Statistical Appendix

International Monetary Fund

Jump to Content

Author:

International Monetary Fund

International Monetary Fund
Search for other papers by International Monetary Fund in
Current site
Google Scholar

Language:: English

Print Publication Date:: 01 Jan 1991

Keywords:: WEFS; stock index; deutsche mark; developing country borrower; U.S. dollar; market participant; debt exchange; x index; pound sterling; Futures; Bonds; Options; Securities; Stocks; Middle East; Europe; Western Hemisphere; Africa; Asia and Pacific

Download PDF (4.2 MB)

Abstract

Differentials shown should be treated as indicative because they conceal intercountry differences in the maturity structure of long-term rates. For instance, the U.S. long-term rate is on ten-year federal government bonds, while the German rate is the average on government bonds with maturities over three years.

Table A1.

Long-Term and Short-Term Interest Rate Differentials Between the United States and Other Major Countries, 1987-90¹

(In percent a year)

Sources: Banque de France; Nikkei Data Service; Bank of England; Data Resources, Inc. (DRI); U.S. Federal Reserve; and International Monetary Fund, Treasurer’s Department.

^¹Differentials shown should be treated as indicative because they conceal intercountry differences in the maturity structure of long-term rates. For instance, the U.S. long-term rate is on ten-year federal government bonds, while the German rate is the average on government bonds with maturities over three years.

^²The long-term interest rates are averages of daily or weekly observations of yields on government bonds specified as follows: France—long-term (7-10 years) government bond yield; Federal Republic of Germany—yield on government bonds with maturities of 9-10 years; Japan-over-the-counter sales yield of 10-year government bonds, with longest residual maturity; United Kingdom—yield on medium-dated (10 year) government stock; United States—yield on 10-year treasury bonds.

^³The short-term interest rates are as follows: France—three-month interbank deposit rate; Federal Republic of Germany—three-month interbank deposit rate; Japan—three-month certificate of deposit rate; United Kingdom—three-month interbank deposit rate; United States-federal funds rate and three-month certificate of deposit rate.

Table A1.

Long-Term and Short-Term Interest Rate Differentials Between the United States and Other Major Countries, 1987-90¹

(In percent a year)

		Japan	Germany	France	United Kingdom
Long-term interest rates²
1987		2.40	1.16	−1.54	−2.58
	First quarter
	Second quarter	4.22	2.51	−0.58	−0.62
	Third quarter	2.91	2.38	−0.95	−1.00
	Fourth quarter	3.92	2.52	−1.10	−0.54
1988
	First quarter	4.12	2.08	−0.99	−1.07
	Second quarter	4.26	2.41	−0.21	−0.46
	Third quarter	3.58	2.37	0.05	−0.85
	Fourth quarter	4.25	2.52	0.28	−0.94
1989
	First quarter	4.25	2.34	0.38	−0.65
	Second quarter	3.51	1.79	—	−1.53
	Third quarter	3.10	1.17	−0.42	−1.98
	Fourth quarter	2.56	0.53	−1.12	−2.74
1990
	First quarter	1.72	0.09	−1.39	−3.12
	Second quarter	2.07	−0.06	−1.00	−3.65
	Third quarter	1.23	−0.17	−1.39	−3.17
	Fourth quarter	1.29	−0.59	−1.81	−2.79
Short-term interest rates³
1987
	First quarter	1.86	1.90	−2.28	−4.59
	Second quarter	2.93	3.03	−1.31	−2.34
	Third quarter	2.88	3.02	−0.98	−2.86
	Fourth quarter	3.18	3.54	−0.87	−1.58
1988
	First quarter	2.42	3.35	−1.23	−2.29
	Second quarter	3.04	3.66	−0.53	−1.18
	Third quarter	3.43	3.31	0.52	−3.16
	Fourth quarter	4.34	3.70	0.64	−3.69
1989
	First quarter	5.06	3.38	0.63	−3.46
	Second quarter	4.68	2.79	0.74	−3.90
	Third quarter	3.32	1.59	−0.42	−5.20
	Fourth quarter	2.04	0.33	−1.95	−6.63
1990
	First quarter	1.19	−0.04	−2.69	−6.91
	Second quarter	1.01	0.07	−1.67	−6.78
	Third quarter	0.17	−0.30	−2.09	−6.90
	Fourth quarter	−0.26	−0.88	−2.08	−5.91

Sources: Banque de France; Nikkei Data Service; Bank of England; Data Resources, Inc. (DRI); U.S. Federal Reserve; and International Monetary Fund, Treasurer’s Department.

Table A1.

Long-Term and Short-Term Interest Rate Differentials Between the United States and Other Major Countries, 1987-90¹

(In percent a year)

		Japan	Germany	France	United Kingdom
Long-term interest rates²
1987		2.40	1.16	−1.54	−2.58
	First quarter
	Second quarter	4.22	2.51	−0.58	−0.62
	Third quarter	2.91	2.38	−0.95	−1.00
	Fourth quarter	3.92	2.52	−1.10	−0.54
1988
	First quarter	4.12	2.08	−0.99	−1.07
	Second quarter	4.26	2.41	−0.21	−0.46
	Third quarter	3.58	2.37	0.05	−0.85
	Fourth quarter	4.25	2.52	0.28	−0.94
1989
	First quarter	4.25	2.34	0.38	−0.65
	Second quarter	3.51	1.79	—	−1.53
	Third quarter	3.10	1.17	−0.42	−1.98
	Fourth quarter	2.56	0.53	−1.12	−2.74
1990
	First quarter	1.72	0.09	−1.39	−3.12
	Second quarter	2.07	−0.06	−1.00	−3.65
	Third quarter	1.23	−0.17	−1.39	−3.17
	Fourth quarter	1.29	−0.59	−1.81	−2.79
Short-term interest rates³
1987
	First quarter	1.86	1.90	−2.28	−4.59
	Second quarter	2.93	3.03	−1.31	−2.34
	Third quarter	2.88	3.02	−0.98	−2.86
	Fourth quarter	3.18	3.54	−0.87	−1.58
1988
	First quarter	2.42	3.35	−1.23	−2.29
	Second quarter	3.04	3.66	−0.53	−1.18
	Third quarter	3.43	3.31	0.52	−3.16
	Fourth quarter	4.34	3.70	0.64	−3.69
1989
	First quarter	5.06	3.38	0.63	−3.46
	Second quarter	4.68	2.79	0.74	−3.90
	Third quarter	3.32	1.59	−0.42	−5.20
	Fourth quarter	2.04	0.33	−1.95	−6.63
1990
	First quarter	1.19	−0.04	−2.69	−6.91
	Second quarter	1.01	0.07	−1.67	−6.78
	Third quarter	0.17	−0.30	−2.09	−6.90
	Fourth quarter	−0.26	−0.88	−2.08	−5.91

Sources: Banque de France; Nikkei Data Service; Bank of England; Data Resources, Inc. (DRI); U.S. Federal Reserve; and International Monetary Fund, Treasurer’s Department.

Table A2.

Volatility of Major Stock Prices, First Quarter 1987-Fourth Quarter 1990¹

Source: Data Resources, Inc.

^¹For the United States, the stock market index used is Standard & Poor’s 500; for Japan, Nikkei 225; for the United Kingdom, the Financial Times Ordinary; for France, CAC General; for Germany, Frankfurt Commerzbank; for Italy, Banca Commerciale; for Canada, Toronto Stock Exchange Composite. Volatility is defined as the standard deviation of the daily proportionate changes in stock market indices over the period indicated.

Table A2.

Volatility of Major Stock Prices, First Quarter 1987-Fourth Quarter 1990¹

	United States	Japan	United Kingdom	Germany	France	Italy	Canada
1987
First quarter	0.93	0.86	1.70	1.58	0.88	0.84	1.43
Second quarter	1.12	1.30	2.07	1.47	1.07	0.88	0.66
Third quarter	0.90	1.12	3.16	0.87	0.84	1.21	0.57
Fourth quarter	3.65	2.83	7.31	2.97	2.43	1.99	2.69
1988
First quarter	1.43	0.99	2.91	1.86	1.53	1.65	0.84
Second quarter	1.16	0.62	1.20	1.04	1.24	1.05	0.63
Third quarter	0.87	0.78	1.73	0.88	0.79	0.69	0.46
Fourth quarter	0.76	0.57	1.22	0.82	0.65	0.76	0.59
1989
First quarter	0.74	0.62	1.90	0.88	1.03	0.75	0.56
Second quarter	0.73	0.57	1.86	0.71	0.71	0.49	0.44
Third quarter	0.68	0.45	1.84	0.82	0.47	0.73	0.39
Fourth quarter	1.09	0.57	2.73	2.27	1.16	1.36	0.67
1990
First quarter	0.89	1.58	1.41	1.38	0.94	0.73	0.53
Second quarter	0.77	1.58	1.88	1.33	0.80	0.54	0.70
Third quarter	1.20	2.24	2.44	1.71	1.67	1.48	0.54
Fourth quarter	1.10	2.59	1.30	1.62	1.07	1.30	0.57

Source: Data Resources, Inc.

Table A2.

Volatility of Major Stock Prices, First Quarter 1987-Fourth Quarter 1990¹

	United States	Japan	United Kingdom	Germany	France	Italy	Canada
1987
First quarter	0.93	0.86	1.70	1.58	0.88	0.84	1.43
Second quarter	1.12	1.30	2.07	1.47	1.07	0.88	0.66
Third quarter	0.90	1.12	3.16	0.87	0.84	1.21	0.57
Fourth quarter	3.65	2.83	7.31	2.97	2.43	1.99	2.69
1988
First quarter	1.43	0.99	2.91	1.86	1.53	1.65	0.84
Second quarter	1.16	0.62	1.20	1.04	1.24	1.05	0.63
Third quarter	0.87	0.78	1.73	0.88	0.79	0.69	0.46
Fourth quarter	0.76	0.57	1.22	0.82	0.65	0.76	0.59
1989
First quarter	0.74	0.62	1.90	0.88	1.03	0.75	0.56
Second quarter	0.73	0.57	1.86	0.71	0.71	0.49	0.44
Third quarter	0.68	0.45	1.84	0.82	0.47	0.73	0.39
Fourth quarter	1.09	0.57	2.73	2.27	1.16	1.36	0.67
1990
First quarter	0.89	1.58	1.41	1.38	0.94	0.73	0.53
Second quarter	0.77	1.58	1.88	1.33	0.80	0.54	0.70
Third quarter	1.20	2.24	2.44	1.71	1.67	1.48	0.54
Fourth quarter	1.10	2.59	1.30	1.62	1.07	1.30	0.57

Source: Data Resources, Inc.

Table A3.

Stock Market Indices and Interest Rates, August 1–20, 1990

^¹United States, Standard & Poor’s 500; Japan, Nikkei Average; Germany, Commerzbank Index; France, CAC General; United Kingdom, Financial Times Actuaries All Share Price Index.

^²United States, Federal Funds rate; Japan, three-month certificate of deposit rate; Germany, France, and United Kingdom, three-month interbank rates.

^³Ten-year maturity or nearest available.

Table A3.

Stock Market Indices and Interest Rates, August 1–20, 1990

	United States	Japan	Germany	France	United Kingdom
Equity Indices	(Percentage change)¹
August 1–3, 1990	−3.0	−4.3	−3.0	−1.7	−3.2
August 1–10, 1990	−5.6	−11.4	−8.1	−7.6	−5.9
August 1–17, 1990	−7.8	−13.1	−12.0	−7.6	−9.4
August 1–20, 1990	−7.6	−14.1	−13.5	−14.4	−10.4
Interest Rates
Short-term deposit or interbank rates²
August 1, 1990	8.03	7.63	8.25	9.88	14.97
August 2, 1990	8.03	7.64	8.33	9.94	14.97
August 3, 1990	8.00	7.64	8.43	9.94	15.00
August 6, 1990	7.94	7.66	8.43	10.00	15.03
August 7, 1990	8.00	7.68	8.43	9.19	14.97
August 8, 1990	8.06	7.70	8.43	10.06	14.95
August 9, 1990	8.00	7.70	8.43	10.06	14.97
August 10, 1990	8.00	7.70	8.43	10.06	14.97
August 13, 1990	8.00	7.73	8.43	10.06	14.98
August 14, 1990	8.00	7.75	8.43	10.00	15.02
August 15, 1990	8.12	7.80	8.40	…	15.00
August 16, 1990	8.19	7.81	8.38	10.00	15.00
August 17, 1990	8.31	7.82	8.38	10.06	15.00
August 20, 1990	8.06	7.86	8.38	10.19	15.02
Long-term government bond yields³
August 1, 1990	8.29	7.05	8.45	9.52	11.67
August 2, 1990	8.42	7.11	8.53	9.69	11.67
August 3, 1990	8.43	7.24	8.61	9.78	11.90
August 6, 1990	8.71	7.47	8.71	10.03	12.14
August 7, 1990	8.78	7.71	8.61	9.97	11.85
August 8, 1990	8.77	7.59	8.68	10.13	11.86
August 9, 1990	8.66	7.55	8.65	9.95	11.80
August 10, 1990	8.68	7.56	8.67	9.99	11.79
August 13, 1990	8.71	7.60	8.67	9.99	11.79
August 14, 1990	8.65	7.64	8.62	10.05	11.85
August 15, 1990	8.63	7.55	8.59	10.01	11.84
August 16, 1990	8.75	7.55	8.62	10.07	11.90
August 17, 1990	8.79	7.68	8.71	10.18	12.02
August 20, 1990	8.80	7.64	8.56	10.31	12.04

^¹United States, Standard & Poor’s 500; Japan, Nikkei Average; Germany, Commerzbank Index; France, CAC General; United Kingdom, Financial Times Actuaries All Share Price Index.

^²United States, Federal Funds rate; Japan, three-month certificate of deposit rate; Germany, France, and United Kingdom, three-month interbank rates.

^³Ten-year maturity or nearest available.

Table A3.

Stock Market Indices and Interest Rates, August 1–20, 1990

	United States	Japan	Germany	France	United Kingdom
Equity Indices	(Percentage change)¹
August 1–3, 1990	−3.0	−4.3	−3.0	−1.7	−3.2
August 1–10, 1990	−5.6	−11.4	−8.1	−7.6	−5.9
August 1–17, 1990	−7.8	−13.1	−12.0	−7.6	−9.4
August 1–20, 1990	−7.6	−14.1	−13.5	−14.4	−10.4
Interest Rates
Short-term deposit or interbank rates²
August 1, 1990	8.03	7.63	8.25	9.88	14.97
August 2, 1990	8.03	7.64	8.33	9.94	14.97
August 3, 1990	8.00	7.64	8.43	9.94	15.00
August 6, 1990	7.94	7.66	8.43	10.00	15.03
August 7, 1990	8.00	7.68	8.43	9.19	14.97
August 8, 1990	8.06	7.70	8.43	10.06	14.95
August 9, 1990	8.00	7.70	8.43	10.06	14.97
August 10, 1990	8.00	7.70	8.43	10.06	14.97
August 13, 1990	8.00	7.73	8.43	10.06	14.98
August 14, 1990	8.00	7.75	8.43	10.00	15.02
August 15, 1990	8.12	7.80	8.40	…	15.00
August 16, 1990	8.19	7.81	8.38	10.00	15.00
August 17, 1990	8.31	7.82	8.38	10.06	15.00
August 20, 1990	8.06	7.86	8.38	10.19	15.02
Long-term government bond yields³
August 1, 1990	8.29	7.05	8.45	9.52	11.67
August 2, 1990	8.42	7.11	8.53	9.69	11.67
August 3, 1990	8.43	7.24	8.61	9.78	11.90
August 6, 1990	8.71	7.47	8.71	10.03	12.14
August 7, 1990	8.78	7.71	8.61	9.97	11.85
August 8, 1990	8.77	7.59	8.68	10.13	11.86
August 9, 1990	8.66	7.55	8.65	9.95	11.80
August 10, 1990	8.68	7.56	8.67	9.99	11.79
August 13, 1990	8.71	7.60	8.67	9.99	11.79
August 14, 1990	8.65	7.64	8.62	10.05	11.85
August 15, 1990	8.63	7.55	8.59	10.01	11.84
August 16, 1990	8.75	7.55	8.62	10.07	11.90
August 17, 1990	8.79	7.68	8.71	10.18	12.02
August 20, 1990	8.80	7.64	8.56	10.31	12.04

^¹United States, Standard & Poor’s 500; Japan, Nikkei Average; Germany, Commerzbank Index; France, CAC General; United Kingdom, Financial Times Actuaries All Share Price Index.

^²United States, Federal Funds rate; Japan, three-month certificate of deposit rate; Germany, France, and United Kingdom, three-month interbank rates.

^³Ten-year maturity or nearest available.

Table A4.

United States: Balance of Payments, 1987-Third Quarter 1990

(In billions of U.S. dollars)

Source: International Monetary Fund, Balance of Payments Statistics.

^¹Excluding liabilities held by foreign monetary authorities.

Table A4.

United States: Balance of Payments, 1987-Third Quarter 1990

(In billions of U.S. dollars)

			1987	1988	1989	1989				1990
			1987	1988	1989	I	II	III	IV	I	II	III
Current account			−162.2	−129.0	−110.0	−22.9	−27.6	−31.6	−28.0	−17.9	−21.0	−30.1
Net direct investments			15.9	42.2	40.5	14.3	6.9	1.8	17.5	−4.7	−0.1	−12.6
	Abroad		−31.0	−16.2	−31.7	−7.0	−10.1	−10.6	−4.0	−10.2	−7.4	−20.2
	In the United States		46.9	58.5	72.2	21.3	17.1	12.4	21.5	5.5	7.2	7.6
Financing need			−146.4	−86.8	−69.5	−8.6	−20.6	−29.8	−10.5	−22.6	−21.1	−42.6
Change in official reserves			9.1	−3.9	−25.3	−4.0	−12.1	−6.0	−3.2	−3.2	0.3	1.7
Acquisition of liabilities by foreign monetary authorities			47.7	40.2	8.5	8.0	−5.4	13.4	−7.4	−7.8	4.5	13.4
Residual financing need			−89.5	−50.5	−86.3	−4.6	−38.1	−22.5	−21.1	−33.6	−16.4	−27.5
Financing
Portfolio investments’			31.1	40.3	44.8	14.0	6.6	12.5	11.8	−6.7	−8.1	−2.7
	Public sector bonds		−2.3	27.2	40.9	10.6	5.1	14.5	10.7	1.0	1.4	−0.7
		Assets	—	—	—	—	—	—	—	—	—	—
		Liabilities	−2.3	27.2	40.9	10.6	5.1	14.5	10.7	1.0	1.4	−0.7
	Other bonds		15.7	14.5	14.0	4.3	2.4	0.7	6.6	−4.5	−0.1	1.0
		Assets	−7.4	−7.0	−5.3	−1.2	−1.7	−2.1	−0.3	−7.6	−5.6	−0.5
		Liabilities	23.1	21.4	19.3	5.5	4.1	2.8	6.8	3.2	5.5	1.4
	Corporate equities		17.7	−1.4	−10.1	−0.9	−0.9	−2.7	−5.5	−3.3	−9.4	−3.0
		Assets	2.1	−0.9	−16.7	−0.9	−4.5	−7.5	−3.8	0.1	−5.7	−0.5
		Liabilities	15.6	−0.5	6.6	−0.1	3.5	4.8	−1.7	−3.4	−3.7	−2.5
Deposit money banks¹			46.5	16.1	8.2	−5.8	−1.0	8.6	6.4	7.1	−3.4	23.3
	Long-term, net		0.6	10.6	0.2	−2.5	−0.9	−3.1	6.7	6.1	3.9	2.5
	Short-term		45.9	5.5	8.0	−3.3	−0.1	11.7	−0.2	1.1	−7.3	20.8
		Assets	−40.9	−57.3	−41.6	−15.4	24.4	−13.7	−36.9	41.1	−11.5	−6.2
		Liabilities	86.7	62.8	49.6	12.1	−24.5	25.4	36.7	−40.0	4.2	26.9
Other			5.3	2.5	10.8	8.0	3.6	−1.1	0.3	14.2	−2.0	1.9
Errors and omissions			6.7	−8.3	22.6	−11.5	29.0	2.5	2.6	19.0	29.8	4.9

Source: International Monetary Fund, Balance of Payments Statistics.

^¹Excluding liabilities held by foreign monetary authorities.

Table A4.

United States: Balance of Payments, 1987-Third Quarter 1990

(In billions of U.S. dollars)

			1987	1988	1989	1989				1990
			1987	1988	1989	I	II	III	IV	I	II	III
Current account			−162.2	−129.0	−110.0	−22.9	−27.6	−31.6	−28.0	−17.9	−21.0	−30.1
Net direct investments			15.9	42.2	40.5	14.3	6.9	1.8	17.5	−4.7	−0.1	−12.6
	Abroad		−31.0	−16.2	−31.7	−7.0	−10.1	−10.6	−4.0	−10.2	−7.4	−20.2
	In the United States		46.9	58.5	72.2	21.3	17.1	12.4	21.5	5.5	7.2	7.6
Financing need			−146.4	−86.8	−69.5	−8.6	−20.6	−29.8	−10.5	−22.6	−21.1	−42.6
Change in official reserves			9.1	−3.9	−25.3	−4.0	−12.1	−6.0	−3.2	−3.2	0.3	1.7
Acquisition of liabilities by foreign monetary authorities			47.7	40.2	8.5	8.0	−5.4	13.4	−7.4	−7.8	4.5	13.4
Residual financing need			−89.5	−50.5	−86.3	−4.6	−38.1	−22.5	−21.1	−33.6	−16.4	−27.5
Financing
Portfolio investments’			31.1	40.3	44.8	14.0	6.6	12.5	11.8	−6.7	−8.1	−2.7
	Public sector bonds		−2.3	27.2	40.9	10.6	5.1	14.5	10.7	1.0	1.4	−0.7
		Assets	—	—	—	—	—	—	—	—	—	—
		Liabilities	−2.3	27.2	40.9	10.6	5.1	14.5	10.7	1.0	1.4	−0.7
	Other bonds		15.7	14.5	14.0	4.3	2.4	0.7	6.6	−4.5	−0.1	1.0
		Assets	−7.4	−7.0	−5.3	−1.2	−1.7	−2.1	−0.3	−7.6	−5.6	−0.5
		Liabilities	23.1	21.4	19.3	5.5	4.1	2.8	6.8	3.2	5.5	1.4
	Corporate equities		17.7	−1.4	−10.1	−0.9	−0.9	−2.7	−5.5	−3.3	−9.4	−3.0
		Assets	2.1	−0.9	−16.7	−0.9	−4.5	−7.5	−3.8	0.1	−5.7	−0.5
		Liabilities	15.6	−0.5	6.6	−0.1	3.5	4.8	−1.7	−3.4	−3.7	−2.5
Deposit money banks¹			46.5	16.1	8.2	−5.8	−1.0	8.6	6.4	7.1	−3.4	23.3
	Long-term, net		0.6	10.6	0.2	−2.5	−0.9	−3.1	6.7	6.1	3.9	2.5
	Short-term		45.9	5.5	8.0	−3.3	−0.1	11.7	−0.2	1.1	−7.3	20.8
		Assets	−40.9	−57.3	−41.6	−15.4	24.4	−13.7	−36.9	41.1	−11.5	−6.2
		Liabilities	86.7	62.8	49.6	12.1	−24.5	25.4	36.7	−40.0	4.2	26.9
Other			5.3	2.5	10.8	8.0	3.6	−1.1	0.3	14.2	−2.0	1.9
Errors and omissions			6.7	−8.3	22.6	−11.5	29.0	2.5	2.6	19.0	29.8	4.9

Source: International Monetary Fund, Balance of Payments Statistics.

^¹Excluding liabilities held by foreign monetary authorities.

Table A5.

Japan: Balance of Payments, 1987-Third Quarter 1990

(In billions of U.S. dollars)

Source: International Monetary Fund, Balance of Payments Statistics; and Bank of Japan, Balance of Payments Monthly.

^¹Excluding liabilities held by foreign monetary authorities.

Table A5.

Japan: Balance of Payments, 1987-Third Quarter 1990

(In billions of U.S. dollars)

			1987	1988	1989	1989				1990
			1987	1988	1989	I	II	III	IV	I	II	III
Current account			87.0	79.6	57.0	16.0	14.2	14.9	11.9	12.3	7.9	7.4
Net direct investments			−18.4	−34.7	−45.2	−9.0	−11.6	−10.7	−13.9	−13.3	−12.4	−10.5
	Abroad		19.5	−34.2	−44.2	−8.9	−11.6	−10.5	−13.2	−13.9	−12.8	−10.9
	In Japan		1.2	−0.5	−1.1	−0.2	—	−0.2	−0.7	0.6	0.4	0.5
Financing need			68.7	44.9	11.8	7.0	2.6	4.2	−2.1	−0.9	−4.6	−3.1
Change in official reserves			−37.9	−16.5	12.8	−2.1	9.6	3.7	1.6	10.4	−0.6	−2.2
Acquisition of liabilities by foreign monetary authorities			—	—	—	—	—	—	—	—	—	—
Residual financing need			30.7	28.4	24.5	4.9	12.2	7.9	−0.5	9.4	−5.1	−5.3
Financing
Portfolio investments¹			−91.3	−52.8	−32.5	7.0	−7.9	−12.4	−19.2	−6.0	−10.7	…
	Public sector bonds		−62.3	−106.5	−95.1	−15.9	−26.7	−20.6	−31.9	5.5	−4.6	…
		Assets	−71.2	−84.1	−95.4	−13.4	−26.0	−25.0	−30.9	−0.4	−10.4	…
		Liabilities	8.9	−22.4	0.2	−2.5	−0.7	4.4	−1.0	5.9	5.8	…
	Other bond		30.7	49.9	73.5	13.7	31.1	12.3	16.4	5.2	−4.8	…
		Assets	—	—	—	—	—	—	—	—	—	…
		Liabilities	30.7	49.9	73.5	13.7	31.1	12.3	16.4	5.2	−4.8	…
Corporate equities			−59.7	3.8	−10.9	9.1	−12.3	−4.1	−3.7	−16.7	−1.3	−2.9
		Assets	−16.9	−3.0	−17.9	0.1	−6.1	−4.8	−7.1	−5.0	−2.2	0.5
		Liabilities	−42.8	6.8	7.0	9.0	−6.2	0.8	3.4	−11.7	0.8	−3.4
Deposit money banks¹			62.1	38.4	3.7	−23.0	9.1	−4.9	22.4	−15.4	1.4	…
	Long-term, net		−9.7	−6.1	−4.9	−1.3	−0.6	−0.1	−2.9	−1.5	−2.1	…
	Short-term		71.8	44.5	8.6	−21.7	9.7	−4.8	25.3	−13.9	3.4	3.0
		Assets	−107.1	−147.5	−133.9	−66.6	23.0	−74.3	−15.9	−17.9	18.9	−34.7
		Liabilities	178.9	191.9	142.5	45.0	−13.2	69.5	41.3	4.1	−15.4	37.8
Other			2.2	−17.1	26.1	7.2	−4.2	20.8	2.3	16.3	14.5	…
Errors and omissions			−3.7	3.1	−21.8	3.9	−9.2	−11.5	−5.1	−4.4	—	−6.6

Source: International Monetary Fund, Balance of Payments Statistics; and Bank of Japan, Balance of Payments Monthly.

^¹Excluding liabilities held by foreign monetary authorities.

Table A5.

Japan: Balance of Payments, 1987-Third Quarter 1990

(In billions of U.S. dollars)

			1987	1988	1989	1989				1990
			1987	1988	1989	I	II	III	IV	I	II	III
Current account			87.0	79.6	57.0	16.0	14.2	14.9	11.9	12.3	7.9	7.4
Net direct investments			−18.4	−34.7	−45.2	−9.0	−11.6	−10.7	−13.9	−13.3	−12.4	−10.5
	Abroad		19.5	−34.2	−44.2	−8.9	−11.6	−10.5	−13.2	−13.9	−12.8	−10.9
	In Japan		1.2	−0.5	−1.1	−0.2	—	−0.2	−0.7	0.6	0.4	0.5
Financing need			68.7	44.9	11.8	7.0	2.6	4.2	−2.1	−0.9	−4.6	−3.1
Change in official reserves			−37.9	−16.5	12.8	−2.1	9.6	3.7	1.6	10.4	−0.6	−2.2
Acquisition of liabilities by foreign monetary authorities			—	—	—	—	—	—	—	—	—	—
Residual financing need			30.7	28.4	24.5	4.9	12.2	7.9	−0.5	9.4	−5.1	−5.3
Financing
Portfolio investments¹			−91.3	−52.8	−32.5	7.0	−7.9	−12.4	−19.2	−6.0	−10.7	…
	Public sector bonds		−62.3	−106.5	−95.1	−15.9	−26.7	−20.6	−31.9	5.5	−4.6	…
		Assets	−71.2	−84.1	−95.4	−13.4	−26.0	−25.0	−30.9	−0.4	−10.4	…
		Liabilities	8.9	−22.4	0.2	−2.5	−0.7	4.4	−1.0	5.9	5.8	…
	Other bond		30.7	49.9	73.5	13.7	31.1	12.3	16.4	5.2	−4.8	…
		Assets	—	—	—	—	—	—	—	—	—	…
		Liabilities	30.7	49.9	73.5	13.7	31.1	12.3	16.4	5.2	−4.8	…
Corporate equities			−59.7	3.8	−10.9	9.1	−12.3	−4.1	−3.7	−16.7	−1.3	−2.9
		Assets	−16.9	−3.0	−17.9	0.1	−6.1	−4.8	−7.1	−5.0	−2.2	0.5
		Liabilities	−42.8	6.8	7.0	9.0	−6.2	0.8	3.4	−11.7	0.8	−3.4
Deposit money banks¹			62.1	38.4	3.7	−23.0	9.1	−4.9	22.4	−15.4	1.4	…
	Long-term, net		−9.7	−6.1	−4.9	−1.3	−0.6	−0.1	−2.9	−1.5	−2.1	…
	Short-term		71.8	44.5	8.6	−21.7	9.7	−4.8	25.3	−13.9	3.4	3.0
		Assets	−107.1	−147.5	−133.9	−66.6	23.0	−74.3	−15.9	−17.9	18.9	−34.7
		Liabilities	178.9	191.9	142.5	45.0	−13.2	69.5	41.3	4.1	−15.4	37.8
Other			2.2	−17.1	26.1	7.2	−4.2	20.8	2.3	16.3	14.5	…
Errors and omissions			−3.7	3.1	−21.8	3.9	−9.2	−11.5	−5.1	−4.4	—	−6.6

Source: International Monetary Fund, Balance of Payments Statistics; and Bank of Japan, Balance of Payments Monthly.

^¹Excluding liabilities held by foreign monetary authorities.

Table A6.

Germany: Balance of Payments, 1987-Third Quarter 1990

(In billions of U.S. dollars)

Source: International Monetary Fund, Balance of Payments Statistics; Bundesbank, Monthly Report.

^¹Excluding liabilities held by foreign monetary authorities.

Table A6.

Germany: Balance of Payments, 1987-Third Quarter 1990

(In billions of U.S. dollars)

			1987	1988	1989	1989				1990
			1987	1988	1989	I	II	III	IV	I	II	III
Current account			46.1	50.5	55.4	16.7	14.0	11.1	13.6	17.0	10.8	8.2
Net direct investments			−7.3	−9.9	−7.7	−1.1	−1.9	−2.0	−2.6	−5.5	−2.0	−4.1
	Abroad		−9.2	−11.2	−13.6	−2.7	−2.7	−3.0	−5.2	−5.6	−4.0	−4.3
	In Germany		1.9	1.4	5.9	1.6	0.7	0.9	2.7	0.1	2.0	0.2
Financing need			38.8	40.6	47.8	15.6	12.1	9.1	11.1	11.6	8.8	4.1
Change in official reserves			−21.5	15.4	−2.8	1.4	−1.5	−0.8	−1.9	−1.4	−2.2	−0.6
Acquisition of liabilities by foreign monetary authorities			1.2	3.0	13.4	3.4	7.2	0.8	2.0	0.5	0.5	0.8
Residual financing need			18.5	59.0	58.4	20.4	17.7	9.1	11.1	10.6	7.1	4.2
Financing
Portfolio investments¹			−2.5	−43.8	−4.4	−16.4	1.1	−1.3	12.2	−8.1	−6.1	−3.5
	Public sector bonds		11.7	2.6	8.9	−4.1	3.9	3.3	5.9	−6.5	1.7	2.0
		Assets	—	—	—	—	—	—	—	—	—	—
		Liabilities	11.7	2.6	8.9	−4.1	3.9	3.3	5.9	−6.5	1.7	2.0
	Other bonds		−12.9	−39.0	−21.0	−10.6	−2.4	−6.7	−1.3	−6.3	−4.2	−2.5
		Assets	−13.6	−31.2	−21.5	−9.5	−2.4	−7.5	−2.1	−5.6	−4.3	−3.9
		Liabilities	0.7	−7.8	0.6	−1.1	—	0.9	0.8	−0.7	0.1	1.3
	Corporate equities		−1.3	−7.3	7.6	−1.7	−0.4	2.1	7.6	4.7	−3.5	−2.9
		Assets	−0.1	−10.3	−5.0	−3.0	−1.2	−1.0	0.2	0.3	−0.6	—
		Liabilities	−1.2	3.0	12.6	1.3	0.8	3.1	7.4	4.3	−3.0	−2.9
Deposit money banks¹			−8.0	−2.8	−25.0	12.9	−7.7	−6.5	−23.8	7.9	−7.1	−3.0
	Long-term, net		−1.3	6.9	6.3	2.4	1.7	1.9	0.4	−4.9	−1.2	−5.2
	Short-term		−6.7	−9.6	−31.3	10.6	−9.4	−8.4	−24.1	12.8	−5.9	2.2
		Assets	−8.8	−15.8	−43.2	6.9	−15.1	−8.4	−26.7	8.1	−6.1	−5.9
		Liabilities	2.1	6.2	12.0	3.6	5.7	—	2.6	4.7	−0.2	8.1
Other			−7.1	−14.9	−32.1	−16.2	−9.7	−1.5	−4.7	−15.3	1.3	−1.9
Errors and omissions			−0.8	2.4	3.0	−0.8	−1.4	0.2	5.2	4.9	4.9	4.2

Source: International Monetary Fund, Balance of Payments Statistics; Bundesbank, Monthly Report.

^¹Excluding liabilities held by foreign monetary authorities.

Table A6.

Germany: Balance of Payments, 1987-Third Quarter 1990

(In billions of U.S. dollars)

			1987	1988	1989	1989				1990
			1987	1988	1989	I	II	III	IV	I	II	III
Current account			46.1	50.5	55.4	16.7	14.0	11.1	13.6	17.0	10.8	8.2
Net direct investments			−7.3	−9.9	−7.7	−1.1	−1.9	−2.0	−2.6	−5.5	−2.0	−4.1
	Abroad		−9.2	−11.2	−13.6	−2.7	−2.7	−3.0	−5.2	−5.6	−4.0	−4.3
	In Germany		1.9	1.4	5.9	1.6	0.7	0.9	2.7	0.1	2.0	0.2
Financing need			38.8	40.6	47.8	15.6	12.1	9.1	11.1	11.6	8.8	4.1
Change in official reserves			−21.5	15.4	−2.8	1.4	−1.5	−0.8	−1.9	−1.4	−2.2	−0.6
Acquisition of liabilities by foreign monetary authorities			1.2	3.0	13.4	3.4	7.2	0.8	2.0	0.5	0.5	0.8
Residual financing need			18.5	59.0	58.4	20.4	17.7	9.1	11.1	10.6	7.1	4.2
Financing
Portfolio investments¹			−2.5	−43.8	−4.4	−16.4	1.1	−1.3	12.2	−8.1	−6.1	−3.5
	Public sector bonds		11.7	2.6	8.9	−4.1	3.9	3.3	5.9	−6.5	1.7	2.0
		Assets	—	—	—	—	—	—	—	—	—	—
		Liabilities	11.7	2.6	8.9	−4.1	3.9	3.3	5.9	−6.5	1.7	2.0
	Other bonds		−12.9	−39.0	−21.0	−10.6	−2.4	−6.7	−1.3	−6.3	−4.2	−2.5
		Assets	−13.6	−31.2	−21.5	−9.5	−2.4	−7.5	−2.1	−5.6	−4.3	−3.9
		Liabilities	0.7	−7.8	0.6	−1.1	—	0.9	0.8	−0.7	0.1	1.3
	Corporate equities		−1.3	−7.3	7.6	−1.7	−0.4	2.1	7.6	4.7	−3.5	−2.9
		Assets	−0.1	−10.3	−5.0	−3.0	−1.2	−1.0	0.2	0.3	−0.6	—
		Liabilities	−1.2	3.0	12.6	1.3	0.8	3.1	7.4	4.3	−3.0	−2.9
Deposit money banks¹			−8.0	−2.8	−25.0	12.9	−7.7	−6.5	−23.8	7.9	−7.1	−3.0
	Long-term, net		−1.3	6.9	6.3	2.4	1.7	1.9	0.4	−4.9	−1.2	−5.2
	Short-term		−6.7	−9.6	−31.3	10.6	−9.4	−8.4	−24.1	12.8	−5.9	2.2
		Assets	−8.8	−15.8	−43.2	6.9	−15.1	−8.4	−26.7	8.1	−6.1	−5.9
		Liabilities	2.1	6.2	12.0	3.6	5.7	—	2.6	4.7	−0.2	8.1
Other			−7.1	−14.9	−32.1	−16.2	−9.7	−1.5	−4.7	−15.3	1.3	−1.9
Errors and omissions			−0.8	2.4	3.0	−0.8	−1.4	0.2	5.2	4.9	4.9	4.2

Source: International Monetary Fund, Balance of Payments Statistics; Bundesbank, Monthly Report.

^¹Excluding liabilities held by foreign monetary authorities.

Table A7.

United Kingdom: Balance of Payments, 1987-Third Quarter 1990

(In billions of U.S. dollars)

Source: International Monetary Fund, Balance of Payments Statistics.

^¹Excluding liabilities held by foreign monetary authorities.

Table A7.

United Kingdom: Balance of Payments, 1987-Third Quarter 1990

(In billions of U.S. dollars)

			1987	1988	1989	1989				1990
			1987	1988	1989	I	II	III	IV	I	II	III
Current account			−7.4	−27.3	−32.1	−7.7	−8.6	10.8	−5.0	−7.9	−8.7	−7.8
Net direct investments			−17.0	−20.5	−1.8	−2.5	0.8	−2.4	2.3	5.3	−2.5	9.0
	Abroad		−31.1	−37.0	−32.0	−11.1	−8.3	−6.3	−6.3	−7.4	−7.5	−4.1
	In the United Kingdom		14.1	16.5	30.2	8.6	9.1	3.9	8.6	12.8	5.0	13.1
Financing need			−24.4	−47.8	−33.9	−10.2	−7.8	13.2	−2.7	−2.5	−11.2	1.2
Change in official reserves			−20.2	−4.9	8.8	0.9	3.5	0.6	3.9	0.2	−0.1	−0.8
Acquisition of liabilities by foreign monetary authorities			25.5	6.8	7.4	5.5	3.5	2.9	−4.5	−0.3	5.3	2.3
Residual financing need			−19.0	−45.9	−17.7	−3.8	−0.8	−9.7	−3.3	−2.6	−6.0	2.7
Financing
Portfolio investments¹			27.6	6.5	−39.9	−12.4	−7.2	−5.2	−15.0	−2.8	1.6	3.7
	Public sector bonds		3.9	1.5	−2.7	−0.1	−1.4	0.4	−1.7	−2.7	−0.5	−1.8
		Assets	—	—	—		—	—	—	—	—	—
		Liabilities	3.9	1.5	−2.7	−0.1	−1.4	0.4	−1.7	−2.7	−0.5	−1.8
	Other bonds		11.8	1.5	−12.8	−0.5	−11.0	4.7	−6.0	−5.8	3.8	0.7
		Assets	4.2	−12.2	−27.6	−3.1	−12.3	−3.0	−9.2	−8.3	1.3	−3.6
		Liabilites	7.6	13.7	14.8	2.6	1.3	7.7	3.2	2.5	2.5	4.3
	Corporate equities		11.9	3.6	−24.3	−11.9	5.2	−10.4	−7.3	5.7	−1.7	4.7
		Assets	2.5	−5.6	−30.9	−8.6	−2.1	−10.7	−9.4	4.6	−2.3	4.0
		Liabilities	9.4	9.1	6.5	−3.2	7.3	0.3	2.1	1.1	0.6	0.7
Deposit money banks¹			−18.6	18.5	20.4	5.9	−3.1	11.9	5.8	6.7	−9.9	−11.3
	Long-term, net		1.8	1.0	1.0	−0.3	0.3	0.5	0.4	0.3	0.2	—
	Short-term		−20.4	17.5	19.5	6.2	−3.5	11.4	5.4	6.4	−10.1	−11.3
		Assets	−86.8	−35.9	−50.9	−26.4	1.0	−14.4	−11.2	−14.2	−5.8	−54.0
		Liabilities	66.4	53.4	70.4	32.5	−4.5	25.8	16.6	20.6	−4.3	42.7
Other			−2.4	6.9	11.4	3.3	2.5	6.8	−1.3	2.1	−1.7	−0.3
Errors and omissions			12.5	14.0	25.7	7.0	8.6	−3.8	13.8	−3.4	16.0	5.2

Source: International Monetary Fund, Balance of Payments Statistics.

^¹Excluding liabilities held by foreign monetary authorities.

Table A7.

United Kingdom: Balance of Payments, 1987-Third Quarter 1990

(In billions of U.S. dollars)

			1987	1988	1989	1989				1990
			1987	1988	1989	I	II	III	IV	I	II	III
Current account			−7.4	−27.3	−32.1	−7.7	−8.6	10.8	−5.0	−7.9	−8.7	−7.8
Net direct investments			−17.0	−20.5	−1.8	−2.5	0.8	−2.4	2.3	5.3	−2.5	9.0
	Abroad		−31.1	−37.0	−32.0	−11.1	−8.3	−6.3	−6.3	−7.4	−7.5	−4.1
	In the United Kingdom		14.1	16.5	30.2	8.6	9.1	3.9	8.6	12.8	5.0	13.1
Financing need			−24.4	−47.8	−33.9	−10.2	−7.8	13.2	−2.7	−2.5	−11.2	1.2
Change in official reserves			−20.2	−4.9	8.8	0.9	3.5	0.6	3.9	0.2	−0.1	−0.8
Acquisition of liabilities by foreign monetary authorities			25.5	6.8	7.4	5.5	3.5	2.9	−4.5	−0.3	5.3	2.3
Residual financing need			−19.0	−45.9	−17.7	−3.8	−0.8	−9.7	−3.3	−2.6	−6.0	2.7
Financing
Portfolio investments¹			27.6	6.5	−39.9	−12.4	−7.2	−5.2	−15.0	−2.8	1.6	3.7
	Public sector bonds		3.9	1.5	−2.7	−0.1	−1.4	0.4	−1.7	−2.7	−0.5	−1.8
		Assets	—	—	—		—	—	—	—	—	—
		Liabilities	3.9	1.5	−2.7	−0.1	−1.4	0.4	−1.7	−2.7	−0.5	−1.8
	Other bonds		11.8	1.5	−12.8	−0.5	−11.0	4.7	−6.0	−5.8	3.8	0.7
		Assets	4.2	−12.2	−27.6	−3.1	−12.3	−3.0	−9.2	−8.3	1.3	−3.6
		Liabilites	7.6	13.7	14.8	2.6	1.3	7.7	3.2	2.5	2.5	4.3
	Corporate equities		11.9	3.6	−24.3	−11.9	5.2	−10.4	−7.3	5.7	−1.7	4.7
		Assets	2.5	−5.6	−30.9	−8.6	−2.1	−10.7	−9.4	4.6	−2.3	4.0
		Liabilities	9.4	9.1	6.5	−3.2	7.3	0.3	2.1	1.1	0.6	0.7
Deposit money banks¹			−18.6	18.5	20.4	5.9	−3.1	11.9	5.8	6.7	−9.9	−11.3
	Long-term, net		1.8	1.0	1.0	−0.3	0.3	0.5	0.4	0.3	0.2	—
	Short-term		−20.4	17.5	19.5	6.2	−3.5	11.4	5.4	6.4	−10.1	−11.3
		Assets	−86.8	−35.9	−50.9	−26.4	1.0	−14.4	−11.2	−14.2	−5.8	−54.0
		Liabilities	66.4	53.4	70.4	32.5	−4.5	25.8	16.6	20.6	−4.3	42.7
Other			−2.4	6.9	11.4	3.3	2.5	6.8	−1.3	2.1	−1.7	−0.3
Errors and omissions			12.5	14.0	25.7	7.0	8.6	−3.8	13.8	−3.4	16.0	5.2

Source: International Monetary Fund, Balance of Payments Statistics.

^¹Excluding liabilities held by foreign monetary authorities.

Table A8.

Change in Interbank Claims and Liabilities, 1984-Third Quarter 1990¹

(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 A8.

Change in Interbank Claims and Liabilities, 1984-Third Quarter 1990¹

(In billions of U.S. dollars)

				1984	1985	1986	1987	1988	1989	1989	1990
				1984	1985	1986	1987	1988	1989	First three quarters
Total change in claims²				155	217	451	666	484	637	458	276
	Industrial countries			120	183	376	471	397	436	323	256
		Of which:
			United States	25	33	69	83	69	59	33	11
			Japan	22	40	149	192	185	136	94	31
	Developing countries³			5	8	4	16	−3	—	−2	−4
	Offshore centers⁴			26	19	81	164	82	171	109	36
	Other transactors⁵			4	7	−11	15	8	30	27	−13
Memorandum items
	Capital importing developing countries^3, ⁶			7	8	4	14	−7	−2	−1	—
	Non-oil developing countries^3, ⁷			7	6	4	14	−10	−3	−2	−2
	Fifteen heavily indebted countries			−1	—	−1	2	−10	−3	−2	−10
Total change in liabilities⁸				152	213	466	627	445	643	448	255
	Industrial countries			110	168	364	440	327	458	340	266
		Of which:
			United States	14	8	56	35	63	60	38	-27
			Japan	11	40	111	145	147	125	108	32
	Developing countries³			23	1	−10	33	19	38	17	25
	Offshore centers⁴			18	37	117	138	95	135	76	−20
	Other transactors⁵			1	8	−5	16	4	12	15	−16
Memorandum items
	Capital importing developing
	countries^3, ⁶			23	5	2	25	12	36	17	35
	Non-oil developing countries^3, ⁷			22	2	9	25	13	33	16	32
	Fifteen heavily indebted countries			12	−3	−7	5	−1	7	5	9
Change in total net claims⁹				3	4	−15	39	39	−6	10	21
	Industrial countries			10	16	13	30	70	−22	−17	−9
		Of which:
			United States	11	25	13	48	6	-2	-5	38
			Japan	11	-1	37	47	39	12	-14	-1
	Developing countries³			−18	6	14	−16	−21	−39	−19	−29
	Offshore centers⁴			9	−18	−36	26	−14	37	33	57
	Other transactions⁵			3	−1	−5	−1	4	18	13	3
Memorandum items
	Capital importing developing countries^3, ⁶			−16	3	2	−10	−19	−39	−18	−34
	Non-oil developing countries^3, ⁷			−15	4	−5	−11	−23	−37	−17	−34
	Fifteen heavily indebted countries			−10	3	6	−3	−8	−10	−7	−19
	Net errors and omissions¹⁰			−3	−4	15	−39	−39	6	−10	−21

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 A8.

Change in Interbank Claims and Liabilities, 1984-Third Quarter 1990¹

(In billions of U.S. dollars)

				1984	1985	1986	1987	1988	1989	1989	1990
				1984	1985	1986	1987	1988	1989	First three quarters
Total change in claims²				155	217	451	666	484	637	458	276
	Industrial countries			120	183	376	471	397	436	323	256
		Of which:
			United States	25	33	69	83	69	59	33	11
			Japan	22	40	149	192	185	136	94	31
	Developing countries³			5	8	4	16	−3	—	−2	−4
	Offshore centers⁴			26	19	81	164	82	171	109	36
	Other transactors⁵			4	7	−11	15	8	30	27	−13
Memorandum items
	Capital importing developing countries^3, ⁶			7	8	4	14	−7	−2	−1	—
	Non-oil developing countries^3, ⁷			7	6	4	14	−10	−3	−2	−2
	Fifteen heavily indebted countries			−1	—	−1	2	−10	−3	−2	−10
Total change in liabilities⁸				152	213	466	627	445	643	448	255
	Industrial countries			110	168	364	440	327	458	340	266
		Of which:
			United States	14	8	56	35	63	60	38	-27
			Japan	11	40	111	145	147	125	108	32
	Developing countries³			23	1	−10	33	19	38	17	25
	Offshore centers⁴			18	37	117	138	95	135	76	−20
	Other transactors⁵			1	8	−5	16	4	12	15	−16
Memorandum items
	Capital importing developing
	countries^3, ⁶			23	5	2	25	12	36	17	35
	Non-oil developing countries^3, ⁷			22	2	9	25	13	33	16	32
	Fifteen heavily indebted countries			12	−3	−7	5	−1	7	5	9
Change in total net claims⁹				3	4	−15	39	39	−6	10	21
	Industrial countries			10	16	13	30	70	−22	−17	−9
		Of which:
			United States	11	25	13	48	6	-2	-5	38
			Japan	11	-1	37	47	39	12	-14	-1
	Developing countries³			−18	6	14	−16	−21	−39	−19	−29
	Offshore centers⁴			9	−18	−36	26	−14	37	33	57
	Other transactions⁵			3	−1	−5	−1	4	18	13	3
Memorandum items
	Capital importing developing countries^3, ⁶			−16	3	2	−10	−19	−39	−18	−34
	Non-oil developing countries^3, ⁷			−15	4	−5	−11	−23	−37	−17	−34
	Fifteen heavily indebted countries			−10	3	6	−3	−8	−10	−7	−19
	Net errors and omissions¹⁰			−3	−4	15	−39	−39	6	−10	−21

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 A9.

Change in Claims on Nonbanks and Liabilities to Nonbanks, 1984-Third Quarter 1990¹

(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 bank accounts of nonbanks in centrally planned economies (excluding Fund members).

^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 either not available or are small in relation to external assets.

^⁸Consisting of all developing countries except the Middle Eastern oil exporters (see 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 A9.

Change in Claims on Nonbanks and Liabilities to Nonbanks, 1984-Third Quarter 1990¹

(In billions of U.S. dollars)

				1984	1985	1986	1987	1988	1989	1989	1990
				1984	1985	1986	1987	1988	1989	First three quarters
Total change in claims²				28	59	87	137	76	183	123	157
	Industrial countries			13	24	37	77	73	128	90	130
		Of which:
			United States	11	21	25	23	39	35	28	21
			Japan	-3	—	5	31	17	37	31	35
	Developing countries³			6	−4	−2	6	−3	12	8	−9
	Offshore centers⁴			3	9	5	1	3	10	6	5
	Other transactors⁵			2	3	4	3	−2	4	2	2
	Unidentified borrowers⁶			5	26	43	50	4	29	17	28
Memorandum items
	Capital importing developing countries^3, ⁷			6	−3	−1	7	−3	9	7	−8
	Non-oil developing countries^3, ⁸			7	−3	−1	8	−2	11	8	−6
	Fifteen heavily indebted countries			5	−5	−1	1	−6	1	—	−17
Total change in liabilities⁹				34	89	118	134	96	158	117	132
	Industrial countries			9	27	60	53	43	115	79	65
		Of which:
			United States	-6	14	26	23	21	6	3	-9
			Japan	1	1	2	1	1	14	5	-4
	Developing countries³			—	22	3	15	18	31	22	24
	Offshore centers⁴			6	9	13	7	5	14	11	9
	Other transactors⁵			—	1	−1	1	2	1	—	1
	Unidentified depositors⁶			18	31	42	58	28	−2	4	33
Memorandum items
	Capital importing developing countries^3, ⁷			2	16	6	11	13	21	17	19
	Non-oil developing countries^3, ⁸			1	14	7	11	12	19	15	18
	Fifteen heavily indebted countries			3	8	2	5	6	9	8	7
Change in total net claims on¹⁰				−6	−30	−31	3	−20	24	5	24
	Industrial countries			4	−2	−23	24	30	14	11	65
		Of which:
			United States	17	8	-1	1	19	28	25	30
			Japan	-3	-1	3	30	15	23	25	38
	Developing countries³			6	−26	−5	−9	−22	−19	−14	−33
	Offshore centers⁴			−3	1	−8	−6	−2	−4	−6	−4
	Other transactors⁵			1	2	5	2	−3	3	2	1
	Unidentified (net)⁶			−14	−5	1	−8	−24	31	12	−5
Memorandum items
	Capital importing developing countries^3, ⁷			4	−19	−7	−5	−16	−12	−10	−28
	Non-oil developing countries^3, ⁸			6	−17	−8	−3	−14	−8	−8	−28
	Fifteen heavily indebted countries			2	−13	−3	−4	−12	−8	−8	−24

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 bank accounts of nonbanks in centrally planned economies (excluding Fund members).

^⁸Consisting of all developing countries except the Middle Eastern oil exporters (see 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 A9.

Change in Claims on Nonbanks and Liabilities to Nonbanks, 1984-Third Quarter 1990¹

(In billions of U.S. dollars)

				1984	1985	1986	1987	1988	1989	1989	1990
				1984	1985	1986	1987	1988	1989	First three quarters
Total change in claims²				28	59	87	137	76	183	123	157
	Industrial countries			13	24	37	77	73	128	90	130
		Of which:
			United States	11	21	25	23	39	35	28	21
			Japan	-3	—	5	31	17	37	31	35
	Developing countries³			6	−4	−2	6	−3	12	8	−9
	Offshore centers⁴			3	9	5	1	3	10	6	5
	Other transactors⁵			2	3	4	3	−2	4	2	2
	Unidentified borrowers⁶

Topics

Countries

Series

About

Resources

Abstract