Front Matter

Front Matter

International Monetary Fund
Published Date:
January 1992
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    © 1992 International Monetary Fund

    ISBN 1-55775-309-1

    ISSN 0258-7440

    Price: US$20.00

    (US$12.00 to full-time faculty members and students at universities and colleges)

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    • 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., 1990-91 or January-June) to indicate the years or months covered, including the beginning and ending years or months:

    • / between years (e.g., 1990/91) 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” used in this study 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 report was prepared under the direction of Morris Goldstein, Deputy Director of the Research Department of the International Monetary Fund, together with David Folkerts-Landau, Chief of the Capital Markets and Financial Studies Division of the Research Department. The co-authors of this report are Mohamed El-Erian, Steven Fries, and Liliana Rojas-Suarez.

    Background for the study was provided in part by informal discussions with commercial and investment 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, and the Japan Center for International Finance. The discussions took place in Belgium, France, Germany, Japan, the Netherlands, Switzerland, the United Kingdom, and the United States between September and early December 1991.

    In addition to the authors, other Fund staff members taking part in some of the discussions or making contributions to the study at various stages included Peter Garber, Timothy Lane and Subramanian S. Sriram of the Research Department; Charles Collyns and Juan Carlos di Tata of the Policy Development and Review Department; and Steven Weisbrod, Consultant. Staff of the Statistics Department, particularly Richard Stillson and Dennis Jones, developed and compiled the data base on the Fund’s international banking statistics. Veronica Samson, Norma Alvarado, and Nancy Taggart typed the text and tables. Juanita Roushdy of the External Relations Department edited the manuscript and coordinated the production of the publication.

    The study has 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 May 1991 in the World Economic and Financial Survey series. The present study was completed in June 1992 and reflects developments to that time. The country classification used is that of the May 1992 World Economic Outlook.

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