Front Matter

Front Matter

Author(s):
International Monetary Fund
Published Date:
January 1995
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    © 1995 International Monetary Fund

    Reprinted January 1996

    ISBN 1-55775-516-9

    ISSN 0258-7440

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    Contents

    The following symbols have been used throughout this paper:

    • … to indicate that data are not available;

    • — to indicate that the figure is zero or less than half the final digit shown, or that the item does not exist;

    • – between years or months (e.g., 1991–92 or January–June) to indicate the years or months covered, including the beginning and ending years or months;

    • / between years (e.g., 1991/92) to indicate a crop or fiscal (financial) year.

    “Billion” means a thousand million.

    Minor discrepancies between constituent figures and totals are due to rounding.

    The term “country,” as used in this paper, does not in all cases refer to a territorial entity that is a state as understood by international law and practice; the term also covers some territorial entities that are not states but for which statistical data are maintained and provided internationally on a separate and independent basis.

    Preface

    The International Capital Markets report is an integral element of the IMF’s surveillance of developments in international financial markets. The IMF has published the International Capital Markets report annually since 1980. The report draws, in part, on a series of informal discussions with commercial and investment banks, securities firms, stock and futures exchanges, regulatory and monetary authorities, and the staffs of the Bank for International Settlements, the Commission of the European Union, the International Swaps and Derivatives Association, the Japan Center for International Finance, and the Organization for Economic Cooperation and Development. The discussions leading up to the present report took place in Belgium, Denmark, France, Germany, Hong Kong, Indonesia, Japan, Malaysia, the Netherlands, Singapore, Spain, Switzerland, the United Kingdom, and the United States, between November 1994 and March 1995. The report reflects information available up to the end of April 1995.

    The International Capital Markets report is prepared in the Research Department, in collaboration with the Policy Development and Review Department, under the general direction of Takatoshi Ito, Senior Advisor in the Research Department, and David Folkerts-Landau, Chief of the Capital Markets and Financial Studies Division, Research Department. Co-authors of the report from the Research Department, Capital Markets and Financial Studies Division, are Garry Schinasi, Deputy Chief; Robert Flood, Senior Economist; Marcel Cassard, Laura Kodres, John Montgomery, Victor Ng, Todd Smith, Michael Spencer, all Economists; and Subramanian Sriram, Research Officer. Co-authors of the report from the Policy Development and Review Department are Steven Dunaway, Chief, and Shogo Ishii, Deputy Chief, of the Debt and Program Financing Issues Division. Co-authors of the report from the Western Hemisphere Department are Charles Kramer and Carmen Reinhart, both Economists. Parthasarathi Shome and Janet Stotsky from the Fiscal Affairs Department provided the box on transactions taxes. Anne Jansen and Jared Romey provided research assistance, and Tammi Shear and Adriana Vohden provided expert word-processing assistance. Juanita Roushdy of the External Relations Department edited the manuscript and coordinated production of the publication.

    This study has benefited from comments and suggestions from staff in other IMF departments, as well as from Executive Directors following their discussions of the International Capital Markets report on May 24, 1995. The analysis and policy considerations, however, are those of the contributing staff and should not be attributed to Executive Directors, their national authorities, or the IMF.

    List of Abbreviations

    ADRs

    American Depository Receipts

    Banamex

    Banco Nacional de México

    BIS

    Bank for International Settlements

    CAD

    Capital Adequacy Directive

    CBOT

    Chicago Board of Trade

    CCPC

    Cooperative Credit Purchasing Company (Japan)

    Cetes

    short-term, peso-denominated government obligations (Mexico)

    CME

    Chicago Mercantile Exchange

    CNB

    National Banking Commission (Mexico)

    DJIA

    Dow Jones Industrial Average

    DTB

    Deutsche Terminbörse (Germany)

    EMU

    European Economic and Monetary Union

    ERM

    (European) exchange rate mechanism

    EU

    European Union

    FAS

    Financial Accounting Standard

    FASB

    Financial Accounting Standards Board (United States)

    FISMOU

    Financial Information Sharing Agreement

    Fobaproa

    Fondo Bancario de Protección al Ahorro (Mexican deposit-guarantee fund)

    GDP

    gross domestic product

    GDRs

    Global Depository Receipts

    HKMA

    Hong Kong Monetary Authority

    IASC

    International Accounting Standards Committee

    IFC

    International Finance Corporation

    IIF

    Institute of International Finance

    IOSCO

    International Organization of Securities Commissions

    ISDA

    International Swaps and Derivatives Association, Inc.

    LIBOR

    London interbank offered rate

    LIFFE

    London International Financial Futures Exchange

    MATIF

    Marché à Terme International de France

    MOU

    Memorandum of Understanding

    Nafinsa

    government development bank (Mexico)

    NAFTA

    North American Free Trade Agreement

    OECD

    Organization for Economic Cooperation and Development

    OSE

    Osaka Securities Exchange

    OTC

    over the counter

    Procapte

    programa de capitalización temporal (temporary capitalization program (Mexico))

    REER

    real effective exchange rate

    S&P

    Standard and Poor’s

    SEC

    Securities and Exchange Commission (United States)

    SIMEX

    Singapore International Monetary Exchange

    Tesobono

    dollar-indexed, short security (Mexico)

    TIIP

    tasa interbancaria promedia (Mexico)

    UDI

    unit of investment

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