I Introduction and Overview
Author:
International Monetary Fund
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Language:
English
Print Publication Date:
24 Sep 1999
Keywords:
WEFS; market; market dynamics; emerging market; market participant; market discipline; rating agency; crisis economy; emerging market investment; International capital markets; Commercial banks; Credit rating agencies; Capital markets

Abstract

The period since last year’s International Capital Markets report has witnessed some of the most severe financial market turbulence in the postwar period. The effects of the Asian financial crisis were initially felt mainly within the region, and the negative spillovers to other emerging markets and to most of the advanced countries outside the region were short lived.1 Indeed, through mid-1998 other emerging markets, including in Latin America and Europe, generally maintained access to international capital markets at relatively favorable terms, and some of the Asian crisis countries saw a pickup in inflows.2 At the same time, equity markets in most of the advanced countries continued to record strong gains—reaching record valuations; levels of leverage in advanced countries’ financial systems remained high; and confidence was generally strong.

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Cover International Capital Markets
International Capital Markets
Developments, Prospects, and Key Policy Issues (September 1999)
ISBN:
9781557758521
ISSN:
0258-7440
Publication Date:
24 Sep 1999
Publisher:
International Monetary Fund
DOI:
https://doi.org/10.5089/9781557758521.083
Pages:
217

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