Appendix III Statistical Tables

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Appendix III Statistical Tables

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International Monetary Fund

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Language:: English

Print Publication Date:: 01 Jan 1988

Keywords:: WEFS; country classification; member country; Fed. rep.; member countries of the fund; market borrower; deutsche mark; new money; Index arbitrage; pound sterling; stock index futures; Options; Futures; Stock markets; Stocks; Securities; Middle East; Asia and Pacific; Western Hemisphere; Africa; Europe

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Fixed rate bonds

Floating rate notes²

Equity-related bonds

Other bonds³

Data on changes in bank claims and liabilities are derived from stock data on the reporting countries’ liabilities and assets, excluding changes attributed to exchange rate movements.

Table A1.

Changes in Cross-Border Bank Claims and Liabilities, 1982–Third Quarter 1988¹

(In billions of U.S. dollars)

Sources: International Monetary Fund, International Financial Statistics (IFS); and Fund staff estimates.

^¹Data on changes in bank claims and liabilities are derived from stock data on the reporting countries’ liabilities and assets, excluding changes attributed to exchange rate movements.

^²As measured by differences in the outstanding liabilities of borrowing countries defined as cross-border interbank accounts by residence of borrowing bank plus international bank credits to nonbanks by residence of borrower.

^³Excluding offshore centers.

^⁴Consisting of The Bahamas, Bahrain, the Cayman Islands, Hong Kong, the Netherlands Antilles, Panama, and Singapore.

^⁵Transactors included in IFS measures for the world, to enhance global symmetry, but excluded from IFS measures for “All Countries.” The data comprise changes in identified cross-border bank accounts of centrally planned economies (excluding Fund members) and of international organizations.

^⁶Calculated as the difference between the amount that countries report as their banks’ positions with nonresident nonbanks in their monetary statistics and the amounts that banks in major financial centers report as their positions with nonbanks in each country.

^⁷Consisting of all developing countries except the eight Middle Eastern oil exporters (the Islamic Republic of Iran, Iraq, Kuwait, the Libyan Arab Jamahiriya, Oman, Qatar, Saudi Arabia, and the United Arab Emirates) for which external debt statistics are not available or are small in relation to external assets.

^⁸Consisting of all developing countries except the eight Middle Eastern oil exporters (listed in footnote 7 above), Algeria, Indonesia, Nigeria, and Venezuela.

^⁹As measured by differences in the outstanding assets of depositing countries, defined as cross-border interbank accounts by residence of lending bank plus international bank deposits of nonbanks by residence of depositor.

^¹⁰Difference between changes in bank claims and liabilities.

Table A1.

Changes in Cross-Border Bank Claims and Liabilities, 1982–Third Quarter 1988¹

(In billions of U.S. dollars)

										1987	1988
				1982	1983	1984	1985	1986	1987	First three quarters
Total change in claims ²				186	150	182	275	527	793	587	464
	Industrial countries			123	96	127	208	417	550	405	392
		Of which:
			United States	61	40	36	55	94	106	76	49
			Japan	…	10	20	40	154	223	170	184
	Developing countries³			51	33	13	6	-3	19	1	-11
	Offshore centers⁴			25	12	28	28	86	164	131	76
	Other transactors⁵			-1	8	6	11	-7	20	16	16
	Unallocated (nonbanks)⁶			-12	1	7	22	33	40	29	-10
Memorandum items
	Capital importing developing countries³, ⁷			…	29	15	7	-2	18	6	-14
	Non-oil developing countries³, ⁸			41	26	16	5	-2	18	7	-15
	Fifteen heavily indebted countries			…	11	5	-4	-2	2	2	-11
Total change in liabilities ⁹				188	178	184	300	596	750	546	410
	Industrial countries			150	96	113	194	432	491	386	296
		Of which:
			United States	107	35	7	22	82	58	36	31
			Japan	…	15	12	42	114	146	130	133
	Developing countries³			4	23	23	24	-1	-48	35	25
	Offshore centers⁴			25	34	24	46	130	145	104	86
	Other transactors⁵			4	10	2	9	-7	17	9	5
	Unallocated (nonbanks)⁶			6	15	22	28	42	49	13	-1
Memorandum items
	Capital importing developing countries³, ⁷			…	29	25	21	12	36	28	19
	Non-oil developing countries³, ⁸			17	29	22	18	21	36	28	19
	Fifteen heavily indebted countries			…	13	15	5	-5	9	6	2
Change in total net claims ¹⁰				-2	-28	-2	-25	-70	44	41	55
	Industrial countries			-26	—	14	13	-15	59	19	90
		Of which:
			United States	-46	5	29	32	11	49	41	18
			Japan	…	-5	8	-2	40	75	38	51
	Developing countries³			47	10	-10	-18	-2	-29	-28	-35
	Offshore centers⁴			—	-22	5	-17	-45	20	27	-9
	Other transactors⁵			-5	-2	4	2	1	3	6	12
	Unallocated (nonbanks)			-18	-14	-15	-5	-9	-9	16	-9
Memorandum items
	Capital importing developing countries³, ⁷			…	—	-10	-14	-14	-18	-22	-33
	Non-oil developing countries³, ⁸			24	-2	-6	-13	-24	-18	-22	-34
	Fifteen heavily indebted countries			…	-1	-9	-8	3	-6	-3	-13

Sources: International Monetary Fund, International Financial Statistics (IFS); and Fund staff estimates.

^¹Data on changes in bank claims and liabilities are derived from stock data on the reporting countries’ liabilities and assets, excluding changes attributed to exchange rate movements.

^³Excluding offshore centers.

^⁴Consisting of The Bahamas, Bahrain, the Cayman Islands, Hong Kong, the Netherlands Antilles, Panama, and Singapore.

^⁸Consisting of all developing countries except the eight Middle Eastern oil exporters (listed in footnote 7 above), Algeria, Indonesia, Nigeria, and Venezuela.

^¹⁰Difference between changes in bank claims and liabilities.

Table A1.

Changes in Cross-Border Bank Claims and Liabilities, 1982–Third Quarter 1988¹

(In billions of U.S. dollars)

										1987	1988
				1982	1983	1984	1985	1986	1987	First three quarters
Total change in claims ²				186	150	182	275	527	793	587	464
	Industrial countries			123	96	127	208	417	550	405	392
		Of which:
			United States	61	40	36	55	94	106	76	49
			Japan	…	10	20	40	154	223	170	184
	Developing countries³			51	33	13	6	-3	19	1	-11
	Offshore centers⁴			25	12	28	28	86	164	131	76
	Other transactors⁵			-1	8	6	11	-7	20	16	16
	Unallocated (nonbanks)⁶			-12	1	7	22	33	40	29	-10
Memorandum items
	Capital importing developing countries³, ⁷			…	29	15	7	-2	18	6	-14
	Non-oil developing countries³, ⁸			41	26	16	5	-2	18	7	-15
	Fifteen heavily indebted countries			…	11	5	-4	-2	2	2	-11
Total change in liabilities ⁹				188	178	184	300	596	750	546	410
	Industrial countries			150	96	113	194	432	491	386	296
		Of which:
			United States	107	35	7	22	82	58	36	31
			Japan	…	15	12	42	114	146	130	133
	Developing countries³			4	23	23	24	-1	-48	35	25
	Offshore centers⁴			25	34	24	46	130	145	104	86
	Other transactors⁵			4	10	2	9	-7	17	9	5
	Unallocated (nonbanks)⁶			6	15	22	28	42	49	13	-1
Memorandum items
	Capital importing developing countries³, ⁷			…	29	25	21	12	36	28	19
	Non-oil developing countries³, ⁸			17	29	22	18	21	36	28	19
	Fifteen heavily indebted countries			…	13	15	5	-5	9	6	2
Change in total net claims ¹⁰				-2	-28	-2	-25	-70	44	41	55
	Industrial countries			-26	—	14	13	-15	59	19	90
		Of which:
			United States	-46	5	29	32	11	49	41	18
			Japan	…	-5	8	-2	40	75	38	51
	Developing countries³			47	10	-10	-18	-2	-29	-28	-35
	Offshore centers⁴			—	-22	5	-17	-45	20	27	-9
	Other transactors⁵			-5	-2	4	2	1	3	6	12
	Unallocated (nonbanks)			-18	-14	-15	-5	-9	-9	16	-9
Memorandum items
	Capital importing developing countries³, ⁷			…	—	-10	-14	-14	-18	-22	-33
	Non-oil developing countries³, ⁸			24	-2	-6	-13	-24	-18	-22	-34
	Fifteen heavily indebted countries			…	-1	-9	-8	3	-6	-3	-13

Sources: International Monetary Fund, International Financial Statistics (IFS); and Fund staff estimates.

^¹Data on changes in bank claims and liabilities are derived from stock data on the reporting countries’ liabilities and assets, excluding changes attributed to exchange rate movements.

^³Excluding offshore centers.

^⁴Consisting of The Bahamas, Bahrain, the Cayman Islands, Hong Kong, the Netherlands Antilles, Panama, and Singapore.

^⁸Consisting of all developing countries except the eight Middle Eastern oil exporters (listed in footnote 7 above), Algeria, Indonesia, Nigeria, and Venezuela.

^¹⁰Difference between changes in bank claims and liabilities.

Table A2.

Developments in International Bond Markets, 1982–88

Sources: Organization for Economic Cooperation and Development, Financial Statistics Monthly and Financial Market Trends; and Fund staff estimates.

^¹Gross issues less scheduled repayments and early redemption.

^²Three-month deposits, at end of period.

^³Bonds with remaining maturity of 7–15 years, at end of period.

Table A2.

Developments in International Bond Markets, 1982–88

				1982	1983	1984	1985	1986	1987	1988
				(In billions of U.S. dollars)
Total international bonds				76	77	110	168	227	181	225
	Amortization			18	18	20	36	64	76	82
	Net issues¹			58	59	90	132	163	105	143
	Bond purchases by banks			9	13	28	55	76	53	…
	Net issues less bonds purchases by banks			49	46	62	77	87	51	…
		Of which:
			Industrial countries	39	36	57	63	77	44	…
			Developing countries	3	2	3	4	2	1	…
By category of borrower
	Industrial countries			60	60	91	137	200	155	193
	Developing countries			5	3	5	10	5	5	8
	Other, including international organizations			11	14	13	21	21	21	24
				(In percent)
By currency of denomination
	U.S. dollar			64	57	64	61	55	36	38
	Deutsche mark			7	9	6	7	8	8	11
	Swiss franc			15	18	12	9	10	13	12
	Japanese yen			5	5	6	8	10	15	10
	Other			9	11	12	15	17	27	30
				(In percent a year)
Interest rate developments
	Eurodollar deposits²			9.5	10.1	9.0	8.0	6.3	7.9	9.4
	Dollar Eurobonds³			13.4	12.5	12.1	10.6	8.6	10.2	9.7
	Deutsche mark international bonds³			8.2	8.4	7.4	6.9	6.6	6.5	6.2

Sources: Organization for Economic Cooperation and Development, Financial Statistics Monthly and Financial Market Trends; and Fund staff estimates.

^¹Gross issues less scheduled repayments and early redemption.

^²Three-month deposits, at end of period.

^³Bonds with remaining maturity of 7–15 years, at end of period.

Table A2.

Developments in International Bond Markets, 1982–88

				1982	1983	1984	1985	1986	1987	1988
				(In billions of U.S. dollars)
Total international bonds				76	77	110	168	227	181	225
	Amortization			18	18	20	36	64	76	82
	Net issues¹			58	59	90	132	163	105	143
	Bond purchases by banks			9	13	28	55	76	53	…
	Net issues less bonds purchases by banks			49	46	62	77	87	51	…
		Of which:
			Industrial countries	39	36	57	63	77	44	…
			Developing countries	3	2	3	4	2	1	…
By category of borrower
	Industrial countries			60	60	91	137	200	155	193
	Developing countries			5	3	5	10	5	5	8
	Other, including international organizations			11	14	13	21	21	21	24
				(In percent)
By currency of denomination
	U.S. dollar			64	57	64	61	55	36	38
	Deutsche mark			7	9	6	7	8	8	11
	Swiss franc			15	18	12	9	10	13	12
	Japanese yen			5	5	6	8	10	15	10
	Other			9	11	12	15	17	27	30
				(In percent a year)
Interest rate developments
	Eurodollar deposits²			9.5	10.1	9.0	8.0	6.3	7.9	9.4
	Dollar Eurobonds³			13.4	12.5	12.1	10.6	8.6	10.2	9.7
	Deutsche mark international bonds³			8.2	8.4	7.4	6.9	6.6	6.5	6.2

Sources: Organization for Economic Cooperation and Development, Financial Statistics Monthly and Financial Market Trends; and Fund staff estimates.

^¹Gross issues less scheduled repayments and early redemption.

^²Three-month deposits, at end of period.

^³Bonds with remaining maturity of 7–15 years, at end of period.

Table A3.

Change in Cross-Border Bank Claims on Developing Countries and Areas, 1983–Third Quarter 1988¹, ²

(In billions of U.S. dollars)

Sources: Bank for International Settlements (BIS); Organization for Economic Cooperation and Development; International Monetary Fund, International Financial Statistics; and Fund staff estimates.

^¹IMF-based data on cross-border lending by banks are derived from the Fund’s international banking statistics (IBS) (cross-border interbank accounts by residence of borrowing bank plus international bank credits to nonbanks by residence of borrower), excluding changes attributed to exchange rate movements. BIS-based data are derived from quarterly statistics contained in the BIS’s International Banking Developments; the figures shown are adjusted for the effects of exchange rate movements. Differences between the IMF data and the BIS data are mainly accounted for by the different coverages. The BIS data are derived from geographical analyses provided by banks in the BIS reporting area. The IMF data derive cross-border interbank positions from the regular money and banking data supplied by member countries, while the IMF analysis of transactions with nonbanks is based on data from geographical breakdowns provided by the BIS reporting countries and additional banking centers. Neither the IBS series nor the BIS series are fully comparable over time because of expansion of coverage.

^²Excluding the seven offshore centers (The Bahamas, Bahrain, the Cayman Islands, Hong Kong, the Netherlands Antilles, Panama, and Singapore).

^³Excluding bridge loans.

Table A3.

Change in Cross-Border Bank Claims on Developing Countries and Areas, 1983–Third Quarter 1988¹, ²

(In billions of U.S. dollars)

								1987	1988
			1983	1984	1985	1986	1987	First three quarters
Developing countries and areas			33.4	13.5	5.9	-2.8	18.7	6.9	-10.7
	Growth rate (in percent)		6	2	1	-1	3	1	-2
Africa			5.0	—	0.9	-1.5	-1.3	-1.4	-0.2
	Of which:
		Algeria	0.2	0.1	1.8	1.0	-0.4	-0.4	0.8
		Côte d’Ivoire	-0.1	-0.3	—	—	-0.1	—	—
		Morocco	0.3	0.1	0.1	—	—	—	—
		Nigeria	1.3	-0.8	-1.3	-0.4	-0.7	-0.4	-0.1
		South Africa	3.0	-1.4	-0.3	-2.1	-0.1	-0.3	-0.3
Asia			8.9	8.0	6.8	5.0	14.7	5.1	-3.8
	Of which:
		China	0.8	1.3	4.8	0.7	4.8	3.5	5.6
		India	0.9	0.1	1.7	0.3	2.6	1.9	0.8
		Indonesia	2.6	0.7	—	0.6	0.9	1.0	0.3
		Korea	2.0	3.5	2.2	-2.3	-5.6	5.5	-1.4
		Malaysia	1.9	1.4	-1.4	-0.5	-1.9	1.3	-1.5
		Philippines	-1.3	0.1	-0.5	-0.1	0.1	0.1	-1.4
		Taiwan Province of China	-0.6	0.4	—	7.1	13.3	5.9	-6.4
Europe			0.7	1.4	1.9	-1.7	-0.4	-0.5	-1.4
	Of which:
		Greece	1.3	1.2	1.2	-1.2	-0.9	-0.6	0.9
		Hungary	0.9	0.2	2.3	2.0	0.9	0.4	0.4
		Poland	—	—	-1.4	-0.9	-0.5	-0.3	-0.6
		Portugal	—	-0.1	—	-1.9	-0.1	0.2	-0.8
		Turkey	—	0.9	0.5	1.5	1.5	0.9	0.2
		Yugoslavia	—	0.2	0.2	-0.9	-0.9	-0.8	0.5
Middle East			3.6	-0.9	-2.1	-2.4	0.9	0.3	3.4
	Of which:
		Egypt	-0.7	0.6	-0.3	-0.1	-0.6	-0.4	-0.4
		Israel	-0.3	-0.6	-0.8	-1.2	—	—	-0.4
Western Hemisphere			15.2	5.4	-1.5	-2.3	4.9	3.4	-8.7
	Of which:
		Argentina	2.3	-0.2	0.5	1.2	0.8	-0.4	0.4
		Brazil	5.3	5.1	-2.9	—	3.9	2.9	-3.3
		Chile	0.3	1.2	0.2	-1.0	-1.4	-0.7	-1.0
		Colombia	0.6	0.1	—	0.4	-0.2	—	0.2
		Ecuador	0.2	-0.1	0.2	0.3	0.2	0.1	-0.1
		Mexico	2.8	1.6	-0.8	-0.8	1.3	2.1	-5.5
		Venezuela	-1.2	-2.2	0.5	-1.1	-0.3	-0.2	0.8
Memorandum items
	Fifteen heavily indebted countries		11.5	5.1	-4.0	-1.8	2.4	2.2	-11.3
	Countries experiencing debt-servicing problems		8.1	5.9	-5.9	-8.0	0.5	0.1	-12.9
	Countries without debt-servicing problems		25.3	7.6	11.8	5.2	18.2	6.8	-2.2
	Gross concerted lending disbursements³		13.3	10.7	5.4	3.3	5.7	3.5	1.7
	Total, BIS-based		26.4	11.6	14.4	-2.6	6.0	-0.7	-9.4
		Growth rate (in percent)	7	2	3	-1	1	—	-2
	Gross bond issues		3.1	5.0	9.2	4.9	4.9	3.9	5.4

Sources: Bank for International Settlements (BIS); Organization for Economic Cooperation and Development; International Monetary Fund, International Financial Statistics; and Fund staff estimates.

^²Excluding the seven offshore centers (The Bahamas, Bahrain, the Cayman Islands, Hong Kong, the Netherlands Antilles, Panama, and Singapore).

^³Excluding bridge loans.

Table A3.

Change in Cross-Border Bank Claims on Developing Countries and Areas, 1983–Third Quarter 1988¹, ²

(In billions of U.S. dollars)

								1987	1988
			1983	1984	1985	1986	1987	First three quarters
Developing countries and areas			33.4	13.5	5.9	-2.8	18.7	6.9	-10.7
	Growth rate (in percent)		6	2	1	-1	3	1	-2
Africa			5.0	—	0.9	-1.5	-1.3	-1.4	-0.2
	Of which:
		Algeria	0.2	0.1	1.8	1.0	-0.4	-0.4	0.8
		Côte d’Ivoire	-0.1	-0.3	—	—	-0.1	—	—
		Morocco	0.3	0.1	0.1	—	—	—	—
		Nigeria	1.3	-0.8	-1.3	-0.4	-0.7	-0.4	-0.1
		South Africa	3.0	-1.4	-0.3	-2.1	-0.1	-0.3	-0.3
Asia			8.9	8.0	6.8	5.0	14.7	5.1	-3.8
	Of which:
		China	0.8	1.3	4.8	0.7	4.8	3.5	5.6
		India	0.9	0.1	1.7	0.3	2.6	1.9	0.8
		Indonesia	2.6	0.7	—	0.6	0.9	1.0	0.3
		Korea	2.0	3.5	2.2	-2.3	-5.6	5.5	-1.4
		Malaysia	1.9	1.4	-1.4	-0.5	-1.9	1.3	-1.5
		Philippines	-1.3	0.1	-0.5	-0.1	0.1	0.1	-1.4
		Taiwan Province of China	-0.6	0.4	—	7.1	13.3	5.9	-6.4
Europe			0.7	1.4	1.9	-1.7	-0.4	-0.5	-1.4
	Of which:
		Greece	1.3	1.2	1.2	-1.2	-0.9	-0.6	0.9
		Hungary	0.9	0.2	2.3	2.0	0.9	0.4	0.4
		Poland	—	—	-1.4	-0.9	-0.5	-0.3	-0.6
		Portugal	—	-0.1	—	-1.9	-0.1	0.2	-0.8
		Turkey	—	0.9	0.5	1.5	1.5	0.9	0.2
		Yugoslavia	—	0.2	0.2	-0.9	-0.9	-0.8	0.5
Middle East			3.6	-0.9	-2.1	-2.4	0.9	0.3	3.4
	Of which:
		Egypt	-0.7	0.6	-0.3	-0.1	-0.6	-0.4	-0.4
		Israel	-0.3	-0.6	-0.8	-1.2	—	—	-0.4
Western Hemisphere			15.2	5.4	-1.5	-2.3	4.9	3.4	-8.7
	Of which:
		Argentina	2.3	-0.2	0.5	1.2	0.8	-0.4	0.4
		Brazil	5.3	5.1	-2.9	—	3.9	2.9	-3.3
		Chile	0.3	1.2	0.2	-1.0	-1.4	-0.7	-1.0
		Colombia	0.6	0.1	—	0.4	-0.2	—	0.2
		Ecuador	0.2	-0.1	0.2	0.3	0.2	0.1	-0.1
		Mexico	2.8	1.6	-0.8	-0.8	1.3	2.1	-5.5
		Venezuela	-1.2	-2.2	0.5	-1.1	-0.3	-0.2	0.8
Memorandum items
	Fifteen heavily indebted countries		11.5	5.1	-4.0	-1.8	2.4	2.2	-11.3
	Countries experiencing debt-servicing problems		8.1	5.9	-5.9	-8.0	0.5	0.1	-12.9
	Countries without debt-servicing problems		25.3	7.6	11.8	5.2	18.2	6.8	-2.2
	Gross concerted lending disbursements³		13.3	10.7	5.4	3.3	5.7	3.5	1.7
	Total, BIS-based		26.4	11.6	14.4	-2.6	6.0	-0.7	-9.4
		Growth rate (in percent)	7	2	3	-1	1	—	-2
	Gross bond issues		3.1	5.0	9.2	4.9	4.9	3.9	5.4

Sources: Bank for International Settlements (BIS); Organization for Economic Cooperation and Development; International Monetary Fund, International Financial Statistics; and Fund staff estimates.

^²Excluding the seven offshore centers (The Bahamas, Bahrain, the Cayman Islands, Hong Kong, the Netherlands Antilles, Panama, and Singapore).

^³Excluding bridge loans.

Table A4.

International Bond Issues by Developing Countries, 1983–88¹

(In millions of U.S. dollars)

Source: Organization for Economic Cooperation and Development, Financial Statistics Monthly.

^¹Foreign bonds and Eurobonds.

^²Excludes offshore banking centers.

^³Excludes issue of collateralized Mexican bonds related to the Mexican debt exchange concluded in February 1988.

Table A4.

International Bond Issues by Developing Countries, 1983–88¹

(In millions of U.S. dollars)

					1983	1984	1985	1986	1987	1988
Developing countries ²					3,091.1	4,978.0	9,205.4	4,863.1	4,863.7	8,085.5
Capital importing developing countries²					3,091.1	4,703.0	9,180.4	4,863.1	4,863.7	8,085.5
		Africa			592.5	1,013.9	1,322.5	125.6	49.2	476.2
			Of which:
				Algeria	—	—	500.0	125.6	49.2	438.6
				South Africa	532.5	1,013.9	802.2	—	—	37.6
		Asia			2,171.1	2,951.0	6,005.4	2,915.4	2,410.8	2,660.6
			Of which:
				China	20.5	81.7	972.8	1,362.1	1,415.2	831.4
				India	60.0	297.6	417.8	323.2	377.0	739.6
				Indonesia	365.7	50.0	—	300.0	50.0	325.8
				Korea	546.8	1,056.0	1,730.9	783.0	332.3	110.0
				Pakistan	—	—	—	—	20.7	—
				Malaysia	884.6	1,141.2	2,001.9	43.0	215.6	360.7
				Philippines	—	—	—	—	—	—
				Thailand	253.5	283.3	861.7	50.0	—	261.0
		Europe			117.8	630.7	1,601.7	1,110.0	2,018.4	4,072.0
			Of which:
				Greece	41.6	200.8	744.7	150.3	539.2	314.9
				Hungary	—	40.5	447.1	290.5	554.6	816.2
				Portugal	76.2	389.4	347.4	502.5	613.1	1,813.0
				Turkey	—	—	62.5	166.7	311.5	1,127.9
		Middle East			175.0	—	82.0	—	35.0	—
			Of which:
				Egypt	40.0	—	60.0	—	—	—
				Israel	135.0	—	22.0	—	35.0	—
		Western Hemisphere			65.0	107.4	168.8	712.1	350.3	876.7
			Of which:
				Argentina	—	—	—	—	195.0	—
				Brazil	—	—	—	300.0	—	—
				Chile	—	—	—	—	—	—
				Colombia	15.0	—	—	39.0	50.0	—
				Mexico	—	—	49.0	313.3	—	—³
				Peru	—	—	—	—	—	—
				Venezuela	—	—	—	—	—	757.7
Memorandum items
	Offshore banking centers				153.8	285.6	383.3	568.7	228.0	159.5
	Developing countries, including offshore banking centers				3,275.2	5,263.6	9,588.7	5,431.8	5,091.7	8,245.0

Source: Organization for Economic Cooperation and Development, Financial Statistics Monthly.

^¹Foreign bonds and Eurobonds.

^²Excludes offshore banking centers.

^³Excludes issue of collateralized Mexican bonds related to the Mexican debt exchange concluded in February 1988.

Table A4.

International Bond Issues by Developing Countries, 1983–88¹

(In millions of U.S. dollars)

					1983	1984	1985	1986	1987	1988
Developing countries ²					3,091.1	4,978.0	9,205.4	4,863.1	4,863.7	8,085.5
Capital importing developing countries²					3,091.1	4,703.0	9,180.4	4,863.1	4,863.7	8,085.5
		Africa			592.5	1,013.9	1,322.5	125.6	49.2	476.2
			Of which:
				Algeria	—	—	500.0	125.6	49.2	438.6
				South Africa	532.5	1,013.9	802.2	—	—	37.6
		Asia			2,171.1	2,951.0	6,005.4	2,915.4	2,410.8	2,660.6
			Of which:
				China	20.5	81.7	972.8	1,362.1	1,415.2	831.4
				India	60.0	297.6	417.8	323.2	377.0	739.6
				Indonesia	365.7	50.0	—	300.0	50.0	325.8
				Korea	546.8	1,056.0	1,730.9	783.0	332.3	110.0
				Pakistan	—	—	—	—	20.7	—
				Malaysia	884.6	1,141.2	2,001.9	43.0	215.6	360.7
				Philippines	—	—	—	—	—	—
				Thailand	253.5	283.3	861.7	50.0	—	261.0
		Europe			117.8	630.7	1,601.7	1,110.0	2,018.4	4,072.0
			Of which:
				Greece	41.6	200.8	744.7	150.3	539.2	314.9
				Hungary	—	40.5	447.1	290.5	554.6	816.2
				Portugal	76.2	389.4	347.4	502.5	613.1	1,813.0
				Turkey	—	—	62.5	166.7	311.5	1,127.9
		Middle East			175.0	—	82.0	—	35.0	—
			Of which:
				Egypt	40.0	—	60.0	—	—	—
				Israel	135.0	—	22.0	—	35.0	—
		Western Hemisphere			65.0	107.4	168.8	712.1	350.3	876.7
			Of which:
				Argentina	—	—	—	—	195.0	—
				Brazil	—	—	—	300.0	—	—
				Chile	—	—	—	—	—	—
				Colombia	15.0	—	—	39.0	50.0	—
				Mexico	—	—	49.0	313.3	—	—³
				Peru	—	—	—	—	—	—
				Venezuela	—	—	—	—	—	757.7
Memorandum items
	Offshore banking centers				153.8	285.6	383.3	568.7	228.0	159.5
	Developing countries, including offshore banking centers				3,275.2	5,263.6	9,588.7	5,431.8	5,091.7	8,245.0

Source: Organization for Economic Cooperation and Development, Financial Statistics Monthly.

^¹Foreign bonds and Eurobonds.

^²Excludes offshore banking centers.

^³Excludes issue of collateralized Mexican bonds related to the Mexican debt exchange concluded in February 1988.

Table A5.

Concerted Lending: Commitments and Disbursements, 1983–88¹

(In millions of U.S. dollars; classified by year of agreement in principle)

Sources: Restructuring agreements; and Fund staff estimates.

^¹These Data Exclude bridging loans.

^²These loans have an associated guarantee given by the World Bank in the later maturities equivalent to 50 percent of the nominal amount disbursed.

^³Agreement in principle as of December 1982.

^⁴Commitments in 1986 could have been disbursed upon contingencies only through June 30, 1988.

^⁵A bridge loan of $500 million was disbursed in December 1986 and repaid when the first concerted lending disbursement of $3.5 billion was disbursed in April 1987.

^⁶Commitments in 1986 could have been disbursed upon contingencies only through April 16, 1988.

^⁷Commitments in 1986 could have been disbursed upon contingencies only through March 30, 1988.

^⁸Utilization of these facilities varied over time, but the amounts of the facilities had to be reconstituted on a six-month basis.

Table A5.

Concerted Lending: Commitments and Disbursements, 1983–88¹

(In millions of U.S. dollars; classified by year of agreement in principle)

			1983		1984		1985		1986		1987		1988
			Commitments	Disbursements	Commitments	Disbursements	Commitments	Disbursements	Commitments	Disbursements	Commitments	Disbursements	Commitments	Disbursements
Argentina
	Medium-term loan		1,500	500	3,700	—	—	2,500	—	1,200	1,550	1,050	—	350
	Trade deposit facility		—	—	500	—	—	500	—	—	400	200	—	200
Brazil
	Medium-term loan		4,400	4,400	6,500	6,500	—	—	—	—	—	—
	New money bonds		—	—	—	—	—	—	—	—	—	—	1,000	675
	Parallel financing with World Bank		—	—	—	—	—	—	—	—	—	—	2,850	2,725
	Cofinancing with World Bank		—	—	—	—	—	—	—	—	—	—	750	—
	Trade credit and deposit facility		—	—	—	—	—	—	—	—	—	—	600	600
Chile
	Medium-term loan		1,300	1,300	780	780	785	520	—	265	—	—	—	—
	Cofinancing arrangement with World Bank		—	—	—	—	300²	194	—	106	—	—	—	—
Colombia
	Medium-term loan		—	—	—	—	1,000	—	—	970	—	—	—	—
Congo
	Medium-term loan		—	—	—	—	—	—	60	—	—	—	—	—
Costa Rica
	Revolving trade facility		202³	152	—	50	75	75	—	—	—	—	—	—
Côte d’Ivoire
	Medium-term loan		—	—	104	—	—	104	—	—	—	—	151	—
Ecuador
	Medium-term loan		431	431	200	—	—	200	—	—	350	—	—	—
Mexico
	Medium-term loan⁴		5,000	5,000	3,800	2,850	—	950	5,000	—	—	4,372⁵	—	600
	Cofinancing arrangement with World Bank⁴		—	—	—	—	—	—	1,0002	—	—	—	—	—
	Contingent investment support facility⁶		—	—	—	—	—	—	1,200	—	—	—	—	—
	Growth contingency cofinancing with World Bank⁷		—	—	—	—	—	—	500²	—	—	—	—	500
Nigeria
	Medium-term loan		—	—	—	—	—	—	320	—	—	—	—	—
Panama
	Medium-term loan		278	131	—	147	60	—	—	51	—	9	—	—
Peru
	Medium-term loan		450	250	—	100	—	—	—	—	—	—	—	—
Philippines
	Medium-term loan		—	—	925	—	—	400	—	525	—	—	—	—
Poland
	Short-term revolving trade credit facilities⁸		180	338	285	240	—	2	198	139	100	100	—	—
Uruguay
	Medium-term loan		240	240	—	—	—	—	—	—	—	—	—	—
Yugoslavia
	Medium-term loan		600	600	—	—	—	—	—	—	—	—	—	—
	Trade deposit facility		600	600	—	—	—	—	—	—	—	—	300	300
		Total	14,581	13,342	16,794	10,667	2,220	5,445	8,278	3,256	2,400	5,731	5,651	5,950

Sources: Restructuring agreements; and Fund staff estimates.

^¹These Data Exclude bridging loans.

^²These loans have an associated guarantee given by the World Bank in the later maturities equivalent to 50 percent of the nominal amount disbursed.

^³Agreement in principle as of December 1982.

^⁴Commitments in 1986 could have been disbursed upon contingencies only through June 30, 1988.

^⁵A bridge loan of $500 million was disbursed in December 1986 and repaid when the first concerted lending disbursement of $3.5 billion was disbursed in April 1987.

^⁶Commitments in 1986 could have been disbursed upon contingencies only through April 16, 1988.

^⁷Commitments in 1986 could have been disbursed upon contingencies only through March 30, 1988.

^⁸Utilization of these facilities varied over time, but the amounts of the facilities had to be reconstituted on a six-month basis.

Table A5.

Concerted Lending: Commitments and Disbursements, 1983–88¹

(In millions of U.S. dollars; classified by year of agreement in principle)

			1983		1984		1985		1986		1987		1988
			Commitments	Disbursements	Commitments	Disbursements	Commitments	Disbursements	Commitments	Disbursements	Commitments	Disbursements	Commitments	Disbursements
Argentina
	Medium-term loan		1,500	500	3,700	—	—	2,500	—	1,200	1,550	1,050	—	350
	Trade deposit facility		—	—	500	—	—	500	—	—	400	200	—	200
Brazil
	Medium-term loan		4,400	4,400	6,500	6,500	—	—	—	—	—	—
	New money bonds		—	—	—	—	—	—	—	—	—	—	1,000	675
	Parallel financing with World Bank		—	—	—	—	—	—	—	—	—	—	2,850	2,725
	Cofinancing with World Bank		—	—	—	—	—	—	—	—	—	—	750	—
	Trade credit and deposit facility		—	—	—	—	—	—	—	—	—	—	600	600
Chile
	Medium-term loan		1,300	1,300	780	780	785	520	—	265	—	—	—	—
	Cofinancing arrangement with World Bank		—	—	—	—	300²	194	—	106	—	—	—	—
Colombia
	Medium-term loan		—	—	—	—	1,000	—	—	970	—	—	—	—
Congo
	Medium-term loan		—	—	—	—	—	—	60	—	—	—	—	—
Costa Rica
	Revolving trade facility		202³	152	—	50	75	75	—	—	—	—	—	—
Côte d’Ivoire
	Medium-term loan		—	—	104	—	—	104	—	—	—	—	151	—
Ecuador
	Medium-term loan		431	431	200	—	—	200	—	—	350	—	—	—
Mexico
	Medium-term loan⁴		5,000	5,000	3,800	2,850	—	950	5,000	—	—	4,372⁵	—	600
	Cofinancing arrangement with World Bank⁴		—	—	—	—	—	—	1,0002	—	—	—	—	—
	Contingent investment support facility⁶		—	—	—	—	—	—	1,200	—	—	—	—	—
	Growth contingency cofinancing with World Bank⁷		—	—	—	—	—	—	500²	—	—	—	—	500
Nigeria
	Medium-term loan		—	—	—	—	—	—	320	—	—	—	—	—
Panama
	Medium-term loan		278	131	—	147	60	—	—	51	—	9	—	—
Peru
	Medium-term loan		450	250	—	100	—	—	—	—	—	—	—	—
Philippines
	Medium-term loan		—	—	925	—	—	400	—	525	—	—	—	—
Poland
	Short-term revolving trade credit facilities⁸		180	338	285	240	—	2	198	139	100	100	—	—
Uruguay
	Medium-term loan		240	240	—	—	—	—	—	—	—	—	—	—
Yugoslavia
	Medium-term loan		600	600	—	—	—	—	—	—	—	—	—	—
	Trade deposit facility		600	600	—	—	—	—	—	—	—	—	300	300
		Total	14,581	13,342	16,794	10,667	2,220	5,445	8,278	3,256	2,400	5,731	5,651	5,950

Sources: Restructuring agreements; and Fund staff estimates.

^¹These Data Exclude bridging loans.

^²These loans have an associated guarantee given by the World Bank in the later maturities equivalent to 50 percent of the nominal amount disbursed.

^³Agreement in principle as of December 1982.

^⁴Commitments in 1986 could have been disbursed upon contingencies only through June 30, 1988.

^⁵A bridge loan of $500 million was disbursed in December 1986 and repaid when the first concerted lending disbursement of $3.5 billion was disbursed in April 1987.

^⁶Commitments in 1986 could have been disbursed upon contingencies only through April 16, 1988.

^⁷Commitments in 1986 could have been disbursed upon contingencies only through March 30, 1988.

^⁸Utilization of these facilities varied over time, but the amounts of the facilities had to be reconstituted on a six-month basis.

Table A6.

Average Spreads on Bank Financial Packages for Developing Countries, 1983–88

(In basis points over London interbank offered rate)

Sources: Organization for Economic Cooperation and Development, Financial Market Trends; and Fund staff estimates.

^¹Weighted average of nonconcerted bank commitments to “Developing Countries” as defined by the OECD.

^²Based on term sheets agreed in principle.

^³Argentina, Brazil, and Mexico.

Table A6.

Average Spreads on Bank Financial Packages for Developing Countries, 1983–88

(In basis points over London interbank offered rate)

				1983	1984	1985	1986	1987	1988
Spontaneous commitments¹				80	72	64	61	56	57
Concerted commitments²
	All			225	185	179	84	89	83
	Three largest debtors³			225	186	…	81	88	81
	Others			223	174	179	140	100	108
Restructuring of existing debt²
	All			193	131	138	95	80	83
	Three largest debtors³			193	128		85	81	81
	Others			195	136	138	140	80	88
Memorandum item
	Difference between spreads
		Concerted/spontaneous		145	113	115	23	33	26
		Restructuring/spontaneous		113	59	74	34	24	26
		Concerted/restructuring		32	54	41	-11	9	—
		Largest/others
			Concerted	2	12	…	-59	-12	-27
			Restructurings	-2	-8	…	-55	1	-7

Sources: Organization for Economic Cooperation and Development, Financial Market Trends; and Fund staff estimates.

^¹Weighted average of nonconcerted bank commitments to “Developing Countries” as defined by the OECD.

^²Based on term sheets agreed in principle.

^³Argentina, Brazil, and Mexico.

Table A6.

Average Spreads on Bank Financial Packages for Developing Countries, 1983–88

(In basis points over London interbank offered rate)

				1983	1984	1985	1986	1987	1988
Spontaneous commitments¹				80	72	64	61	56	57
Concerted commitments²
	All			225	185	179	84	89	83
	Three largest debtors³			225	186	…	81	88	81
	Others			223	174	179	140	100	108
Restructuring of existing debt²
	All			193	131	138	95	80	83
	Three largest debtors³			193	128		85	81	81
	Others			195	136	138	140	80	88
Memorandum item
	Difference between spreads
		Concerted/spontaneous		145	113	115	23	33	26
		Restructuring/spontaneous		113	59	74	34	24	26
		Concerted/restructuring		32	54	41	-11	9	—
		Largest/others
			Concerted	2	12	…	-59	-12	-27
			Restructurings	-2	-8	…	-55	1	-7

Sources: Organization for Economic Cooperation and Development, Financial Market Trends; and Fund staff estimates.

^¹Weighted average of nonconcerted bank commitments to “Developing Countries” as defined by the OECD.

^²Based on term sheets agreed in principle.

^³Argentina, Brazil, and Mexico.

Table A7.

United States, Japan, and the Federal Republic of Germany: Current Account Financing, 1983–88

(In billions of U.S. dollars, except where indicated)

Sources: International Monetary Fund, World Economic Outlook, April 1989: A Survey by the Staff of the International Monetary Fund (Washington, 1989); U.S. Department of Commerce, U.S. Survey of Current Business, and U.S. authorities; Bank of Japan, Balance of Payments Monthly; Deutsche Bundesbank, Statistische Beihefte zu den Monatsberichten der Deutschen Bundesbank, Reihe 3, Zahlungsbi-lanzstatistik, with figures converted to dollars at average exchange rates.

^¹Private sector only; includes errors and omissions.

^²For the United States, this item comprises primarily changes in the valuation of foreign reserves associated with exchange rate changes, monetization or demonetization of gold, and allocations of SDRs. For Japan, this item equals the difference between the overall balance of monetary movements and the sum of official reserves (which are listed without valuation adjustments) and net monetary flows of banks (which are listed under monetary movements). This difference primarily reflects valuation changes of official foreign assets. For Germany, this item is the balancing item in respect of the Bundesbank’s external position.

^³Includes both reserves of monetary authorities and other short-term transactions of public authorities. Positive sign indicates increase in assets. For the United States, includes official reserves minus U.S. liabilities to foreign official reserve agencies. For Japan, changes in gold and foreign exchange reserves. For Germany, changes in net foreign assets of the Bundesbank.

Table A7.

United States, Japan, and the Federal Republic of Germany: Current Account Financing, 1983–88

(In billions of U.S. dollars, except where indicated)

						1983	1984	1985	1986	1987	1988
United States
	Current account					-46.3	-107.1	-115.1	-138.8	-154.0	-136.4
	Capital account, net					42.2	107.9	122.3	105.6	97.0	133.1
		Long-term				-1.7	38.5	74.2	72.7	28.6	75.5
		Short-term, nonbanks¹				14.9	41.8	23.8	5.7	22.7	45.6
		Short-term, banks				29.0	27.5	24.3	26.8	45.7	11.9
			Of which:
				Loans, net		20.4	22.7	39.7	19.8	47.2	21.3
					Assets	-29.9	-11.1	-1.3	-60.0	-40.5	-57.5
					Liabilities	50.3	33.8	41.0	79.8	87.8	78.9
				Securities, net		10.1	30.8	63.9	70.5	30.2	39.4
					Assets	-6.8	-4.8	-7.5	-4.3	-4.5	-7.5
					Liabilities	16.9	35.6	71.4	74.8	34.6	46.8
		Counterpart items²				-1.6	-2.2	3.1	5.4	6.6	-2.1
	Net official transactions³					-5.7	-1.4	10.3	-27.8	-50.4	-5.5
		As percent of current balance				12.3	1.3	-8.9	20.0	32.7	4.1
Japan
	Current account					20.8	35.0	49.2	85.8	87.0	79.5
	Capital account, net					-19.6	-33.2	-50.6	-72.1	-44.8	-63.9
		Long-term				-17.7	-49.7	-64.5	-131.5	-136.5	-130.3
			Of which:
				Loans, net		-8.4	-12.0	-10.5	-9.3	-16.3	-15.0
					Assets	-8.4	-11.9	-10.4	-9.3	-16.2	-14.9
					Liabilities	—	-0.1	-0.1	—	-0.1	-0.1
				Securities, net		-1.9	-23.6	-43.1	-101.5	-93.9	-66.8
					Assets	-16.0	-30.8	-59.8	-102.0	-87.8	-87.1
					Liabilities	14.1	7.2	16.7	0.5	-6.1	20.3
		Short-term, nonbanks¹				2.1	-0.6	3.1	0.8	20.0	21.9
		Short-term, banks				-3.9	17.0	10.8	58.5	71.8	44.5
		Counterpart items²				-0.3	-0.5	1.7	2.0	-3.0	-0.7
	Net official transactions³					1.2	1.8	0.2	15.7	39.2	16.1
		As percent of current balance				5.8	5.1	0.4	18.3	45.1	20.2
Germany, Fed. Rep. of
	Current account					5.3	9.9	16.6	39.3	45.0	48.5
	Capital account, net					-4.8	-10.3	-15.8	-36.4	-22.0	-68.0
		Long-term				-2.6	-7.0	-4.6	15.3	-13.1	-47.5
			Of which:
				Loans, net		-1.3	-2.8	-1.6	0.9	-9.0	-0.6
					Assets	-5.8	-5.0	-4.4	-4.8	-10.3	-0.8
					Liabilities	4.5	2.2	2.8	5.6	1.3	0.2
				Securities, net		1.3	0.6	2.3	24.2	4.7	2.3
					Assets	-4.1	-5.5	-10.7	-10.0	-13.8	-10.7
					Liabilities	5.4	6.1	13.0	34.1	18.5	13.0
		Short-term, nonbanks¹				-3.0	-3.4	-1.9	-24.5	-5.5	-9.0
		Short-term, banks				0.7	—	-9.4	-27.2	-3.4	-11.5
		Counterpart items²				1.0	0.7	-1.3	-1.7	-5.2	1.2
	Net official transactions³					0.6	-0.5	-0.4	1.3	17.8	-18.5
		As percent of current balance				11.3	-5.1	-2.4	3.3	39.6	-38.2

^¹Private sector only; includes errors and omissions.

Table A7.

United States, Japan, and the Federal Republic of Germany: Current Account Financing, 1983–88

(In billions of U.S. dollars, except where indicated)

						1983	1984	1985	1986	1987	1988
United States
	Current account					-46.3	-107.1	-115.1	-138.8	-154.0	-136.4
	Capital account, net					42.2	107.9	122.3	105.6	97.0	133.1
		Long-term				-1.7	38.5	74.2	72.7	28.6	75.5
		Short-term, nonbanks¹				14.9	41.8	23.8	5.7	22.7	45.6
		Short-term, banks				29.0	27.5	24.3	26.8	45.7	11.9
			Of which:
				Loans, net		20.4	22.7	39.7	19.8	47.2	21.3
					Assets	-29.9	-11.1	-1.3	-60.0	-40.5	-57.5
					Liabilities	50.3	33.8	41.0	79.8	87.8	78.9
				Securities, net		10.1	30.8	63.9	70.5	30.2	39.4
					Assets	-6.8	-4.8	-7.5	-4.3	-4.5	-7.5
					Liabilities	16.9	35.6	71.4	74.8	34.6	46.8
		Counterpart items²				-1.6	-2.2	3.1	5.4	6.6	-2.1
	Net official transactions³					-5.7	-1.4	10.3	-27.8	-50.4	-5.5
		As percent of current balance				12.3	1.3	-8.9	20.0	32.7	4.1
Japan
	Current account					20.8	35.0	49.2	85.8	87.0	79.5
	Capital account, net					-19.6	-33.2	-50.6	-72.1	-44.8	-63.9
		Long-term				-17.7	-49.7	-64.5	-131.5	-136.5	-130.3
			Of which:
				Loans, net		-8.4	-12.0	-10.5	-9.3	-16.3	-15.0
					Assets	-8.4	-11.9	-10.4	-9.3	-16.2	-14.9
					Liabilities	—	-0.1	-0.1	—	-0.1	-0.1
				Securities, net		-1.9	-23.6	-43.1	-101.5	-93.9	-66.8
					Assets	-16.0	-30.8	-59.8	-102.0	-87.8	-87.1
					Liabilities	14.1	7.2	16.7	0.5	-6.1	20.3
		Short-term, nonbanks¹				2.1	-0.6	3.1	0.8	20.0	21.9
		Short-term, banks				-3.9	17.0	10.8	58.5	71.8	44.5
		Counterpart items²				-0.3	-0.5	1.7	2.0	-3.0	-0.7
	Net official transactions³					1.2	1.8	0.2	15.7	39.2	16.1
		As percent of current balance				5.8	5.1	0.4	18.3	45.1	20.2
Germany, Fed. Rep. of
	Current account					5.3	9.9	16.6	39.3	45.0	48.5
	Capital account, net					-4.8	-10.3	-15.8	-36.4	-22.0	-68.0
		Long-term				-2.6	-7.0	-4.6	15.3	-13.1	-47.5
			Of which:
				Loans, net		-1.3	-2.8	-1.6	0.9	-9.0	-0.6
					Assets	-5.8	-5.0	-4.4	-4.8	-10.3	-0.8
					Liabilities	4.5	2.2	2.8	5.6	1.3	0.2
				Securities, net		1.3	0.6	2.3	24.2	4.7	2.3
					Assets	-4.1	-5.5	-10.7	-10.0	-13.8	-10.7
					Liabilities	5.4	6.1	13.0	34.1	18.5	13.0
		Short-term, nonbanks¹				-3.0	-3.4	-1.9	-24.5	-5.5	-9.0
		Short-term, banks				0.7	—	-9.4	-27.2	-3.4	-11.5
		Counterpart items²				1.0	0.7	-1.3	-1.7	-5.2	1.2
	Net official transactions³					0.6	-0.5	-0.4	1.3	17.8	-18.5
		As percent of current balance				11.3	-5.1	-2.4	3.3	39.6	-38.2

^¹Private sector only; includes errors and omissions.

Table A8.

Long-Term Interest Rate Differentials Between the United States and Other Major Countries¹

(In percent a year)

Source: International Monetary Fund, International Financial Statistics.

^¹Differentials shown should be treated as indicative because they conceal intercountry differences in the maturity structure of long-term rates. Thus, for instance, the U.S. long-term rate is the one applicable for the ten-year federal government bonds, while the German rate is that applicable for all bonds of the public authorities with maturities over three years.

Table A8.

Long-Term Interest Rate Differentials Between the United States and Other Major Countries¹

(In percent a year)

Period	Japan	Fed. Rep. of Germany	France	United Kingdom
1986
First quarter	3.33	2.42	-0.97	-1.64
Second quarter	2.68	1.87	-0.37	-1.39
Third quarter	2.41	1.51	-0.46	-2.28
Fourth quarter	2.53	1.26	-1.24	-3.44
1987
First quarter	3.22	1.49	-1.54	-2.50
Second quarter	4.77	2.84	-0.58	-0.60
Third quarter	4.05	2.88	-0.95	-0.83
Fourth quarter	4.65	2.96	-1.10	-0.43
1988
First quarter	4.37	2.58	-0.99	-0.94
Second quarter	4.71	2.90	-0.21	-0.33
Third quarter	4.44	2.70	0.05	-0.43
Fourth quarter	4.76	2.79	0.28	-0.37

Source: International Monetary Fund, International Financial Statistics.

Table A8.

Long-Term Interest Rate Differentials Between the United States and Other Major Countries¹

(In percent a year)

Period	Japan	Fed. Rep. of Germany	France	United Kingdom
1986
First quarter	3.33	2.42	-0.97	-1.64
Second quarter	2.68	1.87	-0.37	-1.39
Third quarter	2.41	1.51	-0.46	-2.28
Fourth quarter	2.53	1.26	-1.24	-3.44
1987
First quarter	3.22	1.49	-1.54	-2.50
Second quarter	4.77	2.84	-0.58	-0.60
Third quarter	4.05	2.88	-0.95	-0.83
Fourth quarter	4.65	2.96	-1.10	-0.43
1988
First quarter	4.37	2.58	-0.99	-0.94
Second quarter	4.71	2.90	-0.21	-0.33
Third quarter	4.44	2.70	0.05	-0.43
Fourth quarter	4.76	2.79	0.28	-0.37

Source: International Monetary Fund, International Financial Statistics.

Table A9.

United States: Capital Flows, 1983–88¹

(In billions of U.S. dollars)

Source: U.S. Department of Commerce, U.S. Survey of Current Business.

^¹A negative value indicates an outflow of capital (an increase in assets or a decrease in liabilities). A positive value indicates an inflow of capital (a decrease in assets or an increase in liabilities). Data include both short-term and long-term capital flows.

^²Data for 1988 are preliminary.

Table A9.

United States: Capital Flows, 1983–88¹

(In billions of U.S. dollars)

				1983	1984	1985	1986	1987	1988²
Total assets
World				-48.6	-19.2	-28.8	-98.3	-86.3	-92.0
	European Community			-7.0	-13.5	-28.9	-43.7	-30.9	-27.7
	United Kingdom			-2.8	-13.6	-16.2	-21.9	-14.1	-24.7
	Japan			-3.7	1.0	-4.3	-26.8	-24.1	-40.4
	International organizations			-2.1	-1.2	-0.4	-1.1	-0.8	2.7
Loans
	World			-29.9	-11.1	-1.3	-60.0	-40.5	-57.5
		European Community		-0.9	-7.4	-6.2	-10.8	2.9	-12.8
			United Kingdom	2.5	-8.0	-4.5	-3.4	5.8	-12.7
		Japan		-1.8	-0.7	-2.7	-32.5	-27.8	-39.4
		International organizations		-0.2	-0.7	-0.3	-2.0	-1.7	1.7
Securities
	World			-6.8	-4.8	-7.5	-4.3	-4.5	-7.5
		European Community		-5.4	-7.1	-10.1	-18.8	-12.0	-7.7
			United Kingdom	-3.6	-5.5	-5.9	-14.6	-11.7	-5.9
		Japan		-0.5	1.4	-0.6	7.9	6.2	0.4
		International organizations		-0.7	—	0.9	1.0	0.7	0.7
Total liabilities
World				79.0	99.5	131.1	185.7	166.5	171.7
	European Community			…	…	…	…	…	…
		United Kingdom		…	…	…	…	…	…
	Japan			…	…	…	…	…	…
	International organizations			…	…	…	…	…	…
Loans
	World			50.3	33.8	41.0	79.8	87.8	78.9
		European Community		…	…	…	…	…	…
			United Kingdom	…	…	…	…	…	…
		Japan		…	…	…	…	…	…
		International organizations		…	…	…	…	…	…
Securities
	World			16.9	35.6	71.4	74.8	34.6	46.8
		European Community		…	…	…	…	…	…
			United Kingdom	…	…	…	…	…	…
		Japan		…	…	…	…	…	…
		International organizations		…	…	…	…	…	…

Source: U.S. Department of Commerce, U.S. Survey of Current Business.

^²Data for 1988 are preliminary.

Table A9.

United States: Capital Flows, 1983–88¹

(In billions of U.S. dollars)

				1983	1984	1985	1986	1987	1988²
Total assets
World				-48.6	-19.2	-28.8	-98.3	-86.3	-92.0
	European Community			-7.0	-13.5	-28.9	-43.7	-30.9	-27.7
	United Kingdom			-2.8	-13.6	-16.2	-21.9	-14.1	-24.7
	Japan			-3.7	1.0	-4.3	-26.8	-24.1	-40.4
	International organizations			-2.1	-1.2	-0.4	-1.1	-0.8	2.7
Loans
	World			-29.9	-11.1	-1.3	-60.0	-40.5	-57.5
		European Community		-0.9	-7.4	-6.2	-10.8	2.9	-12.8
			United Kingdom	2.5	-8.0	-4.5	-3.4	5.8	-12.7
		Japan		-1.8	-0.7	-2.7	-32.5	-27.8	-39.4
		International organizations		-0.2	-0.7	-0.3	-2.0	-1.7	1.7
Securities
	World			-6.8	-4.8	-7.5	-4.3	-4.5	-7.5
		European Community		-5.4	-7.1	-10.1	-18.8	-12.0	-7.7
			United Kingdom	-3.6	-5.5	-5.9	-14.6	-11.7	-5.9
		Japan		-0.5	1.4	-0.6	7.9	6.2	0.4
		International organizations		-0.7	—	0.9	1.0	0.7	0.7
Total liabilities
World				79.0	99.5	131.1	185.7	166.5	171.7
	European Community			…	…	…	…	…	…
		United Kingdom		…	…	…	…	…	…
	Japan			…	…	…	…	…	…
	International organizations			…	…	…	…	…	…
Loans
	World			50.3	33.8	41.0	79.8	87.8	78.9
		European Community		…	…	…	…	…	…
			United Kingdom	…	…	…	…	…	…
		Japan		…	…	…	…	…	…
		International organizations		…	…	…	…	…	…
Securities
	World			16.9	35.6	71.4	74.8	34.6	46.8
		European Community		…	…	…	…	…	…
			United Kingdom	…	…	…	…	…	…
		Japan		…	…	…	…	…	…
		International organizations		…	…	…	…	…	…

Source: U.S. Department of Commerce, U.S. Survey of Current Business.

^²Data for 1988 are preliminary.

Table A10.

Change in Interbank Claims and Liabilities, 1982–Third Quarter 1988¹

(In billions of U.S. dollars)

Sources: International Monetary Fund, International Financial Statistics (IFS); and Fund staff estimates.

^¹Data on changes in claims and liabilities are derived from stock data on the reporting countries’ liabilities and assets, excluding changes attributed to exchange rate movements.

^²As measured by differences in the outstanding liabilities of borrowing countries, defined as cross-border interbank accounts by residence of borrowing bank.

^³Excluding offshore centers.

^⁴Consisting of The Bahamas, Bahrain, the Cayman Islands, Hong Kong, the Netherlands Antilles, Panama, and Singapore.

^⁵Transactors included in IFS measures for the world, to enhance global symmetry, but excluded from IFS measures for “All Countries.” The data comprise changes in the accounts of the Bank for International Settlements with banks other than central banks and changes in identified cross-border interbank accounts of centrally planned economies (excluding Fund members).

^⁶Consisting of all developing countries except the eight Middle Eastern oil exporters (the Islamic Republic of Iran, Iraq, Kuwait, the Libyan Arab Jamahiriya, Oman, Qatar, Saudi Arabia, and the United Arab Emirates) for which external debt statistics are either not available or are small in relation to external assets.

^⁷Consisting of all developing countries except the eight Middle Eastern oil exporters (listed in footnote 6), Algeria, Indonesia, Nigeria, and Venezuela.

^⁸As measured by differences in the outstanding assets of depositing countries, defined as cross-border interbank accounts by residence of lending banks.

^⁹Difference between changes in claims and liabilities.

^¹⁰Calculated as the difference between global measures of cross-border changes in interbank claims and liabilities.

Table A10.

Change in Interbank Claims and Liabilities, 1982–Third Quarter 1988¹

(In billions of U.S. dollars)

										1987	1988
				1982	1983	1984	1985	1986	1987	First three quarters
Total change in claims ²				105	111	154	218	450	666	500	433
	Industrial countries			73	80	118	184	378	471	356	350
		Of which:
			United States	46	39	25	33	69	84	58	36
			Japan	…	8	22	40	148	192	150	170
	Developing countries³			16	15	5	7	1	15	3	-5
	Offshore centers⁴			18	10	26	19	81	164	129	75
	Other transactors⁵			-2	5	5	8	-10	16	12	14
Memorandum items
	Capital importing developing countries³, ⁶			…	14	7	7	2	13	2	-8
	Non-oil developing countries³, ⁷			15	14	7	6	1	13	2	-11
	Fifteen heavily indebted countries			…	9	—	-1	-1	2	—	-6
Total change in liabilities ⁸				125	106	150	213	473	627	467	369
	Industrial countries			113	64	108	168	371	437	333	274
		Of which:
			United States	81	19	14	8	56	35	75	30
			Japan	…	15	11	40	111	145	128	131
	Developing countries³			-9	4	23	—	-9	36	26	11
	Offshore centers⁴			17	26	18	37	117	138	49	78
	Other transactors⁵			3	8	2	8	-6	16	8	6
Memorandum items
	Capital importing developing countries³, ⁶			…	11	23	4	3	26	22	10
	Non-oil developing countries³, ⁷			2	11	22	1	10	27	22	10
	Fifteen heavily indebted countries			…	1	11	-3	-7	4	3	—
Change in total net claims ⁹				-20	5	4	4	-23	39	33	64
	Industrial countries			-40	11	10	15	7	33	23	76
		Of which:
			United States	-35	20	11	25	13	49	43	5
			Japan	…	-7	11	-1	37	47	23	39
	Developing countries³			25	11	-18	7	10	-21	-23	-16
	Offshore centers⁴			1	-16	9	-18	-36	26	30	-3
	Other transactors⁵			-5	-2	3	—	-4	—	4	8
Memorandum items
	Capital importing developing countries³, ⁶			…	3	-16	4	-1	-13	-20	-17
	Non-oil developing countries³, ⁷			13	3	-14	5	-9	-14	-20	-21
	Fifteen heavily indebted countries			…	9	-11	2	6	-2	-3	-6
	Net errors and omissions¹⁰			20	-5	-4	-4	23	-39	-33	-64

Sources: International Monetary Fund, International Financial Statistics (IFS); and Fund staff estimates.

^¹Data on changes in claims and liabilities are derived from stock data on the reporting countries’ liabilities and assets, excluding changes attributed to exchange rate movements.

^²As measured by differences in the outstanding liabilities of borrowing countries, defined as cross-border interbank accounts by residence of borrowing bank.

^³Excluding offshore centers.

^⁴Consisting of The Bahamas, Bahrain, the Cayman Islands, Hong Kong, the Netherlands Antilles, Panama, and Singapore.

^⁷Consisting of all developing countries except the eight Middle Eastern oil exporters (listed in footnote 6), Algeria, Indonesia, Nigeria, and Venezuela.

^⁸As measured by differences in the outstanding assets of depositing countries, defined as cross-border interbank accounts by residence of lending banks.

^⁹Difference between changes in claims and liabilities.

^¹⁰Calculated as the difference between global measures of cross-border changes in interbank claims and liabilities.

Table A10.

Change in Interbank Claims and Liabilities, 1982–Third Quarter 1988¹

(In billions of U.S. dollars)

										1987	1988
				1982	1983	1984	1985	1986	1987	First three quarters
Total change in claims ²				105	111	154	218	450	666	500	433
	Industrial countries			73	80	118	184	378	471	356	350
		Of which:
			United States	46	39	25	33	69	84	58	36
			Japan	…	8	22	40	148	192	150	170
	Developing countries³			16	15	5	7	1	15	3	-5
	Offshore centers⁴			18	10	26	19	81	164	129	75
	Other transactors⁵			-2	5	5	8	-10	16	12	14
Memorandum items
	Capital importing developing countries³, ⁶			…	14	7	7	2	13	2	-8
	Non-oil developing countries³, ⁷			15	14	7	6	1	13	2	-11
	Fifteen heavily indebted countries			…	9	—	-1	-1	2	—	-6
Total change in liabilities ⁸				125	106	150	213	473	627	467	369
	Industrial countries			113	64	108	168	371	437	333	274
		Of which:
			United States	81	19	14	8	56	35	75	30
			Japan	…	15	11	40	111	145	128	131
	Developing countries³			-9	4	23	—	-9	36	26	11
	Offshore centers⁴			17	26	18	37	117	138	49	78
	Other transactors⁵			3	8	2	8	-6	16	8	6
Memorandum items
	Capital importing developing countries³, ⁶			…	11	23	4	3	26	22	10
	Non-oil developing countries³, ⁷			2	11	22	1	10	27	22	10
	Fifteen heavily indebted countries			…	1	11	-3	-7	4	3	—
Change in total net claims ⁹				-20	5	4	4	-23	39	33	64
	Industrial countries			-40	11	10	15	7	33	23	76
		Of which:
			United States	-35	20	11	25	13	49	43	5
			Japan	…	-7	11	-1	37	47	23	39
	Developing countries³			25	11	-18	7	10	-21	-23	-16
	Offshore centers⁴			1	-16	9	-18	-36	26	30	-3
	Other transactors⁵			-5	-2	3	—	-4	—	4	8
Memorandum items
	Capital importing developing countries³, ⁶			…	3	-16	4	-1	-13	-20	-17
	Non-oil developing countries³, ⁷			13	3	-14	5	-9	-14	-20	-21
	Fifteen heavily indebted countries			…	9	-11	2	6	-2	-3	-6
	Net errors and omissions¹⁰			20	-5	-4	-4	23	-39	-33	-64

Sources: International Monetary Fund, International Financial Statistics (IFS); and Fund staff estimates.

^¹Data on changes in claims and liabilities are derived from stock data on the reporting countries’ liabilities and assets, excluding changes attributed to exchange rate movements.

^²As measured by differences in the outstanding liabilities of borrowing countries, defined as cross-border interbank accounts by residence of borrowing bank.

^³Excluding offshore centers.

^⁴Consisting of The Bahamas, Bahrain, the Cayman Islands, Hong Kong, the Netherlands Antilles, Panama, and Singapore.

^⁷Consisting of all developing countries except the eight Middle Eastern oil exporters (listed in footnote 6), Algeria, Indonesia, Nigeria, and Venezuela.

^⁸As measured by differences in the outstanding assets of depositing countries, defined as cross-border interbank accounts by residence of lending banks.

^⁹Difference between changes in claims and liabilities.

^¹⁰Calculated as the difference between global measures of cross-border changes in interbank claims and liabilities.

Table A11.

International Positions of Banks by Nationality of Ownership, December 1986–June 1988¹

(End-of-period stocks; in billions of U.S. dollars)

Source: Bank for International Settlements, International Banking Developments.

^¹This table shows international assets and liabilities (i.e., cross-border positions in all currencies plus foreign currency options vis-à-vis local residents) of banking offices located in the following 17 countries: Austria, Belgium, Canada, Denmark, Finland, France, the Federal Republic of Germany, Ireland, Italy, Japan, Luxembourg, the Netherlands, Spain, Sweden, Switzerland, the United Kingdom, and the United States (cross-border positions in domestic currency only). International assets and liabilities are classified according to the nationality of ownership of reporting banks. Figures for U.S. banks also include cross-border positions reported by U.S. banks’ branches located in The Bahamas, the Cayman Islands, Panama, Hong Kong, and Singapore.

^²Cross-border positions only. Positions vis-à-vis related offices are not reported by foreign-owned banks in Canada and by banks in Italy.

^³Includes claims of banks in the United States on official monetary institutions.

Table A11.

International Positions of Banks by Nationality of Ownership, December 1986–June 1988¹

(End-of-period stocks; in billions of U.S. dollars)

			Total Claims			Of which, on
Parent Country of Bank						Related offices²			Other banks			Nonbanks³
Parent Country of Bank			Dec. 1986	Dec. 1987	June 1988	Dec. 1986	Dec. 1987	June 1988	Dec. 1986	Dec. 1987	June 1988	Dec. 1986	Dec. 1987	June 1988
Total			3,453.3	4,384.9	4,286.0	873.6	1,108.6	1,142.2	1,526.8	1,974.2	1,863.5	1,018.3	1,266.8	1,244.7
	Of which:
		France	288.7	376.6	362.2	34.4	51.2	52.2	155.3	203.7	198.6	92.5	118.5	108.2
		Germany, Fed. Rep. of	270.1	346.9	328.9	42.1	55.2	53.6	148.2	194.2	183.2	78.0	95.3	89.8
		Italy	145.1	185.0	185.6	5.7	9.3	10.1	103.0	125.2	124.9	35.8	49.8	49.7
		Japan	1,119.3	1,553.9	1,562.2	368.6	501.4	561.0	441.1	613.5	566.0	301.1	426.8	423.9
		Switzerland	152.0	196.1	183.0	23.0	23.1	26.3	88.5	122.4	106.1	38.9	48.9	48.7
		United Kingdom	211.5	253.9	240.9	29.0	37.8	36.2	103.2	128.1	120.6	74.8	81.5	77.6
		United States	600.3	649.4	619.8	255.9	290.3	273.7	180.8	195.3	180.5	162.9	162.7	164.4
			Total Liabilities			Of which, to
Parent Country of Bank						Related offices²			Other banks			Nonbanks³
Parent Country of Bank			Dec. 1986	Dec. 1987	June 1988	Dec. 1986	Dec. 1987	June 1988	Dec. 1986	Dec. 1987	June 1988	Dec. 1986	Dec. 1987	June 1988
Total			3,328.2	4,276.6	4,221.5	904.9	1,155.1	1,203.3	1,484.2	1,976.8	1,879.0	614.5	721.0	724.9
	Of which:
		France	292.8	372.5	372.6	42.8	51.8	55.8	170.9	217.0	211.2	33.1	43.0	44.3
		Germany, Fed. Rep. of	205.2	264.6	269.1	40.0	53.3	52.8	87.8	100.8	95.4	57.6	77.4	79.0
		Italy	150.6	188.3	190.1	8.6	10.7	11.9	124.0	153.5	151.3	10.5	12.5	13.5
		Japan	1,070.3	1,495.7	1,512.8	405.3	549.2	609.8	506.3	743.0	699.2	82.9	87.7	95.1
		Switzerland	133.0	172.6	154.8	55.3	61.5	54.2	33.8	53.8	47.0	27.7	37.7	37.2
		United Kingdom	226.6	269.6	260.6	31.6	39.7	35.9	88.9	99.7	96.7	62.7	78.0	73.3
		United States	573.7	651.5	635.1	226.3	263.8	267.2	121.3	148.9	133.5	160.8	170.9	171.9
			Net Claims			Of which, on
Parent Country of Bank						Related offices²			Other banks			Nonbanks³
Parent Country of Bank			Dec. 1986	Dec. 1987	June 1988	Dec. 1986	Dec. 1987	June 1988	Dec. 1986	Dec. 1987	June 1988	Dec. 1986	Dec. 1987	June 1988
Total			125.1	108.3	64.5	-31.3	-46.5	-61.1	42.6	-2.6	-15.5	403.8	545.8	519.8
	Of which:
		France	-4.1	4.1	-10.4	-8.4	-0.6	-3.6	-15.6	-13.3	-12.6	59.4	75.5	63.9
		Germany, Fed. Rep. of	64.9	82.3	59.8	2.1	1.9	0.8	60.4	93.4	87.8	20.4	17.9	10.8
		Italy	-5.5	-3.3	-4.5	-2.9	-1.4	-1.8	-21.0	-28.3	-26.4	25.3	37.3	36.2
		Japan	49.0	58.2	49.4	-36.7	-47.8	-48.8	-65.2	-129.5	-133.2	218.2	339.1	328.8
		Switzerland	19.0	23.5	28.2	-32.3	-38.4	-27.9	54.7	68.6	59.1	11.2	11.2	11.5
		United Kingdom	-15.1	-15.7	-19.7	-2.6	0.3	0.3	14.3	28.4	23.9	12.1	3.5	4.3
		United States	26.6	-2.1	-15.3	29.6	26.5	6.5	59.5	46.4	47.0	2.1	-8.2	-7.5

Source: Bank for International Settlements, International Banking Developments.

^²Cross-border positions only. Positions vis-à-vis related offices are not reported by foreign-owned banks in Canada and by banks in Italy.

^³Includes claims of banks in the United States on official monetary institutions.

Table A11.

International Positions of Banks by Nationality of Ownership, December 1986–June 1988¹

(End-of-period stocks; in billions of U.S. dollars)

			Total Claims			Of which, on
Parent Country of Bank						Related offices²			Other banks			Nonbanks³
Parent Country of Bank			Dec. 1986	Dec. 1987	June 1988	Dec. 1986	Dec. 1987	June 1988	Dec. 1986	Dec. 1987	June 1988	Dec. 1986	Dec. 1987	June 1988
Total			3,453.3	4,384.9	4,286.0	873.6	1,108.6	1,142.2	1,526.8	1,974.2	1,863.5	1,018.3	1,266.8	1,244.7
	Of which:
		France	288.7	376.6	362.2	34.4	51.2	52.2	155.3	203.7	198.6	92.5	118.5	108.2
		Germany, Fed. Rep. of	270.1	346.9	328.9	42.1	55.2	53.6	148.2	194.2	183.2	78.0	95.3	89.8
		Italy	145.1	185.0	185.6	5.7	9.3	10.1	103.0	125.2	124.9	35.8	49.8	49.7
		Japan	1,119.3	1,553.9	1,562.2	368.6	501.4	561.0	441.1	613.5	566.0	301.1	426.8	423.9
		Switzerland	152.0	196.1	183.0	23.0	23.1	26.3	88.5	122.4	106.1	38.9	48.9	48.7
		United Kingdom	211.5	253.9	240.9	29.0	37.8	36.2	103.2	128.1	120.6	74.8	81.5	77.6
		United States	600.3	649.4	619.8	255.9	290.3	273.7	180.8	195.3	180.5	162.9	162.7	164.4
			Total Liabilities			Of which, to
Parent Country of Bank						Related offices²			Other banks			Nonbanks³
Parent Country of Bank			Dec. 1986	Dec. 1987	June 1988	Dec. 1986	Dec. 1987	June 1988	Dec. 1986	Dec. 1987	June 1988	Dec. 1986	Dec. 1987	June 1988
Total			3,328.2	4,276.6	4,221.5	904.9	1,155.1	1,203.3	1,484.2	1,976.8	1,879.0	614.5	721.0	724.9
	Of which:
		France	292.8	372.5	372.6	42.8	51.8	55.8	170.9	217.0	211.2	33.1	43.0	44.3
		Germany, Fed. Rep. of	205.2	264.6	269.1	40.0	53.3	52.8	87.8	100.8	95.4	57.6	77.4	79.0
		Italy	150.6	188.3	190.1	8.6	10.7	11.9	124.0	153.5	151.3	10.5	12.5	13.5
		Japan	1,070.3	1,495.7	1,512.8	405.3	549.2	609.8	506.3	743.0	699.2	82.9	87.7	95.1
		Switzerland	133.0	172.6	154.8	55.3	61.5	54.2	33.8	53.8	47.0	27.7	37.7	37.2
		United Kingdom	226.6	269.6	260.6	31.6	39.7	35.9	88.9	99.7	96.7	62.7	78.0	73.3
		United States	573.7	651.5	635.1	226.3	263.8	267.2	121.3	148.9	133.5	160.8	170.9	171.9
			Net Claims			Of which, on
Parent Country of Bank						Related offices²			Other banks			Nonbanks³
Parent Country of Bank			Dec. 1986	Dec. 1987	June 1988	Dec. 1986	Dec. 1987	June 1988	Dec. 1986	Dec. 1987	June 1988	Dec. 1986	Dec. 1987	June 1988
Total			125.1	108.3	64.5	-31.3	-46.5	-61.1	42.6	-2.6	-15.5	403.8	545.8	519.8
	Of which:
		France	-4.1	4.1	-10.4	-8.4	-0.6	-3.6	-15.6	-13.3	-12.6	59.4	75.5	63.9
		Germany, Fed. Rep. of	64.9	82.3	59.8	2.1	1.9	0.8	60.4	93.4	87.8	20.4	17.9	10.8
		Italy	-5.5	-3.3	-4.5	-2.9	-1.4	-1.8	-21.0	-28.3	-26.4	25.3	37.3	36.2
		Japan	49.0	58.2	49.4	-36.7	-47.8	-48.8	-65.2	-129.5	-133.2	218.2	339.1	328.8
		Switzerland	19.0	23.5	28.2	-32.3	-38.4	-27.9	54.7	68.6	59.1	11.2	11.2	11.5
		United Kingdom	-15.1	-15.7	-19.7	-2.6	0.3	0.3	14.3	28.4	23.9	12.1	3.5	4.3
		United States	26.6	-2.1	-15.3	29.6	26.5	6.5	59.5	46.4	47.0	2.1	-8.2	-7.5

Source: Bank for International Settlements, International Banking Developments.

^²Cross-border positions only. Positions vis-à-vis related offices are not reported by foreign-owned banks in Canada and by banks in Italy.

^³Includes claims of banks in the United States on official monetary institutions.

Table A12.

Change in Claims on Nonbanks and in Liabilities to Nonbanks, 1982–Third Quarter 1988¹

(In billions of U.S. dollars)

Sources: International Monetary Fund, International Financial Statistics (IFS); and Fund staff estimates.

^¹Data on changes in claims and liabilities are derived from stock data on the reporting countries’ liabilities and assets, excluding changes attributed to exchange rate movements.

^²As measured by differences in the outstanding liabilities of borrowing countries, defined as cross-border bank credits to nonbanks by residence of borrower.

^³Excluding offshore centers.

^⁴Consisting of The Bahamas, Bahrain, the Cayman Islands, Hong Kong, the Netherlands Antilles, Panama, and Singapore.

^⁵Transactors included in IFS measures for the world, to enhance global symmetry, but excluded from IFS measures for “All countries.” The data comprise changes in the accounts of international organizations (other than the Bank for International Settlements) with banks; and changes in identified cross-border banks accounts of nonbanks in centrally planned economies (excluding Fund members).

^⁷Consisting of all developing countries except the eight Middle Eastern oil exporters (the Islamic Republic of Iran, Iraq, Kuwait, the Libyan Arab Jamahiriya, Oman, Qatar, Saudi Arabia, and the United Arab Emirates) for which external debt statistics are either not available or are small in relation to external assets.

^⁸Consisting of all developing countries except the eight Middle Eastern oil exporters (listed in footnote 7), Algeria, Indonesia, Nigeria, and Venezuela.

^⁹As measured by differences in the outstanding assets of depositing countries defined as international bank deposits by nonbanks by residence of depositor.

^¹⁰Difference between changes in claims and liabilities.

Table A12.

Change in Claims on Nonbanks and in Liabilities to Nonbanks, 1982–Third Quarter 1988¹

(In billions of U.S. dollars)

										1987	1988
				1982	1983	1984	1985	1986	1987	First three quarters
Total change in claims ²				80	39	28	58	76	127	87	31
	Industrial countries			51	16	9	24	38	79	49	42
		Of which:
			United States	14	7	11	27	25	23	19	13
			Japan	…	2	-3	—	5	31	19	14
	Developing countries³			35	18	8	-1	-4	4	4	-5
	Offshore centers⁴			7	1	2	9	5	1	2	1
	Other transactors⁵			1	3	2	3	4	4	2	3
	Unidentified borrowers⁶			-12	1	7	22	33	40	29	-10
Memorandum items
	Capital importing developing countries³, ⁷			…	15	8	—	-3	5	4	-6
	Non-oil developing countries³, ⁸			26	12	9	-1	-4	6	5	-4
	Fifteen heavily indebted countries			…	2	5	-3	-1	—	2	-5
Total change in liabilities ⁹				63	72	34	87	123	122	79	41
	Industrial countries			37	27	5	26	61	54	53	21
		Of which:
			United States	26	16	-7	14	26	23	27	—
			Japan	…	—	7	1	3	2	3	7
	Developing countries³			13	19	—	24	8	12	8	13
	Offshore centers⁴			8	8	6	9	13	7	4	7
	Other transactors⁵			1	2	—	1	-1	1	1	-1
	Unidentified depositors⁶			6	15	22	27	42	49	13	-1
Memorandum items
	Capital importing developing countries³, ⁷			…	18	2	18	9	10	7	10
	Non-oil developing countries³, ⁸			15	18	1	17	11	10	6	9
	Fifteen heavily indebted countries			…	12	4	7	2	4	2	2
Change in total net claims on ¹⁰				17	-33	-6	-29	-47	5	7	-10
	Industrial countries			14	-11	4	-2	-22	25	-4	20
		Of which:
			United States	-72	-75	18	7	-2	5	-2	13
			Japan	…	2	-4	-7	3	29	16	13
	Developing countries³			22	-1	8	-25	-12	-8	-5	-19
	Offshore centers⁴			-1	-7	-4	1	-8	-6	-3	-6
	Other transactors⁵			—	1	1	2	5	2	3	4
	Unidentified (net)⁶			-18	-14	-15	-5	-9	-9	16	-9
Memorandum items
	Capital importing developing countries³, ⁷			…	-2	6	-18	-12	-5	-2	-16
	Non-oil developing countries³, ⁸			12	-5	8	-18	-15	-4	-1	-14
	Fifteen heavily indebted countries			…	-10	1	-11	-2	-4	—	-7

Sources: International Monetary Fund, International Financial Statistics (IFS); and Fund staff estimates.

^¹Data on changes in claims and liabilities are derived from stock data on the reporting countries’ liabilities and assets, excluding changes attributed to exchange rate movements.

^²As measured by differences in the outstanding liabilities of borrowing countries, defined as cross-border bank credits to nonbanks by residence of borrower.

^³Excluding offshore centers.

^⁴Consisting of The Bahamas, Bahrain, the Cayman Islands, Hong Kong, the Netherlands Antilles, Panama, and Singapore.

^⁷Consisting of all developing countries except the eight Middle Eastern oil exporters (the Islamic Republic of Iran, Iraq, Kuwait, the Libyan Arab Jamahiriya, Oman, Qatar, Saudi Arabia, and the United Arab Emirates) for which external debt statistics are either not available or are small in relation to external assets.

^⁸Consisting of all developing countries except the eight Middle Eastern oil exporters (listed in footnote 7), Algeria, Indonesia, Nigeria, and Venezuela.

^⁹As measured by differences in the outstanding assets of depositing countries defined as international bank deposits by nonbanks by residence of depositor.

^¹⁰Difference between changes in claims and liabilities.

Table A12.

Change in Claims on Nonbanks and in Liabilities to Nonbanks, 1982–Third Quarter 1988¹

(In billions of U.S. dollars)

										1987	1988
				1982	1983	1984	1985	1986	1987	First three quarters
Total change in claims ²				80	39	28	58	76	127	87	31
	Industrial countries			51	16	9	24	38	79	49	42
		Of which:
			United States	14	7	11	27	25	23	19	13
			Japan	…	2	-3	—	5	31	19	14
	Developing countries³			35	18	8	-1	-4	4	4	-5
	Offshore centers⁴			7	1	2	9	5	1	2	1
	Other transactors⁵			1	3	2	3	4	4	2	3
	Unidentified borrowers⁶			-12	1	7	22	33	40	29	-10
Memorandum items
	Capital importing developing countries³, ⁷			…	15	8	—	-3	5	4	-6
	Non-oil developing countries³, ⁸			26	12	9	-1	-4	6	5	-4
	Fifteen heavily indebted countries			…	2	5	-3	-1	—	2	-5
Total change in liabilities ⁹				63	72	34	87	123	122	79	41
	Industrial countries			37	27	5	26	61	54	53	21
		Of which:
			United States	26	16	-7	14	26	23	27	—
			Japan	…	—	7	1	3	2	3	7
	Developing countries³			13	19	—	24	8	12	8	13
	Offshore centers⁴			8	8	6	9	13	7	4	7
	Other transactors⁵			1	2	—	1	-1	1	1	-1
	Unidentified depositors⁶			6	15	22	27	42	49	13	-1
Memorandum items
	Capital importing developing countries³, ⁷			…	18	2	18	9	10	7	10
	Non-oil developing countries³, ⁸			15	18	1	17	11	10	6	9
	Fifteen heavily indebted countries			…	12	4	7	2	4	2	2
Change in total net claims on ¹⁰				17	-33	-6	-29	-47	5	7	-10
	Industrial countries			14	-11	4	-2	-22	25	-4	20
		Of which:
			United States	-72	-75	18	7	-2	5	-2	13
			Japan	…	2	-4	-7	3	29	16	13
	Developing countries³			22	-1	8	-25	-12	-8	-5	-19
	Offshore centers⁴			-1	-7	-4	1	-8	-6	-3	-6
	Other transactors⁵			—	1	1	2	5	2	3	4
	Unidentified (net)⁶			-18	-14	-15	-5	-9	-9	16	-9
Memorandum items
	Capital importing developing countries³, ⁷			…	-2	6	-18	-12	-5	-2	-16
	Non-oil developing countries³, ⁸			12	-5	8	-18	-15	-4	-1	-14
	Fifteen heavily indebted countries			…	-10	1	-11	-2	-4	—	-7

Sources: International Monetary Fund, International Financial Statistics (IFS); and Fund staff estimates.

^¹Data on changes in claims and liabilities are derived from stock data on the reporting countries’ liabilities and assets, excluding changes attributed to exchange rate movements.

^²As measured by differences in the outstanding liabilities of borrowing countries, defined as cross-border bank credits to nonbanks by residence of borrower.

^³Excluding offshore centers.

^⁴Consisting of The Bahamas, Bahrain, the Cayman Islands, Hong Kong, the Netherlands Antilles, Panama, and Singapore.

^⁷Consisting of all developing countries except the eight Middle Eastern oil exporters (the Islamic Republic of Iran, Iraq, Kuwait, the Libyan Arab Jamahiriya, Oman, Qatar, Saudi Arabia, and the United Arab Emirates) for which external debt statistics are either not available or are small in relation to external assets.

^⁸Consisting of all developing countries except the eight Middle Eastern oil exporters (listed in footnote 7), Algeria, Indonesia, Nigeria, and Venezuela.

^⁹As measured by differences in the outstanding assets of depositing countries defined as international bank deposits by nonbanks by residence of depositor.

^¹⁰Difference between changes in claims and liabilities.

Table A13.

Borrowing on International Markets by Major Instruments, 1984–88¹

(In percent)

Source: Organization for Economic Cooperation and Development, Financial Market Trends.

^¹Data shown exclude merger-related stand-by agreements and renegotiations.

^²Including medium-term floating rate certificates of deposit.

^³Zero coupon bonds, deep discount bonds, special placements, and bond offerings not included elsewhere.

Table A13.

Borrowing on International Markets by Major Instruments, 1984–88¹

(In percent)

Source: Organization for Economic Cooperation and Development, Financial Market Trends.

^¹Data shown exclude merger-related stand-by agreements and renegotiations.

^²Including medium-term floating rate certificates of deposit.

^³Zero coupon bonds, deep discount bonds, special placements, and bond offerings not included elsewhere.

Table A13.

Borrowing on International Markets by Major Instruments, 1984–88¹

(In percent)

Source: Organization for Economic Cooperation and Development, Financial Market Trends.

^¹Data shown exclude merger-related stand-by agreements and renegotiations.

^²Including medium-term floating rate certificates of deposit.

^³Zero coupon bonds, deep discount bonds, special placements, and bond offerings not included elsewhere.

Table A14.

Gross International Bond Issues and Placements by Groups of Borrowers, 1983–88¹

(In millions of U.S. dollars)

Source: Organization for Economic Cooperation and Development, Financial Statistics Monthly.

^¹The country classifications are those used by the Fund. Excludes special issues by development institutions placed directly with governments or central banks and, from October 1984, issues specifically targeted to foreigners.

^²Excludes issue of collateralized Mexican bonds related to the Mexican debt exchange concluded in February 1988.

Table A14.

Gross International Bond Issues and Placements by Groups of Borrowers, 1983–88¹

(In millions of U.S. dollars)

		1983	1984	1985	1986	1987	1988
Foreign bonds		27,050	27,801	31,229	39,359	40,253	47,673
	Industrial countries	18,693	18,299	19,474	28,766	30,991	36,232
	Developing countries	894	1,618	2,078	2,185	1,480	2,720
	International organizations	7,269	7,580	9,350	8,360	7,462	8,004
	Other	194	303	327	48	320	717
Eurobonds		50,098	81,717	136,543	187,747	140,535	177,195
	Industrial countries	41,015	73,145	117,365	171,763	124,142	156,671
	Developing countries	2,382	3,646	7,511	3,247	3,611	5,525
	International organizations	6,074	4,218	8,543	10,488	11,319	11,704
	Other	627	709	3,124	2,250	1,463	3,295
International bonds		77,148	109,518	167,772	227,106	180,788	224,867
	Industrial countries	59,708	91,444	136,839	200,529	155,133	192,903
	Developing countries	3,276	5,264	9,589	5,432	5,091	8,245²
	International organizations	13,343	11,798	17,893	18,848	18,781	19,708
	Other	821	1,012	3,450	2,298	1,783	4,011

Source: Organization for Economic Cooperation and Development, Financial Statistics Monthly.

^²Excludes issue of collateralized Mexican bonds related to the Mexican debt exchange concluded in February 1988.

Table A14.

Gross International Bond Issues and Placements by Groups of Borrowers, 1983–88¹

(In millions of U.S. dollars)

		1983	1984	1985	1986	1987	1988
Foreign bonds		27,050	27,801	31,229	39,359	40,253	47,673
	Industrial countries	18,693	18,299	19,474	28,766	30,991	36,232
	Developing countries	894	1,618	2,078	2,185	1,480	2,720
	International organizations	7,269	7,580	9,350	8,360	7,462	8,004
	Other	194	303	327	48	320	717
Eurobonds		50,098	81,717	136,543	187,747	140,535	177,195
	Industrial countries	41,015	73,145	117,365	171,763	124,142	156,671
	Developing countries	2,382	3,646	7,511	3,247	3,611	5,525
	International organizations	6,074	4,218	8,543	10,488	11,319	11,704
	Other	627	709	3,124	2,250	1,463	3,295
International bonds		77,148	109,518	167,772	227,106	180,788	224,867
	Industrial countries	59,708	91,444	136,839	200,529	155,133	192,903
	Developing countries	3,276	5,264	9,589	5,432	5,091	8,245²
	International organizations	13,343	11,798	17,893	18,848	18,781	19,708
	Other	821	1,012	3,450	2,298	1,783	4,011

Source: Organization for Economic Cooperation and Development, Financial Statistics Monthly.

^²Excludes issue of collateralized Mexican bonds related to the Mexican debt exchange concluded in February 1988.

Table A15.

Early Repayments of International Bonds, 1985–88

(In billions of U.S. dollars)

Source: Organization for Economic Cooperation and Development, Financial Market Trends.

Table A15.

Early Repayments of International Bonds, 1985–88

(In billions of U.S. dollars)

		1985	1986	1987	1988
By currency of denomination		18.7	41.1	41.5	42.1
	U.S. dollar	17.3	34.5	24.3	23.9
	Deutsche mark	0.5	2.3	3.9	2.5
	Swiss franc	0.3	1.5	6.2	7.1
	Japanese yen	0.3	1.6	4.7	5.2
	Pound sterling	0.1	0.2	0.7	1.5
	Other	0.2	1.0	1.7	1.9
By type of security		18.7	41.1	41.5	42.1
	Fixed rate bonds	6.3	18.0	26.1	25.2
	Floating rate notes	11.3	19.7	10.8	14.5
	Convertibles	0.5	1.8	3.0	1.8
	Floating rate certificates of deposit	0.6	1.6	1.6	0.6
By issuer		18.7	41.0	41.5	42.1
	Australia	0.1	1.4	2.2	0.7
	Canada	0.7	2.5	2.6	3.0
	Denmark	1.0	1.8	1.0	1.9
	France	4.0	6.7	4.6	4.2
	Italy	—	2.0	0.5	2.5
	Japan	1.1	3.1	3.4	2.3
	Sweden	3.4	4.0	2.3	4.1
	United Kingdom	0.8	2.4	1.5	3.8
	United States	3.4	6.6	7.6	5.0
	International organizations	2.3	3.6	2.4	2.4
	Other	1.9	6.9	13.4	12.2

Source: Organization for Economic Cooperation and Development, Financial Market Trends.

Table A15.

Early Repayments of International Bonds, 1985–88

(In billions of U.S. dollars)

		1985	1986	1987	1988
By currency of denomination		18.7	41.1	41.5	42.1
	U.S. dollar	17.3	34.5	24.3	23.9
	Deutsche mark	0.5	2.3	3.9	2.5
	Swiss franc	0.3	1.5	6.2	7.1
	Japanese yen	0.3	1.6	4.7	5.2
	Pound sterling	0.1	0.2	0.7	1.5
	Other	0.2	1.0	1.7	1.9
By type of security		18.7	41.1	41.5	42.1
	Fixed rate bonds	6.3	18.0	26.1	25.2
	Floating rate notes	11.3	19.7	10.8	14.5
	Convertibles	0.5	1.8	3.0	1.8
	Floating rate certificates of deposit	0.6	1.6	1.6	0.6
By issuer		18.7	41.0	41.5	42.1
	Australia	0.1	1.4	2.2	0.7
	Canada	0.7	2.5	2.6	3.0
	Denmark	1.0	1.8	1.0	1.9
	France	4.0	6.7	4.6	4.2
	Italy	—	2.0	0.5	2.5
	Japan	1.1	3.1	3.4	2.3
	Sweden	3.4	4.0	2.3	4.1
	United Kingdom	0.8	2.4	1.5	3.8
	United States	3.4	6.6	7.6	5.0
	International organizations	2.3	3.6	2.4	2.4
	Other	1.9	6.9	13.4	12.2

Source: Organization for Economic Cooperation and Development, Financial Market Trends.

Table A16.

Market for Floating Rate Issues, 1984–88

(In billions of U.S. dollars)

Source: Organization for Economic Cooperation and Development, Financial Market Trends.

Table A16.

Market for Floating Rate Issues, 1984–88

(In billions of U.S. dollars)

			1984	1985	1986	1987	1988
Borrowers, total			38.2	58.7	51.2	13.0	21.9
Industrial countries			34.4	48.5	47.3	11.3	19.7
	Of which:
		Belgium	1.6	1.8	1.6	0.1	—
		Canada	0.8	2.1	3.0	0.1	0.1
		Denmark	1.7	0.6	1.2	—	—
		France	5.4	6.5	4.2	0.7	2.9
		Italy	3.5	4.4	2.0	2.0	0.2
		Japan	2.9	2.3	1.8	2.2	1.0
		Sweden	4.1	2.2	0.1	—	0.2
		United Kingdom	3.7	12.2	12.8	2.4	10.0
		United States	5.5	10.5	10.1	2.0	1.6
Developing countries			2.8	6.2	2.1	1.4	1.9
Other, including international organizations			1.0	4.0	1.8	0.3	0.3
Currency distribution, total			38.2	58.7	51.2	13.0	21.9
	U.S. dollar		35.1	50.5	41.1	4.6	9.6
	Pound sterling		2.0	3.4	5.7	2.0	8.5
	Deutsche mark		—	3.2	1.6	0.4	1.3
	ECU		0.5	1.0	1.0	0.2	—
	Other		0.6	0.6	1.8	5.8	2.5

Source: Organization for Economic Cooperation and Development, Financial Market Trends.

Table A16.

Market for Floating Rate Issues, 1984–88

(In billions of U.S. dollars)

			1984	1985	1986	1987	1988
Borrowers, total			38.2	58.7	51.2	13.0	21.9
Industrial countries			34.4	48.5	47.3	11.3	19.7
	Of which:
		Belgium	1.6	1.8	1.6	0.1	—
		Canada	0.8	2.1	3.0	0.1	0.1
		Denmark	1.7	0.6	1.2	—	—
		France	5.4	6.5	4.2	0.7	2.9
		Italy	3.5	4.4	2.0	2.0	0.2
		Japan	2.9	2.3	1.8	2.2	1.0
		Sweden	4.1	2.2	0.1	—	0.2
		United Kingdom	3.7	12.2	12.8	2.4	10.0
		United States	5.5	10.5	10.1	2.0	1.6
Developing countries			2.8	6.2	2.1	1.4	1.9
Other, including international organizations			1.0	4.0	1.8	0.3	0.3
Currency distribution, total			38.2	58.7	51.2	13.0	21.9
	U.S. dollar		35.1	50.5	41.1	4.6	9.6
	Pound sterling		2.0	3.4	5.7	2.0	8.5
	Deutsche mark		—	3.2	1.6	0.4	1.3
	ECU		0.5	1.0	1.0	0.2	—
	Other		0.6	0.6	1.8	5.8	2.5

Source: Organization for Economic Cooperation and Development, Financial Market Trends.

Table A17.

Market for Fixed Rate Bonds, 1985–88

(In billions of U.S. dollars)

Source: Organization for Economic Cooperation and Development, Financial Market Trends.

Table A17.

Market for Fixed Rate Bonds, 1985–88

(In billions of U.S. dollars)

			1985	1986	1987	1988
Borrowers, total			94.8	141.5	121.3	161.7
Industrial countries			77.3	122.8	100.8	138.0
	Of which:
		Australia	5.7	5.4	4.6	5.9
		Austria	2.0	3.2	4.6	6.0
		Belgium	0.7	2.3	3.6	3.0
		Canada	7.5	13.4	8.3	13.0
		Denmark	2.2	7.2	3.9	4.2
		Finland	0.9	2.8	2.6	4.3
		France	4.8	8.6	7.7	12.4
		Germany, Fed. Rep. of	1.6	7.7	8.4	10.7
		Italy	0.8	2.0	4.9	7.4
		Japan	11.4	15.7	13.4	14.8
		Netherlands	1.2	2.5	2.8	4.0
		New Zealand	1.3	3.0	2.4	1.7
		Norway	1.4	4.3	3.7	4.9
		Sweden	3.9	5.5	4.4	8.0
		United Kingdom	2.5	5.1	6.2	13.9
		United States	26.2	29.0	14.5	15.1
Developing countries			2.3	2.6	3.3	6.3
Other, including international organizations			15.2	16.1	17.2	19.3
Currency distribution, total			94.8	141.5	121.3	161.7
	U.S. dollar		45.1	64.1	30.9	47.0
	Japanese yen		11.3	21.9	22.6	19.7
	Swiss franc		10.5	16.4	16.9	18.7
	Deutsche mark		6.7	11.6	12.7	21.6
	ECU		6.0	5.8	7.0	10.9
	Pound sterling		3.1	4.7	8.9	12.1
	Australian dollar		3.1	3.2	7.5	7.3
	Canadian dollar		2.2	5.3	5.9	12.7
	Netherlands guilder		1.6	2.5	1.9	2.9
	Other		—	6.0	7.0	8.8

Source: Organization for Economic Cooperation and Development, Financial Market Trends.

Table A17.

Market for Fixed Rate Bonds, 1985–88

(In billions of U.S. dollars)

			1985	1986	1987	1988
Borrowers, total			94.8	141.5	121.3	161.7
Industrial countries			77.3	122.8	100.8	138.0
	Of which:
		Australia	5.7	5.4	4.6	5.9
		Austria	2.0	3.2	4.6	6.0
		Belgium	0.7	2.3	3.6	3.0
		Canada	7.5	13.4	8.3	13.0
		Denmark	2.2	7.2	3.9	4.2
		Finland	0.9	2.8	2.6	4.3
		France	4.8	8.6	7.7	12.4
		Germany, Fed. Rep. of	1.6	7.7	8.4	10.7
		Italy	0.8	2.0	4.9	7.4
		Japan	11.4	15.7	13.4	14.8
		Netherlands	1.2	2.5	2.8	4.0
		New Zealand	1.3	3.0	2.4	1.7
		Norway	1.4	4.3	3.7	4.9
		Sweden	3.9	5.5	4.4	8.0
		United Kingdom	2.5	5.1	6.2	13.9
		United States	26.2	29.0	14.5	15.1
Developing countries			2.3	2.6	3.3	6.3
Other, including international organizations			15.2	16.1	17.2	19.3
Currency distribution, total			94.8	141.5	121.3	161.7
	U.S. dollar		45.1	64.1	30.9	47.0
	Japanese yen		11.3	21.9	22.6	19.7
	Swiss franc		10.5	16.4	16.9	18.7
	Deutsche mark		6.7	11.6	12.7	21.6
	ECU		6.0	5.8	7.0	10.9
	Pound sterling		3.1	4.7	8.9	12.1
	Australian dollar		3.1	3.2	7.5	7.3
	Canadian dollar		2.2	5.3	5.9	12.7
	Netherlands guilder		1.6	2.5	1.9	2.9
	Other		—	6.0	7.0	8.8

Source: Organization for Economic Cooperation and Development, Financial Market Trends.

Table A18.

Market for Equity-Related Bonds, 1984–88

(In billions of U.S. dollars)

Source: Organization for Economic Cooperation and Development, Financial Market Trends.

Table A18.

Market for Equity-Related Bonds, 1984–88

(In billions of U.S. dollars)

		1984	1985	1986	1987	1988
Borrowers, total		10.9	11.3	26.9	43.0	38.9
	Japan	7.6	5.9	14.9	28.0	34.8
	United States	1.9	3.2	3.4	4.7	0.7
	United Kingdom	0.3	0.7	1.5	4.0	0.5
	Germany, Fed. Rep. of	0.3	1.0	1.7	1.5	0.5
	Switzerland	0.2	0.1	1.2	0.4	—
	Other OECD countries	0.6	0.4	4.2	4.4	2.4
Currency distribution, total		10.9	11.3	26.9	43.0	38.9
	U.S. dollar	5.5	5.3	16.4	29.2	27.8
	Swiss franc	4.2	3.9	6.5	6.8	7.9
	Deutsche mark	0.9	1.3	2.8	2.0	0.7
	Other	0.3	0.8	1.2	5.0	2.5

Source: Organization for Economic Cooperation and Development, Financial Market Trends.

Table A18.

Market for Equity-Related Bonds, 1984–88

(In billions of U.S. dollars)

		1984	1985	1986	1987	1988
Borrowers, total		10.9	11.3	26.9	43.0	38.9
	Japan	7.6	5.9	14.9	28.0	34.8
	United States	1.9	3.2	3.4	4.7	0.7
	United Kingdom	0.3	0.7	1.5	4.0	0.5
	Germany, Fed. Rep. of	0.3	1.0	1.7	1.5	0.5
	Switzerland	0.2	0.1	1.2	0.4	—
	Other OECD countries	0.6	0.4	4.2	4.4	2.4
Currency distribution, total		10.9	11.3	26.9	43.0	38.9
	U.S. dollar	5.5	5.3	16.4	29.2	27.8
	Swiss franc	4.2	3.9	6.5	6.8	7.9
	Deutsche mark	0.9	1.3	2.8	2.0	0.7
	Other	0.3	0.8	1.2	5.0	2.5

Source: Organization for Economic Cooperation and Development, Financial Market Trends.

Table A19.

International Facilities by Category of Instrument, 1983–88

(In billions of U.S. dollars)

Source: Organization for Economic Cooperation and Development, Financial Market Trends. Note: Newly arranged facilities only.

Table A19.

International Facilities by Category of Instrument, 1983–88

(In billions of U.S. dollars)

					1983	1984	1985	1986	1987	1988
Note issuance facilities					3.5	17.4	34.4	24.8	29.0	13.2
	Of which:
		Multiple component facilities			—	8.0	15.0	13.2	19.6	7.9
		Backup for Euronotes			0.9	6.4	17.4	9.1	8.3	4.3
Bankers’ acceptances					1.8	5.8	2.1	2.0	0.6	1.0
Commercial paper backups					3.0	2.8	4.4	1.6	0.4	—
Other instruments					1.2	2.8	2.0	0.9	1.2	1.3
			Subtotal (backup facilities)		9.5	28.8	42.9	29.3	31.2	15.5
Merger-related stand-by agreements					4.0	26.5	6.0	0.7	—	—
			Subtotal		13.5	55.3	48.9	30.0	31.2	15.5
Eurocommercial paper programs					…	…	12.6	59.0	55.8	57.3
				Total	13.5	55.3	61.5	89.0	87.0	72.8

Source: Organization for Economic Cooperation and Development, Financial Market Trends. Note: Newly arranged facilities only.

Table A19.

International Facilities by Category of Instrument, 1983–88

(In billions of U.S. dollars)

					1983	1984	1985	1986	1987	1988
Note issuance facilities					3.5	17.4	34.4	24.8	29.0	13.2
	Of which:
		Multiple component facilities			—	8.0	15.0	13.2	19.6	7.9
		Backup for Euronotes			0.9	6.4	17.4	9.1	8.3	4.3
Bankers’ acceptances					1.8	5.8	2.1	2.0	0.6	1.0
Commercial paper backups					3.0	2.8	4.4	1.6	0.4	—
Other instruments					1.2	2.8	2.0	0.9	1.2	1.3
			Subtotal (backup facilities)		9.5	28.8	42.9	29.3	31.2	15.5
Merger-related stand-by agreements					4.0	26.5	6.0	0.7	—	—
			Subtotal		13.5	55.3	48.9	30.0	31.2	15.5
Eurocommercial paper programs					…	…	12.6	59.0	55.8	57.3
				Total	13.5	55.3	61.5	89.0	87.0	72.8

Source: Organization for Economic Cooperation and Development, Financial Market Trends. Note: Newly arranged facilities only.

Table A20.

Financial Futures and Options: Exchanges, Contracts, and Volume of Contracts Traded, 1985–September 1988

Note: $A = Australian dollar; Can$ = Canadian dollar; DM = deutsche mark; ECU = European Currency Unit; F = French franc; HK$ = Hong Kong dollar; ¥ = Japanese yen; f. = Netherlands guilder; £ = pound sterling; $ = U.S. dollar; and SKr = Swedish Krone. Options volume is put and calls combined. Sources: Futures Industry Association, Monthly Volume Report, Monthly Options Report, and International Report; Euromoney (Corporate Finance Supplement); Futures and Options Directory; U.S. Securities and Exchange Commission, Monthly Statistical Review; Philadelphia Stock Exchange; European Options Exchange; Stockholm Options Market.

^¹For all non-U.S. exchanges (except LIFFE and SIMEX for currency and Eurodollar contracts), the last two columns should read August instead of September.

^²Combined cash settlement and collateralized depository receipts (CDR) contracts.

^³Includes some five-year notes in the 1988 figure.

^⁴Stopped trading in August 1987. Contract units were DM 125,000, ¥ 12,500,000, Can$100,000, F 250,000, £25,000, $A 100,000, and ECU 100,000.

^⁵Data until July 1988; the last two columns refer to January-July of 1987 and 1988, respectively.

^⁶Includes NYSE composite index and NYSE beta index.

^⁷U.S. Treasury bills and notes combined.

^⁸Includes AMEX major market index, AMEX institutional index, AMEX computer technology index, and AMEX oil index.

^⁹PHLX value line index, PHLX national OTC index.

^¹⁰Very few short gilts (£100,000), a small number of medium gilts (£50,000), mainly long gilts (£50,000).

^¹¹Data reported are from June 1985–December 1985 only.

^¹²Data reported are for November 1985 only.

^¹³Data reported are from October 1985–December 1985 only.

^¹⁴Spot and composite index combined.

^¹⁵Data reported are for May 1985–December 1985 only.

Table A20.

Financial Futures and Options: Exchanges, Contracts, and Volume of Contracts Traded, 1985–September 1988

Exchange/Type					Face Value of Contract	Volume of Contracts Traded
						1985	1986	1987	1987	1988
						1985	1986	1987	Jan.-Sept.¹
					(In thousands of contracts)
United States
Chicago Board of Trade (CBOT)
	Interest rate
		Futures
			Government National
				Mortgage Association
				(GNMA) mortgages, CDR²	$100,000	84	31	8	7	0
			U.S. Treasury bonds		$100,000	40,448	52,598	66,841	50,165	52,570
			U.S. Treasury notes³		$100,000	2,860	4,426	5,254	3,830	4,066
			Corporate bond index		$500 x index	0	0	11	0	0
			Municipal bond index		$1,000 x index	335	907	1,613	1,234	1,051
		Options
			U.S. Treasury bonds		$100,000	11,901	17,314	21,720	15,876	14,613
			U.S. Treasury notes		$100,000	177	1,001	1,422	1,138	729
			Municipal bond index		$100,000 x index	0	0	119	47	129
	Stock index
		Futures
			Major market (MMI) index		$250 x index	422	1,739	2,631	2,193	928
			Major market index		$100 x index	2,062	36	4	0	0
Chicago Board Options Exchange (CBOE)
	Interest rate
		Options
			U.S. Treasury bonds and notes		$100,000	416	319	208	163	23
	Stock index
		Options
			Standard & Poor’s 100 index options		$100 x index	0	0	0	0	42,663
			Standard & Poor’s 500 index options		$100 x index	0	0	0	0	3,315
	Currency
		Options
			Pound sterling, deutsche mark, Canadian dollar, Japanese yen, French franc, Australian dollar, ECU⁴			129	456	239	226	0
Mid-America Commodity Exchange (Midam)
	Interest rate
		Futures
			U.S. Treasury bonds		$50,000	297	468	1,015	733	1,081
			U.S. Treasury bills		$500,000	37	35	26	16	21
	Currency
		Futures
			Pound sterling		£12,500	21	17	11	9	24
			Swiss franc		Sw F 62,500	110	102	98	7	564
			Deutsche mark		DM 62,500	85	75	85	68	37
			Japanese yen		¥ 6,250,000	33	48	59	47	33
			Canadian dollar		Can$50,000	3	6	8	7	7
Chicago Mercantile Exchange (CME)
	Interest rate
		Futures
			U.S. Treasury bills		$1,000,000	2,413	1,815	1,927	1,372	1,038
		Options
			U.S. Treasury bills		$1,000,000	0	64	12	11	5
	Currency
		Futures
			Eurodollar (three-month)		$1,000,000	8,901	10,825	20,416	15,188	15,931
			European currency unit		ECU 12,500	0	43	0	0	0
			Pound sterling		£25,000	2,799	2,701	2,592	1,904	2,070
			Canadian dollar		Can$100,000	468	734	915	761	994
			Deutsche mark		DM 125,000	6,449	6,582	6,037	4,635	4,062
			Japanese yen		¥ 12,500,000	2,415	3,970	5,359	3,818	4,738
			Swiss franc		Sw F 125,000	4,758	4,998	5,268	3,990	3,970
			French franc		F 250,000	9	3	10	9	2
			Australian dollar		$A 100,000	0	0	53	47	60
		Options
			Eurodollar		$1,000,000	743	1,757	2,570	2,003	1,797
			Pound sterling		£25,000	329	497	569	427	438
			Deutsche mark		DM 125,000	1,562	2,206	3,126	2,278	1,992
			Swiss franc		Sw F 125,000	325	818	1,053	717	813
			Japanese yen		¥ 1,250,000	0	865	2,251	1,584	2,179
			Canadian dollar		Can$100,000	0	26	49	39	176
			Australian dollar		$A 100,000	0	0	0	0	5
	Stock index
		Futures
			Standard & Poor’s 500		$500 x index	15,056	19,505	19,045	15,343	8,855
			Standard & Poor’s 100		$200 x index	2	4	0	0	0
			Standard & Poor’s OTC index		$500 x index	95	5	0	0	0
		Options
			Standard & Poor’s 500 index		$500 x index	1,090	1,886	1,877	1,594	554
Kansas City Board of Trade
	Stock index
		Futures
			Value line index		$500 x index	1,205	954	506	458	67
New York Commodity Exchange
	Interest rate
		Futures
			Corporate bond index		$500 x index	0	0	11	0	0
New York Cotton Exchange
	Interest rate
		Futures
			Five-year U.S.
				Treasury notes	$100,000	0	0	384	240	589
		Options
			Five-year U.S.
				Treasury notes	$100,000	0	0	0	0	9
	Currency
		Futures
			ECU		ECU 100,000	0	72	42	37	23
			U.S. dollar index		$500 x index	75	166	404	279	313
		Options
			U.S. dollar index		$500 x index	0	0	15	11	10
New York Futures Exchange (NYFE)
	Stock index
		Futures
			NYSE composite index		$500 x index	2,834	3,124	2,916	2,420	1,335
			Russell 2000 stock index		$500 x index	0	0	6	3	0
			Russell 3000 stock index		$500 x index	0	0	11	7	0
		Options
			NYSE composite stock index		$500 x index	196	296	207	186	16
New York Stock Exchange (NYSE)⁵
	Stock index
		Options
			NYSE indices⁶		$100 x index	4,259	3,775	1,944	1,486	442
American Stock Exchange (AMEX)⁵
	Interest rate
		Options
			U.S. Treasury notes		$1,000,000
			U.S. Treasury bills⁷		$100,000	22	27	33	19	0
	Stock index
		Options
			AMEX indices⁸			12,226	19,064	16,881	11,426	44,865
Philadelphia Stock Exchange (PHLX)
	Currency
		Options
			Pound sterling		£12,500	1,361	968	1,876	1,420	1,172
			Canadian dollar		Can$50,000	137	170	318	141	216
			Deutsche mark		DM 62,500	906	2,487	4,260	3,216	2,461
			French franc		F 125,000	79	45	70	37	176
			Japanese yen		¥ 6,250,000	587	1,885	2,460	1,616	2,252
			Swiss franc		Sw F 62,500	682	2,337	1,304	1,092	892
			ECU		ECU 62,500	0	13	2	2	1
			Australian dollar		$A 150,000	0	0	224	167	434
	Stock Index
		Options
			PHLX indices⁹		$100 x index	2,206	1,267	277	258	19
Pacific Stock Exchange (PSE)⁵
	Stock Index
		Options
			Financial News composite index		$100 x index	95	184	407	320	141
United Kingdom
London International Financial Futures
	Exchange (LIFFE)
		Interest rate
			Futures
				Gilt (government bond)¹⁰	£50,000	38311	2,717	7,036	4,745	4,066
				Eurodollar (three-month)	$1,000,000	1,292	1,110	1,739	1,235	1,223
				Pound sterling (three-month)	£500,000	23111	967	1,510	938	2,120
				U.S. Treasury bonds	$100,000	44311	1,575	1,571	910	1,352
				Yen treasury bonds	¥ 100,000,000	3111	0	136	92	85
			Options
				Eurodollar (three-month)	$1,000,000	54	39	40	30	50
				U.S. Treasury bonds	$100,000		53	56	34	47
				Gilt	£50,000		285	1,045	637	840
				Pound sterling (three-month)	£500,000		0	15	0	227
		Stock index
			Futures
				Financial Times stock index	£25 x index	5411	124	470	246	259
			Options
				Financial Times stock index	£25 x index		3	9	7	1
		Currency
			Futures
				Deutsche mark	DM 125,000	20	17	8	7	3
				U.S. dollar/deutsche mark	$50,000		1	0	0	0
				Pound sterling	£25,000	117	42	13	12	5
				Swiss franc	Sw F 125,000	7	6	5	4	2
				Japanese yen	¥ 12,500,000	10	8	6	5	2
			Options
				U.S. dollar/deutsche mark	$50,000		9	3	2	1
				Pound sterling	£25,000	245	105	16	13	9
France
Marché á Terme d’Instruments Financiers (MATIF)
	Interest rate
		Futures
			French Government bonds		F 500,000		1,139	11,911	5,410	7,316
			French Treasury bill		F 5,000,000		39	107	64	15
		Options
			National bonds		F 500,000		0	0	0	2,012
Japan
Osaka Securities Exchange
	Stock index
		Futures
			OSF 50		50 stocks		0	186	21	533
Tokyo Stock Exchange
	Interest rate
		Futures
			Ten-year yen government bonds		¥ 100,000,000	124¹²	8,575	18,262	13,732	12,262
Canada
Montreal Exchange
	Interest rate
		Options
			Canadian Treasury bill		Can$250,000		3	6	5	1
			Canadian Treasury bonds		Can$25,000	123¹¹	289	416	267	239
	Currency
		Options
			Canadian dollar		Can$50,000		—	—	—	—
			Toronto Futures Exchange
	Interest rate
		Futures
			Canadian Treasury bill		Can$1,000,000	11¹³	10	0	0	0
			Canadian Treasury bonds		Can$100,000	1¹³	2	0	0	0
		Options
			Canadian Treasury bonds		Can$25,000	34¹³	43	25	25	0
	Stock index
		Futures
Toronto Stock Exchange
				(TSE) 300¹⁴		20¹⁴	126	35	35	1
			TS 35		Can$500 x index		0	29	9	21
		Options
			TS 35		Can$100 x index		0	199	33	261
Netherlands, The
European Options Exchange (EOE)
	Interest rate
		Options
			Dutch Government bonds		f. 10,000		0	635	466	377
	Currency
		Options
			U.S. dollar/guilder and pound sterling/guilder		$10,000, £10,000		0	692	439	356
	Stock index
		Options
			EOE stock index		f. 100 x EOE
			MMI stock index		$100 x MMI		0	428	142	443
Sweden
Stockholm Options Market
	Interest rate
		Options
			Swedish Treasury bonds		SKr 1,000,000		0	766	590	168
	Stock index
		Futures
			OMX 30		SKr 100 x index		0	159	66	237
		Options
			OMX 30		SKr 100 x index		0	6,739	3,243	2,574
Australia
Sydney Futures Exchange
	Interest rate
		Futures
			Ninety-day bank bills		$A 500,000	484¹⁵	1,073	2,094	1,294	1,991
			Australian Treasury bonds		$A 100,000	223¹⁵	1,448	2,061	1,254	1,944
			U.S. Treasury bonds		$100,000		7	2	2	0
			Eurodollar		$1,000,000		2	1	0	0
			Australian dollar				0	0	0	16
			Three-year bonds				0	0	0	164
		Options
			Ninety-day bank bills		$A 500,000	13¹⁵	32	58	30	121
			Australian Treasury bonds		$A 100,000		170	37	3,191	516
			Three-year bonds				0	0	0	2
			Australian dollar				0	0	0	2
	Currency
		Futures
			U.S. dollar			30¹⁵	40	6	6	0
	Stock index
		Futures
			All ordinaries index		$A 100 x index	209¹⁵	466	616	454	181
		Options
			All ordinaries index		$A 100 x index	4¹⁵	40	137	93	47
New Zealand
New Zealand Futures Exchange
	Interest rate
		Futures
			New Zealand Treasury notes		$NZ 100,000		74	176	132	227
			Ninety-day bank bills		$NZ 500,000		3	38	24	47
	Currency
		Futures
			U.S. dollar		$50,000		11	16	10	11
	Stock index
		Futures
			Barclays stock index		$NZ 20 x index		0	120	96	11
Singapore
Singapore International Monetary Exchange (SIMEX)
	Interest rate
		Futures
			Eurodollar		$1,000,000	295	460	1,520	108	1,281
			U.S. Treasury bonds		$100,000		35	14	14	0
		Options
			Eurodollar		$1,000,000		0	30	0	9
	Currency
		Futures
			Deutsche mark		DM 125,000	170	214	131	111	69
			Japanese yen		¥ 12,500,000	32	111	94	67	126
			Pound sterling		£25,000		18	8	8	2
		Options
			Deutsche mark		DM 125,000		0	7	0	10
			Japanese yen		¥ 12,500,000		0	15	0	55
	Stock index
		Futures
			Nikkei stock average		¥ 500 x index		34	363	206	365
Hong Kong
Hong Kong Futures Exchange
	Stock index
		Futures
			Hang Sheng stock index		HK$50 x index		691	3,611	2,546	107

^¹For all non-U.S. exchanges (except LIFFE and SIMEX for currency and Eurodollar contracts), the last two columns should read August instead of September.

^²Combined cash settlement and collateralized depository receipts (CDR) contracts.

^³Includes some five-year notes in the 1988 figure.

^⁴Stopped trading in August 1987. Contract units were DM 125,000, ¥ 12,500,000, Can$100,000, F 250,000, £25,000, $A 100,000, and ECU 100,000.

^⁵Data until July 1988; the last two columns refer to January-July of 1987 and 1988, respectively.

^⁶Includes NYSE composite index and NYSE beta index.

^⁷U.S. Treasury bills and notes combined.

^⁸Includes AMEX major market index, AMEX institutional index, AMEX computer technology index, and AMEX oil index.

^⁹PHLX value line index, PHLX national OTC index.

^¹⁰Very few short gilts (£100,000), a small number of medium gilts (£50,000), mainly long gilts (£50,000).

^¹¹Data reported are from June 1985–December 1985 only.

^¹²Data reported are for November 1985 only.

^¹³Data reported are from October 1985–December 1985 only.

^¹⁴Spot and composite index combined.

^¹⁵Data reported are for May 1985–December 1985 only.

Table A20.

Financial Futures and Options: Exchanges, Contracts, and Volume of Contracts Traded, 1985–September 1988

Exchange/Type					Face Value of Contract	Volume of Contracts Traded
						1985	1986	1987	1987	1988
						1985	1986	1987	Jan.-Sept.¹
					(In thousands of contracts)
United States
Chicago Board of Trade (CBOT)
	Interest rate
		Futures
			Government National
				Mortgage Association
				(GNMA) mortgages, CDR²	$100,000	84	31	8	7	0
			U.S. Treasury bonds		$100,000	40,448	52,598	66,841	50,165	52,570
			U.S. Treasury notes³		$100,000	2,860	4,426	5,254	3,830	4,066
			Corporate bond index		$500 x index	0	0	11	0	0
			Municipal bond index		$1,000 x index	335	907	1,613	1,234	1,051
		Options
			U.S. Treasury bonds		$100,000	11,901	17,314	21,720	15,876	14,613
			U.S. Treasury notes		$100,000	177	1,001	1,422	1,138	729
			Municipal bond index		$100,000 x index	0	0	119	47	129
	Stock index
		Futures
			Major market (MMI) index		$250 x index	422	1,739	2,631	2,193	928
			Major market index		$100 x index	2,062	36	4	0	0
Chicago Board Options Exchange (CBOE)
	Interest rate
		Options
			U.S. Treasury bonds and notes		$100,000	416	319	208	163	23
	Stock index
		Options
			Standard & Poor’s 100 index options		$100 x index	0	0	0	0	42,663
			Standard & Poor’s 500 index options		$100 x index	0	0	0	0	3,315
	Currency
		Options
			Pound sterling, deutsche mark, Canadian dollar, Japanese yen, French franc, Australian dollar, ECU⁴			129	456	239	226	0
Mid-America Commodity Exchange (Midam)
	Interest rate
		Futures
			U.S. Treasury bonds		$50,000	297	468	1,015	733	1,081
			U.S. Treasury bills		$500,000	37	35	26	16	21
	Currency
		Futures
			Pound sterling		£12,500	21	17	11	9	24
			Swiss franc		Sw F 62,500	110	102	98	7	564
			Deutsche mark		DM 62,500	85	75	85	68	37
			Japanese yen		¥ 6,250,000	33	48	59	47	33
			Canadian dollar		Can$50,000	3	6	8	7	7
Chicago Mercantile Exchange (CME)
	Interest rate
		Futures
			U.S. Treasury bills		$1,000,000	2,413	1,815	1,927	1,372	1,038
		Options
			U.S. Treasury bills		$1,000,000	0	64	12	11	5
	Currency
		Futures
			Eurodollar (three-month)		$1,000,000	8,901	10,825	20,416	15,188	15,931
			European currency unit		ECU 12,500	0	43	0	0	0
			Pound sterling		£25,000	2,799	2,701	2,592	1,904	2,070
			Canadian dollar		Can$100,000	468	734	915	761	994
			Deutsche mark		DM 125,000	6,449	6,582	6,037	4,635	4,062
			Japanese yen		¥ 12,500,000	2,415	3,970	5,359	3,818	4,738
			Swiss franc		Sw F 125,000	4,758	4,998	5,268	3,990	3,970
			French franc		F 250,000	9	3	10	9	2
			Australian dollar		$A 100,000	0	0	53	47	60
		Options
			Eurodollar		$1,000,000	743	1,757	2,570	2,003	1,797
			Pound sterling		£25,000	329	497	569	427	438
			Deutsche mark		DM 125,000	1,562	2,206	3,126	2,278	1,992
			Swiss franc		Sw F 125,000	325	818	1,053	717	813
			Japanese yen		¥ 1,250,000	0	865	2,251	1,584	2,179
			Canadian dollar		Can$100,000	0	26	49	39	176
			Australian dollar		$A 100,000	0	0	0	0	5
	Stock index
		Futures
			Standard & Poor’s 500		$500 x index	15,056	19,505	19,045	15,343	8,855
			Standard & Poor’s 100		$200 x index	2	4	0	0	0
			Standard & Poor’s OTC index		$500 x index	95	5	0	0	0
		Options
			Standard & Poor’s 500 index		$500 x index	1,090	1,886	1,877	1,594	554
Kansas City Board of Trade
	Stock index
		Futures
			Value line index		$500 x index	1,205	954	506	458	67
New York Commodity Exchange
	Interest rate
		Futures
			Corporate bond index		$500 x index	0	0	11	0	0
New York Cotton Exchange
	Interest rate
		Futures
			Five-year U.S.
				Treasury notes	$100,000	0	0	384	240	589
		Options
			Five-year U.S.
				Treasury notes	$100,000	0	0	0	0	9
	Currency
		Futures
			ECU		ECU 100,000	0	72	42	37	23
			U.S. dollar index		$500 x index	75	166	404	279	313
		Options
			U.S. dollar index		$500 x index	0	0	15	11	10
New York Futures Exchange (NYFE)
	Stock index
		Futures
			NYSE composite index		$500 x index	2,834	3,124	2,916	2,420	1,335
			Russell 2000 stock index		$500 x index	0	0	6	3	0
			Russell 3000 stock index		$500 x index	0	0	11	7	0
		Options
			NYSE composite stock index		$500 x index	196	296	207	186	16
New York Stock Exchange (NYSE)⁵
	Stock index
		Options
			NYSE indices⁶		$100 x index	4,259	3,775	1,944	1,486	442
American Stock Exchange (AMEX)⁵
	Interest rate
		Options
			U.S. Treasury notes		$1,000,000
			U.S. Treasury bills⁷		$100,000	22	27	33	19	0
	Stock index
		Options
			AMEX indices⁸			12,226	19,064	16,881	11,426	44,865
Philadelphia Stock Exchange (PHLX)
	Currency
		Options
			Pound sterling		£12,500	1,361	968	1,876	1,420	1,172
			Canadian dollar		Can$50,000	137	170	318	141	216
			Deutsche mark		DM 62,500	906	2,487	4,260	3,216	2,461
			French franc		F 125,000	79	45	70	37	176
			Japanese yen		¥ 6,250,000	587	1,885	2,460	1,616	2,252
			Swiss franc		Sw F 62,500	682	2,337	1,304	1,092	892
			ECU		ECU 62,500	0	13	2	2	1
			Australian dollar		$A 150,000	0	0	224	167	434
	Stock Index
		Options
			PHLX indices⁹		$100 x index	2,206	1,267	277	258	19
Pacific Stock Exchange (PSE)⁵
	Stock Index
		Options
			Financial News composite index		$100 x index	95	184	407	320	141
United Kingdom
London International Financial Futures
	Exchange (LIFFE)
		Interest rate
			Futures
				Gilt (government bond)¹⁰	£50,000	38311	2,717	7,036	4,745	4,066
				Eurodollar (three-month)	$1,000,000	1,292	1,110	1,739	1,235	1,223
				Pound sterling (three-month)	£500,000	23111	967	1,510	938	2,120
				U.S. Treasury bonds	$100,000	44311	1,575	1,571	910	1,352
				Yen treasury bonds	¥ 100,000,000	3111	0	136	92	85
			Options
				Eurodollar (three-month)	$1,000,000	54	39	40	30	50
				U.S. Treasury bonds	$100,000		53	56	34	47
				Gilt	£50,000		285	1,045	637	840
				Pound sterling (three-month)	£500,000		0	15	0	227
		Stock index
			Futures
				Financial Times stock index	£25 x index	5411	124	470	246	259
			Options
				Financial Times stock index	£25 x index		3	9	7	1
		Currency
			Futures
				Deutsche mark	DM 125,000	20	17	8	7	3
				U.S. dollar/deutsche mark	$50,000		1	0	0	0
				Pound sterling	£25,000	117	42	13	12	5
				Swiss franc	Sw F 125,000	7	6	5	4	2
				Japanese yen	¥ 12,500,000	10	8	6	5	2
			Options
				U.S. dollar/deutsche mark	$50,000		9	3	2	1
				Pound sterling	£25,000	245	105	16	13	9
France
Marché á Terme d’Instruments Financiers (MATIF)
	Interest rate
		Futures
			French Government bonds		F 500,000		1,139	11,911	5,410	7,316
			French Treasury bill		F 5,000,000		39	107	64	15
		Options
			National bonds		F 500,000		0	0	0	2,012
Japan
Osaka Securities Exchange
	Stock index
		Futures
			OSF 50		50 stocks		0	186	21	533
Tokyo Stock Exchange
	Interest rate
		Futures
			Ten-year yen government bonds		¥ 100,000,000	124¹²	8,575	18,262	13,732	12,262
Canada
Montreal Exchange
	Interest rate
		Options
			Canadian Treasury bill		Can$250,000		3	6	5	1
			Canadian Treasury bonds		Can$25,000	123¹¹	289	416	267	239
	Currency
		Options
			Canadian dollar		Can$50,000		—	—	—	—
			Toronto Futures Exchange
	Interest rate
		Futures
			Canadian Treasury bill		Can$1,000,000	11¹³	10	0	0	0
			Canadian Treasury bonds		Can$100,000	1¹³	2	0	0	0
		Options
			Canadian Treasury bonds		Can$25,000	34¹³	43	25	25	0
	Stock index
		Futures
Toronto Stock Exchange
				(TSE) 300¹⁴		20¹⁴	126	35	35	1
			TS 35		Can$500 x index		0	29	9	21
		Options
			TS 35		Can$100 x index		0	199	33	261
Netherlands, The
European Options Exchange (EOE)
	Interest rate
		Options
			Dutch Government bonds		f. 10,000		0	635	466	377
	Currency
		Options
			U.S. dollar/guilder and pound sterling/guilder		$10,000, £10,000		0	692	439	356
	Stock index
		Options
			EOE stock index		f. 100 x EOE
			MMI stock index		$100 x MMI		0	428	142	443
Sweden
Stockholm Options Market
	Interest rate
		Options
			Swedish Treasury bonds		SKr 1,000,000		0	766	590	168
	Stock index
		Futures
			OMX 30		SKr 100 x index		0	159	66	237
		Options
			OMX 30		SKr 100 x index		0	6,739	3,243	2,574
Australia
Sydney Futures Exchange
	Interest rate
		Futures
			Ninety-day bank bills		$A 500,000	484¹⁵	1,073	2,094	1,294	1,991
			Australian Treasury bonds		$A 100,000	223¹⁵	1,448	2,061	1,254	1,944
			U.S. Treasury bonds		$100,000		7	2	2	0
			Eurodollar		$1,000,000		2	1	0	0
			Australian dollar				0	0	0	16
			Three-year bonds				0	0	0	164
		Options
			Ninety-day bank bills		$A 500,000	13¹⁵	32	58	30	121
			Australian Treasury bonds		$A 100,000		170	37	3,191	516
			Three-year bonds				0	0	0	2
			Australian dollar				0	0	0	2
	Currency
		Futures
			U.S. dollar			30¹⁵	40	6	6	0
	Stock index
		Futures
			All ordinaries index		$A 100 x index	209¹⁵	466	616	454	181
		Options
			All ordinaries index		$A 100 x index	4¹⁵	40	137	93	47
New Zealand
New Zealand Futures Exchange
	Interest rate
		Futures
			New Zealand Treasury notes		$NZ 100,000		74	176	132	227
			Ninety-day bank bills		$NZ 500,000		3	38	24	47
	Currency
		Futures
			U.S. dollar		$50,000		11	16	10	11
	Stock index
		Futures
			Barclays stock index		$NZ 20 x index		0	120	96	11
Singapore
Singapore International Monetary Exchange (SIMEX)
	Interest rate
		Futures
			Eurodollar		$1,000,000	295	460	1,520	108	1,281
			U.S. Treasury bonds		$100,000		35	14	14	0
		Options
			Eurodollar		$1,000,000		0	30	0	9
	Currency
		Futures
			Deutsche mark		DM 125,000	170	214	131	111	69
			Japanese yen		¥ 12,500,000	32	111	94	67	126
			Pound sterling		£25,000		18	8	8	2
		Options
			Deutsche mark		DM 125,000		0	7	0	10
			Japanese yen		¥ 12,500,000		0	15	0	55
	Stock index
		Futures
			Nikkei stock average		¥ 500 x index		34	363	206	365
Hong Kong
Hong Kong Futures Exchange
	Stock index
		Futures
			Hang Sheng stock index		HK$50 x index		691	3,611	2,546	107

^¹For all non-U.S. exchanges (except LIFFE and SIMEX for currency and Eurodollar contracts), the last two columns should read August instead of September.

^²Combined cash settlement and collateralized depository receipts (CDR) contracts.

^³Includes some five-year notes in the 1988 figure.

^⁴Stopped trading in August 1987. Contract units were DM 125,000, ¥ 12,500,000, Can$100,000, F 250,000, £25,000, $A 100,000, and ECU 100,000.

^⁵Data until July 1988; the last two columns refer to January-July of 1987 and 1988, respectively.

^⁶Includes NYSE composite index and NYSE beta index.

^⁷U.S. Treasury bills and notes combined.

^⁸Includes AMEX major market index, AMEX institutional index, AMEX computer technology index, and AMEX oil index.

^⁹PHLX value line index, PHLX national OTC index.

^¹⁰Very few short gilts (£100,000), a small number of medium gilts (£50,000), mainly long gilts (£50,000).

^¹¹Data reported are from June 1985–December 1985 only.

^¹²Data reported are for November 1985 only.

^¹³Data reported are from October 1985–December 1985 only.

^¹⁴Spot and composite index combined.

^¹⁵Data reported are for May 1985–December 1985 only.

Table A21.

Trading Volume and Open Interest in Selected Futures and Options Contracts, 1982–September 1988¹

(Average number of contracts)

Sources: Futures Industry Association, Monthly Volume Report, Monthly Options Report, and International Report; Euromoney (Corporate Finance Supplement); Futures and Options Directory; U.S. Securities and Exchange Commission, Monthly Statistical Review; Philadelphia Stock Exchange; European Options Exchange; Stockholm Options Market. Note: The exchanges covered in this table are CME = Chicago Mercantile Exchange; LIFFE = London International Financial Futures Exchange; SIMEX = Singapore Mercantile Exchange; and PHLX = Philadelphia Stock Exchange.

^¹Open interest is the total number of contracts not offset by an opposite transaction nor fulfilled by delivery. Contract units for each instrument and exchange are specified in Table A20.

^²Data for average monthly trading volume cover the period January through September. Data for open interest correspond to the month of September.

³Data cover the period October-December 1987.

Table A21.

Trading Volume and Open Interest in Selected Futures and Options Contracts, 1982–September 1988¹

(Average number of contracts)

												1987	1988
						1982	1983	1984	1985	1986	1987	September²
Eurodollar contracts
	Futures
		Monthly trading volume
			CME			26,968	74,256	349,413	741,711	902,076	1,701,351	1,687,650	1,770,078
			LIFFE			40,378	38,217	85,439	107,694	92,505	144,954	137,270	135,934
			SIMEX			—	—	5,598	24,563	38,321	126,636	113,142	142,295
		Open interest (end of period)
				CME		—	45,602	85,128	121,537	214,401	292,326	360,993	471,897
				LIFFE		2,084	8,565	9,998	17,740	22,334	24,929	29,413	29,156
				SIMEX		—	—	—	—	—	15,461	20,986	27,591
	Options
		Monthly trading volume
			CME			—	—	—	61,923	146,452	214,163	222,575	199,713
			LIFFE			—	—	—	4,489	3,231	3,322	3,342	5,591
			SIMEX			—	—	—	—	—	2,4633	—	983
		Open interest (end of period)
				CME		—	—	—	43,077	92,108	69,792	98,230	131,102
				LIFFE		—	—	—	3,991	2,215	918	2,655	6,964
				SIMEX		—	—	—	—	—	2443	—	668
Public sector issues
	Futures
		Monthly trading volume
			CME
				Ninety-day U.S. Treasury bill		549,904	315,822	274,401	201,112	151,264	160,584	152,476	115,376
			LIFFE
				U.S. Treasury bond		—	—	23,628	50,256	128,736	127,360	106,872	172,735
				Japanese Government bond		—	—	—	—	—	25,991	45,605	10,608
		Open interest (end of period)
				CME
					Ninety-day U.S. Treasury bill	—	40,813	69,014	33,263	37,558	18,752	21,108	20,943
				LIFFE
					U.S. Treasury bond	—	—	1,378	2,477	3,342	6,053	6,495	9,219
					Japanese Government bond	—	—	—	—	—	514	789	522
Options
	Monthly trading volume
		CME
			Ninety-day U.S. Treasury bill			—	—	—	—	5,314	970	1,169	527
		LIFFE
			U.S. Treasury bond			—	—	—	—	5,225	4,542	4,250	6,241
			Japanese Government bond			—	—	—	—	—	—	—	—
		Open interest (end of period)
			CME
				Ninety-day U.S. Treasury bill		—	—	—	—	2,783	86	299	280
			LIFFE
				U.S. Treasury bond		—	—	—	—	1,343	1,609	2,244	9,965
				Japanese Government bond		—	—	—	—	—	—	—	—
Pound sterling
	Futures
		Monthly trading volume
			CME			110,142	134,583	120,374	233,252	225,111	216,015	211,560	229,978
			LIFFE			14,045	10,142	12,192	9,747	3,475	1,047	1,282	566
			SIMEX			—	—	—	—	1,498	694	842	250
		Open interest (end of period)
				CME		—	16,968	1,524	25,082	23,145	28,593	26,290	12,790
				LIFFE		556	2,261	4,264	1,886	985	121	369	168
				SIMEX		—	—	—	—	—	30	117	234
	Options
		Monthly trading volume
			CME			—	—	—	27,423	41,383	47,422	47,478	48,629
			LIFFE			—	—	—	20,405	8,762	1,297	1,485	1,042
			PHLX			—	5,684	37,482	113,412	80,625	156,351	157,728	130,227
		Open interest (end of period)
				CME		—	—	—	—	28,617	45,511	39,830	20,621
				LIFFE		—	—	—	12,943	2,150	755	1,319	4,196
				PHLX		—	7,923	47,962	100,382	79,881	110,970	222,114	122,769
Canadian dollar
	Futures
		Monthly trading volume
			CME			89,872	46,562	28,823	39,083	61,173	76,214	84,546	110,396
		Open interest (end of period)
				CME		—	5,131	775	13,929	14,937	14,908	21,422	17,849
	Options
		Monthly trading volume
			PHLX			—	560	6,082	11,423	14,192	26,478	15,616	24,050
			CME			—	—	—	—	2,205	4,058	4,281	19,557
		Open interest (end of period)
			PHLX			—	1,818	6,551	5,505	19,014	22,405	16,576	27,303
			CME			—	—	—	—	4,700	2,486	3,214	14,876
Deutsche mark
Futures
		Monthly trading volume
			CME			149,408	201,959	459,026	537,449	548,512	503,087	514,963	451,299
			LIFFE			2,355	2,153	2,368	1,701	1,426	683	779	352
			SIMEX			—	—	6,855	14,196	17,814	10,901	12,322	7,636
		Open interest (end of period)
				CME		—	22,804	33,746	53,525	44,292	32,536	31,167	36,267
				LIFFE		103	225	123	206	211	77	118	54
				SIMEX		—	—	—	—	—	333	186	728
	Options
		Monthly trading volume
			PHLX			—	3,852	3,110	75,475	207,253	355,007	357,345	273,437
			CME			—	—	60,636	130,203	183,798	260,474	253,116	221,325
			SIMEX			—	—	—	—	—	559	—	1,119
		Open interest (end of period)
				PHLX		—	6,395	26,333	74,858	244,220	183,241	302,877	220,358
				CME		—	—	35,543	56,606	64,883	145,389	—	—
				LIFFE		—	—	—	—	191	102	307	440
				SIMEX		—	—	—	—	—	663	—	2,028
Japanese yen
	Futures
		Monthly trading volume
			CME			146,854	286,855	194,564	201,258	330,815	446,546	424,278	526,407
			LIFFE			526	1,584	981	819	648	486	556	203
			SIMEX			—	—	351	2,628	9,278	7,798	7,450	13,949
		Open interest (end of period)
				CME		—	32,998	11,542	28,058	23,172	42,656	37,058	31,690
				LIFFE		103	225	123	206	211	77	246	59
				SIMEX		—	—	—	—	—	675	520	2,228
	Options
		Monthly trading volume
			PHLX			—	2,872	20,312	48,928	157,086	204,990	179,543	251,297
			CME			—	—	—	—	72,049	187,568	175,965	242,154
			LIFFE			—	—	—	—	—	—	—	—
			SIMEX			—	—	—	—	—	1,220	—	6,094
		Open interest (end of period)
				PHLX		—	6,009	19,350	64,046	89,862	150,840	212,475	196,198
				CME		—	—	—	—	35,009	130,504	119,948	102,329
				SIMEX		—	—	—	—	—	1,193	—	7,018
Swiss franc
	Futures
		Monthly trading volume
			CME			221,111	313,844	344,157	396,513	416,536	439,023	443,340	441,161
			LIFFE			562	1,026	1,055	557	488	430	486	195
		Open interest (end of period)
				CME		—	21,450	17,861	27,351	23,138	24,298	23,328	20,240
				LIFFE		137	84	113	111	488	60	176	82
	Options
		Monthly trading volume
			PHLX			—	3,211	27,467	56,847	194,774	691,961	121,370	98,957
			CME			—	—	—	27,067	68,158	87,777	79,647	90,321
		Open interest (end of period)
				PHLX		—	7,113	29,445	41,847	351,991	50,273	104,177	119,416
				CME		—	—	—	17,435	26,335	51,934	45,745	47,213
French franc
	Futures
		Monthly trading volume
			CME			1,373	2,196	699	778	224	870	1,047	203
		Open interest (end of period)
				CME		—	1,482	343	134	92	109	866	102
	Options
		Monthly trading volume
				PHLX		—	—	1,095	6,569	3,771	5,810	4,165	19,519
		Open interest (end of period)
			PHLX			—	—	2,589	15,055	3,014	13,386	16,542	47,210
Australian dollar
	Futures
		Monthly trading volume
			CME			—	—	—	—	—	4,445	5,184	6,687
		Open interest (end of period)
			CME			—	—	—	—	—	618	1,241	1,733
	Options
		Monthly trading volume
			PHLX			—	—	—	—	—	18,641	18,505	48,194
			CME			—	—	—	—	—	—	—	523
		Open interest (end of period)
				PHLX		—	—	—	—	—	27,320	32,282	94,841
				CME		—	—	—	—	—	—	—	589
Mexican peso
	Futures
		Monthly trading volume
			CME			5,420	3,359	1,280	1,061	—	—	—	—
		Open interest (end of period)
			CME			—	1,885	1,159	—	—	—	—	—
	Options
		Monthly trading volume				—	—	—	—	—	—	—	—
		Open interest (end of period)				—	—	—	—	—	—	—	—

^¹Open interest is the total number of contracts not offset by an opposite transaction nor fulfilled by delivery. Contract units for each instrument and exchange are specified in Table A20.

^²Data for average monthly trading volume cover the period January through September. Data for open interest correspond to the month of September.

³Data cover the period October-December 1987.

Table A21.

Trading Volume and Open Interest in Selected Futures and Options Contracts, 1982–September 1988¹

(Average number of contracts)

												1987	1988
						1982	1983	1984	1985	1986	1987	September²
Eurodollar contracts
	Futures
		Monthly trading volume
			CME			26,968	74,256	349,413	741,711	902,076	1,701,351	1,687,650	1,770,078
			LIFFE			40,378	38,217	85,439	107,694	92,505	144,954	137,270	135,934
			SIMEX			—	—	5,598	24,563	38,321	126,636	113,142	142,295
		Open interest (end of period)
				CME		—	45,602	85,128	121,537	214,401	292,326	360,993	471,897
				LIFFE		2,084	8,565	9,998	17,740	22,334	24,929	29,413	29,156
				SIMEX		—	—	—	—	—	15,461	20,986	27,591
	Options
		Monthly trading volume
			CME			—	—	—	61,923	146,452	214,163	222,575	199,713
			LIFFE			—	—	—	4,489	3,231	3,322	3,342	5,591
			SIMEX			—	—	—	—	—	2,4633	—	983
		Open interest (end of period)
				CME		—	—	—	43,077	92,108	69,792	98,230	131,102
				LIFFE		—	—	—	3,991	2,215	918	2,655	6,964
				SIMEX		—	—	—	—	—	2443	—	668
Public sector issues
	Futures
		Monthly trading volume
			CME
				Ninety-day U.S. Treasury bill		549,904	315,822	274,401	201,112	151,264	160,584	152,476	115,376
			LIFFE
				U.S. Treasury bond		—	—	23,628	50,256	128,736	127,360	106,872	172,735
				Japanese Government bond		—	—	—	—	—	25,991	45,605	10,608
		Open interest (end of period)
				CME
					Ninety-day U.S. Treasury bill	—	40,813	69,014	33,263	37,558	18,752	21,108	20,943
				LIFFE
					U.S. Treasury bond	—	—	1,378	2,477	3,342	6,053	6,495	9,219
					Japanese Government bond	—	—	—	—	—	514	789	522
Options
	Monthly trading volume
		CME
			Ninety-day U.S. Treasury bill			—	—	—	—	5,314	970	1,169	527
		LIFFE
			U.S. Treasury bond			—	—	—	—	5,225	4,542	4,250	6,241
			Japanese Government bond			—	—	—	—	—	—	—	—
		Open interest (end of period)
			CME
				Ninety-day U.S. Treasury bill		—	—	—	—	2,783	86	299	280
			LIFFE
				U.S. Treasury bond		—	—	—	—	1,343	1,609	2,244	9,965
				Japanese Government bond		—	—	—	—	—	—	—	—
Pound sterling
	Futures
		Monthly trading volume
			CME			110,142	134,583	120,374	233,252	225,111	216,015	211,560	229,978
			LIFFE			14,045	10,142	12,192	9,747	3,475	1,047	1,282	566
			SIMEX			—	—	—	—	1,498	694	842	250
		Open interest (end of period)
				CME		—	16,968	1,524	25,082	23,145	28,593	26,290	12,790
				LIFFE		556	2,261	4,264	1,886	985	121	369	168
				SIMEX		—	—	—	—	—	30	117	234
	Options
		Monthly trading volume
			CME			—	—	—	27,423	41,383	47,422	47,478	48,629
			LIFFE			—	—	—	20,405	8,762	1,297	1,485	1,042
			PHLX			—	5,684	37,482	113,412	80,625	156,351	157,728	130,227
		Open interest (end of period)
				CME		—	—	—	—	28,617	45,511	39,830	20,621
				LIFFE		—	—	—	12,943	2,150	755	1,319	4,196
				PHLX		—	7,923	47,962	100,382	79,881	110,970	222,114	122,769
Canadian dollar
	Futures
		Monthly trading volume
			CME			89,872	46,562	28,823	39,083	61,173	76,214	84,546	110,396
		Open interest (end of period)
				CME		—	5,131	775	13,929	14,937	14,908	21,422	17,849
	Options
		Monthly trading volume
			PHLX			—	560	6,082	11,423	14,192	26,478	15,616	24,050
			CME			—	—	—	—	2,205	4,058	4,281	19,557
		Open interest (end of period)
			PHLX			—	1,818	6,551	5,505	19,014	22,405	16,576	27,303
			CME			—	—	—	—	4,700	2,486	3,214	14,876
Deutsche mark
Futures
		Monthly trading volume
			CME			149,408	201,959	459,026	537,449	548,512	503,087	514,963	451,299
			LIFFE			2,355	2,153	2,368	1,701	1,426	683	779	352
			SIMEX			—	—	6,855	14,196	17,814	10,901	12,322	7,636
		Open interest (end of period)
				CME		—	22,804	33,746	53,525	44,292	32,536	31,167	36,267
				LIFFE		103	225	123	206	211	77	118	54
				SIMEX		—	—	—	—	—	333	186	728
	Options
		Monthly trading volume
			PHLX			—	3,852	3,110	75,475	207,253	355,007	357,345	273,437
			CME			—	—	60,636	130,203	183,798	260,474	253,116	221,325
			SIMEX			—	—	—	—	—	559	—	1,119
		Open interest (end of period)
				PHLX		—	6,395	26,333	74,858	244,220	183,241	302,877	220,358
				CME		—	—	35,543	56,606	64,883	145,389	—	—
				LIFFE		—	—	—	—	191	102	307	440
				SIMEX		—	—	—	—	—	663	—	2,028
Japanese yen
	Futures
		Monthly trading volume
			CME			146,854	286,855	194,564	201,258	330,815	446,546	424,278	526,407
			LIFFE			526	1,584	981	819	648	486	556	203
			SIMEX			—	—	351	2,628	9,278	7,798	7,450	13,949
		Open interest (end of period)
				CME		—	32,998	11,542	28,058	23,172	42,656	37,058	31,690
				LIFFE		103	225	123	206	211	77	246	59
				SIMEX		—	—	—	—	—	675	520	2,228
	Options
		Monthly trading volume
			PHLX			—	2,872	20,312	48,928	157,086	204,990	179,543	251,297
			CME			—	—	—	—	72,049	187,568	175,965	242,154
			LIFFE			—	—	—	—	—	—	—	—
			SIMEX			—	—	—	—	—	1,220	—	6,094
		Open interest (end of period)
				PHLX		—	6,009	19,350	64,046	89,862	150,840	212,475	196,198
				CME		—	—	—	—	35,009	130,504	119,948	102,329
				SIMEX		—	—	—	—	—	1,193	—	7,018
Swiss franc
	Futures
		Monthly trading volume
			CME			221,111	313,844	344,157	396,513	416,536	439,023	443,340	441,161
			LIFFE			562	1,026	1,055	557	488	430	486	195
		Open interest (end of period)
				CME		—	21,450	17,861	27,351	23,138	24,298	23,328	20,240
				LIFFE		137	84	113	111	488	60	176	82
	Options
		Monthly trading volume
			PHLX			—	3,211	27,467	56,847	194,774	691,961	121,370	98,957
			CME			—	—	—	27,067	68,158	87,777	79,647	90,321
		Open interest (end of period)
				PHLX		—	7,113	29,445	41,847	351,991	50,273	104,177	119,416
				CME		—	—	—	17,435	26,335	51,934	45,745	47,213
French franc
	Futures
		Monthly trading volume
			CME			1,373	2,196	699	778	224	870	1,047	203
		Open interest (end of period)
				CME		—	1,482	343	134	92	109	866	102
	Options
		Monthly trading volume
				PHLX		—	—	1,095	6,569	3,771	5,810	4,165	19,519
		Open interest (end of period)
			PHLX			—	—	2,589	15,055	3,014	13,386	16,542	47,210
Australian dollar
	Futures
		Monthly trading volume
			CME			—	—	—	—	—	4,445	5,184	6,687
		Open interest (end of period)
			CME			—	—	—	—	—	618	1,241	1,733
	Options
		Monthly trading volume
			PHLX			—	—	—	—	—	18,641	18,505	48,194
			CME			—	—	—	—	—	—	—	523
		Open interest (end of period)
				PHLX		—	—	—	—	—	27,320	32,282	94,841
				CME		—	—	—	—	—	—	—	589
Mexican peso
	Futures
		Monthly trading volume
			CME			5,420	3,359	1,280	1,061	—	—	—	—
		Open interest (end of period)
			CME			—	1,885	1,159	—	—	—	—	—
	Options
		Monthly trading volume				—	—	—	—	—	—	—	—
		Open interest (end of period)				—	—	—	—	—	—	—	—

^¹Open interest is the total number of contracts not offset by an opposite transaction nor fulfilled by delivery. Contract units for each instrument and exchange are specified in Table A20.

^²Data for average monthly trading volume cover the period January through September. Data for open interest correspond to the month of September.

³Data cover the period October-December 1987.

Table A22.

Change in Cross-Border Bank Claims on and Liabilities to Developing Countries, Total Cross-Border Flows, 1983–Third Quarter 1988¹

(In billions of U.S. dollars)

Sources: International Monetary Fund, International Financial Statistics; and Fund staff estimates.

^¹Data on bank claims and liabilities are derived from stock data on the reporting countries’ liabilities and assets, excluding changes attributed to exchange rate movements.

^²As measured by differences in the outstanding liabilities of borrowing countries, defined as cross-border interbank accounts by residence of borrowing bank plus international bank credits to nonbanks by residence of borrower.

^³Consisting of The Bahamas, Bahrain, the Cayman Islands, Hong Kong, the Netherlands Antilles, Panama, and Singapore.

^⁴Excluding offshore centers.

^⁵As measured by differences in the outstanding assets of depositing countries, defined as cross-border interbank accounts by residence of lending bank plus international bank deposits of nonbanks by residence of depositor.

Table A22.

Change in Cross-Border Bank Claims on and Liabilities to Developing Countries, Total Cross-Border Flows, 1983–Third Quarter 1988¹

(In billions of U.S. dollars)

								1987	1988
			1983	1984	1985	1986	1987	First three quarters
Total change in claims ²			45.2	41.8	34.2	83.0	183.1	137.4	65.7
	Offshore centers³		11.8	28.3	28.3	85.8	164.3	130.6	76.3
	Developing countries⁴		33.4	13.5	5.9	-2.8	18.7	6.9	-10.7
		Africa	5.0	—	0.9	-1.5	-1.3	-1.4	-0.2
		Asia	8.9	8.0	6.8	5.0	14.7	5.1	-3.8
		Europe	0.7	1.4	1.9	-1.7	-0.4	-0.5	-1.4
		Middle East	3.6	-0.9	-2.1	-2.4	0.9	0.3	3.4
		Western Hemisphere	15.2	5.4	-1.5	-2.3	4.9	3.4	-8.7
Total change in liabilities ⁵			57.1	46.7	69.5	129.3	192.1	138.3	110.0
	Offshore centers³		34.1	23.7	45.6	130.4	144.5	103.6	85.5
	Developing countries⁴		23.0	23.0	23.9	-1.1	47.6	34.7	24.5
		Africa	1.5	-1.3	3.9	-0.1	3.6	2.8	3.1
		Asia	10.6	8.8	8.5	10.5	17.8	16.2	5.7
		Europe	1.7	4.0	2.3	0.6	2.4	2.5	6.0
		Middle East	-4.9	-3.0	2.9	-13.6	14.8	7.7	6.9
		Western Hemisphere	14.0	14.5	6.3	1.4	9.0	5.5	2.8

Sources: International Monetary Fund, International Financial Statistics; and Fund staff estimates.

^¹Data on bank claims and liabilities are derived from stock data on the reporting countries’ liabilities and assets, excluding changes attributed to exchange rate movements.

^³Consisting of The Bahamas, Bahrain, the Cayman Islands, Hong Kong, the Netherlands Antilles, Panama, and Singapore.

^⁴Excluding offshore centers.

Table A22.

Change in Cross-Border Bank Claims on and Liabilities to Developing Countries, Total Cross-Border Flows, 1983–Third Quarter 1988¹

(In billions of U.S. dollars)

								1987	1988
			1983	1984	1985	1986	1987	First three quarters
Total change in claims ²			45.2	41.8	34.2	83.0	183.1	137.4	65.7
	Offshore centers³		11.8	28.3	28.3	85.8	164.3	130.6	76.3
	Developing countries⁴		33.4	13.5	5.9	-2.8	18.7	6.9	-10.7
		Africa	5.0	—	0.9	-1.5	-1.3	-1.4	-0.2
		Asia	8.9	8.0	6.8	5.0	14.7	5.1	-3.8
		Europe	0.7	1.4	1.9	-1.7	-0.4	-0.5	-1.4
		Middle East	3.6	-0.9	-2.1	-2.4	0.9	0.3	3.4
		Western Hemisphere	15.2	5.4	-1.5	-2.3	4.9	3.4	-8.7
Total change in liabilities ⁵			57.1	46.7	69.5	129.3	192.1	138.3	110.0
	Offshore centers³		34.1	23.7	45.6	130.4	144.5	103.6	85.5
	Developing countries⁴		23.0	23.0	23.9	-1.1	47.6	34.7	24.5
		Africa	1.5	-1.3	3.9	-0.1	3.6	2.8	3.1
		Asia	10.6	8.8	8.5	10.5	17.8	16.2	5.7
		Europe	1.7	4.0	2.3	0.6	2.4	2.5	6.0
		Middle East	-4.9	-3.0	2.9	-13.6	14.8	7.7	6.9
		Western Hemisphere	14.0	14.5	6.3	1.4	9.0	5.5	2.8

Sources: International Monetary Fund, International Financial Statistics; and Fund staff estimates.

^¹Data on bank claims and liabilities are derived from stock data on the reporting countries’ liabilities and assets, excluding changes attributed to exchange rate movements.

^³Consisting of The Bahamas, Bahrain, the Cayman Islands, Hong Kong, the Netherlands Antilles, Panama, and Singapore.

^⁴Excluding offshore centers.

Table A23.

Estimated Cash Flow from Commercial Banks to Fifteen Heavily Indebted Developing Countries, 1985–September 1988

(In millions of U.S. dollars)

Sources: International Monetary Fund, International Banking Statistics; and Fund staff estimates.

^¹Debt conversions under official schemes plus some informal conversions and purchases by debtor countries of own debt on the secondary market. Note that data base is not complete.

^²Rough estimate based on incomplete information.

Table A23.

Estimated Cash Flow from Commercial Banks to Fifteen Heavily Indebted Developing Countries, 1985–September 1988

(In millions of U.S. dollars)

					1988	1985–Sept. 1988
		1985	1986	1987	Jan.-Sept.	1985–Sept. 1988
Exchange rate adjusted change in stocks		-4.0	-1.8	2.4	-11.3	-14.7
Minus change in interest arrears included in stocks		-1.7	-0.1	4.3	1.2	3.7
Plus estimated debt conversions¹		1.3	1.6	5.6	10.1	18.6
Plus net loan “write-offs” by banks²		1.0	1.0	4.0	3.0	9.0
	Total flow	—	0.9	7.7	0.6	9.2

Sources: International Monetary Fund, International Banking Statistics; and Fund staff estimates.

^¹Debt conversions under official schemes plus some informal conversions and purchases by debtor countries of own debt on the secondary market. Note that data base is not complete.

^²Rough estimate based on incomplete information.

Table A23.

Estimated Cash Flow from Commercial Banks to Fifteen Heavily Indebted Developing Countries, 1985–September 1988

(In millions of U.S. dollars)

					1988	1985–Sept. 1988
		1985	1986	1987	Jan.-Sept.	1985–Sept. 1988
Exchange rate adjusted change in stocks		-4.0	-1.8	2.4	-11.3	-14.7
Minus change in interest arrears included in stocks		-1.7	-0.1	4.3	1.2	3.7
Plus estimated debt conversions¹		1.3	1.6	5.6	10.1	18.6
Plus net loan “write-offs” by banks²		1.0	1.0	4.0	3.0	9.0
	Total flow	—	0.9	7.7	0.6	9.2

Sources: International Monetary Fund, International Banking Statistics; and Fund staff estimates.

^¹Debt conversions under official schemes plus some informal conversions and purchases by debtor countries of own debt on the secondary market. Note that data base is not complete.

^²Rough estimate based on incomplete information.

Table A24.

Long-Term Bank Credit Commitments to Developing Countries, 1982–88¹

(In billions of U.S. dollars)

Sources: Organization for Economic Cooperation and Development, Financial Statistics Monthly; and Fund staff estimates.

^¹Owing to rounding, components may not add to totals.

^²Includes agreements in principle with Argentina, Côte d’Ivoire, Ecuador, and the Philippines.

^³Includes a $0.1 billion revolving trade facility for Costa Rica.

^⁴Includes agreements in principle with the Congo, Mexico, and Nigeria.

^⁵Includes agreement in principle with Ecuador.

^⁶Includes agreements in principle with Côte d’Ivoire and Yugoslavia.

^⁷Excludes offshore banking centers.

^⁸Concerted lending refers to bank credit commitments obtained during 1983–87 and coordinated by a bank advisory committee (i.e., Argentina, Brazil, Chile, Colombia, the Congo, Côte d’Ivoire, Ecuador, Mexico, Nigeria, Panama, Peru, the Philippines, Uruguay, and Yugoslavia).

^⁹Excludes the extension of a bridging loan of $1.3 billion to Argentina and a $0.2 billion revolving trade facility to Costa Rica.

^¹⁰Includes a $0.3 billion concerted lending commitment to Panama.

^¹¹Includes a $0.1 billion concerted lending commitment to Panama.

Table A24.

Long-Term Bank Credit Commitments to Developing Countries, 1982–88¹

(In billions of U.S. dollars)

				1982	1983	1984²	1985³	1986⁴	1987⁵	1988⁶
Developing countries ⁷				42.4	33.7	31.3	18.2	25.4	18.1	19.0
	Spontaneous lending			42.4	19.8	14.8	16.0	17.3	15.8	13.3
	Concerted lending ⁸			…	13.9	16.5	2.2	8.1	2.3	5.7
	Capital importing countries⁷			40.4	31.4	30.2	16.6	24.0	18.0	18.8
			Spontaneous lending	40.4	17.5	13.7	14.4	75.9	15.7	13.1
			Concerted lending ⁸	…	13.9	16.5	2.2	8.1	2.3	5.7
		Africa		2.7	2.7	0.6	1.5	1.8	0.7	0.6
			Spontaneous lending	2.7	2.7	0.5	1.5	1.4	0.7	0.4
			Concerted lending ⁸	…	—	0.1	—	0.4	—	0.2
		Asia		11.1	9.4	9.4	7.5	8.2	8.5	7.6
			Spontaneous lending	11.1	9.4	8.5	7.5	8.2	8.5	7.6
			Concerted lending ⁸	–	—	0.9	—	—	—	—
		Europe		3.7	3.5	3.7	5.0	5.4	5.8	4.0
			Spontaneous lending	3.7	2.9	3.7	5.0	5.4	5.8	3.7
			Concerted lending ⁸	…	0.6	—	—	—	—	0.3
		Middle East		0.4	0.6	0.4	0.3	0.1	0.3	0.2
		Western Hemisphere		22.5	15.2	16.1	2.4	8.5	2.7	6.4
			Spontaneous lending	22.5	1.9	0.6	0.2	0.8	0.4	1.2
			Concerted lending ⁸	…	13.3 ⁹	15.5	2.2	7.7	2.3	5.2
Memorandum items
	Offshore banking centers			2.2	1.5¹⁰	0.9	0.4¹¹	0.7	0.3	0.4
	Developing countries, including offshore banking centers			44.6	35.2	32.2	18.5	26.1	18.5	19.4

Sources: Organization for Economic Cooperation and Development, Financial Statistics Monthly; and Fund staff estimates.

^¹Owing to rounding, components may not add to totals.

^²Includes agreements in principle with Argentina, Côte d’Ivoire, Ecuador, and the Philippines.

^³Includes a $0.1 billion revolving trade facility for Costa Rica.

^⁴Includes agreements in principle with the Congo, Mexico, and Nigeria.

^⁵Includes agreement in principle with Ecuador.

^⁶Includes agreements in principle with Côte d’Ivoire and Yugoslavia.

^⁷Excludes offshore banking centers.

^⁹Excludes the extension of a bridging loan of $1.3 billion to Argentina and a $0.2 billion revolving trade facility to Costa Rica.

^¹⁰Includes a $0.3 billion concerted lending commitment to Panama.

^¹¹Includes a $0.1 billion concerted lending commitment to Panama.

Table A24.

Long-Term Bank Credit Commitments to Developing Countries, 1982–88¹

(In billions of U.S. dollars)

				1982	1983	1984²	1985³	1986⁴	1987⁵	1988⁶
Developing countries ⁷				42.4	33.7	31.3	18.2	25.4	18.1	19.0
	Spontaneous lending			42.4	19.8	14.8	16.0	17.3	15.8	13.3
	Concerted lending ⁸			…	13.9	16.5	2.2	8.1	2.3	5.7
	Capital importing countries⁷			40.4	31.4	30.2	16.6	24.0	18.0	18.8
			Spontaneous lending	40.4	17.5	13.7	14.4	75.9	15.7	13.1
			Concerted lending ⁸	…	13.9	16.5	2.2	8.1	2.3	5.7
		Africa		2.7	2.7	0.6	1.5	1.8	0.7	0.6
			Spontaneous lending	2.7	2.7	0.5	1.5	1.4	0.7	0.4
			Concerted lending ⁸	…	—	0.1	—	0.4	—	0.2
		Asia		11.1	9.4	9.4	7.5	8.2	8.5	7.6
			Spontaneous lending	11.1	9.4	8.5	7.5	8.2	8.5	7.6
			Concerted lending ⁸	–	—	0.9	—	—	—	—
		Europe		3.7	3.5	3.7	5.0	5.4	5.8	4.0
			Spontaneous lending	3.7	2.9	3.7	5.0	5.4	5.8	3.7
			Concerted lending ⁸	…	0.6	—	—	—	—	0.3
		Middle East		0.4	0.6	0.4	0.3	0.1	0.3	0.2
		Western Hemisphere		22.5	15.2	16.1	2.4	8.5	2.7	6.4
			Spontaneous lending	22.5	1.9	0.6	0.2	0.8	0.4	1.2
			Concerted lending ⁸	…	13.3 ⁹	15.5	2.2	7.7	2.3	5.2
Memorandum items
	Offshore banking centers			2.2	1.5¹⁰	0.9	0.4¹¹	0.7	0.3	0.4
	Developing countries, including offshore banking centers			44.6	35.2	32.2	18.5	26.1	18.5	19.4

Sources: Organization for Economic Cooperation and Development, Financial Statistics Monthly; and Fund staff estimates.

^¹Owing to rounding, components may not add to totals.

^²Includes agreements in principle with Argentina, Côte d’Ivoire, Ecuador, and the Philippines.

^³Includes a $0.1 billion revolving trade facility for Costa Rica.

^⁴Includes agreements in principle with the Congo, Mexico, and Nigeria.

^⁵Includes agreement in principle with Ecuador.

^⁶Includes agreements in principle with Côte d’Ivoire and Yugoslavia.

^⁷Excludes offshore banking centers.

^⁹Excludes the extension of a bridging loan of $1.3 billion to Argentina and a $0.2 billion revolving trade facility to Costa Rica.

^¹⁰Includes a $0.3 billion concerted lending commitment to Panama.

^¹¹Includes a $0.1 billion concerted lending commitment to Panama.

Table A25.

Bank Credit Commitments by Country of Destination, 1982–88¹

(In billions of U.S. dollars)

Sources: Organization for Economic Cooperation and Development, Financial Statistics Monthly; and Fund staff estimates.

^¹Owing to rounding, components may not add to totals.

^²Includes agreements in principle with Argentina, Côte d’Ivoire, Ecuador, and the Philippines.

^³Includes a $0.1 billion revolving trade facility for Costa Rica.

^⁴Includes agreements in principle with the Congo, Mexico, and Nigeria.

^⁵Includes agreement in principle with Ecuador.

^⁶Includes agreements in principle with Côte d’Ivoire and Yugoslavia.

^⁷Excludes offshore banking centers.

Table A25.

Bank Credit Commitments by Country of Destination, 1982–88¹

(In billions of U.S. dollars)

				1982	1983	1984²	1985³	1986⁴	1987⁵	1988⁶
Industrial countries				51.6	27.9	29.9	30.2	37.9	52.6	95.9
	Australia			5.9	2.7	2.4	2.6	5.0	3.1	5.1
	Belgium			2.0	0.1	0.9	0.7	0.8	0.3	0.9
	Canada			7.0	2.1	2.7	7.0	6.2	2.1	4.4
	Denmark			1.6	2.2	0.7	0.3	0.5	0.8	0.9
	France			6.6	1.5	2.0	4.1	3.7	3.0	7.3
	Italy			5.3	2.8	4.7	5.1	6.0	5.4	4.3
	Spain			2.0	2.7	3.5	2.6	4.5	1.1	1.8
	Sweden			2.0	2.6	0.4	1.0	0.1	0.5	2.3
	United Kingdom			2.2	0.9	3.3	1.5	2.2	12.9	33.8
	United States			10.0	7.3	5.3	3.5	5.2	15.7	28.1
	Other			7.0	3.0	4.0	1.8	3.7	7.7	7.0
Centrally planned economies				0.2	0.5	1.9	3.5	2.1	1.5	2.5
	Czechoslovakia			—	0.1	—	0.1	0.3	0.2	0.2
	German Democratic Republic			0.1	0.4	0.7	1.2	0.1	0.2	—
	U.S.S.R.			0.1	—	0.9	1.5	1.3	0.8	2.1
	Other			—	—	0.3	0.7	0.4	0.3	0.4
Developing countries ⁷				42.4	33.7	31.3	18.2	25.4	18.1	19.0
	Capital importing developing countries⁷			40.4	31.4	30.2	16.6	24.0	18.0	18.8
		Africa		2.7	2.7	0.6	1.5	1.8	0.7	0.6
			Côte d’Ivoire	0.5	—	0.1	0.1	—	—	0.2
			Morocco	0.2	0.1	—	0.1	—	—	0.1
			Nigeria	0.4	0.2	—	—	0.3	—	—
			South Africa	1.0	0.2	0.2	—	—	—	—
			Other	0.6	2.2	0.3	1.3	1.5	0.7	0.3
		Asia		11.1	9.4	9.4	7.5	8.2	8.5	7.6
			China	0.3	0.1	0.2	2.3	1.9	3.3	2.7
			India	0.4	0.7	0.6	0.2	1.2	1.8	1.5
			Indonesia	1.1	2.0	1.6	0.1	1.0	1.6	0.5
			Korea	3.6	3.5	3.7	3.7	1.5	0.9	1.2
			Malaysia	2.4	1.4	1.0	0.2	1.2	0.3	0.8
			Philippines	1.1	0.6	0.9	—	—	—	—
			Thailand	0.3	0.4	0.8	0.7	1.1	0.3	0.7
			Other	1.9	0.7	0.6	0.3	0.3	0.3	0.2
		Europe		3.7	3.5	3.7	5.0	5.4	5.8	4.0
			Greece	0.9	1.2	1.1	0.6	1.2	0.9	0.9
			Hungary	0.3	0.5	0.8	0.9	0.8	1.4	0.2
			Portugal	1.5	1.0	1.0	1.6	1.4	0.8	0.9
			Turkey	0.3	0.3	0.4	1.6	2.0	2.6	1.6
			Yugoslavia	0.5	0.6	—	—	—	—	0.3
			Other	0.2	—	0.4	0.3	—	0.1	0.1
		Middle East		0.4	0.6	0.4	0.3	0.1	0.3	0.2
			Egypt	0.4	0.1	—	0.1	—	—	—
			Jordan	—	0.3	0.3	0.2	—	0.2	0.2
			Other	—	0.1	—	—	0.1	0.1	—
		Western Hemisphere		22.5	15.2	16.1	2.4	8.5	2.7	6.4
			Argentina	1.3	1.8	4.2	—	—	2.1	—
			Brazil	7.3	4.6	6.5	—	—	—	5.2
			Chile	1.2	1.4	0.8	1.1	—	—	0.2
			Colombia	0.6	0.4	0.4	1.1	0.2	0.1	1.0
			Ecuador	0.1	0.4	0.2	—	0.2	0.4	—
			Mexico	6.5	5.1	3.8	—	7.7	—	—
			Peru	1.1	0.5	—	—	—	—	—
			Venezuela	4.0	0.2	—	—	—	—	—
			Other	0.4	0.2	0.2	0.2	0.4	0.1	—
Offshore banking centers				2.2	1.5	0.9	0.4	0.7	0.3	0.4
	International organizations and unallocated			1.8	3.9	3.5	4.0	5.2	11.7	9.8
			Total	98.2	67.5	67.5	56.3	71.3	84.3	127.5

Sources: Organization for Economic Cooperation and Development, Financial Statistics Monthly; and Fund staff estimates.

^¹Owing to rounding, components may not add to totals.

^²Includes agreements in principle with Argentina, Côte d’Ivoire, Ecuador, and the Philippines.

^³Includes a $0.1 billion revolving trade facility for Costa Rica.

^⁴Includes agreements in principle with the Congo, Mexico, and Nigeria.

^⁵Includes agreement in principle with Ecuador.

^⁶Includes agreements in principle with Côte d’Ivoire and Yugoslavia.

^⁷Excludes offshore banking centers.

Table A25.

Bank Credit Commitments by Country of Destination, 1982–88¹

(In billions of U.S. dollars)

				1982	1983	1984²	1985³	1986⁴	1987⁵	1988⁶
Industrial countries				51.6	27.9	29.9	30.2	37.9	52.6	95.9
	Australia			5.9	2.7	2.4	2.6	5.0	3.1	5.1
	Belgium			2.0	0.1	0.9	0.7	0.8	0.3	0.9
	Canada			7.0	2.1	2.7	7.0	6.2	2.1	4.4
	Denmark			1.6	2.2	0.7	0.3	0.5	0.8	0.9
	France			6.6	1.5	2.0	4.1	3.7	3.0	7.3
	Italy			5.3	2.8	4.7	5.1	6.0	5.4	4.3
	Spain			2.0	2.7	3.5	2.6	4.5	1.1	1.8
	Sweden			2.0	2.6	0.4	1.0	0.1	0.5	2.3
	United Kingdom			2.2	0.9	3.3	1.5	2.2	12.9	33.8
	United States			10.0	7.3	5.3	3.5	5.2	15.7	28.1
	Other			7.0	3.0	4.0	1.8	3.7	7.7	7.0
Centrally planned economies				0.2	0.5	1.9	3.5	2.1	1.5	2.5
	Czechoslovakia			—	0.1	—	0.1	0.3	0.2	0.2
	German Democratic Republic			0.1	0.4	0.7	1.2	0.1	0.2	—
	U.S.S.R.			0.1	—	0.9	1.5	1.3	0.8	2.1
	Other			—	—	0.3	0.7	0.4	0.3	0.4
Developing countries ⁷				42.4	33.7	31.3	18.2	25.4	18.1	19.0
	Capital importing developing countries⁷			40.4	31.4	30.2	16.6	24.0	18.0	18.8
		Africa		2.7	2.7	0.6	1.5	1.8	0.7	0.6
			Côte d’Ivoire	0.5	—	0.1	0.1	—	—	0.2
			Morocco	0.2	0.1	—	0.1	—	—	0.1
			Nigeria	0.4	0.2	—	—	0.3	—	—
			South Africa	1.0	0.2	0.2	—	—	—	—
			Other	0.6	2.2	0.3	1.3	1.5	0.7	0.3
		Asia		11.1	9.4	9.4	7.5	8.2	8.5	7.6
			China	0.3	0.1	0.2	2.3	1.9	3.3	2.7
			India	0.4	0.7	0.6	0.2	1.2	1.8	1.5
			Indonesia	1.1	2.0	1.6	0.1	1.0	1.6	0.5
			Korea	3.6	3.5	3.7	3.7	1.5	0.9	1.2
			Malaysia	2.4	1.4	1.0	0.2	1.2	0.3	0.8
			Philippines	1.1	0.6	0.9	—	—	—	—
			Thailand	0.3	0.4	0.8	0.7	1.1	0.3	0.7
			Other	1.9	0.7	0.6	0.3	0.3	0.3	0.2
		Europe		3.7	3.5	3.7	5.0	5.4	5.8	4.0
			Greece	0.9	1.2	1.1	0.6	1.2	0.9	0.9
			Hungary	0.3	0.5	0.8	0.9	0.8	1.4	0.2
			Portugal	1.5	1.0	1.0	1.6	1.4	0.8	0.9
			Turkey	0.3	0.3	0.4	1.6	2.0	2.6	1.6
			Yugoslavia	0.5	0.6	—	—	—	—	0.3
			Other	0.2	—	0.4	0.3	—	0.1	0.1
		Middle East		0.4	0.6	0.4	0.3	0.1	0.3	0.2
			Egypt	0.4	0.1	—	0.1	—	—	—
			Jordan	—	0.3	0.3	0.2	—	0.2	0.2
			Other	—	0.1	—	—	0.1	0.1	—
		Western Hemisphere		22.5	15.2	16.1	2.4	8.5	2.7	6.4
			Argentina	1.3	1.8	4.2	—	—	2.1	—
			Brazil	7.3	4.6	6.5	—	—	—	5.2
			Chile	1.2	1.4	0.8	1.1	—	—	0.2
			Colombia	0.6	0.4	0.4	1.1	0.2	0.1	1.0
			Ecuador	0.1	0.4	0.2	—	0.2	0.4	—
			Mexico	6.5	5.1	3.8	—	7.7	—	—
			Peru	1.1	0.5	—	—	—	—	—
			Venezuela	4.0	0.2	—	—	—	—	—
			Other	0.4	0.2	0.2	0.2	0.4	0.1	—
Offshore banking centers				2.2	1.5	0.9	0.4	0.7	0.3	0.4
	International organizations and unallocated			1.8	3.9	3.5	4.0	5.2	11.7	9.8
			Total	98.2	67.5	67.5	56.3	71.3	84.3	127.5

Sources: Organization for Economic Cooperation and Development, Financial Statistics Monthly; and Fund staff estimates.

^¹Owing to rounding, components may not add to totals.

^²Includes agreements in principle with Argentina, Côte d’Ivoire, Ecuador, and the Philippines.

^³Includes a $0.1 billion revolving trade facility for Costa Rica.

^⁴Includes agreements in principle with the Congo, Mexico, and Nigeria.

^⁵Includes agreement in principle with Ecuador.

^⁶Includes agreements in principle with Côte d’Ivoire and Yugoslavia.

^⁷Excludes offshore banking centers.

Table A26.

Long-Term Bank Credit Commitments, 1982–88¹

(In billions of U.S. dollars)

Sources: Organization for Economic Cooperation and Development, Financial Statistics Monthly; and Fund staff estimates.

^¹Owing to rounding, components may not add to totals.

^²Includes agreements in principle with Argentina, Côte d’Ivoire, Ecuador, and the Philippines.

^³Includes a $0.1 billion revolving trade facility for Costa Rica.

^⁴Includes agreements in principle with the Congo, Mexico, and Nigeria.

^⁵Includes agreement in principle with Ecuador.

^⁶Includes agreements in principle with Côte d’Ivoire and Yugoslavia.

^⁷Excludes offshore banking centers.

^⁸Excludes Fund member countries.

Table A26.

Long-Term Bank Credit Commitments, 1982–88¹

(In billions of U.S. dollars)

				1982	1983	1984²	1985³	1986⁴	1987⁵	1988⁶
				(Long-term external credit commitments)
Industrial countries				51.6	27.9	29.9	30.2	37.9	52.6	95.9
	Seven major			31.2	15.0	18.2	27.2	24.3	41.3	78.8
	Other			20.4	12.9	11.7	9.0	13.7	11.3	17.0
Developing countries⁷				42.4	33.7	31.3	18.2	25.4	18.1	19.0
	Capital importing countries⁷			40.4	31.4	30.2	16.6	24.0	18.0	18.8
		Africa		2.7	2.7	0.6	7.5	1.8	0.7	0.6
		Asia		11.1	9.4	9.4	7.5	8.2	8.5	7.6
		Europe		3.7	3.5	3.7	5.0	5.4	5.8	4.0
		Middle East		0.4	0.6	0.4	0.3	0.1	0.3	0.2
		Western Hemisphere		22.5	15.2	16.1	2.4	8.5	2.7	6.4
Offshore banking centers				2.2	1.5	0.9	0.4	0.7	0.3	0.4
Centrally planned economies⁸				0.2	0.5	1.9	3.5	2.1	1.5	2.5
International organizations and unallocated				1.8	3.9	3.5	4.0	5.2	11.7	9.8
			Total	98.2	67.5	67.5	56.3	71.3	84.3	127.5
				(Other international long-term bank facilities)
Industrial countries				3.1	12.4	47.8	44.1	25.2	27.5	13.3
	Seven major			1.4	10.6	33.9	33.6	14.4	20.0	13.3
	Other			1.7	1.8	13.9	10.5	10.8	7.5	3.0
Developing countries⁷				1.9	0.8	6.5	2.5	3.7	1.4	1.4
	Capital importing countries⁷			1.9	0.7	6.2	2.2	3.7	1.4	1.4
		Africa		—	—	0.2	—	—	—	0.2
		Asia		0.3	0.4	1.1	1.3	2.0	0.9	0.8
		Europe		0.4	0.3	0.7	0.7	1.5	0.4	0.4
		Middle East		—	—	—	—	—	—	—
		Western Hemisphere		1.2	—	4.3	0.1	0.1	—	—
Offshore banking centers				0.2	0.2	0.4	0.2	0.2	0.3	0.2
Centrally planned economies⁸				—	—	—	—	0.5	0.2	0.2
International organizations and unallocated				0.2	0.1	0.6	2.1	0.3	1.7	0.3
			Total	5.4	13.5	55.3	48.9	30.0	31.2	15.5
				(Total international commitments)
Industrial countries				54.6	40.2	77.6	74.2	63.2	80.1	109.2
	Seven major			32.6	25.5	52.1	54.8	38.7	61.3	89.1
	Other			22.1	14.7	25.5	19.5	24.4	18.8	20.0
Developing countries⁷				44.3	34.5	37.8	20.7	29.1	19.5	20.4
	Capital importing countries⁷			42.3	32.1	36.4	18.8	27.7	19.4	20.2
		Africa		2.7	2.7	0.8	7.5	1.8	0.7	0.8
		Asia		11.4	9.8	10.5	8.8	10.2	9.4	8.4
		Europe		4.1	3.8	4.5	5.7	6.9	6.2	4.4
		Middle East		0.4	0.6	0.4	0.3	0.1	0.3	0.2
		Western Hemisphere		23.7	15.2	20.4	2.4	8.6	2.7	6.4
Offshore banking centers				2.4	1.6	1.4	0.6	0.9	0.6	0.6
Centrally planned economies⁸				0.2	0.5	1.9	3.5	2.6	1.7	2.7
International organizations and unallocated				2.0	4.0	4.1	6.2	5.5	13.4	10.1
			Total	103.6	81.0	122.7	105.1	101.3	115.5	143.0
Memorandum item
	Other international long-term bank facilities, excluding merger-related facilities			5.4	9.5	28.8	42.9	29.3	31.2	15.5

Sources: Organization for Economic Cooperation and Development, Financial Statistics Monthly; and Fund staff estimates.

^¹Owing to rounding, components may not add to totals.

^²Includes agreements in principle with Argentina, Côte d’Ivoire, Ecuador, and the Philippines.

^³Includes a $0.1 billion revolving trade facility for Costa Rica.

^⁴Includes agreements in principle with the Congo, Mexico, and Nigeria.

^⁵Includes agreement in principle with Ecuador.

^⁶Includes agreements in principle with Côte d’Ivoire and Yugoslavia.

^⁷Excludes offshore banking centers.

^⁸Excludes Fund member countries.

Table A26.

Long-Term Bank Credit Commitments, 1982–88¹

(In billions of U.S. dollars)

				1982	1983	1984²	1985³	1986⁴	1987⁵	1988⁶
				(Long-term external credit commitments)
Industrial countries				51.6	27.9	29.9	30.2	37.9	52.6	95.9
	Seven major			31.2	15.0	18.2	27.2	24.3	41.3	78.8
	Other			20.4	12.9	11.7	9.0	13.7	11.3	17.0
Developing countries⁷				42.4	33.7	31.3	18.2	25.4	18.1	19.0
	Capital importing countries⁷			40.4	31.4	30.2	16.6	24.0	18.0	18.8
		Africa		2.7	2.7	0.6	7.5	1.8	0.7	0.6
		Asia		11.1	9.4	9.4	7.5	8.2	8.5	7.6
		Europe		3.7	3.5	3.7	5.0	5.4	5.8	4.0
		Middle East		0.4	0.6	0.4	0.3	0.1	0.3	0.2
		Western Hemisphere		22.5	15.2	16.1	2.4	8.5	2.7	6.4
Offshore banking centers				2.2	1.5	0.9	0.4	0.7	0.3	0.4
Centrally planned economies⁸				0.2	0.5	1.9	3.5	2.1	1.5	2.5
International organizations and unallocated				1.8	3.9	3.5	4.0	5.2	11.7	9.8
			Total	98.2	67.5	67.5	56.3	71.3	84.3	127.5
				(Other international long-term bank facilities)
Industrial countries				3.1	12.4	47.8	44.1	25.2	27.5	13.3
	Seven major			1.4	10.6	33.9	33.6	14.4	20.0	13.3
	Other			1.7	1.8	13.9	10.5	10.8	7.5	3.0
Developing countries⁷				1.9	0.8	6.5	2.5	3.7	1.4	1.4
	Capital importing countries⁷			1.9	0.7	6.2	2.2	3.7	1.4	1.4
		Africa		—	—	0.2	—	—	—	0.2
		Asia		0.3	0.4	1.1	1.3	2.0	0.9	0.8
		Europe		0.4	0.3	0.7	0.7	1.5	0.4	0.4
		Middle East		—	—	—	—	—	—	—
		Western Hemisphere		1.2	—	4.3	0.1	0.1	—	—
Offshore banking centers				0.2	0.2	0.4	0.2	0.2	0.3	0.2
Centrally planned economies⁸				—	—	—	—	0.5	0.2	0.2
International organizations and unallocated				0.2	0.1	0.6	2.1	0.3	1.7	0.3
			Total	5.4	13.5	55.3	48.9	30.0	31.2	15.5
				(Total international commitments)
Industrial countries				54.6	40.2	77.6	74.2	63.2	80.1	109.2
	Seven major			32.6	25.5	52.1	54.8	38.7	61.3	89.1
	Other			22.1	14.7	25.5	19.5	24.4	18.8	20.0
Developing countries⁷				44.3	34.5	37.8	20.7	29.1	19.5	20.4
	Capital importing countries⁷			42.3	32.1	36.4	18.8	27.7	19.4	20.2
		Africa		2.7	2.7	0.8	7.5	1.8	0.7	0.8
		Asia		11.4	9.8	10.5	8.8	10.2	9.4	8.4
		Europe		4.1	3.8	4.5	5.7	6.9	6.2	4.4
		Middle East		0.4	0.6	0.4	0.3	0.1	0.3	0.2
		Western Hemisphere		23.7	15.2	20.4	2.4	8.6	2.7	6.4
Offshore banking centers				2.4	1.6	1.4	0.6	0.9	0.6	0.6
Centrally planned economies⁸				0.2	0.5	1.9	3.5	2.6	1.7	2.7
International organizations and unallocated				2.0	4.0	4.1	6.2	5.5	13.4	10.1
			Total	103.6	81.0	122.7	105.1	101.3	115.5	143.0
Memorandum item
	Other international long-term bank facilities, excluding merger-related facilities			5.4	9.5	28.8	42.9	29.3	31.2	15.5

Sources: Organization for Economic Cooperation and Development, Financial Statistics Monthly; and Fund staff estimates.

^¹Owing to rounding, components may not add to totals.

^²Includes agreements in principle with Argentina, Côte d’Ivoire, Ecuador, and the Philippines.

^³Includes a $0.1 billion revolving trade facility for Costa Rica.

^⁴Includes agreements in principle with the Congo, Mexico, and Nigeria.

^⁵Includes agreement in principle with Ecuador.

^⁶Includes agreements in principle with Côte d’Ivoire and Yugoslavia.

^⁷Excludes offshore banking centers.

^⁸Excludes Fund member countries.

Table A27.

Concerted Short- and Medium-Term Facilities Outstanding at End of Period, 1983–88

(In millions of U.S. dollars)

Sources: Restructuring agreements; and Fund staff estimates.

^¹Converted into medium-term facility.

^²Converted into medium-term debt.

^³Data indicate limits rather than actual exposure.

^⁴The 1984 agreement with the Steering Committee was not signed due, inter alia, to Peru’s nonpayment of interest since July 1984, and no agreement is currently in effect for these facilities.

^⁵Total excludes amounts converted into medium-term debt, which are given in parentheses.

Table A27.

Concerted Short- and Medium-Term Facilities Outstanding at End of Period, 1983–88

(In millions of U.S. dollars)

			1983	1984	1985	1986	1987	1988
Argentina
	Trade deposit facility		—	—	500	500	500	700
	Stand-by money market facility		—	1,400	1,400	1,400	1,400	1,400
	Trade credit maintenance facility		—	1,200¹	1,200¹	1,200¹	1,200¹	1,200
Brazil
	Interbank exposure		5,579	5,388	5,388	5,253	4,651	4,651
	Trade-related		10,172	9,800	9,800	9,582	10,189	10,189
	Interim financing		—	—	—	—	715	240
Chile
	Trade-related		1,700	1,700	1,700	1,700	1,700	1,700
	Nontrade-related		1,160	(1,160)²	—	—	—	—
Costa Rica
	Revolving trade facilities		152	202	277	277	277	277
Ecuador
	Trade-related credits		700	700	700	700	500	500
	Nontrade credits		(580)²	—	—	—	—	—
Madagascar
	Short-term debt		—	(117)²	—	—	—	—
Mexico
	Interbank exposure³		5,200	5,200	5,200	5,200	5200	5,200
Morocco
	Short-term debt		—	610	610	610	610	610
	Trade credit maintenance facility		—	—	—	80¹	80¹	80¹
Mozambique
	Short-term debt		—	—	—	—	(86)²	—
Panama
	Money-market facility		133	133	133	133	133	133
	Trade-related facilities		84	84	84	84	84	84
Peru
	Short-term working capital		1,200	965⁴	…⁴	…⁴	…⁴	…⁴
	Short-term trade-related credit lines		800	800⁴	…⁴	…⁴	…⁴	…⁴
Philippines
	Short-term debt of Public sector			(1,183)²
		Private financial sector	—	(1,594)²	—	—	—	—
		Corporate sector	—	(448)²	—	—	—	—
	Revolving trade facility		—	2,965	2,965	2,965	2,965	2,965
Poland
	Short-term revolving trade credit facilities		534	774	772	900	1,000	1,000
Uruguay
	Nontrade-related credits		(359)²	—	—	—	—	—
	Treasury notes outstanding		84	128	171	171	171	171
Yugoslavia
	Revolving trade facility		600	600	600	600	—	—
	Nontrade-related facility		200	200	200	200	200	200
		Total ⁵	28,298	32,849	31,700	31,555	31,575	31,300

Sources: Restructuring agreements; and Fund staff estimates.

^¹Converted into medium-term facility.

^²Converted into medium-term debt.

^³Data indicate limits rather than actual exposure.

^⁴The 1984 agreement with the Steering Committee was not signed due, inter alia, to Peru’s nonpayment of interest since July 1984, and no agreement is currently in effect for these facilities.

^⁵Total excludes amounts converted into medium-term debt, which are given in parentheses.

Table A27.

Concerted Short- and Medium-Term Facilities Outstanding at End of Period, 1983–88

(In millions of U.S. dollars)

			1983	1984	1985	1986	1987	1988
Argentina
	Trade deposit facility		—	—	500	500	500	700
	Stand-by money market facility		—	1,400	1,400	1,400	1,400	1,400
	Trade credit maintenance facility		—	1,200¹	1,200¹	1,200¹	1,200¹	1,200
Brazil
	Interbank exposure		5,579	5,388	5,388	5,253	4,651	4,651
	Trade-related		10,172	9,800	9,800	9,582	10,189	10,189
	Interim financing		—	—	—	—	715	240
Chile
	Trade-related		1,700	1,700	1,700	1,700	1,700	1,700
	Nontrade-related		1,160	(1,160)²	—	—	—	—
Costa Rica
	Revolving trade facilities		152	202	277	277	277	277
Ecuador
	Trade-related credits		700	700	700	700	500	500
	Nontrade credits		(580)²	—	—	—	—	—
Madagascar
	Short-term debt		—	(117)²	—	—	—	—
Mexico
	Interbank exposure³		5,200	5,200	5,200	5,200	5200	5,200
Morocco
	Short-term debt		—	610	610	610	610	610
	Trade credit maintenance facility		—	—	—	80¹	80¹	80¹
Mozambique
	Short-term debt		—	—	—	—	(86)²	—
Panama
	Money-market facility		133	133	133	133	133	133
	Trade-related facilities		84	84	84	84	84	84
Peru
	Short-term working capital		1,200	965⁴	…⁴	…⁴	…⁴	…⁴
	Short-term trade-related credit lines		800	800⁴	…⁴	…⁴	…⁴	…⁴
Philippines
	Short-term debt of Public sector			(1,183)²
		Private financial sector	—	(1,594)²	—	—	—	—
		Corporate sector	—	(448)²	—	—	—	—
	Revolving trade facility		—	2,965	2,965	2,965	2,965	2,965
Poland
	Short-term revolving trade credit facilities		534	774	772	900	1,000	1,000
Uruguay
	Nontrade-related credits		(359)²	—	—	—	—	—
	Treasury notes outstanding		84	128	171	171	171	171
Yugoslavia
	Revolving trade facility		600	600	600	600	—	—
	Nontrade-related facility		200	200	200	200	200	200
		Total ⁵	28,298	32,849	31,700	31,555	31,575	31,300

Sources: Restructuring agreements; and Fund staff estimates.

^¹Converted into medium-term facility.

^²Converted into medium-term debt.

^³Data indicate limits rather than actual exposure.

^⁴The 1984 agreement with the Steering Committee was not signed due, inter alia, to Peru’s nonpayment of interest since July 1984, and no agreement is currently in effect for these facilities.

^⁵Total excludes amounts converted into medium-term debt, which are given in parentheses.

Table A28.

Terms of Long-Term Bank Credit Commitments, 1984–88¹

(In percent, unless otherwise indicated)

Sources: Organization for Economic Cooperation and Development, Financial Market Trends; International Monetary Fund, International Financial Statistics (for Euro dollar and prime rates).

^¹OECD country classification.

^²Does not includeterms of agreements in principle with Argentina, Côte d’Ivoire, Ecuador, and the Philippines.

^³Does not include terms of agreement in principle with the Congo, Mexico, and Nigeria.

^⁴Does not include terms of agreement in principle with Ecuador.

^⁵Does not include terms of agreement in principle with Côte d’Ivoire and Yugoslavia.

Table A28.

Terms of Long-Term Bank Credit Commitments, 1984–88¹

(In percent, unless otherwise indicated)

			1984²	1985	1986³	1987⁴	1988⁵
Six-month Eurodollar interbank rate (average)			11.29	8.64	6.85	7.30	8.13
U.S. prime rate (average)			12.04	9.93	8.35	8.21	9.32
Average maturity (in years/months)			7/8	7/1	6/8	8/4	5/5
	OECD countries		7/2	7/5	6/3	7/6	4/9
	Centrally planned economies		5/11	7/5	7/9	8/1	8/5
	Developing countries		8/6	8/5	8/2	10/8	10/0
		Of which: spontaneous	8/1	8/2	8/2	9/1	8/11
	Other		6/6	7/4	6/9	6/1	5/11
Average spread			0.92	0.62	0.41	0.42	0.36
	OECD countries		0.57	0.47	0.37	0.34	0.31
	Centrally planned economies		0.93	0.55	0.26	0.24	0.30
	Developing countries		1.32	0.92	0.61	0.68	0.65
		Of which: spontaneous	0.72	0.64	0.61	0.56	0.57
	Other		0.88	0.56	0.33	0.48	0.50

Sources: Organization for Economic Cooperation and Development, Financial Market Trends; International Monetary Fund, International Financial Statistics (for Euro dollar and prime rates).

^¹OECD country classification.

^²Does not includeterms of agreements in principle with Argentina, Côte d’Ivoire, Ecuador, and the Philippines.

^³Does not include terms of agreement in principle with the Congo, Mexico, and Nigeria.

^⁴Does not include terms of agreement in principle with Ecuador.

^⁵Does not include terms of agreement in principle with Côte d’Ivoire and Yugoslavia.

Table A28.

Terms of Long-Term Bank Credit Commitments, 1984–88¹

(In percent, unless otherwise indicated)

			1984²	1985	1986³	1987⁴	1988⁵
Six-month Eurodollar interbank rate (average)			11.29	8.64	6.85	7.30	8.13
U.S. prime rate (average)			12.04	9.93	8.35	8.21	9.32
Average maturity (in years/months)			7/8	7/1	6/8	8/4	5/5
	OECD countries		7/2	7/5	6/3	7/6	4/9
	Centrally planned economies		5/11	7/5	7/9	8/1	8/5
	Developing countries		8/6	8/5	8/2	10/8	10/0
		Of which: spontaneous	8/1	8/2	8/2	9/1	8/11
	Other		6/6	7/4	6/9	6/1	5/11
Average spread			0.92	0.62	0.41	0.42	0.36
	OECD countries		0.57	0.47	0.37	0.34	0.31
	Centrally planned economies		0.93	0.55	0.26	0.24	0.30
	Developing countries		1.32	0.92	0.61	0.68	0.65
		Of which: spontaneous	0.72	0.64	0.61	0.56	0.57
	Other		0.88	0.56	0.33	0.48	0.50

Sources: Organization for Economic Cooperation and Development, Financial Market Trends; International Monetary Fund, International Financial Statistics (for Euro dollar and prime rates).

^¹OECD country classification.

^²Does not includeterms of agreements in principle with Argentina, Côte d’Ivoire, Ecuador, and the Philippines.

^³Does not include terms of agreement in principle with the Congo, Mexico, and Nigeria.

^⁴Does not include terms of agreement in principle with Ecuador.

^⁵Does not include terms of agreement in principle with Côte d’Ivoire and Yugoslavia.

Table A29.

External Assets of BIS Reporting Banks by Maturity and Undisbursed Credit Commitments, December 1984–June 1988

(In billions of U.S. dollars)

Source: Bank for International Settlements, The Maturity Distribution of International Bank Lending.

^¹As of December 1985, Finland and Spain are included in the reporting area.

Table A29.

External Assets of BIS Reporting Banks by Maturity and Undisbursed Credit Commitments, December 1984–June 1988

(In billions of U.S. dollars)

				December 1984			December 1985			December 1986			December 1987			June 1988
				External assets		Undisbursed credit commitments	External assets		Undisbursed credit commitments	External assets		Undisbursed credit commitments	External assets		Undisbursed credit commitments	External assets		Undisbursed credit commitments
				Total	Up to and including one year	Undisbursed credit commitments	Total	Up to and including one year	Undisbursed credit commitments	Total	Up to and including one year	Undisbursed credit commitments	Total	Up to and including one year	Undisbursed credit commitments	Total	Up to and including one year	Undisbursed credit commitments
Claims on
	Industrial countries outside the BIS reporting area			80.8	36.3	21.7	51.7	24.4	20.8	67.0	32.4	20.4	80.9	41.0	24.1	83.6	43.5	26.7
	Australia			23.0	9.4	9.6	26.2	11.5	12.3	34.4	15.8	12.2	39.4	18.2	15.7	42.6	21.1	18.7
	Finland¹			11.3	6.9	1.4	—	—	—	—	—	—	—	—	—	—	—	—
	Norway			11.3	5.4	3.9	14.1	7.9	4.5	17.5	10.0	3.9	23.2	14.3	3.9	23.2	14.4	3.8
	Spain¹			27.1	11.0	3.2	—	—	—	—	—	—	—	—	—	—	—	—
	Other			8.1	3.6	3.6	11.4	5.0	4.0	15.1	6.6	4.3	18.3	8.5	4.5	17.8	8.0	4.2
Developing countries				471.1	193.7	68.1	503.7	218.8	68.8	518.3	210.5	68.9	547.9	222.7	77.6	516.3	211.0	74.8
	Capital importing developing countries			444.8	173.2	60.4	476.7	197.9	62.3	491.5	190.0	64.1	518.9	200.6	72.3	488.8	189.7	69.2
Africa				59.5	25.1	11.7	63.2	27.5	10.0	66.6	31.7	7.4	73.2	33.4	8.8	65.8	29.3	9.3
	Côte d’Ivoire			2.7	0.6	0.1	2.9	0.7	0.2	3.3	0.9	0.3	3.6	1.5	0.1	3.0	7.2	0.2
	Morocco			3.8	1.2	0.3	4.5	1.7	0.3	4.9	2.3	0.2	5.2	2.3	0.5	4.8	1.3	0.4
	Nigeria			8.9	2.6	1.9	9.2	4.0	1.2	9.9	5.1	0.7	10.8	4.5	0.7	9.4	3.7	0.7
	South Africa			18.9	12.8	3.5	17.0	11.4	2.4	15.6	11.0	1.7	16.0	9.4	1.5	15.4	8.7	1.8
	Zaïre			0.7	0.3	0.1	0.8	0.3	0.1	0.8	0.3	0.1	1.0	0.4	0.2	1.0	0.4	0.3
	Other			24.5	7.6	5.8	28.8	9.4	5.8	32.1	12.1	4.4	36.6	15.3	5.8	32.2	14.0	5.9
Asia				84.7	39.2	21.3	93.9	42.5	23.1	99.9	43.2	24.9	113.1	52.2	27.9	106.8	49.8	27.2
	China			3.5	2.4	3.4	6.6	4.7	5.3	6.6	3.1	6.3	12.0	4.7	8.0	13.1	4.7	8.1
	India			3.4	1.3	2.5	4.9	1.7	2.5	6.7	2.7	2.2	8.4	2.8	2.2	8.8	3.1	2.3
	Indonesia			12.9	5.4	3.6	14.1	6.0	3.8	15.9	6.4	3.7	17.7	6.5	4.2	17.0	7.0	3.9
	Korea			26.0	13.0	4.4	28.7	13.7	4.5	27.2	12.4	5.9	23.8	13.0	5.7	22.1	12.4	5.4
	Malaysia			10.6	2.4	1.8	10.1	2.1	1.4	10.8	2.3	1.1	10.0	1.8	1.0	8.7	1.7	0.8
	Philippines			12.4	6.6	1.0	12.9	6.4	1.1	13.9	5.5	0.9	13.1	4.1	0.7	12.1	3.8	0.8
	Thailand			6.5	3.5	1.4	6.9	2.9	1.4	6.7	2.5	2.0	7.5	2.4	2.4	7.6	3.0	2.1
	Other			9.4	4.6	3.2	9.7	5.0	3.1	12.1	8.3	2.8	20.6	16.9	3.7	17.4	14.1	3.8
Europe				56.4	18.0	5.9	65.1	22.9	6.8	68.0	23.3	7.2	75.4	25.0	9.3	70.5	26.1	8.7
	Greece			12.3	4.0	2.0	14.2	5.0	1.4	14.4	4.9	1.1	15.1	5.3	1.6	14.7	5.4	1.6
	Hungary			6.8	2.7	0.6	8.6	3.5	1.1	10.0	3.4	1.2	12.4	3.2	1.5	11.6	3.2	1.3
	Poland			8.7	2.1	0.3	9.9	2.1	0.3	10.7	2.4	0.3	11.9	3.3	0.5	10.5	2.9	0.4
	Portugal			10.8	3.5	1.1	11.4	3.5	1.3	10.1	3.1	1.3	10.5	3.2	1.4	9.8	3.5	1.4
	Romania			3.1	0.7	0.2	3.0	0.8	0.2	2.8	1.0	0.2	2.4	…	…	1.4	…	0.3
	Turkey			4.6	1.9	1.0	6.5	3.4	1.6	8.3	4.3	2.2	11.2	…	3.1	11.2	6.0	2.7
	Yugoslavia			9.3	2.6	0.5	10.3	4.1	0.5	10.3	3.7	0.6	9.9	3.1	0.5	9.1	3.0	0.5
	Other			0.8	0.5	0.2	1.2	0.5	0.4	1.4	0.5	0.3	2.1	6.9	0.7	2.2	2.1	0.5
Middle East				14.8	10.2	3.3	16.0	10.0	3.5	15.7	9.8	3.4	16.2	9.5	4.2	16.1	9.1	3.7
	Egypt			5.8	3.6	1.8	6.7	3.5	1.9	6.5	3.3	1.9	6.8	3.4	2.1	6.5	3.2	1.8
	Israel			5.3	3.7	0.5	5.6	3.9	0.7	5.2	3.4	0.5	5.0	2.9	0.8	4.8	2.8	0.8
	Other			3.7	2.9	1.0	3.7	2.6	0.9	4.0	3.1	1.0	4.4	3.2	1.3	4.8	3.1	1.1
Western Hemisphere				229.4	80.7	18.2	238.4	94.9	18.9	241.2	81.9	21.2	241.0	80.5	22.1	229.7	75.5	20.3
	Argentina			25.3	14.0	1.9	29.4	15.3	2.0	31.1	10.3	1.4	33.2	10.8	2.1	32.8	9.4	1.5
	Brazil			65.4	16.4	3.7	66.7	20.7	4.5	69.4	25.6	4.9	69.2	28.6	4.8	65.5	28.7	4.5
	Chile			13.2	3.7	0.7	14.3	5.4	1.0	14.2	5.5	0.7	12.8	4.6	0.6	11.8	4.0	0.6
	Colombia			6.5	2.6	0.9	6.4	2.8	1.2	6.7	2.4	1.2	6.3	2.0	1.2	6.6	2.2	1.2
	Ecuador			4.7	1.7	0.3	5.0	2.0	0.6	5.3	1.8	0.7	5.3	1.9	0.6	4.7	1.8	0.5
	Mexico			70.9	17.1	3.5	71.7	20.3	3.3	70.9	16.5	4.3	69.9	15.7	4.3	65.9	13.7	2.8
	Peru			4.8	2.1	0.7	4.7	2.4	0.5	4.5	2.6	0.4	4.2	2.5	0.2	3.8	2.4	0.2
	Venezuela			26.7	17.4	0.9	27.1	19.6	1.0	25.9	11.3	1.4	25.2	6.7	1.7	25.0	6.8	2.2
	Other			11.9	5.7	5.6	13.1	6.4	4.8	13.2	5.9	6.2	14.9	7.7	6.6	13.6	6.5	6.8
Centrally planned economies				29.6	12.8	4.2	40.2	18.3	7.6	51.4	22.5	6.6	60.1	25.5	9.1	60.9	26.3	9.2
		Czechoslovakia		2.4	0.8	0.4	2.7	1.2	0.6	3.1	1.7	0.8	4.2	2.3	1.1	4.1	2.2	1.0
		German Democratic Republic		8.4	3.7	1.1	10.3	4.4	1.8	12.2	4.7	1.7	15.0	5.8	2.3	14.5	5.1	2.4
		U.S.S.R.		15.8	6.6	1.9	22.0	10.0	4.3	28.7	12.4	3.2	32.2	13.3	4.2	33.6	15.4	4.1
		Other		3.0	1.7	0.8	5.2	2.7	0.9	7.4	3.7	0.9	8.7	4.1	1.5	8.7	3.6	1.7
			Total	581.5	242.8	94.0	595.6	261.5	97.2	636.7	265.4	95.9	688.9	289.1	110.8	660.8	280.8	110.6

Source: Bank for International Settlements, The Maturity Distribution of International Bank Lending.

^¹As of December 1985, Finland and Spain are included in the reporting area.

Table A29.

External Assets of BIS Reporting Banks by Maturity and Undisbursed Credit Commitments, December 1984–June 1988

(In billions of U.S. dollars)

				December 1984			December 1985			December 1986			December 1987			June 1988
				External assets		Undisbursed credit commitments	External assets		Undisbursed credit commitments	External assets		Undisbursed credit commitments	External assets		Undisbursed credit commitments	External assets		Undisbursed credit commitments
				Total	Up to and including one year	Undisbursed credit commitments	Total	Up to and including one year	Undisbursed credit commitments	Total	Up to and including one year	Undisbursed credit commitments	Total	Up to and including one year	Undisbursed credit commitments	Total	Up to and including one year	Undisbursed credit commitments
Claims on
	Industrial countries outside the BIS reporting area			80.8	36.3	21.7	51.7	24.4	20.8	67.0	32.4	20.4	80.9	41.0	24.1	83.6	43.5	26.7
	Australia			23.0	9.4	9.6	26.2	11.5	12.3	34.4	15.8	12.2	39.4	18.2	15.7	42.6	21.1	18.7
	Finland¹			11.3	6.9	1.4	—	—	—	—	—	—	—	—	—	—	—	—
	Norway			11.3	5.4	3.9	14.1	7.9	4.5	17.5	10.0	3.9	23.2	14.3	3.9	23.2	14.4	3.8
	Spain¹			27.1	11.0	3.2	—	—	—	—	—	—	—	—	—	—	—	—
	Other			8.1	3.6	3.6	11.4	5.0	4.0	15.1	6.6	4.3	18.3	8.5	4.5	17.8	8.0	4.2
Developing countries				471.1	193.7	68.1	503.7	218.8	68.8	518.3	210.5	68.9	547.9	222.7	77.6	516.3	211.0	74.8
	Capital importing developing countries			444.8	173.2	60.4	476.7	197.9	62.3	491.5	190.0	64.1	518.9	200.6	72.3	488.8	189.7	69.2
Africa				59.5	25.1	11.7	63.2	27.5	10.0	66.6	31.7	7.4	73.2	33.4	8.8	65.8	29.3	9.3
	Côte d’Ivoire			2.7	0.6	0.1	2.9	0.7	0.2	3.3	0.9	0.3	3.6	1.5	0.1	3.0	7.2	0.2
	Morocco			3.8	1.2	0.3	4.5	1.7	0.3	4.9	2.3	0.2	5.2	2.3	0.5	4.8	1.3	0.4
	Nigeria			8.9	2.6	1.9	9.2	4.0	1.2	9.9	5.1	0.7	10.8	4.5	0.7	9.4	3.7	0.7
	South Africa			18.9	12.8	3.5	17.0	11.4	2.4	15.6	11.0	1.7	16.0	9.4	1.5	15.4	8.7	1.8
	Zaïre			0.7	0.3	0.1	0.8	0.3	0.1	0.8	0.3	0.1	1.0	0.4	0.2	1.0	0.4	0.3
	Other			24.5	7.6	5.8	28.8	9.4	5.8	32.1	12.1	4.4	36.6	15.3	5.8	32.2	14.0	5.9
Asia				84.7	39.2	21.3	93.9	42.5	23.1	99.9	43.2	24.9	113.1	52.2	27.9	106.8	49.8	27.2
	China			3.5	2.4	3.4	6.6	4.7	5.3	6.6	3.1	6.3	12.0	4.7	8.0	13.1	4.7	8.1
	India			3.4	1.3	2.5	4.9	1.7	2.5	6.7	2.7	2.2	8.4	2.8	2.2	8.8	3.1	2.3
	Indonesia			12.9	5.4	3.6	14.1	6.0	3.8	15.9	6.4	3.7	17.7	6.5	4.2	17.0	7.0	3.9
	Korea			26.0	13.0	4.4	28.7	13.7	4.5	27.2	12.4	5.9	23.8	13.0	5.7	22.1	12.4	5.4
	Malaysia			10.6	2.4	1.8	10.1	2.1	1.4	10.8	2.3	1.1	10.0	1.8	1.0	8.7	1.7	0.8
	Philippines			12.4	6.6	1.0	12.9	6.4	1.1	13.9	5.5	0.9	13.1	4.1	0.7	12.1	3.8	0.8
	Thailand			6.5	3.5	1.4	6.9	2.9	1.4	6.7	2.5	2.0	7.5	2.4	2.4	7.6	3.0	2.1
	Other			9.4	4.6	3.2	9.7	5.0	3.1	12.1	8.3	2.8	20.6	16.9	3.7	17.4	14.1	3.8
Europe				56.4	18.0	5.9	65.1	22.9	6.8	68.0	23.3	7.2	75.4	25.0	9.3	70.5	26.1	8.7
	Greece			12.3	4.0	2.0	14.2	5.0	1.4	14.4	4.9	1.1	15.1	5.3	1.6	14.7	5.4	1.6
	Hungary			6.8	2.7	0.6	8.6	3.5	1.1	10.0	3.4	1.2	12.4	3.2	1.5	11.6	3.2	1.3
	Poland			8.7	2.1	0.3	9.9	2.1	0.3	10.7	2.4	0.3	11.9	3.3	0.5	10.5	2.9	0.4
	Portugal			10.8	3.5	1.1	11.4	3.5	1.3	10.1	3.1	1.3	10.5	3.2	1.4	9.8	3.5	1.4
	Romania			3.1	0.7	0.2	3.0	0.8	0.2	2.8	1.0	0.2	2.4	…	…	1.4	…	0.3
	Turkey			4.6	1.9	1.0	6.5	3.4	1.6	8.3	4.3	2.2	11.2	…	3.1	11.2	6.0	2.7
	Yugoslavia			9.3	2.6	0.5	10.3	4.1	0.5	10.3	3.7	0.6	9.9	3.1	0.5	9.1	3.0	0.5
	Other			0.8	0.5	0.2	1.2	0.5	0.4	1.4	0.5	0.3	2.1	6.9	0.7	2.2	2.1	0.5
Middle East				14.8	10.2	3.3	16.0	10.0	3.5	15.7	9.8	3.4	16.2	9.5	4.2	16.1	9.1	3.7
	Egypt			5.8	3.6	1.8	6.7	3.5	1.9	6.5	3.3	1.9	6.8	3.4	2.1	6.5	3.2	1.8
	Israel			5.3	3.7	0.5	5.6	3.9	0.7	5.2	3.4	0.5	5.0	2.9	0.8	4.8	2.8	0.8
	Other			3.7	2.9	1.0	3.7	2.6	0.9	4.0	3.1	1.0	4.4	3.2	1.3	4.8	3.1	1.1
Western Hemisphere				229.4	80.7	18.2	238.4	94.9	18.9	241.2	81.9	21.2	241.0	80.5	22.1	229.7	75.5	20.3
	Argentina			25.3	14.0	1.9	29.4	15.3	2.0	31.1	10.3	1.4	33.2	10.8	2.1	32.8	9.4	1.5
	Brazil			65.4	16.4	3.7	66.7	20.7	4.5	69.4	25.6	4.9	69.2	28.6	4.8	65.5	28.7	4.5
	Chile			13.2	3.7	0.7	14.3	5.4	1.0	14.2	5.5	0.7	12.8	4.6	0.6	11.8	4.0	0.6
	Colombia			6.5	2.6	0.9	6.4	2.8	1.2	6.7	2.4	1.2	6.3	2.0	1.2	6.6	2.2	1.2
	Ecuador			4.7	1.7	0.3	5.0	2.0	0.6	5.3	1.8	0.7	5.3	1.9	0.6	4.7	1.8	0.5
	Mexico			70.9	17.1	3.5	71.7	20.3	3.3	70.9	16.5	4.3	69.9	15.7	4.3	65.9	13.7	2.8
	Peru			4.8	2.1	0.7	4.7	2.4	0.5	4.5	2.6	0.4	4.2	2.5	0.2	3.8	2.4	0.2
	Venezuela			26.7	17.4	0.9	27.1	19.6	1.0	25.9	11.3	1.4	25.2	6.7	1.7	25.0	6.8	2.2
	Other			11.9	5.7	5.6	13.1	6.4	4.8	13.2	5.9	6.2	14.9	7.7	6.6	13.6	6.5	6.8
Centrally planned economies				29.6	12.8	4.2	40.2	18.3	7.6	51.4	22.5	6.6	60.1	25.5	9.1	60.9	26.3	9.2
		Czechoslovakia		2.4	0.8	0.4	2.7	1.2	0.6	3.1	1.7	0.8	4.2	2.3	1.1	4.1	2.2	1.0
		German Democratic Republic		8.4	3.7	1.1	10.3	4.4	1.8	12.2	4.7	1.7	15.0	5.8	2.3	14.5	5.1	2.4
		U.S.S.R.		15.8	6.6	1.9	22.0	10.0	4.3	28.7	12.4	3.2	32.2	13.3	4.2	33.6	15.4	4.1
		Other		3.0	1.7	0.8	5.2	2.7	0.9	7.4	3.7	0.9	8.7	4.1	1.5	8.7	3.6	1.7
			Total	581.5	242.8	94.0	595.6	261.5	97.2	636.7	265.4	95.9	688.9	289.1	110.8	660.8	280.8	110.6

Source: Bank for International Settlements, The Maturity Distribution of International Bank Lending.

^¹As of December 1985, Finland and Spain are included in the reporting area.

Table A30.

Change in Claims of U.S. Banks on Developing Countries, 1983–88¹

(In billions of U.S. dollars; and in percent)

Source: Federal Financial Institutions Examination Council, Country Exposure Lending Survey.

^¹The data are based on consolidated reports of banks; owing to rounding, components may not add to totals.

^²First three quarters of 1988 on an annualized basis.

^³Excludes offshore banking centers.

Table A30.

Change in Claims of U.S. Banks on Developing Countries, 1983–88¹

(In billions of U.S. dollars; and in percent)

				1983		1984		1985		1986		1987		1988²
				Billions of U.S. dollars	Growth rate	Billions of U.S. dollars	Growth rate	Billions of U.S. dollars	Growth rate	Billions of U.S. dollars	Growth rate	Billions of U.S. dollars	Growth rate	Billions of U.S. dollars	Growth rate
Developing countries ³
	All banks			5.8	3.8	-3.8	-2.4	-13.3	-8.5	-13.5	-9.4	-7.6	-5.9	-18.8	-15.5
		Nine banks		3.6	3.8	-1.6	-1.6	-7.6	-7.7	-8.4	-9.2	-4.7	-5.7	-8.5	-10.9
		Fifteen banks		2.1	7.1	0.1	0.4	-5.0	-16.2	-2.9	-11.3	-1.5	-6.5	-4.5	-20.8
		Others		0.1	0.3	-2.4	-8.3	-0.7	-2.8	-2.1	-8.2	-1.4	-6.1	-5.9	-26.5
Capital importing developing countries ³
	All banks			5.3	3.6	-3.1	-2.0	-12.0	-8.0	-12.7	-9.1	-6.7	-5.3	-18.6	-15.6
		Nine banks		3.0	3.2	-1.0	-1.1	-6.8	-7.1	-7.7	-8.8	-4.0	-4.9	-8.1	-10.6
		Fifteen banks		2.2	7.8	0.2	0.6	-4.6	-15.2	-3.0	-11.6	-1.3	-5.8	-4.5	-20.9
		Others		0.1	0.4	-2.3	-8.0	-0.7	-2.5	-2.0	-7.8	-1.4	-5.9	-6.1	-27.4
Africa
	All banks			1.0	8.5	-0.8	-6.0	-2.8	-22.4	-2.0	-20.1	-0.3	-4.0	-1.2	-16.6
		Nine banks		0.9	10.2	-0.8	-8.1	-1.6	-18.3	-1.4	-19.4	-0.1	-2.5	-1.1	-18.6
		Fifteen banks		0.3	15.4	0.2	11.9	-0.9	-38.2	-0.3	-23.1	-0.1	-8.6	-0.1	-11.3
		Others		-0.1	-4.7	-0.2	-17.1	-0.3	-23.9	-0.2	-20.9	-0.1	-10.1	—	-7.0
Asia
	All banks			1.4	4.5	-3.0	-9.5	-3.4	-11.9	-4.9	-19.3	-2.2	-10.7	-4.2	-23.0
		Nine banks		0.3	1.3	-2.0	-9.3	-2.6	-13.5	-2.9	-17.7	-1.6	-11.6	-2.6	-21.7
		Fifteen banks		0.5	8.2	—	0.6	-0.9	-14.9	-1.1	-21.4	-0.9	-21.3	-0.6	-18.7
		Others		0.6	17.0	-1.1	-25.6	0.1	4.3	-0.8	-23.9	0.3	11.7	-0.9	-33.6
	Indonesia
		All banks		0.6	19.9	-0.2	-5.0	-0.6	-18.8	-0.6	-21.6	-0.6	-29.4	-0.4	-24.3
			Nine banks	0.5	21.0	-0.3	-8.8	-0.5	-16.7	-0.5	-22.4	-0.6	-30.9	-0.3	-27.3
			Fifteen banks	—	7.5	0.1	30.1	-0.2	-36.9	—	-14.3	-0.1	-27.6	—	-2.8
			Others	—	32.6	—	-14.8	—	3.0	—	-24.3	—	-9.3	—	-27.2
	Korea
		All banks		0.5	4.1	-1.5	-13.3	-0.8	-7.9	-3.2	-34.6	-2.1	-35.8	0.5	12.6
			Nine banks	-0.5	-6.8	-1.0	-15.5	-0.5	-9.7	-1.6	-31.1	-0.8	-24.2	0.2	6.8
			Fifteen banks	0.5	20.5	—	0.4	-0.5	-17.0	-0.9	-41.3	-0.8	-59.4	0.3	47.6
			Others	0.5	28.5	-0.5	-24.0	0.2	13.3	-0.7	-35.8	-0.5	-43.9	—	7.1
	Philippines
		All banks		0.3	5.5	-0.6	-10.0	—	-0.7	-0.3	-5.8	-0.4	-8.5	-0.7	-14.3
			Nine banks	0.1	1.3	-0.2	-4.4	—	0.9	-0.1	-2.3	-0.4	-11.6	-0.4	-11.3
			Fifteen banks	—	2.7	-0.1	-4.6	-0.1	-6.8	-0.1	-13.2	-0.1	-9.8	-0.2	-19.3
			Others	0.2	36.3	-0.4	-42.7	—	2.1	-0.1	-14.9	0.1	20.6	-0.1	-24.5
Europe
	All banks			0.4	4.1	-0.7	-6.5	-0.6	-5.8	-1.7	-17.6	-0.8	-9.6	-1.4	-18.5
			Nine banks	0.6	7.7	-0.6	-7.1	-0.5	-7.0	-1.3	-17.9	-0.6	-10.1	-1.0	-18.6
			Fifteen banks	—	0.3	—	1.3	-0.1	-7.3	-0.3	-17.4	-0.2	-11.1	-0.1	-11.3
			Others	-0.1	-9.8	-0.2	-13.1	—	-3.5	-0.2	-16.0	—	-4.8	-0.3	-26.8
Middle East
	All banks			0.3	8.5	-0.4	-9.0	-0.7	-18.8	-0.6	-20.3	-0.7	-29.2	-0.2	-10.0
		Nine banks		0.2	8.6	-0.2	-7.8	-0.5	-20.6	-0.5	-23.4	-0.5	-31.6	-0.1	-12.3
		Fifteen banks		0.1	19.7	—	-0.9	-0.2	-24.7	-0.1	-17.7	-0.1	-29.0	-0.1	-18.8
		Others		—	1.5	-0.2	-18.8	-0.1	-7.3	-0.1	-12.9	-0.1	-22.7	—	1.0
Western Hemisphere
	All banks			2.1	2.3	1.8	1.9	-4.5	-4.7	-3.5	-3.9	-2.7	-3.0	-11.7	-13.7
		Nine banks		1.1	2.1	2.5	4.7	-1.5	-2.7	-1.6	-3.0	-1.2	-2.2	-3.3	-6.4
		Fifteen banks		1.3	7.3	-0.1	-0.6	-2.5	-13.0	-1.1	-6.8	-0.1	-0.4	-3.5	-22.8
		Others		-0.3	-1.4	-0.6	-3.0	-0.5	-2.5	-0.8	-3.9	-1.4	-7.6	-4.8	-27.9
	Argentina
		All banks		0.3	3.3	-0.5	-6.2	0.4	5.5	0.1	1.4	0.3	3.4	-0.9	-9.8
			Nine banks	0.2	4.5	-0.3	-4.6	0.8	15.1	0.1	0.9	0.4	6.2	-0.2	-2.5
			Fifteen banks	0.2	8.4	-0.1	-6.1	-0.2	-13.3	—	1.4	—	1.2	-0.5	-29.0
			Others	-0.1	-8.4	-0.2	-13.6	-0.1	-8.6	—	4.2	-0.1	-10.3	-0.2	-26.0
	Brazil
		All banks		0.2	1.1	3.2	15.6	-1.1	-4.5	-0.4	-1.7	-1.1	-5.0	-3.1	-15.0
			Nine banks	—	—	2.5	18.8	-0.3	-1.6	-0.2	-1.2	-0.4	-2.3	-0.8	-5.5
			Fifteen banks	0.4	10.3	0.4	10.0	-0.8	-16.6	-0.2	-4.7	-0.3	-7.7	-0.9	-24.7
			Others	-0.2	-5.8	0.3	9.4	—	-1.2	—	-0.5	-0.5	-14.9	-1.5	-53.5
	Mexico
		All banks		2.0	8.0	0.2	0.7	-1.6	-6.0	-1.3	-5.1	-0.9	-3.9	-4.6	-20.1
			Nine banks	1.3	9.8	0.6	4.0	-0.6	-4.1	-0.7	-5.2	—	—	-1.6	-11.7
			Fifteen banks	0.2	4.0	—	-0.2	-0.6	-12.0	-0.1	-1.1	-0.3	-6.8	-1.4	-32.7
			Others	0.5	7.7	-0.4	-5.3	-0.3	-5.3	-0.5	-8.1	-0.6	-10.9	-1.6	-31.6
	Venezuela
		All banks		-0.3	-2.8	-0.4	-4.0	-0.7	-6.7	-1.0	-9.7	-0.8	-8.7	-0.4	-4.7
			Nine banks	-0.2	-2.2	-0.2	-2.6	-0.3	-4.1	-0.6	-8.7	-0.7	-10.5	-0.3	-4.6
			Fifteen banks	—	1.3	-0.1	-5.3	-0.3	-15.9	-0.2	-9.2	—	1.2	-0.2	-13.7
			Others	-0.2	-10.6	-0.1	-8.9	-0.1	-6.8	-0.2	-15.9	-0.1	-11.9	0.1	9.7

Source: Federal Financial Institutions Examination Council, Country Exposure Lending Survey.

^¹The data are based on consolidated reports of banks; owing to rounding, components may not add to totals.

^²First three quarters of 1988 on an annualized basis.

^³Excludes offshore banking centers.

Table A30.

Change in Claims of U.S. Banks on Developing Countries, 1983–88¹

(In billions of U.S. dollars; and in percent)

				1983		1984		1985		1986		1987		1988²
				Billions of U.S. dollars	Growth rate	Billions of U.S. dollars	Growth rate	Billions of U.S. dollars	Growth rate	Billions of U.S. dollars	Growth rate	Billions of U.S. dollars	Growth rate	Billions of U.S. dollars	Growth rate
Developing countries ³
	All banks			5.8	3.8	-3.8	-2.4	-13.3	-8.5	-13.5	-9.4	-7.6	-5.9	-18.8	-15.5
		Nine banks		3.6	3.8	-1.6	-1.6	-7.6	-7.7	-8.4	-9.2	-4.7	-5.7	-8.5	-10.9
		Fifteen banks		2.1	7.1	0.1	0.4	-5.0	-16.2	-2.9	-11.3	-1.5	-6.5	-4.5	-20.8
		Others		0.1	0.3	-2.4	-8.3	-0.7	-2.8	-2.1	-8.2	-1.4	-6.1	-5.9	-26.5
Capital importing developing countries ³
	All banks			5.3	3.6	-3.1	-2.0	-12.0	-8.0	-12.7	-9.1	-6.7	-5.3	-18.6	-15.6
		Nine banks		3.0	3.2	-1.0	-1.1	-6.8	-7.1	-7.7	-8.8	-4.0	-4.9	-8.1	-10.6
		Fifteen banks		2.2	7.8	0.2	0.6	-4.6	-15.2	-3.0	-11.6	-1.3	-5.8	-4.5	-20.9
		Others		0.1	0.4	-2.3	-8.0	-0.7	-2.5	-2.0	-7.8	-1.4	-5.9	-6.1	-27.4
Africa
	All banks			1.0	8.5	-0.8	-6.0	-2.8	-22.4	-2.0	-20.1	-0.3	-4.0	-1.2	-16.6
		Nine banks		0.9	10.2	-0.8	-8.1	-1.6	-18.3	-1.4	-19.4	-0.1	-2.5	-1.1	-18.6
		Fifteen banks		0.3	15.4	0.2	11.9	-0.9	-38.2	-0.3	-23.1	-0.1	-8.6	-0.1	-11.3
		Others		-0.1	-4.7	-0.2	-17.1	-0.3	-23.9	-0.2	-20.9	-0.1	-10.1	—	-7.0
Asia
	All banks			1.4	4.5	-3.0	-9.5	-3.4	-11.9	-4.9	-19.3	-2.2	-10.7	-4.2	-23.0
		Nine banks		0.3	1.3	-2.0	-9.3	-2.6	-13.5	-2.9	-17.7	-1.6	-11.6	-2.6	-21.7
		Fifteen banks		0.5	8.2	—	0.6	-0.9	-14.9	-1.1	-21.4	-0.9	-21.3	-0.6	-18.7
		Others		0.6	17.0	-1.1	-25.6	0.1	4.3	-0.8	-23.9	0.3	11.7	-0.9	-33.6
	Indonesia
		All banks		0.6	19.9	-0.2	-5.0	-0.6	-18.8	-0.6	-21.6	-0.6	-29.4	-0.4	-24.3
			Nine banks	0.5	21.0	-0.3	-8.8	-0.5	-16.7	-0.5	-22.4	-0.6	-30.9	-0.3	-27.3
			Fifteen banks	—	7.5	0.1	30.1	-0.2	-36.9	—	-14.3	-0.1	-27.6	—	-2.8
			Others	—	32.6	—	-14.8	—	3.0	—	-24.3	—	-9.3	—	-27.2
	Korea
		All banks		0.5	4.1	-1.5	-13.3	-0.8	-7.9	-3.2	-34.6	-2.1	-35.8	0.5	12.6
			Nine banks	-0.5	-6.8	-1.0	-15.5	-0.5	-9.7	-1.6	-31.1	-0.8	-24.2	0.2	6.8
			Fifteen banks	0.5	20.5	—	0.4	-0.5	-17.0	-0.9	-41.3	-0.8	-59.4	0.3	47.6
			Others	0.5	28.5	-0.5	-24.0	0.2	13.3	-0.7	-35.8	-0.5	-43.9	—	7.1
	Philippines
		All banks		0.3	5.5	-0.6	-10.0	—	-0.7	-0.3	-5.8	-0.4	-8.5	-0.7	-14.3
			Nine banks	0.1	1.3	-0.2	-4.4	—	0.9	-0.1	-2.3	-0.4	-11.6	-0.4	-11.3
			Fifteen banks	—	2.7	-0.1	-4.6	-0.1	-6.8	-0.1	-13.2	-0.1	-9.8	-0.2	-19.3
			Others	0.2	36.3	-0.4	-42.7	—	2.1	-0.1	-14.9	0.1	20.6	-0.1	-24.5
Europe
	All banks			0.4	4.1	-0.7	-6.5	-0.6	-5.8	-1.7	-17.6	-0.8	-9.6	-1.4	-18.5
			Nine banks	0.6	7.7	-0.6	-7.1	-0.5	-7.0	-1.3	-17.9	-0.6	-10.1	-1.0	-18.6
			Fifteen banks	—	0.3	—	1.3	-0.1	-7.3	-0.3	-17.4	-0.2	-11.1	-0.1	-11.3
			Others	-0.1	-9.8	-0.2	-13.1	—	-3.5	-0.2	-16.0	—	-4.8	-0.3	-26.8
Middle East
	All banks			0.3	8.5	-0.4	-9.0	-0.7	-18.8	-0.6	-20.3	-0.7	-29.2	-0.2	-10.0
		Nine banks		0.2	8.6	-0.2	-7.8	-0.5	-20.6	-0.5	-23.4	-0.5	-31.6	-0.1	-12.3
		Fifteen banks		0.1	19.7	—	-0.9	-0.2	-24.7	-0.1	-17.7	-0.1	-29.0	-0.1	-18.8
		Others		—	1.5	-0.2	-18.8	-0.1	-7.3	-0.1	-12.9	-0.1	-22.7	—	1.0
Western Hemisphere
	All banks			2.1	2.3	1.8	1.9	-4.5	-4.7	-3.5	-3.9	-2.7	-3.0	-11.7	-13.7
		Nine banks		1.1	2.1	2.5	4.7	-1.5	-2.7	-1.6	-3.0	-1.2	-2.2	-3.3	-6.4
		Fifteen banks		1.3	7.3	-0.1	-0.6	-2.5	-13.0	-1.1	-6.8	-0.1	-0.4	-3.5	-22.8
		Others		-0.3	-1.4	-0.6	-3.0	-0.5	-2.5	-0.8	-3.9	-1.4	-7.6	-4.8	-27.9
	Argentina
		All banks		0.3	3.3	-0.5	-6.2	0.4	5.5	0.1	1.4	0.3	3.4	-0.9	-9.8
			Nine banks	0.2	4.5	-0.3	-4.6	0.8	15.1	0.1	0.9	0.4	6.2	-0.2	-2.5
			Fifteen banks	0.2	8.4	-0.1	-6.1	-0.2	-13.3	—	1.4	—	1.2	-0.5	-29.0
			Others	-0.1	-8.4	-0.2	-13.6	-0.1	-8.6	—	4.2	-0.1	-10.3	-0.2	-26.0
	Brazil
		All banks		0.2	1.1	3.2	15.6	-1.1	-4.5	-0.4	-1.7	-1.1	-5.0	-3.1	-15.0
			Nine banks	—	—	2.5	18.8	-0.3	-1.6	-0.2	-1.2	-0.4	-2.3	-0.8	-5.5
			Fifteen banks	0.4	10.3	0.4	10.0	-0.8	-16.6	-0.2	-4.7	-0.3	-7.7	-0.9	-24.7
			Others	-0.2	-5.8	0.3	9.4	—	-1.2	—	-0.5	-0.5	-14.9	-1.5	-53.5
	Mexico
		All banks		2.0	8.0	0.2	0.7	-1.6	-6.0	-1.3	-5.1	-0.9	-3.9	-4.6	-20.1
			Nine banks	1.3	9.8	0.6	4.0	-0.6	-4.1	-0.7	-5.2	—	—	-1.6	-11.7
			Fifteen banks	0.2	4.0	—	-0.2	-0.6	-12.0	-0.1	-1.1	-0.3	-6.8	-1.4	-32.7
			Others	0.5	7.7	-0.4	-5.3	-0.3	-5.3	-0.5	-8.1	-0.6	-10.9	-1.6	-31.6
	Venezuela
		All banks		-0.3	-2.8	-0.4	-4.0	-0.7	-6.7	-1.0	-9.7	-0.8	-8.7	-0.4	-4.7
			Nine banks	-0.2	-2.2	-0.2	-2.6	-0.3	-4.1	-0.6	-8.7	-0.7	-10.5	-0.3	-4.6
			Fifteen banks	—	1.3	-0.1	-5.3	-0.3	-15.9	-0.2	-9.2	—	1.2	-0.2	-13.7
			Others	-0.2	-10.6	-0.1	-8.9	-0.1	-6.8	-0.2	-15.9	-0.1	-11.9	0.1	9.7

Source: Federal Financial Institutions Examination Council, Country Exposure Lending Survey.

^¹The data are based on consolidated reports of banks; owing to rounding, components may not add to totals.

^²First three quarters of 1988 on an annualized basis.

^³Excludes offshore banking centers.

Table A31.

Change in Bank Claims on Developing Countries, 1983–88¹

(In billions of U.S. dollars; and in percent)

Sources: Federal Financial Institutions Examination Council, Country Exposure Lending Survey; and Bank of England, Quarterly Bulletin.

^¹These data are not adjusted for the impact of exchange late movements and are based on consolidated reports of banks; owing to rounding, components may not add to totals.

^²First half of 1988 data on an annualized basis.

^³Excludes offshore banking centers.

Table A31.

Change in Bank Claims on Developing Countries, 1983–88¹

(In billions of U.S. dollars; and in percent)

			1983		1984		1985		1986		1987		1988²
			Billions of U.S. dollars	Growth rate	Billions of U.S. dollars	Growth rate	Billions of U.S. dollars	Growth rate	Billions of U.S. dollars	Growth rate	Billions of U.S. dollars	Growth rate	Billions of U.S. dollars	Growth rate
Developing countries ³
	U.S. claims data		5.8	3.8	-3.8	-2.4	-13.3	-8.5	-13.5	-9.4	-7.6	-5.9	-19.8	-16.2
	U.K. claims data		2.1	3.2	-1.2	-1.8	-0.4	-0.6	0.6	0.9	0.1	0.2	-7.0	-11.1
Capital importing developing countries ³
	U.S. claims data		5.3	3.6	-3.1	-2.0	-12.0	-8.0	-12.7	-9.1	-6.7	-5.3	-19.6	-16.4
	U.K. claims data		1.7	2.8	-0.5	-0.8	-0.5	-0.8	0.8	1.3	-0.2	-0.3	-7.2	-11.6
Africa
	U.S. claims data		1.0	8.5	-0.8	-6.0	-2.8	22.4	-2.0	-20.1	-0.3	-4.0	-1.4	-18.2
	U.K. claims data		0.5	4.1	-0.2	-2.0	-0.8	-6.4	—	0.1	0.5	4.3	-0.7	-6.2
Asia
	U.S. claims data		1.4	4.5	-3.0	-9.5	-3.4	-11.9	-4.4	-19.3	-2.2	-10.7	-4.0	-22.0
	U.K. claims data		0.4	3.6	-0.3	-3.0	0.2	2.3	-0.1	-1.1	-0.6	-6.1	-2.0	-20.8
	Indonesia
		U.S. claims data	0.6	19.9	-0.2	-5.0	-0.6	-18.8	-0.6	-21.6	-0.6	-29.4	-0.4	-27.1
		U.K. claims data	0.3	26.0	—	2.1	-0.1	-3.0	—	-1.0	—	-2.9	-0.3	-20.7
	Korea
		U.S. claims data	0.5	4.1	-1.5	-13.3	-0.8	-7.9	-3.2	-34.6	-2.1	-35.8	0.5	13.6
		U.K. claims data	-0.2	-7.4	-0.1	-2.5	-0.1	-2.0	-0.3	-9.8	-0.4	-16.5	-0.7	-35.0
	Philippines
		U.S. claims data	0.3	5.5	-0.6	-10.0	—	-0.7	-0.3	-5.8	-0.4	-8.5	-0.6	-11.9
		U.K. claims data	0.1	4.2	-0.2	-9.6	-0.1	-8.7	0.1	6.0	-0.1	-7.6	-0.1	-6.3
Europe
	U.S. claims data		0.4	4.1	-0.7	-6.5	-0.6	-5.8	-1.7	-17.6	-0.8	-9.6	-1.2	-15.7
	U.K. claims data		-0.1	-0.3	-0.5	-6.0	0.2	2.4	—	0.2	-0.2	-2.2	-1.3	-16.3
Middle East
	U.S. claims data		0.3	8.5	-0.4	-9.0	-0.7	-18.8	-0.6	-20.3	-0.7	-29.2	-0.2	-11.8
	U.K. claims data		-0.2	-11.2	-0.2	-13.3	—	2.0	-0.1	-6.2	0.1	3.7	0.1	3.3
Western Hemisphere
	U.S. claims data		2.1	2.3	1.8	1.9	-4.5	-4.7	-3.5	-3.9	-2.7	-3.0	-12.9	-15.1
	U.K. claims data		1.1	3.9	0.8	2.8	-0.1	-0.5	1.0	3.2	—	0.2	-3.3	-10.4
	Argentina
		U.S. claims data	0.3	3.3	-0.5	-6.3	0.4	5.5	0.1	1.4	0.3	3.4	-0.3	-3.9
		U.K. claims data	0.1	2.8	-0.1	-1.3	0.3	8.3	0.4	11.8	0.1	2.3	0.1	1.4
	Brazil
		U.S. claims data	0.2	1.1	3.2	15.6	-1.1	-4.5	-0.4	-1.7	-1.1	-5.0	-2.7	-12.8
		U.K. claims data	0.7	8.5	0.7	8.5	-0.2	-2.2	0.4	4.1	0.2	1.7	-2.0	-20.7
	Mexico
		U.S. claims data	2.0	8.0	0.2	0.7	-1.6	-6.0	-1.3	-5.1	-0.9	-3.9	-4.9	-21.8
		U.K. claims data	0.3	3.8	0.1	1.1	-0.1	-0.9	—	0.1	0.1	1.1	-0.4	-4.7
	Venezuela
		U.S. claims data	-0.3	-2.8	-0.4	-4.0	-0.7	-6.7	-1.0	-9.7	-0.8	-8.7	-0.2	-2.2
		U.K. claims data	-0.2	-5.4	-0.1	-4.2	-0.1	-2.9	—	-1.8	—	-0.6	-0.2	-7.5

Sources: Federal Financial Institutions Examination Council, Country Exposure Lending Survey; and Bank of England, Quarterly Bulletin.

^¹These data are not adjusted for the impact of exchange late movements and are based on consolidated reports of banks; owing to rounding, components may not add to totals.

^²First half of 1988 data on an annualized basis.

^³Excludes offshore banking centers.

Table A31.

Change in Bank Claims on Developing Countries, 1983–88¹

(In billions of U.S. dollars; and in percent)

			1983		1984		1985		1986		1987		1988²
			Billions of U.S. dollars	Growth rate	Billions of U.S. dollars	Growth rate	Billions of U.S. dollars	Growth rate	Billions of U.S. dollars	Growth rate	Billions of U.S. dollars	Growth rate	Billions of U.S. dollars	Growth rate
Developing countries ³
	U.S. claims data		5.8	3.8	-3.8	-2.4	-13.3	-8.5	-13.5	-9.4	-7.6	-5.9	-19.8	-16.2
	U.K. claims data		2.1	3.2	-1.2	-1.8	-0.4	-0.6	0.6	0.9	0.1	0.2	-7.0	-11.1
Capital importing developing countries ³
	U.S. claims data		5.3	3.6	-3.1	-2.0	-12.0	-8.0	-12.7	-9.1	-6.7	-5.3	-19.6	-16.4
	U.K. claims data		1.7	2.8	-0.5	-0.8	-0.5	-0.8	0.8	1.3	-0.2	-0.3	-7.2	-11.6
Africa
	U.S. claims data		1.0	8.5	-0.8	-6.0	-2.8	22.4	-2.0	-20.1	-0.3	-4.0	-1.4	-18.2
	U.K. claims data		0.5	4.1	-0.2	-2.0	-0.8	-6.4	—	0.1	0.5	4.3	-0.7	-6.2
Asia
	U.S. claims data		1.4	4.5	-3.0	-9.5	-3.4	-11.9	-4.4	-19.3	-2.2	-10.7	-4.0	-22.0
	U.K. claims data		0.4	3.6	-0.3	-3.0	0.2	2.3	-0.1	-1.1	-0.6	-6.1	-2.0	-20.8
	Indonesia
		U.S. claims data	0.6	19.9	-0.2	-5.0	-0.6	-18.8	-0.6	-21.6	-0.6	-29.4	-0.4	-27.1
		U.K. claims data	0.3	26.0	—	2.1	-0.1	-3.0	—	-1.0	—	-2.9	-0.3	-20.7
	Korea
		U.S. claims data	0.5	4.1	-1.5	-13.3	-0.8	-7.9	-3.2	-34.6	-2.1	-35.8	0.5	13.6
		U.K. claims data	-0.2	-7.4	-0.1	-2.5	-0.1	-2.0	-0.3	-9.8	-0.4	-16.5	-0.7	-35.0
	Philippines
		U.S. claims data	0.3	5.5	-0.6	-10.0	—	-0.7	-0.3	-5.8	-0.4	-8.5	-0.6	-11.9
		U.K. claims data	0.1	4.2	-0.2	-9.6	-0.1	-8.7	0.1	6.0	-0.1	-7.6	-0.1	-6.3
Europe
	U.S. claims data		0.4	4.1	-0.7	-6.5	-0.6	-5.8	-1.7	-17.6	-0.8	-9.6	-1.2	-15.7
	U.K. claims data		-0.1	-0.3	-0.5	-6.0	0.2	2.4	—	0.2	-0.2	-2.2	-1.3	-16.3
Middle East
	U.S. claims data		0.3	8.5	-0.4	-9.0	-0.7	-18.8	-0.6	-20.3	-0.7	-29.2	-0.2	-11.8
	U.K. claims data		-0.2	-11.2	-0.2	-13.3	—	2.0	-0.1	-6.2	0.1	3.7	0.1	3.3
Western Hemisphere
	U.S. claims data		2.1	2.3	1.8	1.9	-4.5	-4.7	-3.5	-3.9	-2.7	-3.0	-12.9	-15.1
	U.K. claims data		1.1	3.9	0.8	2.8	-0.1	-0.5	1.0	3.2	—	0.2	-3.3	-10.4
	Argentina
		U.S. claims data	0.3	3.3	-0.5	-6.3	0.4	5.5	0.1	1.4	0.3	3.4	-0.3	-3.9
		U.K. claims data	0.1	2.8	-0.1	-1.3	0.3	8.3	0.4	11.8	0.1	2.3	0.1	1.4
	Brazil
		U.S. claims data	0.2	1.1	3.2	15.6	-1.1	-4.5	-0.4	-1.7	-1.1	-5.0	-2.7	-12.8
		U.K. claims data	0.7	8.5	0.7	8.5	-0.2	-2.2	0.4	4.1	0.2	1.7	-2.0	-20.7
	Mexico
		U.S. claims data	2.0	8.0	0.2	0.7	-1.6	-6.0	-1.3	-5.1	-0.9	-3.9	-4.9	-21.8
		U.K. claims data	0.3	3.8	0.1	1.1	-0.1	-0.9	—	0.1	0.1	1.1	-0.4	-4.7
	Venezuela
		U.S. claims data	-0.3	-2.8	-0.4	-4.0	-0.7	-6.7	-1.0	-9.7	-0.8	-8.7	-0.2	-2.2
		U.K. claims data	-0.2	-5.4	-0.1	-4.2	-0.1	-2.9	—	-1.8	—	-0.6	-0.2	-7.5

Sources: Federal Financial Institutions Examination Council, Country Exposure Lending Survey; and Bank of England, Quarterly Bulletin.

^¹These data are not adjusted for the impact of exchange late movements and are based on consolidated reports of banks; owing to rounding, components may not add to totals.

^²First half of 1988 data on an annualized basis.

^³Excludes offshore banking centers.

Table A32.

German Banks’ Lending to Developing Countries, 1985–Third Quarter 1988¹

(In millions of U.S. dollars)

Source: Deutsche Bundesbank, Statistische Beihefte (Frankfurt), Vol. 3 (February 1989).

^¹Including certain claims arising out of governmental development aid payments that have been routed through reporting banks.

^²Data are not adjusted for exchange rates.

Table A32.

German Banks’ Lending to Developing Countries, 1985–Third Quarter 1988¹

(In millions of U.S. dollars)

		Domestic Banks				Branches				Subsidiaries
		1985	1986	1987	1988	1985	1986	1987	1988	1985	1986	1987	1988
Developing countries ²		2,726	2,285	3,150	905	-948	-1,364	-317	1,329	-1,821	-2,425	-994	509
Capital importing developing countries		2,805	1,938	2,961	834	-928	-1,444	-158	1,317	-1,834	-2,390	-916	482
	Africa	-71	-58	-13	7	-44	-102	9	45	-459	-330	-71	68
	Asia	745	679	634	17	-175	-301	88	467	-202	-418	-269	70
	Europe	713	494	1,711	122	74	-40	26	-42	120	-208	120	26
	Middle East	308	334	292	-108	1	-135	-22	28	-171	-157	-4	-14
	Western Hemisphere	1,110	489	337	796	-707	-866	-270	681	-1,093	-1,208	-699	135
	Unallocated	—	—	—	—	-77	—	11	138	-29	-69	7	197
Oil exporters		-79	347	189	71	-20	80	-159	12	13	-35	-78	27
	Identified	-79	347	189	71	-16	84	-160	—	31	-23	-68	16
	Unallocated	—	—	—	—	-4	-4	1	12	-18	-12	-10	11
		Stocks (In millions of deutsche mark)
Developing countries		74,060	75,406	77,892	83,011	20,046	16,431	15,341	18,317	31,789	25,116	22,353	24,108
Capital importing developing countries		70,465	71,210	73,512	78,334	19,425	15,661	14,884	17,821	31,269	24,695	22,089	23,784
	Africa	13,907	13,192	12,680	13,172	806	550	547	651	4,412	3,508	3,251	3,501
	Asia	18,240	18,944	19,383	20,146	4,154	3,389	3,421	4,422	2,637	1,618	1,074	1,245
	Europe	13,338	12,994	14,867	16,496	1,676	1,412	1,328	1,375	6,255	5,143	4,882	5,294
	Middle East	7,436	7,846	8,080	8,183	745	420	364	430	822	445	421	411
	Western Hemisphere	17,544	18,234	18,502	20,337	11,085	8,971	8,319	9,746	15,930	12,969	11,473	11,941
	Unallocated	—	—	—	—	959	919	905	1,197	1,213	1,012	988	1,392
Oil exporters		3,595	4,196	4,380	4,677	621	770	457	496	520	421	264	324
	Identified	3,595	4,196	4,380	4,677	575	734	420	435	386	320	186	223
	Unidentified	—	—	—	—	46	36	37	61	134	101	78	101

Source: Deutsche Bundesbank, Statistische Beihefte (Frankfurt), Vol. 3 (February 1989).

^¹Including certain claims arising out of governmental development aid payments that have been routed through reporting banks.

^²Data are not adjusted for exchange rates.

Table A32.

German Banks’ Lending to Developing Countries, 1985–Third Quarter 1988¹

(In millions of U.S. dollars)

		Domestic Banks				Branches				Subsidiaries
		1985	1986	1987	1988	1985	1986	1987	1988	1985	1986	1987	1988
Developing countries ²		2,726	2,285	3,150	905	-948	-1,364	-317	1,329	-1,821	-2,425	-994	509
Capital importing developing countries		2,805	1,938	2,961	834	-928	-1,444	-158	1,317	-1,834	-2,390	-916	482
	Africa	-71	-58	-13	7	-44	-102	9	45	-459	-330	-71	68
	Asia	745	679	634	17	-175	-301	88	467	-202	-418	-269	70
	Europe	713	494	1,711	122	74	-40	26	-42	120	-208	120	26
	Middle East	308	334	292	-108	1	-135	-22	28	-171	-157	-4	-14
	Western Hemisphere	1,110	489	337	796	-707	-866	-270	681	-1,093	-1,208	-699	135
	Unallocated	—	—	—	—	-77	—	11	138	-29	-69	7	197
Oil exporters		-79	347	189	71	-20	80	-159	12	13	-35	-78	27
	Identified	-79	347	189	71	-16	84	-160	—	31	-23	-68	16
	Unallocated	—	—	—	—	-4	-4	1	12	-18	-12	-10	11
		Stocks (In millions of deutsche mark)
Developing countries		74,060	75,406	77,892	83,011	20,046	16,431	15,341	18,317	31,789	25,116	22,353	24,108
Capital importing developing countries		70,465	71,210	73,512	78,334	19,425	15,661	14,884	17,821	31,269	24,695	22,089	23,784
	Africa	13,907	13,192	12,680	13,172	806	550	547	651	4,412	3,508	3,251	3,501
	Asia	18,240	18,944	19,383	20,146	4,154	3,389	3,421	4,422	2,637	1,618	1,074	1,245
	Europe	13,338	12,994	14,867	16,496	1,676	1,412	1,328	1,375	6,255	5,143	4,882	5,294
	Middle East	7,436	7,846	8,080	8,183	745	420	364	430	822	445	421	411
	Western Hemisphere	17,544	18,234	18,502	20,337	11,085	8,971	8,319	9,746	15,930	12,969	11,473	11,941
	Unallocated	—	—	—	—	959	919	905	1,197	1,213	1,012	988	1,392
Oil exporters		3,595	4,196	4,380	4,677	621	770	457	496	520	421	264	324
	Identified	3,595	4,196	4,380	4,677	575	734	420	435	386	320	186	223
	Unidentified	—	—	—	—	46	36	37	61	134	101	78	101

Source: Deutsche Bundesbank, Statistische Beihefte (Frankfurt), Vol. 3 (February 1989).

^¹Including certain claims arising out of governmental development aid payments that have been routed through reporting banks.

^²Data are not adjusted for exchange rates.

Table A33.

Chronology of Bank Debt Restructurings and Financial Packages, 1983–88

Sources: Restructuring agreements. Note: “Restructuring” covers rescheduling and also certain refinancings of member countries.

^¹Agreement either signed or reached in principle (if signature has not yet taken place); not all signed agreements have become effective.

^²The restructuring agreement includes new financing.

^³Agreed in principle or tentative agreement with banks’ Steering Committees.

^⁴New financing only, semi-spontaneous.

^⁵A separate club deal for new financing was arranged at the same time.

Table A34.

Terms and Conditions of Bank Debt Restructurings and Financial Packages, 1986–88¹

Sources: Restructuring agreements; and Fund staff estimates.

^¹Arrangements approved (in principle or definitely) before January 1, 1986 were reported in Maxwell Watson and others, International Capital Markets: Developments and Prospects, World Economic and Financial Surveys (Washington: International Monetary Fund, December 1986).

^²For public debt, pre-December 9, 1982, debt originally falling due prior to January 1, 1986, that has been previously restructured and debt originally falling due after December 31, 1985 that has not been previously restructured. Excluded is indebtedness under the 1983 and 1985 term credit agreements and the 1985 trade credit and deposit facility, which is rescheduled on different terms. For private sector borrowers, the restructuring of principal maturities of pre-December 9, 1982, indebtedness maturing subsequent to December 31, 1985, including previously restructured maturities.

^³The agreement provides also for repricing and retiming of public sector debt. The savings to Brazil from repricing, which will consist of a reduction in the spread over the London interbank offered rate (LIBOR) from their current range (1.125-2.414) to , are estimated at $100 million in 1988 and $380 million in 1989. Retiming of interest periods from a quarterly to a six monthly basis is estimated to provide relief of $600 million in 1988.

^⁴Excluding (i) about $1 billion corresponding to repayments on voluntary lending after January 1, 1983, falling due in 1988–93; and (ii) amounts under switching operations (see footnote 6).

^⁵Includes at least $2,850 million in parallel financing with the World Bank; two cofinancing facilities with the World Bank for up to $500 million and $210 million, respectively; and new money bonds for up to $1 billion.

^⁶Banks will be permitted to switch up to $1.8 billion of interbank commitments to trade commitments during 1988–90.

^⁷Interest periods under all agreements were temporarily converted from the existing periods to periods of 12 months providing relief in 1988 of an estimated $415 million.

^⁸Spreads and guarantee fees would revert to their previous levels should Chile ask for new money “on a concerted basis” before the end of 1989.

^⁹Amendments also allow for debt-for-debt exchanges and debt buy-backs; repayments in Chilean currency; and the pledge of collaterals to facilitate debt exchanges, hedging operations, and the raising of voluntary new money. New money may be collateralized in amounts of up to $100 million in 1988, $200 million in 1989, and $200 million a year, thereafter, with an aggregate limit of $500 million outstanding at any one point after 1989. Not more than $200 million of new money can be collateralized with exportable assets. The limit on collateral for risk-management techniques is $150 million. Up to $500 million may be used in cash buy-backs or in exchange of new collateralized debt for old; not more than $2 billion of existing debt may be extinguished in this manner.

^¹⁰Amendments to the 1985 new money agreement also allow for an increase, as of January 1, 1989, of $35 million in relending. In order to facilitate the reduction in spreads, the fee paid by banks on the World Bank guarantee, under the 1985 cofinancing agreement, was reduced by ¼ of 1 percentage point.

^¹¹Eligible debt includes debt contracted before November 1, 1988, and previously rescheduled obligations.

^¹²If on December 31, 1987, Honduras is current in its payment obligations, the margin over LIBOR will be reduced to 1 percentage point.

^¹³Amount of debt on which terms were modified is not known because repayments made during 1985–87 have not been identified.

^¹⁴Including the restructuring of the $950 million prepayment that had been deferred since October 1, 1985.

^¹⁵These loans have an associated guarantee given by the World Bank in the later maturities equivalent to 50 percent of the nominal amount disbursed.

^¹⁶Amount still to be determined. Amortization of rescheduled amounts subject to relending at the choice of creditors, but within certain limits of the domestic credit program established by the Mexican authorities.

^¹⁷In the event, only $80 million was consolidated.

^¹⁸Spread will increase to 1¼ percentage points at the end of the grace period.

^¹⁹Initial maturity of one year and a spread of 1¼ percent; the loan will be automatically converted to a medium-term loan if certain conditions are fulfilled.

^²⁰Of which $263 million is in bearer treasury bonds, which were restructured under the 1986 agreement, and are not included in this agreement.

^²¹Net of $24 million of prepayment required under the agreement.

^²²Bank debt refinancing agreement covers only syndicated loans (and other floating rate loans) without creditor country guarantee.

^²³Under this agreement Zaire would make monthly payments amounting to $3.5 million for the period May 1986-April 1987.

^²⁴There will be monthly payments of $3 million for the May 1987-May 1988 period, except for July 1987 when the due payment is $3.5 million.

^²⁵The spread over LIBOR is expected to remain l3/4 percentage points for the first three years, and then decline to 1¼ percentage points for the next five years, and to 1¼ percentage points for the final four years, subject to the borrowers’ compliance with the terms and conditions of the agreement.

Table A34.

Terms and Conditions of Bank Debt Restructurings and Financial Packages, 1986–88¹

Country, Date of Agreement, and Type of Debt Rescheduled						Basis	Amount Provided	Grace Period	Maturity	Interest Rate
							(In millions of U.S. dollars)	(In years, unless otherwise noted)		(In percent spread over LIBOR/U.S. prime)
Argentina
	Agreement in principle of April 24, 1987; final agreement August 1987
			Rescheduling of public and private sector indebtedness²			100 percent of principal	25,300	1	19	$\frac{13}{16}$
			Rescheduling of 1983 and 1985 term credit agreements			100 percent of principal	4,200	5	12	$\frac{13}{16}$
			New medium-term loan			New financing	1,550	5	12	⅞
			New trade credit and deposit facility			New financing	400		4	$\frac{13}{16}$
			Amendment to trade credit and deposit facility of 1985			Maturity lengthened to coincide with 1987 trade credit deposit facility	500	—	4	$\frac{13}{16}$
			Trade credit maintenance facility			Banks will continue to maintain trade credit at levels of September 30, 1984 (estimate)	1,200	—	2	$\frac{13}{16}$
			Stand-by money market facility			Banks will continue to make available to the Central Bank on request any amounts outstanding to foreign branches and agencies of Argentine banks on September 30, 1984	1,400	—	2	¾
Brazil
	Agreement of July 25, 1986
		Rescheduling of medium- and long-term due in 1985				100 percent of principal	6,671	5	7	1⅛
		Deferment of medium- and long-term due in 1986				100 percent of principal	9,600	…	To March 1987	Original rates
		Maintenance of trade and interbank lines				100 percent rollover	14,750	…	To March 1987	Original rates
	Agreement with Advisory Committee of June 22, 1988;³ final agreement November 11, 1988
			Rescheduling of public and private debt falling due in 1987–93⁴			100 percent of principal	61,000	7	19	$\frac{13}{16}$
			New medium-term financing⁵			New financing	4,600	5	12	$\frac{13}{16}$
			New medium-term trade credit and deposit facility			New financing	600	9	9	$\frac{13}{16}$
			Short-term trade credit facility⁶			Banks will maintain trade credit at their 1986 commitment level	10,182	—	2½	⅝
			Interbank facility⁶			Banks will maintain interbank credit at their 1986 commitment level	4,651	—	2½	⅝
Chile
	Agreement of June 17, 1987⁷
		Amendment to 1983–87 restructuring agreements				100 percent of principal falling due in 1988–90	2,951	5	15½	1
		Amendments to 1983–84 new money agreements				100 percent of principal falling due in 1988–90	1,416	3	5	1⅛
		1988–91 unrescheduled original maturities				100 percent of principal	1,535	5	15½	1
		Extension of short-term trade-related facility until end of 1989				100 percent rollover	1,700		2	1⅜-1⅛
	Agreement in principle of March 22, 1988; final agreement August 1988
			Amendments to the restructuring agreements of June 17, 1987
				1983–84 and 1985–91 restructuring agreements⁹		Unchanged	Unchanged	Unchanged	Unchanged	$\frac{13}{16}$ ⁸
				1983–85 new money agreements and 1983 cofinancing agreement⁹, ¹⁰		Unchanged	Unchanged	Unchanged	Unchanged
							(In millions of U.S. dollars)	(In years, unless otherwise noted)		(In percent spread over LIBOR/U.S. prime)
Congo
	Agreement in principle of October 15, 1986; final agreement February 1988
			Rescheduling of public sector debt falling due in 1986–88			100 percent of principal	217	3	9	1⅞-1½
			New medium-term loan			New financing	60	2½	8	1⅞-1½
Côte d’Ivoire
	Agreement with Steering Committee of May 21, 1986; final agreement December 1986
			Public and publicly guaranteed medium- and long-term debt:
					Due in 1986	80 percent of principal	200	3	9	1⅝-1⅜
					Due in 1987	70 percent of principal	196	3	9	1⅝-1⅜
					Due in 1988	60 percent of principal	170	3	9	1⅝-1⅜
					Due in 1989	50 percent of principal	125	3	9	1⅝-1⅜
	Agreement in principle of April 29, 1988
			Rescheduling of public and private eligible debt¹¹
					In arrears as of the end of 1987	100 percent of principal	111	5	14½	1¼
					Falling due in 1988–95	100 percent of principal	2,100	5	14½	1½
			New medium-term loan			New financing	151	4	8	1½
Dominican Republic
	Agreement of February 24, 1986
		Rescheduling of public and private debt
					In arrears as of December 31, 1984	100 percent of principal	80	3	13	1⅜
				Due in 1985–89		100 percent of principal	707	3	13	1⅜
Ecuador
	Agreement with Steering
		Committee of November 25, 1987
			Rescheduling of 1983 and 1985 new money agreements			100 percent of principal	631	3	10	1
			Rescheduling of maturities under 1985 MYRA and other rescheduling agreements			100 percent of principal	4,052	7	19	$\frac{15}{16}$
			New medium-term loan			New financing	350	2	8	1
Gabon
	Agreement in principle of
		June 4, 1987; final agreement December 1987
			Rescheduling of principal
				due September 21, 1986—December 31, 1988		100 percent of principal	39	4	9	1⅜
Gambia, The
	Agreement in principle of May 27, 1987; final agreement February 15, 1988
			Rescheduling of public debt outstanding as of December 18, 1986			100 percent of principal	19	3’/2	8	1¼
Guinea
	Agreement in principle of November 1987; final agreement April 20, 1988
			Restructuring of short-and medium-term debt outstanding			70 percent of principal	43	½	3	1¾
Honduras
	Agreement in principle of
		June 26, 1987
			Restructuring of principal and interest in arrears			100 percent of arrears as of the end of March 1987	219	6	8	1⅛y¹²
			Restructuring of maturities falling due in 1987–89			100 percent of principal	29	6	8	1⅛¹²
							(In millions of U.S. dollars)	(In years, unless otherwise noted)		(In percent spread over LIBORIU.S. prime)
Jamaica
	Agreement of May 7, 1987 Rescheduling of maturities falling due April 1985 to end of 1986					100 percent of principal	185	1½	8½	1¼
		Rescheduling of maturities falling due January 1987 to March 31, 1990				100 percent of principal	180	9	12½	1¼
Madagascar
	Agreement of June 15, 1987 Modifications to 1984 and 1985 agreements altering debt service profile on rescheduled debt					100 percent of principal	…¹³	—	9	1⅝-1⅞
Malawi
	Agreement in principle of April 26, 1988; final agreement October 4, 1988
			Rescheduling of public or publicly guaranteed debt outstanding as of August 21, 1987			100 percent of principal	35	4	8	1¼
Mexico
	Agreement with Steering Committee of September 30, 1986; final agreement April 1987
			Restructuring of previously restructured debt			100 percent of principal	43,700	7	20	$\frac{13}{16}$
			Change in spread for 1983 and 1984 new money facilities¹⁴			—	8,600	5	10	$\frac{13}{16}$
				1986–87 new money facility		New money	5,000	5	12	$\frac{13}{16}$
			Cofinancing arrangement with World Bank¹⁵			New money	1,000	9	15	$\frac{13}{16}$
			Growth contingency cofinancing with World Bank¹⁵			New money	500	7	12	$\frac{13}{16}$
			Contingent investment support facility			New money	1,200	4	8	$\frac{13}{16}$
Agreement of August 14, 1987 Private sector debt under Forward Coverage Scheme (FICORCA)						100 percent of principal	…¹⁶	7	20	$\frac{13}{16}$
Morocco
	Agreement of February 1986 Medium- and long-term debt due from September 9, 1983 to December 31, 1983					100 percent of principal	3	7	1¾	1¾
		Medium- and long-term debt due in 1984				90 percent of principal	538	3	7	1¾
		Rollover of short-term debt				Trade-related credit outstanding as of August 24, 1987	610	—	—	—
	Agreement in principle of December 15, 1986 (signed on September 23, 1987, effective on January 4, 1988)
			Rescheduling of medium- and long-term debt not previously rescheduled, falling due from 1985–88			100 percent of principal	1,546	4	11	$1 \frac{3}{16}$
			Rescheduling of principal payments due in 1987–88 under previous rescheduling agreement			100 percent of principal	178	4	4	1¾
			Conversion of short-term trade credits (except letters of credit) into medium-term debt			Trade-related credit outstanding as of August 24, 1983	450	—	6	$1 \frac{3}{16}$
			Consolidation of trade arrears due to banks into a trade credit maintenance facility			Arrears as of September 30, 1986	154¹⁷	—	5½	Original rates
							(In millions of U.S. dollars)	(In years, unless otherwise noted)		(In percent spread over LIBOR/U.S. prime)
Mozambique
	Agreement in principle of May 27, 1987
			Refinancing of trade-related and other short-term public sector debt			100 percent of principal outstanding on May 27, 1987	86	5	8	1⅛
			Restructuring of medium-term public sector debt			100 percent of principal outstanding on May 27, 1987	54	8	15	1⅛¹⁸
			Restructuring of all non-principal overdue amounts of the two above agreements			100 percent of arrears as of June 30, 1987	113	8	12	1⅛¹⁸
Niger
	Agreement of April 1986
		Serial rescheduling of medium-term debt:
				Due October 1, 1985–December 31, 1986		90 percent of principal, excluding previously rescheduled debt	23	4½	½	Originally contracted rate plus 2 percent
				Due 1987			17	4	8½
				Due 1988			12	4	8½
Nigeria
	Agreement in principle of November 1986; signed on November 23, 1987
			Rescheduling of medium- and long-term debt falling due from April 1, 1986 to December 31, 1987			100 percent of principal	1,725	3	9	1¼
			Arrears as of September 26, 1986			Letters of credit confirmed before September 26, 1986 and associated new interest	2,525	1	4	1¼
			New medium-term loan¹⁹			New financing	320	3	7	$1 \frac{5}{16}$
	Agreement in principle of September 1988
			Restructuring of debt outstanding at end of 1987
					Not previously rescheduled medium-term debt		1,219	3	20	⅞
					Debt covered by the November 1987 rescheduling agreement		1,724	3	20	⅞
					Debt (letters of credit) covered by the November 1987 refinancing agreement		2,500	3	15	$\frac{13}{16}$
	Arrears on interest, fees, and commissions on letters of credit						381	0	3	Non-interest-bearing
Philippines
	Agreement in principle of March 27, 1987; final agreement of December 1987
			Rescheduling of public and publicly guaranteed debt:
					Due January 1, 1987-December 31, 1992	100 percent of principal	2,762	7½	17	⅞
					Due January 1, 1989–December 31, 1994 under 1985 restructuring agreement	100 percent of principal	3,963	7’/2	17	⅞
			Rescheduling of private financial sector debt:
					Due January 1, 1987–December 31, 1992	100 percent of principal	13	6	10	1⅜
					Due January 1, 1989–December 31, 1992 under 1985 restructuring agreement	100 percent of principal	1,172	6	10	1⅜
							(In millions of U.S. dollars)	(In years, unless otherwise noted)		(In percent spread over LIBOR/U.S. prime)
			Rescheduling of private corporate debt:
					Due January 1, 1987–December 31, 1992	100 percent of principal	653	6	10	1⅜
					Due January 1, 1990–December 31, 1992 under 1985 restructuring agreement	100 percent of principal	447	7½	17	⅞
			Extension of short-term trade-related facility until June 30, 1991			100 percent rollover	2,965	4½	5	¾
			Change in spread for 1985 new medium-term loan			—	Unchanged	Unchanged	Unchanged	⅞
Poland
	Agreement of September 1986
		Restructuring of medium- and long-term debt included in April and November 1982 agreements
				Due in 1986		95 percent of principal	915	4	4	1⅜
				Due in 1987		80 percent of principal	1,055	4	4	1⅜
	Agreement in principle of August 1987; final agreement July 1988
			Rescheduling of maturities falling due in 1987–90, including previously restructured debt			100 percent of principal	5,219		15	$\frac{13}{16}$
			Rescheduling of maturities falling due in 1991–93, including previously restructured debt			100 percent of principal	3,082	6	15	$\frac{13}{16}$
			Modification of the 1986 restructuring agreement covering payments falling due in 1987			50 percent of principal	140	—	2	$\frac{13}{16}$
			Short-term revolving trade credit facility			Banks will maintain100 percent of trade-related facilities under the 1983 and 1984 agreements	1,000		2	$\frac{13}{16}$
Romania
	Agreement of September 1986 Maturities on loans already rescheduled in 1982–83 falling due in
			1986			100 percent of principal	350	3	4½	1⅜
			1987			85 percent of principal	450	4	5½	⅞
	Agreement in principle of September 1987
		Change in spread of 1986 restructuring agreement				Unchanged	Unchanged	Unchanged	Unchanged	⅞
							(In millions of U.S. dollars)	(In years, unless otherwise noted)		(In percent spread over LIBOR/U.S. prime)
South Africa
	First interim debt arrangement of March 25, 1986
		Short- and medium-term debt subject to September 1985 standstill originally due August 28, 1985 to June 30, 1987				About 95 percent of principal	9,800	1¼	1¼	Margin applicable in August 1985 plus a maximum additional spread of up to 1 percentage point
	Second interim debt arrangement of March 24, 1987
		Short- and medium-term debt subject to September 1985 standstill due June 30, 1987 to June 30, 1990				About 87 percent of principal	10,900	3	3
Togo
	Agreement of May 1988 Arrears and principal outstanding at end of 1987					100 percent of principal	49	4	8	1⅜
Trinidad and Tobago
	Agreement in principle of November 1988
		Medium- and long-term maturities falling due September 1, 1988–August 31, 1992				100 percent of principal	470	4½	12½	$\frac{15}{16}$
Uruguay
	Agreement in principle of December 1985; final agreement July 1986
Maturities falling due in 1985–89 and not previously restructured						100 percent of principal	844	3	12	1⅜
		Previously restructured maturities falling due in 1985–89				100 percent of principal	621	3	12	1⅝
		Medium-term loan granted in 1983				100 percent of principal	230	3	12	1⅝
		Bearer treasury bonds				100 percent of principal	263	3	12	1⅜
	Agreement in principle of November 1987; final agreement March 1988
			Restructuring of debt covered by the July 1986 agreement			100 percent of principal	1,695²⁰	3	17	⅜
			Restructuring of maturities falling due in 1990–91 according to the pre-MYRA 1986 schedule			100 percent of principal	75²¹	3	17	⅞
							(In millions of U.S. dollars)	(In years, unless otherwise noted)		(In percent spread over LIBOR/U.S. prime)
Venezuela
	Agreement with Steering Committee of February 27, 1987 (final agreement of September 18, 1988) Modification of February 1986 rescheduling agreement					100 percent of principal	20,338	—	13	⅞
Yugoslavia
	Tentative agreement with bank coordinating committee of April 20, 1988; final agreement September 21, 1988
			Rescheduling of the stock of medium- and long-term debt			100 percent of principal	6,895	5	18	$\frac{13}{16}$
			New trade deposit facility			New financing	300	5	5	⅞
Zaïre ²²
	Deferment agreement of May 1986²³					Principal	65	…	…	Originally contracted rate
	Deferment agreement of May 1987²⁴					Principal	61	…	…	Originally contracted rate
Memorandum item
Non-Fund member
	North Korea:
		Agreement in principle of September 1987
				Rescheduling of arrears		…	770	4	12	1¾²⁵