Archived Series > World Economic and Financial Surveys
Abstract
This study provides information on official financing and the debt situation of developing countries. It discusses issues related to trade finance in financial crises, and the challenge of maintaining external debt sustainability in debtor countries. It updates the 2001 edition of Official Financing for Developing Countries.
Abstract
This paper reviews developments and issues in the exchange arrangements and currency convertibility of IMF members. Against the backdrop of continuing financial globalization and a series of emerging market crises since 1997, there have been important changes in the evolution of exchange rate regimes and the pace of liberalization of current and capital transactions among IMF member countries. There has been a shift away from intermediate regimes according to the IMF's official exchange rate regime classification system based on de facto exchange rate policies. The de facto exchange rate classification system has helped to clarify the nature and role of members' exchange rate regimes. It has facilitated discussions with country authorities about the implementation of exchange rate regimes and hence has contributed to more effective surveillance of the international monetary system. The use of exchange controls appears to have been little influenced by the degree of flexibility of exchange rate regimes or the occurrences of currency crises.
Abstract
This paper reports the on-off nature of emerging market access to international capital markets appears to have become a key characteristic of international financial markets. Emerging market borrowers have begun to adapt: when the market for US dollar-denominated bonds has closed, these borrowers turn to the syndicated loan markets, attempt to issue in bonds denominated in euro or yen, or issue in local-currency bond markets. In addition, they employ staff with extensive experience in investment banking and securities trading, exploit “windows of opportunity” to prefund their yearly financing requirement, and engage in debt exchanges to extend the maturity of their debt and avoid a bunching of maturities. The consolidation of financial institutions is driven by attempts to exploit economies of scale and scope, and technological advances such as the Internet and deregulation that facilitate universal banking activities are making it easier to reap such economies. Advances in technology are also transforming the securities trading industry.
Abstract
Following a review and assesment of recent developments in capital market and banking systems, this year's International Capital Markets report review and assesses recent developments in mature and emerging financial markets and continues the analysis of key issues affecting global financial markets. It examines the systemic implications of the continued rapid development of the global over-the-counter derivatives markets and the expansion of foreign-owned banks into emerging markets. The report also analyzes market participants assessments of the proposals for private sector involvement in the prevention and resolution of crises.
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This study reviews the developments and issues in the exchange arrangements and currency convertibility of IMF members. The principal information source for this report is the Annual Report on Exchange Arrangements and Exchange Restrictions prepared in consultation with national authorities.
Abstract
Following a review and assessment of recent developments in capital market and banking systems, this year's International Capital Markets report reviews and assesses recent developments in mature and emerging financial markets and continues the analysis of key issues affecting global financial markets. It examines the systemic implications of the continued rapid development of the global over-the-counter derivatives markets and the expansion of foreign-owned banks into emerging markets. The report also analyzes market participants' assessments of the proposals for private sector involvement in the prevention and resolution crises.
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This interim update of the IMF's latest regular reports on the World Economic Outlook (published in October 1998) and International Capital Markets (September 1998) provides a preliminary assessment of the unusual turbulence in international financial markets during much of the period August-November 1998, and its implications for the global economic outlook and for policy. The survey of prospects and policies is the product of a comprehensive interdepartmental review of world economic developments, which draws primarily on information the IMF gathers through its consultations with member countries. For its eveluation of developments in financial markets, the report also draws, in part, on informal discussions with commercial and investment banks, securities firms, stock and futures exchanges, and regulatory and monetary authorities.
Abstract
This year's capital markets report provides a comprehensive survey of recent developments and trends in the advanced and emerging capital markets, focusing on financial market behavior during the Asian crisis, policy lessons for dealing with volatility in capital flows, banking sector developments in the advanced and emerging markets, initiatives in banking system supervision and regulation, and the financial infrastructure for managing systemic risk in EMU.
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This study provides information on official financing for developing countries with the focus on low and lower-middle-income countries. It updates the 1995 edition and reviews developments in direct financing by offical and multilateral sources. Topics of interest include external debt sustainability for heavily indebted poor countries; new official financing flows to developing countries; developments in export credits;financing from multilateral institutions; debt restructuring by official bilateral creditors; plus, numerous appendices.
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This study outlines the broad principles and characteristics of stable and sound financial systems, to facilitate IMF sruveillance over banking sector issues of macroeconomic significance and to contribute the general international effort to reduce the likelihood and diminish the intensity of future financial sector crises.