Chapter

Global Financial Stability Report Statistical Appendix, October 2014

Author(s):
International Monetary Fund. Monetary and Capital Markets Department
Published Date:
October 2014
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This presentation complements the main text of the Global Financial Stability Report (GFSR) with data on financial developments in regions and countries as well as in selected sectors.

Unless noted otherwise, the data reflect information available up to July 31, 2014. The data come for the most part from sources outside the IMF. Although the IMF endeavors to use the highest quality data available, it cannot be responsible for the accuracy of information obtained from independent sources.

Please note that effective with the April 2011 issue, the IMF’s Statistics Department has assumed responsibility for compiling the Financial Soundness Indicators tables, and those tables are no longer part of this appendix. However, those tables will continue to be linked to the GFSR Statistical Appendix on the IMF’s public website.

The following symbols are used in this appendix:

… to indicate that data are not available;

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

– between years and months (for example, 2008–09 or January—June) to indicate the years or months covered, including the beginning and ending years or months;

/ between years (for example, 2008/09) to indicate a fiscal or financial year.

“Billion” means a thousand million; “trillion” means a thousand billion.

“Basis points” refers to hundredths of 1 percentage point (for example, 25 basis points is equivalent to ¼ of 1 percentage point).

“n.a.” means not applicable.

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

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

Contents

Tables

Figure 1.Major Net Exporters and Importers of Capital, 2013

Source: IMF, World Economic Outlook database as of September 22, 2014.

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

2Other economies include all economies with shares of total surplus less than 2.1 percent.

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

4Other economies include all economies with shares of total deficit less than 3.2 percent.

Figure 2.Sovereign Credit Default Swap Spreads

(Five-year tenors; basis points)

Source: Bloomberg L.P.

Figure 3.Selected Credit Default Swap Spreads

(Five-year tenors; basis points)

Sources: Bloomberg LP; and Thomson Reuters Datastream. CEEMEA = central and eastern Europe, Middle East, and Africa.

Figure 4.Selected Spreads

(Basis points; monthly data)

Sources: Bank of America Merrill Lynch; and Bloomberg L.P.

1Spread between yields on three-month U.S. Treasury repo and on three-month U.S. Treasury bill.

2Spread between yields on 90-day investment-grade (financial and nonfinancial) commercial paper and on three-month U.S. Treasury bill.

3Spread over 10-year government bond.

Figure 5.Implied Volatility Indices

Source: Bloomberg, L.P.

Note: VIX = Chicago Board Options Exchange volatility index on the Standard & Poor’s 500 and denotes equity volatility. MOVE = Bank of America Merrill Lynch Option Volatility Estimate index and denotes one-month Treasury options volatility. G7 currencies = VXY index from JPMorgan Chase & Co. and denotes G7 foreign exchange volatility.

Figure 6.U.S. Corporate Bond Market

Sources: Bank of America Merrill Lynch; and Board of Governors of the Federal Reserve System.

Figure 7.Euro Area Corporate Bond Market

Sources: Bank of America Merrill Lynch; and Dealogic.

Figure 8.U.S. Commercial Paper Market

Source: Board of Governors of the Federal Reserve System.

1Difference between 30-day A2/P2 and AA nonfinancial commercial paper.

Table 1.Capital Market Size: Selected Indicators, 2013(Billions of U.S. dollars unless noted otherwise)
GDPTotal Reserves Minus Gold2Stock Market CapitalizationTotal Debt Securities3Bank Assets4Bonds, Equities, and Bank AssetsBonds, Equities, and Bank Assets5

(in percent of GDP)
World74,699.312,129.762,552.099,788.8120,421.6282,762.4378.5
European Union116,286.9570.012,646.330,072.544,871.487,590.2537.8
Euro area12,874.1331.07,539.222,478.932,394.262,412.3484.8
North America18,594.8205.424,417.839,130.019,809.583,357.3448.3
Canada1,826.871.82,137.12,187.63,881.78,206.4449.2
United States16,768.1133.522,280.736,942.415,927.875,150.9448.2
Japan4,898.51,237.24,599.312,243.611,422.528,265.4577.0
Memorandum items:
EU countries
Austria416.112.5121.8658.81,502.82,283.4548.8
Belgium508.318.1366.7776.51,162.62,305.8453.7
Denmark330.686.1320.4901.01,174.92,396.3724.8
Finland267.49.4218.1310.4544.31,072.8401.2
France2,807.350.82,140.14,756.78,178.315,075.0537.0
Germany3,636.067.42,030.44,356.98,281.514,668.8403.4
Greece241.81.482.6222.1560.9865.6358.0
Ireland232.21.4168.11,195.61,021.42,385.11,027.4
Italy2,072.050.8631.14,074.32,986.27,691.6371.2
Luxembourg60.40.978.6841.5983.81,903.93,152.1
Netherlands853.822.6818.62,377.82,514.85,711.2668.9
Portugal220.12.885.9395.5636.41,117.7507.9
Spain1,358.735.4774.82,389.23,834.46,998.3515.1
Sweden558.960.5751.3848.91,019.62,619.8468.7
United Kingdom2,523.292.44,035.45,843.810,282.620,161.7799.0
Newly industrialized Asian economies62,365.51,342.56,252.72,566.85,228.714,048.1593.9
Emerging market economies728,913.07,995.211,232.711,226.431,782.554,241.6187.6
Of which:
Asia13,750.44,679.16,024.85,796.622,612.234,433.6250.4
Latin America and the Caribbean5,748.7802.92,183.63,564.83,761.29,509.6165.4
Middle East and North Africa3,127.31,396.81,114.3236.61,927.53,278.4104.8
Sub-Saharan Africa1,575.9204.2609.1244.7579.61,433.491.0
Europe4,710.7912.21,301.01,383.62,901.95,586.5118.6
Sources: Bank for International Settlements (BIS); Bankscope; Board of Governors of the Federal Reserve System, Flow of Funds; Bloomberg, L.P.; IMF, International Financial Statistics (IFS) and World Economic Outlook databases as of September 22, 2014; and World Federation of Exchanges.

This aggregate includes euro area countries, Denmark, Sweden, and the United Kingdom.

Data are from IFS. For euro area, the data also include the total reserves minus gold holdings of the European Central Bank.

Data are from BIS as of June 27, 2014. The data include total debt securities, all issuers, amounts outstanding by residence of issuer. BIS compilation methodology changed in December 2012. For the new data definition and classification, refer to the “Enhancements to the BIS debt securities statistics” publication.

Total assets of domestic commercial banks, including foreign banks’ subsidiaries operated domestically. For Austria, the data are from Austrian National Bank. For Germany, the data are from Deutsche Bundesbank. It comprises the assets of monetary and financial institutions, excluding special purpose banks, mortgage banks, and building and loan associations. For Greece, the data are from Bank of Greece. For Ireland, the data are from Central Bank of Ireland. For Luxembourg, the data are from Commission de Surveillance du Secteur Financier. It comprises the assets of commercial, savings, and private banks. For Portugal, the data are from Bank of Portugal. For Sweden, the data are from Sveriges Riksbank. For the United States, the data are from the Flow of Funds. It comprises the assets of private depository Institutions.

Sum of the stock market capitalization, debt securities, and bank assets. To the extent that banks hold equities and bonds as assets, these would be double-counted in the summary data. Due to limitations in data availability, such double-counting cannot fully be eliminated.

Hong Kong SAR, Korea, Singapore, and Taiwan Province of China.

This aggregate comprises the group of emerging and developing economies defined in the World Economic Outlook.

Sources: Bank for International Settlements (BIS); Bankscope; Board of Governors of the Federal Reserve System, Flow of Funds; Bloomberg, L.P.; IMF, International Financial Statistics (IFS) and World Economic Outlook databases as of September 22, 2014; and World Federation of Exchanges.

This aggregate includes euro area countries, Denmark, Sweden, and the United Kingdom.

Data are from IFS. For euro area, the data also include the total reserves minus gold holdings of the European Central Bank.

Data are from BIS as of June 27, 2014. The data include total debt securities, all issuers, amounts outstanding by residence of issuer. BIS compilation methodology changed in December 2012. For the new data definition and classification, refer to the “Enhancements to the BIS debt securities statistics” publication.

Total assets of domestic commercial banks, including foreign banks’ subsidiaries operated domestically. For Austria, the data are from Austrian National Bank. For Germany, the data are from Deutsche Bundesbank. It comprises the assets of monetary and financial institutions, excluding special purpose banks, mortgage banks, and building and loan associations. For Greece, the data are from Bank of Greece. For Ireland, the data are from Central Bank of Ireland. For Luxembourg, the data are from Commission de Surveillance du Secteur Financier. It comprises the assets of commercial, savings, and private banks. For Portugal, the data are from Bank of Portugal. For Sweden, the data are from Sveriges Riksbank. For the United States, the data are from the Flow of Funds. It comprises the assets of private depository Institutions.

Sum of the stock market capitalization, debt securities, and bank assets. To the extent that banks hold equities and bonds as assets, these would be double-counted in the summary data. Due to limitations in data availability, such double-counting cannot fully be eliminated.

Hong Kong SAR, Korea, Singapore, and Taiwan Province of China.

This aggregate comprises the group of emerging and developing economies defined in the World Economic Outlook.

Table 2.MSCI Equity Market Indices(Period-over-period percent change)
20132014
2010201120122013Q3Q4Q1Q2
Global10.4−9.413.420.37.46.90.64.3
Emerging Markets Index116.4-20.415.1-5.05.01.5-0.85.6
Latin America12.1-21.95.4-15.73.6-3.1-0.25.5
Brazil3.8−24.9−3.5−18.77.7−6.22.05.7
Chile41.8−22.15.6−23.0−5.6−7.3−2.91.3
Colombia40.8−7.131.6−23.79.1−11.54.75.7
Mexico26.0−13.527.1−2.0−2.07.0−5.16.2
Peru49.2−23.915.5−31.0−3.82.94.27.6
Asia16.6-19.118.1-0.24.53.6-0.66.3
China2.6−20.418.70.411.53.7−5.83.4
India14.7−26.327.96.9−0.78.84.112.9
Indonesia25.84.78.8−5.3−11.5−0.212.93.3
Korea22.1−11.511.71.68.12.2−2.21.1
Malaysia19.3−0.26.811.6−0.85.2−1.30.8
Pakistan21.4−12.933.536.94.911.0−1.47.8
Philippines23.5−3.134.73.4−4.9−3.310.25.8
Taiwan Province of China7.9−20.38.89.4−0.55.13.37.9
Thailand36.4−1.226.9−10.7−5.3−6.05.26.5
Europe, Middle East, & Africa20.9-22.617.7-8.08.5-0.2-2.13.6
Czech Republic1−5.9−6.8−6.1−11.27.83.67.80.9
Egypt15.9−46.852.515.910.520.47.92.9
Hungary−1.6−23.78.1−11.2−7.8−8.1−5.62.9
Morocco17.2−16.5−17.6−10.4−3.20.65.5−4.3
Poland16.3−21.719.0−4.26.9−0.13.6−1.8
Russia17.2−20.99.6−2.613.10.2−14.49.8
South Africa17.40.920.612.59.45.84.35.2
Turkey21.5−22.451.7−13.4−2.2−8.94.112.5
Sectors
Energy7.5−20.12.5−13.69.9−2.8−4.78.4
Materials14.7−23.06.4−13.47.93.1−4.31.3
Industrials27.1−30.614.9−2.86.52.5−0.54.4
Consumer Discretionary29.5−10.414.64.38.62.33.53.7
Consumer Staple27.6−1.423.0−5.5−0.7−1.9−1.93.4
Health Care25.7−23.231.68.02.04.41.47.7
Financials14.5−25.622.0−7.02.70.6−0.83.8
Information Technology13.9−17.126.312.27.57.83.611.0
Telecommunications10.9−8.09.6−5.31.6−0.3−6.54.5
Utilities4.9−16.42.4−5.90.74.32.58.3
Developed Markets9.6-7.613.224.17.77.60.84.2
Australia−3.5−14.914.915.78.12.71.00.0
Austria14.8−35.720.76.113.61.0−2.9−1.1
Belgium4.6−9.634.019.29.05.72.34.2
Canada12.0−12.24.310.25.46.94.95.5
Denmark39.0−14.328.118.19.08.314.93.4
Finland7.1−34.210.041.626.611.6−0.71.4
France−6.7−19.317.723.315.35.72.8−0.1
Germany6.0−20.127.228.212.713.3−0.5−0.2
Greece−46.4−63.6−0.846.233.610.118.1−11.0
Hong Kong SAR19.7−18.424.48.18.13.0−3.86.7
Ireland−19.711.43.838.916.411.313.1−9.1
Israel2.2−29.8−7.08.01.25.717.81.6
Italy−17.6−25.88.616.919.010.514.6−1.7
Japan13.4−16.25.824.96.02.1−6.36.5
Netherlands−0.6−14.417.228.514.48.40.9−0.4
New Zealand3.21.123.06.214.9−4.514.7−2.3
Norway7.4−12.813.75.38.65.51.86.6
Portugal−14.6−25.7−0.77.510.51.39.7−4.8
Singapore18.4−21.026.4−1.83.20.2−1.14.1
Spain−25.4−16.9−3.327.725.110.84.76.5
Sweden31.3−17.818.721.415.25.21.5−2.4
Switzerland9.8−9.117.323.89.44.33.90.6
United Kingdom8.5−5.45.914.14.04.3−2.52.3
United States13.2−0.113.529.95.29.71.34.7
Source: Morgan Stanley Capital International (MSCI).Note: Price indices are in local currency terms.

The country and regional classifications used in this table follow the conventions of MSCI and do not necessarily conform to IMF country classifications or regional groupings.

Source: Morgan Stanley Capital International (MSCI).Note: Price indices are in local currency terms.

The country and regional classifications used in this table follow the conventions of MSCI and do not necessarily conform to IMF country classifications or regional groupings.

Table 3.Emerging Markets Bond Index: EMBI Global Sovereign Yield Spreads(Basis points)
(end-of-period spread levels)
20132014
2010201120122013Q3Q4Q1Q2
EMBI Global289426266327355327324285
Latin America357468326393412393393340
Argentina5079259918081,035808799724
Belize6171,3912,245807872807724765
Brazil189225140230245230230211
Chile115172116148171148143123
Colombia172191112163187163168144
Dominican Republic322597343349429349330326
Ecuador913846826530628530508376
El Salvador302478396389409389420376
Jamaica427637711641637641531496
Mexico173222155177210177182160
Panama162201129199208199188177
Peru165216114162184162165151
Uruguay188213127194200194192169
Venezuela1,1141,2587861,1411,0101,1411,165938
Europe232440208280310280282241
Bulgaria19534094686568
Belarus6231,164695714950714648517
Croatia298602311306366306273252
Georgia504471357382416382364295
Hungary345605345278329278267204
Kazakhstan1324453207275295275288264
Lithuania267447149149175149148120
Poland151310108118153118112103
Romania235201241201199172
Russia224364157208231208280237
Serbia418601391374432374282268
Turkey177385177310284310271224
Ukraine461940632763996763762723
Middle East284439426393459393388375
Iraq314603465511535511489482
Jordan500436290321290301283
Lebanon270384412366443366362352
Africa329452264322360322299285
Côte d’Ivoire1,1541,192473442492442393365
Egypt221607453443537443367340
Gabon258422252348353348293265
Ghana363534397547552547663582
Nigeria435261293348293327277
South Africa145261163247275247225222
Asia175271165224260224210202
China126278146149175149155133
Indonesia183274179292324292267253
Malaysia117178981391521399380
Pakistan6541,274798606637606461501
Philippines163242121133173133131137
Sri Lanka290461342439469439336320
Vietnam323510304274329274214203
EMBI Global-6138-161612-28-4-39
Latin America1111-14267-12-190-53
Argentina−15341866−183−164−227−9−75
Belize−560774854−1,4380−65−8341
Brazil036−85902−150−19
Chile2057−5632−9−23−5−20
Colombia−2619−7951−6−245−24
Dominican Republic−83275−254628−80−19−4
Ecuador144−67−20−296−37−98−22−132
El Salvador−24176−82−7−27−2031−44
Jamaica−29221074−70144−110−35
Mexico−1949−6722−13−335−22
Panama−439−7270−10−9−11−11
Peru051−10248−17−223−14
Uruguay−5025−8667−35−6−2−23
Venezuela73144−4723553413124−227
Europe6208-2327210-302-41
Bulgaria16145−246−26−493
Belarus541−46919203−236−66−131
Croatia103304−291−55−60−33−21
Georgia37−33−1142514−34−18−69
Hungary159260−260−67−23−51−11−63
Kazakhstan1−69129−24668−21−2013−24
Lithuania−65180−2980−36−26−1−28
Poland27159−20210−4−35−6−9
Romania−34−28−40−2−27
Russia21140−20751−3−2372−43
Serbia85183−210−17−8−58−92−14
Turkey−20208−2081332926−39−47
Ukraine−528479−308131214−233−1−39
Middle East-51155-13-339-66-5-13
Iraq−133289−13846−41−24−22−7
Jordan−64−146−27−3111−18
Lebanon−1711428−4624−77−4−10
Africa118123-18858-21-38-23-14
Côte d’Ivoire38−719−31−81−50−49−28
Egypt224386−154−10−227−94−76−27
Gabon−132164−1709640−5−55−28
Ghana−99171−13715027−5116−81
Nigeria−17432−21−5534−50
South Africa−4116−98847−28−22−3
Asia-3396-1065921-36-14-8
China62152−1323−19−266−22
Indonesia−4791−9511349−32−25−14
Malaysia−1961−8041−11−13−46−13
Pakistan−34620−476−192−66−31−14540
Philippines−4379−121121−40−26
Sri Lanka−92171−1199733−30−103−16
Vietnam9187−206−30−29−55−60−11
Source: JPMorgan Chase & Co.Note: The country and regional classifications used in this table follow the conventions of JPMorgan and do not necessarily conform to IMF country classifications or regional groupings.

Kazakh issuance consists of state-owned enterprises.

Source: JPMorgan Chase & Co.Note: The country and regional classifications used in this table follow the conventions of JPMorgan and do not necessarily conform to IMF country classifications or regional groupings.

Kazakh issuance consists of state-owned enterprises.

Table 4.Emerging Market Private External Financing: Total Bonds, Equities, and Loans(Millions of U.S. dollars)
20132014
2010201120122013Q3Q4Q1Q2
Total746,598.5622,682.1708,927.4811,372.4168,841.0197,885.8180,921.6191,773.1
Sub-Saharan Africa15,840.620,417.025,198.630,745.19,565.08,045.4950.37,212.1
Angola3,767.82,346.41,050.02,500.0124.0
Botswana44.979.7
Cameroon150.0102.891.0
Congo, Democratic Republic of the100.0
Ethiopia693.9377.2362.690.290.2
Gabon119.063.91,593.01,593.0
Ghana45.52,280.03,710.91,236.31,086.1150.2
Kenya37.91,006.2166.42,000.0
Madagascar78.875.2
Mauritius14.02,255.01,985.0270.0
Mozambique90.112.0854.8460.3394.6
Namibia490.6
Nigeria1,779.02,302.7919.96,163.61,382.5747.81,629.5
Rwanda90.9392.9
Senegal118.9295.0107.7
South Africa9,129.411,648.415,970.414,450.86,546.03,006.6556.22,492.6
Tanzania60.0158.7142.0648.248.2
Togo52.4
Uganda3.565.8120.0120.098.3
Zambia71.21,623.90.1991.7
Central and Eastern Europe56,005.860,694.477,407.975,706.611,779.324,485.417,674.618,555.8
Albania405.3
Bulgaria18.42,101.31,225.31,225.32,014.5
Croatia1,939.03,991.73,569.63,853.8199.02,169.01,694.9
Hungary3,827.19,293.51,991.28,747.3518.74,598.02,966.8
Lithuania2,919.81,495.72,244.6899.4675.8
Macedonia189.7
Montenegro252.8252.5108.5108.5383.3
Poland20,798.113,028.120,562.611,996.51,643.93,561.65,972.02,573.0
Romania1,446.02,487.35,651.65,586.72,062.11,455.71,970.72,521.9
Serbia982.61,785.33,494.62,018.6383.9234.6
Turkey24,417.828,955.039,501.739,794.77,355.69,348.75,705.59,133.6
Commonwealth of Independent States67,860.775,928.095,052.6104,311.816,235.218,791.67,359.86,734.3
Armenia86.6840.2840.2
Azerbaijan2,425.0125.0610.01,193.31,285.6660.0
Belarus1,738.8858.563.563.5
Georgia1248.8491.21,108.6232.7157.9255.9
Kazakhstan5,149.72,734.26,663.25,468.7459.4400.01,045.7
Kyrgyz Republic5.8
Moldova55.0
Russia52,359.164,739.075,151.878,671.714,996.015,030.95,674.23,772.7
Ukraine5,933.56,893.78,510.09,941.7399.03,080.01,000.0
Uzbekistan2,954.07,900.0
Developing Asia319,336.0265,855.5283,052.4337,018.568,662.392,748.089,479.185,372.2
Bangladesh86.0261.6745.0400.0
Bhutan92.2
Brunei Darussalam353.5
Cambodia155.8156.0
China117,261.890,835.7109,503.8182,192.046,735.560,665.337,966.560,749.6
Fiji250.21.11.1
India123,977.396,169.083,430.671,607.69,148.717,649.523,933.88,998.6
Indonesia23,657.022,047.428,009.527,896.24,893.13,377.68,533.24,546.6
Lao P.D.R.3,000.0241.5995.3945.0
Macao SAR3,937.87,852.94,156.52,020.7272.7600.02,527.41,377.7
Malaysia18,612.419,622.925,236.414,271.31,728.32,948.48,485.22,041.6
Maldives16.0
Marshall Islands660.02,067.2240.0690.0360.0584.0
Mongolia893.6150.03,379.6463.582.0381.5114.2
Pakistan503.2834.767.2150.0148.52,543.2
Papua New Guinea718.057.0600.0600.0
Philippines11,314.88,487.18,184.514,269.41,808.32,595.72,035.31,248.1
Sri Lanka1,205.61,150.01,837.51,450.0750.0100.01,000.0675.0
Thailand10,123.012,017.715,342.818,199.42,593.31,667.23,521.53,121.7
Vietnam4,097.33,566.82,578.81,311.0290.4668.2778.070.1
Middle East and North Africa68,303.847,192.068,079.177,973.213,784.516,297.98,558.022,354.9
Algeria1.9
Bahrain4,340.81,748.02,989.82,892.41,491.7140.5
Egypt6,431.23,119.4931.64,655.3133.5660.9
Iran419.0419.0
Iraq408.5
Jordan741.61,250.01,250.01,000.0
Kuwait3,760.82,103.91,073.52,460.4911.71,387.0500.0
Lebanon1,925.02,687.42,278.31,496.9401.4693.1
Libya
Morocco1,360.913.03,119.31,215.0466.23,219.5
Oman2,739.01,277.0994.21,821.5931.2384.8600.0692.2
Qatar8,925.911,148.016,423.97,425.8450.73,243.82,272.7746.2
Saudi Arabia18,099.61,895.014,353.215,849.02,195.64,141.12,520.83,465.8
Tunisia175.785.01,288.4576.3228.487.036.528.7
United Arab Emirates19,801.522,706.924,627.137,911.57,022.84,936.72,627.911,707.8
Latin America and the Caribbean219,251.7152,595.3160,136.8185,617.248,814.737,517.556,899.951,543.8
Anguilla2.3
Antigua and Barbuda94.0
Argentina4,945.09,334.61,766.41,727.9604.5497.52,496.8
Aruba253.0
Barbados403.3250.0400.0
Bolivia253.0200.0500.0789.0489.0300.0
Brazil145,196.559,160.969,697.868,281.312,269.011,163.425,428.518,679.9
Chile10,536.515,446.017,534.524,073.33,644.16,573.24,161.52,005.5
Colombia4,228.316,253.310,517.812,150.24,058.92,832.94,873.53,242.7
Costa Rica5.8425.01,322.43,125.8500.01,067.01,000.0
Dominican Republic2,024.7777.6700.01,797.4500.01,250.0
Ecuador36.048.648.616.02,000.0
El Salvador644.1653.51,099.9304.5120.0
Guatemala300.01,429.91,293.9493.9785.9300.0
Haiti26.5
Honduras30.01,049.3549.344.4
Jamaica1,833.51,568.41,750.01,821.51.9519.11,002.1
Mexico32,705.125,588.043,359.854,330.223,322.210,997.916,616.016,521.2
Nicaragua
Panama477.31,699.31,764.92,165.5169.9692.6105.0369.8
Paraguay100.0500.0500.0298.5
Peru8,186.12,973.77,190.38,743.71,543.7780.73,448.51,309.8
Trinidad and Tobago13.8175.0716.2166.2550.0
Turks and Caicos170.0
Uruguay2,169.8500.02,178.51,996.72,368.2
Venezuela7,796.515,534.2
Source: Dealogic.Note: For inclusion criteria, please see notes for Tables 5, 6, and 7.

Georgla ¡s nota member of the Commonwealth of Independent States, but it is included in this group for reasons of geography and similarities in economic structure.

Source: Dealogic.Note: For inclusion criteria, please see notes for Tables 5, 6, and 7.

Georgla ¡s nota member of the Commonwealth of Independent States, but it is included in this group for reasons of geography and similarities in economic structure.

Table 5.Emerging Market Private External Financing: Bonds(Millions of U.S. dollars)
20132014
2010201120122013Q3Q4Q1Q2
Total253,762.7250,583.5365,237.9403,106.081,975.393,162.699,779.5151,280.5
Sub-Saharan Africa4,673.17,625.39,668.914,014.08,153.83,394.5199.94,263.3
Angola1,000.0
Botswana79.7
Ethiopia362.690.290.2
Gabon1,593.01,593.0
Ghana993.6993.6
Kenya2,000.0
Mozambique810.3460.3350.0
Namibia490.6
Nigeria986.0350.02,553.91,282.6397.91,088.9
Rwanda392.9
South Africa4,673.16,148.77,140.86,980.25,327.21,053.7199.9182.7
Tanzania600.0
Zambia735.8991.7
Central and Eastern Europe30,879.231,362.250,955.742,113.74,817.615,190.315,098.414,860.4
Albania405.3
Bulgaria1,343.31,225.31,225.32,014.5
Croatia1,238.82,748.43,104.03,408.4199.01,723.51,694.9
Hungary3,518.18,752.31,763.57,406.2514.93,395.52,966.8
Lithuania2,710.11,495.72,214.4860.4675.8
Montenegro252.8252.5108.5108.5383.3
Poland11,512.97,773.016,283.24,683.51,184.51,548.85,518.52,028.9
Romania1,418.42,106.15,182.54,162.41,974.6703.41,970.71,718.7
Serbia982.61,785.33,106.91,630.8234.6
Turkey9,822.97,251.619,279.617,152.2944.54,854.63,966.76,785.6
Commonwealth of Independent States42,559.431,293.459,443.168,950.412,202.412,176.26,249.25,909.7
Armenia690.2690.2
Azerbaijan125.0500.01,093.31,225.6500.0
Belarus1,327.3800.0
Georgia1248.8491.2996.1157.9157.9
Kazakhstan4,840.51,072.93,242.74,902.7399.4400.01,045.7
Russia30,869.522,924.649,261.552,683.411,512.28,618.94,623.63,364.0
Ukraine5,273.45,879.85,442.89,423.03,000.01,000.0
Developing Asia46,734.759,911.086,728.8115,391.914,719.126,849.732,877.164,923.7
China18,058.631,580.740,181.670,987.58,858.022,005.721,190.748,567.5
Fiji250.0
India9,045.89,307.010,435.214,685.7648.32,769.43,232.15,586.1
Indonesia5,794.16,363.912,475.012,103.42,693.9150.04,219.63,434.7
Lao P.D.R.143.693.2
Macao SAR592.0354.2825.01,600.0600.0755.6
Malaysia2,638.54,170.78,929.05,210.1170.4122.5634.9991.5
Marshall Islands230.0
Mongolia174.02,979.0310.5310.5114.2
Pakistan2,000.0
Philippines6,400.04,175.63,769.53,653.599.2300.11,500.0873.4
Sri Lanka1,000.01,000.01,500.01,350.0750.0100.01,000.0675.0
Thailand2,046.02,622.35,387.15,149.41,499.3200.02,795.6
Vietnam985.886.6247.5198.3198.3
Middle East and North Africa32,641.426,666.541,180.539,160.74,106.410,521.32,167.620,311.7
Bahrain2,460.51,050.02,343.62,187.41,491.7140.5
Egypt2,095.3500.04,236.430.0
Jordan741.61,250.01,250.01,000.0
Kuwait989.3446.7923.5323.4161.7500.0
Lebanon1,925.02,687.42,278.31,496.9401.4693.1
Morocco1,340.11,479.61,045.7296.83,148.9
Oman320.0846.5350.0
Qatar8,743.55,087.710,508.86,064.23,243.835.0746.2
Saudi Arabia2,586.43,800.05,739.6995.61,296.43,245.8
Tunisia1,288.4228.4228.4
United Arab Emirates11,439.816,894.718,558.315,742.21,229.13,682.81,632.611,307.2
Latin America and the Caribbean96,274.893,725.2117,260.9123,475.337,975.925,030.643,187.241,011.6
Argentina4,122.42,552.81,111.21,550.1554.5497.51,200.0
Aruba253.0
Barbados403.3250.0400.0
Bolivia500.0489.0489.0
Brazil40,513.337,788.551,562.239,069.77,920.35,885.319,569.013,945.3
Chile7,522.35,795.810,344.512,397.52,458.63,642.92,669.91,661.2
Colombia1,939.86,374.37,342.510,191.74,058.91,753.82,343.53,242.7
Costa Rica250.01,262.42,983.8500.0992.01,000.0
Dominican Republic750.0777.6550.01,797.4500.01,250.0
Ecuador2,000.0
El Salvador444.1653.5799.9304.5
Guatemala1,389.91,293.9493.9785.9300.0
Honduras1,000.0500.0
Jamaica1,083.3695.21,750.01,815.0515.01,000.0
Mexico26,733.720,537.932,224.439,676.419,741.88,712.714,932.012,364.7
Panama1,045.8797.81,388.699.0539.6369.8
Paraguay100.0500.0500.0298.5
Peru6,466.32,394.76,123.15,977.7157.1447.81,588.51,309.8
Trinidad and Tobago175.0550.0550.0
Turks and Caicos170.0
Uruguay1,969.8500.02,090.01,996.72,368.2
Venezuela6,296.512,444.2
Source: Dealogic.Note: Gross bond issuance of international tranches by governments and public and private sector entities, excluding supranationals.

Georgia is not a member of the Commonwealth of Independent States, but it is included in this group for reasons of geography and similarities in economic structure.

Source: Dealogic.Note: Gross bond issuance of international tranches by governments and public and private sector entities, excluding supranationals.

Georgia is not a member of the Commonwealth of Independent States, but it is included in this group for reasons of geography and similarities in economic structure.

Table 6.Emerging Market Private External Financing: Equity(Millions of U.S. dollars)
20132014
2010201120122013Q3Q4Q1Q2
Total247,025.6103,184.6118,676.5126,606.316,786.737,075.119,905.134,568.4
Sub-Saharan Africa3,724.42,810.53,440.74,428.1397.92,087.1356.42,603.3
Botswana44.9
Ghana45.5
Kenya37.930.2
Madagascar78.875.2
Mauritius14.0
Mozambique10.610.6
Nigeria140.3219.9782.6100.099.9540.6
Rwanda90.9
South Africa3,411.52,572.83,119.33,511.5297.91,928.4356.31,964.3
Tanzania23.748.248.2
Togo2.4
Uganda3.565.898.3
Zambia71.23.10.1
Central and Eastern Europe10,482.85,980.96,986.310,220.0113.74,478.1453.61,369.2
Bulgaria18.41.6
Hungary14.7134.7
Lithuania209730.238.9
Poland8,827.64,865.32,911.26,272.51,431.7453.6544.1
Romania76.31,000.387.4745.0803.2
Turkey1,445.61,082.53,967.02,773.626.22,301.421.8
Commonwealth of Independent States8,980.111,517.49,949.110,094.7864.33,083.01,050.6574.8
Armenia11.6
Georgia174.9255.9
Kazakhstan309.21.3541.1
Kyrgyz Republic5.8
Russia8,005.011,137.09,400.69,961.1840.33,083.01,050.6318.9
Ukraine660.1367.57.458.824.0
Developing Asia121,364.951,740.568,014.860,909.58,399.819,422.411,888.818,248.3
Bangladesh86.0
Cambodia155.8156.0
China75,061.631,890.831,015.636,502.46,301.215,395.96,357.411,350.1
Fiji0.21.11.1
India26,200.88,409.514,476.68,626.1260.81,019.22,580.82,969.5
Indonesia8,066.63,259.43,581.83,536.2314.885.2410.4411.9
Lao P.D.R.111.2241.5150.0150.0
Macao SAR140.62,397.62,025.0420.72727175.81,377.7
Mongolia683.581.6
Malaysia6,930.52,644.17,315.62,843.1163.21,051.61,795.3824.9
Maldives16.0
Pakistan3.019.918.4543.2
Philippines1,783.31,047.12,721.35,372.4926.11,295.7535.3374.7
Sri Lanka5.6
Thailand2,379.01,945.96,381.03,212.0161.1335733.8326.1
Vietnam2.160.069.769.770.1
Middle East and North Africa4,416.4414.75,296.83,109.71,331.5864.01,293.62,043.1
Bahrain1,585.4
Egypt1,095.3133.5133.5630.9
Iran419.0419.0
Iraq8.5
Morocco20.813.0169.3169.370.6
Oman474.863.9357.2181.8138.034.8692.2
Qatar137.52,073.6260.9887.7
Saudi Arabia720.8105.62,384.8269.2144.072.0220.0
Tunisia175.7251.287.036.528.7
United Arab Emirates206.2223.7481.31,424.8641.1428.9297.4400.7
Latin America and the Caribbean98,056.930,720.724,988.837,844.35,679.57,140.54,862.29,729.7
Anguilla2.3
Argentina109.74,978.060.2127.91,296.8
Brazil94,356.714,339.48,650.614,457.7850.92,190.71,027.74,734.6
Chile1,309.75,252.94,319.38,447.7736.01,972.51,302.426.8
Colombia295.55,307.22,461.51,958.51,079.12,530.0
Jamaica6.51.94.12.1
Mexico1,692.7801.98,705.112,147.43,494.41,821.23,671.5
Panama103.041.3
Peru187.4792.2532.4430.172.9
Trinidad and Tobago166.2166.2
Source: Dealogic.Note: Gross issuance of international tranches of initial and follow-up offerings.

Georgia is not a member of the Commonwealth of Independent States, but it is included in this group for reasons of geography and similarities in economic structure.

Source: Dealogic.Note: Gross issuance of international tranches of initial and follow-up offerings.

Georgia is not a member of the Commonwealth of Independent States, but it is included in this group for reasons of geography and similarities in economic structure.

Table 7.Emerging Market Private External Financing: Loans(Millions of U.S. dollars)
20132014
2010201120122013Q3Q4Q1Q2
Total245,810.3268,914.0225,013.1281,660.170,079.067,648.161,237.05,924.2
Sub-Saharan Africa7,443.09,981.312,089.012,303.01,013.32,563.7394.0345.5
Angola3,767.82,346.450.02,500.0124.0
Cameroon150.0102.891.0
Congo, Democratic Republic of the100.0
Ethiopia693.9377.2
Gabon119.063.9
Ghana2,280.03,710.9242.792.5150.2
Kenya976.0166.4
Mauritius2,255.01,985.0270.0
Mozambique90.112.034.034.0
Nigeria1,638.71,316.7350.02,827.2250.0
Senegal118.9295.0107.7
South Africa1,044.82,927.05,710.33,959.0920.824.5345.5
Tanzania60.0135.0142.0
Togo50.0
Uganda120.0120.0
Zambia885.0
Central and Eastern Europe14,643.823,351.219,465.923,373.06,848.04,817.02,122.72,326.3
Bulgaria756.5
Croatia700.21,243.3465.6445.4445.4
Hungary309.0526.6227.81,206.43.81,202.6
Macedonia189.7
Poland457.6389.81,368.21,040.5459.4581.2
Romania27.6381.2392.8424.07.4
Serbia387.7387.7383.9
Turkey13,149.420,620.816,255.119,869.06,384.92,192.71,738.82,326.3
Commonwealth of Independent States16,321.133,117.225,660.525,266.73,168.43,532.560.0249.8
Armenia75.0150.0150.0
Azerbaijan2,425.0110.0100.060.0160.0
Belarus411.558.563.563.5
Georgia1112.5
Kazakhstan1,660.02,879.5566.060.0
Moldova55.0
Russia13,484.630,677.416,489.716,027.22,643.43,329.089.8
Ukraine646.33,059.9460.0375.080.0
Uzbekistan2,954.07,900.0
Developing Asia151,236.4154,204.0128,308.8160,717.045,543.446,475.944,713.22,200.1
Bangladesh261.6745.0400.0
Bhutan92.2
Brunei Darussalam353.5
China24,141.627,364.238,306.674,702.131,576.223,263.710,418.4832.0
India88,730.778,452.558,518.848,295.88,239.713,860.918,120.9442.9
Indonesia9,796.312,424.211,952.712,256.61,884.43,142.43,903.3700.0
Lao P.D.R.2,888.7701.7701.7
Macao SAR3,205.25,101.11,306.41,596.0
Malaysia9,043.412,808.08,991.86,218.21,394.61,774.46,054.9225.2
Marshall Islands660.02,067.2240.0690.0360.0354.0
Mongolia36.0150.0319.0153.082.071.0
Pakistan503.2834.764.2130.1130.1
Papua New Guinea718.057.0600.0600.0
Philippines3,131.53,264.41,693.65,243.5783.11,000.0
Sri Lanka200.0150.0337.5100.0
Thailand5,698.07,449.63,574.79,838.0933.01,131.53,487.6
Vietnam3,109.53,420.22,331.31,043.1290.4400.3778.0
Middle East and North Africa31,246.020,110.921,601.835,702.88,346.64,912.75,096.8
Algeria1.9
Bahrain294.9698.0646.2705.0
Egypt3,240.62,619.4931.6285.4
Iraq400.0
Kuwait2,771.61,657.2150.02,137.0750.01,387.0
Morocco1,639.7
Oman1,944.21,213.1637.0793.2793.2600.0
Qatar45.06,060.43,841.41,100.7450.71,350.0
Saudi Arabia14,792.41,789.48,168.49,840.31,200.02,700.72,448.8
Tunisia85.096.7
United Arab Emirates8,155.55,588.55,587.620,744.55,152.7825.0697.9
Latin America and the Caribbean24,919.928,149.417,887.124,297.65,159.35,346.58,850.5802.5
Antigua and Barbuda94.0
Argentina713.01,803.8595.150.050.0
Bolivia253.0200.0300.0300.0
Brazil10,326.57,033.09,485.014,753.93,497.83,087.54,831.9
Chile1,704.44,397.22,870.73,228.0449.5957.7189.2317.5
Colombia1,993.04,571.8713.8
Costa Rica5.8175.060.0142.075.0
Dominican Republic1,274.7150.0
Ecuador36.048.648.616.0
El Salvador200.0300.0120.0
Guatemala300.040.0
Haiti26.5
Honduras30.049.349.344.4
Jamaica750.2873.2
Mexico4,278.84,248.22,430.42,506.486.0464.01,684.0485.0
Panama374.3612.2967.1776.970.9153.0105.0
Peru1,532.4579.0275.02,233.5956.5260.01,860.0
Trinidad and Tobago13.8
Uruguay200.088.5
Venezuela1,500.03,090.0
Source: Dealogic.Note: Deal inclusion for external private source gross lending on a committed basis to governments and public and private firms, which may or may not be fully disbursed, and generally excluding bilateral deals. Such new issuance or contract agreements are not directly comparable to flow data from the balance of payments nor imply increases in the stock of external debt, as the proceeds may have been offset with coinciding amortizations.

Georgia is not a member of the Commonwealth of Independent States, but it is included in this group for reasons of geography and similarities in economic structure.

Source: Dealogic.Note: Deal inclusion for external private source gross lending on a committed basis to governments and public and private firms, which may or may not be fully disbursed, and generally excluding bilateral deals. Such new issuance or contract agreements are not directly comparable to flow data from the balance of payments nor imply increases in the stock of external debt, as the proceeds may have been offset with coinciding amortizations.

Georgia is not a member of the Commonwealth of Independent States, but it is included in this group for reasons of geography and similarities in economic structure.

Table 8.Equity Valuation Measures: Dividend-Yield Ratios
20132014Ten-Year

Average
20092010201120122013Q3Q4Q1Q2
Emerging markets2.02.13.02.72.62.92.62.72.72.6
Asia1.72.02.82.32.32.52.32.42.42.4
Europe/Middle East/Africa2.22.13.23.53.23.73.23.43.22.7
Latin America2.72.33.33.23.03.53.03.23.52.9
Argentina1.11.98.45.61.55.81.51.51.43.3
Brazil2.92.74.14.13.84.73.84.24.73.6
Chile1.61.42.32.12.21.92.22.32.62.2
China1.92.23.22.93.13.53.13.43.42.5
Colombia2.82.12.62.93.23.23.23.02.82.6
Egypt4.83.55.33.52.23.32.22.32.43.3
Hungary1.31.62.43.52.63.62.62.73.12.5
India0.90.91.51.31.41.41.41.41.41.3
Indonesia1.92.22.42.42.72.42.72.42.42.7
Jordan3.12.53.14.34.44.84.44.03.62.9
Malaysia2.42.32.82.92.82.92.82.92.82.7
Mexico2.41.61.21.41.51.51.51.61.51.8
Morocco4.94.35.54.74.54.54.54.34.03.9
Pakistan6.45.68.37.16.37.06.35.94.56.4
Philippines2.22.42.72.01.91.81.91.71.62.4
Poland3.02.55.45.64.66.14.64.64.33.9
Russia1.41.52.43.63.53.93.53.94.32.2
South Africa2.72.33.23.22.93.22.93.12.83.0
Sri Lanka1.61.22.22.22.22.12.22.12.12.6
Thailand2.92.63.32.83.32.93.33.23.13.5
Turkey2.12.23.32.22.72.32.72.31.92.9
Sources: Bloomberg L.P.; and Morgan Stanley Capital International (MSCI).Note: The country and regional classifications used in this table follow the conventions of MSCI, and do not necessarily conform to IMF country classifications or regional groupings.
Sources: Bloomberg L.P.; and Morgan Stanley Capital International (MSCI).Note: The country and regional classifications used in this table follow the conventions of MSCI, and do not necessarily conform to IMF country classifications or regional groupings.
Table 9.Equity Valuation Measures: Price/Earnings Ratios
20132014Ten-Year

Average
20092010201120122013Q3Q4Q1Q2
Emerging markets20.614.610.812.712.111.812.112.312.913.7
Asia24.315.211.413.212.312.112.312.312.614.5
Europe/Middle East/Africa16.212.18.29.29.28.59.29.610.912.1
Latin America18.315.911.816.416.015.816.016.917.414.2
Argentina8.08.85.23.36.33.96.37.96.817.7
Brazil17.013.89.814.313.413.513.414.814.712.4
Chile18.721.417.223.221.025.621.020.520.421.0
China21.114.69.411.310.09.210.09.69.814.6
Colombia25.123.517.219.318.018.418.019.419.120.1
Egypt13.917.410.313.822.717.222.722.925.216.7
Hungary14.212.28.713.712.312.612.313.113.111.4
India21.822.414.416.317.115.417.117.319.018.6
Indonesia16.419.015.216.214.617.714.616.416.215.5
Jordan15.921.316.911.614.513.014.514.115.222.1
Malaysia20.318.116.914.817.516.617.517.217.116.3
Mexico22.723.921.821.522.920.922.921.724.818.2
Morocco14.317.514.012.313.811.613.815.915.919.8
Pakistan10.19.16.27.610.48.910.49.910.49.7
Philippines19.117.515.819.918.820.618.820.523.016.9
Poland19.314.18.08.712.810.212.814.315.012.6
Russia15.68.34.95.65.24.95.25.05.59.6
South Africa16.618.916.415.918.716.418.718.219.415.8
Sri Lanka77.720.513.214.114.914.614.915.416.019.3
Thailand19.314.811.115.912.815.012.813.515.112.9
Turkey12.610.89.212.08.710.58.79.912.011.2
Sources: Bloomberg L.P.; and Morgan Stanley Capital International (MSCI).Note: The country and regional classifications used in this table follow the conventions of MSCI and do not necessarily conform to IMF country classifications or regional groupings.
Sources: Bloomberg L.P.; and Morgan Stanley Capital International (MSCI).Note: The country and regional classifications used in this table follow the conventions of MSCI and do not necessarily conform to IMF country classifications or regional groupings.
Table 10.Emerging Markets: Mutual Funds(Billions of U.S. dollars)
20132014
Net Flows2010201120122013Q3Q4Q1Q2
Bonds53.315.958.8-25.1-19.5-17.6-18.412.4
Global46.513.647.1−19.5−15.8−13.9−14.815.9
Asia6.62.60.8−2.4−2.7−2.0−2.7−0.8
Europe/Middle East/Africa−0.2−1.0−0.40.5−0.2−0.2−0.2−0.1
Latin America0.40.80.7−3.7−0.7−1.5−0.6−2.5
Equities95.7-46.252.3-26.7-13.6-11.0-42.913.4
Global63.6−4.650.310.11.1−3.5−21.916.1
Asia22.1−23.75.7−17.2−10.0−1.4−15.3−1.4
Europe/Middle East/Africa7.3−7.0−2.2−7.7−1.6−1.9−1.9−0.6
Latin America2.6−10.9−1.6−11.9−3.1−4.1−3.7−0.7
20132014
Net Asset Values2010201120122013Q3Q4Q1Q2
Bonds162.0183.3301.8326.2336.8326.2319.6348.5
Global141.9157.3264.7265.5277.9265.5260.3288.5
Asia14.520.028.730.330.830.328.730.5
Europe/Middle East/Africa3.23.04.56.06.26.06.16.3
Latin America2.42.94.024.521.924.524.423.2
Equities950.2774.11,016.91,071.21,055.31,071.21,027.41,117.8
Global476.8416.4562.4580.1569.8580.1559.3618.6
Asia329.7262.6343.9385.1372.8385.1369.9394.9
Europe/Middle East/Africa62.640.152.255.357.155.352.155.2
Latin America81.155.058.450.755.750.746.149.1
Source: EPFR Global.Note: Flows data derive from both traditional and alternative funds domiciled globally with $23.5 trillion in assets. The country and regional classifications used in this table follow the conventions of Emerging Portfolio Fund Research and individual fund managers and do not necessarily conform to IMF country classifications or regional groupings.
Source: EPFR Global.Note: Flows data derive from both traditional and alternative funds domiciled globally with $23.5 trillion in assets. The country and regional classifications used in this table follow the conventions of Emerging Portfolio Fund Research and individual fund managers and do not necessarily conform to IMF country classifications or regional groupings.

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