Front Matter

Author(s):
John Lipsky, Peter Keller, Donald Mathieson, and Richard Williams
Published Date:
July 1983
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    International Standard Serial Number: ISSN 0251-6365

    Address orders to: External Relations Department, Attention Publications International Monetary Fund, Washington, D.C. 20431

    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., 1979–81 or January-June) to indicate the years or months covered, including the beginning and ending years or months;

    • / between years (e.g., 1980/81) to indicate a crop or fiscal (financial) year.

    “Billion” means a thousand million.

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

    Prefatory Note

    This study was prepared in the International Capital Markets Division of the Exchange and Trade Relations Department of the International Monetary Fund under the direction of Richard C. Williams, Assistant Director, with Peter M. Keller, Assistant Division Chief.

    Background for the study was provided in part by informal discussions with some 50 banks, monetary, and/or bank supervisory authorities in 10 countries, and the staff of the Bank for International Settlements, the European Community, and the Organization for Economic Cooperation and Development. These discussions took place in February, March, and April 1983 in Amsterdam, Basle, Berlin, Berne, Brussels, Frankfurt, London, Luxembourg, New York, Ottawa, Paris, Tokyo, Toronto, Washington, and Zurich. Mr. Williams also held informal discussions with a number of banks in Bahrain during a visit there in December 1982.

    A number of Fund staff members other than the authors participated in some of the discussions: a staff team from the Exchange and Trade Relations Department headed by G. G. Johnson, and including Ms. Sena Eken and Edouard Maciejewski, visited Tokyo for the discussions in April 1983. Hiroyuki Hino and Richard Abrams of the Exchange and Trade Relations Department and Lawrence DeMilner of the Western Hemisphere Department participated in part of the discussions in Canada and/or in the United States. Robert Ley, of the Fund’s office in Europe, participated in the meetings in Paris. In the International Capital Markets Division, comments and suggestions on the paper were received from Alberto Pera, Edouard Maciejewski, and C. R. C. Saint–Etienne, and research assistance was provided by Can T. Demir.

    Similar studies have been prepared in recent years, and last year’s study was published in July 1982 as Occasional Paper No. 14. The present study was completed in May 1983 and reflects developments up to that time.

    The paper has benefited from comments by staff in other departments of the Fund and by members of the Executive Board. However, opinions expressed are those of the authors and do not necessarily represent the views of other staff members or of Executive Directors.

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