Chapter

STATISTICAL APPENDIX

Author(s):
International Monetary Fund. Monetary and Capital Markets Department
Published Date:
October 2007
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This statistical appendix 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, however, 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 GFSR, is intended to give the reader an overview of developments in global financial markets. Unless otherwise noted, the statistical appendix reflects information available up to July 27, 2007.

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 114 and Tables 19 contain information on market developments in key financial centers. This includes data on global capital flows, and on markets for foreign exchange, bonds, equities, and derivatives as well as sectoral balance sheet data for the United States, Japan, and Europe.

  • Figures 15 and 16, and Tables 1021 present information on financial developments in emerging markets, including data on equity, foreign exchange, and bond markets, as well as data on emerging market financing flows.

  • Tables 2227 report key financial soundness indicators for selected countries, including bank profitability, asset quality, and capital adequacy.

List of Tables and Figures

Emerging Markets

Figures

15. Emerging Market Volatility Measures

16. Emerging Market Debt Cross-Correlation Measures

Tables

10. Equity Market Indices

11. Foreign Exchange Rates

12. Emerging Market Bond Index: EMBI Global Total Returns Index

13. Emerging Market Bond Index: EMBI Global Yield Spreads

14. Emerging Market External Financing: Total Bonds, Equities, and Loans

15. Emerging Market External Financing: Bond Issuance

16. Emerging Market External Financing: Equity Issuance

17. Emerging Market External Financing: Loan Syndication

18. Equity Valuation Measures: Dividend-Yield Ratios

19. Equity Valuation Measures: Price-to-Book Ratios

20. Equity Valuation Measures: Price/Earnings Ratios

21. Emerging Markets: Mutual Fund Flows

Financial Soundness Indicators

22. Bank Regulatory Capital to Risk-Weighted Assets

23. Bank Capital to Assets

24. Bank Nonperforming Loans to Total Loans

25. Bank Provisions to Nonperforming Loans

26. Bank Return on Assets

27. Bank Return on Equity

Figure 1.Major Net Exporters and Importers of Capital in 2006

Source: IMF, World Economic Outlook database, as of August 21, 2007.

1 As measured by countries’ current account surplus (assuming errors and omissions are part of the capital and financial accounts).

2 Other countries include all countries with shares of total surplus less than 1.9 percent.

3 As measured by countries’ current account deficit (assuming errors and omissions are part of the capital and financial accounts).

4 Other countries include all countries with shares of total deficit less than 2.2 percent.

Figure 2.Exchange Rates: Selected Major Industrial Countries

(Weekly data)

Sources: Bloomberg L.P.; and the IMF Global Data System.

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

1 Local 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.

2 2000 = 100; constructed using 1999–2001 trade weights.

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

(Monthly data)

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

Figure 4.Selected Spreads

(In basis points; monthly data)

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

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

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

3 Spread over 10-year government bond.

Figure 5.Nonfinancial Corporate Credit Spreads

(In basis points; monthly data)

Source: Merrill Lynch.

Figure 6.Equity Markets: Price Indices

(January 1, 1990 = 100; weekly data)

Source: Bloomberg L.P.

Figure 7.Implied and Historical Volatility in Equity Markets

(Weekly data)

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. Historical volatility is calculated as a rolling 100-day annualized standard deviation of equity price changes. Volatilities are expressed in percent rate of change.

1 VIX is the Chicago Board Options Exchange volatility index. This index is calculated by taking a weighted average of implied volatility for the eight S&P 500 calls and puts.

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

(Weekly data)

Sources: Bloomberg L.P.; and Datastream.

1 Volatility calculated as a rolling 100-day annualized standard deviation of changes in yield and returns on 10-year government bonds. Returns are based on 10-plus year government bond indices.

Figure 9.Twelve-Month Forward Price/Earnings Ratios

Source: I/B/E/S.

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

Sources: Investment Company Institute; and Datastream.

1 In 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.

1 Spread against yield on 10-year U.S. government bonds.

Figure 12.Europe: Corporate Bond Market1

Sources: Bondware; and Datastream.

1 Nonfinancial corporate bonds.

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

Figure 13.United States: Commercial Paper Market1

Source: Board of Governors of the Federal Reserve System.

1 Nonfinancial commercial paper.

2 Difference 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.

1 Merrill Lynch AAA Asset-Backed Master Index (fixed rate) option-adjusted spread.

2 Collateralized bond/debt obligations; for 2007 Q1, CBO/CDO amount outstanding is included in Other.

Table 1.Global Capital Flows: Inflows and Outflows1(In billions of U.S. dollars)
InflowsOutflows
1996199719981999200020012002200320042005200619961997199819992000200120022003200420052006
United States
Direct investment86.5105.6179.0289.4321.3167.084.463.8145.8109.0180.6–91.9–104.8–142.6–224.9–159.2–142.4–154.5–149.6–279.17.7–235.4
Portfolio investment332.8333.1187.6285.6436.6428.3427.6550.2867.3832.01,017.4–149.3–116.9–130.2–122.2–127.9–90.6–48.6–123.1–153.4–203.4–426.1
Other investment131.8268.157.0165.2289.0187.5285.8250.4448.6263.2661.6–178.9–262.8–74.2–165.6–273.1–144.7–87.9–54.3–475.4–245.2–396.1
Reserve assetsn.a.n.a.n.a.n.a.n.a.n.a.n.a.n.a.n.a.n.a.n.a.6.7–1.0–6.78.7–0.3–4.9–3.71.52.814.12.4
Total capital flows551.1706.8423.6740.21,046.9782.9797.8864.41,461.81,204.21,859.6–413.4–485.5–353.8–504.1–560.5–382.6–294.7–325.4–905.0–426.9–1,055.2
Canada
Direct investment9.611.522.724.866.127.722.17.2–0.729.169.1–13.1–23.1–34.1–17.3–44.5–36.2–26.8–23.6–43.0–33.6–45.4
Portfolio investment13.711.716.62.710.324.211.914.142.07.928.7–14.2–8.6–15.1–15.6–43.0–24.4–18.6–13.8–18.9–44.1–69.4
Other investment15.728.05.4–10.80.87.85.112.3–3.927.028.2–21.1–16.29.410.2–4.2–10.7–7.9–14.2–7.0–16.6–30.4
Reserve assetsn.a.n.a.n.a.n.a.n.a.n.a.n.a.n.a.n.a.n.a.n.a.–5.52.4–5.0–5.9–3.7–2.20.23.32.8–1.3–0.8
Total capital flows39.151.244.816.677.259.739.033.637.464.1126.0–53.9–45.4–44.8–28.5–95.4–73.4–53.2–48.4–66.1–95.6–146.0
Japan
Direct investment0.23.23.312.38.26.29.16.27.83.2–6.8–23.4–26.1–24.6–22.3–31.5–38.5–32.0–28.8–31.0–45.4–50.2
Portfolio investment66.879.256.1126.947.460.5–20.081.2196.7183.1198.6–100.6–47.1–95.2–154.4–83.4–106.8–85.9–176.3–173.8–196.4–71.0
Other investment31.168.0–93.3–265.1–10.2–17.626.634.168.345.9–89.15.2–192.037.9266.3–4.146.636.4149.9–48.0–106.6–86.2
Reserve assetsn.a.n.a.n.a.n.a.n.a.n.a.n.a.n.a.n.a.n.a.n.a.–35.1–6.66.2–76.3–49.0–40.5–46.1–187.2–160.9–22.3–32.0
Total capital flows98.1150.4–34.0–125.945.449.115.7121.5272.8232.3102.6–154.0–271.6–75.813.4–168.0–139.2–127.7–242.3–413.6–370.8–239.4
United Kingdom
Direct investment27.437.574.789.3122.253.825.527.677.9195.6139.7–36.7–60.9–122.8–202.5–246.3–61.8–50.3–65.6–98.2–91.7–128.7
Portfolio investment68.043.735.2183.9255.669.676.2155.6159.9240.3288.8–93.4–85.0–53.2–34.3–97.2–124.71.2–58.4–259.2–291.5–368.1
Other investment251.8322.2110.590.0414.6327.0109.1396.7741.2936.2817.7–214.7–277.8–22.9–97.1–426.8–255.5–151.0–415.6–596.9–931.6–702.8
Reserve assetsn.a.n.a.n.a.n.a.n.a.n.a.n.a.n.a.n.a.n.a.n.a.0.73.90.31.0–5.34.50.62.6–0.4–1.71.3
Total capital flows347.2403.4220.3363.3792.4450.5210.8579.9979.01,372.11,246.3–344.1–419.8–198.6–332.9–775.6–437.6–199.5–537.1–954.7–1,316.5–1,198.3
Euro Area
Direct investment216.3416.3199.8185.0151.3116.0113.0198.5–348.8–413.7–298.0–163.8–165.0–202.4–372.0–396.1
Portfolio investment305.1268.1318.3298.4399.6520.1697.7941.8–341.7–385.3–255.0–163.2–316.2–427.1–512.0–594.3
Other investment198.4340.3238.159.9198.0354.6816.2963.8–30.2–165.8–243.6–220.7–284.1–392.5–715.6–945.9
Reserve assetsn.a.n.a.n.a.n.a.n.a.n.a.n.a.n.a.n.a.n.a.n.a.11.616.216.4–3.032.815.622.9–5.2
Total capital flows719.81,024.7756.3543.2748.9990.71,626.92,104.1–709.2–948.7–780.1–550.7–732.5–1,006.5–1,576.7–1,941.4
Emerging Markets and Developing Countries2
Direct investment148.4191.5187.4213.1211.7225.5182.2199.6272.8361.2422.3–31.6–41.2–26.6–34.8–43.0–42.5–33.4–34.7–82.4–106.8–194.0
Portfolio investment174.7147.032.2102.893.311.7–10.391.2141.3214.1211.9–85.9–110.2–8.7–46.7–105.8–105.1–91.0–137.7–157.5–257.8–414.5
Other investment95.4141.1–119.6–77.7–8.8–61.61.8124.7200.5146.3358.9–93.0–128.235.6–65.0–127.746.531.4–120.2–194.3–241.2–368.8
Reserve assetsn.a.n.a.n.a.n.a.n.a.n.a.n.a.n.a.n.a.n.a.n.a.–103.5–88.0–29.0–97.3–132.0–120.8–199.5–360.4–508.5–592.4–746.6
Total capital flows418.5479.6100.1238.2296.1175.5173.7415.5614.5721.7993.2–313.9–367.7–28.7–243.8–408.5–221.8–292.5–653.0–942.6–1,198.2–1,723.8
Sources: International Monetary Fund, International Financial Statistics and World Economic Outlook database as of August 21, 2007.

The total net capital flows are the sum of direct investment, portfolio investment, other investment flows, and reserve assets. “Other investment” includes bank loans and deposits.

This aggregate comprises the group of Other Emerging Market and Developing Countries defined in the World Economic Outlook, together with Hong Kong SAR, Israel, Korea, Singapore, and Taiwan Province of China.

Sources: International Monetary Fund, International Financial Statistics and World Economic Outlook database as of August 21, 2007.

The total net capital flows are the sum of direct investment, portfolio investment, other investment flows, and reserve assets. “Other investment” includes bank loans and deposits.

This aggregate comprises the group of Other Emerging Market and Developing Countries defined in the World Economic Outlook, together with Hong Kong SAR, Israel, Korea, Singapore, and Taiwan Province of China.

Table 2.Global Capital Flows: Amounts Outstanding and Net Issues of International Debt Securities by Currency of Issue and Announced International Syndicated Credit Facilities by Nationality of Borrower(In billions of U.S. dollars)
2007
200120022003200420052006Q1
Amounts outstanding of international debt securities by currency of issue
U.S. dollar3,700.44,123.94,537.84,906.75,382.16,400.96,712.7
Japanese yen411.4433.2488.0530.5472.1487.4497.2
Pound sterling505.6618.2776.3981.01,062.61,450.51,521.9
Canadian dollar47.651.679.5112.6146.7178.0196.9
Swedish krona8.211.115.820.923.234.334.6
Swiss franc123.6159.2195.6227.9208.6253.7264.4
Euro2,289.83,283.24,826.66,211.86,309.58,313.28,814.5
Other110.4152.0216.7285.4355.2455.8506.1
Total7,196.98,832.311,136.213,276.613,960.017,573.918,548.4
Net issues of international debt securities by currency of issue
U.S. dollar668.8423.5413.9368.9475.41,018.9311.7
Japanese yen18.5–17.53.726.93.919.46.5
Pound sterling65.152.484.5133.2197.6223.774.0
Canadian dollar–1.13.615.625.529.432.116.9
Swedish krona1.41.12.03.46.27.01.1
Swiss franc–5.28.015.812.713.128.110.5
Euro622.8492.0779.0917.8987.01,208.6401.3
Other19.330.738.052.687.379.844.1
Total1,389.6993.81,352.31,540.91,800.02,617.7866.0
Announced international syndicated credit facilities by nationality of borrower
All countries1,381.41,296.91,241.41,806.72,232.32,121.2451.6
Industrial countries1,270.31,199.91,131.01,636.71,990.91,822.3358.2
Of which:
United States845.2739.7606.6897.5978.5848.0195.5
Japan23.819.518.227.519.342.920.0
Germany36.584.497.6116.3132.1170.84.3
France50.364.165.9150.9171.8119.333.1
Italy35.922.845.322.374.026.07.1
United Kingdom106.0109.8103.9150.3178.6136.333.5
Canada39.234.930.438.771.273.98.3
Source: Bank for International Settlements.
Source: Bank for International Settlements.
Table 3.Selected Indicators on the Size of the Capital Markets, 2006(In billions of U.S. dollars unless noted otherwise)
Total Reserves Minus Gold1Stock Market CapitalizationDebt SecuritiesBank Assets2Bonds, Equities, and Bank Assets3Bonds, Equities and Bank Assets2(In percent of GDP)
GDPPublicPrivateTotal
World48,204.45,091.550,826.625,634.743,099.768,734.470,860.5190,421.5395.0
European Union13,644.4252.713,068.87,695.015,507.723,202.736,642.072,913.5534.4
Euro area10,588.9157.58,419.16,582.212,186.118,768.325,837.653,268.8503.1
North America14,470.089.821,269.76,936.021,135.528,071.612,122.661,463.9424.8
Canada1,275.335.01,700.7702.4633.41,335.81,917.94,954.5388.5
United States13,194.754.919,569.06,233.620,502.126,735.810,204.756,509.4428.3
Japan4,366.2879.74,795.86,750.61,968.78,719.36,415.419,930.5456.5
Memorandum items:
EU countries
Austria323.87.0192.8187.7334.9522.6419.71,135.0350.5
Belgium394.58.8335.1424.3404.3828.61,837.23,000.9760.7
Denmark276.429.7239.595.9484.2580.1795.21,614.7584.2
Finland209.86.5309.5122.1102.5224.5243.8777.7370.8
France2,252.042.72,312.81,241.12,254.23,495.37,637.313,445.5597.1
Germany2,899.441.71,637.61,479.13,371.74,850.94,413.010,901.4376.0
Greece308.70.6208.3364.397.5461.8351.71,021.7330.9
Ireland219.40.7163.341.8378.2420.01,246.31,829.6834.0
Italy1,852.625.71,026.51,759.01,732.03,491.03,627.48,144.9439.6
Luxembourg41.50.279.50.096.596.5708.2884.22,130.4
Netherlands666.610.8725.1286.11,414.21,700.33,097.65,523.0828.6
Portugal194.92.1105.8155.9206.3362.2203.9671.9344.7
Spain1,225.810.81,322.9520.81,793.82,314.62,295.45,933.0484.0
Sweden384.424.8615.9175.5381.2556.7552.81,725.4448.9
United Kingdom2,394.740.73,794.3841.52,456.23,297.79,212.616,304.6680.9
Emerging market countries414,078.51,932.011,692.43,876.12,180.36,056.411,271.329,020.1206.1
Of which:
Asia6,259.51,248.96,857.02,024.51,493.13,517.57,487.117,861.6285.4
Latin America2,941.8195.51,454.21,098.8458.01,556.81,433.74,444.6151.1
Middle East1,326.1149.5657.437.961.098.9873.71,630.1122.9
Africa920.291.5850.983.557.4140.9500.41,492.2162.2
Europe2,631.0246.61,872.8631.5110.8742.3976.53,591.6136.5
Sources: World Federation of Exchanges; Bank for International Settlements; International Monetary Fund, International Financial Statistics (IFS) and World Economic Outlook database as of August 21, 2007; ©2003 Bureau van Dijk Electronic Publishing-Bankscope; and Standard & Poor’s Emerging Market Database.

Data are from IFS.

Assets of commercial banks.

Sum of the stock market capitalization, debt securities, and bank assets.

This aggregate comprises the group of Other Emerging Market and Developing Countries defined in the World Economic Outlook, together with Hong Kong SAR, Israel, Korea, Singapore, and Taiwan Province of China.

Sources: World Federation of Exchanges; Bank for International Settlements; International Monetary Fund, International Financial Statistics (IFS) and World Economic Outlook database as of August 21, 2007; ©2003 Bureau van Dijk Electronic Publishing-Bankscope; and Standard & Poor’s Emerging Market Database.

Data are from IFS.

Assets of commercial banks.

Sum of the stock market capitalization, debt securities, and bank assets.

This aggregate comprises the group of Other Emerging Market and Developing Countries defined in the World Economic Outlook, together with Hong Kong SAR, Israel, Korea, Singapore, and Taiwan Province of China.

Table 4.Global Over-the-Counter Derivatives Markets: Notional Amounts and Gross Market Values of Outstanding Contracts1(In billions of U.S. dollars)
Notional AmountsGross Market Values
End-Dec. 2004End-June 2005End-Dec. 2005End-June 2006End-Dec. 2006End-Dec. 2004End-June 2005End-Dec. 2005End-June 2006End-Dec. 2006
Total257,894281,493297,670369,507415,1839,37710,6059,7499,9369,695
Foreign exchange29,28931,08131,36438,09140,1791,5461,1419971,1341,262
Forwards and forex swaps14,95115,80115,87319,39619,828643464406435467
Currency swaps8,2238,2368,5049,66910,772745549453533600
Options6,1157,0456,9879,0279,579158129138166196
Interest rate2190,502204,795211,971261,960291,9875,4176,6995,3975,4364,834
Forward rate agreements12,78913,97314,26918,11718,6892231222531
Swaps150,631163,749169,106207,043229,7804,9036,0774,7784,8314,166
Options27,08327,07328,59636,80043,518492592597579636
Equity-linked4,3854,5515,7936,7827,485498382582671851
Forwards and swaps7561,0861,1771,4311,7647688112147165
Options3,6293,4654,6175,3515,721422294470523687
Commodity31,4432,9405,4356,3946,938169376871718668
Gold3692883344564633224517756
Other1,0742,6525,1005,9386,475137351820641611
Forwards and swaps5591,7481,9092,1882,813
Options5169043,1913,7503,663
Credit default swaps6,39610,21113,90820,35228,838134188243294470
Single-name instruments5,1177,31010,43213,87318,885112136171186289
Multi-name instruments1,2792,9013,4766,4799,953225272109181
Unallocated25,87927,91529,19935,92839,7551,6131,8181,6591,6831,610
Memorandum items:
Gross credit exposure4n.a.n.a.n.a.n.a.n.a.2,0751,8971,9002,0292,045
Exchange-traded derivatives29,28931,08131,36438,09140,179
Source: Bank for International Settlements.

All figures are adjusted for double-counting. Notional amounts outstanding have been adjusted by halving positions vis-à-vis other reporting dealers. Gross market values have been calculated as the sum of the total gross positive market value of contracts and the absolute value of the gross negative market value of contracts with non-reporting counterparties.

Single-currency contracts only.

Adjustments for double-counting are estimated.

Gross market values after taking into account legally enforceable bilateral netting agreements.

Source: Bank for International Settlements.

All figures are adjusted for double-counting. Notional amounts outstanding have been adjusted by halving positions vis-à-vis other reporting dealers. Gross market values have been calculated as the sum of the total gross positive market value of contracts and the absolute value of the gross negative market value of contracts with non-reporting counterparties.

Single-currency contracts only.

Adjustments for double-counting are estimated.

Gross market values after taking into account legally enforceable bilateral netting agreements.

Table 5.Global Over-the-Counter Derivatives Markets: Notional Amounts and Gross Market Values of Outstanding Contracts by Counterparty, Remaining Maturity, and Currency1(In billions of U.S. dollars)
Notional AmountsGross Market Values
End-Dec. 2004End-June 2005End-Dec. 2005End-June 2006End-Dec. 2006End-Dec. 2004End-June 2005End-Dec. 2005End-June 2006End-Dec. 2006
Total257,894281,493297,670369,507415,1839,37710,6059,7499,9369,695
Foreign exchange29,28931,08131,36438,09140,1791,5461,1419971,1341,262
By counterparty
With other reporting dealers11,66812,17912,16115,27815,597486377323367437
With other financial institutions11,41712,33412,72115,11815,878648471412471520
With nonfinancial customers6,2046,5686,4827,6958,704413294261296306
By remaining maturity2
Up to one year22,83424,25623,91029,56330,228
One to five years4,3864,7295,1655,8376,658
Over five years2,0692,0972,2892,6913,293
By major currency3
U.S. dollar25,72627,58526,29731,75633,7751,4081,0248679671,066
Euro11,90012,40512,85715,34015,907752512397472508
Japanese yen7,0766,9077,5789,5049,548258220256242323
Pound sterling4,3314,2734,4245,2176,128220150121148197
Other9,54510,99411,57214,36515,000455377354439431
Interest rate4190,502204,795211,971261,960291,9875,4176,6995,3975,4364,834
By counterparty
With other reporting dealers82,25887,04991,541114,465126,4452,1552,5982,0962,2151,954
With other financial institutions85,72992,09295,321114,865127,2152,6313,2652,6252,5152,252
With nonfinancial customers22,51625,65525,10932,63038,327631837676706628
By remaining maturity2
Up to one year62,65966,68169,37890,585104,207
One to five years77,92982,34186,550101,608110,417
Over five years49,91555,77356,04269,76777,362
By major currency
U.S. dollar61,10372,55874,44188,02297,6121,5351,8261,5152,1171,665
Euro76,16276,42681,442103,429112,1162,9863,6922,9652,2982,306
Japanese yen24,20925,22425,60532,14637,954352454295457295
Pound sterling15,28916,62115,06019,06622,274240372344291311
Other13,74013,96615,42219,29622,031305356279273257
Equity-linked4,3854,5515,7936,7827,485498382582671851
Commodity51,4432,9405,4356,3946,938169376871718668
Credit default swaps6,39610,21113,90820,35228,838134188243294470
Unallocated25,87927,91529,19935,92839,7551,6131,8181,6591,6831,610
Source: Bank for International Settlements.

All figures are adjusted for double-counting. Notional amounts outstanding have been adjusted by halving positions vis-à-vis other reporting dealers. Gross market values have been calculated as the sum of the total gross positive market value of contracts and the absolute value of the gross negative market value of contracts with non-reporting counterparties.

Residual maturity.

Counting both currency sides of each foreign exchange transaction means that the currency breakdown sums to twice the aggregate.

Single-currency contracts only.

Adjustments for double-counting are estimated.

Source: Bank for International Settlements.

All figures are adjusted for double-counting. Notional amounts outstanding have been adjusted by halving positions vis-à-vis other reporting dealers. Gross market values have been calculated as the sum of the total gross positive market value of contracts and the absolute value of the gross negative market value of contracts with non-reporting counterparties.

Residual maturity.

Counting both currency sides of each foreign exchange transaction means that the currency breakdown sums to twice the aggregate.

Single-currency contracts only.

Adjustments for double-counting are estimated.

Table 6.Exchange-Traded Derivative Financial Instruments: Notional Principal Amounts Outstanding and Annual Turnover
2007
19931994199519961997199819992000200120022003200420052006Q1
(In billions of U.S. dollars)(In billions of U.S. dollars)
Notional principal amounts outstanding
Interest rate futures4,960.45,807.65,876.25,979.07,586.78,031.47,924.87,907.89,269.59,955.613,123.718,164.920,708.824,478.328,737.5
Interest rate options2,361.42,623.22,741.83,277.83,639.84,623.53,755.54,734.212,492.811,759.520,793.724,604.131,588.338,173.748,533.5
Currency futures34.740.433.837.742.331.736.774.465.647.079.9103.5107.6178.5423.9
Currency options75.955.7120.4133.4118.649.222.421.427.427.437.960.766.178.682.8
Stock market index futures110.0127.7172.2195.9210.9291.6346.9377.5344.2365.5549.3635.2793.51,048.51,191.6
Stock market index options231.6242.7337.7394.5808.7947.41,510.31,148.41,574.91,700.82,202.43,023.84,532.16,564.08,054.0
Total7,774.18,897.29,282.010,018.212,407.113,974.813,596.614,263.823,774.423,855.836,786.846,592.357,796.470,521.687,023.2
North America4,359.94,823.44,852.34,841.26,347.97,395.16,930.68,168.016,203.213,719.819,504.027,608.336,383.742,550.152,596.5
Europe1,777.91,831.82,241.22,828.03,587.34,397.14,008.54,197.96,141.68,800.815,406.416,307.817,973.123,275.028,883.3
Asia-Pacific1,606.02,171.81,990.12,154.02,235.71,882.52,407.81,611.81,318.41,206.01,659.92,426.93,014.14,069.84,830.1
Other30.370.3198.4195.0236.2300.1249.7286.2111.2129.1216.5249.3425.5626.7713.3
(In millions of contracts traded)(In millions of contracts traded)
Annual turnover
Interest rate futures427.0628.5561.0612.2701.6760.1672.7781.21,057.51,152.11,576.81,902.62,110.42,621.2736.8
Interest rate options82.9116.6225.5151.1116.8129.7118.0107.7199.6240.3302.3361.0430.8566.7151.4
Currency futures39.069.899.673.773.654.537.143.549.042.658.883.7143.0231.176.1
Currency options23.721.323.326.321.112.16.87.010.516.114.313.019.424.37.7
Stock market index futures71.2109.0114.893.8115.9178.0204.9225.2337.1530.3725.6804.4918.71,233.6412.9
Stock market index options144.1197.6187.3172.3178.2195.0322.5481.51,148.22,235.53,233.92,980.13,139.83,177.5946.2
Total787.91,142.91,211.51,129.41,207.11,329.31,362.01,646.02,801.94,216.85,911.66,144.86,762.07,854.42,331.1
North America382.4513.5455.0428.3463.5530.0462.8461.3675.6912.21,279.81,633.61,926.82,541.8704.5
Europe263.4398.1354.8391.7482.8525.9604.7718.6957.71,074.81,346.31,412.61,592.81,947.3609.2
Asia-Pacific98.5131.7126.4115.9126.9170.9207.7331.3985.12,073.13,111.62,847.62,932.42,957.1882.9
Other43.699.6275.5193.4134.0102.586.8134.9183.4156.7174.0251.0310.0408.2134.5
Source: Bank for International Settlements.
Source: Bank for International Settlements.
Table 7.United States: Sectoral Balance Sheets(In percent)
200120022003200420052006
Corporate sector
Debt/net worth50.849.747.644.342.040.7
Short-term debt/total debt33.330.027.126.927.427.1
Interest burden117.714.411.88.78.18.4
Household sector
Net worth/assets82.880.292.489.280.980.7
Equity/total assets26.820.627.326.523.323.8
Equity/financial assets41.734.338.739.138.439.0
Net worth/disposable personal income539.4495.7538.7552.5560.4583.4
Home mortgage debt/total assets10.912.314.414.513.914.1
Consumer credit/total assets3.94.24.44.13.63.5
Total debt/financial assets25.530.229.230.231.431.6
Debt-service burden213.113.413.513.514.114.4
Banking sector3
Credit quality
Nonperforming loans4/total loans1.41.51.20.90.80.8
Net loan losses/average total loans1.01.10.90.70.60.4
Loan-loss reserve/total loans1.91.91.81.51.31.2
Net charge-offs/total loans1.01.10.90.60.60.4
Capital ratios
Total risk-based capital12.712.812.812.612.313.0
Tier 1 risk-based capital9.910.010.110.09.910.5
Equity capital/total assets9.09.29.210.110.310.5
Core capital (leverage ratio)7.87.87.97.87.97.9
Profitability measures
Return on average assets (ROA)1.21.31.41.31.31.4
Return on average equity (ROE)13.214.515.313.713.313.5
Net interest margin3.94.13.83.63.63.4
Efficiency ratio557.755.856.558.057.257.1
Sources: Board of Governors of the Federal Reserve System, Flow of Funds; Department of Commerce, Bureau of Economic Analysis; Federal Deposit Insurance Corporation; and Federal Reserve Bank of St. Louis.

Ratio of net interest payments to pre-tax income.

Ratio of debt payments to disposable personal income.

FDIC-insured commercial banks.

Loans past due 90+ days and nonaccrual.

Noninterest expense less amortization of intangible assets as a percent of net interest income plus noninterest income.

Sources: Board of Governors of the Federal Reserve System, Flow of Funds; Department of Commerce, Bureau of Economic Analysis; Federal Deposit Insurance Corporation; and Federal Reserve Bank of St. Louis.

Ratio of net interest payments to pre-tax income.

Ratio of debt payments to disposable personal income.

FDIC-insured commercial banks.

Loans past due 90+ days and nonaccrual.

Noninterest expense less amortization of intangible assets as a percent of net interest income plus noninterest income.

Table 8.Japan: Sectoral Balance Sheets1(In percent)
FY2000FY2001FY2002FY2003FY2004FY2005FY2006
Corporate sector
Debt/shareholders’ equity (book value)156.8156.0146.1121.3121.5101.798.2
Short-term debt/total debt37.736.839.037.836.836.435.3
Interest burden228.432.327.822.018.415.615.2
Debt/operating profits1,229.31,480.01,370.01,079.2965.9839.9820.4
Memorandum item:
Total debt/GDP3103.9102.0100.990.996.585.789.9
Household sector
Net worth/assets84.784.584.484.584.685.1
Equity4.73.63.54.95.78.8
Real estate36.635.734.632.931.429.7
Net worth/net disposable income752.2744.9725.2728.5723.0746.0
Interest burden45.45.25.14.94.84.7
Memorandum item:
Debt/equity324.5427.2448.2317.6268.4169.4
Debt/real estate41.743.245.147.149.050.3
Debt/net disposable income135.4136.1134.2133.2131.5131.1
Debt/net worth18.018.318.518.318.217.6
Equity/net worth5.54.34.15.86.810.4
Real estate/net worth43.242.341.038.937.135.0
Total debt/GDP380.380.279.477.576.175.6
Banking sector
Credit quality
Nonperforming loans5/total loans6.38.47.45.84.02.92.5
Capital ratio
Stockholders’ equity/assets4.63.93.33.94.24.95.3
Profitability measures
Return on equity (ROE)6–0.5–14.3–19.5–2.74.111.38.5
Sources: Ministry of Finance, Financial Statements of Corporations by Industries; Cabinet Office, Economic and Social Research Institute, Annual Report on National Accounts; Japanese Bankers Association, Financial Statements of All Banks; and Financial Services Agency, The Status of Nonperforming Loans.

Data are fiscal year beginning April 1. Stock data on households are only available through FY2005.

Interest payments as a percent of operating profits.

Revised due to the change in GDP figures.

Interest payments as a percent of disposable income.

Nonperforming loans are based on figures reported under the Financial Reconstruction Law.

Net income as a percentage of stockholders’ equity (no adjustment for preferred stocks, etc.).

Sources: Ministry of Finance, Financial Statements of Corporations by Industries; Cabinet Office, Economic and Social Research Institute, Annual Report on National Accounts; Japanese Bankers Association, Financial Statements of All Banks; and Financial Services Agency, The Status of Nonperforming Loans.

Data are fiscal year beginning April 1. Stock data on households are only available through FY2005.

Interest payments as a percent of operating profits.

Revised due to the change in GDP figures.

Interest payments as a percent of disposable income.

Nonperforming loans are based on figures reported under the Financial Reconstruction Law.

Net income as a percentage of stockholders’ equity (no adjustment for preferred stocks, etc.).

Table 9.Europe: Sectoral Balance Sheets1(In percent)
2000200120022003200420052006
Corporate sector
Debt/equity268.072.575.973.171.773.877.3
Short-term debt/total debt37.436.835.235.135.037.139.0
Interest burden318.319.418.417.117.418.119.8
Debt/operating profits315.7321.6338.7327.9326.2348.3381.2
Memorandum items:
Financial assets/equity1.51.51.41.41.41.51.5
Liquid assets/short-term debt73.676.677.083.391.095.693.7
Household sector
Net worth/assets84.583.983.984.084.184.684.9
Equity/net worth15.513.510.811.411.412.011.9
Equity/net financial assets39.836.531.833.133.334.133.8
Interest burden46.56.26.16.05.75.75.8
Memorandum items:
Nonfinancial assets/net worth59.761.765.765.665.964.664.7
Debt/net financial assets46.148.453.351.651.647.647.0
Debt/income94.694.898.2100.8105.6106.9110.6
Banking sector5
Credit quality
Nonperforming loans/total loans3.02.92.52.32.42.22.2
Loan-loss reserve/nonperforming loans82.180.881.573.067.874.667.8
Loan-loss reserve/total loans2.52.42.42.41.91.61.5
Capital ratios
Equity capital/total assets4.33.33.12.93.53.53.5
Capital funds/liabilities6.96.85.45.05.75.65.7
Profitability measures
Return on assets (after tax)0.80.50.40.50.50.50.6
Return on equity (after tax)18.311.29.011.313.715.016.7
Net interest margin1.51.41.61.51.11.00.9
Efficiency ratio666.468.269.073.164.362.660.2
Sources: ©2003 Bureau van Dijk Electronic Publishing-Bankscope; European Central Bank, Monthly Bulletin; and IMF staff estimates.

GDP-weighted average for France, Germany, and the United Kingdom, unless otherwise noted.

Corporate equity adjusted for changes in asset valuation.

Interest payments as a percent of gross operating profits.

Interest payments as percent of disposable income.

Fifty largest European banks. Data availability may restrict coverage to less than 50 banks for specific indicators.

Cost-to-income ratio.

Sources: ©2003 Bureau van Dijk Electronic Publishing-Bankscope; European Central Bank, Monthly Bulletin; and IMF staff estimates.

GDP-weighted average for France, Germany, and the United Kingdom, unless otherwise noted.

Corporate equity adjusted for changes in asset valuation.

Interest payments as a percent of gross operating profits.

Interest payments as percent of disposable income.

Fifty largest European banks. Data availability may restrict coverage to less than 50 banks for specific indicators.

Cost-to-income ratio.

Figure 15.Emerging Market Volatility Measures

Sources: For “Emerging Market Equity Volatility,” Morgan Stanley Capital International (MSCI); and IMF staff estimates. For “Emerging Market Debt Volatility,” JPMorgan Chase & Co.; and IMF staff estimates.

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

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

Figure 16.Emerging Market Debt Cross-Correlation Measures

Sources: JPMorgan Chase & Co.; and IMF staff estimates.

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

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

Table 10.Equity Market Indices
2007 End of Period2006 End of PeriodEnd of Period12-Month High12-Month LowAll-Time High1All-Time Low1
Q1Q2Q1Q2Q3Q420022003200420052006
World1,514.21,602.41,335.11,319.91,373.41,483.6792.21,036.31,169.31,257.81,483.61,630.11,261.01,630.1423.1
Emerging Markets929.01,059.7787.8747.5778.2912.7292.1442.8542.2706.5912.71,067.0710.31,067.0175.3
Latin America3,163.23,754.22,469.42,368.22,473.12,995.7658.91,100.91,483.62,150.02,995.73,838.62,237.73,838.6185.6
Argentina3,014.63,188.62,370.32,473.92,307.73,084.1470.3933.61,163.01,857.13,084.13,342.82,227.63,342.8152.6
Brazil2,325.92,857.31,886.21,821.91,790.82,205.4395.4802.01,046.61,569.42,205.42,921.61,673.82,921.684.1
Chile1,592.61,891.21,263.71,169.31,262.81,492.4445.5800.6997.31,180.71,492.41,891.21,111.71,891.2183.0
Colombia516.9604.2580.4395.3470.7549.868.3108.6245.0495.7549.8627.4385.9627.441.2
Mexico5,802.96,497.04,216.04,016.04,645.15,483.31,442.81,873.12,715.63,943.65,483.36,764.23,877.56,764.2308.9
Peru828.21,089.4483.5543.7598.7671.4182.7344.1343.4441.3671.41,091.6522.21,091.673.5
Venezuela154.3178.6161.1151.4156.2174.177.7103.8151.0107.4174.1202.5103.9278.456.1
Asia370.1435.6311.9303.7322.9371.5140.4206.4231.6286.2371.5440.6286.6440.6104.1
China51.363.235.635.738.652.314.125.525.329.352.364.134.8136.912.9
India530.6598.6459.2427.5501.4560.8148.8246.2273.1382.9560.8598.6402.8598.677.7
Indonesia2,433.22,757.21,831.51,808.82,108.22,449.0519.6831.11,324.01,579.82,449.02,761.51,755.72,761.5280.0
Korea404.8469.6386.0365.3384.0395.2184.7246.0256.4386.3395.2489.4346.3489.459.5
Malaysia471.7508.1345.9338.5356.8408.8244.0300.4335.9329.0408.8523.5332.7523.588.3
Pakistan381.2462.6407.3335.8355.4333.7146.0188.2211.7333.3333.7462.6322.0462.654.4
Philippines660.3762.0460.4445.6531.1620.2210.1303.7381.1431.9620.2780.7444.7917.3132.6
Taiwan Province of China312.8352.2279.7279.5286.2318.3189.5259.1257.7275.8318.3355.2258.5483.5103.9
Thailand272.9312.8293.5271.3280.7274.9130.2280.5263.9292.0274.9315.4246.4669.472.0
Europe, Middle East, & Africa376.1391.4342.6306.5306.3364.4108.4163.9222.7300.3364.4396.9291.3396.980.8
Czech Republic436.6490.2394.5357.7369.8408.3116.2152.9234.8371.5408.3490.2337.7490.262.8
Egypt1,431.51,553.61,320.0960.01,266.11,389.397.4234.6505.31,215.71,389.31,588.2967.91,588.289.9
Hungary1,594.71,965.51,586.21,450.71,446.01,690.0535.5646.91,057.01,447.01,690.02,008.11,396.02,008.177.1
Israel213.1232.9201.4176.4187.7194.490.8141.4167.4209.3194.4242.1165.7242.167.6
Jordan481.5445.6554.4486.0482.2439.6153.5238.3379.2650.6439.6515.3422.7760.7103.1
Morocco424.4418.6315.3303.6333.5342.9138.5171.4189.1231.3342.9461.7294.5461.799.6
Poland2,451.52,594.71,980.21,953.51,979.12,253.2861.01,118.31,419.31,867.42,253.22,627.41,933.32,627.499.6
Russia1,212.71,202.41,043.61,065.01,067.41,250.3270.7461.1479.9813.41,250.31,252.3993.91,252.330.6
South Africa699.5695.4561.3548.3553.3641.3272.7296.8352.4492.0641.3742.7516.9742.799.7
Turkey686,668731,869682,935558,350581,504614,409169,900319,808425,008645,739614,409755,480509,075777,492426
Sectors
Energy723.4807.1680.6680.6654.5760.0163.1287.4349.0548.6760.0807.1619.3807.181.7
Materials496.6559.8374.6382.2374.5442.1182.8250.1265.0325.4442.1572.5362.5572.598.5
Industrials229.1294.4175.0166.8181.5210.761.898.9128.0156.1210.7294.4158.5294.452.6
Consumer discretionary441.2479.7398.4352.5370.3422.6138.8233.8292.3381.1422.6484.0327.6484.074.1
Consumer staple269.3301.1225.1211.4226.1266.288.2118.6147.0197.0266.2309.8206.0309.880.4
Health care382.2420.8405.5328.0350.5356.3169.8272.5290.8393.3356.3420.8308.8433.883.3
Financials330.6372.4269.1250.3266.0328.898.6138.8187.9240.6328.8376.8237.2376.874.6
Information technology220.0243.4212.9202.6216.4231.8103.9149.6161.5209.1231.8247.0187.8300.073.1
Telecommunications226.6259.9169.7158.4180.7218.072.7100.8131.6158.9218.0260.7152.8260.762.9
Utilities288.0342.8229.6217.8232.2282.172.4127.2149.8197.0282.1342.8206.8342.863.1
Source: Data are provided by Morgan Stanley Capital International. Regional and sectoral compositions conform to Morgan Stanley Capital International Definitions.

From 1990 or initiation of the index.

Period on Period Percent Change
2007 End of period2006 End of periodEnd of period
Q1Q2Q1Q2Q3Q420022003200420052006
World24.05.86.1–1.14.08.0–21.130.812.87.618.0
Emerging Markets1.814.111.5–5.14.117.3–8.051.622.430.329.2
Latin America5.618.714.9–4.14.421.1–24.867.134.844.939.3
Argentina–2.35.827.64.4–6.733.6–51.098.524.659.766.1
Brazil5.522.820.2–3.4–1.723.2–33.8102.930.550.040.5
Chile6.718.87.0–7.58.018.2–21.779.724.618.426.4
Colombia–6.016.917.1–31.919.116.818.359.0125.7102.310.9
Mexico5.812.06.9–4.715.718.0–15.029.845.045.239.0
Peru23.431.59.612.410.112.126.888.4–0.228.552.1
Venezuela–11.415.850.0–6.03.111.5–18.633.645.4–28.962.2
Asia–0.417.79.0–2.66.315.0–6.247.112.223.529.8
China–1.823.021.50.38.235.4–16.080.3–0.715.678.7
India–5.412.819.9–6.917.311.85.365.511.040.246.5
Indonesia–0.613.315.9–1.216.616.218.960.059.319.355.0
Korea2.416.0–0.1–5.45.12.9–3.033.24.250.62.3
Malaysia15.47.75.1–2.15.414.6–2.723.111.8–2.124.2
Pakistan14.221.322.2–17.55.8–6.1116.728.912.557.50.1
Philippines6.515.46.6–3.219.216.8–28.144.525.513.343.6
Taiwan Province of China–1.712.61.4–0.12.411.2–25.836.7–0.67.015.4
Thailand–0.714.60.5–7.63.5–2.121.1115.4–5.910.6–5.9
Europe, Middle East, & Africa3.24.114.1–10.5–0.119.04.751.235.834.921.3
Czech Republic6.912.36.2–9.33.410.419.231.653.658.29.9
Egypt3.08.58.6–27.331.99.7–4.4140.8115.4140.614.3
Hungary–5.623.39.6–8.5–0.316.95.420.863.436.916.8
Israel9.79.3–3.8–12.46.43.6–31.655.718.425.0–7.1
Jordan9.5–7.4–14.8–12.3–0.8–8.82.655.359.171.6–32.4
Morocco23.8–1.436.3–3.79.92.8–23.123.810.422.348.3
Poland8.85.86.0–1.41.313.9–3.529.926.931.620.7
Russia–3.0–0.828.32.00.217.113.970.34.169.553.7
South Africa9.1–0.614.1–2.30.915.9–11.88.818.739.630.3
Turkey11.86.65.8–18.24.15.7–27.588.232.951.9–4.9
Sectors
Energy–4.811.624.00.0–3.816.10.676.221.457.238.5
Materials12.312.715.12.0–2.018.15.236.86.022.835.9
Industrials8.728.512.1–4.78.816.1–3.260.129.522.035.0
Consumer discretionary4.48.74.5–11.55.014.16.368.425.030.410.9
Consumer staple1.211.814.2–6.16.917.8–6.734.424.034.035.1
Health care7.310.13.1–19.16.91.615.960.56.735.2–9.4
Financials0.512.611.8–7.06.223.6–8.440.735.428.136.7
Information technology–5.110.61.8–4.86.87.1–22.643.98.029.510.9
Telecommunications3.914.76.8–6.614.020.7–20.938.730.520.837.2
Utilities2.119.016.5–5.16.621.5–20.975.717.831.543.2
Source: Data are provided by Morgan Stanley Capital International. Regional and sectoral compositions conform to Morgan Stanley Capital International Definitions.

From 1990 or initiation of the index.

2007 End of Period2006 End of PeriodEnd of Period12-Month High12-Month LowAll-Time High1All-Time Low1
Q1Q2Q1Q2Q3Q420022003200420052006
Developed Markets
Australia1,200.51,254.11,036.41,025.21,037.91,135.1604.4655.5797.9959.61,135.11,279.1986.51,279.1250.2
Austria331.6339.7290.3266.1277.3316.691.8118.0185.3262.7316.6348.9256.1348.979.7
Belgium116.3117.4102.095.5106.8113.055.360.177.994.8113.0121.092.9121.035.4
Canada1,659.01,750.71,518.81,448.91,464.41,628.3818.31,019.71,139.31,406.81,628.31,786.31,426.21,786.3338.3
Denmark3,884.74,066.33,161.12,997.23,285.43,662.61,448.81,772.72,115.92,994.03,662.64,198.42,898.54,198.4556.5
Finland151.6170.6141.2129.6132.4140.3100.397.493.9123.4140.3176.3121.6383.122.9
France149.8159.3137.8131.3138.9147.181.393.2100.6124.9147.1162.9125.1178.642.9
Germany123.5138.8108.8100.6106.4116.956.074.679.298.2116.9140.395.3163.641.4
Greece133.2136.7121.1109.1115.7127.346.863.683.3108.1127.3142.4103.5197.238.2
Hong Kong SAR10,223.110,681.28,556.68,438.18,940.410,152.84,808.46,341.37,668.58,016.210,152.8
Ireland117.3119.0104.297.9107.0120.356.865.985.293.5120.3126.893.2126.840.5
Italy121.3121.4112.3107.7113.5121.469.678.193.2106.0121.4128.7104.2132.139.5
Japan1,081.61,123.31,061.4980.51,001.11,060.2524.3637.3699.1999.31,060.21,146.6912.51,655.3462.1
Netherlands107.7113.595.988.998.6101.366.068.469.388.3101.3115.085.5134.938.5
New Zealand136.0141.0135.7124.5123.7138.290.0107.6127.0130.0138.2145.2117.3145.256.7
Norway3,094.23,368.72,710.52,499.82,454.92,951.8898.31,240.91,690.32,267.72,951.83,368.72,330.63,368.7455.9
Portugal109.2123.997.190.197.5105.557.066.174.782.2105.5124.488.8128.035.2
Singapore1,850.22,033.21,398.81,352.41,431.31,696.1764.91,005.11,148.11,295.41,696.12,089.91,282.42,089.9508.2
Spain162.8166.2133.4129.4144.9158.269.989.6104.3122.1158.2173.0124.9173.027.4
Sweden9,624.110,011.18,366.77,434.48,083.79,047.53,517.44,675.25,785.47,489.89,047.510,338.86,914.612,250.4787.2
Switzerland1,183.91,215.01,052.81,005.21,104.41,159.5603.2714.3747.1994.61,159.51,256.8978.41,256.8158.1
United Kingdom1,897.21,978.11,785.91,742.61,782.61,865.61,179.21,348.71,453.01,685.31,865.62,016.61,692.42,016.6585.4
United States1,344.01,420.31,224.11,199.31,257.91,336.3824.61,045.41,137.41,180.61,336.31,454.51,162.91,493.0273.7
Period on Period Percent Change
Developed Markets
Australia5.84.58.0–1.11.29.4–12.58.521.720.318.3
Austria4.72.510.5–8.34.214.2–3.028.557.041.720.5
Belgium2.91.07.7–6.411.95.7–29.78.729.521.719.2
Canada1.95.58.0–4.61.111.2–15.324.611.723.515.7
Denmark6.14.75.6–5.29.611.5–29.722.419.441.522.3
Finland8.012.614.4–8.22.26.0–41.6–2.9–3.631.413.7
France1.86.410.4–4.75.85.9–34.014.67.924.217.8
Germany5.612.510.7–7.55.89.9–44.033.26.124.119.0
Greece4.62.712.0–9.96.110.0–39.135.831.129.817.7
Hong Kong SAR0.74.56.7–1.46.013.6–20.631.920.94.526.7
Ireland–2.51.511.4–6.09.312.4–39.016.029.29.828.7
Italy–0.10.06.0–4.15.46.9–23.612.219.313.814.6
Japan2.03.96.2–7.62.15.9–19.421.69.742.96.1
Netherlands6.45.38.6–7.310.92.7–34.33.61.327.514.7
New Zealand–1.53.74.4–8.3–0.611.7–4.419.618.02.46.3
Norway4.88.919.5–7.8–1.820.2–29.738.136.234.230.2
Portugal3.613.418.2–7.38.28.2–28.315.913.110.028.3
Singapore9.19.98.0–3.35.818.5–18.431.414.212.830.9
Spain2.92.19.2–3.012.09.1–29.528.316.417.029.5
Sweden6.44.011.7–11.18.711.9–43.132.923.729.520.8
Switzerland2.12.65.8–4.59.95.0–25.818.44.633.116.6
United Kingdom1.74.36.0–2.42.34.7–25.714.47.716.010.7
United States0.65.73.7–2.04.96.2–24.026.88.83.813.2
Source: Data are provided by Morgan Stanley Capital International. Regional and sectoral compositions conform to Morgan Stanley Capital International Definitions.

From 1990 or initiation of the index.

Source: Data are provided by Morgan Stanley Capital International. Regional and sectoral compositions conform to Morgan Stanley Capital International Definitions.

From 1990 or initiation of the index.

Table 11.Foreign Exchange Rates(Units per U.S. dollar)
2007 End of Period2006 End of PeriodEnd of Period12-Month High112-Month Low1All-Time High1All-Time Low1
Q1Q2Q1Q2Q3Q420022003200420052006
Emerging Markets
Latin America
Argentina3.103.093.083.093.103.063.362.932.973.033.063.053.110.983.86
Brazil2.061.932.162.172.172.143.542.892.662.342.141.902.220.003.95
Chile539528526539535533720593556512533517549295760
Colombia2,2031,9752,2912,5742,3982,2402,8672,7802,3552,2872,2401,8722,4216892,980
Mexico11.0410.8110.8711.3410.9810.8210.3711.2311.1510.6310.8210.7211.212.6811.67
Peru3.183.173.373.263.253.203.513.463.283.423.203.163.251.283.65
Venezuela2,1472,1472,1472,1472,1472,1471,3891,5981,9182,1472,1472,1472,147452,148
Asia
China7.737.618.027.997.907.818.288.288.288.077.817.617.944.738.73
India43.4740.7044.6246.0445.9344.2647.9845.6343.4645.0544.2640.4946.0816.9249.05
Indonesia9,1219,0259,0709,2639,2238,9948,9508,4209,2709,8308,9948,6709,2501,97716,650
Korea9419249729499479301,1861,1921,0351,0109309149646841,963
Malaysia3.463.453.683.673.693.533.803.803.803.783.533.383.702.444.71
Pakistan60.7460.4760.1260.2160.5560.8858.2557.2559.4359.7960.8860.4761.0021.1864.35
Philippines48.2746.2051.0653.1450.2549.0153.6055.5456.2353.0949.0145.6450.3623.1056.46
Taiwan Province of China33.0632.8532.4632.3833.1032.5934.6433.9631.7432.8332.5932.2933.4424.4835.19
Thailand32.4031.7038.8838.1237.5735.4543.1139.6238.9241.0335.4531.4437.7723.1555.50
Europe, Middle East, & Africa
Czech Republic20.9721.2423.5022.2722.3220.8330.0725.7122.4224.5520.8320.5522.6020.5542.17
Egypt5.705.695.755.765.745.714.626.176.095.745.715.685.743.296.25
Hungary185.64182.21217.88221.39215.30190.29224.48208.70181.02212.97190.29179.95217.0090.20317.56
Israel4.164.254.664.434.304.224.744.394.324.614.223.944.351.965.01
Jordan0.710.710.710.710.710.710.710.710.710.710.710.710.710.640.72
Morocco11.4010.6011.4811.3411.4211.709.8010.0811.0911.9411.7010.6011.837.7512.06
Poland2.892.783.243.183.132.903.833.733.013.252.902.753.141.724.71
Russia25.9925.7427.7026.8526.8026.3331.9629.2427.7228.7426.3325.6826.980.9831.96
South Africa7.267.046.187.177.777.018.576.685.676.337.016.897.882.5012.45
Turkey1.391.311.351.591.511.421.661.411.341.351.421.301.531.77
Developed Markets
Australia20.810.850.720.740.750.790.560.750.780.730.790.740.850.850.48
Canada1.151.071.171.121.121.171.571.301.201.161.171.061.181.061.61
Denmark5.585.506.165.835.885.657.085.915.496.305.655.465.965.349.00
Euro area21.341.351.211.281.271.321.051.261.361.181.321.251.371.370.83
Hong Kong SAR7.817.827.767.777.797.787.807.767.777.757.787.777.827.707.82
Japan117.83123.18117.78114.42118.18119.07118.79107.22102.63117.75119.07114.90123.9080.63159.90
New Zealand20.710.770.620.610.650.700.520.660.720.680.700.650.770.770.39
Norway6.085.896.556.226.536.246.946.676.086.746.245.896.785.519.58
Singapore1.521.531.621.581.591.531.731.701.631.661.531.511.591.391.91
Sweden6.986.837.807.207.336.858.697.196.667.946.856.697.415.0911.03
Switzerland1.221.221.301.221.251.221.381.241.141.311.221.191.271.121.82
United Kingdom21.972.011.741.851.871.961.611.791.921.721.961.852.012.011.37
Source: Bloomberg L.P.

High value indicates value of greatest appreciation against the U.S. dollar; low value indicates value of greatest depreciation against the U.S. dollar. “All-Time” refers to the period since 1990 or initiation of the currency.

U.S. dollars per unit.

Period on Period Percent Change
2007 End of period2006 End of periodEnd of period
Q1Q2Q1Q2Q3Q420022003200420052006
Emerging Markets
Latin America
Argentina–1.20.3–1.7–0.1–0.61.4–70.214.7–1.4–1.9–1.0
Brazil3.76.77.90.0–0.21.6–34.722.48.913.79.4
Chile–1.12.2–2.7–2.30.70.3–8.221.56.78.5–4.0
Colombia1.711.5–0.2–11.07.47.0–20.63.118.13.02.1
Mexico–2.02.2–2.2–4.13.21.5–11.7–7.60.74.8–1.7
Peru0.40.51.53.30.41.7–2.01.55.6–4.17.1
Venezuela0.00.00.00.00.00.0–45.5–13.1–16.7–10.70.0
Asia
China1.01.50.70.31.11.30.00.00.02.63.4
India1.86.81.0–3.10.33.80.65.25.0–3.51.8
Indonesia–1.41.18.4–2.10.42.516.26.3–9.2–5.79.3
Korea–1.11.83.92.40.21.810.8–0.515.22.58.6
Malaysia2.00.12.60.2–0.44.50.00.00.00.57.1
Pakistan0.20.4–0.5–0.1–0.6–0.52.81.7–3.7–0.6–1.8
Philippines1.54.54.0–3.95.72.5–3.7–3.5–1.25.98.3
Taiwan Province of China–1.40.61.10.2–2.21.60.92.07.0–3.30.7
Thailand9.42.25.52.01.56.02.68.81.8–5.115.7
Europe, Middle East, & Africa
Czech Republic–0.7–1.34.55.5–0.27.218.416.914.7–8.717.9
Egypt0.30.1–0.2–0.10.30.5–0.9–25.11.36.10.5
Hungary2.51.9–2.3–1.62.813.122.47.615.3–15.011.9
Israel1.4–2.2–1.25.32.92.1–7.38.01.6–6.19.2
Jordan0.00.10.00.00.0–0.1–0.10.10.00.1–0.1
Morocco2.77.54.01.3–0.7–2.5–1.9–2.7–9.2–7.12.0
Poland0.34.00.31.81.57.93.52.624.0–7.211.8
Russia1.31.03.73.20.21.8–4.59.35.5–3.69.2
South Africa–3.43.02.5–13.9–7.710.939.628.218.0–10.5–9.7
Turkey2.05.80.2–15.04.96.7–12.417.74.7–0.6–4.7
Developed Markets
Australia2.55.0–2.23.60.55.710.233.93.8–6.17.6
Canada1.08.3–0.64.7–0.2–4.11.321.27.93.4–0.3
Denmark1.31.52.35.6–0.94.117.919.87.8–12.911.5
Euro area1.21.42.35.5–0.94.118.020.07.6–12.611.4
Hong Kong SAR–0.5–0.1–0.1–0.1–0.30.20.00.4–0.10.2–0.3
Japan1.1–4.30.02.9–3.2–0.710.810.84.5–12.8–1.1
New Zealand1.58.1–9.9–1.27.37.825.925.09.5–4.83.0
Norway2.53.22.95.3–4.84.829.24.19.6–9.88.1
Singapore1.1–0.92.92.1–0.33.56.42.14.2–1.98.4
Sweden–1.92.21.88.3–1.97.120.620.98.0–16.215.9
Switzerland0.3–0.50.76.6–2.22.620.011.78.7–13.27.7
United Kingdom0.52.10.86.41.34.610.710.97.4–10.213.7
Source: Bloomberg L.P.

High value indicates value of greatest appreciation against the U.S. dollar; low value indicates value of greatest depreciation against the U.S. dollar. “All-Time” refers to the period since 1990 or initiation of the currency.

U.S. dollars per unit.

Source: Bloomberg L.P.

High value indicates value of greatest appreciation against the U.S. dollar; low value indicates value of greatest depreciation against the U.S. dollar. “All-Time” refers to the period since 1990 or initiation of the currency.

U.S. dollars per unit.

Table 12.Emerging Market Bond Index: EMBI Global Total Returns Index
2007 End of Period2006 End of PeriodEnd of Period12-Month High12-Month LowAll-Time HighAll-Time Low
Q1Q2Q1Q2Q3Q420022003200420052006
EMBI Global39438835534837038422528331635038439834839863
Latin America
Argentina1301089892106126576781831261319119447
Brazil60359852251655558023039044650558061751561768
Chile18818717617518218515016217217718519017519098
Colombia29129626425227128316920122825628329925229970
Dominican Republic1891911641621761841179912615618419516219583
Ecuador69666870268768156123046456263656175052275061
El Salvador15615713713414515298110123134152
Mexico35935832732234335325428430833335336632436658
Panama64865058355861063739545251156763766455966456
Peru60359951952856559134143148551459161652761652
Uruguay181182156146162177629712915117718814618838
Venezuela63557059557160263428139348456263463857063859
Asia
China27627425625626727123024125326027127825527898
Indonesia15515413613614615412113315415813515898
Malaysia22722621120921922417519420721522422920822964
Philippines39839734934236839423026128033739440634240681
Vietnam1131111021001061121011121149911498
Europe, Middle East, & Africa
Bulgaria68868263562266267652557863064367669762269780
Côte d’Ivoire991279595908443586579841358413529
Egypt16416515215115716112214015015516116515116587
Hungary15615414414215015313714214414815315714215797
Iraq1051011001011021021021069810698
Lebanon22522621721821621514817719521221522620222699
Morocco28829229629923726226828529929929329973
Nigeria77877873173975876037658665672776078773678766
Pakistan12412411311011712316016010711212312511016091
Poland34634232131933534028029031232734034831834871
Russia57756953152355456834842647553856858252258226
Serbia112012111010211011710811712210212299
South Africa35935733432734434927129732333734936332736399
Tunisia15215214113914714911212713814314915413915498
Turkey36336733931434035621327930733635637131637191
Ukraine364365330325342353241289310334353369324369100
Latin America36435632431834035418925228531635436931836962
Non-Latin America45145041440442844329134237441344345640445672
Source: JPMorgan Chase & Co.

Data prior to 2006 refer to Serbia and Montenegro.

Period on Period Percent Change
2007 End of period2006 End of periodEnd of period
Q1Q2Q1Q2Q3Q420022003200420052006
EMBI Global2.4–1.41.5–2.16.63.813.125.711.710.79.9
Latin America
Argentina3.7–17.017.9–6.014.819.0–6.419.119.82.751.3
Brazil4.0–0.93.4–1.27.64.4–3.669.814.313.214.8
Chile1.8–0.6–0.9–0.43.91.515.88.36.03.24.1
Colombia2.51.73.1–4.37.24.713.319.413.212.410.7
Dominican Republic2.61.35.3–1.38.64.613.9–15.327.224.118.0
Ecuador24.1–4.110.4–2.2–0.9–17.6–4.7101.521.113.2–11.8
El Salvador2.30.82.9–2.88.75.011.911.58.814.1
Mexico1.9–0.4–1.7–1.46.42.816.111.68.68.16.0
Panama1.70.42.8–4.39.34.411.914.413.011.112.3
Peru2.0–0.50.91.87.04.510.826.612.66.014.8
Uruguay2.30.93.8–6.711.28.8–40.655.634.016.317.3
Venezuela0.3–10.45.9–3.95.35.318.939.923.216.112.8
Asia
China1.8–0.5–1.5–0.14.21.613.64.55.13.04.1
Indonesia0.8–0.82.00.17.45.79.715.9
Malaysia1.5–0.5–1.8–0.84.92.116.910.76.63.74.3
Philippines1.1–0.23.4–1.97.67.014.613.47.120.616.8
Vietnam0.7–1.60.8–2.26.75.010.6
Europe, Middle East, & Africa
Bulgaria1.8–0.9–1.3–1.96.32.112.210.28.92.15.1
Côte d’Ivoire17.828.321.40.0–5.9–6.3–20.734.812.920.07.1
Egypt1.90.5–1.9–0.73.82.718.514.46.83.83.8
Hungary1.7–1.4–2.7–1.25.62.212.33.71.22.83.7
Iraq2.6–3.81.00.60.7
Lebanon4.80.22.60.4–0.9–0.514.119.59.98.71.6
Morocco1.11.31.51.07.210.22.46.35.0
Nigeria2.40.00.51.22.50.33.355.811.910.74.6
Pakistan0.7–0.11.7–2.76.05.231.3–0.2–33.34.510.3
Poland1.8–1.1–1.9–0.75.01.514.23.77.55.03.8
Russia1.6–1.4–1.3–1.55.92.535.922.411.513.35.5
Serbia12.61.22.2–7.07.75.98.3
South Africa2.6–0.6–1.0–1.85.11.522.99.68.84.33.7
Tunisia2.5–0.1–1.7–1.15.31.413.38.73.73.8
Turkey2.01.11.1–7.48.24.721.130.810.09.56.1
Ukraine2.90.3–0.9–1.85.23.521.019.87.27.75.9
Latin America2.9–2.32.5–2.07.04.26.833.013.410.911.9
Non-Latin America1.8–0.40.1–2.35.93.421.017.79.210.67.2
Source: JPMorgan Chase & Co.

Data prior to 2006 refer to Serbia and Montenegro.

Source: JPMorgan Chase & Co.

Data prior to 2006 refer to Serbia and Montenegro.

Table 13.Emerging Market Bond Index: EMBI Global Yield Spreads(In basis points)
2007 End of Period2007 End of PeriodEnd of Period12-Month High12-Month LowAll-Time HighAll-Time Low
Q1Q2Q1Q2Q3Q420022003200420052006
EMBI Global1701811912182081717254033472371712171511,631151
Latin America
Argentina2043253443853422166,3425,4854,5275042163851857,222185
Brazil1671602322522321901,4604593763081902531382,451138
Chile85837383858417690648084907726052
Colombia157119174239202161633427332244161251951,07695
Dominican Republic1891572782992501964991,1418243781962991221,750122
Ecuador6507115035066089201,8017996906619201,0484584,764436
El Salvador1561271712172011594112842452391592259943499
Mexico116111140154141115329201174143115145891,14989
Panama152130176212187146446324274239146211114769114
Peru129117226202169118609325239257118206951,06195
Uruguay1841572233072541851,2286363882981853061331,982133
Venezuela2073541902262331831,1315864033131833541812,658161
Asia
China5354686567518458576851674836439
Indonesia171165213220205153244269153232136433136
Malaysia73758697896621210078826699651,14165
Philippines167155233259232155522415457302155263132993132
Vietnam10812214917515595190951828919789
Europe, Middle East, & Africa
Bulgaria6768831058766291177779066101421,67942
Côte d’Ivoire3,0502,4832,5682,7132,8953,3253,1953,0133,1213,0703,3253,4262,2923,609582
Egypt5351801031015232513110158521233464620
Hungary63717590795852283274588855196–29
Iraq537570465444514526526575433575376
Lebanon3643711721893663957764213342463954191821,083111
Morocco87549072390160170757292481,60648
Nigeria1637259253325661,9464994573296637792,9379
Pakistan18121414425124015427102331981542651332,2250
Poland53616469614718576696247774241017
Russia1021061051231159947825721311899125877,06387
Serbia1183152181266246186238186285134322134
South Africa738785123998425015210287841205075750
Tunisia79739212190832731469181831225539448
Turkey2161891822942562076963092642232072921751,196168
Ukraine1641561982572181726712582551841722571252,314125
Latin America1731962082312181809815184152721802321571,532157
Non-Latin America1661601641981931594442482391791592021421,812142
Source: JPMorgan Chase & Co.

Data prior to 2006 refer to Serbia and Montenegro.

Period on Period Spread Change
2007 End of period2006 End of periodEnd of period
Q1Q2Q1Q2Q3Q420022003200420052006
EMBI Global–111–4627–10–37–3–322–56–110–66
Latin America
Argentina–12121–16041–43–126979–857–958–4,023–288
Brazil–23–7–7620–20–42596–1,001–83–68–118
Chile1–2–7102–11–86–26164
Colombia–4–38–7065–37–41125–206–95–88–83
Dominican Republic–7–32–10021–49–5453642–317–446–182
Ecuador–27061–1583102312568–1,002–109–29259
El Salvador–3–29–6846–16–42–127–39–6–80
Mexico1–5–314–13–2623–128–27–31–28
Panama6–22–6336–25–4142–122–50–35–93
Peru11–12–31–24–33–5188–284–8618–139
Uruguay–1–27–7584–53–69944–592–248–90–113
Venezuela24147–123367–501–545–183–90–130
Asia
China210–32–16–15–26–111–17
Indonesia18–6–567–15–5225–116
Malaysia72411–8–235–112–224–16
Philippines12–12–6926–27–7756–10742–155–147
Vietnam1314–4126–20–60–95
Europe, Middle East,& Africa
Bulgaria11–722–18–21–142–114–10013–24
Côte d’Ivoire–275–567–502145182430777–182108–51255
Egypt1–22223–2–49–35–194–30–43–6
Hungary58115–11–21–41–24442–16
Iraq1133–217012
Lebanon–317–741717729131–355–87–88149
Morocco12–3336–18–128–23010–95–3
Nigeria–5021–70–672–259843–1,447–42–128–263
Pakistan2733–54107–11–86–844–271233–35–44
Poland6825–8–14–10–109–7–7–15
Russia34–1318–8–16–191–221–44–95–19
Serbia1–3–31–5785–20–60–52
South Africa–1114–238–24–15–69–98–50–15–3
Tunisia–4–61129–31–7–127–55–102
Turkey9–27–41112–38–49–6–387–45–41–16
Ukraine–8–81459–39–46–269–413–3–71–12
Latin America–723–6423–13–3893–463–103–143–92
Non-Latin America7–6–1534–5–34–79–196–9–60–20
Source: JPMorgan Chase & Co.

Data prior to 2006 refer to Serbia and Montenegro.

Source: JPMorgan Chase & Co.

Data prior to 2006 refer to Serbia and Montenegro.

Table 14.Emerging Market External Financing: Total Bonds, Equities, and Loans(In millions of U.S. dollars)
20062007
200120022003200420052006Q3Q4Q1Q2
Total147,523.6133,509.0195,504.1176,759.6101,699.0112,726.4103,463.9183,063.7134,546.1175,558.4
Africa1,025.31,833.210,662.611,101.211,601.313,052.11,879.31,827.21,947.41,025.0
Algeria10.0150.010.0171.7112.71.01.0
Angola155.0150.01,522.01,900.01,122.718.012.114.6
Botswana12.5
Burkina Faso11.014.5
Cameroon13.8100.0
Chad100.0
Côte d’Ivoire15.0100.0
Djibouti10.0
Ethiopia10.0
Gabon12.014.3
Ghana191.0120.0150.0170.0162.5160.0110.0150.0
Guinea10.0
Kenya10.2134.013.510.613.8
Malawi1.8
Mali150.4187.6188.9149.9
Mauritius180.010.0
Morocco136.1174.7147.6136.016.1170.7
Mozambique160.015.5
Namibia15.010.0100.010.010.0
Niger17.0125.0100.0
Nigeria15.0160.0188.0125.0118.8180.0100.0180.0150.0127.3
Senegal10.0
Seychelles150.010.0
South Africa1,833.71,872.31,353.61,233.51,118.01,953.31,689.1155.81,717.21,626.9
Sudan11.0
Tunisia133.0140.5185.2124.4182.1173.5150.0
Uganda12.612.6
Zambia10.0105.0105.0
Zimbabwe15.1
Asia54,185.052,083.585,898.3116,344.9146,864.7195,709.414,610.217,714.310,827.013,227.0
Bangladesh176.812.6
Brunei Darussalam129.0
China1,254.81,256.112,842.912,634.614,632.211,771.51,745.315,486.11,305.510,090.0
Hong Kong SAR1,406.41,591.91,693.413,041.214,569.518,040.21,175.71,208.41,057.11,403.0
India1,340.41,443.31,775.714,447.410,229.512,492.81,105.517,083.51,659.016,066.2
Indonesia171.9118.01,198.21,636.11,255.21,014.4195.81,995.21,108.01,388.2
Korea16,181.215,909.317,244.113,916.014,985.617,920.91,499.11,663.11,855.114,021.1
Lao P.D.R.110.0100.0
Macao SAR157.01,980.31,180.31,600.0
Malaysia1,628.31,142.11,550.11,300.91,547.91,964.51,825.51,182.71,559.21,965.0
Marshall Islands14.714.0170.0104.2
Mongolia10.01.01.0
Pakistan182.515.0100.0191.81,251.510.01,211.71,472.4
Papua New Guinea153.7
Philippines1,263.81,384.91,727.31,897.31,681.61,185.21,698.41,960.21,039.1141.8
Singapore1,503.41,976.21,816.41,907.71,693.915,192.01,471.81,609.21,024.11,515.0
Sri Lanka105.0186.0135.0167.0129.710.0100.0110.0
Taiwan Province of China1,662.81,198.418,337.112,986.311,221.61,385.71,077.91,581.81,029.61,990.3
Thailand184.4130.11,322.41,784.61,520.81,397.3115.51,299.2141.2
Vietnam183.511.0114.01,014.0174.713.2134.2186.1123.0
Europe11,727.410,040.016,459.312,517.6101,489.8148,721.517,906.712,881.412,533.711,736.0
Armenia19.1
Azerbaijan16.01,005.0183.71,917.01.01,130.0164.0
Belarus14.012.0136.0123.8119.317.015.0
Bulgaria130.41,260.8122.5118.1173.71,587.5188.8148.219.2135.3
Croatia1,724.21,384.11,944.41,196.9137.21,268.2175.6192.6137.7
Cyprus133.0147.9148.21,174.01,453.81,848.81,400.5128.918.01,329.1
Czech Republic185.1153.41,518.81,904.11,169.51,448.4198.61,044.8119.7198.0
Estonia102.1133.9157.31,187.7193.5149.4123.9
Faroe Islands85.3206.2206.2206.1
Georgia6.07.07.0
Gibraltar1,319.62,168.92,371.794.1
Hungary1,347.21,040.23,870.48,134.58,687.57,685.91,072.62,031.92,676.71,135.6
Kazakhstan573.51,043.52,200.05,093.25,457.916,094.73,741.98,098.35,480.45,025.3
Kyrgyz Republic95.0
Latvia212.174.670.7889.3391.31,449.3656.5246.8111.7897.0
Lithuania247.3374.3431.7888.21,222.01,292.1806.6277.2
Macedonia, FYR17.4
Malta85.0114.7392.7256.0196.0
Moldova1.0
Poland3,135.15,941.28,550.34,909.314,949.67,321.0327.62,903.82,847.82,259.7
Romania1,347.21,442.21,738.8659.02,229.8665.3153.0305.4193.3146.2
Russia2,831.28,534.512,238.822,532.137,062.163,387.321,306.420,097.021,023.825,915.9
Serbia119.4
Slovak Republic219.9143.1940.61,315.7579.31,217.11,352.5
Slovenia827.2309.3394.81,430.81,881.51,828.5488.12,604.3431.4
Turkey6,271.36,482.59,549.514,534.517,798.425,889.46,308.26,417.95,605.25,328.1
Ukraine15.0514.01,400.02,434.93,031.85,189.71,249.23,311.01,366.42,724.9
Uzbekistan5.046.037.84.94.9
Middle East11,247.310,943.08,954.323,253.456,601.286,172.812,350.729,207.512,313.222,010.1
Bahrain202.0922.62,326.61,767.03,070.94,487.1670.01,703.05,106.8
Egypt2,500.0670.0155.01,138.73,395.13,323.2200.087.51,691.5
Iran, I.R. of887.02,666.4700.01,942.71,928.8134.817.7
Iraq107.82,877.0
Israel1,897.6344.4766.63,514.03,986.44,331.6339.12,134.82,073.0369.3
Jordan80.9199.460.060.0
Kuwait770.0750.0365.01,282.54,783.04,761.3468.5200.075.01,890.5
Lebanon3,300.0990.0160.05,083.01,780.05,818.1656.650.01,120.0400.0
Oman2,332.0818.31,328.64,747.13,430.22,835.9344.3782.4
Qatar895.01,536.7880.82,042.710,418.511,426.42,242.54,135.4650.0
Saudi Arabia275.0280.0839.52,214.04,981.010,132.489.51,987.21,155.14,729.0
United Arab Emirates520.7370.01,942.62,741.017,402.635,390.74,830.918,505.36,198.68,083.1
Latin America54,338.833,610.343,529.553,542.485,142.169,070.615,717.021,433.332,924.819,560.4
Argentina5,017.9824.2130.01,882.422,180.62,814.9325.5970.0458.13,227.8
Bolivia10.090.0116.0123.0
Brazil19,265.611,119.412,908.615,834.024,962.228,465.67,346.56,598.014,020.011,087.6
Chile4,335.32,959.64,631.06,439.95,956.05,968.11,152.12,007.1490.0541.8
Colombia4,974.82,096.01,911.31,626.82,780.94,951.62,300.12,048.41,456.8
Costa Rica365.0250.0490.0310.0117.21.71.7
Cuba69.81.9
Dominican Republic531.1258.0650.4140.5244.4762.7112.0305.8458.3175.0
Ecuador910.010.0712.519.119.1
El Salvador421.51,745.0381.0467.0454.51,326.6721.6205.0
Grenada100.0
Guadeloupe17.4
Guatemala325.044.0300.0439.3365.015.0
Haiti126.570.0
Honduras169.04.6
Jamaica946.5345.049.6903.21,466.61,268.4150.0200.01,000.0125.0
Mexico12,648.010,040.616,964.318,832.816,314.416,432.01,711.96,623.15,723.71,715.6
Nicaragua22.0
Paraguay70.0
Peru237.51,993.01,375.01,475.72,184.21,253.8150.0696.92,120.0188.5
St. Lucia20.0
Trinidad and Tobago70.0303.046.0415.0100.02,610.41,242.3156.0955.4
Uruguay1,147.4400.01,061.32,700.0500.01,200.01,049.787.0
Venezuela3,063.41,015.03,672.54,399.16,112.6369.33.2334.07,590.0
Source: Data provided by the Bond, Equity and Loan database of the International Monetary Fund sourced from Dealogic.

Data prior to 2006 refer to Serbia and Montenegro.

Source: Data provided by the Bond, Equity and Loan database of the International Monetary Fund sourced from Dealogic.

Data prior to 2006 refer to Serbia and Montenegro.

Table 15.Emerging Market External Financing: Bond Issuance(In millions of U.S. dollars)
20062007
200120022003200420052006Q3Q4Q1Q2
Developing Countries80,643.864,951.9100,497.6135,528.8189,218.9183,039.034,279.661,496.768,748.677,793.9
Africa1,509.62,161.14,357.82,236.73,059.26,287.61,223.1703.72,861.46,458.3
Morocco464.9670.7
Niger525.0
South Africa1,047.71,511.13,535.91,692.22,568.36,287.61,223.1703.72,336.45,787.6
Tunisia462.0650.0357.0544.5490.9
Asia27,454.224,207.037,035.752,067.454,001.154,376.713,670.613,896.317,287.328,096.7
China2,341.9340.02,039.24,888.13,953.93,107.0745.71,528.51,230.43,015.7
Hong Kong SAR3,050.31,923.32,160.63,725.36,457.94,979.6225.01,727.01,898.74,838.2
India374.2153.0450.05,609.15,647.76,187.51,169.51,287.04,155.93,290.0
Indonesia137.0275.0609.01,363.53,217.72,000.01,500.0550.0
Korea7,279.79,071.511,880.117,529.219,426.920,422.26,391.05,093.95,059.510,770.9
Malaysia2,566.11,280.01,142.51,414.52,303.13,510.51,910.5400.0289.41,575.0
Pakistan500.01,050.0250.0750.0
Philippines1,842.44,773.84,449.64,449.13,900.04,619.01,654.2750.01,300.0
Singapore7,431.5696.54,493.63,828.93,203.25,033.0816.81,665.01,479.42,365.7
Sri Lanka100.0
Taiwan Province of China2,152.45,645.89,511.07,259.72,898.12,289.0634.0730.0374.0400.0
Thailand278.648.0300.01,400.02,242.61,179.0124.0465.0541.2
Vietnam750.0
Europe10,981.315,442.024,173.136,969.353,969.062,026.18,764.126,308.726,632.824,099.7
Azerbaijan4,001.04,000.0
Bulgaria223.41,247.862.110.0385.4221.4221.4
Croatia934.0847.5983.61,651.0383.5191.8191.7337.7
Cyprus480.5479.8648.21,174.01,133.11,701.4500.02,929.1
Czech Republic50.7428.4337.72,538.61,324.5908.3274.9633.4798.0
Estonia65.5292.6323.3964.8427.3
Gibraltar1,319.6
Hungary1,247.870.52,447.55,751.07,340.37,537.31,012.52,031.92,676.7680.5
Kazakhstan250.0509.0825.03,225.02,850.06,800.51,182.52,065.95,343.53,375.8
Latvia180.8536.1125.4261.8
Lithuania222.4355.6431.7815.7780.61,241.7756.2237.0
Poland1,155.82,679.95,220.33,526.511,812.84,632.4822.71,946.21,720.5
Romania908.61,062.2813.61,199.0
Russia1,073.73,430.04,455.07,129.915,436.720,794.22,652.210,343.010,093.211,418.6
Slovak Republic219.9143.1861.31,198.81,217.11,352.5
Slovenia490.030.266.3156.71,469.9
Turkey2,158.73,366.35,453.86,066.58,898.69,210.42,291.73,232.43,868.4150.0
Ukraine499.01,310.02,315.02,098.43,115.1658.52,010.01,235.01,100.0
Middle East6,285.73,964.22,706.610,855.017,907.329,009.32,946.810,780.44,854.78,912.9
Bahrain582.61,326.6292.01,299.71,620.0300.0100.01,570.8
Egypt1,500.01,250.0750.0
Iran, I.R. of986.3
Iraq2,700.0
Israel1,485.7344.4750.02,520.0905.12,892.51,500.0
Jordan80.9145.0
Kuwait750.0200.0500.0500.0534.7100.0
Lebanon3,300.0990.0160.05,083.01,780.05,519.7656.61,000.0400.0
Oman250.025.025.0
Qatar665.02,250.03,040.01,550.0840.0
Saudi Arabia270.01,300.02,913.158.51,461.2
United Arab Emirates230.01,400.08,622.49,764.4381.76,854.23,104.76,842.1
Latin America34,413.119,177.632,224.433,400.460,282.331,339.37,674.89,807.617,112.410,226.1
Argentina3,094.5100.01,115.419,092.61,745.5325.5970.0300.02,580.9
Brazil12,053.46,809.511,718.89,573.217,683.212,349.73,824.23,336.34,189.23,917.8
Chile1,936.01,728.92,900.02,350.0900.01,100.0200.0500.0250.0
Colombia4,343.11,000.01,765.01,543.82,432.13,176.62,300.1468.41,404.4
Costa Rica250.0250.0490.0310.0
Dominican Republic500.0600.0196.6550.0250.0255.0175.0
Ecuador650.0
El Salvador353.51,745.0348.5286.5375.0625.0225.0
Grenada100.0
Guatemala325.0300.0380.0200.0
Jamaica940.7300.0806.91,050.0880.0150.0200.0350.0125.0
Mexico8,181.74,914.19,083.111,369.08,455.77,109.4150.02,762.81,894.31,036.0
Peru100.01,930.01,250.01,305.72,157.1220.0120.02,120.0
Trinidad and Tobago100.0100.0883.1900.0
Uruguay1,106.1400.01,061.32,700.0500.01,200.0254.087.0
Venezuela1,229.13,670.04,260.05,928.77,500.0
Source: Data provided by the Bond, Equity and Loan database of the International Monetary Fund sourced from Dealogic.
Source: Data provided by the Bond, Equity and Loan database of the International Monetary Fund sourced from Dealogic.
Table 16.Emerging Market External Finance: Equity Issuance(In millions of U.S. dollars)
20062007
200120022003200420052006Q3Q4Q1Q2
Developing Countries10,743.116,474.327,625.745,528.278,223.7120,731.620,684.147,493.526,100.953,516.8
Africa6.8159.7720.21,855.7924.72,369.7135.452.11,507.0550.3
Algeria2.02.0
Côte d’Ivoire100.0
Morocco6.8133.3133.316.1
Niger100.0
South Africa159.7720.21,724.7924.72,159.252.11,490.8450.3
Sudan31.0
Zimbabwe75.1
Asia9,127.512,637.924,252.535,458.658,264.578,012.86,537.334,381.910,838.929,177.8
China1,570.02,475.06,415.714,191.125,721.941,809.12,282.923,419.23,798.913,842.3
Hong Kong SAR1,638.02,880.62,962.25,238.84,675.38,643.41,367.33,462.01,681.41,409.3
India467.2348.11,299.74,347.16,708.48,287.9286.94,081.91,863.16,677.1
Indonesia347.2281.01,096.7535.21,283.5665.9204.3409.7380.8
Korea3,676.41,553.71,222.63,223.37,814.97,329.897.669.01,246.01,471.8
Macao SAR0.30.3
Malaysia15.4888.4618.2887.2735.2217.3197.519.7489.2
Pakistan922.2922.2565.4
Papua New Guinea153.7
Philippines114.9535.8756.0444.2248.7191.8
Singapore61.4940.91,168.72,472.72,651.53,646.6637.6538.9822.41,264.1
Sri Lanka55.5
Taiwan Province of China1,126.63,213.98,276.33,350.07,602.63,644.51,374.4791.8218.63,375.3
Thailand225.356.31,038.71,098.4479.71,772.488.5223.3
Vietnam317.3470.7
Europe259.41,681.71,809.05,287.310,276.124,595.112,455.98,166.86,494.015,096.9
Croatia22.3220.0220.0
Cyprus320.71,181.7107.7840.91,400.0
Czech Republic824.6174.4295.1287.3287.3
Estonia41.3266.2123.9
Gibraltar2,168.9437.594.1
Hungary13.2884.7
Kazakhstan3,953.82,255.41,698.4120.050.0
Latvia22.7
Lithuania51.2
Poland245.4602.6841.4944.0712.6108.0532.7240.0
Romania172.5172.5
Russia237.11,301.0368.72,480.16,210.017,598.59,959.54,409.15,821.111,735.8
Turkey71.4906.56.06.0218.81,682.3
Ukraine19.925.325.3104.9
Middle East86.816.6868.52,963.33,365.631.5399.52,147.1451.3
Bahrain81.2581.8
Egypt141.0678.2257.8
Israel86.816.6624.01,157.5342.3159.82,073.0201.3
Jordan
Lebanon248.4
Oman23.6148.4
Qatar1,133.2
Saudi Arabia80.0457.774.1250.0
United Arab Emirates898.0344.331.5239.6
Latin America1,262.51,995.0827.42,058.25,795.212,388.31,524.04,493.35,113.98,240.5
Argentina34.4769.4158.1306.9
Brazil1,228.11,148.5287.41,651.03,433.19,142.71,524.03,023.34,830.86,916.4
Chile266.4522.7677.1677.1126.8
Colombia52.4
Dominican Republic
Mexico846.6540.0140.81,839.31,222.3216.1125.0649.6
Peru576.9576.9188.5
Source: Data provided by the Bond, Equity and Loan database of the International Monetary Fund sourced from Dealogic.
Source: Data provided by the Bond, Equity and Loan database of the International Monetary Fund sourced from Dealogic.
Table 17.Emerging Market External Financing: Loan Syndication(In millions of U.S. dollars)
20062007
200120022003200420052006Q3Q4Q1Q2
Total56,136.752,083.867,380.895,702.7134,256.5208,955.848,500.274,073.539,696.644,247.7
Africa4,508.84,512.45,584.67,008.97,617.44,394.81,520.81,071.41,579.02,016.3
Algeria50.0150.040.0271.7412.7
Angola455.0350.01,522.02,900.03,122.788.012.174.6
Botswana22.5
Burkina Faso11.014.5
Cameroon53.8100.0
Chad300.0
Côte d’Ivoire15.0
Djibouti40.0
Ethiopia40.0
Gabon22.034.3
Ghana291.0420.0650.0870.0662.5860.0810.0150.0
Guinea70.0
Kenya80.2134.023.540.623.8
Malawi4.8
Mali150.4287.6288.9149.9
Mauritius180.080.0
Morocco129.39.814.22.7
Mozambique160.035.5
Namibia35.050.0100.050.050.0
Niger27.0
Nigeria95.0960.0488.0225.0618.8580.0100.0480.0450.0327.3
Senegal40.0
Seychelles150.080.0
South Africa2,786.02,201.52,097.51,816.62,625.01,506.5466.0890.01,389.0
Tunisia71.090.5128.2379.991.2473.5150.0
Uganda12.612.6
Zambia30.0505.0505.0
Asia17,603.315,237.724,610.228,818.934,599.163,319.814,402.329,436.012,700.815,952.4
Bangladesh176.832.6
Brunei Darussalam129.0
China343.01,441.24,388.13,555.34,956.36,855.42,716.8538.52,276.23,232.0
Hong Kong SAR4,718.11,788.02,570.64,077.23,436.34,417.21,583.41,019.4477.0155.5
India1,499.0942.22,025.94,491.27,873.418,017.42,649.111,713.61,640.06,099.1
Indonesia487.662.03,492.51,737.4754.06,348.5191.55,585.5608.0457.4
Korea5,225.15,284.24,141.33,163.47,743.810,168.92,010.43,500.22,549.61,778.5
Lao P.D.R.210.0500.0
Macao SAR357.01,980.01,180.01,600.0
Malaysia2,046.71,973.63,789.43,999.22,509.74,236.7717.51,762.9780.61,390.0
Marshall Islands34.724.0170.0804.2
Mongolia30.06.06.0
Pakistan182.585.0300.0591.81,279.320.01,039.5157.0
Philippines1,421.4611.11,277.71,333.41,245.8810.244.2766.0490.4150.0
Singapore1,010.61,338.81,154.11,606.11,839.26,512.43,017.52,405.3722.41,885.1
Sri Lanka105.0186.035.0311.5129.720.0100.0210.0
Taiwan Province of China383.7338.7549.82,376.6720.8452.269.560.0437.0214.9
Thailand180.5825.7983.71,286.21,798.61,445.9103.0610.9100.0
Vietnam383.551.0114.0264.0457.473.2334.2315.5123.0
Europe10,486.712,916.320,477.230,261.137,244.862,100.316,686.718,406.09,406.912,539.4
Armenia19.1
Azerbaijan16.01,005.0383.7916.01.0130.0164.0
Belarus24.032.0336.0123.8119.327.035.0
Bulgaria7.013.0260.4808.1188.21,366.1588.8726.849.2435.3
Croatia768.0536.6960.8545.9637.2664.8283.8380.9
Cyprus152.568.1965.7792.887.928.0
Czech Republic434.425.0356.5191.1549.9252.823.7124.1219.7
Estonia136.6133.9222.9449.4
Faroe Islands85.3206.2206.2206.1
Georgia6.07.07.0
Gibraltar1,934.2
Hungary99.4969.71,409.71,498.81,347.3148.660.1455.1
Kazakhstan323.5534.51,375.01,868.22,607.95,340.4304.04,334.016.91,599.5
Kyrgyz Republic95.0
Latvia31.351.970.7353.2265.81,187.5656.5246.8111.7897.0
Lithuania24.918.872.5390.250.450.440.2
Macedonia, FYR17.4
Malta85.0114.7392.7256.0196.0
Moldova1.0
Poland1,979.33,016.02,727.4541.42,192.81,975.9219.61,548.4661.7539.2
Romania438.6380.0925.2659.01,030.8492.8153.0132.9193.3146.2
Russia1,520.43,803.57,415.112,922.015,415.324,994.68,694.65,344.95,109.52,761.5
Serbia119.4
Slovak Republic79.3117.0579.3
Slovenia337.2279.0394.81,364.51,724.81,828.5488.11,134.4431.4
Turkey4,112.63,044.84,095.77,561.58,899.716,673.14,016.53,179.41,517.93,495.8
Ukraine15.015.090.0119.9913.62,049.3565.51,301.0131.41,520.0
Uzbekistan5.046.037.84.94.9
Middle East4,874.76,978.86,231.211,530.035,730.653,797.99,372.318,027.75,311.412,645.9
Bahrain202.0340.01,000.01,475.01,690.02,285.2370.01,603.03,536.0
Egypt1,000.0670.0155.0997.71,466.83,065.4200.087.5941.5
Iran, I.R. of887.01,680.1700.01,942.71,928.8134.817.7
Iraq107.8177.0
Israel325.0370.01,923.81,096.8339.1475.0168.0
Jordan54.460.060.0
Kuwait770.0165.0782.54,283.04,226.7468.5200.075.01,790.5
Lebanon50.050.0120.0
Oman2,332.0818.31,055.04,598.73,405.22,835.9319.3782.4
Qatar895.01,536.7880.81,377.78,168.57,253.1692.53,295.4650.0
Saudi Arabia275.0280.0569.52,134.03,681.06,761.731.0526.01,081.04,479.0
United Arab Emirates520.7140.01,942.61,341.07,882.325,282.04,417.611,411.53,093.91,240.0
Latin America18,663.212,437.610,477.718,083.919,064.625,343.06,518.27,132.510,698.41,093.7
Argentina1,889.0824.230.0767.03,088.0300.0340.0
Bolivia10.090.0116.0123.0
Brazil5,984.03,161.4902.44,609.83,845.96,973.21,998.3238.55,000.0253.4
Chile2,399.31,230.71,731.03,823.54,533.34,191.0952.1830.0240.0415.0
Colombia631.71,096.0146.383.0348.81,775.01,580.0
Costa Rica115.0117.21.71.7
Cuba69.81.9
Dominican Republic31.1258.050.4140.547.8212.7112.055.8203.3
Ecuador910.010.062.519.119.1
El Salvador68.032.5180.579.5701.6496.6205.0
Guadeloupe17.4
Guatemala44.059.3165.015.0
Haiti126.570.0
Honduras169.04.6
Jamaica5.845.049.696.3416.6388.4650.0
Mexico4,466.34,280.07,342.27,323.06,019.38,100.31,561.93,644.23,704.430.0
Nicaragua22.0
Paraguay70.0
Peru137.563.0125.0170.027.1456.9150.0
St. Lucia20.0
Trinidad and Tobago70.0303.046.0315.01,727.31,242.3156.055.4
Uruguay41.3795.7
Venezuela1,834.31,015.02.5139.1184.0369.33.2334.090.0
Source: Data provided by the Bond, Equity and Loan database of the International Monetary Fund sourced from Dealogic.

Data prior to 2006 refer to Serbia and Montenegro.

Source: Data provided by the Bond, Equity and Loan database of the International Monetary Fund sourced from Dealogic.

Data prior to 2006 refer to Serbia and Montenegro.

Table 18.Equity Valuation Measures: Dividend-Yield Ratios
20062007
200120022003200420052006Q3Q4Q1Q2
Composite2.812.272.282.292.282.142.532.142.141.93
Asia1.681.761.972.202.421.882.341.881.911.70
Europe/Middle East/Africa3.612.692.412.001.762.362.612.362.422.27
Latin America5.573.633.263.243.072.562.992.562.302.09
Argentina7.830.511.370.981.201.211.371.211.121.39
Bahrain7.195.242.271.191.774.164.014.162.822.41
Brazil6.614.364.234.243.983.383.863.383.132.75
Chile8.232.972.954.622.992.072.512.071.802.15
China1.351.432.311.822.561.292.071.291.161.07
Colombia5.224.705.895.441.381.962.001.962.032.04
Czech Republic10.481.825.044.191.423.714.033.713.552.78
Egypt7.7210.304.941.451.542.292.202.292.162.38
Hungary1.631.650.911.732.051.832.001.832.542.41
India2.392.961.741.701.251.071.211.071.291.05
Indonesia2.683.143.423.352.742.182.262.182.212.30
Israel1.320.721.201.831.582.552.402.552.001.65
Jordan2.752.792.401.492.191.060.911.061.021.91
Korea1.771.612.082.251.701.491.571.491.811.53
Kuwait2.973.482.972.942.46
Malaysia3.273.153.023.504.333.724.213.723.183.56
Mexico3.041.762.121.852.181.241.671.241.081.15
Morocco4.545.274.652.713.612.222.902.221.791.84
Nigeria5.275.414.113.703.142.292.672.291.731.68
Oman9.213.045.383.322.154.645.334.645.764.22
Pakistan12.509.207.476.982.503.963.763.963.392.64
Peru4.252.372.833.103.453.834.563.832.842.56
Philippines1.372.342.121.792.632.002.422.002.152.03
Poland2.561.421.431.202.483.364.333.362.993.99
Qatar1.692.401.693.222.86
Russia1.042.431.781.211.071.832.161.831.901.50
Saudi Arabia3.943.942.582.051.252.651.862.652.882.98
South Africa5.083.613.963.093.092.773.372.772.802.75
Sri Lanka6.223.093.644.672.471.772.361.771.781.90
Taiwan Province of China1.141.211.472.673.393.063.723.063.112.85
Thailand2.562.211.642.243.054.514.634.513.513.55
Turkey1.060.731.152.971.812.192.472.192.102.43
United Arab Emirates2.121.992.122.392.05
Venezuela10.758.399.8612.286.275.717.315.710.000.00
Source: Standard & Poor’s Emerging Market Database.
Source: Standard & Poor’s Emerging Market Database.
Table 19.Equity Valuation Measures: Price-to-Book Ratios
20062007
200120022003200420052006Q3Q4Q1Q2
Composite1.621.421.961.862.652.732.442.732.833.13
Asia1.691.422.061.782.112.432.102.432.533.01
Europe/Middle East/Africa1.761.511.862.213.913.263.203.263.343.46
Latin America1.301.291.831.582.302.912.402.913.063.00
Argentina0.600.761.992.162.504.093.084.094.033.43
Bahrain0.971.192.022.022.732.231.992.232.192.55
Brazil1.241.251.791.932.162.682.172.682.742.71
Chile1.401.311.870.551.932.432.072.432.642.74
China2.331.872.552.031.813.122.243.123.414.39
Colombia0.640.780.941.582.411.781.511.781.681.69
Czech Republic0.750.770.991.582.352.392.152.392.502.81
Egypt1.021.012.084.389.085.856.105.856.016.57
Hungary1.761.832.002.783.083.082.463.082.933.60
India1.922.003.503.315.154.894.784.894.505.26
Indonesia1.700.951.622.752.503.352.763.353.313.92
Israel2.081.802.612.583.003.483.353.483.764.18
Jordan1.461.312.082.996.243.303.603.303.713.32
Korea1.241.121.571.251.951.741.661.741.782.09
Kuwait4.644.524.314.525.126.27
Malaysia1.211.321.711.931.672.081.742.082.452.38
Mexico1.671.542.022.512.883.843.253.844.254.00
Morocco1.951.611.702.062.923.112.973.113.994.08
Nigeria3.673.962.523.195.365.225.455.227.158.84
Oman0.781.131.501.802.282.192.152.192.212.54
Pakistan0.931.902.252.633.513.173.393.173.604.61
Peru1.361.161.801.562.173.473.493.474.556.22
Philippines0.920.771.061.351.731.921.671.922.052.69
Poland1.391.281.762.042.532.522.212.522.763.03
Qatar8.802.733.422.732.362.84
Russia1.120.861.181.182.192.532.162.532.442.44
Saudi Arabia2.422.753.566.5014.547.5710.337.577.456.50
South Africa2.061.902.062.522.983.803.283.804.184.16
Sri Lanka0.871.081.631.932.562.411.842.412.601.79
Taiwan Province of China2.081.632.181.941.932.362.022.362.372.69
Thailand1.271.492.842.032.061.851.861.851.862.15
Turkey3.812.772.641.742.131.951.831.952.142.30
United Arab Emirates9.983.073.733.072.893.55
Venezuela0.480.531.101.180.722.591.102.590.000.00
Source: Standard & Poor’s Emerging Market Database.
Source: Standard & Poor’s Emerging Market Database.
Table 20.Equity Valuation Measures: Price/Earnings Ratios
20062007
200120022003200420052006Q3Q4Q1Q2
Composite17.817.921.716.518.917.716.117.718.219.8
Asia26.820.030.316.817.918.016.118.018.321.4
Europe/Middle East/Africa12.614.518.018.625.218.718.618.719.219.9
Latin America11.819.213.312.812.215.212.315.216.016.0
Argentina32.6–1.421.127.711.118.013.718.017.814.5
Bahrain34.520.521.321.531.714.313.914.314.016.3
Brazil8.813.510.010.610.712.710.112.713.013.6
Chile16.216.324.817.215.724.220.524.226.224.2
China22.221.628.619.113.924.618.124.626.934.6
Colombia20.9–44.813.019.228.821.918.621.920.820.7
Czech Republic5.811.210.825.021.120.017.8