Archived Series > World Economic and Financial Surveys
Abstract
Analysis and Plans, presents an assessment of 1997 survey data and a summary of improvements introduced, as a result of countries' participation in the 1997 Coordinated Portfolio Investment Survey, into national systems for collecting data on international (cross-border) portfolio investment The chapter reviews developments that occurred in international financial markets in the 1980s and 1990s, and the Godeaux Report assessment and recommendations about global data on international portfolio investment flows and stocks. The objectives set for the 1997 survey, the scope of survey results, and the process by which results have been assessed in the chapter. Since publication of the Godeaux Report, substantial expansion and evolution have occurred in exchange and over-the-counter markets for financial derivatives covering a range of financial risks. These markets now have the capacity, in effect, to change the currencies, maturities, and marketability of the financial instruments underlying associated derivative contracts. It is recommended that vigorous efforts should be made to secure the participation of more major investing countries in order to address the under-reporting of global portfolio investment assets and to confirm the reliability of the global data on portfolio investment liabilities.
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This study asseses trade liberalization in programs supported by the IMF by reviewing multiyear arrangements in the 1990s and six detailed case studies. It also discusses the main economic factors affecting trade policy targets.
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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.
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Provides a comprehensive survey of recent developments in international financial markets, including developments in emerging capital markets, bond markets, major currency markets, and derivative markets. The report focuses on efforts by the major industrial countries to strengthen the management of financial risk and prundential oversight over the international banking system. It also critically evaluates existing mechanisms for international cooperation of financial supervision and regulation and proposes the development of international banking standards.
Abstract
This paper provides an analysis of recent developments relating to the major nonfuel primary commodities (hereafter referred to as commodities) entering international trade. The unit value of manufactured exports in dollar terms also increased every year from 1972 to 1980; the rate of increase was 1 2 percent per annum. The persistent upward trend in dollar prices of commodities that characterized much of the 1970s ended in 1980. In addition to the movements in exchange rates outlined above, which determine the differences in price movements when measured in different currencies, the factors shown in various studies to have the greatest impact on current commodity prices are the rates of world inflation, the level of economic activity in the major markets for primary commodities, and the supply of the commodities concerned. Econometric studies have shown a positive relationship between commodity prices and inflation. In one study, changes in domestic wholesale prices of the industrial countries were found to have a significantly positive relationship to commodity prices with an elasticity of about one.