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Abstract
This report presents the annual survey of international capital market developments and prospects. It reviews trends in the main market segments and seeks to analyze the principal forces underlying these developments, in particular the progressive integration of markets and the related globalization of investor and borrower behavior. Against this background, the study examines the financing of the current account imbalances among the main industrial countries, and reviews recent developments affecting capital market financing for developing countries. The paper also looks at a number of issues that have arisen from these developments, including efforts to promote an efficient and stable system of capital markets, the process of trade liberalization in the financial services sector, the pressures toward international harmonization of tax systems, and recent initiatives to foster debt reduction for heavily indebted developing countries.
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