Chapter

Statistical Appendix

Author(s):
International Monetary Fund. Monetary and Capital Markets Department
Published Date:
May 2009
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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 February 25, 2009.

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 Figure 1Figure 14 and Table 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.

  • Figure 15 and Figure 16, and Table 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.

  • Table 22Table 27 report key financial soundness indicators for selected countries, including bank profitability, asset quality, and capital adequacy.

List of Tables and Figures

Key Financial Centers

Figures

Tables

Emerging Markets

Figures

Tables

Financial Soundness Indicators

Figure 1.Major Net Exporters and Importers of Capital in 2008

Source: IMF, World Economic Outlook database as of April 16, 2009.

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 2.1 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 2.7 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.

22000 = 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.

Note: Option-adjusted spread.

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 Market 1

Sources: DCM Analytics; 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

Source: Board of Governors of the Federal Reserve System.

1 Nonfinancial commercial paper.

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

Table 1.Global Capital Flows: Inflows and Outflows1(In billions of U.S. dollars)
Inflows
19971998199920002001200220032004200520062007
United States
Direct investment105.6179.0289.4321.3167.084.463.8146.0112.6242.0237.5
Portfolio investment333.1187.6285.6436.6428.3427.6550.2867.3832.01,126.91,145.1
Other investment265.754.2167.2280.4187.5283.2244.4519.9302.7692.3675.0
Reserve assetsn.a.n.a.n.a.n.a.n.a.n.a.n.a.n.a.n.a.n.a.n.a.
Total capital flows704.4420.8742.21,038.2782.9795.2858.31,533.21,247.32,061.12,057.7
Canada
Direct investment11.522.724.866.127.722.17.2-0.727.262.8111.8
Portfolio investment11.716.62.710.324.211.914.141.87.827.9-32.5
Other investment28.05.4-10.80.87.85.112.3-3.929.830.856.8
Reserve assetsn.a.n.a.n.a.n.a.n.a.n.a.n.a.n.a.n.a.n.a.n.a.
Total capital flows51.244.816.677.259.739.033.637.164.8121.5136.0
Japan
Direct investment3.23.312.38.26.29.16.27.83.2-6.822.2
Portfolio investment79.256.1126.947.460.5-20.081.2196.7183.1198.6196.6
Other investment68.0-93.3-265.1-10.2-17.626.634.168.345.9-89.148.9
Reserve assetsn.a.n.a.n.a.n.a.n.a.n.a.n.a.n.a.n.a.n.a.n.a.
Total capital flows150.4-34.0-125.945.449.115.7121.5272.8232.3102.6267.7
United Kingdom
Direct investment37.574.789.3122.253.825.527.657.3177.4146.1197.8
Portfolio investment43.735.2171.3268.159.174.3172.8162.2243.8283.3415.6
Other investment322.2110.587.1365.1346.692.7387.9779.8898.3686.31,428.8
Reserve assetsn.a.n.a.n.a.n.a.n.a.n.a.n.a.n.a.n.a.n.a.n.a.
Total capital flows403.4220.3347.8755.3459.5192.6588.3999.41,319.51,115.72,042.2
Euro area
Direct investment216.3416.3199.8185.0153.2121.4189.2258.7391.0
Portfolio investment305.1268.1318.3298.4383.3520.0682.41,008.8891.7
Other investment198.4340.3238.159.9198.0355.8798.7881.81,255.8
Reserve assetsn.a.n.a.n.a.n.a.n.a.n.a.n.a.n.a.n.a.n.a.n.a.
Total capital flows719.81,024.7756.3543.2734.5997.11,670.32,149.32,538.5
Emerging Markets and
Developing Countries2
Direct investment191.4186.7212.0212.0227.9190.1203.8276.4374.2464.0532.5
Portfolio investment146.438.1107.696.816.0-7.891.8138.6213.2347.2474.8
Other investment138.3-122.6-88.72.1-56.63.3124.1200.4170.9362.7967.6
Reserve assetsn.a.n.a.n.a.n.a.n.a.n.a.n.a.n.a.n.a.n.a.n.a.
Total capital flows476.1102.3230.8310.9187.3185.6419.7615.4758.31,173.91,974.9
Sources: IMF, International Financial Statistics and World Economic Outlook databases as of April 16, 2009.
Table 2.Global Capital Flows: Amounts Outstanding and Net Issues of International Debt Securities by Currency of Issue and Signed International Syndicated Credit Facilities by Nationality of Borrower(In billions of U.S. dollars)
2008
2004200520062007Q1Q2Q3
Amounts outstanding of international
debt securities by currency of issue
U.S. dollar4,905.25,378.86,390.47,539.47,724.88,120.78,161.1
Japanese yen530.1471.7486.9577.6664.8641.3657.1
Pound sterling979.51,061.31,446.41,704.61,723.01,871.41,845.0
Canadian dollar112.4146.6177.9266.2264.5288.6285.0
Swedish krona20.923.234.346.750.856.050.0
Swiss franc227.9208.6253.6301.5343.5340.2318.5
Euro6,209.26,306.28,301.210,531.011,428.311,864.010,789.2
Other284.9354.4454.4610.7654.4704.0635.2
Total13,270.213,950.717,545.221,577.622,854.223,886.222,741.1
Net issues of international debt
securities by currency of issue
U.S. dollar368.9473.61,011.71,149.0185.4395.840.4
Japanese yen26.93.819.467.26.516.18.3
Pound sterling132.1197.6221.2226.830.9144.1152.9
Canadian dollar25.529.432.151.19.021.73.8
Swedish krona3.46.27.09.40.45.71.0
Swiss franc12.713.128.024.41.74.84.9
Euro917.6985.91,200.71,148.9109.1466.228.4
Other52.286.979.2106.430.231.47.1
Total1,539.31,796.52,599.42,783.2373.21,085.8246.7
Signed international syndicated credit
facilities by nationality of borrower
All countries1,346.81,725.12,064.02,667.4437.6482.1424.5
Industrial countries1,192.51,489.41,722.12,181.4361.4367.0314.5
Of which:
United States643.1700.7778.31,041.4117.3171.0147.5
Japan31.927.652.054.716.16.68.8
Germany87.284.3133.0118.610.511.412.1
France67.9112.5101.1146.735.233.115.0
Italy21.340.838.935.30.917.03.8
United Kingdom123.7158.3189.4252.386.034.526.5
Canada22.040.261.582.014.410.78.3
Source: Bank for International Settlements.
Table 3.Selected Indicators on the Size of the Capital Markets, 2007(In billions of U.S. dollars unless noted otherwise)
Total ReservesStock MarketDebt SecuritiesBonds, Equities, andBonds, Equities, and Bank Assets 2
GDPMinus Gold 1CapitalizationPublicPrivateTotalBank AssetsBank Assets 2(In percent of GDP)
World54,840.96,449.165,105.628,629.351,585.880,215.195,768.5241,089.3439.6
European Union15,741.1279.714,730.98,778.319,432.328,210.548,462.091,403.5580.7
Euro area12,220.6172.110,040.17,606.415,397.823,004.235,097.168,141.5557.6
North America15,243.6100.522,108.87,419.224,491.931,911.113,851.967,871.8445.2
Canada1,436.141.02,186.6823.3763.61,586.92,657.86,431.3447.8
United States13,807.659.519,922.36,595.923,728.330,324.211,194.161,440.6445.0
Japan4,384.4952.84,663.87,147.72,066.09,213.710,086.923,964.3546.6
Memorandum items:
EU countries
Austria371.210.7236.4217.3438.4655.6615.91,508.0406.2
Belgium459.010.4404.4506.7547.51,054.22,324.43,783.0824.1
Denmark310.532.5290.993.3613.9707.21,083.42,080.6670.1
Finland246.27.1359.1130.1121.7251.8303.4914.3371.3
France2,593.845.72,737.11,447.22,923.84,370.910,230.417,338.4668.5
Germany3,320.944.32,105.21,700.33,902.35,602.76,600.114,308.0430.8
Greece312.80.6265.0453.8134.0587.8513.01,365.7436.7
Ireland261.20.8143.958.9518.6577.51,630.72,352.1900.4
Italy2,117.528.41,072.52,019.02,183.94,202.94,336.09,611.5453.9
Luxembourg49.70.1166.10.094.694.61,347.61,608.33,234.4
Netherlands777.210.3574.5315.61,698.42,014.03,869.06,457.6830.8
Portugal223.71.3147.2174.0269.9443.9280.4871.5389.5
Spain1,440.011.51,799.8580.02,564.13,144.22,979.47,923.4550.2
Sweden453.827.0576.9168.6493.1661.6694.31,932.8425.9
United Kingdom2,803.449.03,851.7913.52,928.03,841.511,655.019,348.2690.2
Emerging market countries 317,270.84,034.720,950.25,001.32,795.67,796.918,258.147,005.2272.2
Of which:
Asia7,680.42,138.813,782.72,645.81,826.94,472.711,620.229,875.6389.0
Latin America3,641.0445.22,292.21,456.5628.62,085.12,260.86,638.1182.3
Middle East1,557.8312.61,275.939.584.3123.81,335.62,735.3175.6
Africa1,101.7289.51,181.789.078.9168.0864.52,214.2201.0
Europe3,289.9848.62,417.6770.4176.9947.32,177.05,541.9168.5
Sources: World Federation of Exchanges; Bank for International Settlements; International Monetary Fund, International Financial Statistics (IFS) and World Economic Outlook database as of April 16, 2009; ©2003 Bureau van Dijk Electronic Publishing—Bankscope; and Standard & Poor’s Emerging Markets Database.
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-JuneEnd-Dec.End-JuneEnd-Dec.End-JuneEnd-JuneEnd-Dec.End-JuneEnd-Dec.End-June
2006200620072007200820062006200720072008
Total370,178414,845516,407595,341683,7259,9499,69111,14015,81320,353
Foreign exchange38,12740,27148,64556,23862,9831,1361,2661,3451,8072,262
Forwards and forex swaps19,40719,88224,53029,14431,966436469492675802
Currency swaps9,69610,79212,31214,34716,3075356016198171,071
Options9,0249,59711,80412,74814,710165196235315388
Interest rate2262,526291,582347,312393,138458,3045,4454,8266,0637,1779,263
Forward rate agreements18,11718,66822,80926,59939,3702532434188
Swaps207,588229,693272,216309,588356,7724,8404,1635,3216,1838,056
Options36,82143,22152,28856,95162,1625806317009531,120
Equity-linked6,7827,4888,5908,46910,1776718531,1161,1421,146
Forwards and swaps1,4301,7672,4702,2332,657147166240239283
Options5,3515,7206,1196,2367,520523686876903863
Commodity36,3947,1157,5678,45513,2297186676361,8992,209
Gold4566404265956497756477068
Other5,9386,4757,1417,86112,5806416115891,8292,142
Forwards and swaps2,1882,8133,4475,0857,561
Options3,7503,6633,6942,7765,019
Credit default swaps20,35228,65042,58057,89457,3252944707212,0023,172
Single-name instruments13,87317,87924,23932,24633,3341862784061,1431,889
Multi-name instruments6,47910,77118,34125,64823,9911091923158591,283
Unallocated35,99739,74061,71371,14681,7081,6851,6091,2591,7882,301
Memorandum items:
Gross credit exposure4n.a.n.a.n.a.n.a.n.a.2,0322,0362,6723,2563,859
Exchange-traded derivatives38,12740,27148,64556,23862,983
Source: Bank for International Settlements.
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-June 2006End-Dec. 2006End-June 2007End-Dec. 2007End-June 2008End-June 2006End-Dec. 2006End-June 2007End-Dec. 2007End-June 2008
Total370,178414,845516,407595,341683,7259,9499,69111,14015,81320,353
Foreign exchange38,12740,27148,64556,23862,9831,1361,2661,3451,8072,262
By counterparty
With other reporting dealers15,30615,53219,17321,33424,845368438455594782
With other financial institutions15,12316,02319,14424,35726,775471521557806995
With nonfinancial customers7,6988,71610,32910,54811,362297307333407484
By remaining maturity
Up to one year229,57930,27036,95040,31643,639
One to five years25,8516,7028,0908,55310,701
Over five years22,6973,2993,6067,3708,643
By major currency
U.S. dollar331,79133,75540,51346,94752,1529691,0691,1121,4711,838
Euro315,34416,03718,28021,80625,9634725094557901,010
Japanese yen39,5369,49010,60212,85713,616243325389371433
Pound sterling35,2176,1357,7707,9798,377148197174260280
Other314,36615,12420,12522,88825,858439431561723963
Interest rate4262,526291,582347,312393,138458,3045,4454,8266,0637,1779,263
By counterparty
With other reporting dealers114,826127,432148,555157,245188,9822,2211,9732,3752,7743,554
With other financial institutions114,930125,708153,370193,107223,0232,5162,2232,9463,7864,965
With nonfinancial customers32,77038,44145,38742,78646,299708630742617745
By remaining maturity
Up to one year290,755104,098132,402127,601153,181
One to five years2101,909110,314125,700134,713150,096
Over five years269,86177,17089,210130,824155,028
By major currency
U.S. dollar88,11597,430114,371129,756149,8132,1201,6611,8513,2193,601
Euro103,461111,791127,648146,083171,8772,2992,3002,8462,6883,910
Japanese yen32,58138,11348,03553,09958,056463297364401380
Pound sterling19,07122,23827,67628,39038,619291311627430684
Other19,29822,00929,58135,81139,939273257375439689
Equity-linked6,7827,4888,5908,46910,1776718531,1161,1421,146
Commodity56,3947,1157,5678,45513,2297186676361,8992,209
Credit default swaps20,35228,65042,58057,89457,3252944707212,0023,172
Unallocated35,99739,74061,71371,14681,7081,6851,6091,2591,7882,301
Source: Bank for International Settlements.
Table 6.Exchange-Traded Derivative Financial Instruments: Notional Principal Amounts Outstanding and Annual Turnover
2008
19971998199920002001200220032004200520062007Q1Q2Q3
(In billions of U.S. dollars)(In billions of U.S. dollars)
Notional principal amounts outstanding
Interest rate futures7,586.78,031.47,924.97,907.89,269.69,955.613,123.718,164.920,708.724,476.226,769.626,793.626,874.223,308.1
Interest rate options3,639.94,623.53,755.54,734.212,492.811,759.520,793.824,604.131,588.238,116.444,281.745,393.246,905.045,053.0
Currency futures42.331.736.774.465.647.079.9103.5107.6161.4158.5164.1175.9145.3
Currency options118.649.222.421.427.427.437.960.766.178.6132.7193.5190.6180.3
Stock market index futures210.9291.6346.9377.5344.2365.7549.4635.3784.11,045.41,131.61,160.51,583.91,432.9
Stock market index options808.7947.41,510.61,149.21,560.51,687.92,160.42,954.74,005.35,528.56,625.06,610.47,088.06,865.9
Total12,407.113,974.813,597.014,264.623,760.123,843.136,745.046,523.357,259.969,406.679,099.180,315.282,817.776,985.6
North America6,347.97,395.16,930.68,168.616,188.613,706.419,461.427,538.535,856.541,514.342,514.637,762.141,332.438,235.6
Europe3,587.34,397.14,008.94,198.06,141.88,801.515,407.116,308.617,973.423,217.130,568.036,691.536,156.733,495.6
Asia-Pacific2,235.71,882.52,407.81,611.81,318.41,206.01,659.92,426.93,004.54,049.64,971.04,786.04,049.04,323.3
Other236.2300.1249.7286.2111.2129.1216.5249.3425.5625.61,045.51,075.71,279.6931.2
(In millions of contracts traded)(In millions of contracts traded)
Annual turnover
Interest rate futures701.6760.0672.7781.21,057.51,152.11,576.81,902.62,110.42,621.23,076.6820.9695.3641.5
Interest rate options116.8129.7118.0107.7199.6240.3302.3361.0430.8566.7663.3198.6155.7139.7
Currency futures73.654.537.143.549.042.658.883.7143.0231.1353.1102.1117.4131.6
Currency options21.112.16.87.010.516.114.313.019.424.346.417.416.514.9
Stock market index futures115.9178.0204.9225.2337.1530.6725.8804.5918.71,233.71,930.2608.6513.8633.1
Stock market index options178.2195.0322.5481.51,148.22,235.53,233.92,980.13,139.83,177.53,815.6852.5899.11,229.7
Total1,207.11,329.31,362.01,646.02,801.94,217.25,911.86,144.96,762.17,854.49,885.22,600.02,397.72,790.4
North America463.5530.0462.8461.3675.6912.21,279.81,633.61,926.82,541.83,146.5881.1746.8786.2
Europe482.8525.9604.7718.6957.71,075.11,346.51,412.71,592.91,947.42,560.2816.1688.0763.0
Asia-Pacific126.9170.9207.7331.3985.12,073.13,111.62,847.62,932.42,957.13,592.5751.9811.91,095.0
Other134.0102.586.8134.9183.4156.7174.0251.0310.0408.1586.0150.9151.1146.2
Source: Bank for International Settlements.
Table 7.United States: Sectoral Balance Sheets(In percent)
200220032004200520062007
Corporate sector
Debt/net worth50.848.745.743.742.542.6
Short-term debt/credit market debt30.927.828.027.527.930.2
Interest burden114.411.88.67.87.78.1
Household sector
Net worth/assets82.282.682.582.582.181.2
Equity/total assets21.425.025.325.026.826.9
Equity/financial assets35.039.940.841.042.741.7
Net worth/disposable personal income520.6572.2600.4633.3638.9600.6
Home mortgage debt/total assets12.212.212.412.813.113.1
Consumer credit/total assets4.03.73.53.33.23.3
Total debt/financial assets29.127.928.228.728.629.1
Debt-service burden213.413.613.614.114.314.4
Banking sector3
Credit quality
Nonperforming loans4/total loans1.51.20.90.80.81.3
Net loan losses/average total loans1.10.90.70.60.40.6
Loan-loss reserve/total loans1.91.81.51.31.21.4
Net charge-offs/total loans1.10.90.60.60.40.6
Capital ratios
Total risk-based capital12.812.812.612.312.412.2
Tier 1 risk-based capital10.010.110.09.99.89.4
Equity capital/total assets9.29.210.110.310.210.2
Core capital (leverage ratio)7.87.97.87.97.97.6
Profitability measures
Return on average assets (ROA)1.31.41.31.31.30.9
Return on average equity (ROE)14.515.313.712.913.09.1
Net interest margin4.13.83.63.63.43.4
Efficiency ratio555.856.558.057.256.359.2
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.
Table 8.Japan: Sectoral Balance Sheets 1(In percent)
FY2002FY2003FY2004FY2005FY2006FY2007FY2008
Corporate sector
Debt/shareholders–equity (book value)146.1121.3121.5101.798.297.198.4
Short-term debt/total debt39.037.836.836.435.334.135.8
Interest burden 227.822.018.415.615.216.219.2
Debt/operating profits1,370.01,079.2965.9839.9820.4798.61,018.2
Memorandum item:
Total debt/GDP 3100.990.996.485.789.883.389.8
Household sector
Net worth/assets84.484.584.684.985.0
Equity3.54.95.78.78.8
Real estate34.632.931.429.929.6
Net worth/net disposable income725.2728.5723.0738.7742.1
Interest burden 45.14.94.84.64.74.8
Memorandum items:
Debt/equity448.2317.6268.4174.5170.1
Debt/real estate45.147.049.050.650.6
Debt/net disposable income134.2133.2131.5131.6130.6
Debt/net worth18.518.318.217.817.6
Equity/net worth4.15.86.810.210.3
Real estate/net worth41.038.937.135.234.8
Total debt/GDP 379.477.576.176.375.4
Banking sector 5
Credit quality
Nonperforming loans 6/total loans7.45.84.02.92.52.42.5
Capital ratio
Stockholders–equity/assets3.33.94.24.95.34.54.2
Profitability measures
Return on equity (ROE)7,8-19.5-2.74.111.38.56.13.0
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.
Table 9.Europe: Sectoral Balance Sheets1(In percent)
20002001200220032004200520062007
Corporate sector
Debt/equity267.872.473.871.469.671.176.079.8
Short-term debt/total debt37.536.937.433.933.836.337.238.8
Interest burden318.319.518.416.916.917.317.517.1
Debt/operating profits315.8322.0326.2318.8320.0340.4376.3405.7
Memorandum items:
Financial assets/equity1.51.61.41.41.41.51.61.7
Liquid assets/short-term debt73.776.770.284.294.497.696.198.5
Household sector
Net worth/assets84.383.783.683.783.984.584.384.4
Equity/net worth15.813.811.011.611.612.312.211.9
Equity/net financial assets40.837.432.734.134.134.934.934.2
Interest burden45.75.45.45.25.35.15.25.9
Memorandum items:
Nonfinancial assets/net worth59.861.965.965.765.964.664.965.2
Debt/net financial assets47.349.754.853.052.748.248.148.3
Debt/income94.794.997.5100.3105.5106.2109.1112.1
Banking sector5
Credit quality
Nonperforming loans/total loans3.02.92.52.32.42.12.42.2
Loan-loss reserve/nonperforming loans82.180.881.573.068.181.573.175.9
Loan-loss reserve/total loans2.52.42.42.42.41.81.71.7
Capital ratios
Equity capital/total assets4.33.33.12.93.83.93.93.9
Capital funds/liabilities6.96.85.45.05.75.55.65.9
Profitability measures
Return on assets, or ROA (after tax)0.80.50.40.50.50.50.60.4
Return on equity, or ROE (after tax)18.311.29.011.313.512.514.811.4
Net interest margin1.51.41.61.51.11.00.90.9
Efficiency ratio666.468.269.073.164.862.960.564.9
Sources: ©2003 Bureau van Dijk Electronic Publishing—Bankscope; and IMF staff estimates.

Figure 15.Emerging Market Volatility Measures

Sources: Morgan Stanley Capital International; 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
2008End of Period
Q1Q2Q3Q420032004200520062007200812-Month High12-Month LowAll-Time High1All-Time Low1
World1,437.41,402.11,182.4920.21,036.31,169.31,257.81,483.61,588.8920.21,588.8771.51,682.4423.1
Emerging Markets1,104.61,087.1786.9567.0442.8542.2706.5912.71,245.6567.01,249.7454.31,338.5175.3
Latin America4,316.14,751.53,186.42,077.71,100.91,483.62,150.02,995.74,400.42,077.75,195.41,659.25,195.4185.6
Argentina3,120.74,187.72,341.91,304.0933.61,163.01,857.13,084.12,918.81,304.04,187.71,078.64,187.7152.6
Brazil3,648.34,292.52,652.11,638.2802.01,046.61,569.42,205.43,867.21,638.24,727.61,286.54,727.684.1
Chile1,972.21,714.71,534.31,130.9800.6997.31,180.71,492.41,802.81,130.92,036.2996.42,057.9183.0
Colombia590.0607.1551.6447.9108.6245.0495.7549.8619.3447.9734.0341.3734.041.2
Mexico6,288.25,947.34,806.23,356.81,873.12,715.63,943.65,483.35,992.13,356.86,559.52,639.76,775.7308.9
Peru1,306.71,320.9860.1719.3344.1343.4441.3671.41,248.7719.31,445.7443.81,488.373.5
Venezuela163.4163.4163.4163.4103.8151.0107.4174.1163.4163.4163.4163.4278.456.1
Asia439.0396.7301.3235.8206.4231.6286.2371.5513.7235.8513.8187.7571.9104.1
China64.861.745.840.825.425.229.252.184.940.884.927.2137.212.9
India487.9390.3334.0233.6166.4193.7262.3390.6668.9233.6694.2198.1694.271.2
Indonesia633.8597.4436.2287.5162.8235.3264.9449.3677.6287.5737.0204.6894.542.6
Korea375.8346.9262.7193.1163.6196.2302.8336.7437.5193.1437.5138.1491.329.0
Malaysia367.9331.8269.7231.3196.9220.2216.9288.6408.6231.3438.3209.2458.454.2
Pakistan205.7149.694.246.184.591.8143.6141.2187.146.1211.746.1211.725.3
Philippines296.2221.7226.1167.9113.8141.2169.4263.2363.4167.9364.0145.8697.676.4
Taiwan Province of China309.5276.2198.5150.8217.9232.1239.8278.8294.0150.8333.9130.0529.3108.7
Thailand273.3238.4181.9132.8176.6169.5177.7189.7267.4132.8293.5110.2651.744.0
Europe, Middle East, & Africa403.4423.8300.5198.2163.9222.7300.3364.4458.2198.2468.8159.7473.880.8
Czech Republic825.7905.6662.4455.5166.4293.8421.5546.5828.9455.5929.2343.6929.254.4
Egypt1,383.91,227.8880.8591.7129.7283.7722.1829.21,284.0591.71,468.8464.11,468.861.3
Hungary981.71,004.7800.9427.1352.9661.8765.01,003.01,137.4427.11,137.4324.91,304.877.3
Israel249.9277.6233.9182.4141.4167.4209.3194.4264.0182.4284.4172.5284.467.6
Jordan246.9286.3248.5162.5113.4180.4309.8209.1252.9162.5303.1150.8362.252.6
Morocco697.5668.0520.3453.6174.0204.7222.5361.9521.2453.6703.4408.3703.499.4
Poland1,442.91,303.11,079.5657.5471.1747.1903.91,223.41,501.2657.51,501.2547.11,671.998.2
Russia1,359.51,492.8815.8397.0461.1479.9813.41,250.31,536.4397.01,641.5344.41,641.530.6
South Africa429.9445.8367.3305.1216.6304.7377.9443.1508.3305.1523.2204.4578.298.3
Turkey461.2442.8439.9275.0231.8321.0486.6441.7751.1275.0751.1194.1789.866.1
Sectors
Energy985.11,141.6718.4437.0287.4349.0548.6760.01,154.2437.01,255.4342.91,255.481.7
Materials645.9654.1422.3314.2250.1265.0325.4442.1657.9314.2750.5247.5750.598.5
Industrials290.9246.0181.1130.698.9128.0156.1210.7351.1130.6351.696.4403.852.6
Consumer discretionary439.4403.5329.8229.8233.8292.3381.1422.6490.9229.8491.1190.9527.874.1
Consumer staple313.3307.3252.3209.6118.6147.0197.0266.2330.2209.6336.1166.2343.180.4
Health care437.0442.6416.2375.2272.5290.8393.3356.3458.8375.2476.4332.0476.483.3
Financials351.0326.7263.7194.1138.8187.9240.6328.8424.0194.1424.3151.1473.074.6
Information technology220.8204.5154.0111.4149.6161.5209.1231.8231.5111.4244.492.7300.073.1
Telecommunications295.6272.7219.9180.7100.8131.6158.9218.0328.0180.7328.0140.9343.262.9
Utilities330.2333.3265.1214.5127.2149.8197.0282.1379.2214.5385.1170.2389.163.1
Table 10. (continued)Equity Market Indices
Period on Period Percent Change
2008End of Period
Q1Q2Q3Q4200320042005200620072008
World-9.5-2.5-15.7-22.230.812.87.618.07.1-42.1
Emerging Markets-11.3-1.6-27.6-27.951.622.430.329.236.5-54.5
Latin America-1.910.1-32.9-34.867.134.844.939.346.9-52.8
Argentina6.934.2-44.1-44.398.524.659.766.1-5.4-55.3
Brazil-5.717.7-38.2-38.2102.930.550.040.575.3-57.6
Chile9.4-13.1-10.5-26.379.724.618.426.420.8-37.3
Colombia-4.72.9-9.1-18.859.0125.7102.310.912.6-27.7
Mexico4.9-5.4-19.2-30.229.845.045.239.09.3-44.0
Peru4.61.1-34.9-16.488.4-0.228.552.186.0-42.4
Venezuela0.00.00.00.033.645.4-28.962.2-6.20.0
Asia-14.5-9.6-24.0-21.747.112.223.529.838.3-54.1
China-23.7-4.7-25.7-11.080.3-0.815.978.163.1-51.9
India-27.1-20.0-14.4-30.165.516.535.449.071.2-65.1
Indonesia-6.5-5.8-27.0-34.160.044.512.669.650.8-57.6
Korea-14.1-7.7-24.3-26.533.220.054.311.230.0-55.9
Malaysia-10.0-9.8-18.7-14.223.111.8-1.533.141.5-43.4
Pakistan9.9-27.3-37.0-51.128.98.656.5-1.732.5-75.4
Philippines-18.5-25.22.0-25.744.524.119.955.438.0-53.8
Taiwan Province of China5.3-10.8-28.1-24.036.76.53.316.35.4-48.7
Thailand2.2-12.8-23.7-27.0115.4-4.04.86.840.9-50.3
Europe, Middle East, & Africa-12.05.1-29.1-34.051.235.834.921.325.8-56.7
Czech Republic-0.49.7-26.9-31.231.676.643.529.651.7-45.1
Egypt7.8-11.3-28.3-32.8140.8118.8154.514.854.8-53.9
Hungary-13.72.3-20.3-46.720.887.515.631.113.4-62.4
Israel-5.311.1-15.7-22.055.718.425.0-7.135.8-30.9
Jordan-2.416.0-13.2-34.655.359.171.7-32.520.9-35.8
Morocco33.8-4.2-22.1-12.823.817.68.762.644.0-13.0
Poland-3.9-9.7-17.2-39.129.958.621.035.322.7-56.2
Russia-11.59.8-45.3-51.370.34.169.553.722.9-74.2
South Africa-15.43.7-17.6-16.98.840.724.017.314.7-40.0
Turkey-38.6-4.0-0.7-37.588.238.551.6-9.270.0-63.4
Sectors
Energy-14.615.9-37.1-39.276.221.457.238.551.9-62.1
Materials-1.81.3-35.4-25.636.86.022.835.948.8-52.2
Industrials-17.1-15.4-26.4-27.960.129.522.035.066.6-62.8
Consumer discretionary-10.5-8.2-18.3-30.368.425.030.410.916.2-53.2
Consumer staple-5.1-1.9-17.9-17.034.424.034.035.124.1-36.5
Health care-4.81.3-6.0-9.860.56.735.2-9.428.8-18.2
Financials-17.2-6.9-19.3-26.440.735.428.136.728.9-54.2
Information technology-4.6-7.4-24.7-27.743.98.029.510.9-0.1-51.9
Telecommunications-9.9-7.8-19.4-17.838.730.520.837.250.4-44.9
Utilities-12.91.0-20.5-19.175.717.831.543.234.4-43.4
Table 10. (continued)Equity Market Indices
2008End of Period
Q1Q2Q3Q420032004200520062007200812- Month High12- Month LowAll-Time High1All-Time Low1
Developed Markets
Australia873.2903.1656.2476.4441.1558.6628.7799.0998.8476.41,021.7377.11,127.4176.2
Austria2,947.33,057.31,790.51,015.91,158.51,960.22,411.03,248.93,273.21,015.93,460.2797.13,661.2606.1
Belgium2,074.41,625.91,107.7696.51,150.61,606.01,696.42,260.72,141.6696.52,191.4573.92,496.2497.6
Canada1,804.21,993.61,552.41,030.9853.21,028.21,302.21,512.91,930.11,030.92,128.3835.82,144.6304.7
Denmark5,991.25,915.94,356.33,129.82,252.32,899.83,551.24,859.46,036.63,129.86,380.62,615.76,380.6708.5
Finland873.6738.9537.4429.2450.9468.5534.3679.3985.1429.2985.1355.01,329.033.2
France2,084.31,958.81,585.51,253.21,243.01,445.61,558.12,051.62,275.11,253.22,275.11,007.62,350.4422.2
Germany2,219.32,116.11,681.01,330.01,160.91,327.51,429.81,902.12,520.71,330.02,520.71,043.12,538.9467.9
Greece872.1743.8582.3341.2382.8540.7609.2801.71,036.1341.21,047.0305.41,053.1157.5
Hong Kong SAR8,054.77,639.15,840.44,696.94,536.15,479.05,741.77,249.89,966.94,696.99,977.33,796.010,589.51,427.6
Ireland431.8352.2201.9120.4296.5412.6393.1565.4441.8120.4454.6110.0606.8105.3
Italy576.4527.7408.6312.8391.2503.0496.6636.0653.0312.8653.0262.3689.7132.0
Japan2,772.72,838.52,318.92,108.22,144.42,460.13,053.03,208.33,034.42,108.23,115.71,791.14,132.11,385.4
Netherlands2,720.42,433.11,898.91,458.61,606.51,753.21,939.42,486.82,922.61,458.62,922.61,214.43,070.7558.3
New Zealand129.1109.889.567.4107.3139.3134.5147.9153.967.4155.157.5178.749.5
Norway3,891.64,313.32,551.51,512.61,332.31,993.42,392.23,386.34,348.91,512.64,992.11,190.44,992.1534.0
Portugal203.2169.2137.8108.5115.8141.1134.8193.3234.0108.5234.390.9246.466.0
Singapore3,895.53,795.22,918.02,125.41,820.22,163.12,395.83,399.84,212.72,125.44,225.41,815.04,664.3893.9
Spain810.5733.0601.6492.7388.1486.8494.4716.0864.0492.7864.0379.1909.2101.2
Sweden6,509.95,662.94,372.43,276.03,360.94,503.24,867.96,839.06,746.03,276.06,958.92,620.68,152.0737.9
Switzerland4,126.23,857.73,345.72,899.62,480.42,821.83,241.14,079.34,237.32,899.64,291.22,340.44,449.8527.2
United Kingdom1,406.81,381.51,080.7787.71,006.11,162.41,205.61,521.51,593.4787.71,593.4690.21,737.3425.9
United States1,254.81,222.81,105.6854.41,045.41,137.41,180.61,336.31,390.9854.41,390.9708.81,493.0273.7
Period on Period Percent Change
Developed Markets
Australia-12.63.4-27.3-27.48.526.612.527.125.0-52.3
Austria-10.03.7-41.4-43.328.569.223.034.80.7-69.0
Belgium-3.1-21.6-31.9-37.18.739.65.633.3-5.3-67.5
Canada-6.510.5-22.1-33.624.620.526.716.227.6-46.6
Denmark-0.8-1.3-26.4-28.222.428.822.536.824.2-48.2
Finland-11.3-15.4-27.3-20.1-2.93.914.027.145.0-56.4
France-8.4-6.0-19.1-21.014.616.37.831.710.9-44.9
Germany-12.0-4.7-20.6-20.933.214.47.733.032.5-47.2
Greece-15.8-14.7-21.7-41.435.841.212.731.629.2-67.1
Hong Kong SAR-19.2-5.2-23.5-19.631.920.84.826.337.5-52.9
Ireland-2.3-18.4-42.7-40.416.039.2-4.743.9-21.9-72.7
Italy-11.7-8.5-22.6-23.512.228.6-1.328.12.7-52.1
Japan-8.62.4-18.3-9.121.614.724.15.1-5.4-30.5
Netherlands-6.9-10.6-22.0-23.23.69.110.628.217.5-50.1
New Zealand-16.1-14.9-18.5-24.719.629.8-3.510.04.0-56.2
Norway-10.510.8-40.8-40.738.149.620.041.628.4-65.2
Portugal-13.2-16.7-18.6-21.315.921.9-4.543.421.0-53.6
Singapore-7.5-2.6-23.1-27.231.418.810.841.923.9-49.5
Spain-6.2-9.6-17.9-18.128.325.41.544.820.7-43.0
Sweden-3.5-13.0-22.8-25.132.934.08.140.5-1.4-51.4
Switzerland-2.6-6.5-13.3-13.318.413.814.925.93.9-31.6
United Kingdom-11.7-1.8-21.8-27.114.415.53.726.24.7-50.6
United States-9.8-2.5-9.6-22.726.88.83.813.24.1-38.6
Data are provided by Morgan Stanley Capital International. Regional and sectoral compositions conform to Morgan Stanley Capital International definitions.
Table 11.Foreign Exchange Rates(Units per U.S. dollar)
2008End of Period12- Month12- MonthAll-TimeAll-Time
Q1Q2Q3Q4200320042005200620072008HighLowHigh1Low1
Emerging Markets
Latin America
Argentina3.173.033.133.452.932.973.033.063.153.453.013.470.983.86
Brazil1.751.601.902.312.892.662.342.141.782.311.562.51-3.95
Chile435.24527.89552.11638.50592.75555.75512.00533.38497.95638.50429.55682.75295.18759.75
Colombia1,831.301,913.502,192.162,248.582,780.002,354.752,286.502,240.002,018.002,248.581,655.032,404.75689.212,980.00
Mexico10.6410.3110.9413.6711.2311.1510.6310.8210.9113.679.8613.902.6813.90
Peru2.752.962.983.133.463.283.423.203.003.132.693.141.283.65
Venezuela2,147.302,147.302,147.302,147.301,598.001,918.002,147.302,147.302,147.302,147.302,147.302,147.3045.002,147.50
Asia
China7.016.856.856.838.288.288.077.817.306.836.817.304.738.73
India40.1243.0446.9648.8045.6343.4645.0544.2639.4248.8039.2750.2916.9250.29
Indonesia9,229.009,228.009,506.0011,120.008,420.009,270.009,830.008,994.009,400.0011,120.009,060.0012,650.001,977.00 16,650.00
Korea990.301,046.051,206.851,259.551,192.101,035.101,010.00930.00936.051,259.55935.371,514.00683.501,962.50
Malaysia3.193.273.443.473.803.803.783.533.313.473.133.642.444.71
Pakistan62.7068.4078.2579.1057.2559.4359.7960.8861.6379.1061.3283.8021.1883.80
Philippines41.7444.9647.0547.5255.5456.2353.0949.0141.2347.5240.2749.9423.1056.46
Taiwan Province of China30.3830.3532.2132.7933.9631.7432.8332.5932.4332.7930.0033.5524.4835.19
Thailand31.4433.4433.8634.7439.6238.9241.0335.4529.8034.7429.3535.7623.1555.50
Europe, Middle East, & Africa
Czech Republic15.9815.1617.3819.2225.7122.4224.5520.8318.2019.2214.4320.6614.4342.17
Egypt5.455.345.445.496.176.095.745.715.535.495.285.593.296.25
Hungary165.14149.41171.82190.10208.70181.02212.97190.29173.42190.10143.50217.7590.20317.56
Israel3.563.353.463.784.394.324.614.223.863.783.234.031.965.01
Jordan0.710.710.710.710.710.710.710.710.710.710.710.710.640.72
Morocco10.1310.089.279.4710.0811.0911.9411.7010.439.479.2010.637.7512.06
Poland2.222.132.412.973.733.013.252.902.472.972.033.091.724.71
Russia23.4923.4425.6429.4029.2427.7228.7426.3324.6329.4023.1629.580.9831.96
South Africa8.097.828.299.536.685.676.337.016.869.536.7411.572.5012.45
Turkey1.321.231.271.541.411.341.351.421.171.541.151.730.001.77
Developed Markets
Australia20.910.960.790.700.750.780.730.790.880.700.980.600.980.48
Canada1.031.021.061.221.301.201.161.171.001.220.981.300.921.61
Denmark4.724.735.295.335.915.496.305.655.115.334.675.984.679.00
Euro area21.581.581.411.401.261.361.181.321.461.401.601.251.600.83
Hong Kong SAR7.787.807.777.757.767.777.757.787.807.757.757.827.707.83
Japan99.69106.21106.1190.64107.22102.63117.75119.07111.7190.6487.24111.6480.63159.90
New Zealand20.790.760.670.580.660.720.680.700.770.580.820.520.820.39
Norway5.105.095.866.956.676.086.746.245.446.954.967.224.969.58
Singapore1.381.361.441.431.701.631.661.531.441.431.351.531.351.91
Sweden5.946.016.927.837.196.667.946.856.477.835.848.375.0911.03
Switzerland0.991.021.121.071.241.141.311.221.131.070.981.230.981.82
United Kingdom21.981.991.781.461.791.921.721.961.981.462.031.442.111.37
Table 11.Foreign Exchange Rates
Period on Period Percent Change
2008End of Period
Q1Q2Q3Q4200320042005200620072008
Emerging Markets
Latin America
Argentina-0.64.7-3.4-9.214.7-1.4-1.9-1.0-2.8-8.8
Brazil1.59.2-15.8-17.722.48.913.79.420.0-23.1
Chile14.4-17.6-4.4-13.521.56.78.5-4.07.1-22.0
Colombia10.2-4.3-12.7-2.53.118.13.02.111.0-10.3
Mexico2.53.2-5.7-20.0-7.60.74.8-1.7-0.8-20.2
Peru9.0-7.1-0.7-4.81.55.6-4.17.16.6-4.4
Venezuela0.00.00.00.0-13.1-16.7-10.70.00.00.0
Asia
China4.12.30.10.30.00.02.63.47.06.9
India-1.8-6.8-8.3-3.85.25.0-3.51.812.3-19.2
Indonesia1.90.0-2.9-14.56.3-9.2-5.79.3-4.3-15.5
Korea-5.5-5.3-13.3-4.2-0.515.22.58.6-0.6-25.7
Malaysia3.5-2.2-5.0-0.90.00.00.57.16.7-4.6
Pakistan-1.7-8.3-12.6-1.11.7-3.7-0.6-1.8-1.2-22.1
Philippines-1.2-7.1-4.4-1.0-3.5-1.25.98.318.9-13.2
Taiwan Province of China6.70.1-5.8-1.82.07.0-3.30.70.5-1.1
Thailand-5.2-6.0-1.2-2.58.81.8-5.115.719.0-14.2
Europe, Middle East, &
Africa
Czech Republic13.95.4-12.8-9.516.914.7-8.717.914.4-5.3
Egypt1.62.1-1.9-1.0-25.11.36.10.53.20.7
Hungary5.010.5-13.0-9.67.615.3-15.011.99.7-8.8
Israel8.36.2-3.1-8.58.01.6-6.19.29.32.0
Jordan0.00.1-0.1-0.10.10.00.1-0.10.00.0
Morocco2.90.58.8-2.1-2.7-9.2-7.12.012.310.1
Poland11.44.3-11.7-18.92.624.0-7.211.817.5-16.8
Russia4.90.2-8.6-12.89.35.5-3.69.26.9-16.2
South Africa-15.23.5-5.6-13.028.218.0-10.5-9.72.1-28.0
Turkey-11.68.0-3.4-17.617.74.7-0.6-4.721.1-24.0
Developed Markets
Australia4.35.0-17.3-11.333.93.8-6.17.611.0-19.7
Canada-2.60.4-4.0-12.721.27.93.4-0.316.8-18.1
Denmark8.2-0.2-10.6-0.619.87.8-12.911.510.5-4.0
Euro area8.2-0.2-10.6-0.920.07.6-12.611.410.5-4.2
Hong Kong SAR0.2-0.20.40.20.4-0.10.2-0.3-0.30.6
Japan12.1-6.10.117.110.84.5-12.8-1.16.623.2
New Zealand2.6-3.0-12.1-13.525.09.5-4.83.08.8-24.4
Norway6.70.1-13.2-15.74.19.6-9.88.114.7-21.8
Singapore4.71.2-5.30.42.14.2-1.98.46.50.7
Sweden8.9-1.2-13.1-11.720.98.0-16.215.95.9-17.4
Switzerland14.1-2.7-9.05.011.78.7-13.27.77.56.1
United Kingdom-0.10.4-10.6-18.010.97.4-10.213.71.3-26.5
Source: Bloomberg L.P.
Table 12.Emerging Market Bond Index: EMBI Global Total Returns Index
2008End of Period
Q1Q2Q3Q420032004200520062007200812- Month High12- Month LowAll- Time High1All- Time Low1
EMBI Global41140838736428331635038440936439834841863
Latin America
Argentina97937047678183126112471143619436
Brazil63665162467039044650558063367067249667268
Chile20419920020516217217718519720520818320898
Colombia31331530530820122825628330930832723932770
Dominican Republic1871871751209912615618419812019810519883
Ecuador83486268722046456263656181122088920188961
El Salvador15915815112211012313415216512216510516595
Mexico39038237337928430833335337737939529739558
Panama69169466763945251156763769163971250971256
Peru64163960460143148551459163360166747466752
Uruguay1811861741629712915117718816219211919238
Venezuela54656546833839348456263456333858630863859
Asia
China29929529731424125326027128931431426731498
Indonesia1601501431311211331541591311619016190
Malaysia24824424424419420721522424024425321025364
Philippines42841141940326128033739442540343630643681
Vietnam11911010899101112117991207712077
Europe, Middle East,
& Africa
Bulgaria72972070964657863064367671364674659674680
Egypt17517617517814015015516117117817916517987
Hungary16816817014914214414815316814917613117697
Iraq12413012081102115811366413664
Lebanon24025025224917719521221523624925519725599
Pakistan1201106757160107112123111571214916049
Poland38537537737329031232734037337338833238871
Russia61961456249442647553856860749462743862726
Serbia112112211282108117121821257612576
South Africa37137336035729732333734937335737928737999
Tunisia16416216115912713814314916015916614916698
Turkey38436837938327930733635639238340127440191
Ukraine380362316172289310334353372172386171386100
Latin America37337535033125228531635437233138326638362
Non-Latin America48247145642534237441344347642548634748672
Table 12.Emerging Market Bond Index: EMBI Global Total Returns Index
Period on Period Percent Change
2008End of Period
Q1Q2Q3Q4200320042005200620072008
EMBI Global0.6–0.8–5.0–6.025.711.710.79.96.3–10.9
Latin America
Argentina-12.7-4.7-24.4-33.119.119.82.751.3-11.1-57.9
Brazil0.52.3-4.27.469.814.313.214.89.15.8
Chile3.7-2.20.32.78.36.03.24.16.44.5
Colombia1.30.4-3.10.819.413.212.410.79.1-0.5
Dominican Republic-5.3-0.2-6.3-31.2-15.327.224.118.07.3-39.0
Ecuador2.93.3-20.3-67.9101.521.113.2-11.844.6-72.9
El Salvador-3.3-0.9-4.2-19.011.911.58.814.18.0-25.6
Mexico3.4-1.9-2.41.711.68.68.16.06.90.7
Panama-0.10.6-4.0-4.214.413.011.112.38.5-7.6
Peru1.2-0.2-5.4-0.626.612.66.014.87.1-5.1
Uruguay-3.62.4-6.1-7.255.634.016.317.36.6-14.0
Venezuela-3.03.6-17.2-27.839.923.216.112.8-11.2-39.9
Asia
China3.4-1.30.45.74.55.13.04.16.78.4
Indonesia1.0-6.1-4.9-8.39.715.93.0-17.3
Malaysia3.2-1.80.2-0.110.76.63.74.37.41.4
Philippines0.8-4.12.0-3.713.47.120.616.87.9-5.1
Vietnam1.4-7.3-1.3-8.710.64.5-15.3
Europe, Middle East,
& Africa
Bulgaria2.2-1.2-1.6-8.910.28.92.15.15.6-9.5
Egypt2.60.4-0.71.814.46.83.83.85.94.2
Hungary0.1-0.21.4-12.43.71.22.83.79.4-11.2
Iraq7.44.8-7.1-33.012.4-29.9
Lebanon1.54.31.0-1.419.59.98.71.69.95.3
Pakistan7.9-7.6-39.4-15.4-0.2-33.34.510.3-10.0-48.8
Poland3.0-2.50.5-1.03.77.55.03.89.9-0.1
Russia2.1-0.9-8.6-12.022.411.513.35.56.9-18.5
Serbia1-0.21.4-8.8-27.08.33.7-32.6
South Africa-0.50.4-3.5-0.89.68.84.33.76.8-4.3
Tunisia2.1-1.2-0.7-1.113.38.73.73.87.8-0.9
Turkey-2.1-4.23.01.030.810.09.56.110.2-2.3
Ukraine2.4-5.0-12.6-45.619.87.27.75.95.2-53.8
Latin America0.10.7–6.9–5.333.013.410.911.95.2–11.1
Non-Latin America1.2–2.3–3.2–6.717.79.210.67.27.5–10.7
Source: JPMorgan Chase & Co.
Table 13.Emerging Market Bond Index: EMBI Global Yield Spreads(In basis points)
2008End of Period12- Month High12- Month LowAll- Time High1All- Time Low1
Q1Q2Q3Q4200320042005200620072008
EMBI Global3243084427244033472371712557243391681,631151
Latin America
Argentina5816149531,7045,4854,5275042164101,7041,9654107,222185
Brazil2832273334294593763081902204296881782,451138
Chile1761772233439064808415134339315139352
Colombia2582213184984273322441611954987411561,07695
Dominican Republic4894636711,6051,1418243781962811,6051,7852811,785122
Ecuador6625961,0014,7317996906619206144,7315,0695385,069436
El Salvador29628538485428424523915919985492819992899
Mexico1931942754342011741431151724346271471,14989
Panama244218305539324274239146184539648162769114
Peru2231993105093252392571181785096531421,06195
Uruguay3432944126856363882981852436859072431,982133
Venezuela6615969591,8645864033131835231,8641,8874902,658161
Asia
China1541371912285857685112022833312036439
Indonesia3293814907622442691532757621,1432751,143136
Malaysia1441531943701007882661193704871141,14165
Philippines273303324546415457302155207546797207993132
Vietnam283368404747190952037471,1012031,10189
Europe, Middle East, & Africa
Bulgaria2212043026741777790661536747251281,67942
Egypt258201333385131101585217838545810764620
Hungary163134174504283274588450456884568-29
Iraq5454745941,2825265691,2821,3984301,398376
Lebanon5944695147944213342463954937941,2044391,204111
Pakistan5626871,6002,1122331981545352,1122,2225162,225138
Poland11211516931476696247673144016741017
Russia208197388805257213118991578059151467,06387
Serbia13893325261,2242381863041,2241,3512911,351134
South Africa271232364562152102878416456280516480550
Tunisia21419732046414691818314046465614065648
Turkey3483843915343092642232072395348872391,196168
Ukraine3764678682,7712582551841723032,7712,7743032,774125
Latin America3473134707465184152721802757469142681,532157
Non-Latin America2973034096992482391791592276998802271,812142
Table 13.Emerging Market Bond Index: EMBI Global Yield Spreads
Period on Period Spread Change
2008End of Period
Q1Q2Q3Q4200320042005200620072008
EMBI Global70–16134282–322–56–110–6684470
Latin America
Argentina17133339751-857-958-4,023-2881941,294
Brazil63-5610696-1,001-83-68-11830209
Chile25146120-86-2616467192
Colombia63-3797180-206-95-88-8334303
Dominican Republic208-26208934642-317-446-182851,324
Ecuador48-664053,730-1,002-109-29259-3064,117
El Salvador97-1199470-127-39-6-8040655
Mexico21181159-128-27-31-2857262
Panama60-2687234-122-50-35-9338355
Peru45-24111199-284-8618-13960331
Uruguay100-49118273-592-248-90-11358442
Venezuela138-65363905-545-183-90-1303401,341
Asia
China34-175437-26-111-1769108
Indonesia545210927225-116122487
Malaysia25941176-112-224-1653251
Philippines663021222-10742-155-14752339
Vietnam808536343-95108544
Europe, Middle East,
& Africa
Bulgaria68-1798372-114-10013-2487521
Egypt80-5713252-194-30-43-6126207
Hungary79-2940330-24442-1626420
Iraq-24-7112068843713
Lebanon101-12545280-355-87-8814998301
Pakistan27125913512-271-35-443811,577
Poland45354145-109-7-7-1520247
Russia51-11191417-221-44-95-1958648
Serbia185-57194698-52118920
South Africa107-39132198-98-50-15-380398
Tunisia74-17123144-127-55-10257324
Turkey109367143-387-45-41-1632295
Ukraine73914011,903-413-3-71-121312,468
Latin America72–34157276–463–103–143–9295471
Non-Latin America706106290–196–9–60–2068472
Source: JPMorgan Chase & Co.
Table 14.Emerging Market External Financing: Total Bonds, Equities, and Loans 1(In millions of U.S. dollars)
2008
20042005200620072008Q1Q2Q3Q4
Total325,729.6454,640.3540,183.9716,401.2446,540.0106,919.3182,687.3109,730.347,203.1
Africa12,715.312,435.315,985.530,584.69,369.0440.55,931.82,215.0781.6
Algeria307.9489.32.0411.01,738.01,738.0
Angola2,900.03,122.791.974.6
Botswana28.4
Burkina Faso11.014.5
Cameroon48.030.0
Cape Verde13.0
Central African Republic305.5
CdIvoire45.045.0
Djibouti40.0
Ethiopia40.0100.2100.2
Gabon22.034.41,000.0600.0600.0
Ghana850.0706.5860.01,464.31,000.01,000.0
Kenya135.164.0330.110.0277.0183.025.068.9
Lesotho19.7
Malawi4.8
Mali288.9180.9110.4110.4
Mauritius99.3180.029.09.020.0
Morocco803.51.9158.71,721.0472.6196.9275.7
Mozambique422.438.8834.0825.58.5
Namibia50.0100.097.687.610.0
Nigeria875.0874.0640.04,884.3223.5155.068.5
Senegal10.031.6
Seychelles200.030.0
South Africa5,324.86,265.912,700.719,797.52,799.531.11,549.6750.9468.0
Sudan31.0
Tanzania136.0446.1270.0176.1
Togo125.0125.0
Tunisia583.6579.924.7403.4402.0402.0
Uganda12.6
Zambia505.0255.020.020.0
Zimbabwe4.875.148.948.9
Asia152,357.9189,506.2221,832.9296,076.5184,195.560,284.755,610.245,057.623,242.8
Bangladesh176.816.7106.657.565.465.4
Brunei Darussalam505.0505.0
Cambodia96.3220.0
China25,661.638,804.650,039.474,700.729,053.111,729.78,406.47,163.81,753.1
Fiji150.0
Hong Kong SAR19,291.219,997.725,697.623,277.615,410.12,621.34,964.06,339.31,485.6
India13,301.121,660.029,534.458,005.337,206.415,478.78,231.28,240.25,256.4
Indonesia4,115.35,193.38,432.48,106.213,776.63,963.46,064.41,574.72,174.2
Korea31,016.047,668.638,677.359,505.234,284.311,700.114,312.34,546.53,725.3
Lao P.D.R.210.01,000.0592.0592.0
Macao SAR382.0729.03,692.74,531.4646.5180.0466.5
Malaysia7,977.86,154.67,686.87,068.35,260.2786.0599.73,462.0412.5
Marshall Islands24.0170.01,069.3204.0204.0
Mongolia30.06.085.06.84.02.8
Nepal15.05.010.0
Pakistan970.0739.23,260.02,158.3885.2240.0255.442.4347.4
Papua New Guinea1,024.3
Philippines6,358.46,194.87,041.86,319.03,066.0570.8862.7698.4934.1
Singapore11,949.314,546.219,680.419,640.020,437.95,912.86,511.66,242.11,771.5
Sri Lanka135.0383.0129.8755.0538.7343.725.0170.0
Taiwan Province of China26,558.019,085.022,189.924,404.218,012.16,300.93,102.75,068.43,540.1
Thailand4,141.36,310.84,784.12,494.22,570.4136.71,236.4458.5738.9
Vietnam114.0968.8457.42,655.21,659.5594.0511.7212.0341.8
Europe70,203.9103,724.6127,543.6161,433.3124,175.421,806.362,904.326,527.212,937.7
Albania78.135.742.4
Belarus21.432.0338.6302.8327.043.0149.0135.0
Bulgaria1,099.91,103.71,727.11,360.01,415.0438.3300.5676.1
Croatia2,737.41,263.71,896.72,786.61,413.1656.2756.9
Cyprus1,178.41,189.93,660.63,098.73,236.065.41,470.7439.61,260.2
Czech Republic4,066.24,001.12,181.44,262.78,424.71,289.05,697.71,237.8200.2
Estonia1,181.4692.8470.9299.2328.9178.8117.732.5
Faroe Islands85.3273.9431.2217.4217.4
Gibraltar1,897.12,371.7994.9
Table 14.Emerging Market External Financing: Total Bonds, Equities, and Loans 1
2008
20042005200620072008Q1Q2Q3Q4
Europe (continued)
Hungary9,260.29,341.77,328.75,330.89,103.91,808.56,063.71,053.2178.4
Latvia881.6516.11,457.41,614.71,824.91,115.823.446.5639.2
Lithuania986.01,219.91,292.01,645.3213.315.093.5-104.9
Macedonia, FYR66.0176.5-14.4-----
Malta242.7-256.0-218.7--218.7-
Moldova7.013.1--171.3--63.0108.3
Montenegro--0.821.46.4---6.4
Poland5,259.316,391.78,246.77,252.09,400.51,168.25,943.8284.12,004.5
Romania1,116.72,611.0747.21,129.11,890.0183.91,410.1158.8137.2
Russia22,121.237,003.759,165.484,535.960,879.97,869.732,839.414,713.85,457.0
Serbia2213.41,252.660.2568.6243.37.8220.814.6-
Slovak Republic1,319.0711.51,210.71,354.2-----
Slovenia1,321.91,887.31,837.84,537.73,828.91,532.31,918.842.5335.3
Turkey14,506.918,999.627,641.631,220.116,104.35,070.83,972.15,401.11,660.3
Ukraine2,617.13,334.45,378.18,672.94,849.8984.11,809.31,253.0803.4
Middle East and
Central Asia
Armenia-1.330.019.111.011.0---
Azerbaijan1,217.2400.2183.8315.7116.613.657.031.015.0
Bahrain1,888.62,913.93,825.76,170.1445.0370.055.020.0-
Egypt1,465.03,426.14,379.65,471.86,695.31,852.63,802.4368.0672.3
Georgia-11.1220.8341.6649.6100.0500.03.745.9
Iran, I.R. of2,419.41,928.8142.5------
Iraq-107.82,877.0------
Israel3,977.95,113.03,518.42,662.22,468.9717.91,401.1198.4151.6
Jordan199.4-60.0180.0-----
Kazakhstan6,376.28,199.116,655.718,049.711,137.1222.94,544.04,911.41,458.8
Kuwait1,788.24,445.05,346.61,919.93,146.81,005.71,355.0656.1130.0
Kyrgyz Republic-2.0--7.4-0.86.6-
Lebanon5,382.82,558.06,040.02,420.03,203.2875.01,763.2500.065.0
Libya---38.0-----
Oman1,328.63,320.63,430.23,580.7950.6450.096.0404.6-
Qatar2,042.710,768.510,527.914,700.611,318.1838.23,588.56,511.4380.0
Saudi Arabia2,749.65,791.09,115.57,110.67,232.552.04,505.62,674.9-
Syrian Arab Republic----80.0-80.0--
Tajikistan5.21.2-2.016.7--16.7-
United Arab Emirates3,041.014,519.535,901.233,712.721,008.94,575.47,481.28,952.2-
Uzbekistan28.03.64.9-16.4---16.4
Yemen Arab Republic----2,422.2-2,422.2--
Latin America
Argentina1,790.020,663.03,343.610,049.51,301.41,036.4265.0--
Bolivia-54.0--100.0100.0---
Brazil16,669.827,486.031,219.472,969.130,343.16,741.714,282.87,557.31,761.2
Chile7,956.86,808.66,009.93,743.25,680.4692.02,771.0400.01,817.5
Colombia1,628.43,063.35,036.17,879.41,991.71,750.0202.039.7-
Costa Rica334.291.71.731.1185.0-165.020.0-
Cuba69.81.9-------
Dominican Republic140.5284.4779.8657.9479.6100.0-379.6-
Ecuador-759.019.1104.0-----
El Salvador340.2454.51,326.6------
Guatemala439.3365.0-15.0-----
Haiti--134.0------
Honduras119.04.6--113.6--113.6-
Jamaica905.31,466.61,076.11,275.0450.0-450.0--
Mexico19,930.014,104.216,341.917,678.910,147.92,252.02,653.21,815.43,427.3
Nicaragua22.0--------
Paraguay----98.818.880.0--
Peru1,388.22,583.91,489.95,724.42,330.0610.01,070.0350.0300.0
St. Lucia---------
Trinidad and Tobago415.0100.02,708.0955.4-----
Uruguay-1,061.22,700.01,148.32.62.6---
Venezuela4,394.06,111.3376.19,381.04,650.0-4,650.0--
Sources: National authorities; and IMF staff estimates.Source: Data provided by the Bond, Equity and Loan database of the International Monetary Fund sourced from Dealogic.
Table 15.Emerging Market External Financing: Bond Issuance 1(In millions of U.S. dollars)
2008
20042005200620072008Q1Q2Q3Q4
Total179,506.6163,124.6184,910.3106,012.318,986.159,929.721,411.05,685.4
Africa2,250.13,170.04,898.913,243.31,532.8513.6551.2468.0
Gabon1,000.0
Ghana950.0
Morocco671.3
Nigeria525.0
Seychelles200.030.0
South Africa1,696.52,681.44,698.99,813.61,532.8513.6551.2468.0
Tunisia553.6488.6253.4
Asia44,566.944,502.141,705.347,324.328,285.16,150.014,465.16,230.11,439.9
China4,362.03,858.21,110.02,144.22,055.3300.01,755.3
Fiji150.0
Hong Kong SAR3,316.84,626.93,595.85,122.62,457.2449.0817.61,168.622.1
India3,199.82,118.32,644.27,549.41,407.5157.51,250.0
Indonesia1,363.62,817.32,000.01,750.04,200.02,000.02,200.0
Korea17,717.717,953.718,345.622,250.314,745.23,223.97,586.92,516.51,417.8
Malaysia1,975.01,184.12,076.2918.6439.7439.7
Mongolia75.0
Pakistan500.01,050.0750.0
Philippines4,446.73,900.04,623.21,000.0350.0350.0
Singapore5,727.94,245.74,750.54,498.82,103.9319.61,784.4
Sri Lanka100.0500.0
Taiwan Province of China457.4806.0304.72.42.4
Thailand1,400.02,241.81,055.0765.4523.8523.8
Vietnam750.0
Europe33,016.752,290.550,649.560,476.145,821.87,246.127,048.79,861.31,665.6
Belarus2.519.43.03.0
Bulgaria10.0383.4220.8
Croatia1,654.3384.9746.4
Cyprus1,178.41,135.51,694.92,427.81,662.6352.350.01,260.2
Czech Republic2,546.71,345.2907.42,168.94,564.3144.93,182.41,237.0
Estonia958.5426.638.0
Gibraltar900.8
Hungary5,002.17,351.46,900.94,088.25,281.31,466.13,470.8344.4
Latvia528.4123.1266.1607.6607.6
Lithuania811.2778.61,241.61,484.2104.9104.9
Macedonia, FYR176.5
Poland3,545.211,851.54,693.54,111.03,785.1473.83,311.3
Romania1,197.01,162.51,162.5
Russia7,150.815,365.720,804.630,190.322,063.2923.414,609.36,229.9300.5
Serbia1,018.5165.2
Slovak Republic1,188.71,208.81,354.2
Slovenia67.3156.51,614.81,477.31,477.3
Turkey6,060.18,875.09,209.97,132.24,150.02,150.0500.01,500.0
Ukraine2,315.02,105.93,113.54,035.0960.0460.0500.0
Table 15.Emerging Market External Financing: Bond Issuance 1
2008
20042005200620072008Q1Q2Q3Q4
Middle East and
Central Asia14,783.418,576.935,156.125,327.112,810.61,844.37,157.53,808.8
Azerbaijan5.0100.049.613.626.010.0
Bahrain665.61,296.71,120.01,767.7350.0350.0
Egypt1,250.01,803.5
Georgia200.0500.0500.0
Iraq2,700.0
Israel2,250.01,177.91,500.01,335.3250.01,000.085.3
Jordan145.0
Kazakhstan3,225.02,850.07,055.88,808.63,575.03,575.0
Kuwait500.0500.01,137.0575.0305.7305.7
Lebanon5,382.81,780.05,741.62,300.03,138.2875.01,763.2500.0
Oman250.025.0
Qatar665.02,250.03,040.0
Saudi Arabia1,800.02,913.8
United Arab Emirates1,700.05,672.49,917.99,772.43,556.850.0293.33,213.4
Latin America33,729.760,967.130,714.838,539.517,562.03,745.710,744.8959.72,111.9
Argentina1,290.018,984.41,745.53,400.965.065.0
Brazil9,716.417,769.012,303.99,916.96,734.71,245.75,054.0435.0
Chile2,350.0900.01,100.0250.099.899.8
Colombia1,545.42,435.53,177.63,133.71,039.71,000.039.7
Costa Rica310.0
Dominican Republic196.6550.0430.0
Ecuador650.0
El Salvador286.5375.0625.0
Guatemala380.0200.0
Jamaica809.01,050.0880.0625.0350.0350.0
Mexico11,384.29,165.16,207.26,341.44,472.91,500.0526.0335.02,111.9
Peru1,298.22,155.0445.04,449.0150.0150.0
Trinidad and Tobago100.0100.0980.7900.0
Uruguay1,061.22,700.0342.6
Venezuela4,260.05,925.38,750.04,650.04,650.0
Sources: National authorities; and IMF staff estimates.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 1(In millions of U.S. dollars)
2008
20042005200620072008Q1Q2Q3Q4
Total49,026.485,434.7124,918.9202,345.454,254.413,484.431,403.26,897.12,469.6
Africa2,742.41,189.04,010.68,980.11,389.431.1893.5395.968.9
Algeria2.0
Central African Republic305.5
Ghana9.8
Kenya252.0183.068.9
Morocco800.9133.31,049.7472.6196.9275.7
Namibia87.687.6
Nigeria692.8
South Africa1,910.51,184.23,800.26,922.3528.331.1377.1120.2
Sudan31.0
Zimbabwe4.875.148.948.9
Asia36,755.362,997.179,715.798,512.528,091.011,719.111,149.63,493.01,729.0
Bangladesh16.723.039.9
Cambodia96.3220.0
China13,763.823,188.440,517.147,829.312,755.54,783.95,076.11,619.71,275.8
Hong Kong SAR3,704.64,076.66,054.95,657.32,085.0114.61,794.3138.837.3
India5,023.58,571.011,009.019,080.65,867.14,610.51,052.8176.427.4
Indonesia849.31,334.2675.92,674.52,327.2269.91,678.1379.2
Korea5,314.412,606.77,313.76,114.52,232.41,146.4724.1361.8
Macao SAR1,316.8581.3466.5466.5
Malaysia964.7672.3559.41,790.9660.0650.010.0
Pakistan922.2793.4109.3109.3
Papua New Guinea1,024.3
Philippines47.0740.21,515.72,226.8201.075.8125.2
Singapore2,601.13,996.74,362.54,197.030.73.926.7
Sri Lanka55.53.73.7
Taiwan Province of China3,388.57,171.63,543.44,861.4846.061.482.2702.4
Thailand1,098.4567.21,805.8819.9416.66.7409.9
Vietnam601.490.090
Europe5,559.510,660.218,152.036,664.27,727.3188.76,903.237.2598.3
Bulgaria93.585.7
Croatia220.01,377.6
Cyprus54.4999.919.628.428.4
Czech Republic174.4295.1287.3278.02,516.12,515.20.9
Estonia266.221.5216.1
Faroe Islands67.7225.1
Gibraltar1,897.1437.594.1
Hungary884.748.8191.8
Lithuania51.215.015.0
Poland964.71,249.81,503.0407.31,151.696.6456.70.0598.3
Romania172.5116.9
Russia2,554.96,458.213,165.429,596.82,850.32,848.51.8
Slovak Republic88.81.9
Slovenia231.4248.9248.9
Turkey980.81,164.32,576.6
Ukraine157.125.31,332.9917.077.1805.434.5
Middle East and Central Asia1,783.25,303.87,988.611,854.34,484.2371.03,391.1648.873.3
Bahrain87.2420.5266.4
Egypt141.0686.8483.7592.1483.6483.6
Georgia159.8100.0100.0
Israel1,357.91,894.7921.61,459.2679.191.6401.1113.173.3
Kazakhstan1,548.24,303.65,030.4219.9152.967.0
Kuwait260.71,642.01,141.0501.1
Lebanon778.0248.4
Oman23.6148.434.634.6
Qatar234.8171.4900.0900.0
Saudi Arabia41.8
United Arab Emirates160.51,216.24,293.0425.026.6398.4
Latin America2,186.05,284.615,052.046,334.212,562.61,174.59,065.82,322.3
Argentina987.11,422.7
Brazil1,830.53,782.811,177.138,474.610,435.41,174.56,938.62,322.3
Chile105.5598.1742.9317.7
Colombia54.23,365.7
Mexico250.1903.81,513.82,111.12,127.22,127.2
Peru576.9642.6
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 Syndication1(In millions of U.S. dollars)
2008
20042005200620072008Q1Q2Q3Q4
Total148,356.3189,699.0252,140.3329,145.6286,273.374,448.891,354.381,422.139,048.1
Africa7,722.88,076.37,076.08,361.26,446.8409.44,524.71,268.0244.6
Algeria307.9489.3411.01,738.01,738.0
Angola2,900.03,122.791.974.6
Botswana28.4
Burkina Faso11.014.5
Cameroon48.030.0
Cape Verde13.0
CdIvoire45.045.0
Djibouti40.0
Ethiopia40.0100.2100.2
Gabon22.034.4600.0600.0
Ghana850.0706.5860.0504.51,000.01,000.0
Kenya135.164.0330.110.025.025.0
Lesotho19.7
Malawi4.8
Mali288.9180.9110.4110.4
Mauritius99.3180.029.09.020.0
Morocco2.61.925.4
Mozambique422.438.8834.0825.58.5
Namibia50.0100.010.010.0
Nigeria875.0874.0640.03,666.5223.5155.068.5
Senegal10.031.6
South Africa1,717.82,400.34,201.63,061.6738.5659.079.5
Tanzania136.0446.1270.0176.1
Togo125.0125.0
Tunisia30.091.224.7150.0402.0402.0
Uganda12.6
Zambia505.0255.020.020.0
Asia71,035.782,007.0100,411.9150,239.7127,819.342,415.629,995.535,334.520,073.9
Bangladesh176.883.617.665.465.4
Brunei Darussalam505.0505.0
China7,535.711,757.98,412.324,727.214,242.36,945.93,030.33,788.9477.3
Hong Kong SAR12,269.811,294.216,046.812,497.710,867.92,057.62,352.15,031.91,426.2
India5,077.810,970.715,881.231,375.329,931.810,710.65,928.48,063.85,229.0
Indonesia1,902.41,041.85,756.53,681.77,249.41,693.52,186.21,195.52,174.2
Korea7,983.917,108.213,017.931,140.517,306.77,329.76,001.32,030.01,945.7
Lao P.D.R.210.01,000.0592.0592.0
Macao SAR382.0729.02,375.93,950.1180.0180.0
Malaysia5,038.14,298.25,051.24,358.84,160.5136.0599.73,012.3412.5
Marshall Islands24.0170.01,069.3204.0204.0
Mongolia30.06.010.06.84.02.8
Nepal15.05.010.0
Pakistan470.0739.21,287.8614.9775.9240.0146.142.4347.4
Philippines1,864.71,554.6902.93,092.22,515.0495.0737.5348.4934.1
Singapore3,620.46,303.710,567.410,944.218,303.35,593.24,723.36,242.11,744.8
Sri Lanka35.0327.5129.8255.0535.0340.025.0170.0
Taiwan Province of China22,712.111,107.418,341.919,542.817,163.76,239.63,018.14,366.03,540.1
Thailand1,642.93,501.81,923.3908.81,630.0130.0302.7458.5738.9
Vietnam114.0218.8457.42,053.81,569.5594.0421.7212.0341.8
Europe31,627.740,773.958,742.164,293.170,626.314,371.628,952.316,628.710,673.7
Albania78.135.742.4
Belarus21.432.0336.1283.5324.040.0149.0135.0
Bulgaria1,089.9626.81,420.61,360.01,415.0438.3300.5676.1
Croatia1,083.11,263.71,291.9662.61,413.1656.2756.9
Cyprus965.7651.31,545.065.41,090.0389.6
Czech Republic1,345.12,360.8986.81,815.81,344.31,144.1200.2
Estonia222.9449.445.1328.9178.8117.732.5
Faroe Islands85.3206.2206.1217.4217.4
Gibraltar1,934.2
Hungary3,373.41,941.4427.81,050.93,822.6342.42,593.0708.8178.4
Latvia353.2393.01,191.31,614.71,217.3508.223.446.5639.2
Table 17.Emerging Market External Financing: Loan Syndication1
2008
20042005200620072008Q1Q2Q3Q4
Europe (continued)
Lithuania174.8390.250.4161.293.593.5
Macedonia, FYR66.014.4
Malta242.7256.0218.7218.7
Moldova7.013.1171.363.0108.3
Montenegro0.821.46.46.4
Poland749.43,290.42,050.22,733.74,463.8597.82,175.8284.11,406.1
Romania1,116.71,414.0574.71,012.2727.5183.9247.5158.8137.2
Russia12,415.515,179.725,195.424,748.935,966.46,946.315,381.68,482.15,156.4
Serbia213.4234.160.2403.4243.37.8220.814.6
Slovak Republic130.3622.7
Slovenia1,254.61,730.81,837.82,691.62,102.755.01,669.942.5335.3
Turkey7,466.010,124.617,267.421,511.311,954.32,920.83,472.13,901.11,660.3
Ukraine302.11,071.42,239.33,305.02,972.8907.0543.8718.5803.4
Middle East and
Central Asia17,343.239,630.059,115.259,513.253,631.48,869.021,103.420,797.42,861.6
Armenia1.330.019.111.011.0
Azerbaijan1,217.2400.2178.8215.767.031.021.015.0
Bahrain1,223.01,530.02,285.24,136.095.020.055.020.0
Egypt1,324.01,489.33,895.93,076.16,211.71,852.63,318.8368.0672.3
Georgia11.161.0141.649.63.745.9
Iran, I.R. of2,419.41,928.8142.5
Iraq107.8177.0
Israel370.02,040.41,096.81,203.0454.6376.378.3
Jordan54.460.0180.0
Kazakhstan3,151.23,800.95,296.44,210.77,342.270.0902.04,911.41,458.8
Kuwait1,027.53,945.04,209.61,344.91,199.1700.0214.1155.0130.0
Kyrgyz Republic2.07.40.86.6
Lebanon50.0120.065.065.0
Libya38.0
Oman1,055.03,172.23,405.23,580.7916.0450.096.0370.0
Qatar1,377.78,518.57,253.114,529.210,418.1838.22,688.56,511.4380.0
Saudi Arabia2,749.63,991.06,201.77,068.87,232.552.04,505.62,674.9
Syrian Arab Republic80.080.0
Tajikistan5.21.22.016.716.7
United Arab Emirates1,341.08,686.624,767.119,647.317,027.14,498.96,789.55,738.8
Uzbekistan28.03.64.916.416.4
Yemen Arab Republic2,422.22,422.2
Latin America20,626.919,211.726,795.246,738.427,749.48,383.36,778.47,393.55,194.2
Argentina500.01,678.6611.05,226.01,236.41,036.4200.0
Bolivia54.0100.0100.0
Brazil5,122.95,934.37,738.324,577.613,173.04,321.52,290.24,800.01,761.2
Chile5,501.35,310.64,166.93,175.55,580.7692.02,671.2400.01,817.5
Colombia83.0627.81,804.41,380.0952.0750.0202.0
Costa Rica24.291.71.731.1185.0165.020.0
Cuba69.81.9
Dominican Republic140.587.8229.8227.9479.6100.0379.6
Ecuador109.019.1104.0
El Salvador53.879.5701.6
Guatemala59.3165.015.0
Haiti134.0
Honduras119.04.6113.6113.6
Jamaica96.3416.6196.1650.0100.0100.0
Mexico8,295.74,035.48,620.99,226.43,547.9752.01,480.41,315.5
Nicaragua22.0
Paraguay98.818.880.0
Peru90.0429.0468.0632.92,180.0610.01,070.0200.0300.0
St. Lucia
Trinidad and Tobago315.01,727.355.4
Uruguay805.72.62.6
Venezuela134.0186.0376.1631.0
Source: Data provided by the Bond, Equity and Loan database of the International Monetary Fund sourced from Dealogic.
Table 18.Equity Valuation Measures: Dividend-Yield Ratios
2008
20032004200520062007Q1Q2Q3
Composite2.282.292.282.141.561.782.133.13
Asia1.972.202.421.881.321.512.083.12
Europe/Middle East/Africa2.412.001.762.361.822.062.203.36
Latin America3.263.243.072.561.992.222.183.00
Argentina1.370.981.201.211.201.190.761.32
Bahrain2.271.191.774.163.805.525.376.12
Brazil4.234.243.983.382.002.342.293.51
Chile2.954.622.992.072.402.812.793.64
China2.311.822.561.290.700.911.752.15
Colombia5.895.441.381.961.891.832.102.86
Czech Republic5.044.191.423.712.672.993.694.83
Egypt4.941.451.542.291.761.802.313.96
Hungary0.911.732.051.833.042.951.042.82
India1.741.701.251.070.710.811.071.72
Indonesia3.423.352.742.181.872.072.293.63
Israel1.201.831.582.552.642.722.662.88
Jordan2.401.492.191.061.482.321.261.44
Korea2.082.251.701.491.301.091.612.26
Kuwait2.973.013.604.364.59
Malaysia3.023.504.333.723.384.634.925.83
Mexico2.121.852.181.242.202.192.312.90
Morocco4.652.713.612.221.851.602.642.86
Nigeria4.113.703.142.291.471.211.772.47
Oman5.383.322.154.643.254.934.753.53
Pakistan7.476.982.503.963.253.394.718.42
Peru2.833.103.453.833.653.593.625.24
Philippines2.121.792.632.002.283.794.514.49
Poland1.431.202.483.362.663.102.254.40
Qatar1.692.312.742.122.36
Russia1.781.211.071.830.530.630.701.34
Saudi Arabia2.582.051.252.652.182.822.512.80
South Africa3.963.093.092.773.332.963.384.34
Sri Lanka3.644.672.471.772.283.113.754.43
Taiwan Province of China1.472.673.393.063.033.023.146.43
Thailand1.642.243.054.513.814.004.045.31
Turkey1.152.971.812.191.962.633.713.43
United Arab Emirates2.121.271.371.952.58
Venezuela9.8612.286.275.71
Source: Standard & Poor’s Emerging Market Database.
Table 19.Equity Valuation Measures: Price-to-Book Ratios
2008
20032004200520062007Q1Q2Q3
Composite1.961.862.652.733.673.213.111.89
Asia2.061.782.112.433.693.092.761.68
Europe/Middle East/Africa1.862.213.913.263.913.543.752.67
Latin America1.831.582.302.913.273.123.211.66
Argentina1.992.162.504.093.233.494.232.57
Bahrain2.022.022.732.233.563.483.622.83
Brazil1.791.932.162.683.303.093.291.38
Chile1.870.551.932.432.542.412.462.1
China2.552.031.813.126.264.593.911.45
Colombia0.941.582.411.781.821.551.551.5
Czech Republic0.991.582.352.393.122.802.952.48
Egypt2.084.389.085.858.607.586.634.84
Hungary2.002.783.083.083.242.642.462.26
India3.503.315.154.897.905.794.954.77
Indonesia1.622.752.503.355.575.105.233.92
Israel2.612.583.003.484.373.793.983.44
Jordan2.082.996.243.304.394.285.354.68
Korea1.571.251.951.742.182.001.941.24
Kuwait4.644.526.376.946.705.53
Malaysia1.711.931.672.082.512.171.971.71
Mexico2.022.512.883.843.583.643.252.47
Morocco1.702.062.923.114.345.034.814.29
Nigeria2.523.195.365.2211.9815.9413.9411.88
Oman1.501.802.282.194.014.495.023.74
Pakistan2.252.633.513.174.665.134.082.86
Peru1.801.562.173.475.955.776.594.23
Philippines1.061.351.731.922.762.271.641.78
Poland1.762.042.532.522.842.432.152.01
Qatar8.802.733.793.965.143.98
Russia1.181.182.192.532.822.402.781.33
Saudi Arabia3.566.5014.547.579.958.498.336.84
South Africa2.062.522.983.804.384.384.263.79
Sri Lanka1.631.932.562.411.851.751.581.3
Taiwan Province of China2.181.941.932.362.562.562.311.76
Thailand2.842.032.061.852.462.412.141.63
Turkey2.641.742.131.952.782.001.821.89
United Arab Emirates9.983.074.694.304.583.52
Venezuela1.101.180.722.59
Source: Standard & Poor’s Emerging Market Database.
Table 20.Equity Valuation Measures: Price/Earnings Ratios
2008
20032004200520062007Q1Q2Q3
Composite21.716.518.917.723.420.619.711.69
Asia30.316.817.918.026.922.620.411.79
Europe/Middle East/Africa18.018.625.218.722.620.721.115.24
Latin America13.312.812.215.217.216.516.88.45
Argentina21.127.711.118.013.614.817.910.87
Bahrain21.321.531.714.320.320.521.316.62
Brazil10.010.610.712.716.615.516.56.98
Chile24.817.215.724.222.321.121.618.59
China28.619.113.924.650.537.131.79.68
Colombia13.019.228.821.921.818.618.616.32
Czech Republic10.825.021.120.026.523.825.120.86
Egypt11.721.830.920.230.226.623.116.63
Hungary12.316.613.513.414.011.410.69.76
India20.918.119.420.131.623.219.818.88
Indonesia39.513.312.620.131.729.029.722.26
Israel75.639.720.025.331.527.328.624.76
Jordan20.730.457.120.828.027.333.629.41
Korea30.213.520.812.816.415.114.79.33
Kuwait21.521.129.732.431.325.8
Malaysia30.122.415.021.720.117.415.813.67
Mexico17.615.914.218.617.217.415.510.95
Morocco25.224.622.422.530.435.333.730.09
Nigeria18.523.520.724.158.477.868.057.95
Oman15.214.215.813.123.125.928.921.56
Pakistan9.59.913.110.815.316.813.49.43
Peru13.710.712.015.720.920.323.613.86
Philippines21.114.615.714.417.714.511.112.02
Poland-353.039.911.713.915.613.311.710.97
Qatar48.715.921.722.629.322.73
Russia19.910.824.116.618.415.616.68.16
Saudi Arabia27.250.6104.852.070.159.858.748.17
Soutd Africa11.516.212.816.618.718.718.316.15
Sri Lanka15.018.123.615.412.111.510.48.57
Taiwan Province of China55.721.221.925.627.927.925.119.18
tdailand16.612.810.08.711.711.410.27.77
Turkey14.912.516.217.225.218.116.517.18
United Arab Emirates54.713.419.718.019.214.32
Venezuela14.46.05.113.1
Source: Standard & Poor’s Emerging Market Database.
Table 21.Emerging Markets: Mutual Fund Flows(In millions of U.S. dollars)
2008
20012002200320042005200620072008Q1Q2Q3Q4
Bonds-4446063,1531,9475,7296,2334,295-14,718492174-4,254-17,631
Equities-1,781-1,5128,5002,78421,70622,44140,827-39,490-20,0457,742-20,685-6,502
Global-67-2,0832,119-5,3483,1484,20915,223-9,114-6,638247-5,8503,127
Asia-7688175,1485,6096,95216,79016,405-19,587-12,0652,238-5,551-4,208
Europe/Middle East/Africa-327658572,1857,587-1,877-953-4,9291572,756-4,468-3,374
Latin America-619-3123763384,0203,31910,153-5,860-1,4992,501-4,816-2,046
Source: Emerging Portfolio Fund Research, Inc.
Table 22.Bank Regulatory Capital to Risk-Weighted Assets(In percent)
200320042005200620072008Latest
Latin America
Argentina14.514.015.316.816.916.8November
Bolivia15.314.914.713.312.613.7December
Brazil18.818.617.918.918.716.6October
Chile14.113.613.012.512.212.1December
Colombia13.014.214.713.113.613.4December
Costa Rica116.519.114.416.512.913.2December
Dominican Republic8.814.012.512.413.915.8December
Ecuador214.914.514.414.815.7November
El Salvador12.813.413.513.813.814.6November
Guatemala15.614.513.713.613.813.7December
Mexico314.414.114.516.315.915.3September
Panama17.617.816.315.813.613.7August
Paraguay420.920.520.420.116.816.2December
Peru13.314.012.012.511.711.8November
Uruguay518.121.722.716.917.816.7December
Venezuela25.119.215.514.312.113.4December
Emerging Europe
Albania28.521.618.618.117.117.5September
Belarus26.025.226.724.419.316.5September
Bosnia and Herzegovina20.318.717.817.717.115.8December
Bulgaria22.016.615.314.513.914.9December
Croatia616.516.015.214.416.915.3September
Czech Republic14.512.611.911.511.512.9September
Estonia14.513.411.713.214.818.3September
Hungary11.812.411.611.010.411.1December
Israel10.310.810.710.811.1September
Latvia11.711.710.110.211.111.8December
Lithuania713.312.410.310.710.912.9December
Macedonia, FYR825.823.021.318.317.015.0September
Moldova31.631.427.027.929.132.2December
Montenegro31.327.821.317.115.6September
Poland13.815.414.513.212.111.6September
Romania821.120.621.118.112.711.9September
Russia19.117.016.014.915.514.5September
Serbia31.127.926.024.727.922.0December
Slovak Republic22.418.714.813.012.411.3September
Slovenia11.511.810.611.111.211.2June
Turkey30.928.824.222.119.017.7November
Ukraine15.216.815.014.213.913.6September
Western Europe
Austria1014.512.411.811.812.711.7June
Belgium12.813.011.511.911.212.9September
Denmark13.813.413.213.812.3December
Finland1118.719.117.215.115.413.5June
France11.911.511.410.910.1December
Germany13.413.212.212.512.9December
Greece12.012.813.212.211.210.4March
Iceland12.312.812.815.112.1December
Ireland1213.912.612.010.9December
Italy1311.411.610.610.710.4December
Luxembourg1417.117.516.314.913.915.4September
Malta21.320.422.023.2December
Netherlands12.312.312.611.913.213.5March
Norway12.412.211.911.211.711.4September
Portugal1510.010.411.311.010.2December
Spain12.612.312.011.911.411.3June
Sweden169.910.110.110.010.310.2December
Switzerland12.412.612.413.412.5June
United Kingdom13.012.712.812.912.6December
Asia
Bangladesh8.48.87.38.310.09.5June
China-5.9-4.72.54.98.48.2March
Hong Kong SAR15.315.414.915.213.414.3March
India1712.712.912.812.312.313.0March
Indonesia22.319.419.321.319.316.8November
Korea11.112.113.012.812.310.9September
Table 22.Bank Regulatory Capital to Risk-Weighted Assets
200320042005200620072008Latest
Asia(continued)
Malaysia13.814.413.713.513.212.6December
Philippines 1817.418.417.618.115.715.5June
Singapore17.916.215.815.413.514.3September
Thailand13.412.413.213.814.815.3December
Middle East & Central Asia
Armenia33.832.333.734.930.127.2September
Egypt11.111.413.814.714.814.9March
Georgia20.318.817.520.616.013.9December
Jordan15.917.817.621.420.817.6June
Kazakhstan16.915.314.914.814.214.7November
Kuwait18.417.321.321.818.516.0September
Lebanon22.321.222.925.024.0December
Morocco9.610.511.512.310.610.7June
Oman17.617.618.117.215.9December
Pakistan8.510.511.312.713.211.8September
Saudi Arabia19.417.817.821.920.6December
Tunisia9.311.612.411.311.0December
United Arab Emirates18.616.917.016.714.413.3June
Sub-Saharan Africa
Gabon19.922.319.817.814.319.6September
Ghana9.313.916.215.815.713.9September
Kenya17.316.616.416.518.018.1November
Lesotho22.025.019.014.015.0September
Mozambique17.018.716.012.514.214.3June
Namibia14.815.414.614.215.715.8September
Nigeria17.814.717.822.621.022.0September
Rwanda14.610.59.27.211.312.3September
Senegal11.711.911.113.113.613.4October
Sierra Leone27.338.135.733.335.041.1June
South Africa12.414.012.712.312.812.5June
Swaziland14.014.015.020.023.0June
Uganda16.920.518.318.019.519.8September
Other
Australia10.010.410.410.410.210.9September
Canada13.413.312.912.512.112.7September
Japan 1911.111.612.213.112.912.3September
United States 2013.013.212.913.012.812.5September
Sources: National authorities; and IMF staff estimates.Note: Due to differences in national accounting, taxation, and supervisory regimes, FSI data are not strictly comparable across countries.
Table 23.Bank Capital to Assets(In percent)
200320042005200620072008Latest
Latin America
Argentina11.911.812.913.413.112.6November
Bolivia12.111.511.310.09.69.3December
Brazil9.610.19.89.99.99.5October
Chile7.37.06.96.86.76.3December
Colombia11.612.112.312.012.112.2December
Costa Rica111.39.49.710.310.110.4December
Dominican Republic28.49.49.710.19.59.5December
Ecuador38.88.58.48.78.510.3December
El Salvador9.49.710.110.711.812.7December
Guatemala9.08.98.58.29.210.3December
Mexico410.010.211.513.214.413.7September
Panama512.213.212.812.013.711.9December
Paraguay9.510.511.012.511.611.2December
Peru9.39.87.79.58.88.7November
Uruguay67.28.38.69.810.58.9December
Venezuela14.312.511.68.88.38.8December
Emerging Europe
Albania4.74.85.45.95.86.5September
Belarus19.019.017.916.013.0September
Bosnia and Herzegovina17.015.714.413.813.1September
Bulgaria13.110.27.47.37.78.5December
Croatia8.98.69.010.312.513.9September
Czech Republic75.75.25.46.05.75.7September
Estonia11.39.88.68.48.69.0September
Hungary8.38.58.28.38.28.0December
Israel5.35.55.65.96.2September
Latvia8.48.07.67.67.97.4December
Lithuania89.88.77.27.17.37.6December
Macedonia, FYR
Moldova919.718.315.716.716.317.0December
Montenegro20.415.310.48.08.1September
Poland108.38.07.9