Chapter

Statistical Appendix

Author(s):
International Monetary Fund. Monetary and Capital Markets Department
Published Date:
April 2005
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This statistical appendix presents data on financial developments in key financial centers and emerging markets. It is designed to complement the analysis in the text by providing additional data that describe key aspects of financial market developments. These data are derived from a number of sources external to the IMF, including banks, commercial data providers, and official sources, and are presented for information purposes only; the IMF does not, however, guarantee the accuracy of the data from external sources.

Presenting financial market data in one location and in a fixed set of tables and charts, in this and future issues of the GFSR, is intended to give the reader an overview of developments in global financial markets. Unless otherwise noted, the statistical appendix reflects information available up to February 16, 2005.

Mirroring the structure of the chapters of the report, the appendix presents data separately for key financial centers and emerging market countries. Specifically, it is organized into three sections:

  • Figures 1-14 and Tables 1-9 contain information on market developments in key financial centers. This includes data on global capital flows, and on markets for foreign exchange, bonds, equities, and derivatives, as well as sectoral balance sheet data for the United States, Japan, and Europe.

  • Figures 15 and 16, and Tables 10-21 present information on financial developments in emerging markets, including data on equity, foreign exchange, and bond markets, as well as data on emerging market financing flows.

  • Tables 22-28 report key financial soundness indicators for selected countries, including bank profitability, asset quality, and capital adequacy.

List of Tables and Figures

Emerging Markets

Financial Soundness indicators

Figure 1.Global Capital Flows: Sources and Uses of Global Capital in 2003

Source: International Monetary Fund, World Economic Outlook database as of March 11, 2005.

1As measured by countries’ current account surplus (assuming errors and omissions are part of the capital and financial accounts).

2Other countries include all countries with shares of total surplus less than 2. 3 percent.

3As measured by countries’ current account deficit (assuming errors and omissions are part of the capital and financial accounts).

4Other countries include all countries with shares of total deficit less than 1. 2 percent.

Figure 2.Exchange Rates: Selected Major Industrial Countries

Sources: Bloomberg L. P.; and the IMF Competitive Indicators System.

Note: In each panel, the effective and bilateral exchange rates are scaled so that an upward movement implies an appreciation of the respective local currency.

1Local currency units per U. S. dollar except for the euro area and the United Kingdom, for which data are shown as U. S. dollars per local currency.

21995 = 100; constructed using 1989-91 trade weights.

Figure 3.United States: Yields on Corporate and Treasury Bonds

(Weekly data)

Sources: Bloomberg L. P.; and Merrill Lynch.

Figure 4.Selected Spreads

(In basis points)

Sources: Bloomberg L. P.: and Merrill Lynch.

1Spread over 10-year U.S. treasury bond: weekly data.

2Spread between yields on three-month U. S. treasury repo and on three-month U. S. treasury bill.

3Spread between yields on 90-day investment-grade commercial paper and on three-month U. S. treasury bill.

4Spread between three-month U. S. dollar LIBOR and yield on three-month U. S. treasury bill.

5Spread over 10-year government bond.

Figure 5.Nonfinancial Corporate Credit Spreads

(In basis points)

Source: Merrill Lynch.

Figure 6.Equity Markets: Price Indexes

(January 1, 1990 = 100; weekly data)

Source: Datastream.

Figure 7.Implied and Historical Volatility in Equity Markets

Sources: Bloomberg L.P.; and IMF staff estimates.

Note: Implied volatility is a measure of the equity price variability implied by the market prices of call options on equity futures. Historical volatility is calculated as a rolling 100-day annualized standard deviation of equity price changes. Volatilities are expressed in percent rate of change.

1VIX is the Chicago Board Options Exchange’s volatility index. This index is calculated by taking a weighted average of implied volatility for the eight S&P 500 calls and puts.

Figure 8.Historical Volatility of Government Bond Yields and Bond Returns for Selected Countries1

Sources: Bloomberg L.P.; and Datastream.

1 Volatility calculated as a rolling 100-day annualized standard deviation of changes in yield and returns on 10-year government bonds. Returns are based on 10-plus year government bond indexes.

Figure 9.Twelve-Month Forward Price/Earnings Ratios

Sources: I/B/E/S.

Figure 10.Flows into U.S.-Based Equity Funds

Sources: AMG Data Services; Investment Company Institute; and Datastream.

1In billions of U.S. dollars.

Figure 11.United States: Corporate Bond Market

Sources: Board of Governors of the Federal Reserve System; and Bloomberg L.P.

1Spread against yield on 10-year U.S. government bonds.

Figure 12.Europe: Corporate Bond Market1

Sources: Bondware; and Datastream.

1 Nonfinancial corporate bonds.

2Spread between yields on a Merrill Lynch High-Yield European Issuers Index bond and a 10-year German government benchmark bond.

Figure 13.United States: Commercial Paper Market1

Source: Board of Governors of the Federal Reserve System.

1 Nonfinancial commercial paper.

2Difference between 30-day A2/P2 and AA commercial paper.

Figure 14.United States: Asset-Backed Securities

Sources: Merrill Lynch; Datastream; and the Bond Market Association.

1Merrill Lynch AAA Asset-Backed Master Index (fixed rate) option-adjusted spread.

2Collateralized bond/debt obligations.

Table 1.Global Capital Flows: Inflows and Outflows1(In billions of U.S. dollars)
InflowsOutflows
1993199419951996199719981999200020012002200319931994199519961997199819992000200120022003
United States
Direct investment51.446.157.886.5105.6179.0289.4321.3167.072.439.9-84.0-80.2-98.8-91.9-104.8-142.6-224.9-159.2-142.4-134.8-173.8
Portfolio investment111.0139.4210.4332.8333.1187.6285.6436.6428.3427.9544.5-146.2-63.2-122.4-149.3-116.9-124.2-116.2-121.9-84.615.9-72.3
Other investment119.7120.5170.4131.8268.157.0165.2289.0187.5268.0244.831.0-40.9-121.4-178.9-262.8-74.2-171.2-288.4-134.9-75.4-38.8
Reserve assetsn.a.n.a.n.a.n.a.n.a.n.a.n.a.n.a.n.a.n.a.n.a.-1.45.3-9.76.7-1.0-6.78.7-0.3-4.9-3.71.5
Total capital flows282.1306.0438.6551.1706.8423.6740.21,046.9782.9768.2629.2-200.5-178.9-352.3-413.4-485.5-347.8-503.7-569.8-366.8-198.0-283.4
Canada
Direct investment4.78.29.39.611.522.724.866.127.520.96.3-5.7-9.3-11.5-13.1-23.1-34.1-17.3-44.5-36.2-26.5-22.2
Portfolio investment41.417.218.413.711.716.62.710.324.613.413.2-13.8-6.6-5.3-14.2-8.6-15.1-15.6-43.0-24.4-15.9-9.1
Other investment-6.716.0-3.915.728.05.4-10.80.87.55.010.9-0.4-20.4-8.3-21.1-16.29.410.2-4.2-10.5-8.5-20.6
Reserve assetsn.an.a.n.a.n.a.n.a.n.a.n.a.n.a.n.a.n.a.n.a.-0.90.4-2.7-5.52.4-5.0-5.9-3.7-2.20.23.3
Total capital flows39.441.423.939.151.244.816.677.259.739.330.3-20.8-35.9-27.9-53.9-45.4-44.8-28.5-95.4-73.3-50.7-48.7
Japan
Direct investment0.10.90.00.23.23.312.38.26.29.16.2-13.8-18.1-22.5-23.4-26.1-24.6-22.3-31.5-38.5-32.0-28.8
Portfolio investment-6.164.559.866.879.256.1126.947.460.5-20.081.2-63.7-92.0-86.0-100.6-47.1-95.2-154.4-83.4-106.8-85.9-176.3
Other investment-32.7-5.697.331.168.0-93.3-265.1-10.2-17.626.634.115.1-35.1-102.25.2-192.037.9266.3-4.146.636.4149.9
Reserve assetsn.a.n.a.n.a.n.a.n.a.n.a.n.a.n.a.n.a.n.a.n.a.-27.5-25.3-58.6-35.1-6.66.2-76.3-49.0-40.5-46.1-187.2
Total capital flows-38.759.8157.198.1150.4-34.0-125.945.449.115.7121.5-90.0-170.4-269.4-154.0-271.6-75.813.4-168.0-139.2-127.7-242.3
United Kingdom
Direct investment16.510.721.727.437.474.789.5122.253.825.520.7-27.3-34.9-45.3-34.8-62.4-122.1-201.6-245.4-59.7-49.5-65.4
Portfolio investment43.647.058.868.043.535.2183.9255.669.676.6153.6-133.631.5-61.7-93.1-85.1-53.2-34.2-97.1-124.71.2-58.3
Other investment191.4-10.8106.2254.4328.5103.983.6423.2333.2111.4416.7-68.5-42.4-74.9-217.8-276.0-29.8-92.8-417.5-254.7-150.5-436.1
Reserve assetsn.a.n.a.n.a.n.a.n.a.n.a.n.a.n.a.n.a.n.a.n.a.-1.3-1.50.90.73.90.31.0-5.34.50.62.6
Total capital flows251.646.9186.7349.7409.4213.7357.1801.0456.6213.5591.0-230.5-47.4-181.0-345.1-419.6-204.9-327.5-765.3-434.6-198.1-557.3
Euro area2
Direct investment209.7404.8182.5138.2117.9-338.2-404.9-283.1-141.9-133.9
Portfolio investment282.9270.7311.3273.7342.7-330.5-385.2-252.8-162.6-321.8
Other investment208.3337.2241.162.6185.3-31.0-166.2-244.0-224.2-265.7
Reserve assetsn.a.n.a.n.a.n.a.n.a.n.a.n.a.n.a.n.a.n.a.n.a.11.616.216.5-2.635.1
Total capital flows700.81,012.7734.8474.6645.9-688.1-940.1-763.3-531.3-686.4
Emerging Markets and Developing Countries2
Direct investment71.496.0123.9142.9184.6183.6207.0211.7224.1168.7177.0-17.1-15.6-23.6-28.2-37.3-24.2-34.0-36.9-33.8-25.6-27.5
Portfolio investment94.793.738.0113.888.335.2113.875.4-8.0-21.449.23.4-12.1-13.0-34.8-46.27.6-38.3-87.8-92.9-69.6-111.5
Other investment40.717.7139.885.1169.0-99.5-64.85.1-42.735.2121.2-23.7-64.9-48.9-91.0-138.632.0-79.4-149.211.4-8.6-127.5
Reserve assetsn.a.n.a.n.a.n.a.n.a.n.a.n.a.n.a.n.a.n.a.n.a.-65.5-67.4-129.9-91.5-105.2-36.8-94.1-120.5-114.1-197.3-370.3
Total capital flows206.8207.4301.7341.8441.9119.3256.0292.2173.4182.5347.4-103.0-160.0-215.3-245.6-327.3-21.5-245.8-394.4-229.5-301.0-636.8
Sources: International Monetary Fund, World Economic Outlook database as of March 11, 2005, and International Financial Statistics. 1The total net capital flows are the sum of direct investment, portfolio investment, other investment flows, and reserve assets.

“Other investment” includes bank loans and deposits.

This aggregate comprises the group of Other Emerging Market and Developing Countries defined in the World Economic Outlook, together with Hong Kong SAR, Israel, Korea, Singapore, and Taiwan Province of China.

Sources: International Monetary Fund, World Economic Outlook database as of March 11, 2005, and International Financial Statistics. 1The total net capital flows are the sum of direct investment, portfolio investment, other investment flows, and reserve assets.

“Other investment” includes bank loans and deposits.

This aggregate comprises the group of Other Emerging Market and Developing Countries defined in the World Economic Outlook, together with Hong Kong SAR, Israel, Korea, Singapore, and Taiwan Province of China.

Table 2.Global Capital Flows: Amounts Outstanding and Net Issues of International Debt Securities by Currency of Issue and Announced International Syndicated Credit Facilities by Nationality of Borrower(In billions of U.S. dollars)
2004
1997199819992000200120022003Q1Q2Q3
Amounts outstanding of international debt securities by currency of issue
U.S. dollar1,432.91,832.62,357.32,907.93,610.44,045.94,494.94,653.44,708.94,765.4
Japanese yen444.4462.6497.5452.5411.5433.3488.4508.3504.2501.3
Pound sterling266.7322.4391.1452.7506.0618.6778.6831.5858.9883.2
Canadian dollar67.255.556.451.547.551.579.384.586.098.4
Swedish krona4.17.57.27.78.211.115.815.416.317.6
Swiss franc138.5153.5135.5132.0123.6159.1195.6194.3199.8205.7
Euro1848.61,133.61,451.11,768.72,288.53,282.84,834.34,931.85,126.95,431.1
Other78.884.398.597.3110.3152.3217.2236.1238.5254.8
Total3,281.24,052.04,994.65,870.37,106.08,754.611,104.111,455.311,739.512,157.5
Net issues of international debt securities by currency of Issue
U.S. dollar320.3399.7525.2550.5702.5435.4448.9158.555.456.5
Japanese yen34.0-33.0-23.510.918.6-17.53.86.614.77.1
Pound sterling46.453.977.892.265.552.386.031.137.626.9
Canadian dollar-6.2-7.5-2.3-2.8-1.13.615.66.23.37.3
Swedish krona-0.43.60.11.21.41.12.00.40.80.8
Swiss franc-1.66.34.0-0.2-5.28.015.84.82.05.5
Euro1130.2214.6506.9423.7624.0494.7786.4259.4221.2193.9
Other23.28.914.79.019.031.138.419.012.59.1
Total545.9646.51,102.91,084.51,424.71,008.71,396.9486.0347.5307.1
Announced international syndicated credit facilities by nationality of borrower
All countries1,080.6905.31,025.21,450.01,381.41,296.91,241.4264.2523.4430.3
Industrial countries903.6819.4959.61,313.81,269.21,197.81,129.6235.9486.6384.7
Of which:
United States606.7575.1622.6792.4844.8735.0609.2132.3325.5206.0
Japan6.111.415.417.523.819.518.210.34.48.6
Germany23.615.534.042.435.885.297.112.027.814.1
France38.719.833.772.950.163.965.817.829.766.3
Italy10.16.016.134.936.022.945.38.14.26.1
United Kingdom101.379.8109.0131.1105.7110.0104.025.228.428.9
Canada37.641.422.837.838.634.928.43.511.25.2
Source: Bank for International Settlements.

For 1997-98, the euro includes euro area currencies.

Source: Bank for International Settlements.

For 1997-98, the euro includes euro area currencies.

Table 3.Selected Indicators on the Size of the Capital Markets, 2003(In billions of U.S. dollars unless noted otherwise)
GDPTotal Reserves Minus Gold1Stock Market CapitalizationDebt SecuritiesBank Assets2Bonds, Equities, and Bank Assets3Bonds, Equities, and Bank Assets3 (In percent of GDP)
PublicPrivateTotal
World36,319.73,155.931,202.319,993.631,311.151,304.747,834.3130,341.3358.9
European Union10,530.5235.37,754.06,242.610,433.416,676.022,361.146,791.1444.3
Euro area8,216.0186.64,882.85,444.27,958.713,402.916,570.835,050.4426.6
North America11,876.4111.115,154.75,631.316,063.221,694.57,160.244,009.4370.6
Canada872.336.2888.7607.5372.4979.91,323.93,192.5366.0
United States11,004.174.914,266.05,023.815,690.820,714.65,836.340,816.9370.9
Japan4,299.6663.34,904.65,835.12,252.68,087.77,239.920,232.3470.6
Memorandum items:
EU countries
Austria253.38.556.5165.0204.9369.9334.6761.0300.5
Belgium304.911.0170.7379.1316.6695.71,213.32,079.7682.1
Denmark212.437.1118.2115.5314.7430.2526.61,075.0506.2
Finland162.110.5170.3110.769.9180.6193.9544.8336.1
France1,762.630.21,237.61,045.81,545.22,591.04,498.68,327.2472.4
Germany2,406.650.71,079.01,165.02,864.74,029.73,508.68,617.3358.1
Greece173.14.4103.8225.321.3246.6225.3575.7332.6
Ireland152.44.185.139.2136.8176.0706.1967.2634.6
Italy1,471.130.4614.81,498.41,116.92,615.32,195.25,425.4368.8
Luxembourg27.10.337.30.038.538.5662.4738.22,725.2
Netherlands513.711.0539.0257.8909.51,167.31,857.33,563.6693.7
Portugal146.95.962.4106.8120.5227.3179.6469.3319.4
Spain842.219.8726.2451.1613.91,065.01,189.72,981.0354.0
Sweden302.319.7293.0169.2268.1437.3352.31,082.7358.2
United Kingdom1,799.841.92,460.1513.71,891.92,405.64,717.49,583.1532.4
Emerging market countries48,456.71,937.13,947.31,949.51,119.33,068.88,074.715,090.8178.4
Of which:
Asia3,917.81,248.62,942.8843.8837.21,681.05,648.310,272.1262.2
Latin America1,742.6195.7608.1635.3202.1837.4904.42,349.8134.8
Middle East823.8149.596.410.112.722.8648.1767.393.1
Africa561.591.9168.371.626.397.9400.6666.7118.7
Europe1,410.9251.5131.8388.741.0429.7473.41,034.973.3
Sources: World Federation of Exchanges; Bank for International Settlements; International Monetary Fund, International Financial Statistics (IFS) and World Economic Outlook database as of March 11, 2005; and ©2003 Bureau van Dijk Electronic Publishing-Bankscope.

Data are from the IFS. For the United Kingdom, excludes the assets of the Bank of England.

Assets of commercial banks.

Sum of the stock market capitalization, debt securities, and bank assets.

This aggregate comprises the group of Other Emerging Market and Developing Countries defined in the World Economic Outlook, together with Hong Kong SAR, Israel, Korea, Singapore, and Taiwan Province of China.

Sources: World Federation of Exchanges; Bank for International Settlements; International Monetary Fund, International Financial Statistics (IFS) and World Economic Outlook database as of March 11, 2005; and ©2003 Bureau van Dijk Electronic Publishing-Bankscope.

Data are from the IFS. For the United Kingdom, excludes the assets of the Bank of England.

Assets of commercial banks.

Sum of the stock market capitalization, debt securities, and bank assets.

This aggregate comprises the group of Other Emerging Market and Developing Countries defined in the World Economic Outlook, together with Hong Kong SAR, Israel, Korea, Singapore, and Taiwan Province of China.

Table 4.Global Over-the-Counter Derivatives Markets: Notional Amounts and Gross Market Values of Outstanding Contracts1(In billions of U.S. dollars)
Notional AmountsGross Market Values
End-June 2002End-Dec. 2002End-June 2003End-Dec. 2003End-June 2004End-June 2002End-Dec. 2002End-June 2003End-Dec. 2003End-June 2004
Total127,509141,665169,658197,167220,0584,4506,3607,8966,9876,395
Foreign exchange18,06818,44822,07124,47526,9971,0528319961,301867
Outright forwards and forex swaps10,42610,71912,33212,38713,926615468476607308
Currency swaps4,2154,5035,1596,3717,033340337419557442
Options3,4273,2264,5805,7176,0389776101136116
Interest rale289,955191,658121,799141,991164,6262,4674,2665,4594,3283,951
Forward rate agreements9,1468,79210,27110,76913,1441922201929
Swaps68,23479,12094,583111,209127,5702,2133,8645,0043,9163,562
Options12,57513,74616,94620,01223,912235331434391360
Equity-linked2,2142,3092,7993,7874,521243255260274294
Forwards aid swaps3863644886016916261675763
Options1,8281,9442,3113,1863,829181194193217231
Commodity37779231,0401,4061,2707986100126166
Gold2793153043443182828123945
Other4986087361,06295251588888121
Forwards and swaps290402458420503
Options208206279642449
Other16,49618,32821,94925,50822,6446098711,0819571,116
Memorandum items:
Gross credit exposure4n.a.n.a.n.a.n.a.n.a.1,3171,5111,7501,9691,478
Exchange-traded derivatives18,06818,44822,07124,47526,997
Source: Bank for International Settlements.

All figures are adjusted for double-counting. Notional amounts outstanding have been adjusted by halving positions vis-à-vis other reporting dealers. Gross market values have been calculated as the sum of the total gross positive market value of contracts and the absolute value of the gross negative market value of contracts with nonreporting counterparties.

Single-currency contracts only.

Adjustments for double-counting are estimated.

Gross market values after taking into account legally enforceable bilateral netting agreements.

Source: Bank for International Settlements.

All figures are adjusted for double-counting. Notional amounts outstanding have been adjusted by halving positions vis-à-vis other reporting dealers. Gross market values have been calculated as the sum of the total gross positive market value of contracts and the absolute value of the gross negative market value of contracts with nonreporting counterparties.

Single-currency contracts only.

Adjustments for double-counting are estimated.

Gross market values after taking into account legally enforceable bilateral netting agreements.

Table 5.Global Over-the-Counter Derivatives Markets: Notional Amounts and Gross Market Values of Outstanding Contracts by Counterparty, Remaining Maturity, and Currency1(In billions of U.S. dollars)
Notional AmountsGross Market Values
End-June 2002End-Dec. 2002End-June 2003End-Dec. 2003End-June 2004End-June 2002End-Dec. 2002End-June 2003End-Dec. 2003End-June 2004
Total127,509141,665169,658197,167220,0584,4506,3607,3966,9876,395
Foreign exchange18,06818,44822,07124,47526,9971,0528819961,301867
By counterparty
With other reporting dealers6,6026,8427,9543,66010,796372285284395247
With other financial institutions7,2107,5978,9489,45010,113421377427535352
With nonfinancial customers4,2564,0095,1686,3656,088259220286370267
By remaining maturity
Up to one year214,40114,52217,54318,84021,252
One to five years22,5372,7193,1283,9013,912
Over five years21,1301,2081,3991,7341,834
By major currency
U.S. dollar315,97316,50019,40121,42924,5519488133911,212808
Euro37,2977,7949,87910,14510,312445429526665380
Japanese yen34,4544,7914,9075,5006,516254189165217178
Pound sterling32,5222,4623,0934,2864,61411298114179130
Other35,8905,3496,8627,5908,001345233296329238
Interest rate489,955101,658121,799141,991164,6262,4674,2665,4594,3283,951
By counterparty
With other reporting dealers43,34046,72253,62263,57972,5501,0811,8482,2661,8721,606
With other financial institutions36,31043,60753,13357,56470,2191,0251,8452,4821,7681,707
With nonfinancial customers10,30411,32815,04420,84721,857361573710687638
By remaining maturity
Up to one year233,67436,93844,92746,47457,157
One to five years234,43740,13746,64658,91466,093
Over five years221,84424,58330,22636,60341,376
By major currency
U.S. dollar32,17834,39940,11046,17857,8271,1271,9172,2861,7341,464
Euro30,67138,42950,00055,79363,0067101,4992,1781,7301,774
Japanese yen13,43314,65015,27019,52621,103326378405358324
Pound sterling6,9787,4428,3229,88411,867151252315228188
Other6,6956,7388,09710,61010,823153220275278201
Equity-linked2,2142,3092,7993,7874,521243255260274294
Commodity57779231,0401,4061,2707986100128166
Other16,49618,32821,94925,50822,6446098711,0819571,116
Source: Bank for International Settlements.

All figures are adjusted for double-counting. Notional amounts outstanding have been adjusted by halving positions vis-à-vis other reporting dealers. Gross market values have been calculated as the sum of the total gross positive market value of contracts and the absolute value of the gross negative market value of contracts with nonreporting counterparties.

Residual maturity.

Counting both currency sides of each foreign exchange transaction means that the currency breakdown sums to twice the aggregate.

Single-currency contracts only.

Adjustments for double-counting are estimated.

Source: Bank for International Settlements.

All figures are adjusted for double-counting. Notional amounts outstanding have been adjusted by halving positions vis-à-vis other reporting dealers. Gross market values have been calculated as the sum of the total gross positive market value of contracts and the absolute value of the gross negative market value of contracts with nonreporting counterparties.

Residual maturity.

Counting both currency sides of each foreign exchange transaction means that the currency breakdown sums to twice the aggregate.

Single-currency contracts only.

Adjustments for double-counting are estimated.

Table 6.Exchange-Traded Derivative Financial Instruments: Notional Principal Amounts Outstanding and Annual Turnover
19881989199019911992199319941995199619971998199920002001200220032004
Q1Q2Q3
(In billions of U.S. dollars)(In billions of U.S. dollars)
Notional principal amounts outstanding
Interest rate futures895.41,201.01,454.82,157.42,913.14,960.45,807.65,876.25,979.07,586.78,031.47,924.87,907.89,269.59,955.613,123.816,231.519,150.617,024.8
Interest rate options279.0386.0595.41,069.61,383.82,361.42,623.22,741.83,277.83,639.94,623.53,755.54,734.212,492.311,759.520,793.826,283.230,234.428,335.0
Currency futures12.116.017.018.326.534.740.433.837.742.331.736.774.465.647.080.175.265.784.1
Currency options48.050.256.562.971.675.955.7120.4133.4118.649.222.421.427.427.437.947.032.337.2
Stock market index futures27.041.169.176.079.8110.0127.7172.2195.9210.9291.5340.3371.5333.9325.5501.9549.2537.4552.9
Stock market index options42.770.293.6136.8163.1231.6242.7337.7394.5808.7907.41,510.21,148.31,574.91,700.82,202.32,689.92,781.52,958.1
Total1,304.11,764.52,286.43,521.04,637.97,774.18,897.29,282.110,018.112,407.113,934.713,589.914,257.723,764.123,815.736,739.845,875.952,802.048,992.1
North America951.21,153.51,264.42,152.82,698.14,359.94,823.54,852.34,841.26,347.97,355.16,930.68,167.916,203.213,693.819,504.023,736.731,061.127,897.6
Europe177.4250.9461.4710.71,114.41,777.91,831.82,241.32,828.13,587.44,397.14,008.54,197.46,141.38,800.415,406.119,862.019,302.118,509.2
Asia-Pacific175.5360.1560.5657.0823.51,606.02,171.81,990.22,154.02,235.71,882.52,401.31,606.21,308.51,192.41,613.12,076.62,239.92,370.3
Other0.00.00.10.51.930.370.1198.3194.8236.1300.0249.5286.2111.1129.1216.6200.6198.9215.0
(In millions of contracts traded)(In millions of contracts traded)
Annual turnover
Interest rate futures156.4201.0219.1230.9330.1427.0628.5561.0612.2701.6760.0672.7781.21,057.51,152.01,576.8454.6495.7484.5
Interest rate options30.539.552.050.864.882.9116.6225.5151.1116.7129.6117.9107.6199.6240.3302.292.499.089.8
Currency futures22.528.229.730.031.339.069.899.673.673.554.637.243.649.142.758.718.719.020.5
Currency options18.220.718.922.923.423.721.323.326.321.112.16.87.110.516.114.33.63.22.7
Stock market index futures29.630.139.454.652.071.2109.0114.893.9115.9178.0204.8225.2337.1530.2725.7207.9200.7188.1
Stock market index options79.1101.7119.1121.4133.9144.1197.6187.3172.3178.2195.1322.5481.41,148.22,235.43,233.9731.5851.0666.8
Total336.3421.2478.2510.4635.6787.91,142.91,211.61,129.31,207.21,329.41,361.91,646.12,802.04,216.85,911.71,508.61,668.51,452.4
North America252.3288.0312.3302.6341.4382.4513.5455.0428.4463.6530.2463.0461.3675.7912.21,279.7366.3428.1430.0
Europe40.864.383.0110.5185.1263.4398.1354.7391.8482.8525.9604.5718.5957.81,074.81,346.4389.0353.1330.5
Asia-Pacific34.363.679.185.882.998.5131.7126.4115.9126.8170.9207.8331.3985.12,073.13,099.6685.4823.8628.3
Other8.95.33.811.526.243.699.6275.5193.2134.0102.486.6135.0183.4156.7186.067.963.563.6
Source: Bank for International Settlements.
Source: Bank for International Settlements.
Table 7.United States: Sectoral Balance Sheets(In percent)
1997199819992000200120022003
Corporate sector
Debt/net worth51.151.351.149.052.151.649.7
Short-term debt/total debt40.540.338.939.433.730.527.4
Interest burden111.012.613.415.817.715.713.2
Household sector
Net worth/assets85.485.786.185.083.882.082.3
Equity/total assets29.731.535.131.026.620.824.1
Equity/financial assets42.845.049.445.340.433.338.0
Home mortgage debt/total assets9.59.49.19.810.712.212.3
Consumer credit/total assets3.43.33.23.53.84.13.8
Total debt/financial assets21.020.519.521.924.628.827.8
Debt service burden212.112.112.312.613.113.313.2
Banking sector3
Credit quality
Nonperforming loans4/total loans1.01.01.01.11.41.51.2
Net loan losses/average total loans0.70.70.60.71.01.10.9
Loan-loss reserve/total loans1.81.81.71.71.91.91.8
Net charge-offs/total loans0.60.70.60.71.01.10.9
Capital ratios
Total risk-based capital12.212.212.212.112.712.812.8
Tier 1 risk-based capital8.69.59.59.49.910.010.1
Equity capital/total assets8.38.58.48.59.19.29.1
Core capital (leverage ratio)7.67.57.87.77.87.97.9
Profitability measures
Return on average assets (ROA)1.31.31.31.21.21.41.4
Return on average equity (ROE)15.614.815.714.814.214.915.2
Net interest margin4.34.04.03.93.94.13.7
Efficiency ratio559.261.058.758.457755.856.5
Sources: Board of Governors of the Federal Reserve System, Flow of Funds; Department of Commerce, Bureau of Economic Analysis; Federal Deposit Insurance Corporation; and Federal Reserve Bank of St. Louis.

Ratio of net interest payments to pre-tax income.

Ratio of debt payments to disposable personal income.

FDIC-insured commercial banks.

Loans past due 90+ days and nonaccrual.

Noninterest expense less amortization of intangible assets as a percent of net interest income plus noninterest income.

Sources: Board of Governors of the Federal Reserve System, Flow of Funds; Department of Commerce, Bureau of Economic Analysis; Federal Deposit Insurance Corporation; and Federal Reserve Bank of St. Louis.

Ratio of net interest payments to pre-tax income.

Ratio of debt payments to disposable personal income.

FDIC-insured commercial banks.

Loans past due 90+ days and nonaccrual.

Noninterest expense less amortization of intangible assets as a percent of net interest income plus noninterest income.

Table 8.Japan: Sectoral Balance Sheets1(In percent)
FY1997FY1998FY1999FY2000FY2001FY2002FY2003
Corporate sector
Debt/shareholders’ equity (book value)207.9189.3182.5156.8156.0146.1121.3
Short-term debt/total debt41.839.039.437.736.839.037.8
Interest burden239.146.536.328.432.327.822.0
Debt/operating profits1,498.51,813.81,472.11,229.31,480.01,370.01,079.2
Memorandum items:
Total debt/GDP3106.7106.9108.3102.1100.599.489.5
Household sector
Net worth/assets85.385.185.585.385.185.1
Equity4.33.15.64.94.55.0
Real estate40.039.537.636.735.534.1
Interest burden45.55.35.05.15.04.94.7
Memorandum items:
Debt/equity345.2477.6259.4299.5333.4298.5
Debt/real estate36.737.838.640.041.943.7
Debt/net disposable income126.1127.0126.7128.5130.3127.5
Debt/net worth17.217.617.017.217.517.6
Equity/net worth5.03.76.55.75.25.9
Real estate/net worth46.946.543.943.041.740.1
Total debt/GDP375.977.477.776.477.176.5
Banking sector
Credit quality
Nonperforming loans5/total loans5.46.25.96.38.47.45.8
Capital ratio
Stockholders’ equity/assets2.84.44.84.63.93.33.9
Profitability measures
Return on equity (ROE)6-20.4-12.52.6-0.5-14.3-19.5-2.7
Sources: Ministry of Finance, Financial Statements of Corporations by Industries; Cabinet Office, Economic and Social Research Institute, Annual Report on National Accounts; Japanese Bankers Association, Financial Statements of All Banks; and Financial Services Agency, The Status of Nonperforming Loans.

Data are for fiscal years beginning April 1.

Interest payments as a percent of operating profits.

Revised due to the change in GDP figures.

Interest payments as a percent of disposable income.

From FY1998 onward, nonperforming loans are based on figures reported under the Financial Reconstruction Law. Up to FY1997, they are based on loans reported by banks for risk management purposes.

Net income as a percentage of stockholders’ equity (no adjustment for preferred stocks, etc.).

Sources: Ministry of Finance, Financial Statements of Corporations by Industries; Cabinet Office, Economic and Social Research Institute, Annual Report on National Accounts; Japanese Bankers Association, Financial Statements of All Banks; and Financial Services Agency, The Status of Nonperforming Loans.

Data are for fiscal years beginning April 1.

Interest payments as a percent of operating profits.

Revised due to the change in GDP figures.

Interest payments as a percent of disposable income.

From FY1998 onward, nonperforming loans are based on figures reported under the Financial Reconstruction Law. Up to FY1997, they are based on loans reported by banks for risk management purposes.

Net income as a percentage of stockholders’ equity (no adjustment for preferred stocks, etc.).

Table 9.Europe: Sectoral Balance Sheets1(In percent)
1997199819992000200120022003
Corporate sector
Debt/equity285.383.684.882.783.884.381.9
Short-term debt/total debt38.137.337.739.938.937.137.4
Interest burden317.216.817.118.919.819.118.6
Debt/operating profits263.6258.8288.1315.2322.2336.6326.2
Memorandum items:
Financial assets/equity1.71.82.12.01.91.61.6
Liquid assets/short-term debt94.592.989.685.788.893.190.3
Household sector
Net worth/assets85.485.385.785.484.784.484.4
Equity/net worth14.815.918.617.516.613.112.7
Equity/net financial assets37.639.543.943.343.037.436.3
Interest burden46.46.76.46.66.36.26.1
Memorandum items:
Nonfinancial assets/net worth59.558.956.858.760.965.064.9
Debt/net financial assets45.444.041.543.045.451.150.2
Debt/income89.591.894.795.595.699.6102.8
Banking sector5
Credit quality
Nonperforming loans/total loans5.06.15.63.53.43.73.7
Loan-loss reserve/nonperforming loans74.776.572.078.581.176.976.1
Loan-loss reserve/total loans2.12.72.72.82.72.92.8
Loan-loss provisions/total operating income613.211.79.17.410.013.111.1
Capital ratios
Total risk-based capital10.710.610.511.011.211.4
Tier 1 risk-based capital7.27.07.27.77.78.1
Equity capital/total assets3.73.93.84.14.04.04.1
Capital funds/liabilities6.16.36.26.66.56.66.6
Profitability measures
Return on assets, or ROA (after tax)0.40.40.50.70.40.30.4
Return on equity, or ROE (after tax)9.711.211.717.610.38.29.4
Net interest margin1.91.71.41.51.51.61.6
Efficiency ratio769.568.468.668.970.371.066.9
Sources: ©2003 Bureau van Dijk Electronic Publishing-Bankscope; ECB Monthly Bulletin; and IMF staff estimates.

GDP-weighted average for France, Germany, and the United Kingdom, unless otherwise noted.

Corporate equity adjusted for changes in asset valuation.

Interest payments as a percent of gross operating profits.

Interest payments as a percent of disposable income.

Fifty largest European banks. Data availability may restrict coverage to less than 50 banks for specific indicators.

Includes the write-off of goodwill in foreign subsidiaries by banks with exposure to Argentina.

Cost-to-income ratio.

Sources: ©2003 Bureau van Dijk Electronic Publishing-Bankscope; ECB Monthly Bulletin; and IMF staff estimates.

GDP-weighted average for France, Germany, and the United Kingdom, unless otherwise noted.

Corporate equity adjusted for changes in asset valuation.

Interest payments as a percent of gross operating profits.

Interest payments as a percent of disposable income.

Fifty largest European banks. Data availability may restrict coverage to less than 50 banks for specific indicators.

Includes the write-off of goodwill in foreign subsidiaries by banks with exposure to Argentina.

Cost-to-income ratio.

Figure 15.Emerging Market Volatility Measures

Sources: For “Emerging Market Equity Volatility,” Morgan Stanley Capital International (MSCI); and IMF staff estimates. For “Emerging Market Debt Volatility,” J.P. Morgan Chase & Co.; and IMF staff estimates.

1Data utilize the Emerging Markets index in U.S. dollars to calculate 30-day rolling volatilities.

2Data utilize the EMBI Global total return index in U.S. dollars to calculate 30-day rolling volatilities.

Figure 16.Emerging Market Debt Cross-Correlation Measures

Sources: J.P. Morgan Chase & Co.; and IMF staff estimates.

1Thirty-day moving simple average across all pair-wise return correlations of 20 constituents included in the EMBI Global.

2Simple average of all pair-wise correlations of all markets in a given region with all other bond markets, regardless of region.

Table 10.Equity Market Indices
Year to Date (as of 2/16/05)2004 End of PeriodEnd of Period12-Month High12-Month LowAll Time High1All Time Low1
Q1Q2Q3Q420002001200220032004
World1,169.71,059.21,062.51,047.91,169.31,221.31,003.5792.21,036.31,169.31,170.0997.01,448.8423.1
Emerging Markets
Emerging Markets Free562.5482.1432.2464.2542.2333.8317.4292.1442.8542.2542.3395.9587.1175.3
EMF Latin America1,555.41,169.51,062.41,238.31,483.6915.6876.2658.91,100.91,483.61,483.6942.21,569.6185.6
Argentina1,328.01,034.6847.81,073.71,163.01,232.7959.6470.3933.61,163.01,163.2758.42,052.2152.6
Brazil1,103.9786.9686.4862.91,046.6763.2597.1395.4802.01,046.61,047.3584.11,306.484.1
Chile975.9779.6762.0870.5997.3604.7568.7445.5800.6997.3997.3705.71,119.6183.0
Colombia252.7152.8145.8184.6245.042.157.768.3108.6245.0251.3127.6255.441.2
Mexico2,871.72,241.12,114.12,222.42,715.61,464.91,698.21,442.81,873.12,715.62,730.31,930.12,890.0308.9
Peru350.8364.7308.8340.5343.4125.0144.1182.7344.1343.4364.7275.6364.773.5
Venezuela138.6123.0131.7149.4151.0106.195.477.7103.8151.0166.4105.5278.456.1
EMF Asia242.4222.1195.0203.2231.6143.6149.7140.4206.4231.6234.9178.4433.0104.1
China25.724.722.524.125.322.816.814.125.525.327.119.0136.912.9
India273.1230.8201.6232.1273.1173.4141.2148.8246.2273.1276.9184.9323.977.7
Indonesia1,420.3892.4927.31,060.51,324.0456.4437.2519.6831.11,324.01,386.9839.91,420.3280.0
Korea279.7276.1237.3245.9256.4125.6190.4184.7246.0256.4292.9215.7292.959.5
Malaysia342.4342.6306.5316.8335.9245.2250.7244.0300.4335.9348.3293.5465.788.3
Pakistan263.6200.7192.4188.2211.799.167.4146.0188.2211.7242.4177.3263.654.4
Philippines433.4296.1331.8364.7381.1352.6292.2210.1303.7381.1421.9287.6917.3132.6
Taiwan Province of China258.5277.0248.3243.8257.7222.2255.6189.5259.1257.7300.6224.3483.5103.9
Thailand287.7240.8245.3247.4263.9102.5107.5130.2280.5263.9279.1217.9669.472.0
EMF Europe, Middle East, and Africa225.2185.6171.8185.3222.7103.5108.4163.9222.7223.8157.5225.280.8
Czech Republic266.3191.1178.4197.3234.8107.697.5116.2152.9234.8255.5160.1266.362.8
Egypt690.1282.6284.2422.1505.3154.9101.997.4234.6505.3689.8258.7704.489.9
Hungary1,253.0782.7812.9888.91,057.0582.9507.9535.5646.91,057.01,119.2682.61,253.077.1
Israel165.7156.5167.5139.0167.4196.0132.790.8141.4167.4167.5135.2236.267.6
Jordan413.3250.2252.5284.0379.2116.1149.5153.5238.3379.2439.0239.8439.0103.1
Morocco188.3188.3189.4190.6189.1198.9180.1138.5171.4189.1197.2158.5302.199.6
Poland1,502.21,251.61,218.31,264.71,419.31,307.9891.9861.01,118.31,419.31,425.01,142.51,792.999.6
Russia506.6596.7470.5508.7479.9155.2237.8270.7461.1479.9626.8408.2626.830.6
South Africa356.8302.7278.9327.8352.4244.8309.3272.7296.8352.4356.0269.5356.899.7
Turkey463,719336,724303,284369,472425,008163,012234,490169,900319,808425,008458,546265,612474,160426
EMF sectors
Energy367.9324.4277.8324.5349.0148.5162.1163.1287.4349.0349.0265.9367.981.7
Materials271.9253.1222.3262.0265.0140.8173.9182.8250.1265.0271.7207.6271.998.5
Industrials132.8107.299.2106.8128.073.463.861.898.9128.0129.587.6276.852.6
Consumer discretionary299.8250.9218.7241.9292.3126.0130.6138.8233.8292.3295.1199.6299.874.1
Consumer staple150.6124.4117.1126.4147.0103.194.688.2118.6147.0147.1109.6151.180.4
Health care277.8286.6291.6251.4290.8173.9146.5169.8272.5290.8300.7243.0300.783.3
Financials195.6151.0138.8149.5187.9112.6107.798.6138.8187.9188.6124.7196.274.6
Information technology173.0174.5149.5141.6161.5130.9134.2103.9149.6161.5187.3130.8300.073.1
Telecommunications134.7108.9104.1106.9131.6113.891.972.7100.8131.6133.092.4211.562.9
Utilities153.8127.7114.3132.4149.895.791.572.4127.2149.8149.9106.8247.863.1
Source: Data are provided by Morgan Stanley Capital International. Regional and sectoral compositions conform to Morgan Stanley Capital International definitions.

From 1990 or initiation of the index.

Year to Date (as of 2/16/05)Period on Period Percent Change12-Month High12-Month LowAll Time High1All Time Low1
2004 End of PeriodEnd of Period
Q1Q2Q3Q420002001200220032004
World2.20.3-1.411.6-14.1-17.8-21.130.812.8
Emerging Markets
Emerging Markets Free3.78.9-10.37.416.8-31.8-4.9-8.051.622.4
EMF Latin America4.86.2-9.216.619.8-18.4-4.3-24.867.134.8
Argentina14.210.8-18.126.78.3-26.1-22.2-51.098.524.6
Brazil5.5-1.9-12.825.721.3-14.2-21.8-33.8102.930.5
Chile-2.1-2.6-2.214.214.6-17.0-6.0-21.779.724.6
Colombia3.140.7-4.526.632.7-41.237.118.359.0125.7
Mexico5.819.7-5.75.122.2-21.515.9-15.029.845.0
Peru2.16.0-15.310.30.9-26.715.326.888.4-0.2
Venezuela-8.218.57.013.51.10.8-10.0-18.633.645.4
EMF Asia4.67.6-12.24.214.0-42.54.2-6.247.112.2
China1.6-3.0-9.17.35.1-32.0-26.0-16.080.3-0.7
India-6.3-12.615.117.7-17.2-18.65.365.511.0
Indonesia7.37.43.914.424.8-49.3-4.218.960.059.3
Korea9.112.2-14.13.64.3-44.651.6-3.033.24.2
Malaysia1.914.0-10.53.46.0-17.32.3-2.723.111.8
Pakistan24.56.6-4.1-2.212.5-4.3-32.0116.728.912.5
Philippines13.7-2.512.19.94.5-32.1-17.1-28.144.525.5
Taiwan Province of China0.36.9-10.4-1.85.7-42.315.0-25.836.7-0.6
Thailand9.0-14.11.90.96.7-50.04.921.1115.4-5.9
EMF Europe, Middle East, and Africa1.113.2-7.47.820.24.751.235.8
Czech Republic13.425.0-6.610.619.05.5-9.419.231.653.6
Egypt36.620.50.548.519.7-38.4-34.2-4.4140.8115.4
Hungary18.521.03.99.318.9-19.6-12.95.420.863.4
Israel-1.010.77.0-17.020.424.7-32.3-31.655.718.4
Jordan9.05.00.912.533.5-24.728.82.655.359.1
Morocco-0.59.80.60.6-0.8-20.2-9.5-23.123.810.4
Poland5.811.9-2.73.812.2-4.8-31.8-3.529.926.9
Russia5.629.4-21.28.1-5.7-30.453.213.970.34.1
South Africa1.32.0-7.917.57.5-1.226.3-11.88.818.7
Turkey9.15.3-9.921.815.0-33.543.8-27.588.232.9
EMF sectors
Energy5.412.9-14.416.87.6-24.79.20.676.221.4
Materials2.61.2-12.217.91.2-21.023.55.236.86.0
Industrials3.88.4-7.47.719.8-41.7-13.1-3.260.129.5
Consumer discretionary2.67.3-12.810.620.8-41.63.66.368.425.0
Consumer staple2.44.9-5.87.916.3-20.2-8.2-6.734.424.0
Health care-4.55.21.7-13.815.70.7-15.815.960.56.7
Financials4.18.8-8.17.725.7-24.3-4.3-8.440.735.4
Information technology7.116.7-14.3-5.314.0-44.92.6-22.643.98.0
Telecommunications2.48.0-4.42.723.1-31.1-19.2-20.938.730.5
Utilities2.70.4-10.515.813.2-25.0-4.4-20.975.717.8
Source: Data are provided by Morgan Stanley Capital International. Regional and sectoral compositions conform to Morgan Stanley Capital International definitions.

From 1990 or initiation of the index.

Year to Date (as of 2/16/05)Period on Period Percent Change12-Month High12-Month LowAll Time High1All Time Low1
2004 End of PeriodEnd of Period
Q1Q2Q3Q420002001200220032004
Developed Markets
Australia823.1680.5700.6725.2797.9640.1690.8604.4655.5797.9639.6539.9712.9250.2
Austria197.5141.1150.7156.9185.396.994.691.8118.0185.3105.479.7105.496.2
Belgium82.963.666.372.277.985.878.655.360.177.965.038.153.951.2
Canada1,185.91,062.01,058.71,072.31,139.31,156.4965.8818.31,019.71,139.3886.4705.81,511.4338.3
Denmark2,254.71,909.42,011.52,092.12,115.92,333.32,060.11,448.81,772.72,115.91,752.81,245.82,776.6556.5
Finland99.4113.191.688.193.9267.5171.8100.397.493.9126.078.8383.178.8
France105.795.398.096.0100.6152.0123.181.393.2100.695.363.4178.663.4
Germany81.173.075.472.679.2124.0100.156.074.679.278.442.9163.641.4
Greece90.367.068.568.783.3106.176.846.863.683.361.938.2197.238.2
Hong Kong SAR7,494.26,747.86,349.06,956.47,668.57,690.16,058.04,808.46,341.37,668.55,553.64,305.410,165.31,995.5
Ireland91.871.076.478.485.292.193.156.865.985.267.151.9107.351.9
Italy97.379.883.183.193.2119.991.269.678.193.278.458.7132.158.7
Japan702.4709.2714.6665.9699.1808.2650.3524.3637.3699.1628.7462.11,655.3462.1
Netherlands74.467.469.265.269.3124.5100.466.068.469.380.947.4134.947.4
New Zealand129.9112.8115.6119.9127.083.994.290.0107.6127.0101.486.6141.056.7
Norway1,811.91,407.31,475.81,603.21,690.31,458.01,278.4898.31,240.91,690.31,116.3762.21,599.1455.9
Portugal79.074.172.772.774.797.979.557.066.174.764.648.1123.148.1
Singapore1,193.71,048.31,041.31,110.71,148.11,173.4936.8764.91,005.11,148.1922.1687.31,624.2508.2
Spain109.692.092.891.7104.3107.799.069.989.6104.381.961.1133.727.4
Sweden5,953.55,238.65,385.25,451.95,785.47,735.06,178.83,517.44,675.25,785.44,173.82,914.912,250.4787.2
Switzerland771.0734.4735.8717.5747.11,017.0813.4603.2714.3747.1716.9481.41,032.8158.1
United Kingdom1,525.61,321.91,349.41,376.61,453.01,841.41,586.21,179.21,348.71,453.01,336.7986.41,974.2585.4
United States1,135.21,055.91,068.91,044.51,137.41,249.91,084.5824.61,045.41,137.4950.4726.51,493.0273.7
Period on Period Percent Change
Developed Markets
Australia3.23.83.03.510.03.77.9-12.58.521.7
Austria6.619.66.84.118.1-7.6-2.4-3.028.557.0
Belgium6.45.84.38.87.9-13.1-8.3-29.78.729.5
Canada4.14.1-0.31.36.38.1-16.5-15.324.611.7
Denmark6.67.75.34.01.19.9-11.7-29.722.419.4
Finland5.916.2-19.1-3.86.5-8.9-35.8-41.6-2.9-3.6
France5.12.32.9-2.04.71.4-19.0-34.014.67.9
Germany2.5-2.23.4-3.89.1-10.8-19.3-44.033.26.1
Greece8.55.42.20.421.2-38.6-27.6-39.135.831.1
Hong Kong SAR-2.36.4-5.99.610.2-16.7-21.2-20.631.920.9
Ireland7.97.77.52.68.6-8.51.1-39.016.029.2
Italy4.42.34.012.13.9-24.0-23.612.219.3
Japan0.511.30.8-6.85.0-20.3-19.5-19.421.69.7
Netherlands7.5-1.52.8-5.86.21.0-19.4-34.33.61.3
New Zealand2.34.82.53.85.9-24.912.2-4.419.618.0
Norway7.213.44.98.65.47.1-12.3-29.738.136.2
Portugal5.712.1-1.92.7-6.2-18.8-28.315.913.1
Singapore4.04.3-0.76.73.4-25.7-20.2-18.431.414.2
Spain5.02.60.8-1.113.8-11.2-8.0-29.528.316.4
Sweden2.912.12.81.26.1-13.8-20.1-43.132.923.7
Switzerland3.22.80.2-2.54.16.2-20.0-25.818.44.6
United Kingdom5.0-2.02.12.05.5-6.7-13.9-25.714.47.7
United States-0.21.01.2-2.38.9-13.6-13.2-24.026.88.8
Source: Data are provided by Morgan Stanley Capital International. Regional and sectoral compositions conform to Morgan Stanley Capital International definitions.

From 1990 or initiation of the index.

Source: Data are provided by Morgan Stanley Capital International. Regional and sectoral compositions conform to Morgan Stanley Capital International definitions.

From 1990 or initiation of the index.

Table 11.Foreign Exchange Rates(Units per U.S. dollar)
Year to Date (as of 2/16/05)2004 End of PeriodEnd of Period12-Month High12-Month LowAll Time High1All Time Low1
Q1Q2Q3Q420002001200220032004
Emerging Markets
Latin America
Argentina2.892.862.962.982.971.001.003.362.932.972.813.060.983.86
Brazil2.582.903.092.862.661.952.313.542.892.662.613.210.003.95
Chile568.30612.40636.00610.75555.75573.85661.25720.25592.75555.75555.75650.30295.18759.75
Colombia2,333.002,679.552,693.202,618.902,354.752,236.002,277.502,867.002,780.002,354.752,311.002,774.70689.212,980.00
Mexico11.1511.1311.4911.3811.159.629.1610.3711.2311.1510.9011.672.6811.67
Peru3.263.463.473.343.283.533.443.513.463.283.263.501.283.65
Venezuela1,918.001,917.601,917.601,917.601,918.00699.51757.501,388.801,598.001,918.001,598.001,918.0045.001,921.80
Asia
China8.288.288.288.288.288.288.288.283.288.288.288.284.738.80
India43.7743.6046.0645.9543.4646.6848.2547.9845.6343.4643.4646.4716.9249.05
Indonesia9,290.008,564.009,400.009,155.009,270.009,675.0010,400.008,950.008,420.009,270.008,388.009,440.001,977.0016,650.00
Korea1,027.031,147.271,155.451,151.851,035.101,265.001,313.501,185.701,192.101,035.101,023.801,188.25683.501,962.50
Malaysia3.803.803.803.803.803.803.803.803.803.803.803.802.444.71
Pakistan59.4057.3958.0859.1959.4357.6059.9058.2557.2559.4357.1861.3321.1864.35
Philippines55.0556.2056.1256.2856.2350.0051.6053.6055.5456.2355.0856.4623.1056.46
Taiwan Province of China31.6033.0233.7833.9831.7433.0834.9534.6433.9631.7431.7434.2024.4835.19
Thailand38.5439.2940.9341.4038.9243.3844.2143.1139.6238.9238.4141.6523.1555.50
Europe, Middle East and Africa
Czech Republic23.1026.6726.1725.3722.4237.2835.6030.0725.7122.4222.3427.6622.3442.17
Egypt5.826.206.196.246.093.894.584.626.176.095.846.253.296.25
Hungary187.12201.68205.61198.21181.02282.34274.81224.48208.70181.02180.05216.9390.20317.56
Israel4.364.534.504.484.324.044.404.744.394.324.324.631.965.01
Jordan0.710.710.710.710.710.710.710.710.710.710.710.710.640.72
Morocco11.239.1610.7310.5611.0910.5611.5910.188.8011.0910.1011.137.7511.28
Poland3.063.863.693.513.014.133.963.833.733.012.984.051.724.71
Russia28.0028.5229.0729.2227.7228.1630.5131.9629.2427.7227.7229.280.9831.96
South Africa5.986.296.146.455.677.5811.968.576.685.675.627.042.5012.45
Turkey1.311.311.481.511.340.671.451.661.411.341.311.560.011.77
Developed Markets
Australia20.780.770.700.730.780.560.510.560.750.780.800.680.840.48
Canada1.241.311.331.261.201.501.591.571.301.201.181.401.121.61
Denmark5.716.056.095.985.497.928.357.085.915.495.456.295.340.00
Euro21.301.231.221.241.360.940.891.051.261.361.361.181.360.83
Hong Kong SAR7.807.707.807.807.777.807.807.807.767.777.777.807.707.82
Japan105.42104.22108.77110.05102.63114.41131.66118.79107.22102.63102.05114.5180.63159.90
New Zealand20.710.670.640.680.720.440.420.520.660.720.720.600.720.39
Norway6.426.846.936.716.038.808.966.946.676.086.057.135.519.58
Singapore1.641.671.721.681.631.731.851.731.701.631.631.731.391.91
Sweden6.977.547.517.276.669.4210.488.697.196.666.607.745.0911.03
Switzerland1.191.271.251.251.141.611.661.381.241.141.131.311.121.82
United Kingdom21.891.851.821.811.921.491.451.611.791.921.951.762.011.37
Source: Bloomberg L.P.

High value indicates value of greatest appreciation against the U.S. dollar; low value indicates value of greatest depreciation against the U.S. dollar. “All Time” refers to the period since 1990 or initiation of the currency.

U.S. dollars per unit.

Year to Date (as of 2/16/05)Period on Period Percent Change12-Month High12-Month LowAll Time High1All Time Low1
2004 End of PeriodEnd of Period
Q1Q2Q3Q420002001200220032004
Emerging Markets
Latin America
Argentina2.82.6-3.4-0.80.30.2-0.2-70.214.7-1.4
Brazil3.0-0.1-6.17.87.7-7.7-15.6-34.722.48.9
Chile-2.2-3.2-3.74.19.9-7.8-13.2-8.221.56.7
Colombia0.93.7-0.52.811.2-16.3-1.8-20.63.118.1
Mexico0.9-3.10.92.1-1.25.1-11.7-7.60.7
Peru0.60.1-0.33.91.8-0.52.4-2.01.55.6
Venezuela-16.7-7.3-7.7-45.5-13.1-16.7
Asia
China
India-0.74.6-5.30.25.7-6.7-3.30.65.25.0
Indonesia-0.2-1.7-8.92.7-1.2-26.6-7.016.26.3-9.2
Korea0.83.9-0.70.311.3-9.9-3.710.8-0.515.2
Malaysia
Pakistan0.1-0.2-1.2-1.9-0.4-10.1-3.82.81.7-3.7
Philippines2.1-1.20.1-0.30.1-19.5-3.1-3.7-3.5-1.2
Taiwan Province of China0.52.8-2.2-0.67.1-5.1-5.30.92.07.0
Thailand1.00.8-4.0-1.16.4-13.6-1.92.68.81.8
Europe, Middle East and Africa
Czech Republic-2.9-3.61.93.113.2-3.94.718.416.914.7
Egypt4.6-0.50.1-0.72.4-11.5-15.1-0.9-25.11.3
Hungary-3.33.5-1.93.79.5-10.62.722.47.615.3
Israel-0.9-3.00.50.43.62.7-8.1-7.38.01.6
Jordan-0.10.10.0-0.30.2-0.10.1
Morocco-1.2-4.2-14.41.6-4.8-4.6-8.913.915.7-20.7
Poland-1.6-3.34.75.016.60.44.23.52.624.0
Russia-1.02.5-1.9-0.55.4-2.2-7.7-4.59.35.5
South Africa-5.26.22.5-4.913.9-18.8-36.639.628.218.0
Turkey2.37.0-11.4-1.412.1-18.6-53.9-12.417.74.7
Developed Markets
Australia0.52.0-8.84.17.2-14.9-8.810.233.93.8
Canada-2.8-0.9-1.85.74.9-3.5-5.91.321.27.9
Denmark-4.0-2.2-0.81.89.1-6.7-5.117.919.87.8
Euro-3.9-2.2-0.91.99.0-6.3-5.618.020.07.6
Hong Kong SAR-0.3-0.4-0.10.3-0.30.00.4-0.1
Japan-2.62.9-4.2-1.27.2-10.4-13.110.810.84.5
New Zealand-0.72.0-4.86.56.0-14.9-6.125.925.09.5
Norway-5.3-2.6-1.23.310.3-8.9-1.829.24.19.6
Singapore-0.61.5-2.52.03.2-4.0-6.06.42.14.2
Sweden-4.5-4.60.33.39.2-9.5-10.220.620.98.0
Switzerland-4.0-2.11.40.29.3-1.3-3.020.011.78.7
United Kingdom-1.73.4-1.4-0.55.9-7.7-2.610.710.97.4
Source: Bloomberg L.P.

High value indicates value of greatest appreciation against the U.S. dollar; low value indicates value of greatest depreciation against the U.S. dollar. “All Time” refers to the period since 1990 or initiation of the currency.

U.S. dollars per unit.

Source: Bloomberg L.P.

High value indicates value of greatest appreciation against the U.S. dollar; low value indicates value of greatest depreciation against the U.S. dollar. “All Time” refers to the period since 1990 or initiation of the currency.

U.S. dollars per unit.

Table 12.Emerging Market Bond Index: EMBI Global Total Returns Index
Year to Date (as of 2/16/05)2004 End of PeriodEnd of Period12-Month High12-Month LowAll Time High1All Time Low1
Q1Q2Q3Q420002001200220032004
EMBI Global32129227630131619619922528331631826032363
Latin America
Argentina807470748118361576781816719447
Brazil44938736441844622223823039044644633145168
Chile17316816417017211612915016217217315917498
Colombia22821619921622811514916920122822818422870
Dominican Republic1349785112126102117991261358313783
Ecuador59652343751956217724123046456259138760461
El Salvador1261191111191239811012312410912795
Mexico31529928230030819221925428430831226931858
Panama52147544947851130035339545251151341852256
Peru48344040845248524430734143148548637648752
Uruguay1341069411612910562971291308713438
Venezuela48039839045148422423628139348448535748559
Asia
China25524924024925317920323024125325423325798
Malaysia20920019120320713315017519420720918621164
Philippines29226526227628015720123026128028925029481
Thailand18918818418818813815317418418818918218975
Europe, Middle East, and Africa
Bulgaria64159459261663037246852557863063656964480
Côte d’lvoire65655665654254435865735410029
Egypt15114514214715010312214015015114015187
Hungary14414414214414411112213714214414414214497
Lebanon19618418519219512213014817719519617819699
Morocco27026426526826819922223726226827026227073
Nigeria67161859563865626736437658665666157467166
Pakistan1071601001051071221601601071609616091
Poland32030629230931222124528029031231828232371
Russia49244641744147516425634842647548439249626
South Africa32731229831532319022027129732332728532899
Tunisia14113412713513811212713813912214198
Turkey31129026129430714417621327930730824231291
Ukraine321295281294310127199241289310318265321100
Latin28925924427128520217718925228528622829062
Non-Latin38335533735937418624029134237437932138572
Sources: J.P. Morgan Chase & Co.; and IMF staff estimates.

From 1990 or initiation of the index.

Year to Date (as of 2/16/05)Period on Period Percent Change12-Month High12-Month LowAll Time High1All Time Low1
2004 End of PeriodEnd of Period
Q1Q2Q3Q420002001200220032004
EMBI Global16.33.4-5.59.04.914.41.413.125.711.7
Latin America
Argentina14.89.2-4.95.09.87.8-66.9-6.419.119.8
Brazil23.3-0.9-5.814.96.713.07.3-3.669.814.3
Chile5.73.5-2.63.71.312.211.715.88.36.0
Colombia14.37.1-7.68.55.33.029.513.319.413.2
Dominican Republic57.2-2.0-11.931.711.813.9-15.327.2
Ecuador36.312.9-16.418.78.253.936.1-4.7101.521.1
El Salvador13.17.9-6.36.63.411.911.5
Mexico11.85.3-5.66.42.717.514.316.111.68.6
Panama16.05.2-5.56.46.88.317.611.914.413.0
Peru18.22.0-7.110.77.40.226.210.826.612.6
Uruguay42.910.2-11.924.211.2-40.655.634.0
Venezuela23.11.4-2.115.67.316.05.618.939.923.2
Asia
China6.33.3-3.64.01.412.113.313.64.55.1
Malaysia9.03.2-4.55.92.111.612.916.910.76.6
Philippines11.21.4-0.95.21.3-2.927.614.613.47.1
Thailand2.52.2-2.21.90.214.311.313.55.92.0
Europe, Middle East, and Africa
Bulgaria8.22.6-0.34.02.25.125.712.210.28.9
Côte d’lvoire16.712.9-14.316.7-20.230.5-20.734.812.9
Egypt6.33.8-2.23.21.918.514.46.8
Hungary1.61.4-1.51.5-0.19.810.412.33.71.2
Lebanon5.63.80.83.81.38.96.214.119.59.9
Morocco2.20.70.41.10.15.511.17.210.22.4
Nigeria12.65.4-3.67.22.85.336.33.355.811.9
Pakistan7.4-37.75.01.931.3-0.2-33.3
Poland9.75.4-4.55.91.015.910.614.23.77.5
Russia17.94.7-6.55.87.654.955.835.922.411.5
South Africa9.64.9-4.45.52.88.516.222.99.68.8
Tunisia10.85.1-4.75.82.713.38.7
Turkey19.24.2-10.112.74.31.122.521.130.810.0
Ukraine14.32.2-5.04.85.357.121.019.87.2
Latin18.33.1-5.910.95.412.5-12.46.833.013.4
Non-Latin13.53.8-5.06.54.118.228.821.017.79.2
Sources: J.P. Morgan Chase & Co.; and IMF staff estimates.

From 1990 or initiation of the index.

Sources: J.P. Morgan Chase & Co.; and IMF staff estimates.

From 1990 or initiation of the index.

Table 13.Emerging Market Bond Index: EMBI Global Yield Spreads
Year to Date

(as of 2/16/05)
2004 End of PeriodEnd of Period12-Month High12-Month LowAll Time High1All Time Low1
Q1Q2Q3Q420002001200220032004
EMBI Global3454144824093477357287254033475493351,631335
Latin America
Argentina4,8314,8405,0875,3894,5277705,3636,3425.4854,5275,7624,4017.222381
Brazil3985546464663767488641,4604593768013722,451372
Chile589183786422017517690641136026058
Colombia3553794834073327555086334273325993271,076261
Dominican Republic6871,3381,7301,0798244464991.1418241,7506631,750304
Ecuador6387019527786901,4151,2331,8017996901,0816434,764626
El Salvador250255274276245411284245299217434217
Mexico1651842181891743913063292011742551651,149165
Panama273334365351274501404446324274433274769273
Peru2633554503402396875216093252395522341,061234
Uruguay3765767104973882841,2286363887683781,982251
Venezuela4516476434904039581,1301.1315864037523882,658388
Asia
China536567755716099845857805536439
Malaysia791131291047823720721210078148761,14176
Philippines417480448456457644466522415457508409993300
Thailand34697664611731321286761984495134
Europe, Middle East, and Africa
Bulgaria661651371157777243329117777205721,67966
Côte d’lvoire3,2102,7983,2732,9553,1212,4432,4183,1953,0133,1213,4082,5443,408582
Egypt721331301271013603251311011567964672
Hungary25294410321369352263257-4196-29
Lebanon3204003463323343386457764213344352971.082111
Morocco1801641681651705845183901601702081311.606128
Nigeria4825045914914571,8071,1031,9464994576343892,937389
Pakistan2182893132702331,1152712333482292.2250
Poland42727264692411951857669884341017
Russia1912563042982131,1726694782572133602057.063190
South Africa971351681431024183192501521022098775787
Tunisia7013214411591273146911927939470
Turkey2633164653232648037026963092645502521.196252
Ukraine1942943583332551,9539406712582554302082.314194
Latin4235316004924157028889815184156864031.532401
Non-Latin2222573162892397915234442462393572301,812222
Sources: J.P. Morgan Chase & Co.; and IMF staff estimates.

From 1990 or initiation of the index.

Year to Date

(as of 2/16/05)
Period on Period Percent Change12-Month High12-Month LowAll Time High1All Time Low1
2004 End of PeriodEnd of Period
Q1Q2Q3Q420002001200220032004
EMBI Global-21168-73-62-16-7-3-322-56
Latin America
Argentina304-645247302-8622374.593979-857-958
Brazil229592-180-90110116596-1,001-83
Chile-61-8-5-1481-451-86-26
Colombia23-48104-76-75339-247125-206-95
Dominican Republic-137197392-651-25553642-317
Ecuador-52-98251-174-88-1,938-182568-1,002-109
El Salvador5-29192-31-127-39
Mexico-9-1734-29-1530-8523-128-27
Panama-11031-14-7791-9742-122-50
Peru243095-110-101244-16688-284-86
Uruguay-12-60134-213-109944-592-248
Venezuela4861-4-153-87901721-545-183
Asia
China-4728-1835-61-15-26-1
Malaysia11316-25-2665-305-112-22
Philippines-4065-3281334-17856-10742
Thailand-2727-12-39-41-4-61-6
Europe, Middle East, and Africa
Bulgaria-11-12-28-22-38146-339-142-114-100
Côte d’lvoire89-215475-3181661,051-25777-182108
Egypt-292-3-3-26-35-194-30
Hungary-7115-342219-43-41-244
Lebanon-14-21-54-142119307131-355-87
Morocco1044-35204-66-128-23010
Nigeria25587-100-34770-704843-1,447-42
Pakistan-15024-43-37-84418-56
Poland-27-40-8529-46-10-109-7
Russia-22-148-6-85-1,260-503-191-221-44
South Africa-5-1733-25-41141-99-69-98-50
Tunisia-21-1412-29-24-127-55
Turkey-17149-142-59360-101-6-387-45
Ukraine-613664-25-78-1,013-269-413-3
Latin81369-108-7710418693-463-103
Non-Latin-17959-27-50-222-268-79-196-9
Sources: J.P. Morgan Chase & Co.; and IMF staff estimates.

From 1990 or initiation of the index.

Sources: J.P. Morgan Chase & Co.; and IMF staff estimates.

From 1990 or initiation of the index.

Table 14.Total Emerging Market Financing(In millions of U.S. dollars)
2004
199920002001200220032004Q1Q2Q3Q4
Total163,569.6216,402.7162,137.7147,395.6199,265.6280,294.769,876.162,983.469,341.878,090.3
Africa4,707.29,382.86,992.37,019.012,306.312,111.92,383.32,228.15,440.12,059.8
Algeria50.0150.075.0271.7165.8105.9
Angola455.0350.01,542.02,900.0550.02,350.0
Botswana22.5
Cameroon53.8100.1
Chad400.0
Congo. Dem. Rep of20.8
Côte d’lvoire179.015.8100.0100.0
Gabon22.022.0
Ghana30.0320.0300.0420.0650.0875.0875.0
Guinea70.070.0
Kenya7.580.2134.0
Malawi4.84.8
Mali150.4287.1288.9288.9
Mauritius160.0
Morocco322.256.4136.1474.7800.9800.9
Mozambique200.035.5
Namibia35.0
Niger27.0
Nigeria90.0100.0960.0593.0250.030.0220.0
Senegal40.0
Seychelles50.0150.080.080.0
South Africa3,423.48,698.84,646.74,058.17,837.45,413.31,179.32,027.61,679.2527.1
Tanzania135.0
Tunisia352.694.3531.0740.5485.1924.4544.030.0349.9
Zambia30.0
Zimbabwe150.0
Asia55,958.685,881.067,483.467,201.387,968.3121,327.033,116.229,714.125,538.232,958.5
Brunei129.0
China3,461.823,063.45,567.38,891.613,589.122,996.47,727.17,017.03,287.44,965.3
Hong Kong SAR11,488.321,046.418,307.312,602.19,055.713,767.41,953.02,026.93,025.46,762.2
India2,376.22,224.22,382.21,380.84,094.113,590.94,460.02,282.03,253.93,594.9
Indonesia1,465.31,283.1964.9974.05,109.93,696.92,253.095.1175.01,173.8
Korea13,542.314,230.417,021.014,693.517,237.023,843.05,650.05,997.36,549.35,646.5
Lao PDA71.4210.070.0140.0
Macao SAR29.5382.0382.0
Malaysia5,177.14,506.44,431.45,597.15,729.17,770.2834.13,525.51,361.12,049.2
Marshall Islands34.7
Pakistan182.5289.19.1840.0500.0340.1
Papua New Guinea232.4153.7
Philippines7,181.75,021.93,658.85,458.15,453.56,188.82,220.01,756.72,024.1188.1
Singapore4,338.76,079.710,383.63,810.06,792.78,619.21,340.41,108.13,126.83,043.5
Sri Lanka23.0100.0105.0186.0135.035.0100.0
Taiwan Province of China4,019.96,703.53,794.010,959.318,149.315,215.95,124.24,380.51,714.53,996.7
Thailand2,551.71,572.5684.41,927.02,357.23,957.31,054.21,080.0524.71,298.4
Vietnam100.020.0383.551.0114.0114.0
Europe26,191.537,021.722,787.729,566.947,854.872,521.714,523.515,384.719,363.823,249.4
Azerbaijan77.216.01,065.4997.010.241.017.2
Belarus36.021.421.4
Bulgaria53.98.9242.31,260.8381.3859.5540.529.5289.4
Croatia1,504.91,498.71,766.01,425.42,026.02,330.1373.0724.8926.6306.0
Cyprus288.586.3633.0547.9648.21,174.01,174.0
Czech Republic540.3127.1564.6453.44,349.52,904.12,185.1124.5593.9
Estonia289.2412.7202.1292.6507.71,093.7164.1929.6
Georgia6.0
Gibraltar65.080.0
Hungary3,471.21,308.81,364.71,040.23,774.110,831.41,833.01,983.03,541.33,473.6
Kazakhstan417.0429.6573.5743.51,535.03,354.0239.2219.01,047.81,848.0
Kyrgyz Republic95.0
Latvia288.923.0212.174.670.7889.3494.084.3145.0166.6
Lithuania959.7683.8247.3374.3431.7898.2754.071.572.5
Macedonia47.692.710.382.5
Malta57.085.0114.7392.7150.0242.7
Moldova40.07.02.05.0
Poland3,780.75,251.94,836.65,913.27,818.14,909.63,523.9591.224.4770.1
Romania176.0594.41,347.21,442.21,828.2846.91,094.7281.5203.8116.9
Russia166.83,950.73,200.18,496.012,081.221,284.6984.44,991.45,496.98,961.8
Slovak Republic994.71,466.7219.9143.1940.61,329.01,235.330.563.3
Slovenia687.7672.7827.2309.3394.81,391.876.2606.7653.655.3
Turkey11,900.020,385.46,405.16,376.09,413.014,210.03,294.01,504.24,006.75,404.9
Ukraine290.715.0514.01,400.02,606.9700.010.01,840.056.9
Uzbekistan142.040.030.046.038.728.010.03.614.3
Middle East15,387.414,999.711,020.310,635.48,368.121,324.05,444.96,086.83,092.06,700.2
Bahrain361.11,391.0207.0665.01,800.01,517.0442.01,075.0
Egypt1,533.7919.42,545.0670.0155.01,158.7200.0737.7221.0
Iran, I.R. of692.0757.7887.02,666.4700.01,942.7179.31,497.639.9225.9
Israel3,719.02,908.51,602.6344.4750.03,514.0758.11,264.7341.11,150.1
Jordan60.080.9199.4199.4
Kuwait147.5250.0770.0750.0365.01,482.5300.0157.51,025.0
Lebanon1,421.41,752.43,300.0990.0160.03,263.51,268.0620.51,375.0
Libya50.0
Oman356.8685.02,332.0907.81,328.698.6600.0175.0455.0
Qatar2,000.01,980.0913.01,536.7880.82,042.71,125.0719.0198.7
Saudi Arabia4,374.82,200.9275.0280.0569.52,134.0718.0816.0600.0
United Arab Emirates781.02,045.0520.7370.02,080.02,741.02,066.0500.0175.0
Latin America61,324.969,117.653,854.032,923.042,768.153,010.114,410.39,569.715,907.713,122.4
Argentina17,844.416,648.53,423.9824.2160.01,890.81,165.0205.4520.0
Bolivia20.090.0191.0191.0
Brazil12,951.923,238.219,532.910,925.612,001.215,197.74,679.83,080.64,821.52,615.8
Chile8,031.75,782.53,935.32,959.64,699.06,549.41,375.0403.81,585.93,184.7
Colombia3,555.83,093.24,895.02,096.01,911.31,543.8500.0500.0543.8
Costa Rica300.0250.0400.0250.0490.0310.0310.0
Dominican Republic74.0531.1258.0670.4140.531.08.5101.0
Ecuador73.0910.010.0
El Salvador316.5160.0488.51,251.5381.0467.0427.0
Grenada100.0
Guadeloupe17.4
Guatemala222.0505.0325.044.0300.0439.35.3330.050.0
Jamaica421.0726.5345.049.6903.2248.0151.3317.8186.2
Mexico14,099.515,313.413,823.510,040.616,992.318,771.84,635.44,085.16,040.64,011.0
Nicaragua22.022.0
Paraguay55.070.0
Peru1,618.4465.4137.51,993.01,375.61,530.790.0635.0805.7
St Lucia20.0
Trinidad and Tobago230.0301.070.0303.046.0415.0115.0200.0
Uruguay465.0602.11,147.4400.0100.0
Venezuela1,561.72,263.33,417.51,015.03,672.54,399.11,125.01,000.01,500.0774.1
Source: Data provided by the Bond, Equity and Loan database of the International Monetary Fund sourced from Capital Data.
Source: Data provided by the Bond, Equity and Loan database of the International Monetary Fund sourced from Capital Data.
Table 15.Emerging Market Bond Issuance(In millions of U.S. dollars)
2004
199920002001200220032004Q1Q2Q4
Developing Countries82,359.480,475.489,036.961,647.497,388.2131,519.124,601.424,732.538,3,.26,859.7
Africa2,345.51,485.82,109.62,161.15,511.92,495.41,180.01,100.0214.7
Mauritius160.0
Morocco151.5464.9
South Africa1,804.71,485.81,647.71,511.14,690.01,950.9635.01,100.0214.7
Tunisia229.3462.0650.0357.0544.5544.0
Asia23,424.724,501.435,869.222,532.735,778.852,085.814,414.011,341.413,922.012,408.3
China1,060.01,770.72,341.9602.82,034.24,775.339.02,642.82,093.8
Hong Kong SAR7,124.87,058.910,458.61,951.62,625.63,912.4981.0190.01,575.61,165.7
India100.0100.099.3153.0450.04,377.1888.0975.0814.01,700.0
Indonesia125.0375.0609.01,363.51,300.025.338.2
Korea4,905.87,653.07,756.36,705.511,531.316,965.55,130.04,111.73,490.54,233.4
Malaysia2,062.41,419.72,150.01,880.0962.52,514.5325.01,650.0125.0414.5
Pakistan500.0500.0
Philippines4,751.22,467.31,842.44,773.83,799.64,458.12,150.0650.01,658.1
Singapore2,147.12,333.88,664.7562.14,336.84,552.6302.0523.42,616.81,110.1
Sri Lanka100.0100.0
Taiwan Province of China475.01,698.02,152.45,480.89,129.77,166.72,799.02,216.1599.01,552.7
Thailand798.4278.648.0300.01,400.01,000.0400.0
Europe13,872.814,202.511,558.614,997.024,411.435,201.910,358.07,403.710,898.06,541.8
Bulgaria53.9223.41,247.8
Croatia601.2858.0934.0847.5983.61,651.0373.0724.8553.5
Cyprus288.5480.5479.8648.21,174.01,174.0
Czech Republic421.750.7428.43,168.42,538.62,011.4124.5402.8
Estonia84.9335.765.5292.6323.3964.835.2929.6
Hungary2,410.5540.81,247.870.52,211.48,134.01,239.01,350.43,541.32,002.8
Kazakhstan300.0350.0250.0209.0100.01,325.0100.0100.0200.0925.0
Latvia236.7180.8536.1494.036.06.6
Lithuania531.5376.2222.4355.6431.7815.7754.061.5
Poland1,652.61,553.52,773.72,679.94,301.23,502.43,080.0422.2
Romania259.5908.61,062.2813.6850.0
Russia75.01,352.73,391.54,005.05,104.9775.01,904.91,575.0
Slovak Republic800.2978.3219.9143.1861.31,198.81,198.8
Slovenia439.1384.7490.030.2
Turkey5,761.28,490.82,158.73,259.85,253.85,941.52,768.0750.01,723.3700.0
Ukraine290.7499.01,310.02,315.0700.01,615.0
Middle East4,409.84,670.65,920.73,706.61,860.08,785.52,710.02,518.0620.52,937.0
Bahrain209.1188.5325.0750.042.042.0
Egypt100.01,500.0
Iran. I.R. of986.3
Israel1,679.21,329.71,120.7344.4750.02,520.0645.01,000.0875.0
Jordan80.9145.0145.0
Kuwait750.0200.0500.0500.0
Lebanon1,421.41,752.43,300.0990.0160.03,263.51,268.0620.51,375.0
Oman250.0250.0
Qatar1,000.01,400.0665.0665.0
United Arab Emirates230.01,400.01,400.0
Latin America38,306.735,615.233,578.818,250.031,215.532,950.611,359.06,203.08,267.47,121.2
Argentina14,182.813,024.81,500.5100.01,115.4915.0100.0100.0
Brazil8,585.811,382.112,238.86,375.510,709.99,123.42,955.01,329.73,083.11,755.5
Chile1,763.8679.71,536.01,728.92,900.02,350.01,150.01,200.0
Colombia1,675.61,547.24,263.31,000.01,765.01,543.8500.0500.0543.8
Costa Rica300.0250.0250.0250.0490.0310.0310.0
Dominican Republic500.0600.0
El Salvador150.050.0353.51,251.5348.5286.5286.5
Grenada100.0
Guatemala325.0300.0330.050.0330.0
Jamaica421.0690.7300.0806.9248.0125.0247.8186.2
Mexico9,854.07,078.49,231.74,914.19,082.111,369.04,131.03,148.32,320.01,770.0
Peru1,930.01,250.01,305.7500.0805.7
Trinidad and Tobago230.0250.0100.0
Uruguay350.0442.61,106.1400.0100.0
Venezuela1,214.7489.41,583.23,670.04,260.01,000.01,000.01,500.0760.0
Source: Data provided by the Bond, Equity and Loan database of the International Monetary Fund sourced from Capital Data.
Source: Data provided by the Bond, Equity and Loan database of the International Monetary Fund sourced from Capital Data.
Table 16.Emerging Market Equity Issuance(In millions of U.S. dollars)
2004
199920002001200220032004Q1Q2Q3Q4
Developing Countries23,187.441,772.811,245.916,359.428,295.743,449.813,093.910,374.85,566.714,414.4
Africa658.7103.3150.9340.5977.42,547.2223.3927.6564.5831.9
Côte d’lvoire100.0100.0
Morocco56.46.8800.9800.9
South Africa658.746.9144.1340.5977.41,615.3221.3927.6464.5
Sudan31.031.0
Asia18,271.831,567.79,591.512,411.424,679.632,990.311,885.97,999.54,079.89,025.9
China1,477.420,239.72,810.42,546.06,413.213,256.56,151.15,370.6213.61,521.3
Hong Kong SAR3,370.03,088.6297.12,857.73,480.15,152.6857.4582.9584.53,127.9
India874.4916.7467.2264.81,299.73,937.62,566.0683.4688.1
Indonesia522.228.2347.2281.01,008.4500.9338.019.8143.1
Korea6,590.6784.83,676.41,553.71,222.63,223.394.4937.32,191.6
Macao SAR29.5
Malaysia15.4891.2618.2529.8101.311.2283.1131.2
Papua New Guinea232.4153.7
Philippines221.7194.611.318.018.0
Singapore1,725.62,202.2625.8891.61,168.71,996.9493.4145.224.21,334.1
Taiwan Province of China2,500.43,951.51,126.63,057.98,276.33,350.01,062.9932.598.61,256.0
Thailand757.3132.0225.356.31,038.71,024.8218.58062
Europe1,411.63,339.8259.41,612.41,811.35,261.2848.1419.488.73,905.0
Croatia22.3
Czech Republic824.6174.4174.4
Estonia190.3
Hungary529.219.113.2884.7349.7535.0
Latvia22.7
Lithuania150.5
Poland636.3358.9217.3604.9841.4107.4734.1
Russia55.8387.7237.11,301.0368.72,674.4237.428.52,408.5
Turkey2,423.871.4686.3261.0109.288.7227.4
Middle East2,084.01,618.186.8788.5136.6264.7221.1166.1
Egypt89.2319.4141.0141.0
Israel1,994.81,298.786.8624.0113.1264.7221.125.1
Oman23.623.6
Latin America781.35,143.91,157.21,995.0827.41,862.5763.7613.4485.4
Argentina349.6393.134.4105.4105.4
Brazil161.43,102.51,122.91,141.5287.41,455.4517.5452.5485.4
Chile160.9160.9
Dominican Republic74.0
Mexico162.01,574.3846.6540.0140.8140.8
Peru88.4
Source: Data provided by the Bond, Equity and Loan database of the International Monetary Fund sourced from Capital Data.
Source: Data provided by the Bond, Equity and Loan database of the International Monetary Fund sourced from Capital Data.
Table 17.Emerging Market Loan Syndication(In millions of U.S. dollars)
2004
199920002001200220032004Q1Q2Q3Q4
Total58,022.894,154.561,854.969,386.980,840.8105,325.822,863.223,478.717,850.918,195.3
Africa1,703.07,793.74,731.84,517.45,817.17,069.4980.0200.64,660.91,227.9
Algeria50.0150.075.0271.7165.8105.9
Angola455.0350.01,542.02,900.0550.02,350.0
Botswana22.5
Cameroon53.8100.0
Chad400.0
Congo. Dem. Rep. of20.8
Côte d’lvoire179.015.0
Djibouti40.040.0
Ethiopia40.040.0
Gabon22.022.0
Ghana30.0320.0300.0420.0650.0875.0875.0
Guinea70.070.0
Kenya7.580.2134.0
Malawi4.84.8
Mali150.4287.6288.9288.9
Morocco170.6129.39.8
Mozambique200.035.5
Namibia35.0
Niger27.0
Nigeria90.0100.0960.0593.0250.030.0220.0
Senegal40.0
Seychelles50.0150.080.080.0
South Africa960.07,166.12,855.62,206.52,170.01,847.1320.01,000.0527.1
Tanzania135.0
Tunisia123.494.371.090.5128.2379.930.0349.9
Zambia30.0
Zimbabwe150.0
Asia14,262.029,812.022,022.732,257.327,509.936,250.96,816.210,373.27,537.211,524.3
Brunei129.0
China924.41,053.1415.05,742.85,142.44,964.61,537.01,646.4431.01,350.2
Hong Kong SAR993.510,898.97,551.67,792.92,950.04,702.4114.61,254.1865.22,468.6
India1,401.81,207.61,815.7963.12,344.45,276.31,006.01,307.01,756.51,206.8
Indonesia943.11,254.9492.6318.03,492.51,832.4615.050.0175.0992.4
Korea2,046.05,792.65,588.26,434.34,483.03,654.1425.6948.3867.11,413.1
Lao P.D.R.71.4210.070.0140.0
Macao SAR382.0382.0
Malaysia3,114.83,086.72,267.02,826.14,148.64,725.8405.01,864.3953.01,503.5
Marshall Islands34.7
Pakistan182.5289.19.3340.0340.0
Philippines2,208.92,360.01,816.4673.01,653.81,712.870.01,106.7366.0170.1
Singapore466.01,543.71,093.22,356.31,287.22,069.7545.0439.5485.8599.4
Sri Lanka23.0100.0105.0186.035.035.0
Taiwan Province of China1,044.51,054.0515.02,420.5743.34,699.21,262.31,232.01,016.91,188.0
Thailand996.01,440.5180.51,822.71,018.51,532.6835.780.0124.7492.2
Vietnam100.020.0383.551.0114.0114.0
Europe10,907.119,479.310,969.712,957.521,632.132,058.63,317.47,561.58,377.112,802.6
Azerbaijan77.216.01,065.4997.010.241.017.2
Belarus36.021.421.4
Bulgaria8.918.913.0381.3859.5540.529.5289.4
Croatia903.6640.7809.8577.81,042.5679.1373.1306.0
Cyprus86.3152.568.1
Czech Republic118.6127.1513.925.0356.5191.1191.1
Estonia14.077.0136.6184.3128.9128.9
Georgia6.0
Gibraltar65.080.0
Hungary531.6748.9116.9969.71,550.21,812.7244.3632.6935.8
Kazakhstan117.079.6323.5534.51,435.02,029.0139.2119.0847.8923.0
Kyrgyz Republic95.0
Latvia52.223.031.351.970.7353.248.3145.0160.0
Lithuania428.2157.224.918.882.510.072.5
Macedonia47.692.710.382.5
Malta57.085.0114.7392.7150.0242.7
Moldova40.07.02.05.0
Poland1,491.93,340.52,062.93,016.02,912.1565.8443.861.624.436.0
Romania176.0334.9438.6380.01,014.6846.9244.7281.5203.8116.9
Russia111.03,488.11,610.33,803.57,707.513,505.3747.04,187.93,592.04,978.3
Slovak Republic194.5488.379.3130.336.530.563.3
Slovenia248.6288.0337.2279.0394.81,391.876.2606.7653.655.3
Tajikistan1.21.2
Turkey6,131.89,470.94,246.43,044.84,159.27,582.3265.0645.02,194.74,477.6
Ukraine15.015.090.0291.910.0225.056.9
Uzbekistan142.040.030.046.038.728.010.03.614.3
Middle East8,893.78,711.05,012.76,978.86,508.111,750.02,598.33,304.22,250.43,597.1
Bahrain152.01,202.5207.0340.01,050.01,475.0442.01,033.0
Egypt1,344.5600.01,045.0670.0155.01,017.7200.0737.780.0
Iran, I.R. of692.0757.7887.01,680.1700.01,942.7179.31,497.639.9225.9
Israel45.0280.0395.0370.0120.0250.0
Jordan60.054.454.4
Kuwait147.5250.0770.0165.0982.5300.0157.5525.0
Libya50.0
Oman356.8685.02,332.0907.81,055.075.0350.0175.0455.0
Qatar1,000.0580.0913.01,536.7880.81,377.7460.0719.0198.7
Saudi Arabia4,374.82,200.9275.0280.0569.52,134.0718.0816.0600.0
United Arab Emirates781.02,045.0520.7140.02,080.01,341.0666.0500.0175.0
Latin America22,257.028,358.519,118.012,677.910,725.218,197.03,051.32,603.07,026.95,515.8
Argentina3,312.13,230.61,889.0824.260.0670.0250.0420.0
Bolivia20.090.0191.0191.0
Brazil4,204.78,753.66,171.33,401.71,003.94,618.91,724.81,233.41,285.9374.9
Chile6,267.95,102.82,399.31,230.71,799.04,038.5225.0403.81,425.01,984.7
Colombia1,880.21,546.0631.71,096.0146.3
Costa Rica150.0
Cuba69.869.8
Dominican Republic31.1258.070.4140.531.08.5101.0
Ecuador73.0910.010.0
El Salvador166.5110.6135.032.5180.5140.540.0
Guadeloupe17.4
Guatemala222.0505.044.059.39.350.0
Honduras169.0169.0
Jamaica35.845.049.696.326.370.0
Mexico4,083.66,660.74,591.84,280.07,370.27,262.0504.4796.03,720.62,241.1
Nicaragua22.022.0
Paraguay55.070.0
Peru1,530.0465.4137.563.0125.0225.090.0135.0
St. Lucia20.0
Trinidad and Tobago51.670.0303.046.0315.0115.0200.0
Uruguay115.0159.541.3
Venezuela347.01,773.91,834.31,015.02.5139.1125.014.1
Source: Data provided by the Bond, Equity and Loan database of the International Monetary Fund sourced from Capital Data.
Source: Data provided by the Bond, Equity and Loan database of the International Monetary Fund sourced from Capital Data.
Table 18.Equity Valuation Measures: Dividend-Yield Ratios
2004
199920002001200220032004Q1Q2Q3Q4
Argentina3.294.625.163.421.081.000.981.371.081.00
Brazil2.953.184.935.513.464.433.273.785.024.43
Chile1.882.332.312.761.763.011.961.991.893.01
China3.140.951.952.412.192.262.262.442.392.26
Colombia6.7811.125.634.783.922.523.063.242.792.52
Czech Republic1.360.952.282.366.854.297.358.365.084.29
Egypt3.925.756.487.534.691.984.233.572.341.98
Hong Kong SAR2.312.583.253.852.822.742.843.083.002.74
Hungary1.141.461.301.400.941.950.782.522.301.95
India1.251.592.031.811.471.531.612.041.791.53
Indonesia0.913.053.654.173.833.233.663.833.543.23
Israel1.872.262.241.471.101.431.010.881.301.43
Jordan4.244.543.513.772.361.572.252.271.911.57
Korea0.812.051.541.381.822.401.882.102.502.40
Malaysia1.151.701.872.042.382.221.922.242.282.22
Mexico1.271.631.982.301.831.871.662.182.141.87
Morocco2.493.593.974.844.183.613.793.833.543.61
Pakistan4.005.1216.0110.958.637.048.207.017.467.04
Peru2.863.383.162.371.753.281.702.432.583.28
Philippines1.081.441.431.971.431.651.531.501.611.65
Poland0.700.681.871.841.281.281.141.411.721.28
Russia0.140.921.111.872.383.122.002.682.503.12
Singapore0.861.401.802.272.032.251.982.252.292.25
South Africa2.092.753.473.833.222.632.933.292.742.63
Sri Lanka3.225.594.793.352.512.632.272.582.622.63
Taiwan Province of China0.971.711.421.601.862.951.732.243.132.95
Thailand0.702.132.022.481.693.032.432.883.123.03
Turkey0.761.911.151.350.891.931.442.802.221.93
Venezuela5.805.053.892.383.685.753.038.645.985.75
Emerging Markets1.522.092.302.432.252.612.162.552.742.61
EM Asia1.011.711.731.811.962481.972.302.592.48
EM Latin America2.282.693.373.642.613.302.432.953.563.30
EM Europe and Middle East1.161.841.691.711.812.151.752.222.172.15
ACWI Free1.271.461.722.251.992.082.032.052.152.08
Data are from Morgan Stanley Capital International. The countries above include the 27 constituents of the Emerging Markets index as well as Hong Kong SAR and Singapore. Regional breakdowns conform to Morgan Stanley Capital International conventions. All indices reflect investible opportunities for global investors by taking into account restrictions on foreign ownership. The indices attempt to achieve an 85 percent representation of freely floating stocks.
Data are from Morgan Stanley Capital International. The countries above include the 27 constituents of the Emerging Markets index as well as Hong Kong SAR and Singapore. Regional breakdowns conform to Morgan Stanley Capital International conventions. All indices reflect investible opportunities for global investors by taking into account restrictions on foreign ownership. The indices attempt to achieve an 85 percent representation of freely floating stocks.
Table 19.Equity Valuation Measures: Price-to-Book Ratios
2004
199920002001200220032004Q1Q2Q3Q4
Argentina1.471.040.361.201.792.2422.001.652.162.24
Brazil1.241.181.111.241.811.8411.791.611.821.84
Chile1.691.491.391.151.551.7811.331.561.671.78
China0.692.751.881.302.161.9792.131.851.881.98
Colombia0.710.490.531.181.341.9211.811.741.641.92
Czech Republic0.801.000.810.841.061.6441.301.161.351.64
Egypt3.572.321.391.052.173.8872.672.323.383.89
Hong Kong SAR2.271.671.381.101.471.7121.561.451.561.71
Hungary3.352.332.031.911.972.6212.282.292.43262
India3.552.712.132.153.793.6313.533.073.133.63
Indonesia2.411.032.722.232.263.0962.422.372.503.10
Israel2.533.042.221.742.462.6242.752.772.232.62
Jordan1.031.021.381.261.983.012.082.492.313.01
Korea1.420.821.331.211.521.3641.711.391.381.36
Malaysia1.981.591.761.541.851.9492.111.851.861.95
Mexico2.311.911.991.772.202.5752.492.312.382.58
Morocco3.532.561.791.401.502.4211.641.851.912.42
Pakistan1.481.410.882.042.312.3922.412.302.152.39
Peru1.921.131.291.842.772.2843.012.352.392.28
Philippines1.641.271.110.851.401.611.361.481.561.61
Poland2.122.101.331.371.722.1051.921.831.822.11
Russia2.410.901.271.221.331.1081.641.351.391.11
Singapore2.562.051.631.261.621.6971.671.581.651.70
South Africa2.752.681.811.721.952.431.961.812.012.43
Sri Lanka1.000.600.831.221.521.4331.571.691.451.43
Taiwan Province of China3.461.871.981.532.101.8752.251.901.821.88
Thailand2.041.511.681.832.942.412.492.422.342.41
Turkey9.212.723.801.762.021.9222.061.541.661.92
Venezuela0.630.670.480.871.411.6331.781.581.651.63
Emerging Markets2.121.641.591.451.901.9112.011.781.821.91
EM Asia2.091.531.681.411.951.8062.061.751.751.81
EM Latin America1.571.361.351.441.902.0471.951.321.972.05
EM Europe and Middle East3.412.151.701.421.671.7761.951.781.721.78
ACWI Free4.233.462.672.072.462.4552.482.442.342.46

Data are from Morgan Stanley Capital International. The countries above include the 27 constituents of the Emerging Markets index as well as Hong Kong SAR and Singapore. Regional breakdowns conform to Morgan Stanley Capital International conventions. All indices reflect investible opportunities for global investors by taking into account restrictions on foreign ownership. The indices attempt to achieve an 85 percent representation of freely floating stocks.

Data are from Morgan Stanley Capital International. The countries above include the 27 constituents of the Emerging Markets index as well as Hong Kong SAR and Singapore. Regional breakdowns conform to Morgan Stanley Capital International conventions. All indices reflect investible opportunities for global investors by taking into account restrictions on foreign ownership. The indices attempt to achieve an 85 percent representation of freely floating stocks.

Table 20.Equity Valuation Measures: Price-Earnings Ratios
2004
199920002001200220032004Q1Q2Q3Q4
Argentina24.8220.6919.13-12.8613.7247.2418.2527.81244.4747.24
Brazil18.6412.838.4911.2310.3410.809.999.059.8910.80
Chile46.4031.9618.0217.1630.8123.0622.2623.3725.0423.06
China14.9740.6014.0912.1417.1113.8317.0915.1613.1513.83
Colombia20.30-103.4464.919.558.9417.6712.1211.8010.5617.67
Czech Republic-42.0416.499.2110.4012.4926.6416.9122.3818.1826.64
Egypt16.549.356.287.3310.9014.2313.2310.5113.8814.23
Hong Kong SAR30.817.6420.4714.9120.0019.9021.8321.3719.5019.90
Hungary18.5014.8219.3410.0613.1111.2613.2312.1411.8911.26
India22.8415.6113.8413.5618.9617.6517.6214.5215.6317.65
Indonesia-48.7318.688.377.1410.3712.9111.0610.7511.1412.91
Israel25.5123.88228.84-46.6234.0520.1132.5841.5517.3620.11
Jordan13.51-107.1115.1012.3921.3832.5022.4528.3925.0432.50
Korea23.248.1215.2311.4413.938.2415.2612.569.098.24
Malaysia-8.4120.6322.6213.2116.3316.0518.9815.8015.5516.05
Mexico14.6413.7814.2314.0715.7015.0217.3214.2915.6615.02
Morocco18.659.3010.779.8722.4615.5524.7922.8526.6915.55
Pakistan17.608.394.538.078.689.459.469.188.769.45
Peru18.4615.4414.0820.4226.4511.8830.5920.5217.6911.88
Philippines142.83-35.0643.7218.2120.1814.8719.0917.7914.3514.87
Poland22.3314.3018.32-261.1419.5013.2725.1315.7512.5813.27
Russia-126.435.695.037.3311.138.1912.478.929.598.19
Singapore41.1818.9416.5321.0721.3814.3319.9315.5114.0014.33
South Africa18.7314.8711.3010.5012.7514.9713.7813.2214.3814.97
Sri Lanka7.594.248.5314.3512.6911.0311.9512.9910.5311.03
Taiwan Province of China38.2614.0621.0873.1325.7012.4027.7616.7612.7612.40
Thailand-8.94-14.6116.6715.5215.2411.4913.2312.3811.3311.49
Turkey38.6011.7725.51101.3311.0113.619.958.3211.8513.61
Venezuela17.6821.7618.4313.4324.4012.4426.5519.3314.9112.44
Emerging Markets27.1714.8513.9913.9515.0312.1515.7513.4812.2212.15
EM Asia40.9815.4716.7314.8516.7211.2317.5214.0811.4711.23
EM Latin America18.2814.9311.6713.8413.1813.1013.3011.9112.8213.10
EM Europe and Middle East37.2514.0513.1016.2714.6512.6415.5613.7812.3112.64
ACWI Free35.7025.4426.7623.1821.9417.9420.7719.3617.4117.94

Data are from Morgan Stanley Capital International. The countries above include the 27 constituents of the Emerging Markets index as well as Hong Kong SAR and Singapore. Regional breakdowns conform to Morgan Stanley Capital International conventions. All indices reflect investible opportunities for global investors by taking into account restrictions on foreign ownership. The indices attempt to achieve an 85 percent representation of freely floating stocks.

Data are from Morgan Stanley Capital International. The countries above include the 27 constituents of the Emerging Markets index as well as Hong Kong SAR and Singapore. Regional breakdowns conform to Morgan Stanley Capital International conventions. All indices reflect investible opportunities for global investors by taking into account restrictions on foreign ownership. The indices attempt to achieve an 85 percent representation of freely floating stocks.

Table 21.United States: Mutual Fund Flows(In millions of U.S. dollars)
2004
199920002001200220032004Q1Q2Q3Q4
Asia Pacific (ex-Japan)151.7-1,207.9-496.2-43.01,510.81,574.31,068.2-404.5-42.1952.7
Corporate high yield-510.1-6,162.35,938.38,082.420,261.9-3,259.3-1,601.7-3,807.31,490.4659.4
Corporate investment grade7,136.34,253.721,692.032,688.316,660.23,339.13,095.3-1,560.51,677.9126.4
Emerging markets debt18.4-499.9-447.7449.7889.0211.4325.2-243.699.929.9
Emerging markets equity23.5-349.9-1,662.7-330.74,672.75,815.83,112.0-895.2105.93,493.1
European equity-1,664.9620.9-1,790.8-1,044.8-947.4873.2374.2-96.9-118.7714.5
Global equity4,673.212,626.7-3,005.5-5,152.1-1,995.48,373.42,574.71,609.21,453.72,735.7
Growth-Aggressive15,247.546,610.317,882.85,611.611,464.99,915.46,022.14,081.0-356.3168.5
International and global debt-1,581.6-3,272.2-1,602.2-823.03,225.05,143.42,159.0221.2724.02,039.3
International equity2,998.513,322.4-4,488.24,240.014,650.835,441.114,256.45,285.14,211.211,688.6
Japanese equity731.0-830.6-269.8-82.01,863.33,313.71,541.41,314.6422.735.1
Latin American equity-120.9-94.6-146.732.7185.765.3-39.7-53.0-1.6159.7

Data are provided by AMG Data Services and cover net flows of U.S.-based mutual funds. Fund categories are distinguished by a primary investment objective that signifies an investment of 65 percent or more of a fund’s assets. Primary sector data are mutually exclusive, but emerging and regional sectors are all subsets of international equity.

Data are provided by AMG Data Services and cover net flows of U.S.-based mutual funds. Fund categories are distinguished by a primary investment objective that signifies an investment of 65 percent or more of a fund’s assets. Primary sector data are mutually exclusive, but emerging and regional sectors are all subsets of international equity.

Table 22.Bank Regulatory Capital to Risk-Weighted Assets(In percent)
20002001200220032004Latest
Latin America
Argentina110.413.213.912.111.2September
Bolivia13.414.616.115.315.0October
Brazil14.315.316.718.918.3September
Chile13.312.714.014.113.3September
Colombia12.212.412.112.412.8November
Costa Rica16.715.115.816.5
Dominican Republic12.111.812.011.410.5September
Ecuador213.113.514.414.914.9April
Mexico13.814.715.514.214.6September
Nicaragua14.316.418.014.215.7June
Paraguay317.216.217.920.123.8September
Peru12.913.412.513.314.1September
Venezuela
Emerging Europe
Bulgaria35.631.125.222.017.1September
Croatia21.318.517.215.714.7September
Czech Republic14.815.414.314.513.6June
Estonia13.214.415.314.513.4December
Hungary13.713913.011.811.5March
Israel49.29.49.910.3September
Latvia14014.213.111.712.1June
Lithuania16.315.714.813.212.8October
Moldova48.643.136.431.831.9September
Poland12.915.113.813.715.7June
Russia19.020.319.119.117.4September
Slovak Republic12.519.821.321.620.5September
Slovenia13.511.911.911.5
Turkey9.320.825.130.926.5December
Ukraine15.520.718.015.216.8December
Western Europe
Austria13.313.713.314.414.0April
Belgium11.912.913.112.8
Finland511.610511.718.919.1June
France11.912.112.312.6
Germany11.712.012.712.9
Greece13.612.510.612.0
Iceland9.811.412.212.313.1June
Ireland10.710.612.313.9
Italy10.110.411.211.4
Luxembourg13.113.715.017.117.4June
Netherlands610.610.811.111.2
Norway12.112.612.212.411.8September
Portugal9.29.59.810.010.3June
Spain12.412.912.512.512.1June
Sweden9.910.010.110.1100March
Switzerland12.711.812.111.2
United Kingdom13.013.212.212.4
Asia
Bangladesh6.76.77.58.4
China713.512.311.2
Hong Kong SAR17.816.515.715.315.9September
India11.111.411.912.913.4June
Indonesia821.618.220.122.322.4September
Korea10.510.810.510.510.9June
Malaysia12.513.013.213.813.7October
Philippines914.515.516.0
Singapore19.618.116.917.915.5December
Thailand11.313.313.013.411.7June
Middle East and Central Asia
Azerbaijan14.720.9June
Egypt10.210.29.911.011.1June
Jordan1019.417.416.715.9
Kuwait22.222.019.718.4June
Kyrgyz Republic30.552.236.435.327.7July
Lebanon16.918.019.422.3
Morocco12.812.6