Chapter

Statistical Appendix

Author(s):
International Monetary Fund. Monetary and Capital Markets Department
Published Date:
October 2010
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This statistical appendix presents data on financial developments in key financial centers and emerging and other markets. It is designed to complement the analysis in the main text of the Global Financial Stability Report (GFSR) 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 loca-tion 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 August 13, 2010.

Mirroring the structure of the chapters of the report, the appendix presents data separately for key financial centers and emerging and other markets. 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 and other markets, including data on equity, foreign exchange, and bond markets, as well as data on emerging and other market financing flows.

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

The following symbols have been used throughout this volume:

  • . . . to indicate that data are not available;

  • — to indicate that the figure is zero or less than half the final digit shown, or that the item does not exist;

  • - between years or months (for example, 2008-09 or January-June) to indicate the years or months covered, including the beginning and ending years or months;

  • / between years (for example, 2008/09) to indicate a fiscal or financial year.

“Billion” means a thousand million; “trillion” means a thousand billion.

“Basis points” refer to hundredths of 1 percentage point (for example, 25 basis points are equivalent to 1/4 of 1 percentage point).

“n.a.” means not applicable.

Minor discrepancies between sums of constituent figures and totals are due to rounding.

As used in this volume the term “country” does not in all cases refer to a territorial entity that is a state as understood by international law and practice. As used here, the term also covers some territorial entities that are not states but for which statistical data are maintained on a separate and independent basis.

The boundaries, colors, denominations, and other information shown on the maps do not imply, on the part of the International Monetary Fund, any judgment on the legal status of any territory or any endorsement or acceptance of such boundaries.

Figure 1. Major Net Exporters and Importers of Capital in 2009

Source: IMF, World Economic Outlook database as of September 24, 2010.

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

2 Other economies include all economies with shares of total surplus less than 2.3 percent.

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

4 Other economies include all economies with shares of total deficit less than 3.7 percent.

Figure 2. Exchange Rates: Selected Advanced Economies

(Weekly data)

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

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

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

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

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

(Monthly data)

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

Figure 4. Selected Spreads

(In basis points; monthly data)

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

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

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

3 Spread over 10-year government bond.

Figure 5. Nonfinancial Corporate Credit Spreads

(In basis points; monthly data)

Source: Merrill Lynch.

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: Investment Company Institute L.P.; and Datastream.

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

Figure 9. Twelve-Month Forward Price/Earnings Ratios

Source: I/B/E/S.

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

Sources: Investment Company Institute; and Datastream.

1 In billions of U.S. dollars.

Figure 11. United States: Corporate Bond Market

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

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

Figure 12. Europe: Corporate Bond Market1

Sources: 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.

3 Nonfinancial corporate bond issuance in euro area countries.

Figure 13. United States: Commercial Paper Market1

Source: Board of Governors of the Federal Reserve System.

1 Nonfinancial commercial paper.

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

Figure 14. United States: Asset-Backed Securities

Sources: Merrill Lynch; Datastream; and the Securities Industry and Financial Markets Association.

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

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

Table 1. Global Financial Flows: Inflows and Outflows1(In billions of U.S. dollars)
InflowsOutflows
1999200020012002200320042005200620072008200919992000200120022003200420052006200720082009
United States
Direct investment289.4321.3167.084.463.8146.0112.6243.2271.2328.3134.7-224.9-159.2-142.4-154.5-149.6-316.2-36.2-244.9-414.0-351.1-268.7
Portfolio investment285.6436.6428.3427.6550.2867.3832.01,126.71,156.6520.1366.7-122.2-127.9-90.6-48.6-123.1-177.4-257.5-498.9-390.7285.9-393.5
Other investment167.2280.4187.5283.2244.4519.9302.7695.3679.8-393.7-195.7-165.6-273.1-144.7-87.9-54.3-510.1-267.0-544.3-670.9226.2573.9
Reserve assetsn.a.n.a.n.a.n.a.n.a.n.a.n.a.n.a.n.a.n.a.n.a.8.7-0.3-4.9-3.71.52.814.12.4-0.1-4.8-52.2
Total capital flows742.21,038.2782.9795.2858.31,533.21,247.32,065.22,107.7454.7305.6-504.1-560.5-382.6-294.7-325.4-1,000.9-546.6-1,285.7-1,475.7156.1-140.4
Canada
Direct investment24.866.127.722.17.2-0.725.960.3117.755.919.9-17.3-44.5-36.2-26.8-23.6-42.6-27.6-46.4-57.7-82.2-40.4
Portfolio investment2.710.324.211.914.141.810.927.4-32.030.397.2-15.6-43.0-24.4-18.6-13.8-18.9-44.2-69.4-42.810.0-6.2
Other investment-10.80.87.85.112.3-3.930.035.959.413.019.010.2-4.2-10.7-7.9-14.2-7.1-17.8-30.8-57.7-33.9-36.0
Reserve assetsn.a.n.a.n.a.n.a.n.a.n.a.n.a.n.a.n.a.n.a.n.a.-5.9-3.7-2.20.23.32.8-1.3-0.8-3.9-1.8-10.5
Total capital flows16.677.259.739.033.637.166.7123.6145.199.2136.1-28.5-95.4-73.4-53.2-48.4-65.8-91.0-147.4-162.1-107.9-93.0
Japan
Direct investment12.38.26.29.16.27.83.2-6.822.224.611.8-22.3-31.5-38.5-32.0-28.8-31.0-45.4-50.2-73.5-130.8-74.6
Portfolio investment126.947.460.5-20.081.2196.7183.1198.6196.6-103.0-56.3-154.4-83.4-106.8-85.9-176.3-173.8-196.4-71.0-123.5-189.6-160.2
Other investment-265.1-10.2-17.626.634.168.345.9-89.148.962.0-64.2266.3-4.146.636.4149.9-48.0-106.6-86.2-260.8139.5202.7
Reserve assetsn.a.n.a.n.a.n.a.n.a.n.a.n.a.n.a.n.a.n.a.n.a.-76.3-49.0-40.5-46.1-187.2-160.9-22.3-32.0-36.5-30.9-26.9
Total capital flows-125.945.449.115.7121.5272.8232.3102.6267.7-16.4-108.613.4-168.0-139.2-127.7-242.3-413.6-370.8-239.4-494.2-211.9-59.0
United Kingdom
Direct investment89.3122.253.825.527.657.3177.4154.1202.193.524.8-202.5-246.3-61.8-50.3-65.6-93.9-80.8-85.6-328.1-163.1-46.7
Portfolio investment171.3268.159.174.3172.8178.3237.0283.0435.9389.3284.1-34.3-97.2-124.71.2-58.4-259.4-273.4-257.0-179.7199.7-240.5
Other investment87.1365.1346.692.7387.9781.7902.0651.01,450.8-1,240.7-540.6-68.7-374.4-250.8-108.5-420.9-595.9-926.2-708.3-1,474.4981.6502.4
Reserve assetsn.a.n.a.n.a.n.a.n.a.n.a.n.a.n.a.n.a.n.a.n.a.1.0-5.34.50.62.6-0.4-1.71.3-2.63.1-9.6
Total capital flows347.8755.3459.5192.6588.31,017.41,316.51,088.12,088.7-757.9-231.7-304.5-723.2-432.9-157.0-542.4-949.7-1,282.1-1,049.6-1,984.81,021.2205.6
Euro area
Direct investment216.3416.3199.8184.9153.3114.8194.1328.6555.7187.4292.9-348.7-413.3-297.9-163.7-164.7-215.3-453.6-542.7-658.1-481.2-397.1
Portfolio investment305.2267.9318.1298.6381.4486.1660.3890.5801.2513.8529.4-341.8-385.2-254.8-163.5-318.1-428.8-514.6-650.5-599.6-23.7-103.9
Other investment199.2340.2238.660.4198.4356.0801.7945.71,271.8300.2-927.5-30.5-166.2-244.3-219.6-282.3-425.2-737.7-999.0-1,301.0-168.1663.2
Reserve assetsn.a.n.a.n.a.n.a.n.a.n.a.n.a.n.a.n.a.n.a.n.a.11.416.216.8-3.032.815.623.0-2.5-5.6-4.8-60.0
Total capital flows720.71,024.4756.5543.8733.0956.91,656.12,164.72,628.61,001.4-105.2-709.6-948.5-780.2-549.8-732.3-1,053.7-1,682.9-2,194.7-2,564.3-677.8102.3
Emerging and Developing Economies2
Direct investment184.8169.9182.6173.0174.5251.5337.5420.8615.9695.4410.7-18.1-21.0-12.6-23.2-27.0-64.3-85.0-162.6-198.7-256.5-169.9
Portfolio investment33.430.52.0-5.457.1109.5179.9297.7421.112.7196.7-24.4-65.9-57.5-38.0-74.0-107.0-175.1-411.2-400.7-164.3-89.2
Other investment-14.628.31.78.775.1105.0121.7189.9693.7148.063.3-79.2-119.7-23.1-38.5-83.1-127.7-205.3-269.4-538.2-347.0-92.7
Reserve assetsn.a.n.a.n.a.n.a.n.a.n.a.n.a.n.a.n.a.n.a.n.a.-37.9-83.8-90.0-154.2-324.0-411.5-584.3-756.0-1,208.7-738.4-498.4
Total capital flows203.5228.7186.2176.3306.8466.0639.0908.41,730.6856.2670.6-159.6-290.4-183.2-253.8-508.1-710.6-1,049.7-1,599.1-2,346.3-1,506.1-850.1
Sources: IMF, International Financial Statistics and World Economic Outlook databases as of September 24, 2010.
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)
200520062007200820092010

Q1
Amounts outstanding of international

debt securities by currency of issue
U.S. dollar5,378.06,386.07,528.28,215.19,429.09,718.1
Japanese yen469.2484.3574.7746.7693.9668.7
Pound sterling1,062.21,447.31,704.61,701.82,145.52,028.3
Canadian dollar146.6177.9266.2240.1307.0317.3
Swedish krona23.234.346.748.469.170.2
Swiss franc208.6254.2300.7331.7365.6356.1
Euro6,309.38,304.210,536.110,873.912,387.611,813.8
Other352.2451.8605.9559.4680.7698.2
Total13,949.317,540.021,563.122,717.126,078.525,670.8
Net issues of international debt

securities by currency of issue
U.S. dollar475.21,008.11,142.2686.91,213.9289.1
Japanese yen3.419.367.020.6-41.3-15.6
Pound sterling197.3221.1225.9562.1240.122.4
Canadian dollar29.432.151.130.924.41.0
Swedish krona6.27.09.411.714.02.0
Swiss franc13.128.523.113.421.00.4
Euro984.71,199.91,150.4952.11,077.3231.5
Other86.379.4104.968.930.115.5
Total1,795.52,595.42,774.12,346.82,579.6546.3
Signed international syndicated credit

facilities by nationality of borrower
All countries1,725.12,064.02,770.01,471.0998.1276.3
Advanced countries1,490.01,722.32,256.61,100.2772.4219.9
Of which:
United States700.7778.31,070.3427.2253.398.8
Japan27.652.075.546.840.913.9
Germany84.3133.0126.448.774.710.5
France112.5101.1167.576.435.28.3
Italy40.838.936.523.528.74.3
United Kingdom158.3189.4240.8123.361.616.1
Canada40.261.578.540.733.23.2
Source: Bank for International Settlements.
Table 3. Selected Indicators on the Size of the Capital Markets, 2009(In billions of U.S. dollars unless noted otherwise)
Debt Securities
GDPTotal Reserves Minus Gold2Stock Market CapitalizationPublicPrivateTotalBank Assets3Bonds, Equities, and Bank Assets4Bonds, Equities, and Bank Assets4(In percent of GDP)
World57,843.48,543.847,188.936,403.455,679.092,082.492,969.5232,240.8401.5
European Union115,373.1404.710,013.410,076.423,479.633,556.041,707.785,277.1554.7
Euro area12,478.1282.86,576.18,565.818,673.627,239.529,072.462,887.9504.0
North America15,455.1174.016,754.110,484.023,036.133,520.116,875.267,149.4434.5
Canada1,336.154.21,676.81,005.8862.31,868.12,712.26,257.1468.3
United States14,119.1119.715,077.39,478.222,173.831,652.014,163.060,892.3431.3
Japan5,068.91,022.23,395.69,657.42,263.511,920.98,846.924,163.5476.7
Memorandum items:
EU countries
Austria382.18.1114.1242.6490.6733.2573.91,421.2372.0
Belgium472.115.9248.9444.1732.31,176.41,648.83,074.1651.2
Denmark310.174.3190.0119.4722.1841.51,297.52,329.0751.1
Finland238.69.7191.991.2147.2238.3429.1859.3360.1
France2,656.446.61,894.81,749.23,410.35,159.58,770.715,825.0595.7
Germany3,338.759.91,292.41,850.03,893.15,743.15,058.812,094.2362.2
Greece330.81.6112.6410.2186.4596.5622.11,331.3402.5
Ireland222.41.961.3177.91,533.51,711.41,327.73,100.41,394.3
Italy2,118.345.8655.82,217.52,888.05,105.53,411.29,172.5433.0
Luxembourg52.40.7105.02.994.897.7566.1768.91,466.4
Netherlands796.717.9326.7404.71,879.62,284.22,950.95,561.9698.2
Portugal233.52.5106.6166.2362.6528.9304.2939.6402.4
Spain1,467.918.21,434.5745.73,030.43,776.23,104.88,315.5566.5
Sweden406.142.9450.9152.7610.1762.8647.51,861.2458.3
United Kingdom2,178.955.72,796.41,238.53,473.84,712.310,708.318,217.0836.1
Newly industrialized Asian economies51,603.81,061.74,308.5723.61,063.31,786.93,569.19,664.6602.6
Emerging market economies617,962.05,523.09,909.84,895.62,723.37,618.915,948.333,477.1186.4
Of which:
Asia7,876.03,089.25,434.62,448.91,498.63,947.59,945.219,327.4245.4
Western Hemisphere3,964.8548.92,194.81,492.4838.42,330.82,558.87,084.4178.7
Middle East and
North Africa1,974.3939.7753.5151.9113.6265.51,373.72,392.7121.2
Sub-Saharan Africa883.4158.8559.398.279.9178.1420.41,157.8131.1
Europe3,263.5786.4967.6704.2192.8897.01,650.13,514.7107.7
Sources: World Federation of Exchanges; Bank for International Settlements; IMF, International Financial Statistics (IFS) and World Economic Outlook databases as of September 24, 2010; ©2003 Bureau van Dijk Electronic Publishing-Bankscope; Board of Governors of the Federal Reserve System, Flow of Funds; and Bloomberg L.P.
Table 4. Global Over-the-Counter Derivatives Markets: Notional Amounts and Gross Market Values of Outstanding Contracts1(In billions of U.S. dollars)
Notional AmountsGross Market Values
End-Dec.End-JuneEnd-Dec.End-JuneEnd-Dec.End-Dec.End-JuneEnd-Dec.End-JuneEnd-Dec.
2007200820082009200920072008200820092009
Total595,738683,814547,983604,617614,67415,83420,37532,37525,37221,583
Foreign exchange56,23862,98344,20048,77549,1961,8072,2623,5912,4702,069
Forwards and forex swaps29,14431,96621,26623,10723,1296758021,615870683
Currency swaps14,34716,30713,32215,07216,5098171,0711,4211,2111,043
Options12,74814,7109,61210,5969,558315388555389343
Interest rate2393,138458,304385,896437,198449,7937,1779,26318,01115,47814,018
Forward rate agreements26,59939,37035,00246,79851,749418814013080
Swaps309,588356,772309,760341,886349,2366,1838,05616,43613,93412,574
Options56,95162,16241,13448,51348,8089531,1201,4351,4141,364
Equity-linked8,46910,1776,1556,6156,5911,1421,1461,051879710
Forwards and swaps2,2332,6571,5531,7091,830239283323225179
Options6,2367,5214,6024,9064,762903863728654531
Commodity38,45513,2294,3643,7292,9441,8982,209946689545
Gold5956493324254237068554348
Other7,86112,5804,0323,3042,5211,8292,141890646497
Forwards and swaps5,0857,5612,4711,7721,675
Options2,7765,0191,5611,533846
Credit default swaps58,24457,40341,88336,04632,6932,0203,1925,1162,9871,801
Single-name instruments32,48633,41225,74024,11221,9171,1581,9013,2631,9531,243
Multi-name instruments25,75723,99116,14311,93410,7768621,2911,8541,034559
Unallocated71,19481,71965,48772,25573,4561,7902,3033,6602,8682,440
Memorandum items:
Gross credit exposure4n.a.n.a.n.a.n.a.n.a.3,2563,8594,5553,7443,520
Exchange-traded derivatives579,06781,78957,71563,27773,140
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 Major Currency1(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.
2007200820082009200920072008200820092009
Total595,738683,814547,983604,617614,67415,83420,37532,37525,37221,583
Foreign exchange56,23862,98344,20048,77549,1961,8072,2623,5912,4702,069
By counterparty
With other reporting dealers21,33424,84518,81018,89118,9115947821,459892732
With other financial institutions24,35726,77517,22321,44121,4458069951,4241,066888
With nonfinancial customers10,54811,3628,1668,4428,840407484708512449
By remaining maturity
Up to one year240,31643,63931,07630,30230,626
One to five years28,55310,7019,0499,6989,716
Over five years27,3708,6434,0758,7758,855
By major currency
U.S. dollar346,94752,15237,51640,73740,9211,4711,8382,8461,9611,662
Euro321,80625,96318,58320,65320,3647901,0101,4091,032864
Japanese yen312,85713,61611,29211,43811,238371433884531538
Pound sterling37,9798,3774,7326,2135,929260280633435282
Other 322,88825,85816,27518,50919,9407239631,411982793
Interest rate4393,138458,304385,896437,198449,7937,1779,26318,01115,47814,018
By counterparty
With other reporting dealers157,245188,982160,261148,150138,5372,7743,5546,8894,7593,969
With other financial institutions193,107223,023187,885250,069275,6493,7864,96510,0519,9289,312
With nonfinancial customers42,78646,29937,74938,97935,6076177451,071790736
By remaining maturity
Up to one year2127,601153,181152,060159,143179,994
One to five years2134,713150,096124,731128,301134,282
Over five years2130,824155,028109,104149,754135,517
By major currency
U.S. dollar129,756149,813129,898154,167153,3583,2193,6019,9116,4735,346
Euro146,082171,877146,085160,646175,7272,6883,9105,1286,2556,072
Japanese yen53,09958,05657,42557,45153,853401380847800843
Pound sterling28,39038,61923,53232,59134,2564306841,1611,1171,038
Other35,81139,93928,95732,34332,598439689965833718
Equity-linked8,46910,1776,1556,6156,5911,1421,1461,051879710
Commodity58,45513,2294,3643,7292,9441,8982,209946689545
Credit default swaps58,24457,40341,88336,04632,6932,0203,1925,1162,9871,801
Unallocated71,19481,71965,48772,25573,4561,7902,3033,6602,8682,440
Source: Bank for International Settlements.
Table 6. Exchange-Traded Derivative Financial Instruments: Notional Principal Amounts Outstanding and Annual Turnover
199920002001200220032004
Notional principal amounts outstanding(In billions of U.S. dollars)
Interest rate futures7,924.97,907.89,269.69,955.613,123.718,164.9
Interest rate options3,755.54,734.212,492.811,759.520,793.824,604.1
Currency futures36.774.465.647.079.9103.5
Currency options22.421.427.427.437.960.7
Stock market index futures339.7366.7332.3348.7497.1623.7
Stock market index options1,508.61,141.11,560.71,687.92,160.42,954.4
Total13,587.714,245.623,748.423,826.136,692.746,511.3
North America6,930.58,166.816,187.513,704.419,456.927,530.4
Europe4,008.84,195.06,141.78,801.415,406.916,308.0
Asia-Pacific2,398.71,597.71,308.01,191.21,612.42,423.6
Other249.7286.2111.2129.1216.5249.3
Annual turnover(In millions of contracts traded)
Interest rate futures672.7781.21,057.51,152.11,576.81,902.6
Interest rate options118.0107.7199.6240.3302.3361.0
Currency futures37.143.549.142.658.883.7
Currency options6.87.010.516.114.313.0
Stock market index futures204.9225.2337.1530.6725.8804.5
Stock market index options322.5481.51,148.22,235.53,233.92,980.1
Total1,362.01,646.02,801.94,217.25,911.86,144.9
North America462.8461.3675.7912.31,279.81,633.6
Europe604.7718.6957.71,075.11,346.51,412.7
Asia-Pacific207.7331.3985.12,073.13,111.62,847.6
Other86.8134.9183.4156.7174.0251.0
Table 6.
200520062007200820092010

Q1
Notional principal amounts outstanding(In billions of U.S. dollars)
Interest rate futures20,708.724,476.226,769.618,732.320,627.723,529.3
Interest rate options31,588.238,116.444,281.733,978.846,428.751,352.9
Currency futures107.6161.4158.595.2164.2195.3
Currency options66.178.6132.7129.3147.3205.7
Stock market index futures767.61,020.71,100.0650.5965.31,040.0
Stock market index options4,004.25,526.56,624.04,129.14,806.85,348.5
Total57,242.469,379.979,066.557,715.373,140.081,671.8
North America35,842.841,494.942,490.329,670.534,593.537,880.5
Europe17,973.023,215.430,566.724,622.134,376.138,909.4
Asia-Pacific3,001.14,044.04,964.02,685.92,757.03,048.4
Other425.5625.51,045.5736.81,413.41,833.5
Annual turnover(In millions of contracts traded)
Interest rate futures2,110.42,621.23,076.62,582.91,935.9604.7
Interest rate options430.8566.7663.3617.7527.5173.9
Currency futures143.0231.1353.1433.8377.4289.0
Currency options19.424.346.459.842.414.3
Stock market index futures918.71,233.71,930.22,467.92,258.6549.6
Stock market index options3,139.83,177.53,815.64,174.14,246.41,129.7
Total6,762.17,854.49,885.210,336.29,388.22,761.2
North America1,926.82,541.83,146.53,079.62,353.6646.8
Europe1,592.91,947.42,560.22,939.52,429.1671.6
Asia-Pacific2,932.42,957.13,592.53,753.64,078.91,252.8
Other310.0408.1586.0563.5526.6190.1
Source: Bank for International Settlements.
Table 7. United States: Sectoral Balance Sheets(In percent)
200420052006200720082009
Corporate sector1
Debt/net worth45.140.438.941.749.756.4
Short-term debt/credit market debt28.327.928.431.031.226.3
Interest burden27.77.17.110.212.111.8
Household sector
Net worth/assets82.783.082.781.878.279.2
Equity/total assets25.024.326.126.619.223.8
Equity/financial assets40.840.242.341.330.336.1
Net worth/disposable personal income594.3641.6649.6618.6474.7486.2
Home mortgage debt/total assets12.312.412.713.416.015.3
Consumer credit/total assets3.53.23.13.24.03.7
Total debt/financial assets28.128.127.928.334.231.6
Debt-service burden313.313.713.813.913.713.1
Banking sector4
Credit quality
Nonperforming loans5/total loans0.90.80.81.43.05.6
Net loan losses/average total loans0.70.60.40.61.32.7
Loan-loss reserve/total loans1.51.31.21.42.33.3
Net charge-offs/total loans0.60.60.40.61.32.6
Capital ratios
Total risk-based capital12.612.312.412.212.714.1
Tier 1 risk-based capital10.09.99.89.49.711.4
Equity capital/total assets10.110.310.210.29.411.1
Core capital (leverage ratio)7.87.97.97.67.48.5
Profitability measures
Return on average assets (ROA)1.31.31.30.90.10.1
Return on average equity (ROE)13.712.913.09.11.30.7
Net interest margin3.63.63.43.43.33.3
Efficiency ratio658.057.256.359.258.455.4
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 Sheets1(In percent)
FY2003FY2004FY2005FY2006FY2007FY2008FY2009
Corporate sector2
Debt/shareholders’ equity (book value)121.3121.5101.798.297.1106.899.7
Short-term debt/total debt37.836.836.435.334.134.633.1
Interest burden322.018.415.615.216.228.325.6
Debt/operating profits1,079.2965.9839.9820.4798.61,538.61,451.5
Memorandum item:
Total debt/GDP490.996.485.789.883.396.098.4
Household sector
Net worth/assets84.584.684.985.185.284.6
Equity4.95.78.78.75.83.6
Real estate33.031.529.929.931.131.6
Net worth/net disposable income725.9721.0737.7742.1737.0698.7
Interest burden54.94.84.64.74.74.6
Memorandum items:
Debt/equity317.6268.4174.5172.2253.4427.9
Debt/real estate47.049.050.649.847.448.8
Debt/net disposable income133.2131.5131.6130.0127.7127.5
Debt/net worth18.418.217.817.517.318.2
Equity/net worth5.86.810.210.26.84.3
Real estate/net worth39.037.235.235.236.537.4
Total debt/GDP477.576.176.375.272.775.5
Banking sector6
Credit quality
Nonperforming loans7/total loans5.84.02.92.52.42.42.5
Capital ratio
Stockholders’ equity/assets3.94.24.95.34.53.64.7
Profitability measures
Return on equity (ROE)8-2.74.111.38.56.1-6.94.7
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 Nonper-forming Loans.
Table 9. Europe: Sectoral Balance Sheets1(In percent)
200420052006200720082009
Corporate sector2
Debt/equity368.469.974.174.888.177.8
Short-term debt/total debt33.437.538.039.938.935.8
Interest burden414.414.715.718.017.813.6
Debt/operating profits301.0317.1343.6352.9385.2377.7
Memorandum items:
Financial assets/equity1.41.51.51.61.71.6
Liquid assets/short-term debt98.096.495.398.797.5113.7
Household sector
Net worth/assets83.984.584.384.683.484.4
Equity/net worth11.612.212.111.99.511.4
Equity/net financial assets34.134.834.634.328.132.8
Interest burden55.45.45.15.15.34.8
Memorandum items:
Nonfinancial assets/net worth66.064.664.965.366.264.8
Debt/net financial assets52.848.248.047.954.247.3
Debt/income104.9105.9108.5111.0107.8104.0
Banking sector6
Credit quality
Nonperforming loans/total loans2.12.11.92.12.94.9
Loan-loss reserve/nonperforming loans72.872.566.564.158.752.5
Loan-loss reserve/total loans1.81.51.31.31.72.6
Capital ratios
Equity capital/total assets3.53.63.53.62.94.1
Capital funds/liabilities5.75.95.75.95.06.5
Profitability measures
Return on assets, or ROA (after tax)0.50.50.60.5-0.20.1
Return on equity, or ROE (after tax)13.515.116.314.5-5.62.9
Net interest margin1.20.90.90.80.91.2
Efficiency ratio764.863.661.464.780.762.5
Sources: Banque de France; INSEE; Bundesbank, U.K. National Statistics Office; ©2003 Bureau van Dijk Electronic Publishing-Bankscope; and IMF staff estimates.

Figure 15. Emerging Market Volatility Measures

(In percent)

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.MSCI Equity Market Indices
20102009End of Period12-Month12-MonthAll-TimeAll-Time
Q1Q2Q3Q42006200720082009HighLowHigh1Low1
Emerging Markets1,010.3918.0914.1989.5912.71,245.6567.0989.51,047.5723.11,338.5175.3
Latin America4,170.73,639.63,689.34,116.72,995.74,400.42,077.74,116.74,311.92,777.45,195.4185.6
Argentina2,212.72,020.51,910.62,101.03,084.12,918.81,304.02,101.02,362.21,456.94,187.7152.6
Brazil3,606.03,028.03,232.63,624.52,205.43,867.21,638.23,624.53,763.42,358.94,727.684.1
Chile2,052.82,082.91,786.92,051.61,492.41,802.81,130.92,051.62,250.01,631.62,250.0178.1
Colombia870.1895.5807.8790.5549.8619.3447.9790.5909.3593.2909.341.2
Mexico5,534.55,009.64,567.45,138.15,483.35,992.13,356.85,138.15,723.63,681.16,775.7306.7
Peru1,218.91,252.71,211.81,217.7671.41,248.7719.31,217.71,355.5785.81,488.373.5
Asia405.8381.9376.6401.7371.5513.7235.8401.7421.6304.5571.9104.1
China63.859.859.264.852.184.940.864.867.252.0137.212.9
India490.8476.8435.9468.5390.6668.9233.6468.5509.1331.2694.271.2
Indonesia698.0721.0606.1634.6449.3677.6287.5634.6740.0451.1894.542.6
Korea336.2310.5319.7327.1336.7437.5193.1327.1358.5230.2491.329.0
Malaysia369.9368.8322.4341.8288.6408.6231.3341.8385.4275.7458.454.2
Pakistan88.181.184.882.0141.2187.146.182.092.065.1211.725.3
Philippines278.5284.4246.1269.0263.2363.4167.9269.0294.4216.2697.676.4
Taiwan Province of China254.0230.2244.4264.2278.8294.0150.8264.2271.2205.5529.3108.7
Thailand254.3245.9223.4225.8189.7267.4132.8225.8264.1172.4651.744.0
Europe, Middle East, and Africa343.5294.1297.3324.1364.4458.2198.2324.1358.0231.5473.880.8
Czech Republic543.5452.9584.9544.6546.5828.9455.5544.6609.5447.3929.254.4
Egypt868.6745.2838.4785.5829.21,284.0591.7785.5973.2635.41,468.861.3
Hungary836.4576.2717.4742.71,003.01,137.4427.1742.7882.1455.01,304.877.3
Israel302.9244.5242.9275.9194.4264.0182.4275.9304.7217.2304.767.6
Jordan140.6132.6153.8149.9209.1252.9162.5149.9156.7129.8362.252.6
Morocco444.0410.9447.8416.2361.9521.2453.6416.2480.8400.7703.499.4
Poland940.7726.7799.6902.41,223.41,501.2657.5902.4997.0591.91,671.998.2
Russia848.9707.5720.3795.31,250.31,536.4397.0795.3909.2484.51,641.530.6
South Africa486.9437.3429.9468.0443.1508.3305.1468.0505.2356.4578.298.3
Turkey548.2514.5484.5528.1441.7751.1275.0528.1594.7361.1789.866.1
Sectors
Energy789.5690.5739.8795.7760.01,154.2437.0795.7842.2573.81,255.481.7
Materials575.6507.0493.1549.3442.1657.9314.2549.3596.5388.5750.586.0
Industrials212.3193.8194.3204.2210.7351.1130.6204.2218.7158.8403.852.6
Consumer discretionary494.1479.4435.2489.4422.6490.9229.8489.4516.7336.0527.874.1
Consumer staple359.0356.2303.1349.3266.2330.2209.6349.3372.0248.3372.080.4
Health care589.1536.3464.0525.7356.3458.8375.2525.7593.6430.0593.683.3
Financials350.0318.7322.5342.8328.8424.0194.1342.8362.4251.7473.074.6
Information technology227.9204.5208.7228.0231.8231.5111.4228.0240.9160.7300.073.1
Telecommunications223.5213.2217.6220.0218.0328.0180.7220.0232.2190.7343.262.9
Utilities328.4310.9306.7324.3282.1379.2214.5324.3339.5265.7389.163.1
Table 10.
Period on Period Percent Change
20102009
Q1Q2Q3Q42006200720082009
Emerging Markets2.1-9.120.18.329.236.5-54.574.5
Latin America1.3-12.724.011.639.346.9-52.898.1
Argentina5.3-8.725.910.066.1-5.4-55.361.1
Brazil-0.5-16.026.712.140.575.3-57.6121.3
Chile0.11.55.514.826.420.8-37.381.4
Colombia10.12.934.2-2.110.912.6-27.776.5
Mexico7.7-9.517.612.539.09.3-44.053.1
Peru0.12.843.80.552.186.0-42.469.3
Asia1.0-5.918.76.729.838.3-54.170.3
China-1.6-6.27.39.578.163.1-51.958.8
India4.8-2.919.07.549.071.2-65.1100.5
Indonesia10.03.336.54.769.650.8-57.6120.8
Korea2.8-7.634.42.311.230.0-55.969.4
Malaysia8.2-0.313.86.033.141.5-43.447.8
Pakistan7.5-7.932.6-3.3-1.732.5-75.478.1
Philippines3.52.114.19.355.438.0-53.860.2
Taiwan Province of China-3.8-9.419.88.116.35.4-48.775.1
Thailand12.6-3.318.51.06.840.9-50.370.0
Europe, Middle East, and Africa6.0-14.419.69.021.325.8-56.763.5
Czech Republic-0.2-16.720.3-6.929.651.7-45.119.6
Egypt10.6-14.221.5-6.314.854.8-53.932.8
Hungary12.6-31.142.03.531.113.4-62.473.9
Israel9.8-19.39.813.6-7.135.8-30.951.3
Jordan-6.2-5.7-0.8-2.5-32.520.9-35.8-7.7
Morocco6.7-7.5-7.1-7.162.644.0-13.0-8.3
Poland4.2-22.831.412.935.322.7-56.237.3
Russia6.7-16.726.510.453.722.9-74.2100.3
South Africa4.0-10.213.68.917.314.7-40.053.4
Turkey3.8-6.132.29.0-9.270.0-63.492.0
Sectors
Energy-0.8-12.515.77.638.551.9-62.182.1
Materials4.8-11.920.511.435.948.8-52.274.8
Industrials4.0-8.714.55.135.066.6-62.856.3
Consumer discretionary1.0-3.027.612.510.916.2-53.2113.0
Consumer staple2.8-0.819.615.235.124.1-36.566.7
Health care12.1-9.06.413.3-9.428.8-18.240.1
Financials2.1-9.021.66.336.728.9-54.276.6
Information technology-0.1-10.331.39.210.9-0.1-51.9104.7
Telecommunications1.6-4.69.01.137.250.4-44.921.8
Utilities1.3-5.311.15.843.234.4-43.451.2
Table 10.
20102009End of Period12-Month12-MonthAll-TimeAll-Time
Q1Q2Q3Q42006200720082009HighLowHigh1Low1
Advanced Markets1,200.51,041.31,127.01,168.51,483.61,588.8920.21,168.51,241.7921.11,682.4423.1
Australia827.8665.8771.4804.1799.0998.8476.4804.1861.4532.11,127.4176.2
Austria1,388.81,056.71,560.91,406.03,248.93,273.21,015.91,406.01,656.21,010.83,661.2606.1
Belgium1,062.7913.31,058.51,074.52,260.72,141.6696.51,074.51,147.7801.32,496.2497.6
Canada1,661.31,479.91,507.01,574.21,512.91,930.11,030.91,574.21,712.11,188.92,144.6304.7
Denmark4,620.34,362.94,355.54,232.74,859.46,036.63,129.84,232.74,925.43,551.16,380.6708.5
Finland509.4368.0476.9460.2679.3985.1429.2460.2516.9364.51,329.033.2
France1,536.91,221.21,573.41,599.62,051.62,275.11,253.21,599.61,666.71,170.12,350.4422.2
Germany1,567.71,339.21,579.01,613.41,902.12,520.71,330.01,613.41,664.21,206.62,538.9467.9
Greece363.2213.1541.8418.3801.71,036.1341.2418.3607.6208.41,053.1157.5
Hong Kong SAR7,442.76,908.77,079.27,289.87,249.89,966.94,696.97,289.87,678.85,947.910,589.51,427.6
Ireland130.0104.2136.1132.4565.4441.8120.4132.4145.5102.7606.886.3
Italy355.6272.5395.3383.5636.0653.0312.8383.5420.3255.7689.7132.0
Japan2,362.82,123.02,265.62,201.73,208.33,034.42,108.22,201.72,413.62,046.54,149.21,385.4
Netherlands1,980.01,698.71,943.12,010.92,486.82,922.61,458.62,010.92,081.91,430.03,070.7558.3
New Zealand91.580.797.396.4147.9153.967.496.4103.274.4178.749.5
Norway2,578.82,057.12,406.12,760.63,386.34,348.91,512.62,760.62,907.21,735.24,992.1534.0
Portugal131.8104.9146.2146.8193.3234.0108.5146.8156.398.7246.466.0
Singapore3,506.43,455.93,261.33,555.73,399.84,212.72,125.43,555.73,747.42,660.04,664.3893.9
Spain567.4441.2672.7672.4716.0864.0492.7672.4711.3398.7909.2101.2
Sweden5,626.85,141.45,064.55,247.06,839.06,746.03,276.05,247.05,954.73,843.98,152.0737.9
Switzerland3,680.63,214.63,433.23,564.54,079.34,237.32,899.63,564.53,721.12,719.74,449.8527.2
United Kingdom1,064.6908.21,018.51,081.91,521.51,593.4787.71,081.91,118.1825.31,737.3425.9
United States1,113.4979.91,005.91,061.11,336.31,390.9854.41,061.11,159.5836.11,493.0273.7
Period on Period Percent Change
Advanced Markets2.7-13.316.93.718.07.1-42.127.0
Australia2.9-19.631.54.227.125.0-52.368.8
Austria-1.2-23.928.4-9.934.80.7-69.038.4
Belgium-1.1-14.128.51.533.3-5.3-67.554.3
Canada5.5-10.917.74.516.227.6-46.652.7
Denmark9.2-5.618.0-2.836.824.2-48.235.2
Finland10.7-27.812.8-3.527.145.0-56.47.2
France-3.9-20.526.31.731.710.9-44.927.6
Germany-2.8-14.623.22.233.032.5-47.221.3
Greece-13.2-41.332.7-22.831.629.2-67.122.6
Hong Kong SAR2.1-7.213.73.026.337.5-52.955.2
Ireland-1.8-19.918.5-2.743.9-21.9-72.79.9
Italy-7.3-23.426.4-3.028.12.7-52.122.6
Japan7.3-10.15.8-2.85.1-5.4-30.54.4
Netherlands-1.5-14.230.73.528.217.5-50.137.9
New Zealand-5.0-11.823.8-0.910.04.0-56.243.0
Norway-6.6-20.226.514.741.628.4-65.282.5
Portugal-10.3-20.420.20.443.421.0-53.635.4
Singapore-1.4-1.418.09.041.923.9-49.567.3
Spain-15.6-22.326.00.044.820.7-43.036.5
Sweden7.2-8.625.43.640.5-1.4-51.460.2
Switzerland3.3-12.722.63.825.93.9-31.622.9
United Kingdom-1.6-14.717.56.226.24.7-50.637.3
United States4.9-12.015.05.513.24.1-38.624.2
Source: Morgan Stanley Capital International.Note: Indices in U.S. dollar terms. The country and regional classifications used in this table follow the conventions of MSCI and do not necessarily conform to IMF country classifications or regional groupings.
Table 11. Foreign Exchange Rates
2010200912-Month12-MonthAll-TimeAll-Time
Q1Q2Q3Q42006200720082009HighLowHigh1Low1
Units per U.S. dollar
Emerging Markets
Argentina3.883.933.843.803.063.153.453.803.793.930.983.93
Brazil1.781.801.771.742.141.782.311.741.702.010.003.95
Chile524.40546.04549.70507.45533.38497.95638.50507.45489.00558.17295.18759.75
China6.836.786.836.837.817.306.836.836.786.844.738.73
Colombia1,920.351,900.111,919.732,043.792,240.002,018.002,248.582,043.791,824.322,116.60689.212,980.00
Egypt5.505.705.505.485.715.535.495.485.425.703.296.25
Hungary196.39233.07183.84189.00190.29173.42190.10189.00176.13241.2890.20317.56
India44.9246.4548.1146.5344.2639.4248.8046.5344.2949.0816.9251.97
Indonesia9,100.009,074.009,665.009,404.008,994.009,400.0011,120.009,404.009,008.0010,293.001,977.0016,650.00
Jordan0.710.710.710.710.710.710.710.710.700.710.640.72
Malaysia3.263.243.463.433.533.313.473.433.183.602.444.71
Mexico12.3712.9413.5113.0910.8210.9113.6713.0912.1513.762.6815.57
Morocco8.299.007.757.9011.7010.439.477.907.559.177.2112.06
Pakistan84.0685.5483.1584.2560.8861.6379.1084.2581.4385.5521.1885.55
Peru2.842.832.882.893.203.003.132.892.823.031.283.65
Philippines45.1746.3647.3446.1649.0141.2347.5246.1644.2348.9023.1056.46
Poland2.863.392.872.862.902.472.972.862.713.491.724.71
Russia29.4231.2130.0230.0426.3324.6329.4030.0428.6932.770.9836.37
South Africa7.297.677.517.407.016.869.537.407.238.262.5012.45
Thailand332.3432.4233.4433.3735.4529.8034.7433.3732.1434.1623.1555.50
Turkey1.521.581.481.501.421.171.541.501.441.610.001.81
Venezuela4.294.292.152.152.152.152.152.152.154.290.564.29
Advanced Markets
Australia20.920.840.880.900.790.880.700.900.940.780.980.48
Canada1.021.061.071.051.171.001.221.051.001.170.921.61
Czech Republic18.8021.0217.2518.4720.8318.2019.2218.4717.0021.8114.4342.17
Denmark5.516.095.085.205.655.115.335.204.926.244.679.00
Euro area21.351.221.461.431.321.461.401.431.511.191.600.83
Hong Kong SAR7.767.797.757.757.787.807.757.757.757.807.707.83
Japan93.4788.4389.7093.02119.07111.7190.6493.0286.4197.5780.63159.90
Korea1,131.301,221.801,178.051,164.00930.00936.051,259.551,164.001,103.801,316.50683.601,962.50
New Zealand20.710.680.720.720.700.770.580.720.760.630.820.39
Norway5.946.505.775.766.245.446.955.765.536.714.969.58
Singapore1.401.401.411.401.531.441.431.401.371.461.351.91
Sweden7.227.796.967.166.856.477.837.166.788.115.0911.03
Switzerland1.051.081.031.031.221.131.071.031.001.160.981.82
United Kingdom21.521.491.611.621.961.981.461.621.701.432.111.37
Table 11.
20102009
Q1Q2Q3Q42006200720082009
Period on Period Percent Change
Emerging Markets
Argentina-2.1-1.3-1.21.1-1.0-2.8-8.8-9.1
Brazil-2.1-1.310.51.39.420.0-23.132.7
Chile-3.2-4.0-2.98.3-4.07.1-22.025.8
China0.00.70.10.03.47.06.90.0
Colombia6.41.111.6-6.12.111.0-10.310.0
Egypt-0.4-3.41.70.30.53.20.70.2
Hungary-3.8-15.75.6-2.711.99.7-8.80.6
India3.6-3.3-0.43.41.812.3-19.24.9
Indonesia3.30.35.62.89.3-4.3-15.518.2
Jordan-0.2-0.10.00.2-0.10.00.00.2
Malaysia5.00.81.71.07.16.7-4.61.2
Mexico5.9-4.5-2.43.2-1.7-0.8-20.24.4
Morocco-4.7-7.93.8-1.92.012.310.119.8
Pakistan0.2-1.7-2.1-1.3-1.8-1.2-22.1-6.1
Peru1.60.64.3-0.27.16.6-4.48.5
Philippines2.2-2.61.72.58.318.9-13.22.9
Poland0.2-15.710.30.411.817.5-16.83.7
Russia2.1-5.73.8-0.19.26.9-16.2-2.1
South Africa1.6-5.02.71.5-9.72.1-28.028.8
Thailand33.2-0.21.90.215.719.0-14.24.1
Turkey-1.3-4.23.7-0.9-4.721.1-24.02.8
Venezuela-50.00.00.00.00.00.00.00.0
Advanced Markets
Australia2.2-8.39.51.77.611.0-19.727.8
Canada3.7-4.68.71.5-0.316.8-18.115.7
Czech Republic-1.8-10.57.2-6.617.914.4-5.34.1
Denmark-5.7-9.54.4-2.211.510.5-4.02.5
Euro area-5.7-9.44.3-2.211.410.5-4.22.5
Hong Kong SAR-0.1-0.30.0-0.1-0.3-0.30.6-0.1
Japan-0.55.77.4-3.6-1.16.623.2-2.6
Korea2.9-7.48.11.28.6-0.6-25.78.2
New Zealand-1.7-3.612.0-0.13.08.8-24.424.8
Norway-3.0-8.611.40.28.114.7-21.820.6
Singapore0.20.02.70.58.46.50.72.0
Sweden-0.8-7.410.7-2.815.95.9-17.49.4
Switzerland-2.3-2.25.6-0.17.77.56.13.8
United Kingdom-6.0-1.6-2.10.213.71.3-26.510.7
Source: Bloomberg L.P.
Table 12. Emerging Market Bond Index: EMBI Global Total Returns Index
20102009End of Period12-

Month

High
12-

Month

Low
All-

Time

High 1
All-

Time

Low 1
Q1Q2Q3Q42006200720082009
EMBI Global48649246046738440936446749441649463
Latin America
Argentina11410799109126112471091207119436
Belize10111078799149791106811049
Brazil76378774474658063367074678769278768
Chile23324223023218519720523224221824298
Colombia37238536135928330930835938532938570
Dominican Republic23824722023018419812023024718024783
Ecuador49347944048056181122048050035588961
El Salvador18618917317415216512217419015119095
Jamaica118118938710164871257812560
Mexico44446242342635337737942646239246258
Panama81685480480163769163980185472585456
Peru75778973673459163360173478965878952
Uruguay23524321422117718816222124319424338
Venezuela62054859054863456333854865546265559
Asia
China34435533633827128931433835632435698
Indonesia20020518719315415913119320516220590
Malaysia28028927327522424024427528926428964
Pakistan1621621451401231115714016510916549
Philippines51152748849939442540349952844752881
Sri Lanka1421431301391027913914511414560
Vietnam1381421331311121179913114212114277
Europe, Middle East, and Africa
Bulgaria85583180882867671364682886271986280
Croatia1041011761011761761761011769817671
Egypt20020019720016117117820020219120287
Gabon130129118123100711231339813361
Georgia123124110118651181249212465
Ghana134131118123104631231379413747
Hungary19318218218515316814918519416119497
Iraq1701771541611021158116117912817964
Lithuania113110103103114100114100
Lebanon33233730431921523624931933728833799
Poland42842941941834037337341843139243171
Russia72771867069956860749469973960173926
Serbia1471441401421171218214214812114876
South Africa45146743844634937335744646740646799
Tunisia19019118418414916015918419217619298
Turkey48249245647635639238347649542349591
Ukraine458462379374353372172374476327476100
Latin America42843341040835437233140843636843662
Non-Latin America58659354856644347642556659450059472
Table 12.
Period on Period Percent Change
20102009End of Period
Q1Q2Q3Q42006200720082009
EMBI Global4.21.210.21.59.96.3-10.928.2
Latin America
Argentina3.9-5.533.510.251.3-11.1-57.9132.8
Belize27.79.313.91.9-45.860.7
Brazil2.33.27.50.214.89.15.811.4
Chile0.33.94.41.04.16.44.513.1
Colombia3.73.48.7-0.710.79.1-0.516.7
Dominican Republic3.44.021.74.418.07.3-39.090.8
Ecuador2.5-2.824.29.1-11.844.6-72.9118.3
El Salvador6.91.514.20.614.18.0-25.642.1
Jamaica36.20.01.8-6.7-36.335.1
Mexico4.24.06.90.76.06.90.712.3
Panama1.94.710.2-0.312.38.5-7.625.4
Peru3.14.310.3-0.214.87.1-5.122.2
Uruguay6.13.510.33.517.36.6-14.036.7
Venezuela13.1-11.624.7-7.212.8-11.2-39.962.1
Asia
China1.93.13.70.64.16.78.47.7
Indonesia3.62.715.33.215.93.0-17.346.9
Malaysia1.93.13.10.74.37.41.412.6
Pakistan15.6-0.231.8-3.510.3-10.0-48.8147.4
Philippines2.43.27.72.416.87.9-5.123.7
Sri Lanka2.70.711.46.8-22.575.3
Vietnam5.12.79.9-0.910.64.5-15.332.8
Europe, Middle East, and Africa
Bulgaria3.3-2.912.52.45.15.6-9.528.2
Croatia3.0-3.60.0-42.30.00.00.0-42.3
Egypt0.20.13.11.53.85.94.212.1
Gabon6.0-0.920.63.8-28.972.4
Georgia4.31.318.97.281.1
Ghana8.7-2.225.14.7-39.996.8
Hungary4.2-5.712.71.73.79.4-11.224.2
Iraq5.83.920.54.412.4-29.999.5
Lithuania10.3-2.9
Lebanon4.11.65.95.01.69.95.328.1
Poland2.40.36.9-0.33.89.9-0.112.0
Russia4.0-1.311.24.45.56.9-18.541.4
Serbia2.9-1.815.51.58.33.7-32.674.5
South Africa1.33.58.41.73.76.8-4.324.8
Tunisia3.40.64.40.13.87.8-0.915.7
Turkey1.32.27.64.36.110.2-2.324.1
Ukraine22.31.016.2-1.15.95.2-53.8117.9
Latin America4.81.210.8-0.311.95.2-11.123.3
Non-Latin America3.61.29.83.17.27.5-10.733.0
Source: JPMorgan Chase & Co.Note: The country and regional classifications used in this table follow the conventions of JPMorgan Chase and do not necessarily conform to IMF country classifications or regional groupings.
Table 13. Emerging Market Bond Index: EMBI Global Yield Spreads(In basis points)
20102009End of Period12-Month12-MonthAll-TimeAll-Time
Q1Q2Q3Q42006200720082009HighLowHigh1Low1
EM BI Global2613583372941712557242944612421631151
Latin America
Argentina6468457846602164101,7046601,1416017,222185
Belize10111078799149791106811049
Brazil1822472341891902204291893051652,451138
Chile1151461399584151343951729441152
Colombia1732292231981611954981983361581,07695
Dominican Republic3744324874051962811,6054058903221,785122
Ecuador8171,0139407699206144,7317691,3337255,069436
El Salvador25735336932615919985432650823892899
Jamaica4235446847193841,1857198653781,189348
Mexico1592122341921151724341923151451,14989
Panama167220214166146184539166303145769114
Peru1492152051651181785091653131281,06195
Uruguay1912603212381852436852384041771,982133
Venezuela8901,2479041,0411835231,8641,0411,3498112,658161
Asia
China6986876451120228641482636426
Indonesia2012742952301532757622304521821,143136
Malaysia130171174136661193701361981111,14165
Pakistan4906036416881545352,1126881,1114582,225122
Philippines199266265206155207546206365180993132
Sri Lanka3664605825821,8665829333222,455322
Vietnam275338296314952037473144082561,10189
Europe, Middle
East, and Africa
Bulgaria157334238179661536741794621401,67942
Croatia179346195195346163346163
Egypt61303100-352178385-3303-3646-3
Gabon3184574553903581,1863906992871,285287
Georgia3955046194671,9014671,0533791,930379
Ghana3475095424623631,4854628453141,860314
Hungary1563632201865884504186419139613-29
Iraq4004635234475265691,2824476993671,398367
Lebanon2583474072873954937942874742421,204111
Lithuania216369332332423198423198
Poland11321714812447673141242259941017
Russia165295299203991578052034511447,06387
Serbia3264753823331863041,2243335413081,351134
South Africa1572101971498416456214930312680550
Tunisia91118168189831404641892737565648
Turkey2092842901972072395341973621931,196168
Ukraine5076288929891723032,7719891,2204183,660125
Latin America3174153723551802757463554932961,532157
Non-Latin America2023012972241592276992244231841,812142
Table 13.
Period on Period Percent Change
20102009End of Period
Q1Q2Q3Q42006200720082009
EM BI Global-3397-96-43-6684470-430
Latin America
Argentina-14199-27841,294-2881941,294-1,044
Belize22992-4230
Brazil-765-48-45-11830209-240
Chile2031-22-44467192-248
Colombia-2556-78-25-8334303-300
Dominican Republic-3158-371-82-182851,324-1,200
Ecuador48196-382-171259-3064,117-3,962
El Salvador-6996-123-43-8040655-528
Jamaica-2961215535801-466
Mexico-3353-46-242-2857262-242
Panama153-63-48-9338355-373
Peru-1666-67-40-13960331-344
Uruguay-4769-62-83-11358442-447
Venezuela-151357-304137-1303401341-823
Asia
China517-35-23-1769108-164
Indonesia-2973-138-65-116122487-532
Malaysia-6417-38-1653251-234
Pakistan-198113-39647-443811,577-1,424
Philippines-767-59-59-14752339-340
Sri Lanka-1694-211-200-1,484
Vietnam-3963-8318-95108544-433
Europe, Middle
East, and Africa
Bulgaria-22177-193-59-2487521-495
Croatia-16167
Egypt64242-50-103-6126207-388
Gabon-72139-228-65828-796
Georgia-72109-403-152-1,434
Ghana-115162-303-801,122-1,023
Hungary-30207-153-34-1626420-318
Iraq-4763-152-7643713-835
Lebanon-2989-52-12014998301-507
Lithuania-116153
Poland-11104-71-24-1520247-190
Russia-38130-119-96-1958648-602
Serbia-7149-127-49-52118920-891
South Africa853-95-48-380398-413
Tunisia-9827-7721257324-275
Turkey1275-49-93-1632295-337
Ukraine-482121-33497-121312,468-1,782
Latin America-3898-92-17-9295471-391
Non-Latin America-2299-100-73-2068472-475
Source: JPMorgan Chase & Co.Note: The country and regional classifications used in this table follow the conventions of JPMorgan Chase and do not necessarily conform to IMF country classifications or regional groupings.
Table 14. Emerging Market External Issuance: Bonds, Equities, and Loans(In millions of U.S. dollars)
20092010
20052006200720082009Q3Q4Q1Q2
Total337,728.6414,781.4573,120.6343,510.3446,271.1107,648.0148,266.9128,119.3114,659.3
Sub-Saharan Africa11,364.215,800.128,306.16,559.715,493.25,908.33,771.23,377.54,000.5
Angola3,122.791.974.61,813.81,554.490.5
Botswana1.9
Burkina Faso11.014.5
Cameroon30.0
Cape Verde13.0
Central African Republic305.5
Cote d’Ivoire45.0150.72,332.1
Ethiopia100.246.847.7
Gabon34.41,000.0600.0119.0
Ghana706.5860.01,464.31,000.01,331.51,276.5
Kenya64.0330.110.0277.0125.762.8
Lesotho19.7
Mali180.9110.4
Mauritius99.3180.029.0
Mozambique38.8834.055.0
Namibia50.0100.097.6
Niger350.0
Nigeria874.0640.04,884.3223.52,414.7340.02,000.0370.0
Senegal31.6200.0200.0
Seychelles200.030.0168.9168.9
South Africa6,265.912,700.720,054.42,935.98,971.32,644.61,382.32,400.31,666.5
Tanzania136.0162.060.0
Togo125.0
Uganda12.650.030.020.0
Zambia505.0255.020.025.0
Zimbabwe4.875.180.0
Central and
Eastern Europe53,569.450,954.953,274.442,140.238,360.611,133.514,877.420,312.99,082.6
Albania78.1
Bulgaria1,103.71,727.11,360.01,415.0540.58.1440.2
Croatia1,263.71,896.72,786.51,472.33,718.035.52,321.4260.9
Estonia692.8470.9299.2328.9322.0269.117.2
Hungary9,341.77,328.75,330.89,103.95,980.32,878.22,790.42,503.01,020.5
Latvia516.11,457.41,614.71,892.0278.2146.226.7
Lithuania1,220.01,292.01,645.3263.32,415.21,500.02,035.9
Macedonia, FYR176.514.4452.8243.9
Montenegro0.821.46.46.36.3
Poland16,391.78,332.17,342.98,168.413,429.94,669.15,641.68,245.52,419.0
Romania2,611.0747.21,070.41,890.0185.228.423.91,436.24.7
Serbia11,252.660.2568.6243.3886.8
Turkey18,999.627,641.631,220.117,278.610,145.43,270.51,738.46,065.65,360.4
Commonwealth of
Independent States49,031.681,983.3112,324.878,519.259,515.510,097.910,039.510,069.611,766.3
Armenia1.330.019.111.02.4
Azerbaijan400.2183.8315.7116.6459.813.0176.8
Belarus32.0338.6302.8327.053.543.560.0
Georgia11.1220.8341.6649.655.520.0
Kazakhstan8,199.116,655.818,049.711,077.11,053.7779.4181.2500.0
Kyrgyz Republic2.07.446.235.011.2
Moldova13.1171.328.428.4
Mongolia30.06.085.06.81.0
Russia37,003.659,165.384,535.961,229.654,090.28,264.17,110.710,009.69,496.9
Tajikistan1.22.016.73.2
Ukraine3,334.45,378.18,672.94,889.83,716.7958.12,516.11,769.4
Uzbekistan3.64.916.45.0
Developing Asia87,449.8111,889.1168,572.896,215.7172,278.338,841.859,023.450,048.042,109.1
Bangladesh16.7106.557.565.4126.941.470.5
Brunei Darussalam505.0
Cambodia96.3220.0
China38,804.650,039.575,143.529,041.468,290.314,841.518,351.58,733.910,812.0
Fiji150.0
India21,660.029,534.461,167.637,570.059,136.018,208.514,795.527,157.721,843.8
Indonesia5,193.38,432.48,440.713,748.813,843.81,794.46,290.96,381.92,109.2
Lao P.D.R.1,000.0592.0213.7
Malaysia6,154.67,686.97,068.25,260.27,112.01,227.83,933.81,148.84,303.4
Marshall Islands24.0170.01,069.3204.0400.0400.0
Nepal15.0
Pakistan739.23,260.02,158.3885.2672.060.217.867.6
Papua New Guinea1,024.311,428.511,350.0
Philippines6,194.87,041.86,319.03,066.17,593.32,214.82,527.74,349.11,423.9
Sri Lanka383.0129.8755.0538.7560.0500.035.0
Thailand6,310.94,784.12,494.23,070.41,542.4513.2341.31,026.8949.1
Vietnam968.8457.42,655.21,653.51,359.2402.01,197.0600.0
Middle East and
North Africa50,850.381,592.077,839.660,108.855,921.013,353.122,000.913,101.812,998.2
Algeria489.32.0411.01,738.01.9
Bahrain2,913.83,825.76,170.11,245.02,159.570.0335.01,250.0750.0
Egypt3,426.14,379.65,471.76,128.51,757.0175.11,015.11,656.71,642.1
Iran, I.R. of1,928.8142.5
Iraq107.82,877.0
Jordan60.0180.0
Kuwait4,445.05,346.61,919.93,146.81,463.3779.91,982.886.7
Lebanon2,558.06,040.02,420.03,203.22,945.640.0540.01,200.0
Libya38.0
Morocco1.9158.71,721.0472.6
Oman3,320.73,430.23,580.7950.6565.8513.9740.0
Qatar10,768.510,527.914,700.511,318.115,616.12,230.08,600.0137.5
Saudi Arabia5,791.09,115.57,110.67,232.52,282.92,282.9884.28,907.5
Syrian Arab Republic80.0
Tunisia579.924.7403.4402.01.4
United Arab Emirates14,519.535,661.633,712.621,769.229,081.88,555.110,217.25,250.71,610.1
Yemen Arab Republic2,422.247.6
Western Hemisphere85,463.472,562.0132,803.059,966.8104,702.428,313.438,554.631,209.434,702.7
Argentina20,663.03,343.610,472.21,651.4732.3637.350.0645.0500.0
Bolivia54.0100.0
Brazil27,486.031,219.473,737.430,843.144,586.79,481.815,986.715,097.016,535.2
Chile6,808.66,009.93,743.25,680.44,360.1500.02,388.11,305.2750.0
Colombia3,063.35,036.17,879.41,991.76,502.62,000.02,368.71,815.0796.4
Costa Rica91.71.731.185.0
Cuba1.9
Dominican Republic284.4779.8657.9479.615.015.074.71,785.0
Ecuador759.019.1104.0
El Salvador454.51,326.6855.0800.0100.0100.0
Guatemala365.015.0
Haiti134.0
Honduras4.6113.6
Jamaica1,466.61,076.11,275.0450.01,085.0500.01,328.2
Mexico14,104.216,341.917,678.910,647.928,157.99,867.36,222.69,872.410,123,6
Panama842.72,201.4375.01,292.0236.7240.7
Paraguay98.8
Peru2,583.91,489.95,724.42,330.03,856.41,101.9931.5721.42,071.8
Trinidad and Tobago100.02,708.0955.4850.0850.013.8
Uruguay1,061.22,700.01,148.32.6500.0500.0
Venezuela6,111.3376.19,381.04,650.011,000.03,000.08,000.01,800.0
Source: Data provided by the IMF’s Bond, Equity, and Loan database, sourced from Dealogic.Note: Deal inclusion conforms to the vendor’s criteria for external publicly syndicated gross issuance, generally excluding bilateral deals.
Table 15. Emerging Market External Issuance: Bonds(In millions of U.S. dollars)
20092010
20052006200720082009Q3Q4Q1Q2
Total148,059.2130,816.9144,572.277,663.9144,082.841,392.856,465.957,531.142,393.7
Sub-Saharan Africa2,681.44,898.912,318.61,532.83,654.5516.71,218.92,000.02,332.1
Côte d” lvoire2,332.1
Gabon1,000.0
Ghana950.0
Nigeria525.0
Senegal200.0200.0
Seychelles200.030.0168.9168.9
South Africa2,681.44,698.99,813.61,532.83,285.6516.7850.02,000.00.0
Central and
Eastern Europe32,181.622,917.817,765.015,091.422,902.77,098.98,732.915,383.23,200.6
Bulgaria383.4220.8
Croatia384.9746.43,148.02,097.8
Estonia426.638.0
Hungary7,351.46,900.94,088.25,281.33,045.31,397.41,577.92,503.01,020.5
Latvia123.1266.1607.6
Lithuania778.61,241.61,484.2104.92,388.11,500.02,000.0
Macedonia, FYR176.5243.9243.9
Poland11,851.54,693.54,111.03,785.110,153.64,207.53,383.36,444.0134.6
Romania1,197.01,162.523.923.91,436.24.7
Serbia 11,018.5165.2
Turkey8,875.09,209.97,132.24,150.03,900.01,250.0150.03,000.02,041.0
Commonwealth of
Independent States20,321.630,981.343,428.227,150.714,705.64,700.03,867.05,683.09,900.0
Azerbaijan5.0100.049.6
Belarus2.519.43.0
Georgia200.0500.0
Kazakhstan2,850.07,055.88,808.63,575.0671.2500.0171.2500.0
Mongolia75.0
Russia15,365.720,804.630,190.322,063.110,809.33,359.41,311.45,683.07,900.0
Ukraine2,105.93,113.54,035.0960.03,225.1840.62,384.41,500.0
Developing Asia16,869.814,708.715,377.68,976.417,439.93,531.97,273.89,211.24,942.1
China3,858.21,110.02,144.22,055.33,267.51,692.21,428.8815.12,992.1
Fiji150.0
India2,118.32,644.27,549.41,407.52,150.0150.02,000.01,650.0250.0
Indonesia2,817.32,000.01,750.04,200.05,453.6358.61,345.02,530.0250.0
Malaysia1,184.12,076.2918.6439.781.081.01,250.0
Marshall Islands400.0400.0
Pakistan1,050.0750.0137.7
Philippines3,900.04,623.21,000.0350.05,350.01,250.01,600.03,016.1200.0
Sri Lanka500.0500.0500.0
Thailand2,241.81,055.0765.4523.8200.0
Vietnam750.0100.01,000.0
Middle East and
North Africa15,037.726,595.317,143.37,350.731,787.06,862.413,855.34,200.03,462.8
Bahrain1,296.71,120.01,767.7350.0750.01,250.0750.0
Egypt1,250.01,803.5300.0300.01,500.0
Iraq2,700.0
Kuwait500.01,137.0575.0305.7500.0500.0
Lebanon1,780.05,741.62,300.03,138.22,865.6500.01,200.0
Morocco671.3
Oman25.0
Qatar2,250.03,040.013,830.02,230.08,600.0
Saudi Arabia1,800.02,913.8140.0140.0650.0
Tunisia488.6253.4
United Arab Emirates5,672.49,917.99,772.43,556.813,401.44,492.53,955.31,100.01,212.8
Western Hemisphere60,967.130,714.838,539.517,562.053,593.218,683.021,518.121,053.718,556.0
Argentina18,984.41,745.53,400.965.0595.0500.050.0475.0500.0
Brazil17,769.012,303.99,916.96,734.710,166.74,026.72,205.09,579.35,099.5
Chile900.01,100.0250.099.82,951.4200.01,851.4500.0750.0
Colombia2,435.53,177.63,133.71,039.75,903.02,000.01,903.0796.4
Dominican Republic196.6550.0430.0750.0
Ecuador650.0
El Salvador375.0625.0800.0800.0
Guatemala200.0
Jamaica1,050.0880.0625.0350.01,085.0500.0775.0
Mexico9,165.16,207.26,341.44,472.915,540.96,606.34,701.79,374.48,899.3
Panama1,323.01,000.0
Peru2,155.0445.04,449.0150.02,878.21,000.0507.0350.01,460.8
Trinidad and Tobago100.0980.7900.0850.0850.0
Uruguay1,061.22,700.0342.6500.0500.0
Venezuela5,925.38,750.04,650.011,000.03,000.08,000.0300.0
Source: Data provided by the IMF’s Bond, Equity, and Loan database, sourced from Dealogic.Note: Deal inclusion conforms to the vendor’s criteria for external publicly syndicated gross issuance, generally excluding bilateral deals.
Table 16. Emerging Market External Issuance: Equities(In millions of U.S. dollars)
20092010
20052006200720082009Q3Q4Q1Q2
Total53,352.999,457.6184,045.845,513.991,857.026,889.236,441.322,607.526,863.5
Sub-Saharan Africa1,189.03,875.38,187.21,004.31,377.61,061.60.0400.3891.5
Botswana1.9
Central African Republic305.5
Ghana9.8
Kenya252.0
Namibia87.6
Nigeria692.8
South Africa1,184.23,800.27,179.2664.71,377.61,061.6-400.3889.7
Zimbabwe4.875.1
Central and
Eastern Europe1,709.53,252.44,918.51,166.63,992.91,563.42,207.91,674.82,301.6
Bulgaria93.585.7
Croatia220.01,377.6
Estonia266.221.5216.117.2
Hungary48.8191.81,201.71,201.7
Lithuania51.215.035.9
Poland1,249.81,588.5498.21,151.62,791.2361.72,207.91,638.92,284.4
Romania172.558.2
Turkey1,164.32,576.6
Commonwealth of
Independent States8,163.417,654.135,960.14,087.21,257.8695.8380.11,356.31,866.3
Armenia2.4
Georgia159.8100.0
Kazakhstan1,548.24,303.65,030.4219.9195.1180.00.00.00.0
Russia6,458.213,165.429,596.82,850.3955.6515.8275.41,356.31,596.9
Ukraine157.125.31,332.9917.0104.70.0104.70.0269.4
Developing Asia35,145.657,124.581,040.722,578.962,788.218,100.023,800.313,636.011,436.5
Bangladesh16.723.039.970.50.070.50.00.0
Cambodia96.3220.0
China23,188.440,517.148,272.112,754.140,424.48,733.515,687.62,971.14,349.3
India8,571.011,009.022,242.96,017.116,638.88,433.54,354.28,373.26,124.6
Indonesia1,334.2675.93,009.02,327.21,639.695.8670.51,884.60.0
Malaysia672.3559.41,790.9660.03,603.9456.83,017.4298.8500.9
Pakistan922.2793.41,024.3109.3
Papua New Guinea1,024.3
Philippines740.21,515.72,226.8201.0299.8299.80.00.0363.9
Sri Lanka55.53.7
Thailand567.21,805.8819.9416.6111.280.50.0108.297.8
Vietnam601.490.00.0
Middle East and
North Africa1,860.92,499.36,414.33,957.91,900.6796.9151.5423.8485.3
Algeria2.0
Bahrain87.2420.5266.4
Egypt686.8483.7592.1483.6114.20.0114.20.0142.1
Kuwait1,642.0
Lebanon778.0248.4
Morocco133.31,049.7472.6
Oman148.434.6
Qatar234.8171.4900.0952.20.00.0137.50.0
Saudi Arabia41.8639.9639.90.0234.2280.0
United Arab Emirates160.5976.64,293.0425.0194.3156.937.352.263.3
Western Hemisphere5,284.615,052.047,525.112,719.020,539.94,671.69,901.55,116.49,882.3
Argentina987.11,845.3
Brazil3,782.811,177.139,242.810,435.418,195.23,025.69,286.74,438.19,587.1
Chile598.1742.9317.731.831.8575.2
Colombia54.23,365.7511.6427.7
Mexico903.81,513.82,111.12,127.21,567.31,556.410.9295.2
Panama156.4103.0
Peru576.9642.6234.189.5144.5
Source: Data provided by the IMF’s Bond, Equity, and Loan database, sourced from Dealogic.Note: Deal inclusion conforms to the vendor’s criteria for external publicly syndicated gross issuance, generally excluding bilateral deals.
Table 17. Emerging Market External Issuance: Loans(In millions of U.S. dollars)
20092010
20052006200720082009Q3Q4Q1Q2
Total136,316.5184,506.9244,502.6220,332.5210,331.239,366.055,359.747,980.745,402.1
Sub-Saharan Africa7,493.87,025.97,800.24,022.610,461.24,330.12,552.3977.2776.8
Angola3,122.791.974.61,813.81,554.490.5
Burkina Faso11.014.5
Cameroon30.0
Cape Verde13.0
Côte d’lvoire45.0150.7
Ethiopia100.246.847.7
Gabon34.4600.0119.0
Ghana706.5860.0504.51,000.01,331.51,276.5
Kenya64.0330.110.025.0125.762.8
Lesotho19.7
Mali180.9110.4
Mauritius99.3180.029.0
Mozambique38.8834.055.0
Namibia50.0100.010.0
Niger350.0
Nigeria874.0640.03,666.5223.52,414.7340.02,000.0370.0
Senegal31.6
South Africa2,400.34,201.63,061.6738.54,308.11,066.4532.3776.8
Tanzania136.0162.060.0
Togo125.0
Uganda12.650.030.020.0
Zambia505.0255.020.025.0
Zimbabwe80.0
Central and
Eastern Europe19,678.224,784.730,590.925,882.211,465.12,471.33,936.63,254.93,580.3
Albania78.1
Bulgaria626.81,420.61,360.01,415.0540.58.1440.2
Croatia1,263.71,291.9662.61,472.3570.035.5223.6260.9
Estonia449.445.1328.9322.0269.1
Hungary1,941.4427.81,050.93,822.61,733.3279.11,212.5
Latvia393.01,191.31,614.71,284.3278.2146.226.7
Lithuania390.250.4161.2143.527.2
Macedonia, FYR14.4209.0
Montenegro0.821.46.46.36.3
Poland3,290.42,050.22,733.73,231.7485.299.850.4162.7
Romania1,414.0574.71,012.2727.5161.328.4
Serbia1234.160.2403.4243.3886.8
Turkey10,124.617,267.421,511.313,128.66,245.42,020.51,588.43,065.63,319.4
Commonwealth of
Independent States20,546.533,347.832,936.547,281.343,552.14,702.15,792.43,030.3
Armenia1.330.019.111.0
Azerbaijan400.2178.8215.767.0459.813.0176.8
Belarus32.0336.1283.5324.053.543.560.0
Georgia11.161.0141.649.655.520.0
Kazakhstan3,800.95,296.44,210.77,282.2187.499.410.0
Kyrgyz Republic2.07.446.235.011.2
Moldova13.1171.328.428.4
Mongolia30.06.010.06.81.0
Russia15,179.725,195.424,748.936,316.242,325.24,388.85,523.92,970.3
Tajikistan1.22.016.73.2
Ukraine1,071.42,239.33,305.03,012.8386.9117.427.0
Uzbekistan3.64.916.45.0
Developing Asia35,434.540,055.972,154.564,660.492,050.217,210.027,949.327,200.925,730.5
Bangladesh83.617.665.456.441.4
Brunei Darussalam505.0
China11,757.98,412.324,727.214,232.024,598.34,415.81,235.14,947.73,470.6
India10,970.715,881.231,375.330,145.440,347.39,625.18,441.317,134.615,469.2
Indonesia1,041.85,756.53,681.77,221.66,750.61,340.04,275.31,967.31,859.2
Lao P.D.R.1,000.0592.0213.7
Malaysia4,298.25,051.24,358.84,160.53,427.1690.0916.4850.02,552.5
Marshall Islands24.0170.01,069.3204.0
Nepal15.0
Pakistan739.21,287.8614.9775.9534.360.217.867.6
Papua New Guinea11,428.511,350.0
Philippines1,554.6902.93,092.22,515.01,943.5665.0927.71,333.0860.0
Sri Lanka327.5129.8255.0535.060.035.0
Thailand3,501.81,923.3908.82,130.01,431.2432.7341.3718.5851.4
Vietnam218.8457.42,053.81,563.51,259.2402.0197.0600.0
Middle East and
North Africa33,951.752,497.454,282.148,800.322,233.45,693.87,994.18,478.09,050.1
Algeria489.3411.01,738.01.9
Bahrain1,530.02,285.24,136.0895.01,409.570.0335.0
Egypt1,489.33,895.93,076.15,644.81,342.8175.1600.81,656.7
Iran, I.R. of1,928.8142.5
Iraq107.8177.0
Jordan60.0180.0
Kuwait3,945.04,209.61,344.91,199.1963.3279.91,982.886.7
Lebanon50.0120.065.080.040.040.0
Libya38.0
Morocco1.925.4
Oman3,172.23,405.23,580.7916.0565.8513.9740.0
Qatar8,518.57,253.114,529.210,418.1833.8
Saudi Arabia3,991.06,201.77,068.87,232.51,503.01,503.08,627.5
Syrian Arab Republic80.0
Tunisia91.224.7150.0402.01.4
United Arab Emirates8,686.624,767.119,647.317,787.515,486.23,905.76,224.64,098.5334.0
Yemen Arab Republic2,422.247.6
Western Hemisphere19,211.726,795.246,738.429,685.730,569.34,958.87,135.05,039.46,264.4
Argentina1,678.6611.05,226.01,586.4137.3137.3170.0
Bolivia54.0100.0
Brazil5,934.37,738.324,577.613,673.016,224.82,429.54,495.01,079.61,848.6
Chile5,310.64,166.93,175.55,580.71,377.0300.0505.0230.0
Colombia627.81,804.41,380.0952.088.038.01,815.0
Costa Rica91.71.731.185.0
Cuba1.9
Dominican Republic87.8229.8227.9479.615.015.074.71,035.0
Ecuador109.019.1104.0
El Salvador79.5701.655.0100.0100.0
Guatemala165.015.0
Haiti134.0
Honduras4.6113.6
Jamaica416.6196.1650.0100.0553.2
Mexico4,035.48,620.99,226.44,047.911,049.71,704.61,510.0498.0929.1
Panama686.3878.4375.0292.0133.6240.7
Paraguay98.8
Peru429.0468.0632.92,180.0744.112.3280.0371.4611.0
Trinidad and Tobago1,727.355.413.8
Uruguay805.72.6
Venezuela186.0376.1631.01,500.0
Source: Data provided by the IMF’s Bond, Equity, and Loan database, sourced from Dealogic.Note: Deal inclusion conforms to the vendor’s criteria for external publicly syndicated gross issuance, generally excluding bilateral deals.
Table 18. Equity Valuation Measures: Dividend-Yield Ratios
20092010
20052006200720082009Q3Q4Q1Q2
Emerging Markets2.52.21.94.22.12.32.12.02.2
Asia2.62.11.84.21.71.91.71.82.0
Europe/Mideast/Africa2.12.02.04.32.22.42.22.02.4
Latin America3.02.42.14.02.73.32.72.42.6
Argentina1.70.81.62.71.11.21.11.14.1
Brazil3.93.12.24.73.03.73.02.72.9
Chile3.01.91.72.61.62.21.61.41.5
China2.71.51.23.11.92.01.91.92.4
Colombia1.72.52.32.42.82.82.82.72.6
Egypt1.42.31.86.34.84.84.84.14.0
Hungary2.22.52.34.61.31.41.31.11.6
India1.31.00.71.80.90.90.90.91.0
Indonesia3.32.31.55.41.92.91.91.82.2
Jordan1.13.41.83.43.13.13.13.03.2
Malaysia2.92.62.04.12.42.62.42.22.3
Mexico1.61.21.62.82.42.52.41.91.9
Morocco3.83.52.73.24.93.74.94.24.6
Pakistan5.05.84.112.56.46.66.46.46.8
Philippines2.22.32.24.42.22.32.22.82.8
Poland2.74.23.65.93.03.33.02.92.4
Russia1.61.01.23.51.41.51.41.32.0
South Africa2.52.42.74.52.72.92.72.32.4
Sri Lanka1.71.41.99.81.61.81.61.51.7
Thailand3.73.92.96.52.92.92.92.93.3
Turkey2.02.92.35.82.12.22.12.02.7
Source: Morgan Stanley Capital International.Note: The country and regional classifications used in this table follow the conventions of MSCI and do not necessarily conform to IMF country classifications or regional groupings.
Table 19. Equity Valuation Measures: Price-to-Book Ratios
20092010
20052006200720082009Q3Q4Q1Q2
Emerging Markets2.42.62.91.42.22.02.22.11.9
Asia2.12.42.81.42.22.12.22.22.0
Europe/Mideast/Africa2.92.82.71.21.81.71.81.71.5
Latin America2.62.83.11.72.42.32.42.42.0
Argentina3.13.52.90.91.21.41.21.31.1
Brazil2.42.53.11.52.32.22.32.41.8
Chile1.92.32.41.82.32.22.32.42.5
China2.13.24.51.82.72.42.72.62.3
Colombia3.41.91.81.52.32.42.32.11.8
Egypt8.04.75.51.72.22.42.22.31.8
Hungary3.03.02.60.91.41.41.41.71.3
India4.45.26.42.23.83.73.83.43.2
Indonesia3.14.45.82.43.94.23.94.24.0
Jordan4.72.22.41.72.41.92.42.21.8
Malaysia1.82.22.51.52.12.02.12.22.1
Mexico3.33.63.32.42.62.72.62.72.7
Morocco2.74.26.15.24.04.34.04.55.4
Pakistan3.62.93.71.11.91.91.92.01.9
Philippines2.02.82.91.82.62.42.62.62.7
Poland2.62.62.51.21.61.51.61.71.5
Russia2.42.72.40.71.31.21.31.11.0
South Africa3.23.33.11.92.42.22.42.42.3
Sri Lanka2.02.61.70.82.21.92.22.32.4
Thailand2.41.92.41.11.91.91.92.11.9
Turkey2.22.02.31.11.91.81.91.91.8
Source: Morgan Stanley Capital International.Note: The country and regional classifications used in this table follow the conventions of MSCI and do not necessarily conform to IMF country classifications or regional groupings.
Table 20. Equity Valuation Measures: Price/Earnings Ratios
20092010
20052006200720082009Q3Q4Q1Q2
Emerging Markets15.015.717.18.520.619.020.620.614.6
Asia14.215.819.09.424.326.324.323.815.8
Europe/Mideast/Africa17.315.714.66.716.212.416.217.011.7
Latin America14.514.716.09.018.315.618.318.114.4
Argentina19.516.713.13.78.07.38.06.75.6
Brazil12.412.815.57.917.014.117.017.013.2
Chile21.723.622.113.318.716.218.719.422.0
China12.221.027.010.321.119.121.121.316.4
Colombia29.720.127.013.425.121.325.126.123.0
Egypt31.519.121.57.113.912.013.914.313.5
Hungary12.811.312.83.714.29.014.215.511.9
India20.222.932.810.521.820.921.821.119.6
Indonesia12.119.521.58.716.416.616.417.616.9
Jordan41.515.321.314.415.915.115.918.117.0
Malaysia14.518.416.910.220.321.020.320.916.8
Mexico17.117.316.412.322.721.422.721.316.3
Morocco19.522.827.226.014.321.414.316.016.7
Pakistan12.910.013.43.810.110.210.110.87.8
Philippines15.717.716.511.719.119.619.119.317.4
Poland15.713.215.27.319.316.819.316.710.7
Russia15.815.814.13.415.69.615.616.08.2
South Africa17.016.514.910.716.613.916.618.920.9
Sri Lanka15.521.514.77.177.747.777.7115.622.2
Thailand10.29.114.87.119.321.219.321.112.6
Turkey16.512.410.95.312.612.512.611.59.8
Source: Morgan Stanley Capital International.Note: The country and regional classifications used in this table follow the conventions of MSCI and do not necessarily conform to IMF country classifications or regional groupings.
Table 21. Emerging Market: Mutual Fund Flows(In millions of U.S. dollars)
20092010
20052006200720082009Q3Q4Q1Q2
Bonds5,729.06,233.14,294.9-14,717.68,275.73,884.76,551.57,790.49,288.8
Equities21,706.122,440.840,827.1-39,490.064,383.211,274.424,340.07,570.89,821.8
Global3,147.74,208.615,223.3-9,114.134,471.35,461.915,271.23,748.69,411.6
Asia6,951.816,790.216,404.6-19,586.819,108.63,238.45,132.61,804.02,109.8
Europe/Middle East/Africa7,587.2-1,877.4-953.3-4,928.72,017.31,346.31,275.01,882.1759.4
Latin America4,019.53,319.510,152.6-5,860.48,786.01,227.72,661.2136.1-2,459.0
Source: Emerging Porfolio Fund Research, Inc.Note: Data derive from net flows to both traditional and alternative funds domiciled globally with $13 trillion in assets. The country and regional classifications used in this table follow the conventions of Emerging Portfolio Fund Research and individual fund managers and do not necessarily conform to IMF country classifications or regional groupings.
Table 22.Bank Regulatory Capital to Risk-Weighted Assets(In percent)
200520062007200820092010Latest
Advanced Economies
Australia10.410.410.211.412.011.8March
Austria111.813.212.712.915.0December
Belgium11.511.911.216.217.3December
Canada12.912.512.112.214.714.8March
Czech Republic211.911.511.611.614.014.2March
Denmark13.213.812.3December
Finland17.215.115.113.614.514.5March
France11.310.910.210.512.4December
Germany12.212.512.913.614.8December
Greece13.212.211.29.411.711.2June
Hong Kong SAR14.814.913.414.816.9December
Iceland312.815.112.116.6December
Ireland412.010.910.710.610.911.6June
Israel10.710.811.011.112.6June
Italy510.610.710.410.812.1December
Japan612.213.112.312.415.8March
Korea13.012.812.312.314.414.7March
Luxembourg715.515.314.315.418.919.5March
Malta20.422.020.317.723.9December
Netherlands812.611.913.211.914.914.0March
Norway11.911.211.711.213.0December
Portugal911.310.910.49.410.510.6March
Singapore15.815.413.514.716.5September
Slovak Republic14.813.012.811.112.612.7March
Slovenia10.511.011.211.711.611.4March
Spain11.011.210.611.312.2December
Sweden1010.110.09.810.212.7December
Switzerland1112.413.412.114.817.9December
United Kingdom12.812.912.612.914.8December
United States1212.913.012.812.814.314.7March
Emerging and Developing
Economies
Central and Eastern Europe
Albania18.618.117.117.216.216.1May
Bosnia and Herzegovina17.817.717.116.316.115.7March
Bulgaria1315.314.513.814.917.018.2March
Croatia15.214.416.915.416.621.3March
Estonia10.710.810.813.315.722.0March
Hungary11.611.010.411.212.912.9March
Latvia10.110.211.111.814.614.2March
Lithuania10.310.810.912.914.215.1March
Macedonia, FYR1421.318.317.016.216.416.5June
Montenegro1527.821.317.115.015.714.3March
Poland1614.513.212.011.213.3December
Romania1721.118.113.813.814.715.0March
Serbia26.024.727.921.921.321.5March
Turkey23.721.918.918.020.619.5May
Commonwealth of Independent States
Armenia33.734.930.127.528.328.8July
Belarus26.724.419.321.819.819.8June
Georgia1831.036.030.024.025.624.0July
Kazakhstan14.914.814.214.9-8.2-4.0May
Moldova27.227.929.132.232.331.6May
Russia16.014.915.516.820.918.9July
Ukraine15.014.213.914.018.120.8March
Developing Asia
Bangladesh7.35.17.410.1June
China2.54.98.412.011.4December
India1912.812.312.313.013.2March
Indonesia19.920.619.217.017.6October
Malaysia13.713.513.212.615.415.1April
Pakistan2011.312.712.312.314.113.7March
Philippines117.618.115.715.515.8December
Thailand13.213.614.813.915.815.7March
Middle East and North Africa
Egypt2113.714.714.814.715.1June/Dec.
Jordan17.621.420.818.419.6December
Kuwait2221.121.219.417.118.0December
Lebanon2322.925.012.512.112.4December
Morocco11.512.310.611.211.8December
Oman18.517.215.814.715.5December
Saudi Arabia17.821.920.616.016.5December
Tunisia2412.411.811.611.712.4December
United Arab Emirates17.416.614.013.319.220.3March
Sub-Saharan Africa
Gabon2519.817.814.319.424.0December
Ghana16.215.814.813.818.220.2April
Kenya16.416.518.018.919.519.9April
Lesotho22.019.014.012.015.0September
Mozambique13.412.514.213.915.116.3April
Namibia14.614.215.715.515.0December
Nigeria17.822.621.021.921.5March
Rwanda14.013.716.615.919.018.4March
Senegal11.113.113.613.916.5December
Sierra Leone35.536.038.743.533.432.6March
South Africa2612.712.312.813.014.114.4May
Swaziland17.326.323.633.826.3September
Uganda18.317.919.320.720.922.7March
Western Hemisphere
Argentina15.316.816.916.818.718.4April
Bolivia2714.713.312.613.713.312.3May
Brazil17.918.918.718.318.817.5April
Chile13.012.512.212.514.313.6April
Colombia14.713.113.613.412.112.8March
Costa Rica18.018.415.715.115.916.4May
Dominican Republic2712.512.413.013.414.514.5March
Ecuador2711.612.012.513.013.813.1May
El Salvador13.513.813.814.516.216.9June
Guatemala2813.713.613.813.515.415.1June
Mexico2714.316.115.915.315.916.4February
Panama2816.815.814.514.816.416.6March
Paraguay20.420.116.818.216.418.0February
Peru12.012.512.111.913.514.3April
Uruguay2922.716.917.816.717.018.5June
Venezuela15.514.312.913.413.915.5April
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)
200520062007200820092010Latest
Advanced Economies
Australia15.25.44.94.45.05.0March
Austria24.85.26.56.37.0December
Belgium2.73.34.13.34.5December
Canada5.65.25.04.75.75.7March
Czech Republic35.46.05.75.56.16.1March
Denmark5.76.25.7December
Finland9.29.47.96.26.4December
France4.44.54.14.24.5December
Germany4.14.34.34.54.8December
Greece25.96.76.64.56.1September
Hong Kong SAR13.313.010.411.012.7September
Iceland47.47.86.913.0December
Ireland54.74.54.64.75.65.7June
Israel5.65.96.15.76.0June
Italy7.67.07.97.68.07.9May
Japan64.95.34.53.64.7March
Korea79.39.29.08.810.9December
Luxembourg84.14.14.14.86.06.0March
Malta912.915.014.714.615.2December
Netherlands103.13.03.33.24.34.0March
Norway97.47.06.45.96.0September
Portugal115.86.46.55.86.56.5March
Singapore9.69.69.28.310.5September
Slovak Republic7.47.08.08.29.69.7March
Slovenia8.58.48.48.48.38.3May
Spain126.87.26.76.46.8December
Sweden134.84.94.74.75.0December
Switzerland145.14.94.65.75.5December
United Kingdom96.16.15.54.45.4December
United States1510.310.510.39.311.010.9March
Emerging and Developing
Economies
Central and Eastern Europe
Albania15.45.95.86.78.78.4May
Bosnia and Herzegovina1614.414.313.014.315.215.3March
Bulgaria17.47.37.78.510.811.0March
Croatia9.010.312.513.513.914.4March
Estonia8.77.67.79.28.58.8March
Hungary8.28.38.28.08.59.0March
Latvia7.67.67.97.37.47.3March
Lithuania7.97.67.99.27.98.4March
Macedonia, FYR15.913.311.411.511.411.3June
Montenegro1715.310.48.08.411.010.4March
Poland187.97.88.07.99.0December
Romania199.28.67.38.17.68.0April
Serbia16.218.521.023.621.021.0March
Turkey13.411.913.011.813.313.4May
Commonwealth of
Independent States
Armenia21.522.922.523.021.021.8July
Belarus19.817.916.018.616.614.8June
Georgia2018.821.220.417.118.316.7July
Kazakhstan13.013.215.212.2-9.3-8.7May
Moldova115.716.716.317.016.016.5May
Russia12.812.113.313.615.7December
Ukraine12.412.511.612.913.114.5March
Developing Asia
Bangladesh4.73.34.66.5June
China214.45.15.86.15.6December
India226.46.66.4March
Indonesia9.810.210.19.210.3September
Malaysia7.77.67.48.19.09.3May
Pakistan237.99.410.510.010.110.3March
Philippines12.011.711.710.611.1December
Thailand8.98.99.59.29.89.9March
Middle East and
North Africa
Egypt246.16.35.56.26.4June/Dec.
Jordan8.210.710.610.411.0December
Kuwait13.011.712.611.712.1December
Lebanon7.59.18.18.57.06.8March
Morocco7.77.46.97.37.68.0June
Oman14.612.914.513.313.5December
Saudi Arabia8.89.39.910.111.913.3March
Tunisia
United Arab Emirates11.912.610.511.816.016.9March
Sub-Saharan Africa
Gabon2511.110.27.010.716.2December
Ghana267.215.013.612.817.019.0April
Kenya12.112.412.611.412.712.7April
Lesotho10.27.58.27.9December
Mozambique6.66.37.27.57.78.4April
Namibia7.87.57.98.07.9December
Nigeria12.414.716.318.018.4March
Rwanda9.49.310.37.113.012.1March
Senegal7.68.38.39.19.3December
Sierra Leone110.317.016.718.718.9December
South Africa7.97.98.05.66.7December
Swaziland14.413.717.317.616.9September
Uganda10.310.910.313.113.415.1March
Western Hemisphere
Argentina12.913.413.112.913.312.3April
Bolivia2711.310.09.69.38.78.1May
Brazil9.810.09.99.39.59.1April
Chile6.96.66.76.97.47.0April
Colombia12.312.012.112.213.613.6March
Costa Rica13.413.813.213.313.914.3May
Dominican Republic279.410.09.59.79.18.7May
Ecuador278.48.78.78.87.77.3May
El Salvador11.111.811.812.613.213.5June
Guatemala288.58.29.210.310.510.3June
Mexico2712.513.613.89.29.79.7February
Panama2812.812.013.713.411.712.1June
Paraguay11.012.511.68.98.79.7February
Peru7.79.58.88.39.910.0May
Uruguay298.69.810.58.98.99.5June
Venezuela11.68.89.29.49.410.6May
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 24. Bank Nonperforming Loans to Total Loans(In percent)
200520062007200820092010Latest
Advanced Economies
Australia10.20.20.20.81.21.2March
Austria2,32.62.72.22.02.3December
Belgium32.01.71.11.72.7December
Canada0.50.40.71.11.31.3March
Czech Republic43.93.72.82.84.64.9March
Denmark0.40.30.3December
Finland0.30.30.30.50.70.8March
France3.53.02.72.83.6December
Germany54.03.42.62.83.3December
Greece6.35.44.55.07.79.0June
Hong Kong SAR61.41.10.81.21.1December
Iceland71.10.861.2December
Ireland80.70.70.82.69.010.4June
Israel2.31.91.41.51.5June
Italy95.34.94.64.97.0December
Japan101.81.51.41.61.7March
Korea61.20.80.71.11.21.5March