Chapter

STATISTICAL APPENDIX

Author(s):
International Monetary Fund. Monetary and Capital Markets Department
Published Date:
November 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 10, 2006.

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.

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

Source: International Monetary Fund, World Economic Outlook database as of March 27, 2006.

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

2Other countries include all countries with shares of total surplus less than 2.2 percent.

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

4Other countries include all countries with shares of total deficit less than 1.9 percent.

Figure 2.Exchange Rates: Selected Major Industrial Countries

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.

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

22000 = 100; constructed using 1999–2001 trade weights.

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

(Weekly data)

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

Figure 4.Selected Spreads

(In basis points)

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

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

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

3Spreads over 10-year government bond.

Figure 5.Nonfinancial Corporate Credit Spreads

(In basis points)

Source: Merrill Lynch.

Note: Option-adjusted spread.

Figure 6.Equity Markets: Price Indexes

(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.

1VIX 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: AMG Data Services; Investment Company Institute; and Datastream.

1In 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.

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

Figure 12.Europe: Corporate Bond Market1

Sources: Bondware; and Datastream.

1 Nonfinancial corporate bonds.

2Spread 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.

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

Figure 14.United States: Asset-Backed Securities

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

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

2Collateralized bond/debt obligations.

Table 1.Global Financial Flows: Inflows and Outflows1(In billions of U.S. dollars)
Inflows
19981999200020012002200320042005200620072008
United States
Direct investment179.0289.4321.3167.084.463.8146.0112.6243.2275.8319.7
Portfolio investment187.6285.6436.6428.3427.6550.2867.3832.01,126.71,154.7527.7
Other investment54.2167.2280.4187.5283.2244.4519.9302.7695.3699.0–313.4
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 flows420.8742.21,038.2782.9795.2858.31,533.21,247.32,065.22,129.5534.1
Canada
Direct investment22.724.866.127.722.17.2–0.725.959.8111.445.4
Portfolio investment16.62.710.324.211.914.141.810.927.6–32.529.6
Other investment5.4–10.80.87.85.112.3–3.930.034.360.313.8
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 flows44.816.677.259.739.033.637.166.7121.7139.288.7
Japan
Direct investment3.312.38.26.29.16.27.83.2–6.822.224.6
Portfolio investment56.1126.947.460.5–20.081.2196.7183.1198.6196.6–103.0
Other investment–93.3–265.1–10.2–17.626.634.168.345.9–89.148.962.0
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 flows–34.0–125.945.449.115.7121.5272.8232.3102.6267.7–16.4
United Kingdom
Direct investment74.789.3122.253.825.527.657.3177.4154.1197.897.5
Portfolio investment35.2171.3268.159.174.3172.8178.3237.0285.5406.7456.0
Other investment110.587.1365.1346.692.7387.9781.7902.0666.31,439.2–1,554.1
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 flows220.3347.8755.3459.5192.6588.31,017.41,316.51,105.92,043.6–1,000.5
Euro area
Direct investment216.3416.3199.8184.9153.3114.8194.1331.8524.8162.5
Portfolio investment305.2267.9318.1298.6381.4521.5681.81,032.0808.4631.9
Other investment199.2340.2238.660.4198.4356.0801.7928.31,287.6303.6
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 flows720.71,024.4756.5543.8733.0992.31,677.62,292.12,620.91,098.0
Emerging and Developing
Economies 2
Direct investment171.2170.2167.0182.7172.9173.9250.5334.8416.4610.0666.6
Portfolio investment43.833.933.12.9–5.055.3109.0176.1287.6357.8–30.2
Other investment41.2–2.325.1–2.74.776.7104.6126.7212.6698.487.9
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 flows256.2201.8225.2182.8172.5305.9464.1637.5916.71,666.2724.3
Table 1.
Outflows
19981999200020012002200320042005200620072008
United States
Direct investment–142.6–224.9–159.2–142.4–154.5–149.6–316.2–36.2–244.9–398.6–332.0
Portfolio investment–130.2–122.2–127.9–90.6–48.6–123.1–177.4–257.5–498.9–396.0117.4
Other investment–74.2–165.6–273.1–144.7–87.9–54.3–510.1–267.0–544.3–677.4219.4
Reserve assets–6.78.7–0.3–4.9–3.71.52.814.12.4–0.1–4.8
Total capital flows–353.8–504.1–560.5–382.6–294.7–325.4–1,000.9–546.6–1,285.7–1,472.1–0.1
Canada
Direct investment–34.1–17.3–44.5–36.2–26.8–23.6–42.6–27.6–44.5–59.6–79.0
Portfolio investment–15.1–15.6–43.0–24.4–18.6–13.8–18.9–44.2–69.4–42.810.0
Other investment9.410.2–4.2–10.7–7.9–14.2–7.1–17.8–30.6–54.5–31.0
Reserve assets–5.0–5.9–3.7–2.20.23.32.8–1.3–0.8–3.9–1.8
Total capital flows–44.8–28.5–95.4–73.4–53.2–48.4–65.8–91.0–145.3–160.8–101.8
Japan
Direct investment–24.6–22.3–31.5–38.5–32.0–28.8–31.0–45.4–50.2–73.5–130.8
Portfolio investment–95.2–154.4–83.4–106.8–85.9–176.3–173.8–196.4–71.0–123.5–189.6
Other investment37.9266.3–4.146.636.4149.9–48.0–106.6–86.2–260.8139.5
Reserve assets6.2–76.3–49.0–40.5–46.1–187.2–160.9–22.3–32.0–36.5–30.9
Total capital flows–75.813.4–168.0–139.2–127.7–242.3–413.6–370.8–239.4–494.2–211.9
United Kingdom
Direct investment–122.8–202.5–246.3–61.8–50.3–65.6–93.9–80.8–85.6–275.5–139.3
Portfolio investment–53.2–34.3–97.2–124.71.2–58.4–259.4–273.4–257.0–179.6210.2
Other investment–22.9–68.7–374.4–250.8–108.5–420.9–595.9–926.2–708.3–1,484.3933.4
Reserve assets0.31.0–5.34.50.62.6–0.4–1.71.3–2.63.1
Total capital flows–198.6–304.5–723.2–432.9–157.0–542.4–949.7–1,282.1–1,049.6–1,941.91,007.4
Euro area
Direct investment–348.7–413.3–297.9–163.7–164.7–215.2–453.5–542.5–653.4–517.9
Portfolio investment–341.8–385.2–254.8–163.5–318.1–428.8–514.6–660.3–601.1–8.1
Other investment–30.5–166.2–244.3–219.6–282.3–392.6–699.9–932.7–1,230.2–57.4
Reserve assets11.616.216.4–3.032.815.622.9–2.6–5.7–5.7
Total capital flows–709.4–948.6–780.5–549.7–732.2–1,021.0–1,645.1–2,138.1–2,490.4–589.1
Emerging and Developing Economies 2
Direct investment–14.5–17.6–20.3–12.0–21.3–23.8–58.9–83.0–162.0–198.7–241.6
Portfolio investment–30.6–23.3–65.4–58.6–37.2–71.4–106.0–169.0–396.0–336.9–139.5
Other investment–92.0–78.9–121.9–21.2–36.0–84.7–125.7–197.5–274.1–521.8–312.3
Reserve assets6.4–37.7–83.3–89.4–153.3–302.6–425.2–541.6–719.1–1227.3–676.9
Total capital flows–130.7–157.5–290.9–181.2–247.8–482.5–715.7–991.1–1,551.3–2,284.7–1,370.3
Sources: IMF, International Financial Statistics and World Economic Outlook databases as of September 23, 2009.
Table 2.Global Financial 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)
2009
20042005200620072008Q1
Amounts outstanding of international
debt securities by currency of issue
U.S. dollar4,905.75,378.96,390.37,535.28,225.58,569.5
Japanese yen529.8471.4486.6577.3750.2682.8
Pound sterling979.81,061.31,446.21,704.41,701.91,772.8
Canadian dollar112.4146.6177.9266.2240.1238.5
Swedish krona21.023.234.346.748.457.4
Swiss franc227.9208.4253.3300.6331.6322.1
Euro6,211.46,308.88,303.810,535.110,875.110,683.6
Other282.9352.0451.4605.6559.0542.8
Total13,270.913,950.617,543.921,571.122,731.922,869.4
Net issues of international debt
securities by currency of issue
U.S. dollar369.0473.11,011.51,144.9690.3344.1
Japanese yen26.93.819.367.220.9–8.2
Pound sterling132.2197.3221.1226.8564.3103.8
Canadian dollar25.529.432.151.130.93.8
Swedish krona3.46.27.09.411.711.4
Swiss franc12.712.927.923.913.412.3
Euro918.2986.61,200.21,149.9954.3279.3
Other52.086.379.2105.068.8–6.2
Total1,539.81,795.62,598.32,778.12,354.6740.4
Signed international syndicated credit
facilities by nationality of borrower
All countries1,346.81,725.12,064.02,770.01,682.4166.2
Industrial countries1,192.61,490.01,722.32,256.61,303.8130.8
Of which:
United States643.1700.7778.31,069.9521.466.6
Japan31.927.652.075.546.416.5
Germany87.284.3133.0126.442.97.6
France67.9112.5101.1167.577.75.6
Italy21.340.838.936.528.50.4
United Kingdom123.7158.3189.4240.8173.85.3
Canada22.040.261.578.952.33.2
Source: Bank for International Settlements.
Table 3.Selected Indicators on the Size of the Capital Markets, 2008(In billions of U.S. dollars unless noted otherwise)
TotalBonds,Bonds, Equities,
ReservesStock MarketDebt SecuritiesBankEquities, andand Bank Assets 3
GDPMinus Gold 1CapitalizationPublicPrivateTotalAssetsBank Assets 2(In percent of GDP)
World60,917.56,787.833,513.131,665.951,863.783,529.697,381.4214,424.0352.0
European Union17,037.4278.47,262.88,845.320,291.729,137.046,802.483,202.1488.3
Euro area13,538.4167.74,984.77,781.116,012.223,793.332,510.861,288.8452.7
North America15,941.0110.412,771.18,642.923,521.332,164.216,528.761,464.0385.6
Canada1,499.643.81,033.4750.9755.71,506.62,532.25,072.2338.2
United States14,441.466.611,737.67,892.122,765.630,657.713,996.556,391.8390.5
Japan4,910.71,009.43,209.09,116.32,362.111,478.410,027.024,714.4503.3
Memorandum items:
EU countries
Austria414.88.976.3216.4480.1696.5719.51,492.4359.8
Belgium506.29.3167.4501.0612.21,113.21,908.83,189.5630.1
Denmark340.040.5140.0100.4631.4731.81,333.52,205.3648.6
Finland271.97.0157.5119.0123.5242.5410.5810.5298.1
France2,867.033.61,490.61,481.63,052.84,534.310,469.016,494.0575.3
Germany3,673.143.11,110.61,646.73,842.95,489.66,540.913,141.0357.8
Greece357.50.390.9478.6162.2640.9556.31,288.1360.3
Ireland267.60.949.5106.5488.8595.31,360.02,004.8749.3
Italy2,313.937.1522.11,998.72,495.24,493.93,295.38,311.3359.2
Luxembourg55.00.366.60.0107.1107.1776.4950.11,728.3
Netherlands877.011.5206.6402.81,655.12,057.93,044.05,308.5605.3
Portugal244.61.374.8188.9292.7481.6277.2833.5340.7
Spain1,602.012.4948.4634.02,692.43,326.42,954.57,229.2451.3
Sweden479.025.9270.0128.6512.8641.4616.51,527.9319.0
United Kingdom2,680.044.31,868.2835.13,135.23,970.312,341.618,180.1678.4
Emerging market countries 420,605.94,286.88,558.94,712.23,103.27,815.418,020.034,394.2166.9
Of which:
Asia8,902.02,356.35,326.72,735.72,097.24,832.911,708.421,868.0245.7
Latin America4,209.0497.21,456.61,153.8654.31,808.12,189.85,454.4129.6
Middle East2,087.0320.8689.644.876.3121.11,363.62,174.2104.2
Africa1,282.4332.9444.572.782.3155.0693.11,292.6100.8
Europe4,125.5779.6641.6705.1193.2898.32,065.23,605.187.4
Sources: World Federation of Exchanges; Bank for International Settlements; IMF, International Financial Statistics (IFS) and World Economic Outlook databases as of September 23, 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 Contracts 1(In billions of U.S. dollars)
Notional AmountsGross Market Values
End-Dec.End-JuneEnd-Dec.End-JuneEnd-Dec.End-Dec.End-JuneEnd-Dec.End-JuneEnd-Dec.
2006200720072008200820062007200720082008
Total418,131516,407595,341683,726591,9639,79111,14015,81320,35333,889
Foreign exchange40,27148,64556,23862,98349,7531,2661,3451,8072,2623,917
Forwards and forex swaps19,88224,53029,14431,96624,5624694926758021,732
Currency swaps10,79212,31214,34716,30714,7256016198171,0711,588
Options9,59711,80412,74814,71010,466196235315388597
Interest rate 2291,581347,312393,138458,304418,6784,8266,0637,1779,26318,420
Forward rate agreements18,66822,80926,59939,37039,26232434188153
Swaps229,693272,216309,588356,772328,1144,1635,3216,1838,05616,573
Options43,22152,28856,95162,16251,3016317009531,1201,694
Equity-linked7,4888,5908,46910,1776,4948531,1161,1421,1461,113
Forwards and swaps1,7672,4702,2332,6571,632166240239283338
Options5,7206,1196,2367,5204,862686876903863775
Commodity 37,1157,5678,45513,2294,4276676361,8992,209955
Gold6404265956493955647706865
Other6,4757,1417,86112,5804,0326115891,8292,142890
Forwards and swaps2,8133,4475,0857,5612,471
Options3,6633,6942,7765,0191,561
Credit default swaps28,65042,58157,89457,32541,8684707212,0023,1725,652
Single-name instruments17,87924,23932,24633,33425,7302784061,1431,8893,695
Multi-name instruments10,77118,34125,64823,99116,1381923158591,2831,957
Unallocated43,02661,71371,14681,70870,7421,7091,2591,7882,3013,831
Memorandum items:
Gross credit exposure 4n.a.n.a.n.a.n.a.n.a.2,0362,6723,2563,8595,004
Exchange-traded derivatives 569,39095,09179,07882,00857,860
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 Currency 1(In billions of U.S. dollars)
Notional AmountsGross Market Values
End-Dec.End-JuneEnd-Dec.End-JuneEnd-Dec.End-Dec.End-JuneEnd-Dec.End-JuneEnd-Dec.
2006200720072008200820062007200720082008
Total418,131516,407595,341683,726591,9639,79111,14015,81320,35333,889
Foreign exchange40,27148,64556,23862,98349,7531,2661,3451,8072,2623,917
By counterparty
With other reporting dealers15,53219,17321,33424,84519,3804384555947821,427
With other financial institutions16,02319,14424,35726,77521,2145215578069951,753
With nonfinancial customers8,71610,32910,54811,3629,158307333407484737
By remaining maturity
Up to one year 230,27036,95040,31643,63932,375
One to five years 26,7028,0908,55310,7019,664
Over five years 23,2993,6067,3708,6437,715
By major currency
U.S. dollar 333,75540,51346,94752,15242,1701,0691,1121,4711,8383,133
Euro 316,03718,28021,80625,96320,9695094557901,0101,567
Japanese yen 39,49010,60212,85713,61612,128325389371433916
Pound sterling 36,1357,7707,9798,3775,606197174260280692
Other 315,12420,12522,88825,85818,6324315617239631,526
Interest rate 4291,581347,312393,138458,304418,6784,8266,0637,1779,26318,420
By counterparty
With other reporting dealers127,432148,555157,245188,982162,9701,9732,3752,7743,5546,629
With other financial institutions125,708153,370193,107223,023214,1072,2232,9463,7864,96510,731
With nonfinancial customers38,44145,38742,78646,29941,6016307426177451,061
By remaining maturity
Up to one year 2104,098132,402127,601153,181137,278
One to five years 2110,314125,700134,713150,096138,263
Over five years 277,17089,210130,824155,028143,137
By major currency
U.S. dollar97,430114,371129,756149,813146,2491,6611,8513,2193,60110,200
Euro111,791127,648146,082171,877154,7732,3002,8462,6883,9105,200
Japanese yen38,11348,03553,09958,05656,419297364401380815
Pound sterling22,23827,67628,39038,61929,5933116274306841,189
Other22,00929,58135,81139,93931,6442573754396891,016
Equity-linked7,4888,5908,46910,1776,4948531,1161,1421,1461,113
Commodity 57,1157,5678,45513,2294,4276676361,8992,209955
Credit default swaps28,65042,58157,89457,32541,8684707212,0023,1725,652
Unallocated43,02661,71371,14681,70870,7421,7091,2591,7882,3013,831
Source: Bank for International Settlements.
Table 6.Exchange-Traded Derivative Financial Instruments: Notional Principal Amounts Outstanding and Annual Turnover
199719981999200020012002
(In billions of U.S. dollars)
Notional principal amounts outstanding
Interest rate futures7,586.78,031.47,924.97,907.89,269.69,955.6
Interest rate options3,639.94,623.53,755.54,734.212,492.811,759.5
Currency futures42.331.736.774.465.647.0
Currency options118.649.222.421.427.427.4
Stock market index futures210.9291.5340.1368.5333.7350.8
Stock market index options808.9947.71,508.61,141.11,560.71,687.9
Total12,407.313,975.013,588.214,247.523,749.823,828.2
North America6,348.17,395.56,931.08,168.616,188.913,706.5
Europe3,587.34,397.14,008.84,195.06,141.78,801.4
Asia-Pacific2,235.71,882.42,398.71,597.71,308.01,191.2
Other236.2300.1249.7286.2111.2129.1
(In millions of contracts traded)
Annual turnover
Interest rate futures701.6760.0672.7781.21,057.51,152.1
Interest rate options116.8129.7118.0107.7199.6240.3
Currency futures73.654.537.143.549.142.6
Currency options21.112.16.87.010.516.1
Stock market index futures115.9178.0204.9225.2337.1530.6
Stock market index options178.2195.0322.5481.51,148.22,235.5
Total1,207.11,329.31,362.01,646.02,801.94,217.2
North America463.5530.0462.8461.3675.7912.3
Europe482.8525.9604.7718.6957.71,075.1
Asia-Pacific126.9170.9207.7331.3985.12,073.1
Other134.0102.586.8134.9183.4156.7
Table 6.
2009
200320042005200620072008Q1
(In billions of U.S. dollars)
Notional principal amounts outstanding
Interest rate futures13,123.718,164.920,708.724,476.226,769.618,732.317,833.7
Interest rate options20,793.824,604.131,588.238,116.444,281.733,978.833,005.8
Currency futures79.9103.5107.6161.4158.595.286.1
Currency options37.960.766.178.6132.7124.8107.3
Stock market index futures501.5631.2776.51,030.81,110.8656.0592.5
Stock market index options2,160.42,954.74,004.35,527.06,624.74,272.84,132.4
Total36,697.046,519.157,251.469,390.479,077.957,859.955,757.9
North America19,461.227,538.035,852.041,505.442,501.529,814.726,811.0
Europe15,406.916,308.217,972.823,215.530,567.024,622.526,067.6
Asia-Pacific1,612.42,423.63,001.14,044.04,964.02,685.92,242.4
Other216.5249.3425.5625.51,045.5736.8636.9
(In millions of contracts traded)
Annual turnover
Interest rate futures1,576.81,902.62,110.42,621.23,076.62,582.9443.0
Interest rate options302.3361.0430.8566.7663.3617.7131.7
Currency futures58.883.7143.0231.1353.1433.871.1
Currency options14.313.019.424.346.459.89.2
Stock market index futures725.8804.5918.71,233.71,930.22,467.9600.6
Stock market index options3,233.92,980.13,139.83,177.53,815.64,174.1959.0
Total5,911.86,144.96,762.17,854.49,885.210,336.22,214.6
North America1,279.81,633.61,926.82,541.83,146.53,079.6575.8
Europe1,346.51,412.71,592.91,947.42,560.22,939.5620.5
Asia-Pacific3,111.62,847.62,932.42,957.13,592.53,753.6892.3
Other174.0251.0310.0408.1586.0563.5126.1
Source: Bank for International Settlements.
Table 7.United States: Sectoral Balance Sheets(In percent)
200320042005200620072008
Corporate sector
Debt/net worth48.745.841.239.743.249.4
Short-term debt/credit market debt27.828.027.628.030.530.6
Interest burden 111.88.67.87.78.19.0
Household sector
Net worth/assets82.582.582.682.281.478.4
Equity/total assets25.225.524.826.526.918.6
Equity/financial assets40.341.140.642.441.529.8
Net worth/disposable personal income568.0597.1640.0645.2615.4485.9
Home mortgage debt/total assets12.212.512.613.013.715.9
Consumer credit/total assets3.73.53.33.23.33.9
Total debt/financial assets28.128.428.428.428.834.6
Debt-service burden 213.613.614.014.214.213.9
Banking sector 3
Credit quality
Nonperforming loans 4/total loans1.20.90.80.81.33.0
Net loan losses/average total loans0.90.70.60.40.61.3
Loan-loss reserve/total loans1.81.51.31.21.42.3
Net charge-offs/total loans0.90.60.60.40.61.3
Capital ratios
Total risk-based capital12.812.612.312.412.212.7
Tier 1 risk-based capital10.110.09.99.89.49.7
Equity capital/total assets9.210.110.310.210.29.4
Core capital (leverage ratio)7.97.87.97.97.67.4
Profitability measures
Return on average assets (ROA)1.41.31.31.30.90.1
Return on average equity (ROE)15.313.712.913.09.11.4
Net interest margin3.83.63.63.43.43.3
Efficiency ratio 556.558.057.256.359.258.4
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)146.1121.3121.5101.798.297.1106.8
Short-term debt/total debt39.037.836.836.435.334.134.6
Interest burden 227.822.018.415.615.216.228.3
Debt/operating profits1,370.01,079.2965.9839.9820.4798.61,538.6
Memorandum item:
Total debt/GDP 3100.990.996.485.789.883.393.7
Household sector
Net worth/assets84.384.584.684.985.185.1
Equity3.54.95.78.78.75.4
Real estate34.733.031.529.929.930.9
Net worth/net disposable income722.5725.9721.0737.7742.8731.9
Interest burden 45.14.94.84.64.74.8
Memorandum items:
Debt/equity448.2317.6268.4174.5172.2274.4
Debt/real estate45.147.049.050.649.848.3
Debt/net disposable income134.2133.2131.5131.6130.1128.4
Debt/net worth18.618.418.217.817.517.5
Equity/net worth4.15.86.810.210.26.4
Real estate/net worth41.239.037.235.235.236.3
Total debt/GDP 379.477.576.176.375.272.8
Banking sector
Credit quality
Nonperforming loans 5/total loans7.45.84.02.92.52.42.4
Capital ratio
Stockholders’ equity/assets3.33.94.24.95.34.53.6
Profitability measures
Return on equity (ROE)6–19.5–2.74.111.38.56.1–6.9
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 Sheets 1(In percent)
200320042005200620072008
Corporate sector
Debt/equity 270.969.070.474.476.287.1
Short-term debt/total debt33.833.836.437.039.235.7
Interest burden 316.015.616.217.520.020.3
Debt/operating profits320.1320.5342.6374.9395.1424.5
Memorandum items:
Financial assets/equity1.41.41.51.51.61.8
Liquid assets/short-term debt85.995.196.795.497.5103.1
Household sector
Net worth/assets83.881.584.584.384.583.5
Equity/net worth11.813.912.312.111.711.9
Equity/net financial assets34.444.934.834.533.635.0
Interest burden 45.75.45.45.45.45.5
Memorandum items:
Nonfinancial assets/net worth65.668.064.664.965.366.2
Debt/net financial assets52.770.848.348.048.153.8
Debt/income100.4105.4106.4109.6112.0109.1
Banking sector 5
Credit quality
Nonperforming loans/total loans2.32.12.01.92.02.9
Loan-loss reserve/nonperforming loans73.072.873.667.264.560.5
Loan-loss reserve/total loans2.41.81.51.31.31.7
Capital ratios
Equity capital/total assets2.93.73.73.63.52.6
Capital funds/liabilities5.05.75.95.85.84.8
Profitability measures
Return on assets, or ROA (after tax)0.50.50.50.60.4–0.2
Return on equity, or ROE (after tax)11.313.514.515.812.1–8.4
Net interest margin1.51.21.00.90.90.9
Efficiency ratio 673.164.861.159.462.478.7
Sources: Banque de France; Bundesbank; U.K. Office for National Statistics; ©2003 Bureau van Dijk Electronic Publishing-Bankscope; and IMF staff estimates.

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.

1Data utilize the EMBI Global total return index in U.S. dollars to calculate 30-day rolling volatilities.

2Data utilize the Emerging Markets 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.

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

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

Table 10.Equity Market Indices
20092008End of Period12-12-All-All-
Q1Q2Q1Q2Q3Q42005200620072008Month HighMonth LowTime High1Time Low1
World805.2964.11,437.41,402.11,182.4920.21,257.81,483.61,588.8920.21,392.6688.61,682.4423.1
Emerging Markets570.0761.31,104.61,087.1786.9567.0706.5912.71,245.6567.01,068.8454.31,338.5175.3
Latin America2,171.42,974.74,316.14,751.53,186.42,077.72,150.02,995.74,400.42,077.74,626.31,659.25,195.4185.6
Argentina1,107.51,517.33,120.74,187.72,341.91,304.01,857.13,084.12,918.81,304.04,108.1976.14,187.7152.6
Brazil1,833.42,552.33,648.34,292.52,652.11,638.21,569.42,205.43,867.21,638.24,160.91,286.54,727.684.1
Chile1,280.41,693.61,972.21,714.71,534.31,130.91,180.71,492.41,802.81,130.91,818.9996.42,057.9183.0
Colombia400.9601.7590.0607.1551.6447.9495.7549.8619.3447.9671.4341.3734.041.2
Mexico2,885.83,885.46,288.25,947.34,806.23,356.83,943.65,483.35,992.13,356.85,850.92,335.16,775.7308.9
Peru764.4842.71,306.71,320.9860.1719.3441.3671.41,248.7719.31,301.9443.81,488.373.5
Asia238.7317.3439.0396.7301.3235.8286.2371.5513.7235.8402.9187.7571.9104.1
China41.355.164.861.745.840.829.252.184.940.865.027.2137.212.9
India229.8366.2487.9390.3334.0233.6262.3390.6668.9233.6453.1187.1694.271.2
Indonesia290.4444.1633.8597.4436.2287.5264.9449.3677.6287.5610.7204.6894.542.6
Korea190.2237.9375.8346.9262.7193.1302.8336.7437.5193.1351.4138.1491.329.0
Malaysia222.5283.3367.9331.8269.7231.3216.9288.6408.6231.3328.2209.2458.454.2
Pakistan62.664.0205.7149.694.246.1143.6141.2187.146.1148.937.1211.725.3
Philippines174.9215.8296.2221.7226.1167.9169.4263.2363.4167.9258.6145.8697.676.4
Taiwan Province of China163.4204.1309.5276.2198.5150.8239.8278.8294.0150.8272.9130.0529.3108.7
Thailand124.9188.5273.3238.4181.9132.8177.7189.7267.4132.8238.4110.2651.744.0
Europe, Middle East,
& Africa188.9248.5403.4423.8300.5198.2300.3364.4458.2198.2414.9159.3473.880.8
Czech Republic384.0486.0825.7905.6662.4455.5421.5546.5828.9455.5929.2300.9929.254.4
Egypt511.2689.91,383.91,227.8880.8591.7722.1829.21,284.0591.71,252.2426.71,468.861.3
Hungary304.0505.0981.71,004.7800.9427.1765.01,003.01,137.4427.11,118.3234.61,304.877.3
Israel192.2221.3249.9277.6233.9182.4209.3194.4264.0182.4280.9172.5284.467.6
Jordan151.3155.0246.9286.3248.5162.5309.8209.1252.9162.5295.9142.5362.252.6
Morocco414.0482.0697.5668.0520.3453.6222.5361.9521.2453.6688.4369.4703.499.4
Poland450.7608.71,442.91,303.11,079.5657.5903.91,223.41,501.2657.51,448.5363.21,671.998.2
Russia418.4569.61,359.51,492.8815.8397.0813.41,250.31,536.4397.01,443.9328.91,641.530.6
South Africa289.4378.3429.9445.8367.3305.1377.9443.1508.3305.1458.6204.4578.298.3
Turkey239.4366.6461.2442.8439.9275.0486.6441.7751.1275.0579.3194.1789.866.1
Sectors
Energy474.9639.7985.11,141.6718.4437.0548.6760.01,154.2437.01,117.8342.91,255.481.7
Materials338.8409.4645.9654.1422.3314.2325.4442.1657.9314.2642.6247.5750.598.5
Industrials126.4169.8290.9246.0181.1130.6156.1210.7351.1130.6253.596.4403.852.6
Consumer discretionary233.1341.0439.4403.5329.8229.8381.1422.6490.9229.8413.6187.2527.874.1
Consumer staples197.1253.4313.3307.3252.3209.6197.0266.2330.2209.6308.9166.2343.180.4
Health care378.1436.0437.0442.6416.2375.2393.3356.3458.8375.2458.7332.0476.483.3
Financials181.8265.1351.0326.7263.7194.1240.6328.8424.0194.1343.3147.3473.074.6
Information technology128.9158.9220.8204.5154.0111.4209.1231.8231.5111.4203.992.7300.073.1
Telecommunications164.6199.7295.6272.7219.9180.7158.9218.0328.0180.7273.6140.9343.262.9
Utilities211.9276.1330.2333.3265.1214.5197.0282.1379.2214.5344.8170.2389.163.1
Table 10.
Period on Period Percent Change
20092008
Q1Q2Q1Q2Q3Q42005200620072008
World–12.519.7–9.5–2.5–15.7–22.27.618.07.1–42.1
Emerging Markets0.533.6–11.3–1.6–27.6–27.930.329.236.5–54.5
Latin America4.537.0–1.910.1–32.9–34.844.939.346.9–52.8
Argentina–15.137.06.934.2–44.1–44.359.766.1–5.4–55.3
Brazil11.939.2–5.717.7–38.2–38.250.040.575.3–57.6
Chile13.232.39.4–13.1–10.5–26.318.426.420.8–37.3
Colombia–10.550.1–4.72.9–9.1–18.8102.310.912.6–27.7
Mexico–14.034.64.9–5.4–19.2–30.245.239.09.3–44.0
Peru6.310.24.61.1–34.9–16.428.552.186.0–42.4
Asia1.232.9–14.5–9.6–24.0–21.723.529.838.3–54.1
China1.333.3–23.7–4.7–25.7–11.015.978.163.1–51.9
India–1.659.3–27.1–20.0–14.4–30.135.449.071.2–65.1
Indonesia1.052.9–6.5–5.8–27.0–34.112.669.650.8–57.6
Korea–1.525.0–14.1–7.7–24.3–26.554.311.230.0–55.9
Malaysia–3.827.3–10.0–9.8–18.7–14.2–1.533.141.5–43.4
Pakistan36.02.19.9–27.3–37.0–51.156.5–1.732.5–75.4
Philippines4.223.4–18.5–25.22.0–25.719.955.438.0–53.8
Taiwan Province of China8.324.95.3–10.8–28.1–24.03.316.35.4–48.7
Thailand–5.950.92.2–12.8–23.7–27.04.86.840.9–50.3
Europe, Middle East,
& Africa–4.731.6–12.05.1–29.1–34.034.921.325.8–56.7
Czech Republic–15.726.5–0.49.7–26.9–31.243.529.651.7–45.1
Egypt–13.635.07.8–11.3–28.3–32.8154.514.854.8–53.9
Hungary–28.866.1–13.72.3–20.3–46.715.631.113.4–62.4
Israel5.415.1–5.311.1–15.7–22.025.0–7.135.8–30.9
Jordan–6.82.4–2.416.0–13.2–34.671.7–32.520.9–35.8
Morocco–8.716.433.8–4.2–22.1–12.88.762.644.0–13.0
Poland–31.435.0–3.9–9.7–17.2–39.121.035.322.7–56.2
Russia5.436.1–11.59.8–45.3–51.369.553.722.9–74.2
South Africa–5.230.7–15.43.7–17.6–16.924.017.314.7–40.0
Turkey–13.053.2–38.6–4.0–0.7–37.551.6–9.270.0–63.4
Sectors
Energy8.734.7–14.615.9–37.1–39.257.238.551.9–62.1
Materials7.820.8–1.81.3–35.4–25.622.835.948.8–52.2
Industrials–3.234.3–17.1–15.4–26.4–27.922.035.066.6–62.8
Consumer discretionary1.446.3–10.5–8.2–18.3–30.330.410.916.2–53.2
Consumer staples–5.928.6–5.1–1.9–17.9–17.034.035.124.1–36.5
Health care0.815.3–4.81.3–6.0–9.835.2–9.428.8–18.2
Financials–6.345.8–17.2–6.9–19.3–26.428.136.728.9–54.2
Information technology15.823.3–4.6–7.4–24.7–27.729.510.9–0.1–51.9
Telecommunications–8.921.3–9.9–7.8–19.4–17.820.837.250.4–44.9
Utilities–1.230.3–12.91.0–20.5–19.131.543.234.4–43.4
Table 10.
12-12-All-All-
20092008End of Period
MonthMonthTimeTime
Q1Q2Q1Q2Q3Q42005200620072008HighLowHigh1Low1
Developed Markets
Australia460.6586.8873.2903.1656.2476.4628.7799.0998.8476.4889.7367.31,127.4176.2
Austria933.41,216.12,947.33,057.31,790.51,015.92,411.03,248.93,273.21,015.92,991.2708.93,661.2606.1
Belgium665.3823.52,074.41,625.91,107.7696.51,696.42,260.72,141.6696.51,600.5551.32,496.2497.6
Canada986.71,280.21,804.21,993.61,552.41,030.91,302.21,512.91,930.11,030.91,977.0823.82,144.6304.7
Denmark2,755.93,689.85,991.25,915.94,356.33,129.83,551.24,859.46,036.63,129.85,889.52,419.26,380.6708.5
Finland330.6422.9873.6738.9537.4429.2534.3679.3985.1429.2774.6271.81,329.033.2
France1,052.11,246.22,084.31,958.81,585.51,253.21,558.12,051.62,275.11,253.21,938.4902.42,350.4422.2
Germany1,066.41,281.42,219.32,116.11,681.01,330.01,429.81,902.12,520.71,330.02,121.0913.12,538.9467.9
Greece298.3408.4872.1743.8582.3341.2609.2801.71,036.1341.2781.3239.11,053.1157.5
Hong Kong SAR4,653.26,226.38,054.77,639.15,840.44,696.95,741.77,249.89,966.94,696.97,644.63,796.010,589.51,427.6
Ireland107.8114.9431.8352.2201.9120.4393.1565.4441.8120.4348.086.3606.886.3
Italy248.4312.6576.4527.7408.6312.8496.6636.0653.0312.8526.2190.0689.7132.0
Japan1,741.92,141.52,772.72,838.52,318.92,108.23,053.03,208.33,034.42,108.22,838.91,579.54,132.11,385.4
Netherlands1,210.91,486.62,720.42,433.11,898.91,458.61,939.42,486.82,922.61,458.62,440.01,053.33,070.7558.3
New Zealand63.878.6129.1109.889.567.4134.5147.9153.967.4111.452.3178.749.5
Norway1,561.31,901.73,891.64,313.32,551.51,512.62,392.23,386.34,348.91,512.64,290.81,190.44,992.1534.0
Portugal99.8121.7203.2169.2137.8108.5134.8193.3234.0108.5173.588.6246.466.0
Singapore1,930.32,763.03,895.53,795.22,918.02,125.42,395.83,399.84,212.72,125.43,850.61,614.44,664.3893.9
Spain397.3533.7810.5733.0601.6492.7494.4716.0864.0492.7733.2326.9909.2101.2
Sweden3,070.14,039.06,509.95,662.94,372.43,276.04,867.96,839.06,746.03,276.05,917.32,570.38,152.0737.9
Switzerland2,430.42,799.54,126.23,857.73,345.72,899.63,241.14,079.34,237.32,899.63,841.32,078.64,449.8527.2
United Kingdom694.3867.11,406.81,381.51,080.7787.71,205.61,521.51,593.4787.71,349.1600.01,737.3425.9
United States759.2874.71,254.81,222.81,105.6854.41,180.61,336.31,390.9854.41,240.5645.41,493.0273.7
Period on Period Percent Change
Developed Markets
Australia–3.327.4–12.63.4–27.3–27.412.527.125.0–52.3
Austria–8.130.3–10.03.7–41.4–43.323.034.80.7–69.0
Belgium–4.523.8–3.1–21.6–31.9–37.15.633.3–5.3–67.5
Canada–4.329.7–6.510.5–22.1–33.626.716.227.6–46.6
Denmark–11.933.9–0.8–1.3–26.4–28.222.536.824.2–48.2
Finland–23.027.9–11.3–15.4–27.3–20.114.027.145.0–56.4
France–16.018.4–8.4–6.0–19.1–21.07.831.710.9–44.9
Germany–19.820.2–12.0–4.7–20.6–20.97.733.032.5–47.2
Greece–12.636.9–15.8–14.7–21.7–41.412.731.629.2–67.1
Hong Kong SAR–0.933.8–19.2–5.2–23.5–19.64.826.337.5–52.9
Ireland–10.56.5–2.3–18.4–42.7–40.4–4.743.9–21.9–72.7
Italy–20.625.8–11.7–8.5–22.6–23.5–1.328.12.7–52.1
Japan–17.422.9–8.62.4–18.3–9.124.15.1–5.4–30.5
Netherlands–17.022.8–6.9–10.6–22.0–23.210.628.217.5–50.1
New Zealand–5.323.1–16.1–14.9–18.5–24.7–3.510.04.0–56.2
Norway3.221.8–10.510.8–40.8–40.720.041.628.4–65.2
Portugal–8.021.9–13.2–16.7–18.6–21.3–4.543.421.0–53.6
Singapore–9.243.1–7.5–2.6–23.1–27.210.841.923.9–49.5
Spain–19.434.3–6.2–9.6–17.9–18.11.544.820.7–43.0
Sweden–6.331.6–3.5–13.0–22.8–25.18.140.5–1.4–51.4
Switzerland–16.215.2–2.6–6.5–13.3–13.314.925.93.9–31.6
United Kingdom–11.924.9–11.7–1.8–21.8–27.13.726.24.7–50.6
United States–11.115.2–9.8–2.5–9.6–22.73.813.24.1–38.6
Note: 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)
20092008End of Period
Q1Q2Q1Q2Q3Q4200520062007200812-Month High12-Month LowAll-Time High1All-Time Low1
Emerging Markets
Latin America
Argentina3.723.803.173.033.133.453.033.063.153.453.013.800.983.86
Brazil2.321.951.751.601.902.312.342.141.782.311.562.510.003.95
Chile583.20533.65435.24527.89552.11638.50512.00533.38497.95638.50490.74682.75295.18759.75
Colombia2,548.302,143.151,831.301,913.502,192.162,248.582,286.502,240.002,018.002,248.581,734.252,608.85689.212,980.00
Mexico14.1713.1910.6410.3110.9413.6710.6310.8210.9113.679.8615.572.6815.57
Peru3.153.012.752.962.983.133.423.203.003.132.773.261.283.65
Venezuela2.152.152.152.152.152.152.152.152.152.152.152.150.562.15
Asia
China6.836.837.016.856.856.838.077.817.306.836.816.894.738.73
India50.7347.9140.1243.0446.9648.8045.0544.2639.4248.8042.0651.9716.9251.97
Indonesia11,700.0010,208.009,229.009,228.009,506.0011,120.009,830.008,994.009,400.0011,120.009,073.0012,650.001,977.0016,650.00
Korea1,383.101,273.80990.301,046.051,206.851,259.551,010.00930.00936.051,259.551,002.701,570.65683.501,962.50
Malaysia3.653.523.193.273.443.473.783.533.313.473.223.732.444.71
Pakistan80.5181.4362.7068.4078.2579.1059.7960.8861.6379.1068.4083.8021.1883.80
Philippines48.3348.1441.7444.9647.0547.5253.0949.0141.2347.5243.7949.9423.1056.46
Taiwan Province of
China33.9132.8130.3830.3532.2132.7932.8332.5932.4332.7930.3535.1724.4835.19
Thailand35.5034.0631.4433.4433.8634.7441.0335.4529.8034.7433.3236.2823.1555.50
Europe, Middle East,
& Africa
Czech Republic20.6518.4915.9815.1617.3819.2224.5520.8318.2019.2214.4323.4914.4342.17
Egypt5.635.595.455.345.445.495.745.715.535.495.285.683.296.25
Hungary232.52194.10165.14149.41171.82190.10212.97190.29173.42190.10143.50252.4590.20317.56
Israel4.223.933.563.353.463.784.614.223.863.783.234.261.965.01
Jordan0.710.710.710.710.710.710.710.710.710.710.710.710.640.72
Morocco8.408.0410.1310.089.279.4711.9411.7010.439.477.238.847.2112.06
Poland3.503.172.222.132.412.973.252.902.472.972.033.901.724.71
Russia33.9531.1523.4923.4425.6429.4028.7426.3324.6329.4023.1636.370.9836.37
South Africa9.507.718.097.828.299.536.337.016.869.537.2211.572.5012.45
Turkey1.671.541.321.231.271.541.351.421.171.541.151.811.81
Developed Markets
Australia 20.690.810.910.960.790.700.730.790.880.700.980.600.980.48
Canada1.261.161.031.021.061.221.161.171.001.221.001.300.921.61
Denmark5.605.314.724.735.295.336.305.655.115.334.685.984.679.00
Euro area 21.331.401.581.581.411.401.181.321.461.401.591.251.600.83
Hong Kong SAR7.757.757.787.807.777.757.757.787.807.757.757.817.707.83
Japan98.9696.3699.69106.21106.1190.64117.75119.07111.7190.6487.24110.5380.63159.90
New Zealand 20.560.650.790.760.670.580.680.700.770.580.770.490.820.39
Norway6.746.435.105.095.866.956.746.245.446.955.057.224.969.58
Singapore1.521.451.381.361.441.431.661.531.441.431.351.551.351.91
Sweden8.257.705.946.016.927.837.946.856.477.835.949.325.0911.03
Switzerland1.141.090.991.021.121.071.311.221.131.071.011.230.981.82
United Kingdom 21.431.651.981.991.781.461.721.961.981.462.011.382.111.37
Table 11.
Period on Period Percent Change
20092008
Q1Q2Q1Q2Q3Q42005200620072008
Emerging Markets
Latin America
Argentina–7.1–2.0–0.64.7–3.4–9.2–1.9–1.0–2.8–8.8
Brazil–0.419.01.59.2–15.8–17.713.79.420.0–23.1
Chile9.59.314.4–17.6–4.4–13.58.5–4.07.1–22.0
Colombia–11.818.910.2–4.3–12.7–2.53.02.111.0–10.3
Mexico–3.57.52.53.2–5.7–20.04.8–1.7–0.8–20.2
Peru–0.64.99.0–7.1–0.7–4.8–4.17.16.6–4.4
Venezuela0.00.00.00.00.00.00.00.00.00.0
Asia
China–0.10.04.12.30.10.32.63.47.06.9
India–3.85.9–1.8–6.8–8.3–3.8–3.51.812.3–19.2
Indonesia–5.014.61.90.0–2.9–14.5–5.79.3–4.3–15.5
Korea–8.98.6–5.5–5.3–13.3–4.22.58.6–0.6–25.7
Malaysia–4.93.63.5–2.2–5.0–0.90.57.16.7–4.6
Pakistan–1.7–1.1–1.7–8.3–12.6–1.1–0.6–1.8–1.2–22.1
Philippines–1.70.4–1.2–7.1–4.4–1.05.98.318.9–13.2
Taiwan Province of China–3.33.46.70.1–5.8–1.8–3.30.70.5–1.1
Thailand3–2.14.2–5.2–6.0–1.2–2.5–5.115.719.0–14.2
Europe, Middle East,
& Africa
Czech Republic–6.911.713.95.4–12.8–9.5–8.717.914.4–5.3
Egypt–2.40.61.62.1–1.9–1.06.10.53.20.7
Hungary–18.219.85.010.5–13.0–9.6–15.011.99.7–8.8
Israel–10.47.48.36.2–3.1–8.5–6.19.29.32.0
Jordan0.00.10.00.1–0.1–0.10.1–0.10.00.0
Morocco12.74.42.90.58.8–2.1–7.12.012.310.1
Poland–15.110.411.44.3–11.7–18.9–7.211.817.5–16.8
Russia–13.49.04.90.2–8.6–12.8–3.69.26.9–16.2
South Africa0.223.2–15.23.5–5.6–13.0–10.5–9.72.1–28.0
Turkey–7.58.1–11.68.0–3.4–17.6–0.6–4.721.1–24.0
Period on Period Percent Change
Developed Markets
Australia–1.616.64.35.0–17.3–11.3–6.17.611.0–19.7
Canada–3.38.4–2.60.4–4.0–12.73.4–0.316.8–18.1
Denmark–5.25.98.2–0.2–10.6–0.6–12.911.510.5–4.0
Euro area–5.25.98.2–0.2–10.6–0.9–12.611.410.5–4.2
Hong Kong SAR0.00.00.2–0.20.40.20.2–0.3–0.30.6
Japan–8.42.712.1–6.10.117.1–12.8–1.16.623.2
New Zealand–3.415.42.6–3.0–12.1–13.5–4.83.08.8–24.4
Norway3.24.86.70.1–13.2–15.7–9.88.114.7–21.8
Singapore–6.15.24.71.2–5.30.4–1.98.46.50.7
Sweden–5.07.18.9–1.2–13.1–11.7–16.215.95.9–17.4
Switzerland–6.24.914.1–2.7–9.05.0–13.27.77.56.1
United Kingdom–1.914.9–0.10.4–10.6–18.0–10.213.71.3–26.5
Source: Bloomberg L.P.
Table 12.Emerging Market Bond Index: EMBI Global Total Returns Index
20092008End of Period
Q1Q2Q1Q2Q3Q4200520062007200812-

Month

High
12-

Month

Low
All-

Time

High1
All-

Time

Low1
EMBI Global37641741140838736435038440936441729641863
Latin America
Argentina4374979370478312611247953619436
Brazil65069263665162467050558063367069449669468
Chile21122020419920020517718519720522018322098
Colombia30433231331530530825628330930833323933370
Dominican Republic15618118718717512015618419812019110519883
Ecuador28335583486268722063656181122086120188961
El Salvador13815115915815112213415216512215910516595
Mexico36739639038237337933335337737940229740258
Panama64472969169466763956763769163972950972956
Peru62166764163960460151459163360167247467252
Uruguay16519418118617416215117718816219511919538
Venezuela39747354656546833856263456333856830863859
Asia
China31732429929529731426027128931432726732798
Indonesia1351621601501431311331541591311659016590
Malaysia24926424824424424421522424024426421026464
Philippines43545342841141940333739442540346230646281
Vietnam11312111911010899101112117991247712477
Europe, Middle East,
& Africa
Bulgaria68371972972070964664367671364673059674680
Egypt18719117517617517815516117117819116519187
Hungary14916116816817014914815316814917513117697
Iraq9912812413012081102115811366413664
Lebanon27228724025025224921221523624928719728799
Pakistan791101201106757112123111571104916049
Poland37939238537537737332734037337339633239671
Russia54460261961456249453856860749461943862726
Serbia19912112112211282108117121821257612576
South Africa38440437137336035733734937335740428740499
Tunisia16517616416216115914314916015917614917698
Turkey38442438436837938333635639238342427442491
Ukraine195326380362316172334353372172365151386100
Latin America33437037337535033131635437233137926638362
Non-Latin America45150048247145642541344347642550034750072
Table 12.
Period on Period Percent Change
20092008End of period
Q1Q2Q1Q2Q3Q42005200620072008
EMBI Global3.410.80.6–0.8–5.0–6.010.79.96.3–10.9
Latin America
Argentina–9.073.7–12.7–4.7–24.4–33.12.751.3–11.1–57.9
Brazil–2.96.40.52.3–4.27.413.214.89.15.8
Chile2.64.53.7–2.20.32.73.24.16.44.5
Colombia–1.19.21.30.4–3.10.812.410.79.1–0.5
Dominican Republic29.416.0–5.3–0.2–6.3–31.224.118.07.3–39.0
Ecuador28.725.22.93.3–20.3–67.913.2–11.844.6–72.9
El Salvador12.59.9–3.3–0.9–4.2–19.08.814.18.0–25.6
Mexico–3.48.03.4–1.9–2.41.78.16.06.90.7
Panama0.913.2–0.10.6–4.0–4.211.112.38.5–7.6
Peru3.37.51.2–0.2–5.4–0.66.014.87.1–5.1
Uruguay1.717.8–3.62.4–6.1–7.216.317.36.6–14.0
Venezuela17.619.1–3.03.6–17.2–27.816.112.8–11.2–39.9
Asia
China1.12.23.4–1.30.45.73.04.16.78.4
Indonesia3.319.61.0–6.1–4.9–8.39.715.93.0–17.3
Malaysia2.06.43.2–1.80.2–0.13.74.37.41.4
Philippines7.94.00.8–4.12.0–3.720.616.87.9–5.1
Vietnam13.87.21.4–7.3–1.3–8.710.64.5–15.3
Europe, Middle East,
x& Africa
Bulgaria5.75.22.2–1.2–1.6–8.92.15.15.6–9.5
Egypt5.31.82.60.4–0.71.83.83.85.94.2
Hungary–0.38.60.1–0.21.4–12.42.83.79.4–11.2
Iraq22.329.77.44.8–7.1–33.012.4–29.9
Lebanon9.35.51.54.31.0–1.48.71.69.95.3
Pakistan39.539.47.9–7.6–39.4–15.44.510.3–10.0–48.8
Poland1.63.33.0–2.50.5–1.05.03.89.9–0.1
Russia10.110.62.1–0.9–8.6–12.013.35.56.9–18.5
Serbia121.622.4–0.21.4–8.8–27.08.33.7–32.6
South Africa7.55.4–0.50.4–3.5–0.84.33.76.8–4.3
Tunisia3.76.72.1–1.2–0.7–1.13.73.87.8–0.9
Turkey0.210.3–2.1–4.23.01.09.56.110.2–2.3
Ukraine13.467.22.4–5.0–12.6–45.67.75.95.2–53.8
Latin America0.810.80.10.7–6.9–5.310.911.95.2–11.1
Non-Latin America6.010.81.2–2.3–3.2–6.710.67.27.5–10.7
Source: JPMorgan Chase & Co.
Table 13.Emerging Market Bond Index: EMBI Global Yield Spreads(In basis points)
20092008End of Period
Q1Q2Q1Q2Q3Q4200520062007200812-

Month

High
12-

Month

Low
All-

Time

High1
All-

Time

Low1
EMBI Global6574333243084427242371712557248912911631151
Latin America
Argentina1,8941,0625816149531,7045042164101,7041,9655867,222185
Brazil4242822832273334293081902204296882162,451138
Chile286161176177223343808415134341116141152
Colombia4863012582213184982441611954987411981,07695
Dominican Republic1,1188584894636711,6053781962811,6051,7854631,785122
Ecuador3,5681,3226625961,0014,7316619206144,7315,0695985,069436
El Salvador67049229628538485423915919985492828692899
Mexico4412801931942754341431151724346271811,14989
Panama481277244218305539239146184539648199769114
Peru4252722231993105092571181785096531771,06195
Uruguay6363833432944126852981852436859072981,982133
Venezuela1,5701,2086615969591,8643131835231,8641,8875942,658161
Asia
China21012215413719122868511202283335036439
Indonesia7424333293814907622691532757621,1433301,143136
Malaysia34416714415319437082661193704871511,14165
Philippines432324273303324546302155207546797241993132
Vietnam574379283368404747190952037471,1013091,10189
Europe, Middle East,
& Africa
Bulgaria59143122120430267490661536747251861,67942
Egypt19015025820133338558521783854588864620
Hungary540373163134174504745884504613131613–29
Iraq1,0536755454745941,2825265691,2821,3984381,398376
Lebanon5994595944695147942463954937941,2044381,204111
Pakistan1,7001,0375626871,6002,1121981545352,1122,2227522,225122
Poland31921911211516931462476731440111141017
Russia630418208197388805118991578059151817,06387
Serbia19295093893325261,2242381863041,2241,3513171,351134
South Africa426292271232364562878416456280521180550
Tunisia445245214197320464818314046465618465648
Turkey5283393483843915342232072395348872931,196168
Ukraine2,7771,2263764678682,7711841723032,7713,6604563,660125
Latin America6954643473134707462721802757469143091,532157
Non-Latin America6123972973034096991791592276998802671,812142
Table 13.
Period on Period Spread Change
20092008End of Period
Q1Q2Q1Q2Q3Q42005200620072008
EMBI Global–68–22470–16134282–110–6684470
Latin America
Argentina190–83217133339751–4,023–2881941,294
Brazil–5–14263–5610696–68–11830209
Chile–57–1252514612016467192
Colombia–12–18563–3797180–88–8334303
Dominican Republic–487–260208–26208934–446–182851,324
Ecuador–1,163–2,24648–664053,730–29259–3064,117
El Salvador–184–17897–1199470–6–8040655
Mexico7–16121181159–31–2857262
Panama–58–20460–2687234–35–9338355
Peru–84–15345–2411119918–13960331
Uruguay–49–253100–49118273–90–11358442
Venezuela–294–362138–65363905–90–1303401,341
Asia
China–18–8834–17543711–1769108
Indonesia–20–309545210927225–116122487
Malaysia–26–177259411764–1653251
Philippines–114–108663021222–155–14752339
Vietnam–173–195808536343–95108544
Europe, Middle East,
& Africa
Bulgaria–83–16068–179837213–2487521
Egypt–195–4080–5713252–43–6126207
Hungary36–16779–294033042–1626420
Iraq–229–378–24–7112068843713
Lebanon–195–140101–12545280–8814998301
Pakistan–412–66327125913512–35–443811,577
Poland5–10045354145–7–1520247
Russia–175–21251–11191417–95–1958648
Serbia1–295–42085–57194698–52118920
South Africa–136–134107–39132198–15–380398
Tunisia–19–20074–17123144–10257324
Turkey–6–189109367143–41–1632295
Ukraine6–1,55173914011,903–71–121312,468
Latin America–51–23172–34157276–143–9295471
Non-Latin America–87–215706106290–60–2068472
Source: JPMorgan Chase & Co.
Table 14.Emerging Market External Financing: Total Bonds, Equities, and Loans(In millions of U.S. dollars)
20082009
20042005200620072008Q3Q4Q1Q2
Total327,145.4457,092.5541,891.7724,627.3453,994.5112,594.849,534.2107,535.6124,630.7
Africa12,715.312,445.515,983.430,584.69,456.52,215.0781.62,612.93,220.3
Algeria307.9489.32.0411.01,738.0
Angola2,900.03,122.791.974.6136.3123.1
Botswana28.4
Burkina Faso11.014.5
Cameroon48.030.0
Cape Verde13.0
Central African Republic305.5
Côte d’Ivoire45.0150.7
Djibouti40.0
Ethiopia40.0100.246.8
Gabon22.034.41,000.0600.0
Ghana850.0706.5860.01,464.31,000.01,000.055.0
Kenya135.164.0330.110.0277.025.068.962.8
Lesotho19.7
Malawi4.8
Mali288.9180.9110.4
Mauritius99.3180.029.020.0
Morocco803.51.9158.71,721.0472.6275.7
Mozambique422.438.8834.08.555.0
Namibia50.0100.097.610.0
Nigeria875.0874.0640.04,884.3223.568.574.778.1
Senegal10.031.6
Seychelles200.030.0
South Africa5,324.86,265.912,700.719,797.52,935.9750.9468.02,169.82,774.5
Sudan31.0
Tanzania136.0446.1176.1
Togo125.0125.0
Tunisia583.6579.924.7403.4402.01.4
Uganda12.6
Zambia505.0255.020.025.0
Zimbabwe15.073.080.0
Asia152,357.7189,506.2221,354.8299,440.3184,925.945,714.023,622.437,110.963,986.0
Bangladesh176.816.7106.557.565.415.0
Brunei Darussalam505.0505.0
Cambodia96.3220.0
China25,661.638,804.650,039.575,006.129,041.47,162.51,824.812,537.111,559.8
Fiji150.0
Hong Kong SAR19,291.219,997.725,450.322,967.715,213.16,361.61,485.61,144.64,671.0
India13,301.121,660.029,534.459,932.537,570.08,240.25,470.24,961.420,103.0
Indonesia4,115.35,193.38,432.48,106.213,748.81,574.72,268.23,012.22,025.0
Korea31,016.047,668.638,677.359,814.534,258.34,546.53,725.37,475.113,367.3
Lao P.D.R.210.01,000.0592.0592.0213.7
Macao SAR382.0729.03,692.74,531.3646.5466.5997.4
Malaysia7,977.86,154.67,686.97,068.25,260.23,462.0412.51,135.01,200.3
Marshall Islands24.0170.01,069.3204.0
Mongolia30.06.085.06.82.8
Nepal15.010.0
Pakistan970.0739.23,260.02,158.3885.242.4347.4298.9132.7
Papua New Guinea1,024.378.5
Philippines6,358.36,194.87,041.86,319.03,066.1698.4934.11,570.81,280.0
Singapore11,949.314,546.219,449.620,552.820,573.46,377.61,771.52,447.13,230.2
Sri Lanka135.0383.0129.8755.0538.725.0170.0
Taiwan Province of China26,558.019,084.922,189.924,623.218,012.25,068.43,540.11,492.84,703.9
Thailand4,141.36,310.94,784.12,494.23,070.4958.4738.9203.1443.7
Vietnam114.0968.8457.42,655.21,653.5212.0341.8604.2193.0
Europe70,204.0103,724.6127,628.8161,455.9126,286.726,664.513,468.238,098.027,499.8
Albania78.142.4
Belarus21.432.0338.6302.8327.0135.010.0
Bulgaria1,099.91,103.71,727.11,360.01,415.0676.145.746.6
Croatia2,737.41,263.71,896.72,786.51,472.3816.11,361.1
Cyprus1,178.41,189.93,660.63,098.73,236.0439.61,260.2125.03,385.8
Czech Republic4,066.24,001.12,181.44,262.78,424.71,237.8200.2927.73,119.1
Estonia1,181.4692.8470.9299.2328.932.553.0
Faroe Islands85.3273.8431.2217.8
Gibraltar1,897.12,371.7994.8
Hungary9,260.39,341.77,328.75,330.89,103.91,053.2178.4241.870.0
Latvia881.6516.11,457.41,614.71,892.046.5706.3132.0
Lithuania986.01,220.01,292.01,645.3263.321.3133.5187.9727.3
Macedonia, FYR66.0176.514.465.0387.9
Malta242.7256.0218.7218.7
Moldova7.013.1171.363.0108.3
Montenegro0.821.46.46.4
Poland5,259.416,391.78,332.17,274.79,331.5284.12,178.51,295.62,385.9
Romania1,116.72,611.0747.21,129.11,890.0158.8137.2132.9
Russia22,121.237,003.659,165.384,535.961,275.314,730.75,626.029,851.08,864.4
Serbia1213.41,252.660.2568.6243.314.6
Slovak Republic1,319.0711.51,210.71,354.22,648.5
Slovenia1,321.91,887.31,837.84,537.84,222.942.5335.33,631.4700.4
Turkey14,506.918,999.627,641.631,220.117,278.65,401.11,752.21,371.53,587.8
Ukraine2,617.13,334.45,378.18,672.94,889.81,293.0803.4222.520.0
Middle East and
Central Asia33,909.863,510.7102,020.497,529.771,919.826,055.03,128.59,557.413,306.3
Armenia1.330.019.111.02.4
Azerbaijan1,217.2400.2183.8315.7116.631.015.0260.010.0
Bahrain1,888.62,913.83,825.76,170.11,245.0820.01,800.1
Egypt1,465.03,426.14,379.65,471.76,128.5368.0105.5566.8
Georgia11.1220.8341.6649.63.745.935.5
Iran, I.R. of2,419.41,928.8142.5
Iraq107.82,877.0
Israel3,977.95,113.03,518.43,497.32,468.9198.4151.62,000.0511.9
Jordan199.460.0180.0
Kazakhstan6,376.28,199.116,655.818,049.711,137.14,911.41,458.870.023.1
Kuwait1,788.24,445.05,346.61,919.93,146.8656.1130.0115.0
Kyrgyz Republic2.07.46.6
Lebanon5,382.82,558.06,040.02,420.03,203.2500.065.02,365.6
Libya38.0
Oman1,328.63,320.73,430.23,580.7950.6404.651.9
Qatar2,042.710,768.510,527.914,700.511,318.16,511.4380.0833.83,952.2
Saudi Arabia2,749.65,791.09,115.57,110.67,232.52,674.9
Syrian Arab Republic80.0
Tajikistan5.21.22.016.716.73.2
United Arab Emirates3,041.014,519.535,661.633,712.621,769.28,952.2760.43,405.36,804.2
Uzbekistan28.03.64.916.416.45.0
Republic of Yemen2,422.247.6
Latin America57,958.587,905.574,904.3135,616.961,405.711,946.28,533.520,156.516,618.2
Argentina1,790.020,663.03,343.610,472.21,301.445.0
Bolivia54.0100.0
Brazil16,669.827,486.031,219.473,737.431,043.18,107.31,761.27,059.311,698.9
Chile7,956.86,808.66,009.93,743.25,680.4400.01,817.5600.0872.0
Colombia1,628.43,063.35,036.17,879.41,991.739.71,000.01,083.9
Costa Rica334.291.71.731.185.020.0
Cuba69.81.9
Dominican Republic140.5284.4779.8657.9479.6379.6
Ecuador759.019.1104.0
El Salvador340.2454.51,326.6
Guatemala439.3365.015.0
Haiti134.0
Honduras119.04.6113.6113.6
Jamaica905.31,466.61,076.11,275.0450.0335.0160.0
Mexico19,930.014,104.216,341.917,678.910,147.91,815.43,427.39,022.72,545.3
Nicaragua22.0
Panama1,416.02,442.12,342.22,814.02,931.7720.71,227.4589.4213.1
Paraguay98.8
Peru1,388.22,583.91,489.95,724.42,330.0350.0300.01,550.0
St. Lucia
Trinidad and Tobago415.0100.02,708.0955.4
Uruguay1,061.22,700.01,148.32.6
Venezuela4,394.06,111.3376.19,381.04,650.0
Source: Dealogic, using the Bond, Equity and Loan database of the International Monetary Fund.Note: Deal inclusion conforms to the vendor’s criteria for external publicly-syndicated issuance, generally excluding bilateral deals.
Table 15.Emerging Market External Financing: Bond Issuance(In millions of U.S. dollars)
20082009
20042005200620072008Q3Q4Q1Q2
Total129,552.9180,901.6165,100.9185,680.3106,246.721,432.05,685.031,403.947,877.0
Africa2,250.13,170.04,898.913,243.31,532.8551.2468.0100.01,818.9
Gabon1,000.0
Ghana950.0
Morocco671.3
Nigeria525.0
Seychelles200.030.0
South Africa1,696.52,681.44,698.99,813.61,532.8551.2468.0100.01,818.9
Tunisia553.6488.6253.4
Asia44,566.944,502.141,705.347,324.328,279.66,250.61,439.910,923.214,004.6
China4,362.03,858.21,110.02,144.22,055.31,755.3146.5
Fiji150.0
Hong Kong SAR3,316.84,626.93,595.85,122.62,457.21,168.622.1224.5821.8
India3,199.82,118.32,644.27,549.41,407.5
Indonesia1,363.62,817.32,000.01,750.04,200.03,000.0750.0
Korea17,717.717,953.718,345.622,250.314,719.22,516.51,417.86,098.711,092.8
Malaysia1,975.01,184.12,076.2918.6439.7439.7
Mongolia75.0
Pakistan500.01,050.0750.0
Philippines4,446.73,900.04,623.21,000.0350.0350.01,500.01,000.0
Singapore5,727.94,245.74,750.54,498.82,124.420.5193.5
Sri Lanka100.0500.0
Taiwan Province of China457.4806.0304.72.4
Thailand1,400.02,241.81,055.0765.4523.8
Vietnam750.0100.0
Europe33,016.752,290.550,649.560,476.145,821.69,861.31,665.67,782.118,261.2
Belarus2.519.43.0
Bulgaria10.0383.4220.8
Croatia1,654.3384.9746.41,050.2
Cyprus1,178.41,135.51,694.92,427.81,662.650.01,260.23,385.8
Czech Republic2,546.71,345.2907.42,168.94,564.31,237.0190.83,103.4
Estonia958.5426.638.0
Gibraltar900.8
Hungary5,002.17,351.46,900.94,088.25,281.3344.470.0
Latvia528.4123.1266.1607.6
Lithuania811.2778.61,241.61,484.2104.9104.9187.9700.1
Macedonia, FYR176.5243.9
Poland3,545.211,851.54,693.54,111.03,785.11,291.71,271.0
Romania1,197.01,162.5
Russia7,150.815,365.720,804.630,190.322,063.16,229.9300.51,850.34,288.3
Serbia11,018.5165.2
Slovak Republic1,188.71,208.81,354.22,648.5
Slovenia67.3156.51,614.81,477.33,261.4
Turkey6,060.18,875.09,209.97,132.24,150.01,500.01,000.01,500.0
Ukraine2,315.02,105.93,113.54,035.0960.0500.0
Middle East and
Central Asia14,783.418,576.935,156.125,327.112,810.63,808.84,365.68,844.4
Azerbaijan5.0100.049.610.0
Bahrain665.61,296.71,120.01,767.7350.0750.0
Egypt1,250.01,803.5
Georgia200.0500.0
Iraq2,700.0
Israel2,250.01,177.91,500.01,335.385.32,000.0240.7
Jordan145.0
Kazakhstan3,225.02,850.07,055.88,808.63,575.0
Kuwait500.0500.01,137.0575.0305.7
Lebanon5,382.81,780.05,741.62,300.03,138.2500.02,365.6
Oman250.025.0
Qatar665.02,250.03,040.03,000.0
Saudi Arabia1,800.02,913.8
United Arab Emirates1,700.05,672.49,917.99,772.43,556.83,213.44,853.7
Latin America34,905.762,362.132,691.139,309.517,802.0959.72,111.98,233.04,947.9
Argentina1,290.018,984.41,745.53,400.965.045.0
Brazil9,716.417,769.012,303.99,916.96,734.7435.01,025.02,910.0
Chile2,350.0900.01,100.0250.099.8600.0300.0
Colombia1,545.42,435.53,177.63,133.71,039.739.71,000.01,000.0
Costa Rica310.0
Dominican Republic196.6550.0430.0
Ecuador650.0
El Salvador286.5375.0625.0
Guatemala380.0200.0
Jamaica809.01,050.0880.0625.0350.0335.0160.0
Mexico11,384.29,165.16,207.26,341.44,472.9335.02,111.93,700.0532.9
Panama1,176.01,395.01,976.3770.0240.0323.0
Peru1,298.22,155.0445.04,449.0150.0150.01,250.0
Trinidad and Tobago100.0100.0980.7900.0
Uruguay1,061.22,700.0342.6
Venezuela4,260.05,925.38,750.04,650.0
Source: Dealogic, using the Bond, Equity and Loan database of the International Monetary Fund.Note: Deal inclusion conforms to the vendor’s criteria for external publicly-syndicated issuance, generally excluding bilateral deals.
Table 16.Emerging Market External Financing: Equity Issuance(In millions of U.S. dollars)
20082009
20042005200620072008Q3Q4Q1Q2
Total49,026.285,807.2124,448.7207,757.554,206.86,918.12,469.98,930.624,578.1
Africa2,742.41,199.24,008.68,980.01,476.9395.968.9122.4193.7
Algeria2.0
Central African Republic305.5
Ghana9.8
Kenya252.068.9
Morocco800.9133.31,049.7472.6275.7
Namibia87.6
Nigeria692.8
Soutd Africa1,910.51,184.23,800.26,922.3664.7120.2122.4193.7
Sudan31.0
Zimbabwe15.073.0
Asia36,755.162,997.179,237.6101,876.328,042.53,514.01,729.37,831.517,767.5
Bangladesh16.723.039.9
Cambodia96.3220.0
China13,763.823,188.440,517.148,134.612,754.11,618.31,275.86,318.99,333.6
Hong Kong SAR3,704.64,076.65,807.65,347.41,888.0161.137.357.11,898.9
India5,023.58,571.011,009.021,007.86,017.1176.427.74.93,846.2
Indonesia849.31,334.2675.92,674.52,327.2379.212.2861.0
Korea5,314.412,606.77,313.76,423.72,232.4361.81,038.3857.4
Macao SAR1,316.8581.3466.5466.590.0
Malaysia964.7672.3559.41,790.9660.010.0129.7425.2
Pakistan922.2793.4109.3
Papua New Guinea1,024.3
Philippines47.0740.21,515.72,226.8201.0
Singapore2,601.13,996.74,131.75,109.830.726.7201.070.3
Sri Lanka55.53.7
Taiwan Province of China3,388.57,171.63,543.45,080.4846.0702.449.7374.0
Tdailand1,098.4567.21,805.8819.9416.619.711.0
Vietnam601.490.0
Europe5,559.610,660.218,237.336,686.87,484.337.2598.3386.0
Bulgaria93.585.7
Croatia220.01,377.6
Cyprus54.4999.919.628.4
Czech Republic174.4295.1287.3278.02,516.10.9
Estonia266.221.5216.1
Faroe Islands67.7225.1
Gibraltar1,897.1437.594.1
Hungary884.748.8191.8
Litduania51.215.0
Poland964.71,249.81,588.5430.0908.5598.3221.6
Romania172.5116.9
Russia2,554.96,458.213,165.429,596.82,850.31.8164.4
Slovak Republic88.81.9
Slovenia231.4248.9
Turkey980.81,164.32,576.6
Ukraine157.125.31,332.9917.034.5
Middle East and Central Asia1,783.25,303.87,749.112,689.34,484.2648.873.31,240.9
Armenia2.4
Bahrain87.2420.5266.4
Egypt141.0686.8483.7592.1483.6
Georgia159.8100.0
Israel1,357.91,894.7921.62,294.3679.1113.173.3271.1
Kazakhstan1,548.24,303.65,030.4219.915.1
Kuwait260.71,642.0501.1
Lebanon778.0248.4
Oman23.6148.434.634.6
Qatar234.8171.4900.0952.2
Saudi Arabia41.8
United Arab Emirates160.5976.64,293.0425.0
Latin America2,186.05,646.815,216.147,525.112,719.02,322.3976.84,990.0
Argentina987.11,845.3
Brazil1,830.53,782.811,177.139,242.810,435.42,322.3976.84,906.1
Chile105.5598.1742.9317.7
Colombia54.23,365.783.9
Mexico250.1903.81,513.82,111.12,127.2
Panama362.3164.1156.4
Peru576.9642.6
Source: Dealogic, using the Bond, Equity and Loan database of the International Monetary Fund.Note: Deal inclusion conforms to the vendor’s criteria for external publicly-syndicated issuance, generally excluding bilateral deals.
Table 17.Emerging Market External Financing: Loan Syndication(In millions of U.S. dollars)
20082009
20042005200620072008Q3Q4Q1Q2
Total148,596.3190,383.8252,342.1331,189.5293,541.084,245.141,378.967,201.052,175.6
Africa7,722.88,076.37,076.08,361.26,446.81,268.0244.62,390.51,207.8
Algeria307.9489.3411.01,738.0
Angola2,900.03,122.791.974.6136.3123.1
Botswana28.4
Burkina Faso11.014.5
Cameroon48.030.0
Cape Verde13.0
Côte d’Ivoire45.0150.7
Djibouti40.0
Ethiopia40.0100.246.8
Gabon22.034.4600.0
Ghana850.0706.5860.0504.51,000.01,000.055.0
Kenya135.164.0330.110.025.025.062.8
Lesotho19.7
Malawi4.8
Mali288.9180.9110.4
Mauritius99.3180.029.020.0
Morocco2.61.925.4
Mozambique422.438.8834.08.555.0
Namibia50.0100.010.010.0
Nigeria875.0874.0640.03,666.5223.568.574.778.1
Senegal10.031.6
South Africa1,717.82,400.34,201.63,061.6738.579.51,947.5761.9
Tanzania136.0446.1176.1
Togo125.0125.0
Tunisia30.091.224.7150.0402.01.4
Uganda12.6
Zambia505.0255.020.025.0
Zimbabwe80.0
Asia71,035.782,007.0100,411.9150,239.7128,603.835,949.420,453.218,356.332,213.8
Bangladesh176.883.617.665.415.0
Brunei Darussalam505.0505.0
China7,535.711,757.98,412.324,727.214,232.03,788.9549.06,218.22,079.7
Hong Kong SAR12,269.811,294.216,046.812,497.710,867.95,031.91,426.2863.01,950.3
India5,077.810,970.715,881.231,375.330,145.48,063.85,442.64,956.516,256.8
Indonesia1,902.41,041.85,756.53,681.77,221.61,195.52,268.2414.0
Korea7,983.917,108.213,017.931,140.517,306.72,030.01,945.7338.11,417.1
Lao P.D.R.210.01,000.0592.0592.0213.7
Macao SAR382.0729.02,375.93,950.1180.0907.4
Malaysia5,038.14,298.25,051.24,358.84,160.53,012.3412.51,005.3775.2
Marshall Islands24.0170.01,069.3204.0
Mongolia30.06.010.06.82.8
Nepal15.010.0
Pakistan470.0739.21,287.8614.9775.942.4347.4298.9132.7
Papua New Guinea78.5
Philippines1,864.71,554.6902.93,092.22,515.0348.4934.170.8280.0
Singapore3,620.46,303.710,567.410,944.218,418.36,357.11,744.72,246.12,966.4
Sri Lanka35.0327.5129.8255.0535.025.0170.0
Taiwan Province of China22,712.111,107.418,341.919,542.817,163.74,366.03,540.11,443.14,329.9
Thailand1,642.93,501.81,923.3908.82,130.0958.4738.9183.4432.8
Vietnam114.0218.8457.42,053.81,563.5212.0341.8504.2193.0
Europe31,627.740,773.958,742.164,293.172,980.716,766.111,204.330,315.98,852.7
Albania78.142.4
Belarus21.432.0336.1283.5324.0135.010.0
Bulgaria1,089.9626.81,420.61,360.01,415.0676.145.746.6
Croatia1,083.11,263.71,291.9662.61,472.3816.1310.9
Cyprus965.7651.31,545.0389.6125.0
Czech Republic1,345.12,360.8986.81,815.81,344.3200.2737.015.8
Estonia222.9449.445.1328.932.553.0
Faroe Islands85.3206.2206.1217.8
Gibraltar1,934.2
Hungary3,373.41,941.4427.81,050.93,822.6708.8178.4241.8
Latvia353.2393.01,191.31,614.71,284.346.5706.3132.0
Lithuania174.8390.250.4161.2143.521.328.727.2
Macedonia, FYR66.014.465.0144.0
Malta242.7256.0218.7218.7
Moldova7.013.1171.363.0108.3
Montenegro0.821.46.46.4
Poland749.43,290.42,050.22,733.74,637.8284.11,580.13.9893.4
Romania1,116.71,414.0574.71,012.2727.5158.8137.2132.9
Russia12,415.515,179.725,195.424,748.936,362.08,498.95,325.428,000.74,411.7
Serbia1213.4234.160.2403.4243.314.6
Slovak Republic130.3622.7
Slovenia1,254.61,730.81,837.82,691.62,496.742.5335.3370.0700.4
Turkey7,466.010,124.617,267.421,511.313,128.63,901.11,752.2371.52,087.8
Ukraine302.11,071.42,239.33,305.03,012.8758.5803.4222.520.0
Middle East and Central Asia17,343.239,630.059,115.259,513.254,625.021,597.43,055.25,191.83,221.1
Armenia1.330.019.111.0
Azerbaijan1,217.2400.2178.8215.767.021.015.0260.010.0
Bahrain1,223.01,530.02,285.24,136.0895.0820.01,050.1
Egypt1,324.01,489.33,895.93,076.15,644.8368.0105.5566.8
Georgia11.161.0141.649.63.745.935.5
Iran, I.R. of2,419.41,928.8142.5
Iraq107.8177.0
Israel370.02,040.41,096.81,203.0454.678.3
Jordan54.460.0180.0
Kazakhstan3,151.23,800.95,296.44,210.77,342.24,911.41,458.870.08.0
Kuwait1,027.53,945.04,209.61,344.91,199.1155.0130.0115.0
Kyrgyz Republic2.07.46.6
Lebanon50.0120.065.065.0
Libya38.0
Oman1,055.03,172.23,405.23,580.7916.0370.051.9
Qatar1,377.78,518.57,253.114,529.210,418.16,511.4380.0833.8
Saudi Arabia2,749.63,991.06,201.77,068.87,232.52,674.9
Syrian Arab Republic80.0
Tajikistan5.21.22.016.716.73.2
United Arab Emirates1,341.08,686.624,767.119,647.317,787.55,738.8760.43,405.31,950.6
Uzbekistan28.03.64.916.416.45.0
Yemen Arab Republic2,422.247.6
Latin America20,866.919,896.526,997.048,782.430,884.78,664.26,421.610,946.56,680.3
Argentina500.01,678.6611.05,226.01,236.4
Bolivia54.0100.0
Brazil5,122.95,934.37,738.324,577.613,873.05,350.01,761.25,057.53,882.8
Chile5,501.35,310.64,166.93,175.55,580.7400.01,817.5572.0
Colombia83.0627.81,804.41,380.0952.0
Costa Rica24.291.71.731.185.020.0
Cuba69.81.9
Dominican Republic140.587.8229.8227.9479.6379.6
Ecuador109.019.1104.0
El Salvador53.879.5701.6
Guatemala59.3165.015.0
Haiti134.0
Honduras119.04.6113.6113.6
Jamaica96.3416.6196.1650.0100.0
Mexico8,295.74,035.48,620.99,226.43,547.91,480.41,315.55,322.72,012.4
Nicaragua22.0
Panama240.0684.8201.82,044.02,535.3720.71,227.4266.4213.1
Paraguay98.8
Peru90.0429.0468.0632.92,180.0200.0300.0300.0
St. Lucia
Trinidad and Tobago315.01,727.355.4
Uruguay805.72.6
Venezuela134.0186.0376.1631.0
Source: Dealogic, using the Bond, Equity and loan database of the International Monetary Fund.Note: Deal inclusion conforms to the vendor’s criteria for external publicly-syndicated issuance, generally excluding bilateral deals.
Table 18.Equity Valuation Measures: Dividend-Yield Ratios
20082009
20042005200620072008Q3Q4Q1Q2
Emerging markets2.62.62.21.94.13.24.13.92.9
Asia2.52.62.11.84.23.44.23.72.5
Europe/Mideast/Africa2.42.12.02.04.33.24.34.23.2
Latin America3.33.02.42.14.02.74.03.93.5
Argentina1.01.70.81.62.71.92.72.93.1
Brazil4.43.93.12.24.72.94.74.44.0
Chile3.03.01.91.72.62.42.62.42.4
China2.32.71.51.23.12.83.13.22.4
Colombia2.51.72.52.32.42.02.42.43.2
Czech Republic4.31.33.32.56.04.66.07.37.4
Egypt2.01.42.31.86.33.76.38.76.3
Hungary2.02.22.52.34.62.74.65.31.8
India1.51.31.00.71.81.31.81.71.1
Indonesia3.23.32.31.55.44.05.45.23.7
Israel1.42.02.02.12.82.32.82.72.0
Jordan1.61.13.41.83.41.93.43.73.0
Korea2.41.71.61.62.72.22.71.91.3
Malaysia2.22.92.62.04.13.44.14.03.1
Mexico1.91.61.21.62.82.32.83.22.8
Morocco3.63.83.52.73.22.83.23.33.3
Pakistan7.05.05.84.112.56.012.59.19.1
Philippines1.72.22.32.24.43.34.44.13.3
Poland1.32.74.23.65.94.75.97.24.5
Russia3.11.61.01.23.52.13.53.22.0
South Africa2.62.52.42.74.54.04.54.54.2
Sri Lanka2.61.71.41.99.811.89.87.02.0
Taiwan Province of China2.93.93.53.88.56.68.57.34.4
Thailand3.03.73.92.96.54.86.55.53.9
Turkey1.92.02.92.35.84.35.84.92.9
Venezuela5.87.32.31.9
Source: Morgan Stanley Capital International.
Table 19.Equity Valuation Measures: Price-to-Book Ratios
20082009
20042005200620072008Q3Q4Q1Q2
Emerging markets1.92.42.52.81.41.81.41.41.8
Asia1.82.12.42.81.41.71.41.51.9
Europe/Mideast/Africa2.12.92.82.71.21.71.21.21.5
Latin America2.12.62.83.11.72.21.71.72.0
Argentina2.23.13.52.90.92.00.90.81.0
Brazil1.82.42.53.11.52.11.51.61.9
Chile1.81.92.32.41.82.11.81.72.0
China2.02.13.24.51.82.01.81.82.4
Colombia1.93.41.91.81.51.81.51.52.0
Czech Republic1.62.52.73.62.02.72.01.72.2
Egypt3.98.04.75.51.72.71.71.52.1
Hungary2.63.03.02.60.91.70.90.81.0
India3.64.45.26.42.23.02.22.33.2
Indonesia3.13.14.45.82.43.22.42.63.2
Israel2.63.12.32.51.72.11.71.92.2
Jordan3.04.72.22.41.72.61.71.61.8
Korea1.41.91.71.81.01.41.01.11.3
Malaysia2.01.82.22.51.51.71.51.51.8
Mexico2.63.33.63.32.42.62.42.02.4
Morocco2.42.74.26.15.25.95.24.95.1
Pakistan2.43.62.93.71.12.11.11.61.4
Philippines1.62.02.82.91.82.21.81.92.2
Poland2.12.62.62.51.21.61.21.01.3
Russia1.12.42.72.40.71.30.70.71.0
South Africa2.43.23.33.11.92.31.91.71.9
Sri Lanka1.42.02.61.70.81.30.80.81.7
Taiwan Province of China1.92.02.22.21.21.51.21.31.7
Thailand2.42.41.92.41.11.51.11.11.6
Turkey1.92.22.02.31.11.41.11.01.5
Venezuela1.61.02.21.3
Source: Morgan Stanley Capital International.
Table 20.Equity Valuation Measures: Price/Earnings Ratios
20082009
20042005200620072008Q3Q4Q1Q2
Emerging markets12.215.015.617.08.510.78.59.114.3
Asia11.214.215.819.09.411.19.410.219.0
Europe/Mideast/Africa13.717.315.714.66.79.16.76.49.0
Latin America13.114.514.716.09.011.89.010.613.3
Argentina47.219.516.713.13.77.83.74.66.3
Brazil10.812.412.815.57.911.37.99.511.8
Chile23.121.723.622.113.318.213.312.915.5
China13.812.221.027.010.311.310.310.416.2
Colombia17.729.720.127.013.415.813.413.515.5
Czech Republic26.623.820.223.69.713.99.78.89.6
Egypt14.231.519.121.57.110.47.16.310.0
Hungary11.312.811.312.83.77.23.73.76.1
India17.720.222.932.810.514.910.512.018.2
Indonesia12.912.119.521.58.711.68.79.013.1
Israel20.121.117.915.514.315.114.316.715.9
Jordan32.541.515.321.314.448.514.415.813.1
Korea8.212.311.413.39.110.29.110.420.6
Malaysia16.114.518.416.910.211.210.212.017.3
Mexico15.017.117.316.412.312.712.314.020.1
Morocco15.619.522.827.226.029.526.022.222.9
Pakistan9.512.910.013.43.87.43.86.18.5
Philippines14.915.717.716.511.713.611.712.517.4
Poland13.315.713.215.27.39.17.37.112.8
Russia8.215.815.814.13.46.83.43.66.1
South Africa15.017.016.514.910.712.410.79.810.6
Sri Lanka11.015.521.514.77.110.87.19.019.9
Taiwan Province of China12.418.618.116.48.110.38.19.129.0
Thailand11.510.29.114.87.110.77.16.516.1
Turkey13.616.512.410.95.36.45.35.09.2
Venezuela12.47.814.15.7
Source: Morgan Stanley Capital International.
Table 21.Emerging Markets: Mutual Fund Flows(In millions of U.S. dollars)
20082009
200320042005200620072008Q3Q4Q1Q2
Bonds3,153.31,946.65,729.06,233.14,294.9–14,717.6–4,254.2–17,630.9–999.927,608.3
Equities8,500.02,783.621,706.122,440.840,827.1–39,490.0–20,685.1–6,501.52,037.326,731.5
Global2,119.2–5,348.33,147.74,208.615,223.3–9,114.1–5,850.33,127.23,599.410,138.8
Asia5,148.45,609.06,951.816,790.216,404.6–19,586.8–5,551.4–4,208.2–1,260.711,998.2
Europe/Middle East/Africa856.52,184.97,587.2–1,877.4–953.3–4,928.7–4,467.9–3,374.1–1,309.4705.3
Latin America375.9338.04,019.53,319.510,152.6–5,860.4–4,815.5–2,046.41,007.93,889.2
Source: Emerging Portfolio Fund Research, Inc.
Table 22.Bank Regulatory Capital to Risk-Weighted Assets(In percent)
2003200420052006200720082009Latest
Latin America
Argentina14.514.015.316.816.916.817.6May
Bolivia115.314.914.713.312.613.713.9May
Brazil18.818.617.918.918.718.418.5May
Chile14.113.613.012.512.212.513.6April
Colombia13.014.214.713.113.613.414.8April
Costa Rica216.519.120.618.816.115.115.4June
Dominican Republic18.912.912.512.413.013.414.5March
Ecuador112.212.011.612.012.513.014.2May
El Salvador12.813.413.513.813.815.116.0May
Guatemala15.614.513.713.613.813.5December
Mexico114.214.114.316.115.915.315.2June
Panama3018.117.616.815.813.614.415.2March
Paraguay320.920.520.420.116.816.215.2May
Peru13.314.012.012.512.111.912.9May
Uruguay418.121.722.716.917.816.718.5June
Venezuela25.119.215.514.312.113.414.3May
Emerging Europe
Albania28.521.618.618.117.117.2December
Belarus26.025.226.724.419.321.819.1June
Bosnia and Herzegovina20.318.717.817.717.116.316.3March
Bulgaria22.016.615.314.513.914.916.5March
Croatia516.516.015.214.416.914.5December
Czech Republic14.512.511.911.511.512.313.7June
Estonia12.511.510.710.810.813.315.2March
Hungary11.812.411.611.010.411.112.3June
Israel10.310.810.710.811.011.1December
Latvia611.711.710.110.211.111.812.8May
Litduania713.212.410.310.710.912.913.9March
Macedonia, FYR825.823.021.318.317.016.216.5March
Moldova31.631.427.227.929.132.232.4May
Montenegro931.327.821.317.115.012.4March
Poland13.815.414.513.212.011.211.7April
Romania1021.120.621.118.113.812.3December
Russia19.117.016.014.915.516.818.5June
Serbia31.127.926.024.727.921.921.2June
Slovak Republic22.418.714.813.012.811.112.2May
Slovenia11.511.810.511.111.210.5September
Turkey30.928.824.222.119.018.119.2June
Ukraine15.216.815.014.213.914.014.