowing bank plus international bank credits to nonbanks by residence of borrower.

    Consisting of The Bahamas, Bahrain, the Cayman Islands, Hong Kong, the Netherlands Antilles, Panama, and Singapore.

    Excluding offshore centers.

    As measured by differences in the outstanding assets of depositing countries, defined as cross-border interbank accounts by residence of lending bank plus international bank deposits of nonbanks by residence of depositor.

    Table 31.Deposit Taking from Banks in Developing Countries, 1983–First Half 1987 1(In billions of U.S. dollars)
    19861987
    1983198419851986First

    half
    First

    half
    Africa0.4–0.41.6–0.8–1.4–0.4
    Of which:
    Algeria–0.6–0.30.9–1.7–0.7–0.3
    Côte d’Ivoire0.1
    Liberia
    Morocco–0.20.1
    Nigeria–0.10.5–0.10.1–0.2–0.4
    South Africa0.6–0.70.40.1–0.40.4
    Asia8.810.15.310.6–0.314.4
    Of which:
    China3.7–0.2–5.9–1.4–1.42.0
    India0.80.8–0.2–0.2–0.4
    Indonesia2.11.20.2–1.8–1.2–0.9
    Korea–0.21.2–0.4–1.7–1.20.1
    Malaysia–0.50.70.9–0.1–1.1
    Philippines–1.5–0.10.10.30.10.3
    Thailand–0.2–0.20.50.50.10.3
    Europe1.14.20.20.8–0.3–1.6
    Of which:
    Greece0.30.10.40.2
    Hungary0.60.80.9–0.10.1–0.9
    Portugal0.70.3–0.2–0.10.5
    Romania0.20.2–0.31.50.4–0.2
    Turkey1.2–0.70.3–0.2–0.4
    Yugoslavia0.6–0.8–0.8–0.9
    Middle East–6.7–2.1–3.5–11.8–11.70.4
    Of which:
    Egypt1.7–0.3–0.7–0.2–0.1
    Israel–0.6–0.9–0.7–0.50.1
    Kuwait–1.1–0.60.3–0.5–0.8–1.2
    United Arab Emirates–0.22.7–0.31.00.1–0.7
    Western Hemisphere2.010.5–2.7–5.4–3.52.4
    Of which:
    Argentina–1.3–0.10.70.21.0–1.0
    Bolivia0.1–0.10.2
    Brazil1.16.8–2.3–2.6–0.1–1.4
    Chile0.20.2–0.4–0.2–0.3
    Colombia–1.0–0.2–0.20.20.1
    Ecuador0.4–0.10.1–0.1–0.1
    Mexico3.93.2–2.60.5–2.06.0
    Peru0.10.20.1–0.4–0.2–0.1
    Uruguay–0.10.10.10.20.2
    Venezuela–1.2–0.21.8–4.0–1.7–0.3
    Total5.522.30.9–6.6–17.115.2
    Memorandum item
    Fifteen heavily indebted countries0.610.8–2.9–6.4–3.92.2
    Sources: International Monetary Fund, International Financial Statistics; and Fund staff estimates.

    Excluding offshore banking centers.

    Table 32.Deposit Taking from Nonbanks in Developing Countries, 1983–First Half 1987 1(In billions of U.S. dollars)
    19861987
    1983198419851986First

    half
    First

    half
    Africa1.2–0.82.3–0.31.2
    Of which:
    Algeria0.10.1–0.1
    Côte d’Ivoire0.1–0.1–0.10.1
    Liberia0.40.20.70.4–0.20.6
    Morocco0.10.10.1
    Nigeria0.1–0.10.20.20.3
    South Africa0.3–1.70.30.10.10.1
    Asia2.9–0.72.6–0.9–0.90.7
    Of which:
    China–0.10.30.20.1
    India0.2–0.21.0–0.4–0.1
    Indonesia0.10.10.20.2
    Korea–0.30.20.2–0.1–0.2
    Malaysia0.10.3–0.3–0.6–0.40.1
    Philippines0.30.3–0.10.20.1
    Thailand0.10.1–0.1
    Europe0.6–0.21.90.50.3
    Of which:
    Greece–0.10.90.10.1
    Hungary
    Portugal0.10.40.20.20.1
    Romania
    Turkey–0.2–0.10.1–0.2
    Yugoslavia–0.10.1
    Middle East3.2–0.46.2–3.2–3.02.3
    Of which:
    Egypt0.40.8–0.4–0.4
    Israel0.2–0.1–0.1–0.1
    Kuwait0.70.20.2–0.50.51.2
    United Arab Emirates–0.61.8–0.4–0.61.4
    Western Hemisphere10.03.38.65.92.6–0.9
    Of which:
    Argentina1.0–0.20.8–0.10.10.1
    Bolivia–0.2–0.1
    Brazil4.00.21.51.81.2
    Chile0.6–0.20.30.20.1–0.1
    Colombia–0.20.20.30.2–0.1
    Ecuador0.20.20.2–0.1–0.10.2
    Mexico2.31.71.8–0.1–0.2–0.2
    Peru0.20.20.20.20.2
    Uruguay0.40.30.20.30.1–0.2
    Venezuela0.91.22.0–1.0–0.6
    Total17.81.121.62.3–1.33.3
    Memorandum item
    Fifteen heavily indebted countries9.93.67.51.50.90.3
    Sources: International Monetary Fund, International Financial Statistics; and Fund staff estimates.

    Excluding offshore banking centers.

    Table 33.Change in Claims of U.S. Banks on Developing Countries, 1982–87 1(In billions of U.S. dollars; and in percent)
    198219831984198519861987 2
    Billions of U.S. dollarsGrowth rateBillions of U.S. dollarsGrowth rateBillions of U.S. dollarsGrowth rateBillions of U.S. dollarsGrowth rateBillions of U.S. dollarsGrowth rateBillions of U.S. dollarsGrowth rate
    Developing countries 3
    All banks11.17.85.83.8–3.8–2.4–13.3–8.5–13.5–9.4–7.3–5.6
    Nine banks6.77.53.63.8–1.6–1.6–7.6–7.7–8.4–9.2–2.8–3.4
    Fifteen banks2.911.02.17.10.10.4–5.0–16.2–2.9–11.3–3.1–13.3
    Others1.55.40.10.3–2.4–8.3–0.7–2.8–2.1–8.2–1.4–5.9
    Capital importing developing countries 3
    All banks11.18.15.33.6–3.1–2.0–12.0–8.0–12.7–9.1–5.6–4.4
    Nine banks7.08.23.03.2–1.0–1.1–6.8–7.1–7.7–8.8–1.4–1.8
    Fifteen banks2.710.92.27.80.20.6–4.6–15.2–3.0–11.6–2.8–12.4
    Others1.45.10.10.4–2.3–8.0–0.7–2.5–2.0–7.8–1.4–5.8
    Africa
    All banks1.312.41.08.5–0.8–6.0–2.8–22.4–2.0–20.1–0.1–1.6
    Nine banks0.78.10.910.2–0.8–8.1–1.6–18.3–1.4–19.40.11.5
    Fifteen banks0.534.50.315.40.211.9–0.9–38.2–0.3–23.1–0.1–11.0
    Others0.217.2–0.1–4.7–0.2–17.1–0.3–23.9–0.2–20.9–0.1–13.0
    Asia
    All banks3.814.21.44.5–3.0–9.5–3.4–11.9–4.9–19.3–1.6–8.0
    Nine banks2.714.80.31.3–2.0–9.3–2.6–13.5–2.9–17.7–0.5–3.6
    Fifteen banks0.48.40.58.20.6–0.9–14.9–1.1–21.4–1.5–36.0
    Others0.620.90.617.0–1.1–25.60.14.3–0.8–23.90.415.1
    Indonesia
    All banks0.624.20.619.9–0.2–5.0–0.6–18.8–0.6–21.6–0.9–39.4
    Nine banks0.526.90.521.0–0.3–8.8–0.5–16.7–0.5–22.4–0.7–39.2
    Fifteen banks10.97.50.130.1–0.2–36.9–14.3–0.2–59.0
    Others12.232.6–14.83.0–24.33.7
    Korea
    All banks2.124.10.54.1–1.5–13.3–0.8–7.9–3.2–34.6–2.5–42.3
    Nine banks1.526.4–0.5–6.8–1.0–15.5–0.5–9.7–1.6–31.1–0.5–14.9
    Fifteen banks0.418.90.520.50.4–0.5–17.0–0.9–41.3–1.3–100.0
    Others0.322.00.528.5–0.5–24.00.213.3–0.7–35.8–0.6–52.7
    Philippines
    All banks0.46.90.35.5–0.6–10.0–0.7–0.3–5.8–0.3–6.1
    Nine banks0.26.30.11.3–0.2–4.40.9–0.1–2.3–0.3–7.5
    Fifteen banks1.72.7–0.1–4.6–0.1–6.8–0.1–13.2–0.1–6.8
    Others0.122.80.236.3–0.4–42.72.1–0.1–14.97.8
    Europe
    All banks–1.2–10.00.44.1–0.7–6.5–0.6–5.8–1.7–17.6–1.1–13.1
    Nine banks–0.6–7.80.67.7–0.6–7.1–0.5–7.0–1.3–17.9–0.7–11.7
    Fifteen banks–0.2–10.10.31.3–0.1–7.3–0.3–17.4–0.3–23.3
    Others–0.4–19.5–0.1–9.8–0.2–13.1–3.5–0.2–16.0–0.1–6.8
    Middle East
    All banks0.38.10.38.5–0.4–9.0–0.7–18.8–0.6–20.3–0.4–18.5
    Nine banks0.16.00.28.6–0.2–7.8–0.5–20.6–0.5–23.4–0.4–28.8
    Fifteen banks0.119.80.119.7–0.9–0.2–24.7–0.1–17.7–0.1–19.0
    Others0.17.51.5–0.2–18.8–0.1–7.3–0.1–12.90.18.9
    Western Hemisphere
    All banks6.98.22.12.31.81.9–4.5–4.7–3.5–3.9–2.3–2.7
    Nine banks4.18.51.12.12.54.7–1.5–2.7–1.6–3.00.10.2
    Fifteen banks1.912.11.37.3–0.1–0.6–2.5–13.0–1.1–6.8–0.8–5.1
    Others0.84.2–0.3–1.4–0.6–3.0–0.5–2.5–0.8–3.9–1.6–8.7
    Argentina
    All banks–0.2–2.00.33.3–0.5–6.20.45.50.11.40.1
    Nine banks–0.1–1.70.24.5–0.3–4.60.815.10.10.9
    Fifteen banks0.16.00.28.4–0.1–6.1–0.2–13.31.41.2
    Others–0.2–12.7–0.1–8.4–0.2–13.6–0.1–8.64.2–1.2
    Brazil
    All banks3.621.50.21.13.215.6–1.1–4.5–0.4–1.7–1.1–4.9
    Nine banks2.725.02.518.8–0.3–1.6–0.2–1.2–0.5–3.2
    Fifteen banks0.930.70.410.30.410.0–0.8–16.6–0.2–4.7–0.4–10.2
    Others0.11.5–0.2–5.80.39.4–1.2–0.5–0.2–6.4
    Mexico
    All banks2.913.42.08.00.20.7–1.6–6.0–1.3–5.10.72.8
    Nine banks1.311.11.39.80.64.0–0.6–4.1–0.7–5.20.96.4
    Fifteen banks0.818.70.24.0–0.2–0.6–12.0–0.1–1.1–0.2–5.1
    Others0.814.10.57.7–0.4–5.3–0.3–5.3–0.5–8.10.7
    Venezuela
    All banks1.110.5–0.3–2.8–0.4–4.0–0.7–6.7–1.0–9.7–0.6–6.7
    Nine banks0.811.3–0.2–2.2–0.2–2.6–0.3–4.1–0.6–8.7–0.7–10.1
    Fifteen banks0.318.81.3–0.1–5.3–0.3–15.9–0.2–9.23.1
    Others–1.4–0.2–10.6–0.1–8.9–0.1–6.8–0.2–15.9
    Source: Federal Financial Institutions Examination Council, Country Exposure Lending Survey.

    These data are based on consolidated reports of banks; owing to rounding, components may not add.

    First half of 1987 on an annualized basis.

    Excludes offshore banking centers.

    Table 34.Change in Bank Claims on Developing Countries, 1982–87 1(In billions of U.S. dollars and in percent)
    198219831984198519861987 2
    Billions of U.S. dollarsGrowth rateBillions of U.S. dollarsGrowth rateBillions of U.S. dollarsGrowth rateBillions of U.S. dollarsGrowth rateBillions of U.S. dollarsGrowth rateBillions of U.S. dollarsGrowth rate
    Developing countries 3
    U.S. claims data11.17.85.83.8–3.8–2.4–13.3–8.5–13.5–9.4–7.3–5.6
    U.K. claims data6.010.22.13.2–1.2–1.8–0.4–0.60.60.91.92.9
    Capital importing developing countries 3
    U.S. claims data11.18.15.33.6–3.1–2.0–12.0–8.0–12.7–9.1–5.6–4.4
    U.K. claims data5.910.71.72.8–0.5–0.8–0.5–0.80.81.31.72.8
    Africa
    U.S. claims data1.312.41.08.5–0.8–6.0–2.8–22.4–2.0–20.1–0.1–1.6
    U.K. claims data2.931.10.54.1–0.2–2.0–0.8–6.40.10.21.8
    Asia
    U.S. claims data3.814.21.44.5–3.0–9.5–3.4–11.9–4.4–19.3–1.6–8.0
    U.K. claims data1.416.50.43.6–0.3–3.00.22.3–0.1–1.10.33.3
    Indonesia
    U.S. claims data0.624.20.619.9–0.2–5.0–0.6–18.8–0.6–21.6–0.9–39.4
    U.K. claims data0.563.60.326.02.1–0.1–3.0–1.00.15.7
    Korea
    U.S. claims data2.124.10.54.1–1.5–13.3–0.8–7.9–3.2–34.6–2.5–42.3
    U.K. claims data0.310.8–0.2–7.4–0.1–2.5–0.1–2.0–0.3–9.8–0.5–21.1
    Philippines
    U.S. claims data0.46.90.35.5–0.6–10.0–0.7–0.3–5.8–0.3–6.1
    U.K. claims data0.211.70.14.2–0.2–9.6–0.1–8.70.16.0–0.1–8.5
    Europe
    U.S. claims data–1.2–10.00.44.1–0.7–6.5–0.6–5.8–1.7–17.6–1.1–13.1
    U.K. claims data–0.5–5.7–0.1–0.3–0.5–6.00.22.40.2–0.6–6.9
    Middle East
    U.S. claims data0.38.10.38.5–0.4–9.0–0.7–18.8–0.6–20.3–0.4–18.5
    U.K. claims data0.532.0–0.2–11.2–0.2–13.32.0–0.1–6.20.425.4
    Western Hemisphere
    U.S. claims data6.98.22.12.31.81.9–4.5–4.7–3.5–3.9–2.3–2.7
    U.K. claims data1.66.11.13.90.82.8–0.1–0.51.03.21.44.5
    Argentina
    U.S. claims data–0.2–2.00.33.3–0.5–6.30.45.50.11.40.1
    U.K. claims data–0.3–7.80.12.8–0.1–1.30.38.30.411.80.49.1
    Brazil
    U.S. claims data3.621.50.21.13.215.6–1.1–4.5–0.4–1.7–1.1–4.9
    U.K. claims data1.218.20.78.50.78.5–0.2–2.20.44.10.77.2
    Mexico
    U.S. claims data2.913.42.08.00.20.7–1.6–6.0–1.3–5.10.72.8
    U.K. claims data0.23.10.33.80.11.1–0.1–0.90.10.45.2
    Venezuela
    U.S. claims data1.110.5–0.3–2.8–0.4–4.0–0.7–6.7–1.0–9.7–0.6–6.7
    U.K. claims data–0.1–4.3–0.2–5.4–0.1–4.2–0.1–2.9–1.80.14.6
    Sources: Federal Financial Institutions Examination Council, Country Exposure Lending Survey; and Bank of England, Quarterly Bulletin.

    These data are not adjusted for the impact of exchange rate movements and are based on consolidated reports of banks; owing to rounding, components may not add.

    First half of 1987 on an annualized basis.

    Excludes offshore banking centers.

    Table 35.Assets and Capital of U.S. Banks, 1977–First Half 1987
    1987
    1977197819791980198119821983198419851986First

    half
    (In billions of U.S. dollars)
    External claims on developing countries 170.181.591.9110.9132.6147.7150.0145.6133.1121.8117.9
    Total assets717.1823.6941.31,066.31,164.51,261.01,336.01,413.01,529.01,613.01,593.0
    Capital40.945.549.756.962.770.679.392.2105.4116.1124.4
    (In percent)
    Memorandum items
    Capital to total assets5.75.55.35.35.45.65.96.56.97.27.8
    External claims on developing countries to total assets9.89.99.810.411.411.711.210.38.77.67.4
    Capital to external claims on developing countries58.455.854.151.347.347.852.963.379.295.3105.5
    Sources: Federal Financial Institutions Examination Council, Country Exposure Lending Survey; and International Monetary Fund, International Financial Statistics.

    The data presented in this table are on an exposure basis; that is, they are adjusted for guarantees and other risk transfers.

    Table 36.Terms of Long-Term Bank Credit Commitments, 1981–Third Quarter 1987 1(In percent, unless otherwise indicated)
    1987
    1981198219831984 21985 31986 4First three quarters 5
    Six-month Eurodollar interbank rate (average)16.7213.609.9311.298.646.857.07
    U.S. prime rate (average)18.8714.8610.7912.049.938.337.99
    Average maturity (in years/months)7/87/77/37/97/97/17/8
    OECD countries7/88/37/87/47/56/55/3
    Centrally planned economies5/74/94/55/117/57/98/1
    Oil exporting countries7/96/07/27/77/27/98/9
    Other developing countries7/97/07/08/118/118/411/3
    Average spread0.800.771.150.930.630.400.44
    OECD countries0.580.560.650.550.460.360.25
    Centrally planned economies0.621.031.180.880.550.260.24
    Oil exporting countries0.790.940.850.760.800.460.55
    Other developing countries1.041.141.701.440.990.670.71
    Sources: Organization for Economic Cooperation and Development, Financial Market Trends; and International Monetary Fund, International Financial Statistics (for Eurodollar rate and prime rate).

    OECD country classification.

    Does not include terms of agreements in principle with Argentina and the Philippines.

    Does not include terms of agreements in principle with Chile and Colombia.

    Does not include terms of agreement in principle with Mexico.

    Does not include terms of agreement in principle with Argentina.

    Table 37.Terms and Conditions of Bank Debt Restructurings and Bank Financial Packages, 1986–Third Quarter 1987 1
    Country, Date of Agreement, and Type of Debt RescheduledBasisAmount ProvidedGrace PeriodMaturityInterest Rate
    (In millions of U.S. dollars)(In years, unless otherwise noted)(In percent spread over LIBOR/U.S. prime)
    Argentina
    Agreement in principle of April 24, 1987; final agreement August 1987:
    Rescheduling of public and private sector indebtedness 2100 percent of principal25,3007191316
    Rescheduling of 1983 and 1985 term credit agreements100 percent of principal4,2005121316
    New medium-term loanNew financing1,550512
    New trade credit and deposit facilityNew financing4004
    Amendment to trade credit and deposit facility of 1985Maturity lengthened to coincide with 1987 trade credit deposit facility50041316
    Trade credit maintenance facilityBanks would maintain trade credit at levels of September 30, 1984 (estimate)1,20021316
    Stand-by money market facilityBanks would continue to make make available to the Central Bank on request any amounts outstanding to foreign branches and agencies of Argentine banks on September 30, 19841,4002¾
    Brazil
    Agreement of July 25, 1986
    Rescheduling of medium- and long-term debt due in 1985100 percent of principal6,671571⅛
    Deferment of medium- and long-term debt due in 1986100 percent of principal9,600To March 1987Original rates
    Maintenance of trade and interbank lines100 percent rollover14,750To March 1987Original rates
    Chile
    Agreement of June 17, 1987: 3
    Amendments to 1983–84 new money agreements100 percent of principal falling due in 1988–901,310451⅛
    Amendment to 1983–87 restructuring agreements100 percent of principal falling due in 1988–902,400615½1
    1988–91 unrescheduled original maturities100 percent of principal2,295615½1
    Extension of short-term trade related facility until end-1989100 percent rollover1,70021⅜-1⅛
    Congo
    Agreement in principle of October 15, 1986:
    Rescheduling of public sector debt falling due in 1986–88100 percent of principal217991⅞-1½
    New medium-term loanNew financing6081⅞-1½
    Côte d’Ivoire
    Agreement of May 21, 1986 with Steering Committee:
    Agreement of December 1986
    Public and publicly guaranteed medium-and long-term debt:
    Due in 198680 percent of principal200391⅝–1⅜
    Due in 198770 percent of principal196391⅝-1⅜
    Due in 198860 percent of principal170391⅝-1⅜
    Due in 198950 percent of principal125391⅝-1⅜
    Dominican Republic
    Agreement of February 24, 1986:
    Rescheduling of public and private debt
    In arrears as of December 31, 1984100 percent of principal803131⅜
    Due in 1985–89100 percent of principal7073131⅜
    Honduras
    Agreement in principle of June 26, 1987:
    Restructuring of principal and interest in arrears as of March 1987100 percent of principal183681⅛ 4
    Restructuring of principal falling due in 1987–89100 percent of principal52681⅛ 4
    Jamaica
    Agreement in principle of March 10, 1987:
    Rescheduling of maturities falling due April 1985 to end-1986100 percent of principal185
    Rescheduling of maturities falling due January 1987 to March 31, 1990100 percent of principal180912½
    Mexico
    Agreement with Steering Committee of September 30, 1986, final agreement of April 1987:
    Restructuring of previously restructured debt100 percent of principal43,7007201316
    Change in spread for 1983 and 1984 new money facilities 58,6005101316
    1986–87 new money facilityNew money5,0005121316
    Cofinancing arrangement with World Bank 6New money1,0009151316
    Growth contingency cofinancing with World Bank 6New money5007121316
    Contingent investment support facilityNew money1,200481316
    Agreement of August 14, 1987:
    Private sector debt under Forward Coverage Scheme (FICORCA)100 percent of principal77201316
    Morocco
    Agreement of February 1986:
    Medium- and long-term debt due September 9–December 31, 1983100 percent of principal53837
    Medium- and long-term debt due in 198490 percent of principal
    Rollover of short-term debtTrade-related credit outstanding as of August 24, 1987610
    Agreement in principle of December 15, 1986:
    Rescheduling of medium- and long-term debt not previously rescheduled falling due from 1985–88100 percent of principal1,5464111316
    Rescheduling of principal payments due in 1987–88 under previous rescheduling agreement100 percent of principal17844
    Conversion of short-term trade credits (except letters of credit) into medium-term debtTrade-related credit outstanding as of August 24, 198345061316
    Consolidation of trade arrears due to banks into a trade credit maintenance facilityArrears as of September 30, 1986188Original rates
    Mozambique
    Agreement in principle of May 27, 1987:
    Refinancing of trade-related and other short-term public sector debt100 percent of principal outstanding on May 27, 198792581⅛
    Restructuring of medium-term public sector debt100 percent of principal outstanding on May 27, 19871058151⅛ 8
    Restructuring of all nonprincipal overdue amounts of the two above agreements100 percent of arrears as of June 30, 1987528131⅛ 8
    Niger
    Agreement of April 1986:
    Serial rescheduling of medium-term debt:
    Due October 1, 1985–December 31, 198690 percent of principal, excluding previously rescheduled debt10Originally contracted rate plus 2 percent
    Due 1987184
    Due 1988154
    Nigeria
    Agreement in principle of November 1986:
    Rescheduling of medium- and long-term debt falling due April 1, 1986 to December 31, 1987100 percent of principal1,725310
    Arrears as of September 26, 1986Letters of credit confirmed before September 26, 1986 and associated new interest2,52514
    New medium-term loan9New financing320397915169
    Philippines
    Agreement in principle of March 27, 1987:
    Rescheduling of public and publicly guaranteed debt:
    Due January 1, 1987–December 31, 1992100 percent of principal2,76217
    Due January 1, 1989–December 31, 1994 under 1985 restructuring agreement100 percent of principal3,96317
    Rescheduling of private financial sector debt:
    Due January 1, 1987–December 31, 1992100 percent of principal136101⅛
    Due January 1, 1989–December 31, 1992 under 1985 restructuring agreement100 percent of principal1,1726101⅛
    Rescheduling of private corporate debt:
    Due January 1, 1987–December 31, 1992100 percent of principal6536101⅛
    Due January 1, 1990–December 31, 1992 under 1985 restructuring agreement100 percent of principal44717
    Extension of short-term trade-related facility until June 30, 1991100 percent rollover2,9655¾
    Change in spread for 1985 new medium-term loan925UnchangedUnchanged
    Poland
    Agreement of September 1986:
    Restructuring of medium- and long-term debt included in April and November 1982 agreements
    Due in 198695 percent of principal915441⅜
    Due in 198780 percent of principal1,055441⅜
    Agreement in principle of August 1987:
    Rescheduling of maturities falling due in 1987–90, including previously restructured debt100 percent of principal5,2191151516
    Rescheduling of maturities falling due in 1991–93, including previously restructured debt100 percent of principal3,0826151516
    Modification of the 1986 restructuring agreement covering payments falling due in 198750 percent of principal14021516
    Romania
    Agreement of September 1986: Maturities on loans already rescheduled in 1982–83 falling due in
    1986100 percent of principal35031⅜
    198785 percent of principal45041⅜
    Agreement in principle of September 1987:
    Change in spread of 1986 restructuring agreementUnchanged800UnchangedUnchanged
    South Africa
    First interim debt arrangement of March 25, 1986:
    Short- and medium-term debt subject to September 1985 standstill originally due August 28, 1985 to June 30, 1987About 95 percent of principal9,800Margin applicable in August 1985 plus an additional spread of up to 1 percentage point
    Second interim debt arrangement of March 24, 1987:
    Short- and medium-term debt subject to September 1985 standstill due June 30, 1987 to June 30, 1990About 87 percent of principal10,90033
    Uruguay
    Agreement of July 1986:
    Maturities falling due in 1985–89 and not previously restructured100 percent of principal8443121⅜
    Previously restructured maturities falling due in 1985–89100 percent of principal6213121⅝
    Medium-term loan granted in 1983100 percent of principal2303121⅝
    Bearer treasury bonds100 percent of principal2633121⅜
    Venezuela
    Agreement of February 27, 1987 with Steering Committee:
    Modification of February 1986 rescheduling agreement100 percent of principal21,08813
    Zaïre10
    Deferment agreement of May 198611Principal65Originally contracted rate
    Deferment agrteement of May 198712Principal61Originally contracted rate
    Memorandum item
    Non-Fund member
    North Korea:
    Agreement in principle of September 1987 Rescheduling of arrears77041213
    Sources: Restructuring agreements; press reports; and Fund staff calculations.

    Arrangements approved (in principle or definitely) before January 1, 1986 were reported in Maxwell Watson, and others, International Capital Markets: Developments and Prospects. World Economic and Financial Surveys (Washington: International Monetary Fund, December 1986).

    For public sector debt pre-December 9, 1982, debt originally falling due prior to January 1, 1986 that has been previously restructured, and debt originally falling due after December 31, 1985 that has not been previously restructured. Excluded is indebtedness under the 1983 and 1985 term credit agreements and the 1985 trade credit and deposit facility, which is rescheduled on different terms. For private sector borrowers, the restructuring of all principal maturities of pre-December 9, 1982 debt maturing after December 31, 1985.

    Interest periods under all agreements will be converted from the existing periods to periods of 12 months.

    If on December 31, 1986 Honduras is current in its payment obligations, the margin over LIBOR will be reduced to 1 percentage point.

    Including the restructuring of the $950 million prepayment that had been deferred since October 1, 1985.

    These loans have an associated guarantee given by the World Bank in the later maturities equivalent to 50 percent of the nominal amount disbursed.

    Amount to be determined before the end of 1987. Amortization of rescheduled amounts subject to relending at the choice of creditors, but within certain limits of the domestic credit program established by the Mexican authorities.

    Spread will increase to 1¼ percentage points at the end of the grace period.

    Initial maturity of one year and a spread of 1¼ percent. Will be automatically converted to a medium-term loan if certain conditions are fulfilled.

    Bank debt refinancing agreement covers only syndicated loans (and other floating rate loans) without creditor country guarantee.

    Under this agreement Zaire would make monthly payments amounting to $3.5 million for the period May 1986—April 1987.

    There will be monthly payments of $3 million for the May 1987-May 1988 period, except for July 1987 when the due payment is $3.5 million.

    The spread over LIBOR is expected to remain 1¾ percentage points for the first three years, and then decline to 1¼ percentage points for the final four years subject to the borrowers’ compliance with the terms and conditions of the agreement.

    Table 38.Aggregate Financial Structures of Major Financial Markets(Averages for period, in percent)
    United StatesJapanFranceSwitzerlandUnited KingdomGermany, Fed. Rep. of
    1973–761983–861973–761983–861973–761983–861973–761983–361973–761983–861973–761983–86
    Gross savings ratio (GS/GNP)17.114.535.031.526.019.729.228.818.317.725.523.6
    Gross investment ratio (GI/GNP)15.816.133.727.924.919.225.823.120.016.922.220.0
    Narrow money/GNP 118.115.029.826.229.925.834.130.815.115.514.916.3
    Broad money/GNP 261.062.077.192.866.163.890.8113.736.333.743.249.3
    Bonds/GNP54.2 385.3 437.3 383.6 415.2 331.5 444.8 375.3 439.2 338.7 454.0 386.2 4
    Equity market capitalization/GNP53.4 369.8 429.2 386.3 410.9 319.3 429.9 381.5 436.1 392.4 413.1 323.3 4
    Sector balances 5 (relative to GNP)
    Government–2.3–5.1–5.3–5.2–2.9–5.9–3.3–1.9–1.7
    Business–2.2–1.7–5.7–1.7–1.1–2.41.5–5.0–2.7
    Households5.34.810.310.04.05.73.28.26.3
    Foreign–0.72.00.1–3.10.01.9–0.1–1.3–1.8
    Net foreign asset position (relative to GNP 6)3.3–4.63.08.5–1.3–4.16.02.67–1.95.77.57.6
    Rate of inflation (GNP deflator)7.63.312.11.310.06.65.94.415.85.35.62.3
    Interest rates
    Nominal
    Short-term7.58.69.35.99.610.52.33.04.59.56.85.2
    Medium- or long-term7.510.58.66.49.311.46.04.613.610.59.07.1
    Real 8
    Short-term–0.15.1–2.34.6–0.43.6–2.0–1.3–8.64.81.24.3
    Medium- or long-term–0.17.0–2.95.0–0.64.40.20.2–0.75.73.26.2
    Sources: International Monetary Fund, International Financial Statistics; Salomon Brothers, Inc., How Big Is the World Bond Market? and International Equity Analysis.

    Narrow money equals M1 in all countries.

    Broad money equals M2 for the United States, M2 plus certificates of deposit for Japan, and M3 for the other countries.

    End of 1975.

    End of 1986.

    Sectoral imbalances measured by net decumulation of financial assets in flow-of-funds data (a minus sign denotes a sector that is a net user of credit). Where relevant, unidentified residual is not shown.

    Cumulative current account balance—positive value indicates net holdings of foreign assets. The cumulation started in 1956 for the Federal Republic of Germany, Japan, and Switzerland, 1953 for the United States, 1967 for France, and 1952 for the United Kingdom. This measure is biased to the extent that it ignores accumulations for periods prior to the starting year and capital gains and losses that arise from price and exchange rate movements.

    7

    Average for 1983–85.

    Nominal interest rate (r) deflated ([1 + r]/[1 + π]) by actual inflation (π) measured by the percentage change in the GNP deflator.

    Table 39.Size of International Financial Markets, 1976–86
    19761977197819791980198119821983198419851986
    (In billions of U.S. dollars)
    Total international lending through banks and bond markets9695114148179194144131152182252
    International bond issues (net) 12627242319294946627787
    International bank lending (net of redepositing)706890125160165958590105165
    International bond issues (net) deflated by U.S. GNP deflator2424201713182926344145.2
    International bank lending (net) deflated by U.S. GNP deflator666074941111055649505686
    (In percent)
    Bond issues as ratio to world imports (in U.S. dollars)2.82.51.91.51.01.52.72.63.34.04.1
    International bank lending (net) as ratio to world imports (in U.S. dollars)7.54.67.27.88.68.75.24.94.95.67.8
    International bond issues (net) as ratio to international bank lending (net)37.139.726.718.411.917.651.654.168.973.352.7
    Sources: International Monetary Fund, World Economic Outlook and International Financial Statistics; Organization for Economic Cooperation and Development, Financial Market Trends; and Bank for International Settlements.

    New international bond issues less redemptions, repurchases, and bank purchases of bonds.

    Table 40.Domestic Nonfinancial Sectors’ Gross Debt/GNP Ratios 1(In percent)
    CountriesPublic SectorCorporate SectorPersonal Sector
    United States
    1975423750
    1986564565
    Japan
    1975399433
    1986 29110247
    Germany, Fed. Rep. of
    1975256342
    1986417155
    United Kingdom
    1975634633
    1986 2584855
    Source: Bank for International Settlements, Annual Report, 1986.

    National balance sheet data.

    Third quarter.

    Table 41.Euromarkets’ Financial Activities(In billions of U.S. dollars)
    1987
    197319751980198119821983198419851986First

    half
    Eurobonds4.28.720.431.350.350.181.7135.4187.086.3
    International bank loans 120.820.681.0144.496.073.5108.5110.382.843.62
    Issuance facilities 39.528.868.692.228.82
    Note issuance facilities3.517.436.321.47.22
    Other6.011.432.370.821.62
    Of which:
    Other committed facilities11.410.55.61.22
    Eurocommercial paper programs11.256.717.42
    Other nonunderwritten facilities10.68.53.02
    Equity-related bonds8.010.911.522.310.22
    Source: Organization for Economic Cooperation and Development, Financial Statistics Monthly and Financial Market Trends.

    Defined here as credits extended by commercial banks wholly or in part out of Eurocurrency funds.

    Estimated.

    Excludes merger-related stand-by agreements.

    Table 42.Size of Major Bond Markets, 1980–86(In billions of local currency units at end of period; or in percent)
    1980198119821983198419851986
    AmountPercent of totalAmountPercent of totalAmountPercent of totalAmountPercent of totalAmountPercent of totalAmountPercent of totalAmountPercent of total
    France
    (in French francs)
    Public sector376.977.1437.378.4565.980.2690.080.4852.980.91,034.779.71,282.881.2
    Corporate sector108.122.1116.620.9134.419.1161.518.8194.418.4251.719.4285.218.0
    Foreign bonds13.90.84.10.75.30.76.40.87.30.711.80.913.00.8
    Total488.9100.0558.0100.0705.6100.0857.9100.01,054.6100.01,298.2100.01,581.0100.0
    Eurobonds28.71.811.12.010.51.510.11.29.00.911.00.932.22.0
    Germany, Fed. Rep. of
    (in deutsche mark)
    Public sector130.813.2127.911.3156.612.5191.014.0228.015.5272.417.3329.719.6
    Schuldscheine (promissory notes)3360.636.5439.138.7480.138.3504.236.8520.135.5527.533.5514.530.6
    Corporate sector417.942.3488.043.0533.742.5586.642.8622.042.4657.041.7688.141.0
    International bonds79.28.080.37.083.66.787.66.496.36.6117.47.5147.28.8
    Total988.5100.01,135.3100.01,254.0100.01,369.4100.01,466.4100.01,574.3100.01,679.5100.0
    Japan
    (in yen)
    Public sector109,89374.5127,01375.7144,67076.2163,97976.7178,99676.3196,52876.6208,23175.3
    Corporate sector35,86724.338,59023.042,31222.346,50321.751,34621.954,93021.462,84622.8
    Foreign bonds1,7841.22,2511.32,8741.53,4271.64,1711.85,1742.05,3371.9
    Total147,544100.0167,854100.0189,856100.0213,909100.0234,513100.0256,632100.0276,414100.0
    Eurobonds1250.12050.13220.23850.27490.31,8550.74,8901.8
    United Kingdom
    (in pounds sterling)
    Public sector82.793.990.493.896.392.8105.592.9114.991.4124.691.7131.990.8
    Corporate sector5.36.05.45.66.26.06.25.47.96.37.65.69.56.6
    Foreign bonds0.10.10.60.61.31.21.91.72.92.33.72.73.82.6
    Total88.1100.096.4100.0103.8100.0113.6100.0125.7100.0135.9100.0145.2100.0
    Eurobonds0.70.80.80.81.21.22.62.35.44.310.07.416.811.6
    United States
    (in U.S. dollars)
    Public sector1,043.367.01,171.568.61,377.570.51,624.072.21,920.273.02,301.373.52,670.374.4
    Corporate sector465.429.9483.728.3516.126.4562.325.0643.024.4756.924.2867.324.2
    Foreign bonds47.83.153.23.159.93.163.72.867.62.672.72.351.51.4
    Total1,556.5100.01,708.4100.01,953.5100.02,250.0100.02,630.8100.03,130.9100.03,589.1100.0
    Eurobonds63.84.180.34.7113.45.8145.16.5195.97.5267.28.5350.69.8
    Switzerland
    (in Swiss francs)
    Public sector23.424.623.622.323.819.423.517.824.516.825.010.924.89.3
    Corporate sector45.848.151.048.356.345.959.144.663.343.666.729.177.528.9
    Foreign bonds26.027.331.129.442.634.749.737.657.539.667.429.490.633.8
    Foreign notes (private placements)70.030.675.028.0
    Total95.2100.0105.7100.0122.7100.0132.3100.0145.3100.0229.1100.0267.9100.0
    Source: Salomon Brothers, Inc., How Big Is the World Bond Market?

    Foreign bonds are issued by a borrower who is of a nationality different from the country in which the bonds are issued. Such issues are usually underwritten and sold by a group of banks of the market country and are denominated in that country’s currency.

    Eurobonds are those underwritten and sold in various national markets simultaneously, usually through international syndicates of banks.

    These include certain public sector issues.

    Table 43.Position of Foreign Banks in Selected Countries, 1960–First Half 1985 1(End-of-year data)
    196019701980First Half 1985
    Host CountryNumber of institutionsNumber of banking offices 2Foreign bank assets as percent of total bank assetsNumber of institutionsNumber of banking offices 2Foreign bank assets as percent of total bank assetsNumber of institutionsNumber of banking offices 2Foreign bank assets as percent of total bank assetsNumber of institutionsNumber of banking offices 2Foreign bank assets as percent of total bank assets
    Belgium 3148.242622.55141.55751.0
    Canada576.3
    France337.25812.312215.014718.25
    Germany, Fed. Rep. of6240.5771.42131.928772.4
    Italy 814260.9362.4
    Japan 934381.3853.41123.6
    Luxembourg 1038.02357.89685.410685.4
    Netherlands 11233917.44023.6
    Switzerland89710.39911.111912.2
    United Kingdom51126.79537.521455.62931362.6
    United States 14155.8165798.77831712.0
    Source: Bank for International Settlements, Recent Innovations in International Banking (Basle, 1986).

    Number of foreign banking institutions (“families”) operating in the country through branches or majority-owned subsidiaries unless otherwise specified.

    Foreign banking organizations represented by more than one entity are double-counted.

    Belgian-owned banks are not considered foreign banks.

    End of 1958.

    End of 1984.

    Assets are for branches only.

    At the end of June 1985, these offices represented 95 different banking organizations.

    Branches only; at the end of June 1985 there were five foreign-owned subsidiaries.

    Branches only; at the end of June 1985 there were 76 different foreign banks operating in Japan.

    Belgian-owned banks are not considered foreign banks.

    Universal branches only.

    In 1962.

    The total number of institutions would be 357 if joint ventures and consortium banks were included over the same period.

    Assets are for foreign agencies and branches only.

    In the early 1970s there were about 50 foreign banking offices.

    At the end of 1976.

    At the end of June 1985, these offices represented approximately 350 institutions.

    Table 44.International Facilities by Category of Instrument, 1982–Third Quarter 1987(In billions of U.S. dollars)
    19861987
    19821983198419851986First

    three

    quarters
    First

    three

    quarters
    Total note issuance facilities2.73.517.434.424.814.314.3
    Of which:
    Multiple component facilities8.015.013.27.38.3
    Backup for Euronotes2.50.96.417.49.16.14.2
    Bankers’ acceptances2.01.85.82.12.01.40.5
    Of which:
    Sterling1.51.31.11.31.00.50.4
    Commercial paper backups0.23.02.84.41.61.60.3
    Other instruments0.51.22.82.00.92.21.3
    Subtotal5.49.528.842.929.319.516.4
    Merger-related stand-by agreements4.026.56.00.73.4
    Subtotal5.413.555.348.930.022.916.4
    Eurocommercial paper programs12.659.037.039.2
    Total5.413.555.361.589.059.955.6
    Source: Organization for Economic Cooperation and Development, Financial Market Trends.
    Table 45.External Assets of BIS Reporting Banks by Maturity and Undisbursed Credit Commitments, December 1982–December 1986 1(In billions of U.S. dollars)
    December 1982December 1983 2December 1984 3December 1985 4December 1986 4
    External assetsExternal assetsExternal assetsExternal assetsExternal assets
    TotalUp to and including one yearUndisbursed credit commitmentsTotalUp to and including one yearUndisbursed credit commitmentsTotalUp to and including one yearUndisbursed credit commitmentsTotalUp to and including one yearUndisbursed credit commitmentsTotalUp to and including one yearUndisbursed credit commitments
    Claims on
    Industrial countries outside the BIS reporting area67.329.420.172.130.922.080.836.321.751.724.420.867.032.420.4
    Australia15.05.29.018.26.48.823.09.49.626.211.512.334.415.812.2
    Finland 49.05.12.09.45.52.611.36.91.4
    Norway11.35.13.410.74.64.011.35.43.914.17.94.517.510.03.9
    Spain 424.610.12.826.911.03.427.111.03.2
    Other7.43.92.96.93.43.28.13.63.611.45.04.015.16.64.3
    Developing countries447.1213.079.6468.6210.275.1471.1193.768.1503.7218.868.8518.3210.568.9
    Capital importing developing countries425.9195.762.9442.3188.668.0444.8173.260.4476.7197.962.3491.5190.064.1
    Africa56.421.513.560.524.213.359.525.111.763.227.510.066.631.77.4
    Côte d’Ivoire3.40.90.43.10.80.22.70.60.12.90.70.23.30.90.3
    Morocco3.91.00.43.91.10.23.81.20.34.51.70.34.92.30.2
    Nigeria8.53.13.910.02.72.68.92.61.99.24.01.29.95.10.7
    South Africa14.38.73.518.411.83.618.912.83.517.011.42.415.611.01.7
    Zaïre0.90.30.10.70.20.70.30.10.80.30.10.80.30.1
    Other25.47.56.224.47.66.724.57.65.828.89.45.832.112.14.4
    Asia71.236.819.580.939.421.484.739.221.393.942.523.199.943.224.9
    China1.30.63.12.21.43.23.52.43.46.64.75.36.63.16.3
    India2.31.11.82.61.12.13.41.32.54.91.72.56.72.72.2
    Indonesia9.93.82.211.84.63.212.95.43.614.16.03.815.96.43.7
    Korea23.213.93.925.714.54.426.013.04.428.713.74.527.212.45.9
    Malaysia6.61.61.38.72.11.610.62.41.810.12.11.410.82.31.1
    Philippines12.67.52.413.87.31.612.46.61.012.96.41.113.95.50.9
    Thailand4.92.81.65.83.51.46.53.51.46.92.91.46.72.52.0
    Other10.45.53.210.34.93.99.44.63.29.75.03.112.18.32.8
    Europe59.319.36.559.218.85.156.418.05.965.122.96.868.023.31.2
    Greece10.03.32.211.83.82.112.34.02.014.25.01.414.44.91.1
    Hungary6.82.20.57.03.20.36.82.70.68.63.51.110.03.41.2
    Poland13.94.60.710.92.70.38.72.10.39.92.10.310.72.40.3
    Portugal10.03.81.210.84.00.810.83.51.111.43.51.310.13.11.3
    Romania4.21.70.43.90.90.23.10.70.23.00.80.22.81.00.2
    Turkey4.01.00.54.41.20.64.61.91.06.53.41.68.34.32.2
    Yugoslavia9.82.60.79.82.70.59.32.60.510.34.10.510.33.70.6
    Other0.60.10.30.60.30.30.80.50.21.20.50.41.40.50.3
    Middle East21.316.73.515.510.83.614.810.23.316.010.03.515.79.83.4
    Egypt4.93.21.85.63.72.05.83.61.86.73.51.96.53.31.9
    Israel6.74.40.56.44.40.75.33.70.55.63.90.75.23.40.5
    Other9.79.11.23.52.70.93.72.91.03.72.60.94.03.11.0
    Western Hemisphere217.7101.519.9226.295.424.6229.480.718.2238.494.918.9241.281.921.2
    Argentina25.713.91.926.814.11.725.314.01.929.415.32.031.110.31.4
    Brazil60.521.15.360.616.95.065.416.43.766.720.74.569.425.64.9
    Chile11.64.61.012.54.61.213.23.70.714.35.41.014.25.50.7
    Colombia6.32.91.26.83.20.86.52.60.96.42.81.26.72.41.2
    Ecuador4.52.50.54.82.30.54.71.70.35.02.00.65.31.80.7
    Mexico62.929.93.769.329.48.670.917.13.571.720.33.370.916.54.3
    Peru5.43.21.15.12.30.84.82.10.74.72.40.54.52.60.4
    Venezuela27.515.82.427.616.30.926.717.40.927.119.61.025.911.31.4
    Other13.37.62.812.76.34.111.95.75.613.16.44.813.25.96.2
    Centrally planned economies29.712.45.730.012.96.229.612.84.240.218.37.651.422.56.6
    Czechoslovakia2.80.90.32.70.90.22.40.80.42.71.20.63.11.70.8
    German Democratic Republic8.93.51.28.43.30.88.43.71.110.34.41.812.24.71.7
    U.S.S.R.14.66.63.915.67.04.815.86.61.922.010.04.328.712.43.2
    Other3.41.50.33.31.70.43.01.70.85.22.70.97.43.70.9
    Total544.1254.9105.4570.8254.0103.2581.5242.894.0595.6261.597.2636.7265.495.9
    Source: Bank for International Settlements, The Maturity Distribution of International Bank Lending.

    Up to June 1984, the reporting area for these data includes branches of U.S. banks and the affiliates in offshore reporting centers of banks in other countries. The December 1984 data are on a worldwide consolidated basis for all reporting countries. This series is only available semiannually and has longer lags than the data presented in quarterly publications of the Bank for International Settlements on international capital markets developments.

    Owing to a change in the coverage and partial consolidation of the reporting area, 1983 figures should not be directly compared with 1982 figures.

    Figures are based on fully consolidated reports of banks and should not be directly compared with 1983 figures.

    As of December 1985, Finland and Spain are included in the reporting area.

    Table 46.Cross-Country Comparison of External Assets and Liabilities, End-December 1986 1(In billions of U.S. dollars)
    Cross-Border Interbank Accounts by Residence of Borrowing BankInternational Bank Credits to Nonbanks by Residence of BorrowerTotal External Liabilities of Banks and Non-banks to BanksCross-Border Interbank Accounts by Residence of Lending BankInternational Bank Deposits of Nonbanks by Residence of DepositorTotal External Assets of Banks and Nonbanks with BanksNet External Liabilities of Banks and Nonbanks to Banks
    Industrial countries2,112.6405.82,518.42,088.8403.82,492.625.8
    Major industrial countries1,645.1260.31,905.41,527.4305.31,832.772.7
    Other industrial countries467.5145.5613.0561.498.5659.9–46.9
    Centrally planned economies43.29.152.324.60.525.127.2
    Czechoslovakia2.21.03.21.20.11.31.9
    German Democratic Republic10.51.612.17.30.27.54.6
    U.S.S.R.24.15.429.514.60.114.714.8
    Other6.41.17.51.50.11.65.9
    Offshore centers517.848.2566.0547.183.5630.6–64.6
    Developing countries (excluding offshore centers)263.5363.9627.4256.4195.3451.7175.7
    Capital importing developing countries243.8346.1589.9175.9154.2330.1259.8
    Africa17.254.972.110.618.228.843.3
    Côte d’Ivoire0.33.23.50.20.50.72.8
    Liberia10.210.25.35.34.9
    Morocco0.54.34.80.30.71.03.8
    Nigeria0.38.28.51.91.73.64.9
    South Africa7.58.816.31.21.72.913.4
    Other8.620.228.87.08.315.313.5
    Asia56.665.2121.888.615.1103.718.1
    China8.43.912.37.00.67.64.7
    India5.45.43.02.55.5–0.1
    Indonesia0.316.516.88.00.78.78.1
    Korea22.611.734.35.50.76.228.1
    Malaysia2.19.611.76.20.66.84.9
    Philippines5.96.42.32.81.34.18.2
    Thailand1.65.26.83.10.53.63.2
    Other15.76.522.253.08.261.2–39.0
    Europe44.131.075.120.115.135.239.9
    Greece8.46.915.32.86.18.96.4
    Hungary12.51.313.83.90.14.09.8
    Poland8.03.111.11.50.21.79.4
    Portugal1.69.010.63.43.56.93.7
    Romania2.00.92.91.41.41.5
    Turkey4.54.69.13.32.25.53.6
    Yugoslavia6.93.410.31.90.52.47.9
    Other0.21.82.01.92.54.4–2.4
    Middle East12.210.122.321.425.146.5–24.2
    Egypt7.44.311.77.53.110.61.1
    Israel2.62.65.27.82.910.7–5.5
    Syrian Arab Republic1.00.21.20.21.11.3–0.1
    Other1.23.04.25.918.023.9–19.7
    Western Hemisphere113.8185.0298.835.380.8116.1182.7
    Argentina10.421.331.72.38.610.920.8
    Brazil38.254.993.17.210.517.775.4
    Chile9.86.816.62.62.45.011.6
    Colombia1.65.67.20.92.93.83.4
    Mexico35.558.093.57.816.123.969.6
    Nicaragua1.80.82.60.50.40.91.7
    Peru0.53.84.31.61.73.31.0
    Venezuela4.220.024.74.013.117.17.6
    Other11.813.325.18.425.133.5–8.4
    International organizations and unallocated36.2173.1209.332.4235.9268.3–59.0
    Of which:
    International organizations36.215.952.132.47.940.311.8
    Total2,973.31,000.13,973.42,949.3918.93,868.2105.2
    Source: International Monetary Fund, International Financial Statistics.

    Data include U.K. monetary sector and other financial institutions’ holdings of bonds.

    Table 47.Financial Futures and Options: Exchanges, Contracts, and Volume of Contracts Traded, 1980–June 1987
    Volume of Contracts Traded
    TypeContract Unit198019851986June

    1986
    June

    1987
    United States(In thousands of contract units)
    Chicago
    Board of Trade (CBOT)Interest rate
    Futures:
    U.S. Treasury bonds$100,0006,48940,44852,5994,4865,518
    U.S. Treasury notes 1$100,0004502,8604,426470405
    Government National Mortgage Association (GNMA) mortgages 2$100,0002,342843122
    Options:
    U.S. Treasury bonds$100,00011,90117,3141,2141,329
    U.S. Treasury notes$100,0001771,0018899
    Stock index
    Futures:
    Long-term munipical bond index$1,000 x index33590774160
    Major market index$100 x index2,062364
    Major market maxi index$250 x index4221,739153207
    NASDAQ 3$250 x index1404
    Board Options Exchange (CBOE)Total number of options traded 435,01650,523
    Currency
    Options:
    US$/DM, US$/Sw F, US$/¥, US$/£, US$/Can$, US$/F 5135
    Interest rate
    Options
    U.S. Treasury bonds, U.S. Treasury notes
    Mercantile Exchange (CME)Interest rate
    Futures:
    U.S. Treasury bills 6$1,000,0003,3892,4131,815153125
    Euro-dollar deposits (three months)$1,000,0008,90110,8251,0181,760
    Options:
    Euro-dollar deposits$1,000,0007431,757104171
    U.S. Treasury bills$1,000,000646
    Stock index
    Futures:
    Standard and Poor’s 500 index$500 x index
    Standard and Poor’s 100$200 x index
    index, and Standard and Poor’s OTC index$500 x index15,15319,5141,6991,635
    Options:
    Standard and Poor’s 500 index$500 x index1,0901,886123151
    Currency
    Futures
    US$/DMDM 125,0009236,4496,582542516
    US$/¥¥ 12,500,0005752,4153,910362448
    US$/Sw FSw F 125,0008284,7584,998404491
    US$/££125,0001,2642,7992,701180292
    Other 76214917377079
    Options:
    US$/DMDM 125,0001,5622,205140276
    Other 86542,206128296
    (In thousands of contract units)
    Mid-America Commodity Exchange (Midam)Interest rate
    Futures:
    U.S. Treasury bonds$50,0002974684389
    U.S. Treasury bills$500,000353731
    Currency
    Futures:
    US$/Sw FSw F 62,50011010299
    Other 91431461317
    New York Futures Exchange (NYFE)Stock index
    Futures:
    NYSE composite index$500 x index2,8343,124259262
    Commodity Research Bureau index$500 x index591117
    Options:
    NYSE composite index$500 x index196296119
    Stock Exchange (NYSE)Total number of options traded 41,5951,718
    Interest rate
    Options:
    NYSE composite index$500 x index
    NYSE composite double index
    American Stock Exchange (Amex)Total number of options traded 44,7777,648
    Interest rate
    Options:
    U.S. Treasury notes, U.S. Treasury bills
    Stock index
    Options:
    Major market index$100 x index
    Oil index$100 x index
    Computer technology index$100 x index
    Philadelphia Stock Exchange (PHLX)Total number of options traded 4845556
    Stock index
    Futures:
    National OTC index$500 x index
    Options:
    National OTC index$100 x index
    Valueline index$100 x index
    Gold and silver index$100 x index
    Currency
    Options:
    US$/£, US$/DM, US$/¥, US$/Sw F, US$/F, US$/ECU, US$/Can$
    United Kingdom
    London International Financial Futures Exchange (LIFFE)Interest rate
    Futures:
    Gilt (government bond) 10£50,00050314221659
    Euro-dollar (three-month)$1,000,000704782156
    Pound sterling interest rate (three-month)£500,000384767137
    U.S. Treasury bond$100,0005463123137
    (In thousands of contract units)
    Options:
    Euro-dollar (three-month)$1,000,000233
    U.S. Treasury bond$100,000256
    Gilt (20-year)£50,0003225107
    Stock index
    Futures:
    Financial Times index£25 x index9121039
    Options:
    Financial Times Stock Exchange index£25 x index1
    Currency
    Futures:
    US$/£, US$/DM, DM/US$, US$/¥, US$/Sw F 116446
    Options:
    US$/DM, £/US$16173
    France
    Paris
    Marché à Terme d’Instruments Financiers (Matif)Interest rate
    Futures:
    French Government bond (7 to 10 year)F 500,000921
    U.S. Treasury billF 5,000,00014
    Canada
    TorontoInterest rate
    Future Exchange
    Futures:
    Canadian T-bill (91-day)101
    Canadian long-term bonds1
    Warrants2
    Options:
    Canadian bond (15-year)31341
    Stock index
    Futures:
    Toronto Stock Exchange (TSE) 300 Composite index, 300 spot index9715
    Currency
    Futures:
    US$/Can$
    Germany, Federal Republic of
    Frankfurt
    Stock ExchangeInterest rate
    Options:
    Long-term federal government bonds
    Japan
    Tokyo
    Stock ExchangeInterest rate
    Futures:
    Yen government bond (ten-year)¥ 100 million1,3567191,711
    Netherlands
    Amsterdam
    European Options ExchangeCurrency Options:
    US$/f., US$/DM, ECU/US$, £/f.$10,000, DM 10,000 ECU 10,000, £10,000
    Australia(In thousands of contract units)
    Sydney
    Futures ExchangeInterest rate
    Futures:
    Bank bill (90-day)A$500,000618264156
    Australian T-bonds (ten-year)A$100,0003889112186
    U.S. T-bondUS$100,0001
    Euro-dollar$1 million
    Options:
    Bank bill (90-day)A$500,000975132
    Australian T-bond (ten-year)A$100,000411934
    Stock index
    Futures:
    All ordinaries share price indexA$100 x index18493063
    Options:
    All ordinaries share price indexA$100 x index4214
    Currency
    Futures:
    US$/A$$100,000216
    Options:
    US$/A$
    Singapore
    International Monetary Exchange (Simex)Interest rate
    Futures:
    Euro-dollar$1,000,000223133143
    U.S. T-bond$100,0004
    Stock index
    Futures:
    Nikkei stock average$500 x index648
    Currency
    Futures:
    US$/DM, US$/¥, US$/£DM 125,000, ¥ 12,500,000, £25,00011122218
    Note: $A = Australian dollar; Can$ = Canadian dollar; F = French franc; DM = deutsche mark; ¥ = Japanese yen; ECU = European Currency Unit; f. = Netherlands guilder; $NZ = New Zealand dollar; Sw F = Swiss franc; £ = pound sterling; and US$ = U.S. dollar. For the futures markets, the number of contracts traded is for the whole of the indicated year or for the first half of 1986 and 1987; whereas for the options market, the contract numbers are for the month of December of the indicated year or for June of 1986 or 1987, respectively.Sources: Futures Industry Association, Monthly Volume Report and International Report; U.S. Commodity Futures Trading Commission; Euromoney (Corporate Finance Supplement), Futures and Options Directory; The Banker; U.S. Securities and Exchange Commission, Monthly Statistical Review.

    Treasury notes are of four- to six-year maturity for 1980, and of two-year and six and a half to ten-year maturity from 1982 to the present.

    These are collateralized depository receipts (CDR) and certificates of deposit (CD).

    National Association of Securities Dealers Automated Quotations.

    Using data for narrow based options; Standard and Poor’s 100 index, Standard and Poor’s 500 index, and Standard and Poor’s over-the-counter (OTC) 250 index.

    In contract units of DM 125,000, Sw F 125,000, ¥ 12,500,000, Can$100,000, and F 250,000, respectively.

    Contracts traded are nearly entirely 90-day T-bills.

    Includes US$/Can$, US$/F, US$/ECU, US$/A$, US$/Mex$, and US$/f.

    Includes US$/£, US$/¥, and US$/Sw F (in contract units of £125,000, ¥ 12,500,000, and Sw F 125,000, respectively).

    Includes US$/DM, US$/¥, US$/Can$, and US$/£ (in contract units of DM 62,500, ¥ 6,250,000, Can$50,000, £12,500).

    Contracts traded are nearly entirely 20-year gilts with a very small portion being short gilt in £100,000 units.

    In contract units of £25,000, DM 125,000, ¥ 12,500,000, Sw F 125,000, respectively.

    World Economic and Financial Surveys

    April 1986World Economic Outlook: A Survey by the Staff of the International Monetary Fund.
    May 1986Primary Commodities: Market Developments and Outlook, by the Commodities Division of the Research Department.
    July 1986Staff Studies for the World Economic Outlook, by the Research Department of the International Monetary Fund.
    July 1986Export Credits: Developments and Prospects, by Eduard Brau, K. Burke Dillon, Chanpen Puckahtikom, and Miranda Xafa.
    October 1986World Economic Outlook: Revised Projections, by the Staff of the International Monetary Fund.
    December 1986International Capital Markets: Developments and Prospects, by Maxwell Watson, Russell Kincaid, Caroline Atkinson, Eliot Kalter, and David Folkerts-Landau.
    February 1987Recent Experience with Multilateral Official Debt Rescheduling, by K. Burke Dillon and Gumersindo Oliveros.
    April 1987World Economic Outlook: A Survey by the Staff of the International Monetary Fund.
    May 1987Primary Commodities: Market Developments and Outlook, by the Commodities Division of the Research Department.
    August 1987Staff Studies for the World Economic Outlook, by the Research Department of the International Monetary Fund.
    October 1987World Economic Outlook: Revised Projections, by the Staff of the International Monetary Fund.
    January 1988International Capital Markets: Developments and Prospects, by Maxwell Watson, Donald Mathieson, Russell Kincaid, David Folkerts-Landau, Klaus Regling, and Caroline Atkinson.
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