Chapter

Statistical Appendix

Author(s):
International Monetary Fund. Monetary and Capital Markets Department
Published Date:
March 2003
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This issue of the Global Financial Stability Report introduces a statistical appendix that presents data on financial developments in key financial centers and emerging markets. It is designed to complement the analysis in the text by providing additional data that describe key aspects of financial market developments. These data are derived from a number of sources external to the IMF, including banks, commercial data providers, and official sources, and are presented for information purposes only; the IMF does not guarantee the accuracy of the data from external sources.

Presenting financial market data in one location and in a fixed set of tables and charts, in this and future issues of the Global Financial Stability Report, is intended to give the reader an overview of developments in global financial markets. The statistical appendix reflects information available up to February 19, 2003, unless otherwise specified.

Mirroring the structure of the chapters of the report, the appendix presents data separately for key financial centers and emerging market countries. Specifically, it is organized into three sections:

  • Figures 1–14 and Tables 1–9 contain information on market developments in key financial centers. This includes data on global capital flows, and on markets for foreign exchange, bonds, and equities, and derivatives as well as sectoral balance sheet data for the United States, Japan, and Europe.

  • Figures 15 and 16 and Tables 10–21 present information on financial developments in emerging markets, including data on equity, foreign exchange, and bond markets, as well as data on emerging market financial flows.

  • Tables 22–25 report key financial soundness indicators for selected countries, including bank profitability, asset quality, and capital adequacy.

List of Tables and Figures

Figure 1.Global Capital Flows: Sources and Uses of Global Capital in 2001

Source: International Monetary Fund, World Economic Outlook database.

1As measured by countries' current (capital) account surplus (deficit).

2Other countries include all countries with shares of total surplus less than 2.4 percent.

3As measured by countries' current (capital) account deficit (surplus).

4Other countries include all countries with shares of total deficit less than 1.6 percent.

Figure 2.Exchange Rates: Selected Major Industrial Countries

Sources: Bloomberg L.P.; and the IMF Competitive Indicators System.

Note: In each panel, the effective and bilateral exchange rates are scaled so that an upward movement implies an appreciation of the respective currency.

1Local currency units per U.S. dollar except for the euro area and the United Kingdom, for which data are shown as U.S. dollars per local currency.

21995 = 100; constructed using 1989–91 trade weights.

Figure 3.United States: Yields on Corporate and Treasury Bonds

(Weekly data)

Sources: Bloomberg L.P.; and Merrill Lynch.

Figure 4.Selected Spreads

(In basis points)

Sources: Bloomberg L.P.; and Merrill Lynch.

1Spreads over 10-year U.S. treasury bond; weekly data.

2Spread between yields on three-month U.S. treasury repo and on three-month U.S. treasury bill.

3Spread between yields on 90-day investment-grade commercial paper and on three-month U.S. treasury bill.

4Spread between three-month U.S. dollar LIBOR and yield on three-month treasury bill.

5Spread over 10-year government bond.

Figure 5.Nonfinancial Corporate Credit Spreads

(In basis points)

Source: Merrill Lynch.

Figure 6.Equity Markets: Price Indexes

(January 1, 1990 = 100; weekly data)

Source: Datastream.

Figure 7.Implied and Historical Volatility in Equity Markets

Sources: Bloomberg L.P.; and IMF staff estimates.

Note: Implied volatility is a measure of the equity price variability implied by the market prices of call options on equity futures. Volatilities are expressed in percent rate of change.

1VIX is CBOE's Volatility index. This index is calculated by taking a weighted average of implied volatility for the eight S&P 100 calls and puts.

Figure 8.Historical Volatility of Government Bond Yields for Selected Countries1

Source: Bloomberg L.P.

1Volatility calculated as a rolling 100-day standard deviation of annualized yield on 10-year government bonds.

Figure 9.Twelve-Month Forward Price/Earnings Ratios

Source: I/B/E/S.

Figure 10.Flows into U.S.-Based Equity Funds

Sources: AMG Sample Data; and Investment Company Institute.

1ln billions of U.S. dollars.

Figure 11.United States: Corporate Bond Market

Sources: Board of Governors of the Federal Reserve System; and Bloomberg L.P.

1Spreads against yields on 10-year U.S. government bonds.

Figure 12.Europe: Corporate Bond Market1

Sources: Bondware; and Datastream.

1Nonfinancial corporate bonds.

2Spread between yields on a Merrill Lynch High-Yield European issuers bond and a 10-year German benchmark bond.

Figure 13.United States: Commercial Paper Market1

Source: Board of Governors of the Federal Reserve System.

1Nonfinancial commercial paper.

2Difference between 30-day A2/P2 and AA commercial paper.

Figure 14.United States: Asset-Backed Securities

Sources: Merrill Lynch; Datastream; and the Bond Market Association.

1Spread between yields on AAA asset-backed securities Merrill Lynch index and 10-year government bond.

2Data for 2002 refer to 2002:Q3.

Table 1Global Capital Flows: Inflows and Outflows1(In billions of U.S. dollars)
InflowsOutflows
1991199219931994199519961997199819992000200119911992199319941995199619971998199920002001
United States
Direct investment23.219.851.446.157.886.5105.6179.0289.4307.7130.8-37.9-48.3-84.0-80.2-98.8-91.9-104.8-142.6-188.9-178.3-127.8
Portfolio investment57.572.0111.0139.4210.4332.8333.1187.6285.6419.9426.1-45.7-49.2-146.2-60.3-122.5-149.8-119.0-136.1-128.4-127.5-94.7
Other investment30.178.9119.7120.5170.4131.8268.157.0167.4288.4196.013.419.131.0-40.9-121.4-178.9-262.8-74.2-169.0-300.4-143.5
Reserve assetsn.a.n.a.n.a.n.a.n.a.n.a.n.a.n.a.n.a.n.a.n.a.5.83.9-1.45.3-9.76.7-1.0-6.78.7-0.3-4.9
Total capital flows110.8170.7282.1306.0438.6551.1706.8423.6742.51,016.0752.8-64.4-74.4-200.5-176.0-352.4-413.9-487.6-359.7-477.6-606.5-371.0
Canada
Direct investment2.94.84.78.29.39.611.522.724.566.027.4-5.8-3.5-5.7-9.3-11.5-13.1-23.1-34.1-15.6-47.3-35.6
Portfolio investment27.520.541.417.218.413.711.716.62.39.919.8-10.2-9.8-13.8-6.6-5.3-14.2-8.6-15.1-15.6-41.9-24.5
Other investment-0.3-2.2-6.716.0-3.915.728.05.4-11.51.76.80.9-3.5-0.4-20.4-8.3-21.1-16.29.49.4-2.8-8.9
Reserve assetsn.a.n.a.n.a.n.a.n.a.n.a.n.a.n.a.n.a.n.a.n.a.1.84.8-0.90.4-2.7-5.52.4-5.0-5.9-3.7-2.2
Total capital flows30.223.139.441.423.939.151.244.815.377.654.0-13.2-12.1-20.8-35.9-27.9-53.9-45.4-44.8-27.7-95.7-71.1
Japan
Direct investment1.32.80.10.90.00.23.23.312.38.26.2-31.6-17.4-13.8-18.1-22.5-23.4-26.1-24.6-22.3-31.5-38.5
Portfolio investment127.39.6-6.164.559.866.879.256.1126.947.460.5-81.6-34.0-63.7-92.0-86.0-100.6-47.1-95.2-154.4-83.4-106.8
Other investment-108.2-105.2-32.7-5.697.331.168.0-93.3-265.1-10.2-17.626.546.615.1-35.1-102.25.2-192.037.9266.3-4.146.6
Reserve assetsn.a.n.a.n.a.n.a.n.a.n.a.n.a.n.a.n.a.n.a.n.a.8.4-0.6-27.5-25.3-58.6-35.1-6.66.2-76.3-49.0-40.5
Total capital flows20.4-92.9-38.759.8157.198.1150.4-34.0-125.945.449.1-78.4-5.4-90.0-170.4-269.4-154.0-271.6-75.813.4-168.0-139.2
United Kingdom
Direct investment16.516.616.510.721.727.437.474.789.5119.963.1-16.8-19.7-27.3-34.9-45.3-34.8-62.4-122.1-201.6-266.2-34.2
Portfolio investment18.216.243.647.058.868.043.535.3186.1258.361.6-56.9-49.3-133.631.5-61.7-93.1-85.0-53.0-33.1-99.9-134.4
Other investment18.596.4191.4-10.8106.2254.4328.497.279.7423.3305.635.3-60.5-68.5-42.4-74.9-215.3-275.9-26.8-94.1-411.5-257.6
Reserve assetsn.a.n.a.n.a.n.a.n.a.n.a.n.a.n.a.n.a.n.a.n.a.-4.72.4-1.3-1.50.90.73.90.31.0-5.34.5
Total capital flows53.2129.1251.646.9186.7349.7409.2207.2355.3801.6430.3-43.0-127.0-230.5-47.4-181.0-342.6-419.4-201.6-327.7-783.0-412.8
Euro area2
Direct investment211.1400.0138.1-338.1-398.5-228.6
Portfolio investment281.9263.9290.1-331.1-384.3-258.3
Other investment208.3338.2230.3-34.6-166.1-219.2
Reserve assetsn.a.n.a.n.a.n.a.n.a.n.a.n.a.n.a.n.a.n.a.n.a.11.616.216.9
Total capital flows701.31,002.1658.4-692.3-932.8-689.3
Emerging markets
Direct investment35.237.744.063.588.3105.5135.5129.9159.9152.6162.5-2.7-2.39.716.99.99.24.921.410.09.523.4
Portfolio investment26.643.775.988.234.092.963.332.954.436.6-7.41.9-1.212.124.58.90.6-10.7-16.6-24.5-31.3-31.3
Other investment33.578.936.4-10.2103.546.639.931.3-63.8-41.81.333.7-23.5-5.9-35.7-17.1-38.5-86.9-81.9-67.0-105.5-38.0
Reserve assetsn.a.n.a.n.a.n.a.n.a.n.a.n.a.n.a.n.a.n.a.n.a.-46.0-58.7-64.3-69.0-118.6-108.7-76.6-48.7-100.0-128.1-127.5
Total capital flows95.0159.7156.3141.4225.8244.9238.7194.1150.6147.4156.4-13.2-85.7-48.4-63.3-116.9-137.3-169.2-125.9-181.5-255.5-173.4
Sources: International Monetary Fund, World Economic Outlook database; and International Financial Statistics.
Table 2Global Capital Flows: Outstanding Amounts and Net Issues of International Debt Securities by Currency of Issue and Announced International Syndicated Credit Facilities by Nationality of Borrowers(In billions of U.S. dollars)
2002
19941995199619971998199920002001Q1Q2Q3
Outstanding amounts of international debt securities by currency of issue
U.S. dollar809.7875.61,114.61,434.81,834.22,358.32,908.73,613.83,779.73,920.83,979.8
Japanese yen380.8437.8464.7446.1464.5499.5454.3413.2391.4444.4434.8
Pound sterling170.4175.6225.7266.7322.6391.2453.1506.4504.4561.3587.3
Canadian dollar83.083.276.567.255.556.451.747.451.048.447.6
Swedish krona4.55.15.14.17.57.27.78.28.810.310.3
Swiss franc156.4178.8151.2138.5153.5135.5132.0123.6126.9150.5149.5
ECU/Euro90.990.474.365.2158.81,452.31,770.02,289.92,414.82,935.72,995.4
Other1570.2705.8826.7862.51,058.798.697.5110.8116.1135.0139.6
Total2,265.92,552.32,938.83,285.14,055.34,999.05,875.07,113.37,393.18,206.48,344.3
Net issues of international debt securities by currency of issue
U.S. dollar68.665.9238.8320.3399.4524.1550.3705.0166.0141.159.0
Japanese yen81.076.881.734.0-33.0-23.510.918.7-17.57.5-2.7
Pound sterling13.56.730.846.454.177.892.465.47.415.614.9
Canadian dollar7.0-2.2-6.5-6.2-7.5-2.3-2.7-1.11.60.90.4
Swedish krona1.0-0.10.2-0.43.60.11.21.40.30.40.2
Swiss franc-8.5-0.3-1.3-1.66.34.0-0.2-5.23.75.2-0.4
ECU/Euro-10.1-6.7-12.4-1.387.0508.4423.9624.1148.7159.693.2
Other190.093.0165.9154.9136.614.89.319.47.15.97.7
Total242.5233.1497.2546.1646.51,103.41,085.11,427.7317.3336.2172.3
Announced international syndicated credit facilities by nationality of borrowers
All countries501.9703.3839.31,080.6905.31,025.81,464.91,388.8233.0427.1320.2
Industrial countries442.6610.5732.1904.9820.2960.51,328.01,280.1216.7401.7288.3
Of which:
United States320.1393.1490.3616.5577.3624.6805.4853.7150.2282.4158.8
Japan4.94.79.59.012.915.421.726.04.22.910.1
Germany1.113.38.613.813.447.642.435.811.913.830.3
France7.420.523.539.419.833.774.250.117.110.88.8
Italy5.215.45.59.86.115.935.235.91.91.613.3
United Kingdom24.455.466.397.778.292.9125.3100.614.545.119.9
Canada15.022.426.038.441.623.238.441.65.07.713.7
Source: Bank for International Settlements.
Table 3Selected Indicators on the Size of the Capital Markets, 2001(In billions of U.S. dollars, unless noted otherwise)
Debt Securities1
GDPTotal Reserves Minus GoldStock Market CapitalizationPublicPrivateTotalBank AssetsBonds, Equities, and Bank Assets2Bond, Equities, and Bank Assets2 (In percent of GDP)
World30,995.02,136.328,875.122,157.019,635.241,792.279,401.8150,069.1484.2
EU-157,906.9267.66,763.04,868.86,974.611,843.432,939.751,546.2651.9
Euro area6,113.0198.44,276.74,181.35,310.89,492.124,463.938,232.7625.4
North America10,787.491.614,523.710,227.89,119.819,347.623,303.957,175.2530.0
Canada705.234.0697.1529.8313.5843.31,146.52,686.9381.0
United States10,082.257.613,826.69,698.08,806.318,504.322,157.454,488.3540.4
Japan4,164.9395.22,293.85,317.11,608.06,925.112,408.621,627.6519.3
Memorandum items:
EU countries
Austria188.712.525.2150.1140.5290.6534.7850.5450.7
Belgium229.811.3146.0294.5239.4533.91,695.32,375.31,033.5
Denmark161.517.185.195.6196.5292.1644.11,021.4632.6
Finland121.08.0190.578.241.3119.5290.1600.0496.0
France1,311.731.71,067.6791.8888.91,680.76,089.48,837.7673.8
Germany1,855.151.31,071.7868.12,191.73,059.88,040.512,172.0656.1
Greece116.85.283.5152.69.2161.8172.3417.5357.4
Ireland103.45.675.328.667.095.6407.5578.4559.4
Italy1,089.824.4527.51,204.9721.41,926.32,653.95,107.7468.7
Luxembourg19.00.123.80.025.525.5591.0640.33,368.5
Netherlands384.49.0551.1187.1622.9810.02,312.23,673.2955.6
Portugal109.69.746.370.772.6143.3306.2495.8452.2
Spain583.729.6468.2354.7290.4645.11,370.92,484.2425.6
Sweden209.814.9236.5144.0167.1311.1762.71,310.3624.5
United Kingdom1,422.737.32,164.7447.91,300 21,748.17,069.010,981.8771.9
Emerging market countries7,211.61,277.61,947.31,518.8825.92,344.710,064.614,356.7242.7
of which:
Asia3,229.7790.41,310.4674.1595.91,270.06,722.49,302.8301.2
Latin America1,904.4158.8412.0513.0180.7693.71,593.32,699.0157.0
Middle East793.0123.563.87.610.418.0717.9799.7368.8
Africa432.265.184.348.711.660.3529.6674.2457.9
Europe852.2139.876.8275.427.3302.7501.4880.9118.5
Sources: World Federation of Exchanges; Bank for International Settlements; International Monetary Fund, International Financial Statistics and World Economic Outlook databases; and ©2003 Bureau van Dijk Electronic Publishing—Banks cope.
Table 4Global Over-the-Counter (OTC) Derivatives Markets: Notional Amounts and Gross Market Values of Outstanding Contracts1(In billions of U.S. dollars)
Notional AmountsGross Market Values
End-June 2000End-Dec. 2000End-June 2001End-Dec. 2001End-June 2002End-June 2000End-Dec. 2000End-June 2001End-Dec. 2001End-June 2002
Total94,00895,19999,755111,115127,5642,5723,1833,0453,7884,450
Foreign exchange15,49415,66616,91016,74818,0755788497737791,052
Outright forwards and forex swaps10,50410,13410,58210,33610,427283469395374615
Currency swaps2,6053,1943,8323,9424,220239313314335340
Options2,3852,3382,4962,4703,4275567637097
Interest rate264,12564,66867,46577,51389,9951,2301,4261,5732,2102,468
Forward rate agreements6,7716,4236,5377,7379,1461312151919
Swaps47,99348,76851,40758,89768,2741,0721,2601,4041,9692,214
Options9,3619,4769,52110,87912,575145154154222235
Equity-linked1,6451,8911,8841,8812,214293289199205243
Forwards and swaps3403353293203866261495862
Options1,3061,5551,5561,5611,828231229150147181
Commodity358466259059877780133837578
Gold2612182032312791917212028
Other32344538736749861116625551
Forwards and swaps168248229217290
Options155196158150208
Other12,15912,31312,90614,37516,503392485417519609
Memorandum items:
Gross credit exposure4n.a.n.a.n.a.n.a.n.a.9371,0801,0191,1711,316
Exchange-traded derivatives15,49415,66616,91016,74818,075
Source: Bank for International Settlements.
Table 5Global Over-the-Counter (OTC) Derivatives Markets: Notional Amounts and Gross Market Values of Outstanding Contracts by Counterparty, Remaining Maturity, and Currency Composition1(In billions of U.S. dollars)
Notional AmountsGross Market Values
End-June 2000End-Dec. 2000End-June 2001End-Dec. 2001End-June 2002End-June 2000End-Dec. 2000End-June 2001End-Dec. 2001End-June 2002
Total94,00895,19999,755111,115127,5642,5723,1833,0453,7884,450
Foreign exchange15,49415,66616,91016,74818,0755788497737791,052
By counterparty
With other reporting dealers5,8275,7295,9075,9126,595168271229237371
With other financial institutions6,4216,5977,2876,7557,210242357334319421
With nonfinancial customers3,2463,3403,7164,0814,270168222210224260
By remaining maturity
Up to one year213,17812,88813,01213,42714,403
One to five years21,6231,9022,8332,3402,541
Over five years26938761,0659811,131
By major currency
U.S. dollar313,96114,07315,14115,41015,979518771679704948
Euro35,8635,9816,4256,3687,298242361322266445
Japanese yen34,3444,2544,2544,1784,461157274217313254
Pound sterling32,4792,3912,4722,3152,52276827869112
Other34,3414,6335,5285,2255,890163210250206345
Interest rate464,12564,66867,46577,51389,9951,2301,4261,5732,2102,468
By counterparty
With other reporting dealers32,20831,49432,31935,42843,3005606387039121,081
With other financial institutions25,77127,04828,65332,50536,3105186106839451,025
With nonfinancial customers6,1466,1266,4949,58010,385152179187353362
By remaining maturity
Up to one year225,80924,10725,60527,87933,688
One to five years224,40625,92326,30830,54234,458
Over five years213,91014,63815,55319,09221,849
By major currency
U.S. dollar17,60619,42123,08327,42232,1783674865819521,127
Euro22,94821,31122,40526,18530,671467477461677710
Japanese yen12,76313,10711,27811,79913,473207232313304327
Pound sterling4,7414,8525,1786,2156,9788411399148151
Other6,0675,9775,5215,8926,695105118119129153
Equity-linked1,6451,8911,8841,8812,214293289199205243
Commodity558466259059877780133837578
Other12,15912,31312,90614,37516,503392485417519609
Source: Bank for International Settlements.
Table 6Exchange-Traded Derivative Financial Instruments: Notional Principal Amounts Outstanding and Annual Turnover
2002
1986198719881989199019911992199319941995199619971998199920002001Q1Q2Q3
(In billions of U.S. dollars)(In billions of U.S. dollars)
Notional principal amounts outstanding
Interest rate futures370.0487.7895.41,201.01,454.82,157.42,913.14,96045,807.65,876.25,979.07,586.78,031.47,924.87,907.89,265.310,040.79,409.010,326.8
Interest rate options144.0122.6279.0386.0595.41,069.61,383.82,361.42,623.22,741.83,277.83,639.94,623.53,755.54,734.212,492.812,474.312,477.616,142.0
Currency futures10.214.612.116.017.018.326.534.740.433.837.742.331.736.774.465.666.648.237.6
Currency options39.259.548.050.256.562.971.675.955.7120.4133.4118.649.222.421.427.428.131.530.9
Stock market index futures14.517.827.141.369.176.079.8110.0127.7172.2195.7211.3292.1344.2377.3341.7367.5364.5323.3
Stock market index options37.827.742.770.593.6136.9163.7232.4242.8337.7394.5809.5907.91,522.11,162.91,605.21,861.61,751.61,757.1
Total615.7729.81,304.31,765.02,286.43,521.24,638.57,774.98,897.39,282.010,017.912,408.313,935.713,605.714,278.023,798.024,838.924,082.428,617.6
North America515.6578.0951.51,154.01,264.42,153.02,698.74,360.74,823.64,852.44,841.06,349.17,355.16,930.68,167.816,198.916,641.615,570.817,855.5
Europe13.113.3177.4250.9461.4710.71,114.41,777.91,831.82,241.32,828.13,587.44,398.14,024.24,217.76,179.56,649.17,002.09,335.1
Asia-Pacific87.0138.5175.5360.1560.5657.0823.51,606.02,171.81,990.22,154.02,235.71,882.52,401.31,606.21,308.41,426.81,376.91,304.8
Other0.00.00.00.00.10.51.930.370.1198.1194.8236.1300.0249.6286.3111.2121.4132.7122.2
(In millions of contract traded)(In millions of contract traded)
Annual turnover
Interest rate futures91.0145.7156.4201.0219.1230.9330.1112.7137.5121.5146.9182.0162.1147.9179.0290.8275.6281.1317.6
Interest rate options22.229.330.539.552.050.864.822.726.551.126.329.932.225.726.262.853.556.467.5
Currency futures19.921.222.528.229.730.031.310.022.923.819.414.69.58.811.314.910.111.910.5
Currency options13.018.318.220.718.922.923.45.54.17.25.55.02.11.71.83.14.44.93.4
Stock market index futures28.436.129.630.139.454.652.021.627.927.623.433.250.349.763.197.897.0114.5156.7
Stock market index options140.0130.971.875.390.485.285.822.334.925.720.622.518.216.715.515.515.417.822.8
Total314.9389.6336.3421.2478.2510.4635.6210.9270.3275.2263.1310.4313.3329.3430.8905.6861.8969.61,147.8
North America288.7318.3252.3288.0312.3302.6341.496.0126.297.996.1124.6126.3100.5115.1189.8192.8221.0255.8
Europe10.335.940.864.383.0110.5185.175.480.586.3105.0121.2118.5151.8164.6256.9248.8237.1309.8
Asia-Pacific14.330.034.363.679.185.882.927.230.823.527.637.549.852.5113.2391.4378.0466.6546.0
Other1.65.48.95.33.811.526.212.332.867.534.427.118.724.537.967.542.244.936.2
Source: Bank for International Settlements.
Table 7United States: Sectoral Balance Sheets1(In percent)
19951996199719981999200020012002
Corporate sector
Debt/equity45.440.534.632.527.636.344.966.7
Short-term debt/total debt41.741.040.540.339.139.534.532.3
Interest burden11.910.210.612.113.015.217.816.8
Household sector
Net worth/assets84.484.785.385.586.084.983.681.9
Equity/total assets23.325.829.731.535.030.926.5
Equity/financial assets35.138.142.945.049.245.040.2
Home mortgage debt/total assets10.310.19.69.59.29.911.012.5
Consumer credit/total assets3.43.43.23.12.93.23.53.7
Total debt/financial assets23.522.621.220.719.622.024.829.2
Debt-service burden212.913.313.413.413.713.914.414.0
Banking sector
Credit quality
Nonperforming loans/total loans1.21.11.01.01.01.01.31.5
Net loan-losses/average total loans0.40.60.60.60.60.60.81.1
Loan-loss reserve/total loans2.12.01.91.81.71.71.71.9
Net charge-offs/total loans0.50.60.60.70.60.71.01.1
Capital ratios
Total risk-based capital12.712.512.212.212.212.112.713.0
Tier 1 risk-based capital10.210.09.69.59.59.49.910.2
Equity capital/total assets8.18.28.38.58.48.59.19.2
Core capital (leverage ratio)7.67.67.67.57.87.77.88.0
Profitability measures
Return on assets (ROA)1.21.21.21.21.31.21.21.4
Return on equity (ROE)14.714.514.713.915.314.013.114.8
Net interest margin4.34.34.24.14.14.03.94.1
Efficiency ratio61.860.859.261.058.758.457.754.9
Sources: U.S. Board of Governors of the Federal Reserve System, Flow of Funds; U.S. Department of Commerce, Bureau of Economic Analysis; U.S. Federal Deposit Insurance Corporation; and U.S. Federal Reserve Bank of St. Louis.
Table 8Japan: Sectoral Balance Sheets(In percent)
1995199619971998199920002001
Corporate sector
Debt/shareholder's equity (book value)225.4206.3207.9189.3182.5156.8156.0
Short-term debt/total debt42.140.541.839.039.437.736.8
Interest burden51.238.239.146.536.328.432.3
Debt/operating profits1,554.51,344.71,498.51,813.81,472.11,229.31,480.0
Memorandum items:
Total debt/GDP114.9105.8106.8106.7107.0102.1100.6
Household sector
Net worth/assets85.085.785.685.485.885.6
Equity4.74.34.02.74.94.2
Real estate42.140.939.739.937.736.5
Interest burden5.55.24.94.74.64.5
Memorandum items:
Debt/equity257.3283.3310.9456.5249.0296.3
Debt/real estate28.829.731.331.232.234.0
Debt/income97.197 599.198.397.999.0
Debt/net worth14.314.214.514.614.214.5
Equity/net worth5.55.04.73.25.74.9
Real estate/net worth49.547.746.446.743.942.6
Total debt/GDP63.362.663.864.464.164.4
Banking sector
Credit quality
Nonperforming loans/assets3.652.753.733.924.124.055.57
Capital ratio
Stockholders equity/assets3.333.412.884.454.764.553.85
Profitability measures
Return on equity (ROE)-14.181.03-18.74-13.142.66-0.37-16.91
Sources: Ministry of Finance, Financial Statements of Corporations by Industries; Cabinet Office, Economic and Social Research Institute, Annual Report on National Accounts; Bank of Japan, Financial Statements of Japanese Banks; and Financial Services Agency, The Status of Nonperforming Loans.
Table 9Europe: Sectoral Balance Sheets1(In percent)
1995199619971998199920002001
Corporate sector2
Debt/equity90.890.890.188.090.489.890.0
Short-term debt/total debt35.936.538.137.338.039.740.1
Interest burden18.717.917.116 717.118.8196
Debt/operating profits254.2262.1262.9258.0287.5312.2322.2
Memorandum items:
Financial assets/equity1.51.61.71.82.12.01.9
Liquid assets/short-term debt100.5100.394.592.989.286.789.4
Household sector
Net worth/assets85.785.786.086.086.486.0
Equity/net worth11.712.514.415.217.917.7
Equity/net financial assets34.335.337.839.344.044.541.2
Interest burden6.66.46.36.76.46.66.4
Memorandum items:
Nonfinancial assets/net worth65.864.361.460.758.659.8
Debt/net financial assets51.750.345.944.741.843.346.9
Debt/income85.387.188.691.094.296.096.3
Banking sector3
Credit quality
Nonperforming loans/total loans5.06.15.65.04.6
Loan-loss reserve/nonperforming loans74.365.966.370.975.7
Loan-loss reserve/total loans3.74.03.73.53.5
Loan-loss provisions/total operating income413.211.79.17.611.5
Capital ratios
Total risk-based capital10.710.610.510.410.4
Tier 1 risk-based capital7.27.07.2117.1
Equity capital/total assets4.34.34.14.44.5
Capital funds/liabilities6.46.46.46.76.8
Profitability measures
Return on assets, or ROA (after tax)0.30.40.50.70.5
Return on equity, or ROE (after tax)7.69.812.515.812.2
Net interest margin1.91.71.41.41.3
Efficiency ratio64.662.462.764.365.0
Sources: ©2003 Bureau van Dijk Electronic Publishing—Bankscope; ECB Monthly Bulletin, August 2002; and IMF staff estimates.

Figure 15.Emerging and Mature Market Volatility

Sources: For “Emerging Market Equity,” Morgan Stanley Capital International; and IMF staff estimates. For “Emerging Market Debt,” J.P. Morgan Chase; and IMF staff estimates. For “Mature Market Equity,” Bloomberg L.P.

1Data utilize the Emerging Markets Free index in U.S. dollars to calculate 30-day rolling volatilities.

2Data utilize the EMBI+ total return index in U.S. dollars to calculate 30-day rolling volatilities.

3The VIX is a market estimate of future stock market volatility, and is based on the weighted average of the implied volatilities of 8 Chicago Board Options Exchange calls and puts (the nearest in- and out-of-the-money call and put options from the first and second month expirations).

4The VDAX represents the implied volatility of the German DAX assuming a constant 45 days remaining until expiration of DAX index contracts.

Figure 16.Emerging Market Debt

Sources: J.P. Morgan Chase; and IMF staff estimates.

1Thirty-day moving simple average across all pair-wise return correlations of 20 constituents included in the EMBI Global.

2Simple average of all pair-wise correlations of all markets in a given region with all other emerging bond markets, regardless of region.

Table 10Emerging Market Equity Indices
Latest 2/19/03End of Period199920002001200212-Month High12-Month LowAll-Time HighAll-Time Low
Q1Q2Q3Q4
World761.21,003.6907.8738.2792.21,420.91,221.31,003.5792.21,024.4703.71,448.8423.1
Emerging Markets
Emerging Markets Free285.4351.4319.8266.1292.1489.4333.8317.4292.1364.1254.8587.1175.3
EMF Latin America616.5938.8731.9551.0658.91,121.9915.6876.2658.90.00.01,352.5185.6
Argentina549.1511.5338.4361.7470.31,667.61,232.7959.6470.3667.7280.02,052.2152.6
Brazil361.2627.1464.7281.8395.4889.5763.2597.1395.4655.4278.81,306.484.1
Chile432.6561.6471.2392.6445.5728.4604.7568.7445.5577.6378.91,119.6180.2
Colombia63.957.261.957.668.371.642.157.768.371.952.7183.841.2
Mexico1,337.81,988.21,597.71,353.81,442.81,866.41,464.91,698.21,442.82,029.31,302 22,193.1306.7
Peru194.2171.8160.3150.0182.7170.6125.0144.1182.7198.4144.1311.673.5
Venezuela64.291.177.165.477.7105.3106.195.477.7111.556.1278.456.1
EMF Asia138.6172.0161.2133.8140.4250.0143.6149.7140.40.00.0433.0104.1
China15.016.216.414.014.133.522.816.814.118.013.4136.912.9
India144.0152.7141.0129.5148.8209.5173.4141.2148.8160.9124.3323.977.7
Indonesia474.1572.5604.4508.7519.6899.7456.4437.2519.6678.2372.11,077.7280.0
Korea175.9247.0215.8184.6184.7226.5125.6190.4184.7266.0167.2266.059.5
Malaysia251.8280.5270.6238.9244.0296.3245.2250.7244.0301.3232.7465.788.3
Pakistan131.2100.889.9104.6146.0103.599.167.4146.0160.175.7228.954.4
Philippines212.0348.1259.1254.3210.1519.4352.6292.2210.1363.8206.6917.3132.6
Taiwan Province of China191.7277.8227.3178.9189.5385.2222.2255.6189.5290.0162.8483.5103.9
Thailand139.1134.9135.6116.8130.2205.0102.5107.5130.2151.1113.4669.472.0
EMF Europe, Middle East, & Africa106.4108.2105.794.6108.4103.5108.40.00.0120.185.2
Czech Republic121.4106.099.6110.9116.2102.0107.697.5116.2124.193.4150.362.8
Egypt115.1107.597.397.897.4251.4154.9101.997.4130.889.9287.389.9
Hungary512.6573.3494.4493.7535.5724.9582.9507.9535.5631.1451.3941.477.1
Israel89.5110.991.987.590.8157.1196.0132.790.8118.383.7236.267.6
Jordan153.8156.8167.8153.9153.5154.0116.1149.5153.5173.5145.7247.4103.1
Morocco148.3168.8148.5137.0138.5249.2198.9180.1138.5171.9127.1302.199.6
Poland814.0959.8861.0766.6861.01,373.31,307.9891.9861.01,016.4746.11,792.999.6
Russia272.9281.1276.6255.2270.7223.0155.2237.8270.7332.2239.7538.430.6
South Africa254.1324.5315.7278.1272.7247.7244.8309.3272.7350.5254.1350.599.7
Turkey191,988202,644155,689144,758169,900245,020163,012234,490169,900232,455144,442329,685426
EMF Sectors
Energy162.5185.1170.3149.6163.1197.3148.5162.1163.1192.9147.0240.081.7
Materials176.4206.8199.3173.7182.8178.2140.8173.9182.8214.1167.0214.198.5
Industrials63.572.067.956.961.8125.973.463.861.875.354.2276.852.6
Consumer discretionary138.6163.9157.9128.5138.8215.9126.0130.6138.8182.5123.2236.874.1
Consumer staple83.4102.394.781.988.2129.2103.194.688.2106.180.4148.680.4
Healthcare168.8148.9157.9152.7169.8172.6173.9146.5169.8176.1143.8180.283.3
Financials98.5115.0109.188.898.6148.7112.6107.798.6124.884.7185.074.6
Information technology100.3151.3124.6100.4103.9237.7130.9134.2103.9158.089.4300.073.1
Telecommunications67.492.379.166.672.7165.2113.891.972.794.365.4211.565.4
Utilities71.895.480.765.672.4127.695.791.572.498.963.1247.863.1
Quarter to DatePeriod on Period Percent Change199920002001200212-Month High12-Month LowAll-Time HighAll-Time Low
Q1Q2Q3Q4
World-3.90.0-9.5-18.77.323.6-14.1-17.8-21.1
Emerging Markets
Emerging Markets Free-2.310.7-9.0-16.89.863.7-31.8-4.9-8.0
EMF Latin America-6.47.1-22.0-24.719.655.5-18.4-4.3-24.8
Argentina16.8-46.7-33.86.930.030.0-26.1-22.2-51.0
Brazil-8.75.0-25.9-39.440.361.6-14.2-21.8-33.8
Chile-2.9-1.2-16.1-16.713 536.4-17.0-6.0-21.7
Colombia-6.5-1.08.1-6.918.6-19.8-41.237.118.3
Mexico-7.317.1-19.6-15.36.678.5-21.515.9-15.0
Peru6.319.2-6.6-6.421.816.3-26.715.326.8
Venezuela-17.4-4.5-15.4-15.218.91.70.8-10.0-18.6
EMF Asia-1.214.9-6.3-17.04.967.7-42.54.2-6.2
China6.1-3.61.1-14.50.810.2-32.0-26.0-16.0
India-3.28.1-7.6-8.214.889.1-17.2-18.65.3
Indonesia-8.830.95.6-15.82.170.3-49.3-4.218.9
Korea-4.729.7-12 6-14.479.2-44.651.6-3.0
Malaysia3.211.9-3.5-11.72.148.1-17.32.3-2.7
Pakistan-10.149.7-10.816.339.650.5-4.3-32.0116.7
Philippines0.919.1-25.6-1.8-17.46.0-32.1-17.1-28.1
Taiwan Province of China1.18.7-18.2-21.36.047.4-42.315.0-25.8
Thailand6.825.50.5-13.911.551.8-50.04.921.1
EMF Europe, Middle East, & Africa-1.84.6-2.4-10.514.64.7
Czech Republic4.58.7-6.011.34.824.35.5-9.419.2
Egypt18.25.6-9.50.6-0.480.7-38.4-34.2-4.4
Hungary-4.312 9-13.8-0.18.530.7-19.6-12.95.4
Israel-1.4-16.5-17.1-4.83.856.324.7-32.3-31.6
Jordan0.24.97.0-8.3-0.31.7-24.728.82.6
Morocco7.1-6.2-12.1-7.71.1-6.4-20.2-9.5-23.1
Poland-5.57.6-10.3-11.012.353.9-4.8-31.8-3.5
Russia0.818.2-1.6-7.76.1246.2-30.453.213.9
South Africa-6.84.9-2.7-11.9-1.960.6-1.226.3-11.8
Turkey13.0-13.6-23.2-7.017.4492.2-33.543.8-27.5
EMF Sectors
Energy-0.414.2-8.0-12.29.197.3-24.79.20.6
Materials-3.519.0-3.6-12 85.278.2-21.023.55.2
Industrials2.712.8-5.7-16.18.625.9-41.7-13.1-3.2
Consumer discretionary-0.125.5-3.7-18.68.0115.9-41.63.66.3
Consumer staple-5.58.2-7.4-13.57.629.2-20.2-8.2-6.7
Healthcare-0.61.76.0-3.311.272.60.7-15.815.9
Financials-0.26.8-5.2-18.511.048.7-24.3-4.3-8.4
Information technology-3.512.7-17.6-19.43.5137.7-44.92.6-22.6
Telecommunications-7.30.5-14.4-15.89.265.2-31.1-19.2-20.9
Utilities-0.84.2-15.4-18.710.427.6-25.0-4.4-20.9
Latest 2/19/03End of Period199920002001200212-Month High12-Month LowAll-Time HighAll-Time Low
Q1Q2Q3Q4
Developed Markets
Australia570.1686.6647.6593.7604.4617.3640.1690.8604.4706.1560.7712.9250.2
Austria92.3106.5101.386.091.8104.996.994.691.8111.679.7111.679.7
Belgium48.976.969.750.555.398.785.878.655.380.347.3100 247.3
Canada814.5978.5888.6762.6818.31,070.11,156.4965.8818.3994.5705.81,511.4338.3
Denmark1,355.42,099.21,840.61,432.81,448.82,122.62,333.32,060.11,448.82,110.11,311.32,776.6556.5
Finland88.6152.4104.889.6100.3293.7267.5171.8100.3170.380.3383.180.3
France74.9125.0104.775.481.3150.0152.0123.181.3125.071.9178.671.9
Germany50.9103.784.453.556.0139.1124.0100.156.0104.949.6163.641.4
Greece45.666.463.650.646.8172.9106.176.846.871.544.4197.244.4
Hong Kong SAR4,924.46,033.75,667.04,758.24,808.49,231.57,690.16,058.04,808.46,518.54,573.410,165.31,995.5
Ireland56.979.270.255.456.8100.792.193.156.880.351.9107.351.9
Italy67.895.281.363.869.6115.4119.991.269.695.762.0132.162.0
Japan524.9664. 9640.6570.5524.31,013.7808.2650.3524.3716.6508.41,655.3508.4
Netherlands58.4107.390.961.966.0123.3124.5100.466.0107.356.3134.956.3
New Zealand90.893.793.292.290.0111.883.994.290.098.987.6141.056.7
Norway801.81,361.51,137.4863.5898.31,361.51,458.01,278.4898.31,373.1801.81,599.1455.9
Portugal53.978.068.048.157.0104.497.979.557.079.648.1123.148.1
Singapore750.91,058.4897.5776.0764.91,580.01,173.4936.8764.91,066.1721.71,624.2508.2
Spain69.896.279.461.769.9121.3107.799.069.999.161.1133.727.4
Sweden3,513.05,853.44,434.73,156.93,517.48,971.57,735.06,178.83,517.46,130.02,914.912,250.4787.2
Switzerland548.8849.9766.2622.6603.2957.81,017.0813.4603.2855.7541.91,032.8158.1
United Kingdom1,097.41,600.91,405.51,116.31,179.21,974.21,841.41,586.21,179.21,614.01,045.71,974.2585.4
United States793.31,083.7925.7762.6824.61,445. 91,249.91,084.5824.61,106.3726.51,493.0273.7
QTDPeriod on Period Percent Change
Developed Markets
Australia-5.7-0.6-5.7-8.31.88.03.77.9-12.5
Austria0.512.6-4.9-15.16.8-7.6-2.4-3.0
Belgium-11.5-2.2-9.4-27.59.5-13.1-8.3-29.7
Canada-0.51.3-9.2-14.27.343.48.1-16.5-15.3
Denmark-6.41.9-12.3-22.21.129.39.9-11.7-29.7
Finland-11.6-11.3-31.2-14.511.9-8.9-35.8-41.6
France-7.81.5-16.2-28.07.81.4-19.0-34.0
Germany-9.23.6-18.6-36.64.739.1-10.8-19.3-44.0
Greece-2.6-13.6-4.1-20.4-7.572.9-38.6-27.6-39.1
Hong Kong SAR2.4-0.4-6.1-16.01.155.4-16.7-21.2-20.6
Ireland0.1-15.0-11.3-21.12.6-8.51.1-39.0
Italy-2.64.5-14.7-21.59.13.9-24.0-23.6
Japan0.12.2-3.7-10.9-8.145.7-20.3-19.5-19.4
Netherlands-11.66.9-15.3-31.96.61.0-19.4-34.3
New Zealand0.9-0.6-0.5-1.1-2.411.1-24.912.2-4.4
Norway-10.76.5-16.5-24.14.036.67.1-12.3-29.7
Portugal-5.5-1.9-12.8-29.318.6-6.2-18.8-28.3
Singapore-1.813.0-15.2-13.5-1.499.0-25.7-20.2-18.4
Spain-0.1-2.9-17.4-22.313.221.3-11.2-8.0-29.5
Sweden-0.1-5.3-24.2-28.811.487.4-13.8-20.1-43.1
Switzerland-9.04.5-9.8-18.7-3.17.46.2-20.0-25.8
United Kingdom-6.90.9-12.2-20.65.613.3-6.7-13.9-25.7
United States-3.8-0.1-14.6-17.68.120.9-13.6-13.2-24.0
Source: Data are provided by Morgan Stanley Capital International. Regional and sectoral compositions conform to Morgan Stanley Capital International definitions.
Table 11Foreign Exchange Rates(Units per U.S. dollar)
Latest 2/19/03End of PeriodEnd of Period12-Month High12-Month LowAll-Time HighAll-Time Low
Q1Q2Q3Q41999200020012002
Emerging Markets
Latin America
Argentina3.202.943.813.743.361.001.001.003.362.003.860.983.86
Brazil3.612.332.823.743.541.801.952.313.542.273.953.95
Chile746.75656.50686.15749.25720.25529.30573.85661.25720.25641.05759.75295.18759.75
Colombia2,936.002,273.002,404.252,870.002,867.001,872.502,236.002,277.502,867.002,252.852,980.00689.212,980.00
Mexico10.829.049.9510.2110.379.519.629.1610.379.0011.022.6811.02
Peru3.483.443.513.633.513.513.533.443.513.433.651.283.65
Venezuela1,598.00906.001,380 501,462.751,388.80648.75699.51757.501,388.80835.501,921.8045 001,921.80
Asia
China8.288.288.288.288.288.288.288.288.288.288.285.968.92
India47.7048.8248.8948.3847.9843.5546.6848.2547.9847.7049.0516.9249.05
Indonesia8,880.009,825.008,713.009,000.008,950.007,100.009,675.0010,400.008,950.008,545.0010,210.001,977.0016,650.00
Korea1,195.001,327.001,201.301,222.501,185.701,140.001,265.001,313.501,185.701,165.401,331.60683.501,962.50
Malaysia3.803.803.803.803.803.803.803.803.803.803.802.444.71
Pakistan57.8360.0560.0558.9558.2551.8057.6059.9058.2557.7560.1621.1864.35
Philippines54.3051.0050.4052.4053.6040.2450.0051.6053.6049.3554.3023.1054.75
Taiwan Province of China34.8034.9533.5434.8634.6431.4033.0834.9534.6432.8535.1924.4835.19
Thailand43.0243.5041.5143.2643.1137.4943.3944.2143.1140.3944.1823.1555.50
Europe, Middle East & Africa
Czech Republic29.3635.4629.6730.7330.0735.8437.2835.6030.0728.9036.7325.3942.17
Egypt5.534.634.664.654.623.443.894.584.624.585.533.295.53
Hungary229.23279.31246.77246.72224.48252.51282.34274.81224.48222.18284.6290.20317.56
Israel4.864.754.754.884.744.154.044.404.744.625.011.995.01
Jordan0.710.710.710.710.710.710.710.710.710.710.720.640.72
Morocco9.9611.6910.6110.6410.1810.0810.5611.5910.189.8911.787.7512.06
Poland3.884.114.054.153.834.154.133.963.833.784.231.724.71
Russia31.5831.2131.4831.6931.9627.5528.1630.5131.9630.8831.960.9831.96
South Africa8.2311.3310.3010.548.576.157.5811.968.578.2311.932.5012.45
Turkey1,641,5501,349,1001,587,5001,664,1001,655,100544,300668,5001,450,1001,655,1001,295,5501,697,6005,0361,697,600
Developed Markets
Australia10.600.530.560.540.560.660.560.510.560.600.510.840.48
Canada1.501.591.521.591.571.451.501.591.571.501.611.121.61
Denmark6.898.537.497.537.087.397.928.357.086.838.605.349.00
Euro11.100.870.990.991.051.010.940.891.051.090.861.190.83
Hong Kong SAR7.807.807.807.807.801.117.807.807.807.807.807.707.82
Japan118.13132.73119.47121.81118.79102.51114.41131.66118.79115.81134.6880.63159.90
New Zealand10.560.440.490.470.520.520.440.420.520.560.420.720.39
Norway6.938.847.507.416.948.028.808.966.946.838.955.519.58
Singapore1.741.841.771.781.731.671.731.851.731.721.851.391.91
Sweden8.4210.369.169.268.698.529.4210.488.698.4110.575.0911.03
Switzerland1.361.681.481.481.381.591.611.661.381.351.711.121.82
United Kingdom11.671.431.541.561.611.611.491.451.611.671.412.001.37
Latest 2/19/03Period on Period Percent ChangePeriod on Period Percent Change12-Month High12-Month LowAll-Time HighAll-Time Low
Q1Q2Q3Q41999200020012002
Emerging Markets
Latin America
Argentina5.2-65.9-23.02.011.20.2-0.2-70.2
Brazil-1.9-0.6-17.5-24.75.6-32.8-7.7-15.6-34.7
Chile-3.50.7-4.3-8.44.0-10.6-7.8-13.2-8.2
Colombia-2.40.2-5.5-16.20.1-17.2-16.3-1.8-20.6
Mexico-4.21.4-9.2-2.5-1.64.1-1.25.1-11.7
Peru1.0-1.9-3.43.3-10.0-0.52.4-2.0
Venezuela-13.1-16.4-34.4-5.65.3-13.0-7.3-7.7-45.5
Asia
China
India0.6-1.2-0.11.10.8-2.4-6.7-3.30.6
Indonesia0.85.912.8-3.20.612.7-26.6-7.016.2
Korea-0.8-1.010.5-1.73.15.6-9.9-3.710.8
Malaysia
Pakistan0.7-0.21.91.2-4.1-10 1-3.82.8
Philippines-1.31.21.2-3.8-2.2-3.6-19.5-3.1-3.7
Taiwan Province of China-0.54.2-3.80.62.6-5.1-5.30.9
Thailand0.21.64.8-4.00.4-2.2-13.6-1.92.6
Europe, Middle East, & Africa
Czech Republic2.40.419.5-3.52.2-15.8-3.94.718.4
Egypt-16.4-1.1-0.60.30.5-0.9-11.5-15.1-0.9
Hungary-2.1-1.613.29.9-14.3-10.62.722.4
Israel-2.5-7.4-2.72.90.22.7-8.1-7.3
Jordan0.6-0.6-0.1-0.30.2-0.1
Morocco2.2-0.910.2-0.24.5-7.7-4.6-8.913.9
Poland-1.2-3.61.6-2.58.4-15.40.44.23.5
Russia1.2-2.3-0.8-0.7-0.8-25.2-2.2-7.7-4.5
South Africa4.15.610.1-2.323.0-4.7-18.8-36.639.6
Turkey0.87.5-15.0-4.60.5-42.0-18.6-53.9-12.4
QTDPeriod on Period Percent ChangePeriod on Period Percent Change
Developed Markets
Australia7.13.95.7-3.6-3.6-2.5-15.2-8.99.8
Canada4.5-0.15.1-4.41.06.4-3.5-5.91.3
Denmark-2.7-2.113.9-0.56.416.3-6.7-5.117.9
Euro4.8-2.213.86.1-6.9-5.318.0
Hong Kong SAR-0.4-0.3
Japan0.6-0.811.1-1.92.510.8-10.4-13.110.8
New Zealand7.74.811.4-4.110.6-1.5-15.4-4.523.8
Norway0.11.417.91.36.7-5.8-8.9-1.829.2
Singapore-0.50.14.3-0.72.6-1.0-4.0-6.06.4
Sweden3.21.213.1-1.16.6-4.9-9.5-10.220.6
Switzerland2.0-1.213.50.46.6-13.5-1.3-3.020.0
United Kingdom3.7-1.47.71.33.2-2.5-7.5-2.711.0
Source: Bloomberg L.P.
Table 12Emerging Market Bond Index: EMBI+ Total Returns Index
Latest 2/19/03End of PeriodEnd of Period12-Month High12-Month LowAll-Time HighAll-Time Low
Q1Q2Q3Q41999200020012002
Composite23621320220022917520220022923618923662
Latin America
Argentina59584855581711846158684819648
Brazil24425719416423019622223823026115326167
Columbia17315715914017611711915617617813817897
Ecuador27627625819923011517724123029818529861
Mexico25422322623325216119021725225422225459
Panama40436735135939527730035439540633940656
Peru35633130228534024324430734035627235652
Venezuela25925925226627619222123327629024229059
Asia
Malaysia118101106115116116118100118100
Philippines1451341371411431039812514314513014578
Europe, Middle East, & Africa
Bulgaria50845245946349433835644749451244851276
Egypt1221001031171171229912299
Morocco24023322722723919020022323924222424273
Nigeria30327626523828118120925628130522430561
Poland31327828529730821224627230831327731360
Russia2942272392472768413020327629422329424
South Africa116102108113113116100116100
Turkey15413712312815410710512715415711515793
Ukraine161139142150152126152161134161106
Latin19118416515718717920217418719114921262
Non-Latin35929630431534416020327434435929235963
QTDPeriod on Period Percent ChangePeriod on Period Percent Change
EMBI+3.16.5-5.2-1.014.525.915.4-1.014.5
Latin America
Argentina1.7-4.9-17.214.65.512.57.6-66.8-4.9
Brazil6.18.0-24.5-15.540.240.013.37.2-3.4
Columbia-1.70.61.3-11.925.71.731.112.8
Ecuador20.014.5-6.5-22.915.6-28.653.936.2-4.6
Mexico0.82.81.33.18.215.018.014.216.1
Panama2.33.7-4.42.310.08.28.318.011.6
Peru4.77.8-8.8-5.619.317.40.425.810.7
Venezuela-6.211.2-2.75.63.829.715.15.418.5
Asia
Malaysia1.75.08.50.9
Philippines1.47.22.22.91.4-4.927.614.4
Europe, Middle East, & Africa
Bulgaria2.81.11.50.96.727.15.325.610.5
Egypt4.33.013.6
Morocco0.44.5-2.60.05.326.75.37.2
Nigeria7.87.8-4.0-10.218.11.715.522.59.8
Poland1.62.22.54.23.71.016.010.613.2
Russia6.511.85.33.311.7162.554.856.236.0
South Africa2.75.94.6
Turkey0.07.9-10.24.120.3-1.921.021.3
Ukraine5.910.32.25.61.320.6
Latin2.15.7-10.3-4.819.120.912.8-13.97.5
Non-Latin4.48.02.73.69.250.926.935.025.5
Source: J.P. Morgan Chase.
Table 13Emerging Market Bond Index: EMBI+ Yield Spreads
Latest 2/19/03End of PeriodEnd of Period12-Month High12-Month LowAll-Time HighAll-Time Low
Q1Q2Q3Q41999200020012002
EMBI+7155967981,0407598247567997591,0405851,483585
Latin America
Argentina6,3735,0136,7916,6296,3585337734,4046,3587,1993,9927,199515
Brazil1,3047171,5272,3961,4396367498701,4392,4436982,443626
Columbia6995326141,0676404237555166401,0965271,096402
Ecuador1,4811,0371,2531,9801,7943,3531,4151,2541,7942,2009604,712960
Mexico317250321434324363392308324441230979230
Panama416348447553439410501411439557337592337
Peru531418622874606443687520606897400897400
Venezuela1,3648861,1151,1561,1188449581,1281,1181,4917011,668701
Asia
Malaysia1411731711661663308833088
Philippines522376424529524324644470524539339743315
Europe, Middle East, & Africa
Bulgaria2414153573902886267724492884352321,000232
Egypt311572383383572295572295
Morocco398365498545390380584545390732323891323
Nigeria1,7321,1051,5843,9312,2121,3382,0371,4882,2123,9311,0543,9311,054
Poland167154200303178212241196178305151307148
Russia3884955116154722,4321,1726704726153876,357387
South Africa203241305233233425195425195
Turkey7035998901,0246874208007206871,0745691,197370
Ukraine4646226516636689416688944641,677464
Excluding Argentina920664664920602920602
QTDPeriod on Period Spread ChangePeriod on Period Spread Change
EMBI+-44-203202242-281-320-6843-40
Latin America
Argentina156091,778-162-271-1672403,6311,954
Brazil-135-153810869-957-567113121569
Columbia591682453-427332-239124
Ecuador-313-217216727-1861,743-1,938-161540
Mexico-7-5871113-110-37929-8416
Panama-23-6399106-114-4391-9028
Peru-75-102204252-268-169244-16786
Venezuela246-24222941-38-432114170-10
Asia
Malaysia-25-2-5
Philippines-2-9448105-5320-17454
Europe, Middle East, & Africa
Bulgaria-47-34-5833-102-223146-323-161
Egypt-72-189
Morocco8-18013347-155-296204-39-155
Nigeria-480-3834792,347-1,719-182699-549724
Poland-11-4246103-125-5329-45-18
Russia-84-17516104-143-2,908-1,260-502-198
South Africa-3064-72
Turkey16-121291134-337380-80-33
Ukraine-204-31929125-273
Excluding Argentina-256
Source: J.P. Morgan Chase.
Table 14Total Emerging Market Financing(In millions of U.S. dollars)
2002
2003 to Date119981999200020012002Q1Q2Q3Q4
Total17,969.0148,976.2163,569.6216,402.7162,137.7136,458.637,044.132,886.832,096.834,431.0
Africa663.83,891.54,707.29,382.86,992.37,169.51,330.11,910.12,220.01,709.3
Algeria50.0150.0150.0
Angola310.0455.0350.0350.0
Botswana22.5
Cameroon53.8
Chad400.0
Côte d'Ivoire179.015.0
Ghana508.630.0320.0300.0420.0420.0
Guinea130.0
Kenya7.580.2
Mali23.7150.4150.4
Mauritius160.0
Morocco280.2322.256.4136.1
Mozambique, Rep. of200.0
Nigeria90.0100.01,000.01,000.0
Senegal40 040.0
Seychelles50.0150.0150.0
South Africa339.12,569.03,423.48,698.84,646.74,159.11,290.11,260.11,100.0508.9
Tanzania135.0
Tunisia324.640.0352.694.3533.0750.0650.050.050.0
Zaire20.8
Zambia30.0
Zimbabwe150.0
Asia4,281.734,210.455,958.685,881.067,483.454,755.613,310.311,875.414,092.515,477.5
Brunei129.0129.0
China575.56,975.13,461.823,063.45,567.36,101.0722.81,133.21,087.63,157.5
Hong Kong SAR405.02,093.211,488.321,046.418,307.37,014.72,117.5736.5559.1744.0
India1,433.52,376.22,224.22,382.21,526.6412 3288.9172.9652.6
Indonesia374.21,465.31,283.1964.9756.0100.0256.0250.0150.0
Korea1,306.96,259.913,542.314,230.417,021.014,546.31,340.42,231.04,956.16,018.8
Lao P.D.R30.030.0
Macao29.5
Malaysia230.02,527.25,177.24,506.44,432.45,108.91,807.72,171.5837.7292.0
Marshall Islands34.734.7
Nepal57.0
Pakistan322.6182.585.085.0
Papua New Guinea232.4
Philippines1,114.64,113.07,181.75,021.93,658.85,797.32,400.0650.01,240.01,507.3
Singapore35.02,466.54,338.76,079.710,383.62,951.61,208.1104.51,054.4584.6
Sri Lanka65.023.0100.0105.081.935.32,724.915.7
Taiwan Province of China614.82,439.14,019.96,703.53,794.09,279.03,101.63,844.0656.41,677.0
Thailand5,047.12,551.71,572.5684.41,003.118.0265.7226.3493.0
Vietnam37.0100.020.0392.5292.5100.0
Europe6,013.535,582.726,191.537,021.622,787.730,300.47,224.97,279.66,869.98,926.0
Azerbaijan77.216.0
Bulgaria10.053.98.9242.31,260.81,260.8
Croatia768.1529.11,504.91,498.71,766.01,399.1561.2306.9324.6206.4
Cyprus555.6288.586.3633.0547.8479.868.1
Czech Republic1,663.5540.3127.1564.6463.4428.410.025.0
Estonia381 1289.2412.7202.1439.7241.9197.8
Gibraltar65.080.0
Hungary1,081.33,052.43,471.21,308.81,364.71,056.1265.795.7424.2270.5
Kazakhstan185.0417.0429.6573.5773.5135.5129.5303.5205.0
Kyrgyz Republic95.095.0
Latvia114.4288.923.0212.174.674.6
Lithuania431.734.7959.7683.8247.3374.318.8355.6
Macedonia, FYR of15.0
Malta502.657.085.0
Moldova40.0
Europe (continued)
Poland1,622.04,162.13,780.75,252.94,836.66,001.8876.71,000.03,209.8915.3
Romania338.5176.0594.41,347.21,742.2150.0702.3450.0439.9
Russia754.413,155.5166.83,950.73,200.18,684.81,710.22,108.01,064.53,802.1
Slovak Republic79.31,501.5994.71,466.7219.9143.1143.1
Slovenia646.7687.7672.7827.2279.08.655.685.6129.2
Tajikistan75.0
Turkey1,276.66,948.011,900.020,385.46,405.16,385.51,742.61,474.9753.92,414.2
Turkmenistan612.2
Ukraine1,099.7290.715.0514.015.0499.0
Uzbekistan142.040.030.046.046.0
Yugoslavia19.419.4
Middle East1,600.09,567.315,387.414,999.711,020.310,730.43,310.33,511.82,855.81,052.4
Bahrain500.0650.0361.11,391.0207.0665.0325.0340.0
Egypt646.91,533.7919.42,545.0570.0485.085.0
Iran, I.R. of692.0757.7887 02,671.4500.01,185.1608.3378.0
Israel1,146.83,719.02,908.51,602.6344.4344.4
Jordan60.0_80.980.9
Kuwait365.0147.5250.0770.0750.0450.0300.0
Lebanon1,769.91,421.41,752.43,300.0990.0100.0890.0
Libya50.0
Oman100.0356.8685.02,417.01,300.0210.0437.5469.5
Qatar700.0901.72,000.01,980.0913.01,571.7545.0606.7300.0120.0
Saudi Arabia400.03,837.04,374.82,200.9275.0300.0__300.0
United Arab Emirates150.0781.02,045.0520.7370.090.0280.0
Latin America5,410.065,724.261,324.969,117.653,854.033,502.611,868.58,309.86.058.67,265.7
Argentina23,162.017,844.416,648.53,423.9824.256.382.086.5599.4
Bolivia20.090.090.0
Brazil210.014,213.712,951.923,238.219,532.911,032.37,032.22,900.1425.0675.0
Chile1,150.05,226.68,031.75,782.53,935.33,011.5170.01,029.9406.31,405.3
Colombia500.01,947.23,555.83,093.24,895.02,221.0485.0500.0616.0620.0
Costa Rica450.0274.5300.0250.0400.0250.0250.0
Dominican Republic600.074.174.0531.1333.0188.0145.0
Ecuador73.0910.010.010.0
El Salvador59.8316.5160.0488.51,251.5500.0300.0451.5
Grenada100.0100 0
Guadeloupe325.017.417.4
Guatemala120.0222.0505.0325.044.044.0
Jamaica250.0421.0726.5345.0345.0
Mexico2,000.013,514.414,099.515,313.413,823.510,261.71,930.02,112.73,609.82,609.1
Paraguay55.070.0
Peru500.0861.91,618. 4465.4137.51,993.01,463.0530.0
Trinidad & Tobago230.0301.070.0303.090.0213.0
Uruguay550.0465.0602.21,147.4400.0250.0150.0
Venezuela5,470.11,561.72,263.33,417.51,015.0500.0515.0
Source: Data provided by the Bond, Equity, and Loan database of the International Monetary Fund sourced from Capital Data.
Table 15Emerging Market Bond Issuance(In millions of U.S. dollars)
2002
2003 to Date119981999200020012002Q1Q2Q3Q4
Total14,458.979,515.882,359.480,475.489,036.961,552.522,228.015,881.98,834.214,608.4
Africa324.61,380.52,345.51,485.82,109.62,161.1250.01,650.0261.1
Mauritius160.0
Morocco151.5
South Africa1,380.51,804.71,485.81,647.71,511.1250.01,000.0261.1
Tunisia324.6229.3462.0650.0650.0
Asia2,954.512,399.923,424.724,501.435,869.222,468.17,553.55,029.33,957.05,928.2
China1,794.01,060.01,770.72,341.9602.8500.090.012.8
Hong Kong SAR50.0725.47,124.87,058.910,458.61,951.61,710.584.0157.1
India100.0100.099.3120.0120.0
Indonesia125.0375.0100.0125.0150.0
Korea1,265.15,084.44,905.87,653.07,756.36,705.5627.4420.02,616.33,041.8
Malaysia2,062.41,419.72,150.01,880.0750.0980.0150.0
Philippines1,024.61,890.04,751.22,467.31,842.44,773.82,300.0650.0400.01,423.8
Singapore1,500.02,147.22,333.88,664.7560.5408.78.1143.7
Sri Lanka.-65.0
Taiwan Province of China614.81,041.0475.01,698.02,152.45,450.81,156.82,797.3515.0981.8
Thailand300.0798.4278.648.048.0
Europe5,479.824,049.713,872.814,202.511,558.614,966.85,097.74,254.7697.84,916.5
Bulgaria53.9223.41,247.81,247.8
Croatia768.197.4601.2858.0934.0847.5546.2200.6100.7
Cyprus480.6288.5480.5479.8479.8
Czech Republic814.9421.750.7428.4428.4
Estonia106.484.9335.765.5292.694.8197.8
Hungary1,081.31,896.62,410.5540.81,247.870.570.5
Kazakhstan100.0300.0350.0250.0209.0109.0100.0
Latvia236.7180.8
Lithuania431.7531.5376.2222.4355.6355.6
Malta250.0
Poland1,622.01,943.31,652.61,553.52,773.72,679.9657.91,000.0400.0622.0
Romania259.5908.61,062.2622.3439.9
Russia300.012,106.875.01,352.73,391.5536.5750.02,105.0
Slovak Republic1,336.5800.2978.3219.9143.1143.1
Slovenia556.1439.1384.7490.0
Turkey1,276.63,261.55,761.28,490.82,158.73,259.81,450.0659.81,150.0
Ukraine1,099.7290.7499.0499.0
Middle East500.02,175.04,409.84,670.65,920.73,706.6875.3725.01,728.3378.0
Bahrain500.0209.1188.5325.0325.0
Egypt100.01,500 0
Iran, I.R. of986.3608.3378.0
Israel650.01,679.21,329.81,120.7344.4344.4
Jordan80.980.9
Kuwait750.0450.0300.0
Lebanon1,525.01,421.41,752.43,300.0990.0100.0890.0
Qatar1,000.01,400.0
United Arab Emirates230.0230.0
Latin America5,200.039,510.738,306.735,615.233,578.818,250.08,451.54,222.92,451.03,124.6
Argentina15,614.914,182.813,024.81,500.5
Brazil150.09,190.08,585.811,382.112,238.86,375.54,721.51,454.0200.0
Chile1,000.01,063.01,763.8679.71,536.01,728.9863.940.0825.0
Colombia500.01,388.71,675.61,547.24,263.31,000.0500.0500.0
Costa Rica450.0200.0300.0250.0250.0250.0250.0
Dominican Republic600.0500.0
El Salvador150.050.0353.51,251.5500.0300.0451.5
Grenada100.0100.0
Guatemala325.0
Jamaica250.0421.0690.7300.0300.0
Mexico2,000.08,444.09,854.07,078.49,231.74,914.11,800.0355.01,911.0848.1
Peru500.0150.01,930.01,430.0500.0
Trinidad & Tobago230.0250.0
Uruguay550.0350.0442.71,106.1400.0250.0150.0
Venezuela2,660.11,214.7489.41,583.2
Source: Data provided by the Bond, Equity, and Loan database of the International Monetary Fund sourced from Capital Data.
Table 16Emerging Market Equity Issuance(In millions of U.S. dollars)
2002
2003 to Date119981999200020012002Q1Q2Q3Q4
Total648.09,436.323,187.441,772.811,245.916,359.44,075.94,345.23,816.04,122.3
Africa124.1800.4658.7103.3150.9340.570.1260.110.3
Mali23.7
Morocco80.256.46.8
South Africa124.1656.4658.746.9144.1340.570.1260.110.3
Tunisia40.0
Asia509.54,454.818,271.831,567.79,591.512,411.42,461.23,014.63,816.03,119.7
China509.5709.11,477.420,239.72,810.42,546.0112.8103.0315.62,014.7
Hong Kong SAR437.93,370.03,088.6297.12,857.7
India53.2874.4916.7467.2264 8171.942.950.0
Indonesia522.228.2347.2281.0156.0125.0
Korea495.56,590.6784.83,676.41,553.7893.6430.8229.2
Macao29.5
Malaysia15.4891.2823.52.765.0
Papua New Guines232.4—.
Philippines221.7194.611.311.3
Singapore225.91,725.62,202.2625.8891.6189.96.4110.7584.6
Sri Lanka81.935.32,724.915.7
Taiwan Province of China354.12,500.43,951.51,126.63,057.91,904.7954.0199.2
Thailand2,179.2757.3132.0225.356.356.3
Europe14.42,531.81,411.63,339.8259.41,612.4456.9163.2992.3
Croatia205.322.3
Czech Republic125.8
Estonia52.2190.3
Hungary383.3529.219.1
Latvia4.422.722.7
Lithuania150.5
Malta_46.0
Poland956.6636.3358.9217.3217.3
Romania45.2
Russia14.455.8387.7237.11,301.0385.5140.5775.0
Turkey713.02,423.871.471.4
Middle East1,485.82,084.01,618.186.9
Egypt_102.489.2319.4
Israel496.81,994.81,298.786.9
Lebanon144.9
Qatar741.7
Latin America163.7761.35,143.91,157.31,995.01,087.7907.3
Argentina349.6393 134.4
Brazil161.43,102.51,122.91,148.51,087.760.7
Chile72.4
Dominican Republic74.174.0
Mexico162.01,574.3846.6846.6
Peru17.288.4
Source: Data provided by the Bond, Equity, and Loan database of the International Monetary Fund sourced from Capital Data.
Table 17Emerging Market Loan Syndication(In millions of U. S. dollars)
2002
2003 to Date119981999200020012002Q1Q2Q3Q4
Total2,862.060,024.058,022.894,154.561,854.958,546.710,740.112,659.619,446.715,700.3
Africa215.01,710.61,703.07,793.74,731.84,667.91,010.02,220.01,437.9
Algeria50.0150.0150.0
Angola310.0455.0350.0350.0
Botswana22.5
Cameroon53.8
Chad400.0
Côte d'Ivoire179.015.0
Ghana508.630.0320.0300.0420.0420.0
Guinea130.0
Kenya7.580.2
Mali150.4150.4
Morocco200.0170.6129.3—,
Mozambique, Rep. of200.0
Nigeria90.0100.01,000.01,000.0
Senegal40.040.0
Seychelles50.0150.0150.0
South Africa215.0532.0960.07,166.12,855.02,307.5970.01,100.0237.5
Tanzania135.0
Tunisia123.494.371.0100.050.050.0
Zaire20.8
Zambia30.0
Zimbabwe150.0
Asia817.717,355.714,262.029,812.022,022.719,876.23,295.53,831.56,319.56,429.7
Brunei129.0129.0
China66.04,472.1924.41,053.1415.02,952.2110.0940.2772.01,130.0
Hong Kong SAR355.0929.9993.510,898.97,551.62,205.5407.0652.5402.0744.0
India1,380.31,401.81,207.61,815.71,141.8240.3246.0122.9532.6
Indonesia374.2943.11,254.9492.6100.0100.0
Korea41.7680.02,046.05,792.65,588.26,287.1713.0917.31,909.02,747.8
Lao P.D.R30.030.0
Malaysia230.02,527.23,114.83,086.72,267.02,337.71,057.7368.0835.077.0
Marshall Islands34.734.7
Nepal57.0
Pakistan322.6182.585.085.0
Philippines90.02,223.02,208.92,360.01,816.41,012.3100.0840.072.3
Singapore35.0740.6466.01,543.71,093.21,499.5609.590.0800.0
Sri Lanka23.0100.0105.0
Taiwan Province of China1,044.01,044.51,054.0515.0770.240.092.8141.4496.0
Thailand2,567.9996.01,440.5180.5898.718.0265.7170.0445.0
Vietnam37.0100.020.0392.5292.5100.0
Europe519.39,001.310,907.119,479.310,969.713,721.21,670.32,861.76,172.13,017.2
Azerbaijan77.216.0
Bulgaria10.08.918.913.013.0
Croatia226.4903.6640.7809.8551.615.0106.3324.6105.8
Cyprus75.086.3152.568.168.1
Czech Republic722.8118.6127.1513.935.010.025.0
Estonia222.614.077.0136.6147.1147.1
Gibraltar65.080.0.-
Hungary772.5531.6748.9116.9985.6195.295.7424.2270.5
Kazakhstan85.0117.079.6323.5564.526.5129.5203.5205.0
Kyrgyz Republic95.095.0
Latvia110.052.223.031.351.951.9
Lithuania34.7428.2157.224.918.818.8
Macedonia, FYR of15.0
Malta206.657.085.0
Moldova40.0
Poland1,262.31,491.93,340.52,062.93,104.6218.82,809.876.0
Romania293.3176.0334.9438.6680.0150.080.0450.0
Russia440.01,048.7111.03,488.11,610.33,992.3788.31,217.51,064.5922.1
Europe (continued)
Slovak Republic79.3165.1194.5488.3—.
Slovenia90.6248.6288.0337.2279.08.655.685.6129.2
Tajikistan75.0
Turkey2,973.56,138.89,470.94,246.43,054.3221.2815.1753.91,264.2
Turkmenistan612.2
Ukraine15.015.015.0
Uzbekistan142.040.030.046.046.0
Yugoslavia19.419.4
Middle East1,100.05,906.58,893.78,711.05,012.77,023.82,435.02,786.88127.5674.5
Bahrain650.0152.01,202.5207.0340.0340.0
Egypt544.51,344.5600.01,045.0570.0485.085.0
Iran, I.R. of692.0757.7887.01,685.1500.01,185.1
Israel45.0280.0395.0
Jordan60.0
Kuwait365.0147.5250.0770.0
Lebanon100.0
Libya50.0
Oman100.0356.8685.02,417.01,300.0210.0437.5469.5
Qatar700.0160.01,000.0580.0913.01,571.7545.0606.7300.0120.0
Saudi Arabia400.03,837.04,374.82,200.9275.0300.0300.0
United Arab Emirates150.0781.02,045.0520.7140.090.050.0
Latin America210.026,049.922,257.028,358.519,118.013,257.62,329.33,179.55607.64,141.1
Argentina7,547.13,312.13,230.61,889.0824.256.382.086.5599.4
Bolivia20.090.090.0
Brazil60.05,023.84,204.78,753.66,171.33,508.41,223.01,385.4225.0675.0
Chile150.04,091.26,267.95,102.82,399.31,282.6170.0166.0366.3580.3
Colombia558.51,880.21,546.0631.71,221.0485.0616.0120.0
Costa Rica74.5150.0
Dominican Republic31.1333.0188.0145.0
Ecuador73.0910.010.010.0
El Salvador59.8166.5110.0135.0
Guadeloupe17.417.4
Guatemala120.0222.0505.044.044.0
Jamaica35.845.045.0
Mexico5,070.44,083.66,660.74,591.84,501.0130.0911.11,698 81,761.0
Paraguay55.070.0
Peru694.81,530.0465.4137.563.033.030.0
Trinidad & Tobago51.070.0303.090.0213.0
Uruguay115.0159.541.3
Venezuela2,810.0347.01,773.91,834.31,015.0500.0515.0
Source: Data provided by the Bond, Equity, and Loan database of the International Monetary Fund sourced from Capital Data.
Table 18Equity Valuation Measures: Dividend-Yield Ratios
2002
2003 Jan. 31Q1Q2Q3Q419981999200020012002
Argentina3.343.203.674.113.423.883.294.625.163.42
Brazil5.805.305.636.925.519.342.953.184.935.51
Chile2.752.432.813.272.764.311.882.332.312.76
China2.302.032.392.402.413.713.140.951.952.41
Colombia4.836.616.105.624.786.026.7811.125.634.78
Czech Republic2.352.102.762.482.361.081.360.952.282.36
Egypt6.156.037.037.987.538.243.925.756.487.53
Hong Kong SAR3.833.113.343.883.853.872.312.583.253.85
Hungary1.441.151.511.521.401.141.141.461.301.40
India1.901.941.591.761.812.001.251.592.031.81
Indonesia4.732.782.974.274.171.160.913.053.654.17
Israel1.512.532.502.521.473.581.872.262.241.47
Jordan3.653.343.443.763.773.774.244.543.513.77
Korea1.490.971.251.461.381.190.812.051.541.38
Malaysia1.981.661.882.012.041.851.151.701.872.04
Mexico2.331.702.182.472.302.121.271.631.982.30
Morocco4.704.244.504.894.842.012.493.593.974.84
Pakistan12.0912.7415.1114.0710.9513.754.005.1216.0110.95
Peru2.362.552.392.582.374.642.863.383.162.37
Philippines1.881.062.331.691.971.241.081.441.431.97
Poland1.941.812.262.061.841.210.700.681.871.84
Russia2.210.911.851.991.870.720.140.921.111.87
Singapore2.381.551.902.192.271.410.861.401.802.27
South Africa4.073.313.304.083.833.962.092.753.473.83
Sri Lanka3.434.573.723.063.352.493.225.594.793.35
Taiwan Province of China1.421.281.461.811.601.150.971.711.421.60
Thailand2.332.262.372.782.481.840.702.132.022.48
Turkey1.271.511.921.541.353.170.761.911.151.35
Venezuela5.054.112.412.632.386.935.805.053.892.38
Emerging Markets Free2.472.092.322.582.433.131.522.092.302.43
EMFAsia1.791.451.651.891.811.601.011.711.731.81
EMF Latin America3.793.243.714.073.645.182.282.693.373.64
EMF Europe & Middle East1.841.672.112.111.712.051.161.841.691.71
ACWI Free2.361.701.932.362.251.581.271.461.722.25
Source: Data are from Morgan Stanley Capital International.Note: The countries above include the 27 constituents of the Emerging Markets Free index as well as Hong Kong SAR and Singapore. Regional breakdowns conform to Morgan Stanley Capital International conventions. All indices reflect investible opportunities for global investors by taking into account restrictions on foreign ownership. The indices attempt to achieve an 85 percent representation of freely floating stocks.
Table 19Equity Valuation Measures: Price-to-Book Ratios
2002
2003 Jan. 31Q1Q2Q3Q419981999200020012002
Argentina1.691.391.391.261.611.311.471.040.861.61
Brazil1.181.181.200.951.240.521.241.181.111.24
Chile1.051.361.141.051.151.161.691.491.391.15
China1.361.791.581.331.300.630.692.751.881.30
Colombia1.180.520.800.881.180.710.710.490.531.18
Czech Republic0.820.880.740.810.840.730.801.000.810.84
Egypt1.291.441.151.051.052.133.572.321.391.05
Hong Kong SAR1.111.361.271.081.101.312.271.671.381.10
Hungary1.862.161.821.831.913.053.352.332.031.91
India2.072.292.292.132.152.003.552.712.132.15
Indonesia1.443.113.082.542.231.392.411.032.722.23
Israel1.741.881.751.721.741.482.533.042.221.74
Jordan1.261.451.531.271.261.051.031.021.381.26
Korea1.111.701.471.221.210.991.420.821.331.21
Malaysia1.601.941.851.521.541.251.981.591.761.54
Mexico1.722.271.991.691.771.722.311.911.991.77
Morocco1.451.681.501.391.404.273.532.561.791.40
Pakistan1.801.261.181.382.041.071.481.410.882.04
Peru1.821.631.551.561 841.411.921.131.291.84
Philippines0.911.311.071.030.851.481.641.271.110.85
Poland1.301.431.321.221.371.472.122.101.331.37
Russia0.991.541.641.241.220.672.410.901.271.22
Singapore1.211.801.511.281.261.552.562.051.631.26
South Africa1.652.031.951.681.721.522.752.681.811.72
Sri Lanka1.200.831.101.331.221.151.000.600.831.22
Taiwan Province of China1.722.191 711.351.532.213.461.871.981.53
Thailand1.942.112.051.721.831.142.041.511.681.83
Turkey1.883.082.252.041.762.559.212.723.801.76
Venezuela0.710.500.750.780.870.570.630.670.480.87
Emerging Markets Free1.411.791.641.381.451.212.121.641.591.45
EMF Asia1.401.921.651.371.411.402.091.531.681.41
EMF Latin America1.371.521.451.261.440.871.571.361.351.44
EMF Europe & Middle East1.291.711.611.411.421.883.412.151.701.42
ACWI Free2.012.712.401.962.073.494.233.462.672.07
Source: Data are from Morgan Stanley Capital International.Note: The countries above include the 27 constituents of the Emerging Markets Free index as well as Hong Kong SAR and Singapore. Regional breakdowns conform to Morgan Stanley Capital International conventions. All indices reflect investible opportunities for global investors by taking into account restrictions on foreign ownership. The indices attempt to achieve an 85 percent representation of freely floating stocks.
Table 20Equity Valuation Measures: Price-Earnings Ratios
2002
2003 Jan. 31Q1Q2Q3Q419981999200020012002
Argentina-3.2631.12-8.35-7.59-10 9212.9524.8220.6919.13-10.92
Brazil11.389.188.929.4611.236.6018.6412.838.4911.23
Chile16.6017.6019.3015.7217.1616.8946.4031.9618.0217.16
China12.7213.3313.4611.3912.1410.5814.9740.6014.0912.14
Colombia9.15393.047.318.109.557.6220.30-103.4464.919.55
Czech Republic10.4810.018.9210.0210.4033.42-42.0416.499.2110.40
Egypt9.026.687.727.377.337.5416.549.356.287.33
Hong Kong SAR14.9819.0917.2314.5714.9117.8230.817.6420.4714.91
Hungary9.7918.6615.2714.4710.0614.5418.5014.8219.3410.06
India12.3314.1712.7711.9413.5611.6422.8415.6113.8413.56
Indonesia5.3110.6410.937.197.14-9.04-48.7318.688.377.14
Israel-46.11192.41-32.58-74.84-46.6216.7425.5123.88228.84-46.62
Jordan12.9115.8512.8912.4212.3913.3013.51-107.1115.1012.39
Korea8.7119 5421.1811.7111.44527.7423.248.1215.2311.44
Malaysia13.7227.1021.8113 7513.21-46.93-8.4120.6322.6213.21
Mexico13.1016.5813.6412.9714.0715.2014.6413.7814.2314.07
Morocco10.1810.2210.619.779.8722.5318.659.3010.779.87
Pakistan7.037.475.316.188.078.1517.608.394.538.07
Peru15.5715.9119.8417.3020.4211.3018.4615.4414.0820.42
Philippines18.8249.3622.0922.4818.2117.67142.83-35.0643.7218.21
Poland-247.8319.9119.6513.30-261.1411.8622.3314.3018.32-261.14
Russia8.876.055.925.947.3312.68-126.435.695.037.33
Singapore20.9124.7524.6222.0621.0725.3341.1818.9416.5321.07
South Africa10.0712.2612.0210.1310.5011.3518.7314.8711.3010.50
Sri Lanka14.029.8212.6715.5314.358.107.594.248.5314.35
Taiwan Province of China82.5622.8951.4843.9573.1323.4938.2614.0621.0873.13
Thailand16.5118.9118.3916.0315.52-3.76-8.94-14.6116.6715.52
Turkey108.1941.1926.5921.50101.337.5938.6011.7725.51101.33
Venezuela7.9713.0415.1511.9013.436.9317.6821.7618.4313.43
Emerging Markets Free13.3915 5916.0112.8713.9517.7027.1714.8513.9913.95
EMF Asia13.2419.0721.3014.2614.8583.4540.9815.4716.7314.85
EMF Latin America14.7012.8811.8812.3813.8410.5818.2814.9311.6713.84
EMF Europe & Middle East19.4813.6212.8511.8216.2716.3737.2514.0513.1016.27
ACWI Free22.6328.4630.0524.5323.1829.0535.7025.4426.7623.18
Source: Data are from Morgan Stanley Capital International.Note: The countries above include the 27 constituents of the Emerging Markets Free index as well as Hong Kong SAR and Singapore. Regional breakdowns conform to Morgan Stanley Capital International conventions. All indices reflect investible opportunities for global investors by taking into account restrictions on foreign ownership. The indices attempt to achieve an 85 percent representation of freely floating stocks.
Table 21United States Mutual Fund Net Flows(In millions of U.S. dollars)
2002
2003 Year to Date1Q1Q2Q3Q419981999200020012002
Asia Pacific (Ex-Japan)-743814-11924-696152-1,208-496-43
Corporate High Yield1,8354,322146-8214,4369,857-510-6,1625,9388,082
Corporate Investment Grade6,7598,1788,4039,8756,23217,0287,1364,25421,69232,688
Emerging Markets Debt115168284920452318-500-448450
Emerging Markets Equity-265338-25-507-137-1,48524-350-1,663-331
European Equity-135-69-236-267-4723,087-1,665621-1,791-1,045
Global Equity-1,001-185-1,224-2,318-1,4261,2894,67312,627-3,006-5,152
Growth-Aggressive-1,6157,3772,118-3,913305,04615,24846,61017,8835,612
International & Global Debt624-248305-521-359-90-1,582-3,272-1,602-823
International Equity-3731,9133,235-2,0171,1087,3732,99913,322-4,4884,240
Japanese Equity-42-43133-85-86154731-831-270-82
Latin American Equity Funds-162033-119-55-781-121-95-14733
Source: Data are provided by AMG Data Services and cover net flows of U.S.-based mutual funds.Note: Fund categories are distinguished by a primary investment objective which signifies an investment of 65 percent or more of a fund's assets. Primary sector data are mutually exclusive, but emerging and regional sectors are all subsets of international equity.
Table 22Bank Profitability
Return on Assets (in percent)Return on Equity (in percent)
19971998199920002001LatestDate19971998199920002001LatestDate
Latin America
Argentina1.00.50.20.00.16.34.01.5-0.20.8
Brazil0.50.61.61.00.22.0Sep-027.17.418.911.32.423.3Sep-02
Chile1.00.90.71.01.31.3Sep-0213.711.59.412.717.716.6Sep-02
Colombia1.2-2.2-3.2-1.70.11.2Dec-028.6-19.6-33.4-15 81.210.9Dec-02
Ecuador1.20.80.2-2.8-6.62.1Oct-027.75.31.3-21.3-36.022.7Oct-02
Mexico0.40.60.70.90.81.0Sep-025.86.95.810.48.69.7Sep-02
Peru1.20.70.30.30.40.7Nov-028.44.03.14.56.7Nov-02
Uruguay10.91.30.9-0.3-15.2Sep-0212.87.37.84.6-18.7-2702Sep-02
Venezuela4.34.93.12.92.86.1Aug-0235.141.424.023.120.341.1Aug-02
Eastern Europe
Bulgaria3.34.33.410.515.510.2
Czech Republic-0.2-1.2-0.30.70.71.4Sep-02-6.2-5.2-4.313.114.427.6Sep-02
Hungary1.0-2.20.51.21.711.0-24.76.314.418.3
Latvia-1.51.11.71.31.4Dec-0226.0-12.911.019.016.016.3Dec-02
Lithuania0.30.90.20.50.23.911.91.35.01.4Sep-01
Poland2.11.20.91.11.00.9Jun-0237.716.112.915.212.99.9Jun-02
Romania-0.12.6
Russia0.72.13.2Jun-0210.214.911.3Jun-02
Slovak Republic0.1-0.5-2.31.41.11.1Oct-022.8-13.4-36.525.225.326.3Oct-02
Slovenia1.11.20.81.10.41.5Jun-0210.311.37.811.34.818.4Jun-02
Western Europe
France0.3*0.3*0.4*0.6*0.4*7.6*7.8*10.5*14.9*10.3
Germany0.20.30.20.20.210.610.26.56.14.6
Italy0.1*0.5*0.6*0.8*0.6*1.07.410.012.99.1
Portugal0.70.70.60.615.114.615.115.0
Spain0.80.90.91.00.913.0*14.4*12.2*14.0*12.7*
United Kingdom0.90.81.00.90.60.7Jun-0217.214.517.714.09.210.9Jun-02
Turkey2.71.9-0.4-0.8-1.90.4Jun-0223.1-7.2-10.5-21.27.0Jun-02
Asia
India0.70.80.50.70.60.8Mar-0212.810.411.9Mar-02
Indonesia-19.9-9.10.10.81.8Sep-0219.613.419.6Sep-02
Korea-0.9-3.3-1.3-0.60.80.8Sep-02-12.8-52.5-23.1-11.915.916.1Sep-02
Malaysia1.11.10.8-0.613.312.88.4
Pakistan-1.20.5-0.2-0.2-0.5-38.89.1-6.3-0.3-0.1
Philippines1.70.80.40.40.40.7Jun-0213.05.92.92.63.24.8Jun-02
Thailand-0.8-5.1-5.4-1.6-0.20.7Sep-02-6.2-38.5-47.0-15.9-1.97.6Sep-02
United States1.31.11.31.21.11.4Sep-0215.513.315.714.012.915.4Sep-02
Japan**0.0-0.6-0.50.20.0-0.4Mar-020.8-22.5-11.83.3-0.1-12.4Mar-02
Canada0.70.50.70.70.60.5Sep-0214.712.214.213.913.09.9Sep-02
Sources: National authorities, EDSS; IMF staff calculations; (*)©2003 Bureau van Dijk Electronic Publishing—Bankscope; (**) Moody's.
Table 23Bank Asset Quality
Nonperforming Loans to Total Loans1 (in percent)Provisions to Nonperforming Loans2 (in percent)
19971998199920002001LatestDate19971998199920002001LatestDate
Latin America
Argentina35.55.37.18.713.213.8Jun-0261.261.260.062.966.0
Brazil***6.310.28.78.45.76.1Jun-02120.5110.9125.182.1126.11233Jun-02
Chile***1.01.51.71.71.81.9Sep-02160.0131.4152.9145.5146.5124.0Sep-02
Colombia5.510.713.611.010.09.6Aug-0234.837.936.854.573.980.7Aug-02
Ecuador
Mexico***11.111.38.95.85.14.8Sep-0261.266.1107.8115.3123.8136.2Sep-02
Peru***5.17.08.79.89.08.4Nov-0290.692.199.5104.3114.2116.4Nov-02
Uruguay48.78.59.331.2Sep-0261.162.848.447.545.445.8Sep-02
Venezuela***2.85.57.86.67.910.6Nov-02132.9123.4101.8101.296.592.2Nov-02
Eastern Europe
Bulgaria524.419.314.69.66.44.5Oct-0275.071.979.374.375.7Sep-02
Czech Republic20.820.721.919.913.79.6Sep-0251.154.352.244.959.278.9Sep-02
Hungary6.88.24.63.33.43.8Sep-0253.545.251.456.753.9
Latvia10.06.36.24.63.2Sep-0174.071.766.765.253.1Sep-01
Lithuania22.212.912.511.38.36.0Oct-0265.647.537.534.636.5
Poland10.510.913.214.917.821.0Jun-0266.863.058.461.566.869.8Jun-02
Romania65.071.752.65.23.43.2Aug-0227.733.631.870.476.759.2Aug-02
Russia24.521.212.810.0Oct-01
Slovak Republic627 231.623.715.314.0
Slovenia5.55.45.15.25.451.048.044.640.639.1
Western Europe
France6.75.95.14.34.160.758.560.760.859.9
Germany3.02.62.22.173.376.981.885.7
Italy79.28.97.45.74.740.942.848.148.650.0
Portugal4.53.32.42.02.068.266.7
Spain2.92.01.51.21.2Nov-0269.971.161.055.6
United Kingdom2.93.12.82.52.464.056.071.265.069.5
Turkey2.36.79.79.212.623.8Jun-0254.643.061.760.364.554.4Jun-02
Asia
India15.714.414.712.811 410.4Mar-02
Indonesia48.632.918.812.110.6Oct-0228.677.759.497.785.4Sep-02
Korea5.87.611.38.14.93.8Jun-0252.145.345.3Jun-03
Malaysia4.113.611.09.711.510.3Nov-0221.621 626.827.926.827.5Nov-02
Pakistan20.119.522.019.519.646.658.648.655.056.2
Philippines4.710.412.315.117.316.4Oct-0247.338.346.643.645.248.7Oct-02
Thailand842.938.617.710.510.4Oct-0222.527.932.235.649.5Oct-02
United States1.01.01.01.21.51.6Sep-0281.073.776.198.2118.282.3Sep-02
Japan5.45.86.16.67.48.9Mar-0265.9**52.0**43.7**36.9**32.5**Mar-02
Canada1.11.11.21.21.51.6Jun-0250.345.442.844.0
Sources; National authorities, EDSS; IMF staff calculations; (*) Bankscope, ©2003 Bureau van Dijk Electronic Publishing-Bankscope; (**) Moody's.
Table 24Bank Capital Adequacy
Nonperforming Loans to Total Loans1 (in percent)Provisions to Nonperforming Loans2 (in percent)
19971998199920002001LatestDate19971998199920002001LatestDate
Latin America
Argentina***21.020.420.819.517.911.811.310.610.112.514.4Jun-02
Brazil15.915.615.514.315.314.5Sep-029.410.511.612.113.612.8Nov-02
Chile***11.512.513.513.312.713.5Sep-02
Colombia12.410.310.812.412.412.1Sep-027.77.77.77.97.7Aug-02
Ecuador15.914.512.912.98.89.1Oct-02
Mexico13.614.416.213.814.715.0Jun-028.08.38.09.69.410.0Sep-02
Peru10.511.212.012.812.812.6Aug-028.58.78.99.19.89.9Nov-02
Uruguay311.311.210.211.711.3-6.5Sep-0216.315.314.711.78.1-4.9Sep-02
Venezuela12.714.013.513.014.015.8Nov-02
Eastern Europe
Bulgaria26.936.741.835.631.326.8Sep-02-14.015.315.213.613.1Sep-02
Czech Republic***9.512.013.614.915.515.3Sep-028.27.97.98.26.7
Hungary17.318.514.113.514.212.6Sep-029.49.79.79.89.510.0Sep-02
Latvia21.017.016.014.015.0Sep-017.03.72.08.59.19.0Nov-02
Lithuania15.323.817.416.316.8Sep-016.813.012.812.111.512.1Oct-02
Poland12.511.713.212.915.113.7Jun-027.27.07.17.28.08.4Jun-02
Romania13.610.317.923.828.826.7Aug-026.17.68.612.112.1Aug-02
Russia14.312.912.5
Slovak Republic8.06.612.713.119.79.29.88.75.97.99.6Oct-02
Slovenia18.216.014.013.511.9