Chapter

Statistical Appendix

Author(s):
International Monetary Fund. Monetary and Capital Markets Department
Published Date:
September 2006
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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 Global Financial Stability Report, 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 July 14, 2006. Please note that following the declaration of independence of Serbia from Montenegro, it has been determined that Serbia is the continuing state of the former state union of “Serbia and Montenegro” and that Montenegro has seceded as a new independent state.

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 114 and Tables 19 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 1021 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 2227 report key financial soundness indicators for selected countries, including bank profitability, asset quality, and capital adequacy.

Lists of Tables and Figures

Emerging Markets

Figures

Tables

Financial Soundness Indicators

Figure 1.Major Net Exporters and Importers of Capital in 2005

Source: International Monetary Fund, September 2006 World Economic Outlook database.

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

2 Other countries include all countries with shares of total surplus less than 1.9 percent.

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

4 Other countries include all countries with shares of total deficit less than 1.9 percent.

Figure 2.Exchange Rates: Selected Major Industrial Countries

Sources: Bloomberg L.P.; and the IMF Global Data 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.

1 Local 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.

2 2000 = 100; constructed using 1999–2001 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.

1 Spreads over 10-year U.S. treasury bond; weekly data.

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

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

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

5 Spreads over 10-year government bond.

Figure 5.Nonfinancial Corporate Credit Spreads

(In basis points)

Source: Merrill Lynch.

Figure 6.Equity Markets: Price Indices

(January 1, 1990 = 100; weekly data)

Source: Bloomberg L.P.

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.

1 VIX is the Chicago Board Options Exchange 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 indices.

Figure 9.Twelve-Month Forward Price/Earnings Ratios

Source: I/B/E/S.

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

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

1 In 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.

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

Figure 12.Europe: Corporate Bond Market1

Sources: Bondware; and Datastream.

1 Nonfinancial corporate bonds.

2 Spread 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.

2 Difference 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.

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

2 Collateralized bond/debt obligations.

Table 1.Global Capital Flows: Inflows and Outflows1(In billions of U.S. dollars)
InflowsOutflows
1995199619971998199920002001200220032004200519951996199719981999200020012002200320042005
United States
Direct investment57.886.5105.6179.0289.4321.3167.084.464.0133.2109.8–98.8–91.9–104.8–142.6–224.9–159.2–142.3–154.5–149.9–244.1–9.1
Portfolio investment210.4332.8333.1187.6285.6436.6428.3427.6520.3766.2908.5–122.4–149.3–116.9–130.2–122.2–127.9–90.6–48.6–146.7–146.5–180.1
Other investment170.4131.8268.157.0165.2289.1187.5285.8280.5550.9193.9–121.4–178.9–262.8–74.2–165.6–273.1–144.7–87.9–31.3–479.9–251.7
Reserve assetsn.a.n.a.n.a.n.a.n.a.n.a.n.a.n.a.n.a.n.a.n.a.–9.76.7–1.0–6.78.7–0.3–4.9–3.71.52.814.1
Total capital flows438.6551.1706.8423.6740.21,046.9782.9797.8864.81,450.21,212.2–352.3–413.4–485.5–353.8–504.1–560.5–382.6–294.7–326.4–867.8–426.8
Canada
Direct investment9.39.611.522.724.866.127.722.17.31.234.1–11.5–13.1–23.1–34.1–17.3–44.5–36.2–26.8–22.2–42.5–34.2
Portfolio investment18.413.711.716.62.710.324.211.913.941.67.0–5.3–14.2–8.6–15.1–15.6–43.0–24.4–18.6–13.8–18.9–42.7
Other investment–3.915.728.05.4–10.80.87.85.111.4–4.724.9–8.3–21.1–16.29.410.2–4.2–10.7–7.9–14.6–7.9–16.6
Reserve assetsn.a.n.a.n.a.n.a.n.a.n.a.n.a.n.a.n.a.n.a.n.a.–2.7–5.52.4–5.0–5.9–3.7–2.20.23.32.8–1.3
Total capital flows23.939.151.244.816.677.259.739.032.638.166.0–27.9–53.9–45.4–44.8–28.5–95.4–73.4–53.2–47.4–66.5–94.8
Japan
Direct investment0.00.23.23.312.38.26.29.16.27.83.2–22.5–23.4–26.1–24.6–22.3–31.5–38.5–32.0–28.8–31.0–45.4
Portfolio investment59.866.879.256.1126.947.460.5–20.081.2196.7183.1–86.1–100.6–47.1–95.2–154.4–83.4–106.8–85.9–176.3–173.8–196.4
Other investment97.331.168.0–93.3–265.1–10.2–17.626.634.168.345.9–102.25.2–192.037.9266.3–4.146.636.4149.9–48.0–106.6
Reserve assetsn.a.n.a.n.a.n.a.n.a.n.a.n.a.n.a.n.a.n.a.n.a.–58.6–35.1–6.66.2–76.3–49.0–40.5–46.1–187.2–160.9–22.3
Total capital flows157.198.1150.4–34.0–125.945.449.115.7121.5272.8232.3–269.4–154.0–271.6–75.813.4–168.0–139.2–127.7–242.3–413.6–370.8
United Kingdom
Direct investment21.727.437.574.789.3122.253.825.527.678.0164.0–45.3–34.8–62.4–122.1–201.6–245.4–59.7–49.5–59.8–95.9–101.7
Portfolio investment58.868.043.735.1183.8255.869.676.2156.8158.4240.6–61.7–93.4–85.0–53.2–34.3–97.2–124.71.2–58.4–259.2–293.2
Other investment106.2251.8322.2110.590.0414.6327.1109.1409.6758.4962.7–74.9–214.7–277.9–23.0–96.8–426.2–255.0–150.7–421.3–597.2–922.8
Reserve assetsn.a.n.a.n.a.n.a.n.a.n.a.n.a.n.a.n.a.n.a.n.a.0.90.73.90.31.0–5.34.50.62.6–0.4–1.7
Total capital flows186.7347.2403.4220.3363.2792.5450.4210.8594.1994.81,367.4–181.0–342.2–421.5–198.0–331.7–774.1–434.9–198.3–536.9–952.7–1,319.5
Euro area
Direct investment216.3379.5199.7183.8151.1126.294.5–348.8–413.7–298.0–163.4–165.8–178.7–287.3
Portfolio investment305.1268.1318.3298.3398.0496.6747.7–341.7–385.3–255.0–163.2–313.2–420.8–551.7
Other investment198.4340.3238.160.5195.7345.2801.7–30.3–165.8–243.8–220.1–284.4–392.0–708.1
Reserve assetsn.a.n.a.n.a.n.a.n.a.n.a.n.a.n.a.n.a.n.a.n.a.11.616.216.5–2.933.315.623.9
Total capital flows719.8987.8756.2542.5744.8968.01,643.9–709.3–948.7–780.3–549.6–730.1–975.8–1,523.2
Emerging Markets and Developing Countries2
Direct investment124.3146.4188.7186.6212.2208.6223.3178.6191.7257.0338.7–26.9–31.0–40.7–26.8–34.9–40.2–44.0–27.9–32.6–80.1–82.8
Portfolio investment89.2176.5147.731.0102.792.211.5–12.091.1135.6205.8–51.1–86.2–111.2–6.9–46.2–105.2–103.1–90.9–136.9–163.9–276.5
Other investment109.890.4168.1–116.8–77.3–14.6–67.3–12.9115.6178.1130.1–54.2–96.3–133.333.2–68.2–126.740.738.2–116.4–185.5–228.6
Reserve assetsn.a.n.a.n.a.n.a.n.a.n.a.n.a.n.a.n.a.n.a.n.a.–113.3–94.6–104.9–29.6–98.4–132.3–121.9–200.6–362.7–513.5–592.5
Total capital flows323.3413.3504.5100.8237.6286.2167.6153.7398.4570.7674.5–245.5–308.1–390.1–30.0–247.6–404.5–228.2–281.2–648.6–943.0–1180.4
Sources: International Monetary Fund, September 2006 World Economic Outlook database, and International Financial Statistics.

The 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, September 2006 World Economic Outlook database, and International Financial Statistics.

The 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)
2006
1999200020012002200320042005Q1
Amounts outstanding of international debt securities by currency of issue
U.S. dollar2,468.03,031.53,699.24,123.14,537.44,906.35,380.55,593.3
Japanese yen497.7452.4411.4433.2488.0530.5472.2471.7
Pound sterling391.1452.7505.6618.2776.4981.81,063.71,133.7
Canadian dollar56.651.647.651.679.5112.6146.7155.6
Swedish krona7.27.78.211.115.820.923.224.3
Swiss franc135.6132.0123.6159.2195.6227.9208.8218.7
Euro1,454.81,771.42,290.03,283.04,827.16,216.06,317.86,792.6
Other98.297.1110.1151.8216.6285.8371.1388.1
Total5,109.25,996.47,195.78,831.211,136.413,281.813,984.014,778.0
Net issues of international debt securities by currency of issue
U.S. dollar513.5563.5667.5424.0414.2368.9474.2212.7
Japanese yen–23.410.618.6–17.53.726.94.1–1.8
Pound sterling77.892.165.252.384.4133.9198.060.5
Canadian dollar–2.3–2.8–1.13.615.625.429.48.9
Swedish krona0.11.21.41.12.03.56.10.7
Swiss franc4.0–0.3–5.18.015.712.713.38.5
Euro506.7423.2622.8491.8779.6921.1992.0308.8
Other14.58.919.130.638.353.1103.423.9
Total1,090.91,096.41,388.4993.91,353.51,545.51,820.5622.2
Announced international syndicated credit facilities by nationality of borrower
All countries286.0402.8330.2314.8345.3559.0563.1417.7
Industrial countries267.0361.8302.9292.0309.0500.8477.2380.6
Of which:
United States149.7201.4176.2151.1164.4226.0245.6193.3
Japan1.73.82.12.33.33.82.517.5
Germany5.421.87.828.226.259.125.414.9
France14.711.812.029.213.033.035.637.2
Italy8.09.817.26.013.63.611.32.5
United Kingdom41.133.533.123.821.161.132.727.3
Canada4.613.710.19.06.518.630.012.2
Source: Bank for International Settlements.
Source: Bank for International Settlements.
Table 3.Selected Indicators on the Size of the Capital Markets, 2005(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
World44,445.54,234.537,168.423,055.535,893.658,949.155,673.0151,790.5341.5
European Union12,808.0241.49,555.76,677.212,012.518,689.727,290.255,535.6433.6
Euro area9,960.1147.95,990.65,734.79,442.415,177.119,453.640,824.2409.9
North America13,588.387.018,483.06,596.718,350.424,947.110,969.454,399.5400.3
Canada1,132.433.01,482.2668.8437.61,106.41,626.44,215.0372.2
United States12,455.854.117,000.95,927.917,912.823,840.79,343.050,184.6402.9
Japan4,567.4834.37,542.76,607.92,037.88,645.74,389.320,577.7450.5
Memorandum items:
EU countries
Austria305.36.8126.3160.4260.1420.5375.2922.0302.0
Belgium371.78.2264.3379.4325.0704.41,554.32,523.0678.8
Denmark259.632.9159.795.9398.8494.7634.81,289.2496.5
Finland196.110.6183.7112.984.1197.0202.9583.6297.7
France2,126.727.81,550.91,107.31,762.82,870.15,215.19,636.1453.1
Germany2,791.745.11,221.11,267.12,828.14,095.23,490.08,806.3315.4
Greece225.60.5145.1294.748.0342.7242.8730.6323.9
Ireland200.80.8114.138.7255.5294.2998.51,406.8700.7
Italy1,765.525.5798.11,515.21,368.82,884.02,578.86,260.9354.6
Luxembourg36.50.251.20.049.449.4587.7688.31,884.3
Netherlands629.99.1508.8261.01,147.61,408.62,329.24,246.6674.2
Portugal183.63.567.1133.6152.7286.3160.4513.8279.8
Spain1,126.69.7959.9464.41,160.31,624.71,921.64,506.2400.0
Sweden358.822.1347.2161.1301.2462.3451.91,261.4351.5
United Kingdom2,229.538.53,058.2685.51,870.12,555.66,547.012,160.8545.5
Emerging market countries411,969.01,937.46,573.72,896.31,583.04,479.39,432.820,485.8171.2
Of which:
Asia5,393.71,249.14,408.61,208.81,170.92,379.76,522.413,310.7246.8
Latin America2,436.4195.51,161.11,014.6275.61,290.21,166.33,617.6148.5
Middle East1,120.4149.5159.034.127.461.5734.3954.885.2
Africa807.191.6549.385.736.8122.5330.61,002.4124.2
Europe2,211.3251.7295.6553.172.3625.4679.21,600.272.4
Sources: World Federation of Exchanges; Bank for International Settlements; International Monetary Fund, International Financial Statistics (IFS) and September 2006 World Economic Outlook database; and ©2003 Bureau van Dijk Electronic Publishing-Bankscope.

Data are from IFS.

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 September 2006 World Economic Outlook database; and ©2003 Bureau van Dijk Electronic Publishing-Bankscope.

Data are from IFS.

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-Dec. 2003End-June 2004End-Dec. 2004End-June 2005End-Dec. 2005End-Dec. 2003End-June 2004End-Dec. 2004End-June 2005End-Dec. 2005
Total197,167220,058251,499271,282284,8196,9876,3959,24410,4179,139
Foreign exchange24,47526,99729,28931,08131,6091,3018671,5461,141998
Outright forwards and forex swaps12,38713,92614,95115,80115,915607308643464407
Currency swaps6,3717,0338,2238,2368,501557442745549452
Options5,7176,0386,1157,0457,193136116158129139
Interest rate2141,991164,626190,502204,795215,2374,3283,9515,4176,6995,463
Forward rate agreements10,76913,14412,78913,97314,4831929223129
Swaps111,209127,570150,631163,749172,8693,9183,5624,9036,0774,864
Options20,01223,91227,08227,07227,885391360492592570
Equity-linked3,7874,5214,3854,5515,057274294498382560
Forwards and swaps6016917561,0861,11157637688105
Options3,1863,8293,6293,4643,946217231422294455
Commodity31,4061,2701,4432,9403,608128166169376523
Gold3443183692883343945322451
Other1,0629521,0742,6523,27388121137351472
Forwards and swaps4205035581,7482,319
Options642449516904955
Other25,50822,64425,87927,91529,3089571,1161,6131,8181,595
Memorandum items:
Gross credit exposure4n.a.n.a.n.a.n.a.n.a.1,9691,4782,0751,8972,003
Exchange-traded derivatives24,47526,99729,28931,08131,609
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-Dec. 2003End-June 2004End-Dec. 2004End-June 2005End-Dec. 2005End-Dec. 2003End-June 2004End-Dec. 2004End-June 2005End-Dec. 2005
Total197,167220,058251,499271,282284,8196,9876,3959,24410,4179,139
Foreign exchange24,47526,99729,28931,08131,6091,3018671,5461,141998
By counterparty
With other reporting dealers8,66010,79611,66812,17912,092395247486377322
With other financial institutions9,45010,11311,41712,33413,039535352648470415
With nonfinancial customers6,3656,0886,2046,5686,479370267413294261
By remaining maturity
Up to one year218,84021,25222,83424,25624,134
One to five years23,9013,9124,3864,7295,180
Over five years21,7341,8342,0692,0972,295
By major currency
U.S. dollar321,42924,55125,72627,58426,3641,2128081,4081,024868
Euro310,14510,31211,90012,40412,870665380752512397
Japanese yen35,5006,5167,0766,9077,793217178258220256
Pound sterling34,2864,6144,3314,2734,422179130220150121
Other37,5908,0019,54510,99411,769329238454376354
Interest rate4141,991164,626190,502204,795215,2374,3283,9515,4176,6995,463
By counterparty
With other reporting dealers63,57972,55082,25887,04990,9841,8721,6062,1552,5982,066
With other financial institutions57,56470,21985,72992,09299,1621,7681,7072,6313,2652,719
With nonfinancial customers20,84721,85722,51625,65525,092687638631837677
By remaining maturity
Up to one year246,47457,15762,65966,68169,091
One to five years258,91466,09377,92982,34188,402
Over five years236,60341,37649,91555,77357,744
By major currency
U.S. dollar46,17857,82761,10372,55875,3541,7341,4641,5351,8261,535
Euro55,79363,00676,16176,42682,6411,7301,7742,9863,6923,002
Japanese yen19,52621,10324,20925,22426,561358324352454301
Pound sterling9,88411,86715,28916,62115,248228188240372346
Other10,61010,82313,74013,96615,433278201304355279
Equity-linked3,7874,5214,3854,5515,057274294498382560
Commodity51,4061,2701,4432,9403,608128166169376523
Other25,50822,64425,87927,91529,3089571,1161,6131,8181,595
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
2006
199119921993199419951996199719981999200020012002200320042005Q1
(In billions of U.S. dollars)(In billions of U.S. dollars)
Notional principal amounts outstanding
Interest rate futures2,157.42,913.13,563.53,949.74,512.64,960.46,193.16,382.96,266.95,807.66,386.46,037.35,536.75,876.25,794.26,419.8
Interest rate options1,069.61,383.81,816.02,094.62,315.42,361.42,989.03,138.33,116.12,623.23,352.63,758.64,058.52,741.83,075.43,298.7
Currency futures18.326.527.130.827.634.730.131.638.140.435.329.335.133.835.536.9
Currency options62.971.689.890.093.275.985.2103.883.255.785.380.4115.1120.4158.3152.8
Stock market index futures76.079.895.996.0113.8110.0124.9138.3133.9127.7139.1137.6163.0172.2221.2203.2
Stock market index options136.8163.1187.6175.9231.3231.6279.7270.9304.8242.7336.2352.0381.6337.7368.9354.1
Total3,521.04,637.95,779.86,437.07,293.87,774.19,702.110,065.99,943.18,897.210,335.010,395.110,289.99,282.19,653.510,465.4
North America2,152.82,698.13,332.93,647.54,083.24,359.95,080.15,151.15,267.94,823.55,384.65,267.04,833.24,852.34,954.95,546.5
Europe710.71,114.41,420.31,491.91,783.61,777.92,488.42,513.42,290.81,831.82,292.82,185.52,194.62,241.32,647.92,545.2
Asia-Pacific657.0823.51,022.91,286.51,403.81,606.02,076.42,360.32,279.42,171.82,577.72,467.63,074.91,990.21,864.12,200.0
Other0.51.93.711.123.230.357.241.1105.070.179.9475.0187.2198.3186.6173.7
(In millions of contracts traded)(In millions of contracts traded)
Annual turnover
Interest rate futures230.9330.1427.0628.5561.0612.2701.6760.0672.7781.21,057.51,152.01,576.81,902.61,987.62,050.9
Interest rate options50.864.882.9116.6225.5151.1116.7129.6117.9107.6199.6240.3302.2361.0378.3395.6
Currency futures30.031.339.069.899.673.673.554.637.243.649.142.758.783.894.5110.3
Currency options22.923.423.721.323.326.321.112.16.87.110.516.114.313.114.015.5
Stock market index futures54.652.071.2109.0114.893.9115.9178.0204.8225.2337.1530.2725.7804.4794.9813.4
Stock market index options121.4133.9144.1197.6187.3172.3178.2195.1322.5481.41,148.22,235.43,233.92,980.12,928.22,750.1
Total510.4635.6787.91,142.91,211.61,129.31,207.21,329.41,361.91,646.12,802.04,216.85,911.76,144.76,762.01,982.1
North America302.6341.4382.4513.5455.0428.4463.6530.2463.0461.3675.7912.21,279.71,633.61,926.8593.7
Europe110.5185.1263.4398.1354.7391.8482.8525.9604.5718.5957.81,074.81,346.41,412.61,592.8472.2
Asia-Pacific85.882.998.5131.7126.4115.9126.8170.9207.8331.3985.12,073.13,111.52,847.62,932.4825.0
Other11.526.243.699.6275.5193.2134.0102.486.6135.0183.4156.7174.1250.9310.091.2
Source: Bank for International Settlements.
Source: Bank for International Settlements.
Table 7.United States: Sectoral Balance Sheets(In percent)
1999200020012002200320042005
Corporate sector
Debt/net worth50.948.350.950.147.945.343.1
Short-term debt/total debt38.839.333.329.927.127.128.0
Interest burden113.415.817.714.412.710.99.3
Household sector
Net worth/assets86.185.083.782.082.281.981.5
Equity/total assets35.331.426.820.824.124.123.0
Equity/financial assets50.246.341.333.938.439.038.0
Net worth/disposable personal income629.0577.5543.8500.0541.1559.4580.6
Home mortgage debt/total assets9.09.810.712.212.412.813.5
Consumer credit/total assets3.23.53.84.13.83.63.4
Total debt/financial assets19.722.225.129.328.429.330.8
Debt service burden212.312.613.113.313.213.113.7
Banking sector3
Credit quality
Nonperforming loans4/total loans1.01.11.41.51.20.90.8
Net loan losses/average total loans0.60.71.01.10.90.70.6
Loan-loss reserve/total loans1.71.71.91.91.81.51.3
Net charge-offs/total loans0.60.71.01.10.90.60.6
Capital ratios
Total risk-based capital12.212.112.712.812.812.612.3
Tier 1 risk-based capital9.59.49.910.010.110.09.9
Equity capital/total assets8.48.59.19.29.110.110.1
Core capital (leverage ratio)7.87.77.87.87.97.87.9
Profitability measures
Return on average assets (ROA)1.31.21.21.31.41.31.3
Return on average equity (ROE)15.714.813.214.515.313.713.3
Net interest margin4.03.93.94.13.83.63.6
Efficiency ratio558.758.457.755.856.558.057.2
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)
FY1999FY2000FY2001FY2002FY2003FY2004FY2005
Corporate sector
Debt/shareholders’ equity (book value)182.5156.8156.0146.1121.3121.5101.7
Short-term debt/total debt39.437.736.839.037.836.836.4
Interest burden236.328.432.327.822.018.415.6
Debt/operating profits1,472.11,229.31,480.01,370.01,079.2965.9839.9
Memorandum item:
Total debt/GDP3110.8104.2102.2101.190.996.885.3
Household sector
Net worth/assets84.984.784.584.484.584.6
Equity5.24.73.63.54.95.6
Real estate37.836.635.834.732.931.8
Net worth/net disposable income749.1754.6747.2727.0726.9726.3
Interest burden45.35.45.35.14.94.8
Memorandum items:
Debt/equity292.5324.3426.9449.6316.7275.7
Debt/real estate40.041.743.245.046.948.4
Debt/net disposable income133.4135.9136.7134.5132.9132.1
Debt/net worth17.818.018.318.518.318.2
Equity/net worth6.15.64.34.15.86.6
Real estate/net worth44.543.242.341.138.937.6
Total debt/GDP382.380.580.479.477.376.3
Banking sector
Credit quality
Nonperforming loans5/total loans5.96.38.47.45.84.02.9
Capital ratio
Stockholders’ equity/assets4.84.63.93.33.94.24.9
Profitability measures
Return on equity (ROE)62.6–0.5–14.3–19.5–2.74.111.3
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. Data on household nonfinancial assets and disposable income are only available through FY2004.

Interest payments as a percent of operating profits.

Revised due to the change in GDP figures.

Interest payments as a percent of disposable income.

Nonperforming loans are based on figures reported under the Financial Reconstruction Law.

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. Data on household nonfinancial assets and disposable income are only available through FY2004.

Interest payments as a percent of operating profits.

Revised due to the change in GDP figures.

Interest payments as a percent of disposable income.

Nonperforming loans are based on figures reported under the Financial Reconstruction Law.

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

Table 9.Europe: Sectoral Balance Sheets1(In percent)
1998199920002001200220032004
Corporate sector
Debt/equity271.568.567.371.374.271.969.6
Short-term debt/total debt37.037.639.538.737.036.637.2
Interest burden314.915.318.419.718.517.317.6
Debt/operating profits262.1290.1318.4324.8339.7333.2330.3
Memorandum items:
Financial assets/equity1.51.51.51.51.31.31.4
Liquid assets/short-term debt86.078.072.075.776.182.690.0
Household sector
Net worth/assets85.385.685.384.684.384.484.2
Equity/net worth16.018.717.616.713.212.912.5
Equity/net financial assets39.644.143.543.537.636.836.2
Interest burden46.66.36.56.26.15.96.2
Memorandum items:
Nonfinancial assets/net worth59.157.058.961.165.265.165.5
Debt/net financial assets44.241.843.446.151.850.651.2
Debt/income90.293.394.494.698.2100.4104.2
Banking sector5
Credit quality
Nonperforming loans/total loans3.43.33.02.92.52.31.7
Loan-loss reserve/nonperforming loans80.779.382.180.881.573.091.9
Loan-loss reserve/total loans2.82.62.52.42.42.41.9
Loan-loss provisions/total operating income51.234.523.638.052.135.622.3
Capital ratios
Equity capital/total assets3.93.94.33.33.12.93.3
Capital funds/liabilities6.46.56.96.85.45.05.6
Profitability measures
Return on assets, or ROA (after tax)0.50.60.80.50.40.50.6
Return on equity, or ROE (after tax)12.114.218.311.29.011.314.2
Net interest margin1.61.51.51.41.61.51.3
Efficiency ratio667.265.966.468.269.073.163.3
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 fewer than 50 banks for specific indicators.

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 fewer than 50 banks for specific indicators.

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,” JPMorgan Chase & Co.; and IMF staff estimates.

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

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

Figure 16.Emerging Market Debt Cross-Correlation Measures

Sources: JPMorgan Chase & Co.; and IMF staff estimates.

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

2 Simple 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 Indices1
2006 End of Period2005 End of PeriodEnd of Period12-Month High12-Month LowAll-Time High2All-Time Low2
Q1Q2Q1Q2Q3Q420012002200320042005
World1,335.11,319.91,151.21,148.81,224.31,257.81,003.5792.21,036.31,169.31,257.81,406.31,145.21,448.8423.1
Emerging Markets787.8747.5548.7565.2661.3706.5317.4292.1442.8542.2706.5881.5562.6881.5175.3
Latin America2,469.42,368.21,510.51,617.02,093.52,150.0876.2658.91,100.91,483.62,150.02,816.11,615.02,816.1185.6
Argentina2,370.32,473.91,316.41,440.52,151.61,857.1959.6470.3933.61,163.01,857.12,920.71,442.42,920.7152.6
Brazil1,886.21,821.91,090.51,145.91,560.61,569.4597.1395.4802.01,046.61,569.42,194.21,112.92,194.284.1
Chile1,263.71,169.31,027.31,078.51,261.61,180.7568.7445.5800.6997.31,180.71,305.51,059.51,305.5183.0
Colombia580.4395.3236.5277.6349.7495.757.768.3108.6245.0495.7599.1275.1599.141.2
Mexico4,216.04,016.02,643.42,940.33,581.03,943.61,698.21,442.81,873.12,715.63,943.64,793.72,952.34,793.7308.9
Peru483.5543.7355.9349.8451.9441.3144.1182.7344.1343.4441.3600.1345.8600.173.5
Venezuela161.1151.4127.6121.7107.6107.495.477.7103.8151.0107.4169.186.7278.456.1
Asia311.9303.7236.4243.0263.6286.2149.7140.4206.4231.6286.2350.9240.4433.0104.1
China35.635.725.326.129.429.316.814.125.525.329.339.425.5136.912.9
India459.2427.5267.7296.3346.5382.9141.2148.8246.2273.1382.9513.2293.4513.277.7
Indonesia1,831.51,808.81,422.81,518.71,473.21,579.8437.2519.6831.11,324.01,579.82,145.41,348.22,145.4280.0
Korea386.0365.3276.0281.1345.2386.3190.4184.7246.0256.4386.3414.1284.1414.159.5
Malaysia345.9338.5322.3324.6340.1329.0250.7244.0300.4335.9329.0361.6323.1465.788.3
Pakistan407.3335.8266.5270.4292.3333.367.4146.0188.2211.7333.3431.5248.2431.554.4
Philippines460.4445.6405.1396.8394.1431.9292.2210.1303.7381.1431.9537.8373.5917.3132.6
Taiwan Province of China279.7279.5247.5260.8256.4275.8255.6189.5259.1257.7275.8316.1235.2483.5103.9
Thailand293.5271.3266.0265.5290.3292.0107.5130.2280.5263.9292.0315.9251.7669.472.0
Europe, Middle East, & Africa342.6306.5220.6221.7281.7300.3103.5108.4163.9222.7300.3377.7221.2377.780.8
Czech Republic394.5357.7269.3286.3372.6371.597.5116.2152.9234.8371.5407.8286.8407.862.8
Egypt1,320.0960.0750.6973.81,086.41,215.7101.997.4234.6505.31,215.71,576.2905.61,576.289.9
Hungary1,586.21,450.71,238.11,322.61,635.81,447.0507.9535.5646.91,057.01,447.01,764.31,244.61,764.377.1
Israel201.4176.4168.7163.9184.1209.3132.790.8141.4167.4209.3218.3161.0236.267.6
Jordan554.4486.0474.6592.8668.9650.6149.5153.5238.3379.2650.6760.7484.5760.7103.1
Morocco315.3303.6181.0191.7214.2231.3180.1138.5171.4189.1231.3362.9190.1362.999.6
Poland1,980.21,953.51,486.41,529.11,865.01,867.4891.9861.01,118.31,419.31,867.42,245.31,531.72,245.399.6
Russia1,043.61,065.0503.4526.0778.9813.4237.8270.7461.1479.9813.41,237.8536.01,237.830.6
South Africa561.3548.3358.3378.5454.7492.0309.3272.7296.8352.4492.0589.7380.2589.799.7
Turkey682,935558,350426,533441,094550,969645,739234,490169,900319,808425,008645,739777,492446,267777,492426
Sectors
Energy680.6680.6376.0414.8558.1548.6162.1163.1287.4349.0548.6803.4417.8803.481.7
Materials374.6382.2275.3260.6313.6325.4173.9182.8250.1265.0325.4417.8260.3417.898.5
Industrials175.0166.8129.7129.2146.7156.163.861.898.9128.0156.1197.1127.2276.852.6
Consumer discretionary398.4352.5283.2289.0336.6381.1130.6138.8233.8292.3381.1426.4289.8426.474.1
Consumer staple225.1211.4150.0161.9186.4197.094.688.2118.6147.0197.0244.3161.5244.380.4
Health care405.5328.0293.5301.8330.9393.3146.5169.8272.5290.8393.3433.8293.8433.883.3
Financials269.1250.3187.1188.2219.0240.6107.798.6138.8187.9240.6302.2185.5302.274.6
Information technology212.9202.6167.0173.6183.7209.1134.2103.9149.6161.5209.1237.0167.1300.073.1
Telecommunications169.7158.4127.5133.9154.3158.991.972.7100.8131.6158.9188.1132.8211.562.9
Utilities229.6217.8147.2164.3194.9197.091.572.4127.2149.8197.0253.6160.6253.663.1
World6.1–1.145.3–0.26.62.7–17.8–21.130.812.87.6
Emerging Markets11.5–5.187.83.017.06.8–4.9–8.051.622.430.3
Latin America14.9–4.1129.27.129.52.7–4.3–24.867.134.844.9
Argentina27.64.4179.99.449.4–13.7–22.2–51.098.524.659.7
Brazil20.2–3.4175.85.136.20.6–21.8–33.8102.930.550.0
Chile7.0–7.5130.65.017.0–6.4–6.0–21.779.724.618.4
Colombia17.1–31.9246.417.326.041.737.118.359.0125.7102.3
Mexico6.9–4.783.211.221.810.115.9–15.029.845.045.2
Peru9.612.494.8–1.729.2–2.315.326.888.4–0.228.5
Venezuela50.0–6.064.2–4.6–11.6–0.2–10.0–18.633.645.4–28.9
Asia9.0–2.668.42.88.58.64.2–6.247.112.223.5
China21.50.379.03.012.9–0.5–26.0–16.080.3–0.715.6
India19.9–6.980.010.716.910.5–18.65.365.511.040.2
Indonesia15.9–1.2173.86.7–3.07.2–4.218.960.059.319.3
Korea–0.1–5.449.41.822.811.951.6–3.033.24.250.6
Malaysia5.1–2.132.10.74.8–3.32.3–2.723.111.8–2.1
Pakistan22.2–17.582.61.58.114.0–32.0116.728.912.557.5
Philippines6.6–3.292.8–2.0–0.79.6–17.1–28.144.525.513.3
Taiwan Province of China1.4–0.130.65.4–1.77.615.0–25.836.7–0.67.0
Thailand0.5–7.6104.3–0.29.40.64.921.1115.4–5.910.6
Europe, Middle East, & Africa14.1–10.5103.50.527.16.64.751.235.834.9
Czech Republic6.2–9.3131.86.330.1–0.3–9.419.231.653.658.2
Egypt8.6–27.3670.729.711.611.9–34.2–4.4140.8115.4140.6
Hungary9.6–8.5131.26.823.7–11.5–12.95.420.863.436.9
Israel–3.8–12.485.7–2.812.313.6–32.3–31.655.718.425.0
Jordan–14.8–12.3209.324.912.8–2.728.82.655.359.171.6
Morocco36.3–3.730.75.911.78.0–9.5–23.123.810.422.3
Poland6.0–1.472.62.922.00.1–31.8–3.529.926.931.6
Russia28.32.085.94.548.14.453.213.970.34.169.5
South Africa14.1–2.331.45.620.18.226.3–11.88.818.739.6
Turkey5.8–18.2151.03.424.917.243.8–27.588.232.951.9
Sectors
Energy24.00.0130.510.334.6–1.79.20.676.221.457.2
Materials15.12.050.6–5.320.43.723.55.236.86.022.8
Industrials12.1–4.7109.9–0.313.66.4–13.1–3.260.129.522.0
Consumer discretionary4.5–11.5104.02.016.413.23.66.368.425.030.4
Consumer staple14.2–6.170.08.015.15.7–8.2–6.734.424.034.0
Health care3.1–19.172.82.89.618.9–15.815.960.56.735.2
Financials11.8–7.089.70.616.49.9–4.3–8.440.735.428.1
Information technology1.8–4.860.73.95.813.82.6–22.643.98.029.5
Telecommunications6.8–6.675.45.015.23.0–19.2–20.938.730.520.8
Utilities16.5–5.1103.411.618.61.1–4.4–20.975.717.831.5
Developed Markets
Australia1,036.41,025.2816.1853.6933.8959.6690.8604.4655.5797.9959.6639.6539.9712.9250.2
Austria290.3266.1196.7221.2249.3262.794.691.8118.0185.3262.7105.479.7105.496.2
Belgium102.095.583.183.289.094.878.655.360.177.994.865.038.153.951.2
Canada1,518.81,448.91,188.21,228.11,373.71,406.8965.8818.31,019.71,139.31,406.8886.4705.81,511.4338.3
Denmark3,161.12,997.22,317.12,510.22,751.82,994.02,060.11,448.81,772.72,115.92,994.01,752.81,245.82,776.6556.5
Finland141.2129.698.2110.0117.1123.4171.8100.397.493.9123.4126.078.8383.178.8
France137.8131.3107.1111.5121.6124.9123.181.393.2100.6124.995.363.4178.663.4
Germany108.8100.680.783.592.098.2100.156.074.679.298.278.442.9163.641.4
Greece121.1109.186.092.1100.5108.176.846.863.683.3108.161.938.2197.238.2
Hong Kong SAR8,556.68,438.17,336.67,779.18,324.58,016.26,058.04,808.46,341.37,668.58,016.25,553.64,305.410,165.31,995.5
Ireland104.297.978.286.087.593.593.156.865.985.293.567.151.9107.351.9
Italy112.3107.797.997.5104.5106.091.269.678.193.2106.078.458.7132.158.7
Japan1,061.4980.5708.3707.3858.4999.3650.3524.3637.3699.1999.3628.7462.11,655.3462.1
Netherlands95.988.973.878.180.088.3100.466.068.469.388.380.947.4134.947.4
New Zealand135.7124.5123.5129.1134.2130.094.290.0107.6127.0130.0101.486.6141.056.7
Norway2,710.52,499.81,841.81,988.62,291.02,267.71,278.4898.31,240.91,690.32,267.71,116.3762.21,599.1455.9
Portugal97.190.175.972.376.782.279.557.066.174.782.264.648.1123.148.1
Singapore1,398.81,352.41,181.31,228.61,267.41,295.4936.8764.91,005.11,148.11,295.4922.1687.31,624.2508.2
Spain133.4129.4105.8111.5123.4122.199.069.989.6104.3122.181.961.1133.727.4
Sweden8,366.77,434.45,998.26,467.47,099.47,489.86,178.83,517.44,675.25,785.47,489.84,173.82,914.912,250.4787.2
Switzerland1,052.81,005.2778.4820.6906.9994.6813.4603.2714.3747.1994.6716.9481.41,032.8158.1
United Kingdom1,785.91,742.61,478.71,539.51,641.91,685.31,586.21,179.21,348.71,453.01,685.31,336.7986.41,974.2585.4
United States1,224.11,199.31,109.31,122.61,158.81,180.61,084.5824.61,045.41,137.41,180.6950.4726.51,493.0273.7
Period on period percent change
Developed Markets8.0–1.135.04.69.42.87.9–12.58.521.720.3
Australia10.5–8.3114.212.512.75.4–2.4–3.028.557.041.7
Austria7.7–6.450.30.17.06.5–8.3–29.78.729.521.7
Belgium8.0–4.645.23.411.92.4–16.5–15.324.611.723.5
Canada5.6–5.259.98.39.68.8–11.7–29.722.419.441.5
Denmark14.4–8.2–2.112.16.45.4–35.8–41.6–2.9–3.631.4
Finland10.4–4.731.74.19.12.7–19.0–34.014.67.924.2
France10.7–7.544.23.510.26.7–19.3–44.033.26.124.1
Germany12.0–9.983.77.19.27.6–27.6–39.135.831.129.8
Greece6.7–1.452.66.07.0–3.7–21.2–20.631.920.94.5
Hong Kong SAR11.4–6.037.69.91.86.81.1–39.016.029.29.8
Ireland6.0–4.140.7–0.47.21.4–24.0–23.612.219.313.8
Italy6.2–7.635.1–0.121.416.4–19.5–19.421.69.742.9
Japan8.6–7.311.95.72.510.3–19.4–34.33.61.327.5
Netherlands4.4–8.337.34.54.0–3.112.2–4.419.618.02.4
New Zealand19.5–7.8105.08.015.2–1.0–12.3–29.738.136.234.2
Norway18.2–7.333.1–4.86.27.1–18.8–28.315.913.110.0
Portugal8.0–3.354.44.03.22.2–20.2–18.431.414.212.8
Singapore9.2–3.051.55.410.7–1.1–8.0–29.528.316.417.0
Spain11.7–11.170.57.89.85.5–20.1–43.132.923.729.5
Sweden5.8–4.529.05.410.59.7–20.0–25.818.44.633.1
Switzerland6.0–2.425.44.16.62.6–13.9–25.714.47.716.0
United Kingdom3.7–2.034.51.23.21.9–13.2–24.026.88.83.8
United States3.7–2.034.51.23.21.9–13.2–24.026.88.83.8
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)
2006 End of Period2005 End of PeriodEnd of Period12-Month High112-Month Low1All-Time High1All-Time Low1
Q1Q2Q1Q2Q3Q420012002200320042005
Emerging Markets
Latin America
Argentina3.13.12.92.92.93.01.03.42.93.03.02.93.11.03.9
Brazil2.22.22.72.32.22.32.33.52.92.72.32.12.50.04.0
Chile526.4538.9586.1577.8529.8512.0661.2720.2592.8555.8512.0510.6585.2295.2759.8
Colombia2,290.82,573.82,374.02,327.22,287.42,286.52,277.52,867.02,780.02,354.82,286.52,246.02,644.0689.22,980.0
Mexico10.911.311.210.710.810.69.210.411.211.110.610.411.52.711.7
Peru3.43.33.33.33.33.43.43.53.53.33.43.23.51.33.6
Venezuela2,1472,1472,1472,1472,1472,1477581,3891,5981,9182,1472,1472,148452,148
Asia
China8.08.08.38.38.18.18.38.38.38.38.18.08.34.78.7
India44.646.043.743.544.045.148.248.045.643.545.143.246.416.949.1
Indonesia9,0709,2639,4659,76010,3009,83010,4008,9508,4209,2709,8308,70310,7751,97716,650
Korea9729491,0161,0351,0421,0101,3141,1861,1921,0351,0109281,0596841,963
Malaysia3.73.73.83.83.83.83.83.83.83.83.83.63.82.44.7
Pakistan60.160.259.459.759.759.859.958.257.259.459.859.660.621.264.3
Philippines51.153.154.856.056.053.151.653.655.556.253.151.056.423.156.5
Taiwan Province of China32.532.431.531.633.232.835.034.634.031.732.831.333.724.535.2
Thailand38.938.139.141.341.141.044.243.139.638.941.037.542.123.155.5
Europe, Middle East, & Africa
Czech Republic23.522.323.224.924.624.635.630.125.722.424.621.825.321.842.2
Egypt5.75.85.85.85.85.74.64.66.26.15.75.75.83.36.3
Hungary217.9221.4190.8204.0207.6213.0274.8224.5208.7181.0213.0194.5224.290.2317.6
Israel4.74.44.44.64.64.64.44.74.44.34.64.44.72.05.0
Jordan0.70.70.70.70.70.70.70.70.70.70.70.70.70.60.7
Morocco11.511.311.210.711.011.99.69.810.111.111.910.612.17.812.1
Poland3.23.23.23.33.33.24.03.83.73.03.23.03.41.74.7
Russia27.726.827.928.628.528.730.532.029.227.728.726.729.01.032.0
South Africa6.27.26.26.66.46.312.08.66.75.76.36.07.42.512.4
Turkey1.31.61.41.31.31.41.51.71.41.31.41.31.70.01.8
Developed Markets
Australia20.70.70.80.80.80.70.50.60.80.80.70.70.80.80.5
Canada1.21.11.21.21.21.21.61.61.31.21.21.11.21.11.6
Denmark6.25.85.76.26.26.38.37.15.95.56.35.86.45.39.0
Euro21.21.31.31.21.21.20.91.11.31.41.21.21.31.40.8
Hong Kong SAR7.87.87.87.87.87.87.87.87.87.87.87.87.87.77.8
Japan117.8114.4107.2110.9113.5117.8131.7118.8107.2102.6117.8109.2121.080.6159.9
New Zealand20.60.60.70.70.70.70.40.50.70.70.70.60.70.70.4
Norway6.66.26.36.56.56.79.06.96.76.16.76.06.85.59.6
Singapore1.61.61.71.71.71.71.81.71.71.61.71.61.71.41.9
Sweden7.87.27.17.87.77.910.58.77.26.77.97.18.25.111.0
Switzerland1.31.21.21.31.31.31.71.41.21.11.31.21.31.11.8
United Kingdom21.71.81.91.81.81.71.51.61.81.91.71.71.92.01.4
Emerging Markets
Latin America
Argentina–1.7–0.115.21.1–0.8–4.0–0.2–70.214.7–1.4–1.9
Brazil7.9–0.132.114.94.7–4.6–15.6–34.722.48.913.7
Chile–2.7–2.322.91.49.13.5–13.2–8.221.56.78.5
Colombia–0.2–11.020.82.01.70.0–1.8–20.63.118.13.0
Mexico–2.2–4.1–7.23.9–0.11.25.1–11.7–7.60.74.8
Peru1.53.37.80.2–2.6–2.42.4–2.01.55.6–4.1
Venezuela0.00.0–35.30.00.0–0.0–7.7–45.5–13.1–16.7–10.7
Asia
China0.70.30.00.02.30.30.0–0.00.00.02.6
India1.0–3.19.70.6–1.2–2.3–3.30.65.25.0–3.5
Indonesia8.4–2.1–5.4–3.0–5.24.8–7.016.26.3–9.2–5.7
Korea3.92.416.8–1.8–0.83.2–3.710.8–0.515.22.5
Malaysia2.60.2–0.00.00.8–0.3–0.00.0–0.00.00.5
Pakistan–0.5–0.1–1.9–0.50.0–0.2–3.82.81.7–3.7–0.6
Philippines4.0–3.9–2.2–2.1–0.15.5–3.1–3.7–3.5–1.25.9
Taiwan Province of China1.10.29.8–0.3–4.71.1–5.30.92.07.0–3.3
Thailand5.52.010.2–5.30.70.1–1.92.68.81.8–5.1
Europe, Middle East, & Africa
Czech Republic4.55.529.7–6.71.00.24.718.416.914.7–8.7
Egypt–0.2–0.1–20.30.10.60.4–15.1–0.9–25.11.36.1
Hungary–2.3–1.617.6–6.5–1.7–2.52.722.47.615.3–15.0
Israel–1.25.38.7–4.7–0.4–0.2–8.1–7.38.01.6–6.1
Jordan0.00.00.10.1–0.10.10.2–0.10.10.00.1
Morocco4.01.3–12.44.6–2.9–7.8–1.7–1.9–2.7–9.2–7.1
Poland0.31.821.2–5.42.30.64.23.52.624.0–7.2
Russia3.73.214.7–2.70.5–0.8–7.7–4.59.35.5–3.6
South Africa2.5–13.937.4–6.24.40.7–36.639.628.218.0–10.5
Turkey0.2–15.122.51.5–1.2–0.3–53.9–12.417.74.7–0.6
Developed Markets
Australia–2.23.637.6–1.4–0.1–3.8–8.810.233.93.8–6.1
Canada–0.64.729.9–1.25.30.1–5.91.321.27.93.4
Denmark2.35.623.2–6.6–0.8–1.5–5.117.919.87.8–12.9
Euro2.35.523.6–6.6–0.7–1.5–5.618.020.07.6–12.6
Hong Kong SAR–0.1–0.1–0.00.40.20.00.0–0.00.4–0.10.2
Japan–0.02.910.9–3.4–2.3–3.6–13.110.810.84.5–12.8
New Zealand–9.9–1.235.7–2.0–0.9–1.1–6.125.925.09.5–4.8
Norway2.95.39.4–3.0–0.2–2.9–1.829.24.19.6–9.8
Singapore2.92.15.1–2.1–0.41.7–6.06.42.14.2–1.9
Sweden1.88.322.8–9.40.8–2.4–10.220.620.98.0–16.2
Switzerland0.76.615.6–6.6–1.0–1.5–3.020.011.78.7–13.2
United Kingdom0.86.417.4–5.2–1.5–2.3–2.610.710.97.4–10.2
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
2006 End of Period2005 End of PeriodEnd of Period12-Month High12-Month LowAll-Time High1All-Time Low1
Q1Q2Q1Q2Q3Q420012002200320042005
EMBI Global35534831233234435019922528331635036233036264
Latin America
Argentina98927776868361576881831027619447
Brazil52251643146748550523923039044650553845953868
Chile17617517017717617812915016217217817817417898
Colombia26425222124025325614916920122825627123727170
Dominican Republic1641621341481611561021179912615616914716983
Ecuador70268758156263563624123046456263672255672261
El Salvador1381341251311341349811012313414012914095
Mexico32732230532332733321925428430833333831833858
Panama58355850255056756735339545251156759454259456
Peru51952847750753251530734143148651554650454652
Uruguay156146126136147151105629713015115913715938
Venezuela59557147150155456223628139348456259949759959
Asia
China25625625126125826020323024125326026125426198
Indonesia13613612212512613312113313912113998
Malaysia21120920421421221515017619420721521520821564
Philippines34934228830131533720123026128033735229435281
Vietnam1021001011011039810398
Europe, Middle East, & Africa
Bulgaria63562262664864464346852557963064365262265280
Côte d’Ivoire9595656967795443586679976210129
Egypt15215114915515515510312214015015515815115887
Hungary14414214215114914812213714214414815114215197
Iraq1001011069910699
Lebanon21721819119720521213014817719521221919721999
Morocco28829227227628228522223726226828529227629273
Nigeria73173965371272172736437758665672773970173966
Pakistan11311010610911211212216016010711211410816091
Poland32131931232832732724528029031232733131733171
Russia53152347952354253825634842647553854351754326
Serbia11010210210710810811310211399
South Africa33432831733633633722027129732333734132434199
Tunisia14113913614514414311212713814314513814598
Turkey33931430031832733617621327930733634630734691
Ukraine331325317328334334199241289310334336319336100
Latin America32431827929831031617718925228531633329533362
Non–Latin America41440437339740641324029134237441341939341972
EMBI Global1.5–2.138.66.53.41.91.413.125.711.710.7
Latin America
Argentina17.9–6.035.1–0.713.3–3.6–66.9–6.419.119.82.7
Brazil3.4–1.287.58.23.94.27.3–3.669.814.313.2
Chile–0.9–0.413.64.0–0.40.711.715.88.36.03.2
Colombia3.1–4.330.98.75.31.329.513.319.413.212.4
Dominican Republic5.3–1.314.610.49.0–3.113.9–15.327.224.1
Ecuador10.4–2.2152.3–3.112.90.236.1–4.7101.521.113.2
El Salvador2.9–2.826.55.12.7–0.511.911.58.8
Mexico–1.7–1.419.96.11.01.914.316.111.68.68.1
Panama2.8–4.327.19.53.00.117.611.914.413.011.1
Peru0.91.840.06.35.0–3.326.210.826.612.66.0
Uruguay3.8–6.7103.38.07.62.6–40.655.634.016.3
Venezuela5.9–3.967.86.310.61.45.618.939.923.216.1
Asia
China–1.5–0.18.94.0–1.11.013.313.64.55.13.0
Indonesia2.00.12.50.95.79.7
Malaysia–1.8–0.816.24.8–0.81.312.916.910.76.63.7
Philippines3.4–1.925.14.64.67.127.614.613.47.120.6
Vietnam0.8–2.2
Europe, Middle East, & Africa
Bulgaria–1.3–1.919.33.5–0.6–0.225.712.210.28.92.1
Côte d’Ivoire21.40.050.07.2–2.716.730.5–20.734.812.920.0
Egypt–1.9–0.721.93.60.6–0.118.514.46.83.8
Hungary–2.7–1.23.76.1–1.5–0.510.412.33.71.22.8
Iraq1.0
Lebanon2.60.428.83.23.93.56.214.119.59.98.7
Morocco1.11.314.41.62.31.011.17.210.22.46.3
Nigeria0.51.273.49.11.20.836.33.355.811.910.7
Pakistan1.7–2.7–33.72.02.9–0.131.3–0.2–33.34.5
Poland–1.9–0.711.55.3–0.50.210.614.23.77.55.0
Russia–1.3–1.537.69.23.5–0.755.835.922.411.513.3
Serbia2.2–7.04.51.1
South Africa–1.0–1.817.15.9–0.00.316.222.99.68.84.3
Tunisia–1.7–1.121.46.2–0.8–0.113.38.73.7
Turkey1.1–7.440.76.02.92.722.521.130.810.09.5
Ukraine–0.9–1.831.33.51.9–0.157.121.019.87.27.7
Latin America2.5–2.047.66.64.22.0–12.46.833.013.410.9
Non–Latin America0.1–2.328.46.32.41.728.821.017.79.210.6
Source: JPMorgan Chase & Co.

From 1990 or initiation of the index.

Source: JPMorgan Chase & Co.

From 1990 or initiation of the index.

Table 13.Emerging Market Bond Index: EMBI Global Yield Spreads(In basis points)
2006 End of Period2005 End of PeriodEnd of Period12-Month High12-Month LowAll-Time High1All-Time Low1
Q1Q2Q1Q2Q3Q420012002200320042005
EMBI Global1912183732972352377287254033472372971741,631174
Latin America
Argentina3443855,1054623495045,3636,3425,4854,5275045143107,222310
Brazil2322524554093413088641,4604593763084172122,451212
Chile738371605580175176906480855226052
Colombia1742393933312402445086334273322443301461,076146
Dominican Republic2782997044413053784464991,1418243784342191,750219
Ecuador5035066608086346611,2331,8017996906618154364,764436
El Salvador171217244261213239411284245239254166434166
Mexico1401541881811491433063292011741431801131,149113
Panama176212300258208239404446324274239259157769157
Peru2262022772521832575216093252392572631701,061170
Uruguay2233074274063102982841,2286363882984002141,982214
Venezuela1902264554603033131,1301,1315864033134531612,658161
Asia
China6865545460689984585768725336439
Indonesia213220230298276269244269333180433173
Malaysia869793868282207212100788299741,14174
Philippines233259431450375302466522415457302478204993204
Vietnam149175190190197114197114
Europe, Middle East, & Africa
Bulgaria83105868471904332911777790105621,67962
Côte d’Ivoire2,5682,7133,1673,2183,2933,0702,4183,1953,0133,1213,0703,6092,4963,609582
Egypt8010386794158360325131101581032064620
Hungary75906660527493522832749046196–22
Iraq465444465376465376
Lebanon1721893503793042466457764213342463731581,082111
Morocco8754187144997551839016017075149541,60654
Nigeria2592534963893063291,1031,9464994573294301862,937186
Pakistan1442512212291421981,11527102331982731222,2250
Poland646953584262195185766962703541017
Russia10512320716292118669478257213118158927,06392
Serbia181266308235238238301165322165
South Africa85123125937487319250152102871386575765
Tunisia9212110267618127314691811244939448
Turkey1822943092952372237026963092642233281681,196168
Ukraine1982572092041571849406712582551842821572,314157
Latin America2082314593372672728889815184152723341891,532189
Non–Latin America1641982472341811795234442482391792371501,812150
EMBI Global–4627–352–76–622–7–3–322–56–110
Latin America
Argentina–16041–1,237–4,643–1131554,593979–857–958–4,023
Brazil–7620–1,005–46–68–33116596–1,001–83–68
Chile–710–105–11–525–451–86–2616
Colombia–7065–240–62–914–247125–206–95–88
Dominican Republic–10021205–263–1367353642–317–446
Ecuador–1583–1,141148–17427–182568–1,002–109–29
El Salvador–6846–16717–4826–127–39–6
Mexico–314–141–7–32–6–8523–128–27–31
Panama–6336–146–42–5031–9742–122–50–35
Peru–31–24–332–25–6974–16688–284–8618
Uruguay–7584–801–21–96–12944–592–248–90
Venezuela–12336–6765–157101721–545–183–90
Asia
China0–3–30068–61–15–26–111
Indonesia–56768–22–725
Malaysia411–119–7–40–305–112–224
Philippines–6926–9119–75–73–17856–10742–155
Vietnam–4126
Europe, Middle East, & Africa
Bulgaria–722–205–2–1319–339–142–114–10013
Côte d’Ivoire–502145–285175–223–25777–182108–51
Egypt2223–239–7–3817–35–194–30–43
Hungary11514–6–822–43–41–24442
Iraq–21
Lebanon–7417–42629–75–58307131–355–87–88
Morocco12–33–203–43–45–24–66–128–23010–95
Nigeria–70–6–1,450–107–8323–704843–1,447–42–128
Pakistan–54107–508–8756–844–271233–35
Poland25–1325–1620–46–10–109–7–7
Russia–1318–271–45–7026–503–191–221–44–95
Serbia–5785–733
South Africa–238–125–32–1913–99–69–98–50–15
Tunisia1129–171–35–620–127–55–10
Turkey–41112–387–14–58–14–101–6–387–45–41
Ukraine1459–462–5–4727–1,013–269–413–3–71
Latin America–6423–522–122–70518693–463–103–143
Non–Latin America–1534–197–13–53–2–268–79–196–9–60
Source: JPMorgan Chase & Co.

From 1990 or initiation of the index.

Source: JPMorgan Chase & Co.

From 1990 or initiation of the index.

Table 14.Emerging Market External Financing: Total Bonds, Equities, and Loans(In millions of U.S. dollars)
20052006
200020012002200320042005Q1Q2Q3Q4Q1Q2
Total236,645.4170,066.5150,182.4208,662.3297,479.1428,766.399,789.294,597.9112,693.8121,685.4104,142.2104,014.4
Africa9,420.27,057.57,019.010,862.011,709.111,257.51,260.42,115.93,484.84,396.34,673.9823.2
Algeria50.0150.040.0271.7412.7412.7
Angola455.0350.01,522.02,900.03,122.78.736.065.13,012.938.8
Botswana22.5
Burkina Faso11.011.0
Cameroon80.1100.0
Chad300.0
Côte d’Ivoire15.0100.0
Djibouti40.0
Ethiopia40.0
Gabon22.014.4
Ghana320.0291.0420.0650.0870.0619.557.5562.050.0
Guinea70.0
Kenya7.580.2134.0126.823.523.5161.3
Malawi4.8
Mali150.4287.6288.9
Mauritius99.399.3100.0
Morocco56.4136.1474.73.48.1
Mozambique160.035.5222.4
Namibia35.050.050.0
Niger27.0
Nigeria95.0960.0488.0225.0696.0331.0365.0
Senegal40.0
Seychelles40.5150.080.0
South Africa8,698.84,839.74,058.16,553.15,492.25,640.7818.51,458.12,445.0919.14,306.0740.0
Sudan31.0
Tanzania135.0
Tunisia94.3533.0740.5485.2924.4582.191.2490.9
Zambia20.8
Zimbabwe46.930.075.1
Asia107,274.774,614.369,148.699,246.5135,817.3170,143.832,127.337,553.646,027.754,435.143,013.446,701.4
Bangladesh176.832.6
Brunei Darussalam129.0
China11,963.14,405.68,557.816,087.224,221.339,110.93,850.39,884.49,143.316,251.13,554.317,086.5
Hong Kong SAR38,632.723,159.912,596.812,587.918,667.920,717.95,531.12,846.25,074.47,247.96,566.16,900.6
India2,838.72,126.01,380.83,974.513,100.820,181.15,458.84,527.75,882.24,312.47,153.15,471.5
Indonesia1,185.1959.9874.05,486.83,636.15,289.0372.51,582.91,280.32,053.32,060.0501.5
Korea15,884.818,001.417,059.518,270.526,633.739,990.17,727.79,441.310,295.512,525.611,294.26,902.5
Lao P.D.R.71.4210.01,000.01,000.0
Macao SAR29.5357.0965.7
Malaysia5,012.54,551.34,994.55,677.76,634.25,692.01,770.81,258.6530.02,132.52,275.2853.4
Marshall Islands34.724.024.0170.0
Mongolia30.030.0
Pakistan182.5289.1185.5800.0739.1286.2434.618.3900.0
Papua New Guinea153.7
Philippines4,685.83,300.75,458.15,772.26,323.85,786.92,385.8750.01,565.91,085.22,549.758.3
Singapore7,152.711,879.44,112.27,668.49,971.110,084.21,327.41,669.12,836.74,251.03,012.93,566.1
Sri Lanka100.0105.0186.0135.0367.0205.0162.09.7
Taiwan Province of China17,076.14,894.111,280.220,521.220,952.914,798.32,654.42,320.27,843.21,980.52,401.72,599.1
Thailand2,696.81,048.51,927.02,623.93,882.75,319.1732.31,680.71,308.91,597.3861.61,651.2
Vietnam17.0383.551.0114.01,014.0157.920.0836.2204.8112.5
Europe37,140.023,463.929,974.746,626.773,706.5103,674.124,617.527,377.923,171.728,507.026,821.125,507.0
Azerbaijan16.01,005.0383.7180.0203.7750.035.0
Belarus24.032.032.045.347.7
Bulgaria8.9230.41,260.8322.5818.1573.7260.029.0125.5159.250.5
Croatia1,456.61,724.21,425.42,022.42,239.6703.7197.7200.1119.6186.2160.0
Cyprus384.6633.0547.9648.21,174.01,109.5150.0626.4141.5191.6318.1822.0
Czech Republic456.1529.2453.41,608.13,669.62,465.01,560.4611.5293.1105.04.5
Estonia396.7202.1333.9457.31,187.7693.565.266.4561.9338.4
Faroe Islands85.385.3
Georgia6.0
Gibraltar80.02,168.91,897.1271.81,934.2437.5
Hungary1,296.32,076.61,040.23,870.48,306.58,687.53,015.73,582.51,026.31,063.13,490.5438.6
Kazakhstan429.6573.51,043.52,200.05,093.27,123.31,022.91,173.01,292.03,635.41,943.83,065.6
Kyrgyz Republic95.0
Latvia23.0212.174.670.7889.3391.390.9241.359.1237.5293.5
Lithuania679.4247.3374.3431.7888.21,222.01,156.751.214.1485.4
Macedonia, FYR17.4
Malta85.0114.7392.760.0
Moldova1.01.0
Poland5,365.35,138.65,941.28,550.34,909.314,949.66,621.84,031.12,432.11,864.73,628.0289.1
Romania589.41,347.21,442.21,738.8847.02,282.9577.6613.6363.2728.586.1120.9
Russia3,727.53,110.38,534.512,238.822,547.136,936.95,243.98,797.89,801.613,093.68,698.112,268.5
Serbia and Montenegro19.4
Slovak Republic1,462.7219.9143.1940.61,315.7579.386.0493.21,217.1
Slovenia672.7827.2309.3394.81,430.81,881.5153.9812.0495.4420.2215.51,124.9
Turkey20,071.26,271.36,376.09,549.514,540.318,521.64,279.23,930.35,432.14,880.03,141.85,855.2
Ukraine15.0514.01,400.02,434.92,881.8221.6499.9543.01,617.4524.595.0
Uzbekistan40.05.046.037.8
Middle East15,207.411,590.910,943.08,858.322,553.456,411.47,569.513,426.417,043.318,372.214,002.721,433.7
Bahrain1,377.0202.0922.62,326.61,767.03,070.9220.01,539.7520.0791.2795.0671.8
Egypt909.52,500.0670.0155.01,138.73,395.1150.0217.31,788.51,239.3583.8345.0
Iran, I.R. of757.7887.02,666.4700.01,942.71,928.8278.4125.41,115.0410.073.81.8
Iraq107.8107.82,877.0
Israel3,225.01,532.6344.4750.03,514.03,893.31,578.481.81,578.5654.61,729.7128.0
Jordan60.042.180.9199.4265.7265.7
Kuwait250.0770.0750.0365.01,282.54,783.0220.03,400.0175.0988.0945.41,090.3
Lebanon1,752.33,300.0990.0160.04,383.01,780.0500.0230.01,050.0248.42,613.1
Libya50.0
Oman600.02,332.0818.31,328.64,747.11,069.01,937.7148.41,592.0250.0
Qatar1,980.0895.01,536.7880.82,042.710,418.5115.2793.87,458.52,051.01,133.22,283.2
Saudi Arabia2,200.9941.6280.0569.52,214.05,461.0950.02,484.0380.01,647.01,975.35,650.2
United Arab Emirates2,045.0520.7370.02,133.22,741.016,560.22,880.72,346.73,649.37,683.43,391.08,650.3
Latin America67,603.153,339.933,097.143,068.853,692.887,279.634,214.514,124.022,966.315,974.815,631.29,549.1
Argentina16,643.53,423.9824.2130.01,882.422,298.218,464.7362.92,895.0575.6969.4550.0
Bolivia10.090.0116.0173.0100.023.050.0
Brazil22,238.719,286.310,959.712,447.915,834.025,036.34,936.44,021.811,324.14,754.16,617.13,706.8
Chile5,747.53,935.32,959.64,631.06,439.96,381.4396.12,999.21,202.41,783.71,028.1887.2
Colombia3,028.24,895.02,096.01,911.21,626.82,780.9517.1363.81,250.0650.0238.1346.0
Costa Rica250.0365.0250.0490.0310.0117.228.58.080.7
Cuba69.81.91.9
Dominican Republic74.0531.1258.0650.4140.5244.49.144.8190.5304.9
Ecuador910.010.0712.525.037.5650.0
El Salvador160.0421.51,391.5381.0467.0454.5379.575.0400.0
Grenada100.0
Guadeloupe17.4
Guatemala505.0325.044.0300.0439.3365.0200.0165.0
Honduras169.04.64.6
Jamaica421.0696.5345.049.6903.21,504.8416.6500.0300.0288.1350.0388.4
Mexico14,924.413,698.010,040.616,964.318,983.217,746.67,504.13,336.64,201.12,704.84,456.63,029.8
Nicaragua22.0
Paraguay70.0
Peru465.4137.51,993.01,375.01,475.72,184.2400.0977.1807.1255.01.9
St. Lucia20.0
Trinidad and Tobago280.070.0303.046.0415.0100.0100.0400.0239.0
Uruguay602.11,147.4400.01,061.3500.0361.3200.01,000.0
Venezuela2,263.33,417.51,015.03,672.54,399.16,112.61,343.51,604.2165.03,000.012.1
Source: Data provided by the Bond, Equity, and Loan database of the International Monetary Fund sourced from Dealogic.
Source: Data provided by the Bond, Equity, and Loan database of the International Monetary Fund sourced from Dealogic.
Table 15.Emerging Market External Financing: Bond Issuance(In millions of U.S. dollars)
20052006
200020012002200320042005Q1Q2Q3Q4Q1Q2
Developing Countries80,475.489,036.964,221.699,808.1134,863.4186,997.361,361.139,279.942,687.343,669.048,705.826,196.5
Africa1,485.82,109.62,161.14,357.82,495.42,381.6493.21,368.4520.01,948.8
Morocco464.9
South Africa1,485.81,647.71,511.13,535.91,950.91,890.7493.2877.5520.01,948.8
Tunisia462.0650.0357.0544.5490.9490.9
Asia24,501.435,869.224,336.737,076.951,471.352,520.611,315.310,963.015,260.014,982.314,113.58,728.8
China1,770.72,341.9340.02,039.24,888.13,953.91,208.32,277.3468.4333.3349.6
Hong Kong SAR7,058.910,458.61,923.32,160.63,699.56,457.92,948.7475.61,552.51,481.1525.61,034.4
India100.099.3153.0450.04,631.04,167.2958.1635.01,680.9893.22,489.91,334.1
Indonesia125.0275.0609.01,363.53,217.7200.01,150.0147.41,720.32,000.0
Korea7,653.07,756.39,071.511,880.117,129.219,426.94,257.54,401.64,206.06,561.83,928.64,055.5
Malaysia1,419.72,150.01,280.01,142.51,414.52,303.1503.1400.0200.01,200.01,200.0
Pakistan500.0800.0
Philippines2,467.31,842.44,773.84,449.64,458.13,900.01,750.0750.01,400.02,214.8
Singapore2,333.88,664.7826.34,534.84,627.63,203.2167.9445.11,564.51,025.8351.31,635.2
Sri Lanka100.0
Taiwan Province of China1,698.02,152.45,645.89,511.07,259.72,898.1380.0405.01,481.4631.7120.0
Thailand278.648.0300.01,400.02,242.6150.01,092.6750.0250.0270.0200.0
Vietnam750.0750.0
Europe14,202.511,558.615,335.524,173.137,341.354,057.819,224.814,925.07,469.912,438.116,633.48,613.8
Azerbaijan
Bulgaria223.41,247.862.110.0385.4260.0125.5
Croatia858.0934.0847.5983.61,651.0
Cyprus480.5479.8648.21,174.0788.8150.0626.412.4822.0
Czech Republic50.7428.4337.72,538.61,324.51,324.5
Estonia335.765.5292.6323.3964.8427.365.2362.1
Hungary540.81,247.870.52,447.55,923.17,340.33,015.72,407.6905.11,011.83,490.563.6
Kazakhstan350.0250.0509.0825.03,225.02,850.0700.0600.01,550.01,767.82,600.0
Latvia180.8536.1125.4125.4246.8
Lithuania376.2222.4355.6431.7815.7780.6780.6485.4
Poland1,553.52,773.72,679.95,220.33,526.511,812.86,509.43,182.3598.41,522.83,628.0181.7
Romania259.5908.61,062.2813.61,199.0613.6585.3
Russia75.01,352.73,430.04,455.07,129.915,296.52,525.03,624.74,623.54,523.33,104.54,321.8
Slovak Republic978.3219.9143.1861.31,198.81,217.1
Slovenia384.7490.030.266.3156.7156.7
Turkey8,490.82,158.73,259.85,453.86,266.59,621.93,794.33,345.0673.31,809.32,493.4377.9
Ukraine499.01,310.02,315.01,948.4100.0400.0375.01,073.4446.6
Middle East4,670.65,920.73,964.22,436.610,155.017,757.31,675.03,049.75,635.17,397.45,746.46,448.9
Bahrain188.5582.61,326.6292.01,299.7399.7400.0500.0720.0
Egypt1,500.01,250.01,250.0
Iran, I.R. of986.3
Iraq2,700.0
Israel1,329.71,120.7344.4750.02,520.0905.1905.11,392.5
Jordan80.9145.0
Kuwait750.0200.0500.0500.0500.019.3515.3
Lebanon1,752.33,300.0990.0160.04,383.01,780.0500.0230.01,050.02,613.1
Oman250.0
Qatar1,400.0665.02,250.02,250.0650.0
Saudi Arabia1,300.0600.0700.01,393.3
United Arab Emirates230.01,400.08,472.41,075.01,650.0600.05,147.4914.51,277.2
Latin America35,615.233,578.818,424.131,763.733,400.460,280.028,652.88,973.813,802.28,851.310,263.82,405.0
Argentina13,024.81,500.5100.01,115.419,092.618,464.7237.9390.0200.0250.0
Brazil11,382.112,238.86,409.511,258.09,573.217,680.93,536.52,836.68,911.62,396.34,039.1875.0
Chile679.71,536.01,728.92,900.02,350.0900.0400.0500.0200.0200.0
Colombia1,547.24,263.31,000.01,765.01,543.82,432.1447.1335.01,000.0650.0238.1170.0
Costa Rica250.0250.0250.0490.0310.0
Dominican Republic500.0600.0196.636.6160.0300.0
Ecuador650.0650.0
El Salvador50.0353.51,391.5348.5286.5375.0375.0400.0
Grenada100.0
Guatemala325.0300.0380.0200.0200.0
Jamaica421.0690.7300.0806.91,050.0500.0300.0250.0350.0
Mexico7,078.49,231.74,914.19,082.111,369.08,455.74,380.02,185.11,515.6375.03,436.6510.0
Peru1,930.01,250.01,305.72,157.1400.0977.1780.0100.0
Trinidad and Tobago250.0100.0100.0100.0400.0
Uruguay442.61,106.1400.01,061.3500.0361.3200.01,000.0
Venezuela489.41,583.23,670.04,260.05,928.71,324.51,604.23,000.0
Source: Data provided by the Bond, Equity, and Loan database of the International Monetary Fund sourced from Dealogic.
Source: Data provided by the Bond, Equity, and Loan database of the International Monetary Fund sourced from Dealogic.
Table 16.Emerging Market External Financing: Equity Issuance(In millions of U.S. dollars)
20052006
200020012002200320042005Q1Q2Q3Q4Q1Q2
Developing Countries46,239.011,469.116,571.927,720.345,117.178,120.510,467.017,367.222,945.627,340.622,419.029,309.9
Africa150.3150.9340.5919.61,855.7924.7580.6344.12,107.275.1
Côte d’Ivoire100.0
Morocco56.46.8
South Africa46.9144.1340.5919.61,724.7924.7580.6344.12,107.2
Sudan31.0
Zimbabwe46.975.1
Asia35,177.89,709.512,554.624,164.235,241.758,570.37,747.011,840.316,106.122,876.812,438.024,245.8
China7,559.91,570.02,475.06,415.714,434.225,906.11,942.67,739.94,099.312,142.62,714.914,029.2
Hong Kong SAR17,609.31,638.02,880.62,962.25,188.34,812.4863.260.4323.23,547.375.33,723.7
India1,791.0467.2264.81,299.73,937.66,708.41,761.42,063.21,114.01,769.92,026.41,884.4
Indonesia27.8347.2281.01,008.4535.21,283.5147.574.11,061.952.0
Korea964.73,676.41,553.71,222.63,223.37,814.9375.53,961.73,477.74,586.21,589.4
Macao SAR29.5
Malaysia15.4888.4618.1887.2735.2215.2153.6366.4
Papua New Guinea153.7
Philippines194.611.3114.9535.8535.8253.658.3
Singapore2,949.9643.3929.61,168.72,472.72,635.9444.7354.5509.41,327.31,747.1687.0
Sri Lanka55.555.5
Taiwan Province of China4,007.11,126.63,213.98,276.33,350.07,602.61,404.11,170.74,803.6224.2720.3758.1
Thailand44.0225.356.31,038.71,098.4479.756.9223.9177.521.4109.41,351.2
Vietnam204.8112.5
Europe3,784.4259.41,681.71,809.05,093.010,472.61,820.53,638.93,463.01,550.22,566.91,754.0
Croatia22.3
Cyprus298.4320.7129.1191.6233.1
Czech Republic824.6174.4295.1101.5193.6
Estonia41.3266.266.4199.8
Gibraltar2,168.91,897.1271.8437.5
Hungary19.113.2884.7
Kazakhstan196.5196.5
Latvia22.7
Lithuania150.551.251.2
Poland403.2245.4602.6841.4944.0112.4358.3361.4111.941.9
Russia476.2237.11,301.0368.72,480.16,210.01,708.11,195.82,455.9850.32,229.71,000.2
Turkey2,437.171.4712.3104.2274.3
Ukraine19.919.9
Middle East1,974.786.8868.52,357.9404.6299.1321.81,332.42,154.4780.2
Bahrain81.281.2581.8
Egypt319.4141.0678.2217.3460.9257.8
Israel1,655.386.8624.01,064.3404.681.8173.3404.657.2125.2
Jordan265.7265.7
Lebanon248.4
Oman23.6148.4148.4
Qatar1,133.2
Saudi Arabia80.059.2
United Arab Emirates120.0120.0398.573.1
Latin America5,151.91,262.51,995.0827.42,058.25,795.2495.01,008.33,054.71,237.13,152.52,454.8
Argentina393.134.4769.4
Brazil3,102.51,228.11,148.5287.41,651.03,433.1495.0665.31,651.4621.31,491.82,340.0
Chile266.4522.7216.3306.4
Dominican Republic74.0
Mexico1,582.3846.6540.0140.81,839.3342.91,187.0309.4891.4114.8
Source: Data provided by the Bond, Equity, and Loan database of the International Monetary Fund sourced from Dealogic.
Source: Data provided by the Bond, Equity, and Loan database of the International Monetary Fund sourced from Dealogic.
Table 17.Emerging Market External Financing: Loan Syndication(In millions of U.S. dollars)
20052006
200020012002200320042005Q1Q2Q3Q4Q1Q2
Total109,930.969,560.569,388.981,133.9117,498.7163,648.527,961.137,950.747,060.950,675.833,017.448,508.1
Africa7,784.24,797.04,517.45,584.67,358.07,951.2767.2166.92,964.84,052.2617.9748.1
Algeria50.0150.040.0271.7412.7412.7
Angola455.0350.01,522.02,900.03,122.78.736.065.13,012.938.8
Botswana22.5
Burkina Faso11.011.0
Cameroon80.1100.0
Chad300.0
Congo, Dem. Rep. of
Côte d’Ivoire15.0
Djibouti40.0
Ethiopia40.0
Gabon22.014.4
Ghana320.0291.0420.0650.0870.0619.557.5562.050.0
Guinea70.0
Kenya7.580.2134.0126.823.523.5161.3
Malawai4.8
Mali150.4287.6288.9
Mauritius99.399.3100.0
Morocco129.39.83.48.1
Mozambique160.035.5222.4
Namibia35.050.050.0
Niger27.0
Nigeria95.0960.0488.0225.0696.0331.0365.0
Senegal40.0
Seychelles40.5150.080.0
South Africa7,166.13,047.92,206.52,097.51,816.62,825.3325.31,925.0575.0250.0740.0
Tanzania135.0
Tunisia94.371.090.5128.2379.991.291.2
Zambia20.8
Zimbabwe30.0
Asia47,595.629,035.732,257.338,005.349,104.359,052.913,065.114,750.214,661.616,576.016,461.913,726.8
Bangladesh176.832.6
Brunei Darussalam129.0
China2,632.5493.85,742.87,632.44,899.09,250.81,907.7936.22,766.73,640.2506.12,707.8
Hong Kong SAR13,964.511,063.47,792.97,465.09,780.09,447.61,719.22,310.23,198.72,219.55,965.22,142.5
India947.61,559.5963.12,224.84,532.29,305.52,739.31,829.63,087.21,649.32,636.72,253.0
Indonesia1,157.3487.6318.03,869.41,737.4787.825.0358.871.0333.060.0449.5
Korea7,267.16,568.76,434.35,167.76,281.112,748.33,094.75,039.72,127.82,486.12,779.31,257.6
Lao P.D.R.71.4210.01,000.01,000.0
Macao SAR357.0965.7
Malaysia3,592.82,385.82,826.13,917.14,332.52,653.81,052.6705.0330.0566.21,075.2853.4
Marshall Islands34.724.024.0170.0
Mongolia30.030.0
Pakistan182.5289.1185.5300.0739.1286.2434.618.3100.0
Philippines2,024.01,458.3673.01,322.51,750.91,351.1100.0165.91,085.281.4
Singapore1,868.92,571.42,356.31,964.82,870.84,245.1714.7869.5762.91,897.9914.61,243.9
Sri Lanka100.0105.0186.035.0311.5149.5162.09.7
Taiwan Province
of China11,371.11,615.12,420.52,733.910,343.24,297.6870.3744.51,558.21,124.61,681.51,721.1
Thailand2,652.8544.61,822.71,285.21,384.32,596.8525.3364.3381.41,325.9482.2100.0
Vietnam17.0383.551.0114.0264.0157.92086.2
Europe19,153.111,645.912,957.520,644.631,272.239,143.83,572.38,814.012,238.814,518.87,620.815,139.3
Armenia
Azerbaijan16.01,005.0383.7180.0203.7750.035.0
Belarus24.032.032.045.347.7
Bulgaria8.97.013.0260.4808.1188.229.0159.250.5
Croatia598.6768.0577.81,038.9588.6703.7197.7200.1119.6186.2160.0
Cyprus86.3152.568.185.0
Czech Republic456.1478.625.0445.9956.5845.5235.9510.099.5105.04.5
Estonia61.0136.6133.9222.9338.4
Faroe Islands85.385.3
Georgia6.0
Gibraltar80.01,934.2
Hungary736.4828.8969.71,409.71,498.81,347.31,174.8121.251.2375.0
Kazakhstan79.6323.5534.51,375.01,868.24,076.8322.9573.01,292.01,888.9176.0465.6
Kyrgyz Republic95.0
Latvia23.031.351.970.7353.2265.890.9115.859.1237.546.7
Lithuania152.724.918.872.5390.2376.114.1
Macedonia, FYR17.4
Malta85.0114.7392.760.0
Moldova0.11.0
Poland3,408.62,364.93,016.02,727.45,41.42,192.8490.61,472.3229.965.5
Romania329.9438.6380925.2847.01,083.9577.6363.2143.186.1120.9
Russia3,176.31,520.43,803.57,415.112,937.015,430.31,010.83,977.32,722.27,720.03,364.06,946.5
Serbia and Montenegro19.4
Slovak Republic484.479.3117.0579.386.0493.2
Slovenia288.0337.2279.0394.81,364.51,724.8153.9812.0338.7420.2215.51,124.9
Tajikistan
Turkey9,143.44,112.63,044.84,095.77,561.58,899.7484.9585.34,758.83,070.8544.25,203.0
Ukraine15.015.090.0119.9913.6121.680.0168.0544.077.895.0
Uzbekistan40.05.046.037.8
Middle East8,562.25,583.46,978.86,421.711,530.036,296.25,489.910,077.611,086.49,642.46,101.914,204.6
Bahrain1,188.5202.0340.01,000.01,475.01,690.0220.01,140.0120.0210.075.090.0
Egypt590.11,000.0670.0155.0997.71,466.8150.0538.5778.3326.0345.0
Iran, I.R. of757.7887.01,680.1700.01,942.71,928.8278.4125.41,115.0410.073.81.8
Iraq107.8107.8177.0
Israel240.0325.0370.01,923.81,173.8500.0250.0280.02.7
Jordan60.042.154.4
Kuwait250.0770.0165.0782.54,283.0220.02,900.0175.0988.0926.1575.0
Libya50.0
Oman600.02,332.0818.31,055.04,598.71,069.01,937.71,592.0250.0
Qatar580.0895.01,536.7880.81,377.78,168.5115.2793.85,208.52,051.01,633.2
Saudi Arabia2,200.9941.6280.0569.52,134.04,161.0350.02,484.0380.0947.01,916.14,256.9
United Arab Emirates2,045.0520.7140.02,133.21,341.07,967.81,805.7696.73,049.32,416.12,077.97,300.0
Latin America26,836.018,498.712,677.910,477.718,234.221,204.45,066.64,142.06,109.45,886.42,214.94,689.3
Argentina3,225.61,889.0824.230.0767.03,205.6125.02,895.0185.6300.0
Bolivia10.090.0116.0173.0100.023.050.0
Brazil7,754.15,819.53,401.7902.44,609.83,922.3904.8519.9761.11,736.61,086.2491.8
Chile5,067.82,399.31,230.71,731.03,823.54,958.7396.12,599.2486.11,477.3828.1687.2
Colombia1,481.0631.71,096.0146.283.0348.870.028.8250.0176.0
Costa Rica115.0117.228.58.080.7
Cuba69.81.91.9
Dominican Republic31.1258.050.4140.547.89.18.230.54.9
Ecuador910.010.062.525.037.5
El Salvador110.068.032.5180.579.54.575.0
Guadeloupe17.4
Guatemala505.044.059.3165.0165.0
Honduras169.04.64.6
Jamaica5.845.049.696.3454.8416.638.1388.4
Mexico6,263.74,466.34,280.07,342.27,473.47,451.53,124.1808.51,498.52,020.4128.72,405.0
Nicaragua22.0
Paraguay70.0
Peru465.4137.563.0125.0170.027.127.1155.01.9
St. Lucia20.0
Trinidad and Tobago30.070.0303.046.0315.0239.0
Uruguay159.541.3
Venezuela1,773.91,834.21,015.02.5139.1184.019.0165.012.1
Source: Data provided by the Bond, Equity, and Loan database of the International Monetary Fund sourced from Dealogic.
Source: Data provided by the Bond, Equity, and Loan database of the International Monetary Fund sourced from Dealogic.
Table 18.Equity Valuation Measures: Dividend-Yield Ratios1
20052006
200020012002200320042005Q1Q2Q3Q4Q1Q2
Argentina4.65.23.41.11.01.70.91.41.01.71.41.1
Brazil3.24.95.53.54.43.93.74.13.33.93.53.2
Chile2.32.32.81.83.03.03.12.92.73.02.92.7
China1.01.92.42.22.32.72.32.82.82.72.32.3
Colombia11.15.64.83.92.51.72.62.82.31.71.72.4
Czech Republic0.92.32.46.94.31.33.61.81.51.31.22.3
Egypt5.76.57.54.72.01.41.41.41.61.41.22.9
Hong Kong SAR2.63.23.92.82.73.23.13.13.03.23.13.0
Hungary1.51.31.40.92.02.21.72.41.92.22.02.8
India1.62.01.81.51.51.31.61.51.41.31.11.3
Indonesia3.13.64.23.83.23.33.13.23.53.32.82.9
Israel2.32.21.51.11.42.01.92.01.92.02.02.3
Jordan4.53.53.82.41.61.11.21.11.01.11.33.1
Korea2.11.51.41.82.41.72.62.61.91.71.71.8
Malaysia1.71.92.02.42.22.92.42.82.62.92.82.8
Mexico1.62.02.31.81.91.62.02.01.71.61.51.5
Morocco3.64.04.84.23.63.83.84.64.13.82.83.9
Pakistan5.116.011.08.67.05.06.15.85.55.04.24.7
Peru3.43.22.41.73.35.13.46.14.55.15.65.9
Philippines1.41.42.01.41.62.21.82.12.22.22.32.5
Poland0.71.91.81.31.32.71.23.02.72.72.74.1
Russia0.91.11.92.43.11.62.22.31.61.61.21.4
Singapore1.41.82.32.02.22.62.32.62.72.62.42.8
South Africa2.73.53.83.22.62.53.03.12.62.52.32.4
Sri Lanka5.64.83.32.52.61.72.02.11.61.71.41.9
Taiwan Province of China1.71.41.61.92.93.93.13.54.23.93.93.8
Thailand2.12.02.51.73.03.73.93.83.73.73.84.1
Turkey1.91.11.40.91.92.02.13.12.62.02.13.1
Venezuela5.13.92.43.75.87.35.66.37.37.35.06.7
Emerging Markets2.12.32.42.32.62.52.62.92.62.52.42.5
EM Asia1.71.71.82.02.52.62.62.92.82.62.42.5
EM Latin America2.73.43.62.63.33.03.03.32.73.02.82.7
EM Europe & Middle East1.81.71.71.82.21.92.02.41.91.91.72.1
ACWI Free1.51.72.22.02.12.12.22.22.12.12.12.2
Source: 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 investable 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.

Source: 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 investabl