Front Matter

Front Matter

International Monetary Fund
Published Date:
January 1990
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    By a Staff Team from the Exchange and Trade Relations and Research Departments

    © 1990 International Monetary Fund

    Library of Congress Cataloging-in-Publication Data

    International capital markets.

    (World economics and financial surveys, ISSN 0258-7440)

    “April 1990.”

    Includes bibliographical references.

    1. International finance. 2. Capital market. I. Allen, Mark. II. International Monetary Fund. Exchange and Trade Relations Dept. III. International Monetary Fund. Research Dept. IV. Series.

    HG3881.1575226 1990 332.1'5 90-4579

    ISBN 9781451941883

    Price: US$20.00

    (US$15.00 university libraries, faculty members and students)

    Address orders to:

    External Relations Department, Publication Services

    International Monetary Fund, Washington, D.C. 20431


    The following symbols have been used throughout this paper:

    • … to indicate that data are not available;

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

    • – between years or months (e.g., 1987–88 or January–June) to indicate the years or months covered, including the beginning and ending years or months;

    • / between years (e.g., 1987/88) to indicate a crop or fiscal (financial) year.

    “Billion” means a thousand million.

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

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


    This study was prepared under the direction of Mark Allen, Assistant Director of the International Capital Markets Division of the Exchange and Trade Relations Department of the International Monetary Fund, with Donald Mathieson, Chief of the Financial Studies Division of the Research Department. The co-authors, staff members from both divisions, are listed on the title page.

    Background for the study was provided in part by informal discussions with commercial and investments banks, securities houses, stock and futures exchanges, regulatory and monetary authorities, and the staffs of the Bank for International Settlements, the Commission of the European Communities, the Organization for Economic Cooperation and Development, the World Bank, the International Finance Corporation, and the Japan Center for International Finance. The discussions took place in Amsterdam, Basle, Berlin, Bern, Brussels, Frankfurt, London, New York, Ottawa, Paris, Tokyo, Toronto, Washington, and Zurich at various times in May and June 1989.

    In addition to the authors, other Fund staff members taking part in some of the discussions included Luis Valdivieso (of the Exchange and Trade Relations Department) and Humberto Arbulu-Neira (of the Fund's office in Europe). John Clark and Sabine Miltner also made contributions to the study at various stages. Staff of the Bureau of Statistics, particularly Richard Stillson and Richard Hides, developed and compiled the data based on the Fund's international banking statistics. Jean Boyd, Delrene Alvis, Sheila O'Connor, and Margaret Tan patiently typed and retyped the text and tables. Juanita Roushdy, of the External Relations Department, gave the manuscript a final edit and efficiently coordinated the production.

    The study benefited from comments by staff in other departments of the Fund and by members of the Executive Board. Opinions expressed, however, are those of the authors and do not necessarily represent the views of the Fund or of the Executive Directors. Similar studies on international capital markets have been prepared in recent years; the previous study was published in April 1989 in the World Economic and Financial Surveys series. The present study was completed in January 1990 and reflects developments to that time.

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