Chapter

GLOBAL FINANCIAL STABILITY REPORT STATISTICAL APPENDIX

Author(s):
International Monetary Fund. Monetary and Capital Markets Department
Published Date:
April 2011
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This presentation complements the main text of the Global Financial Stability Report(GFSR) with data on financial developments in regions and countries as well as in selected sectors.

Unless otherwise noted, the data reflect information available up to January 31, 2011. The data come for the most part from sources outside the IMF. Although the IMF endeavors to use the highest quality data available, it cannot be responsible for the accuracy of information obtained from independent sources.

Please note that effective this issue, the IMF’s Statistics Department has assumed responsibility for compiling the Financial Soundness Indicators tables, and they are no longer part of this appendix. However, these tables will continue to be linked to the GFSR Statistical Appendix on the IMF’s public website.

The following symbols have been used throughout this appendix:

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

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

  • – between years and 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 fnancial 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 ⅟4 of 1 percentage point).

“n.a.” means not applicable.

Minor discrepancies between 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.

Figure 1.Major Net Exporters and Importers of Capital in 2010

Sources: IMF, World Economic Outlook database as of April 1, 2011.

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

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

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

4Other economies include all economies with shares of total deficit less than 4.1 percent.

Figure 2.Sovereign Credit Default Swap Spreads

(Five-year tenor, in basis points)

Source: Bloomberg L.P.

Figure 3.Selected Credit Default Swap Spreads

(Five-year tenor, in basis points)

Sources: Bloomberg L.P.; and Datastream.

Note: CEEMEA = Central and Eastern Europe, Middle East, and Africa.

Figure 4.Selected Spreads

(In basis points; monthly data)

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

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

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

3Spread over 10-year government bond.

Figure 5.Implied Volatility Indices

Source: Bloomberg L.P.

Note: VIX = Chicago Board Options Exchange volatility index on the Standard & Poor’s 500 and denotes equity volatility. MOVE = Bank of America Merrill Lynch Option Volatility Estimate index and denotes one-month Treasury options volatility. G-7 currencies = VXY index from JPMorgan Chase & Co. and denotes G-7 foreign exchange volatility.

Figure 6.Twelve-Month Forward Price/Earnings Ratios

Source: I/B/E/S.

Figure 7.United States: Corporate Bond Market

Sources: Board of Governors of the Federal Reserve System; and Bank of America Merrill Lynch.

1Option-adjusted spread.

Figure 8.Euro Area: Corporate Bond Market

Sources: DCM Analytics; and Bank of America Merrill Lynch.

1Option-adjusted spread.

Figure 9.United States: Commercial Paper Market

Source: Board of Governors of the Federal Reserve System.

1Difference between 30-day A2/P2 and AA nonfinancial commercial paper.

Table 1.Selected Indicators on the Size of the Capital Markets, 2009(In billions of U.S. dollars unless noted otherwise)
Debt Securities3
GDPTotal Reserves Minus Gold2Stock Market CapitalizationPublicPrivateTotalBank Assets4Bonds, Equities, and Bank Assets5Bonds, Equities, and Bank Assets5 (In percent of GDP)
World57,920.38,539.847,188.936,400.054,920.391,320.3103,755.1242,264.3418.3
European Union115,369.5404.710,013.410,073.122,747.432,820.446,438.189,272.0580.8
Euro area12,474.5282.86,576.18,562.517,923.226,485.733,421.766,483.5533.0
North America15,455.1174.016,754.110,484.023,030.733,514.716,918.467,187.2434.7
Canada1,336.154.21,676.81,005.8862.31,868.12,755.36,300.2471.5
United States14,119.1119.715,077.39,478.222,168.431,646.614,163.160,887.0431.2
Japan5,033.01,022.23,395.69,657.42,263.611,921.011,042.426,359.0523.7
Memorandum items:
EU countries
Austria382.18.1114.1242.6490.6733.2649.51,496.7391.7
Belgium472.115.9248.9444.1716.91,161.01,734.03,143.9665.9
Denmark308.974.3190.0119.4742.5861.91,301.12,353.0761.7
Finland238.49.7191.991.2147.2238.3435.6865.8363.1
France2,656.446.61,894.81,749.23,400.45,149.610,019.317,063.6642.4
Germany3,338.759.91,292.41,850.03,892.75,742.75,500.612,535.6375.5
Greece327.31.6112.6410.2186.4596.5625.51,334.7407.7
Ireland222.41.961.3174.6814.8989.41,423.22,473.91,112.6
Italy2,116.645.8655.82,217.52,882.35,099.84,464.310,219.9482.8
Luxembourg53.00.7105.02.994.897.7820.11,022.91,930.4
Netherlands796.717.9326.7404.71,879.12,283.83,769.36,379.8800.8
Portugal234.12.5106.6166.2362.7528.9735.61,371.0585.7
Spain1,467.918.21,434.5745.73,030.73,776.53,326.68,537.6581.6
Sweden403.642.9450.9152.7609.5762.2671.41,884.4466.9
United Kingdom2,182.455.72,796.41,238.53,472.14,710.611,043.918,551.0850.0
Newly industrialized Asian economies61,602.61,061.74,308.5723.61,042.71,766.33,642.29,717.0606.3
Emerging market economies718,066.95,518.99,909.84,895.62,725.07,620.619,406.336,936.8204.4
of which:
Asia7,912.33,089.45,434.62,448.91,498.63,947.512,301.921,684.1274.1
Latin America and the
Caribbean3,993.6548.92,194.81,492.4838.12,330.42,809.97,335.1183.7
Middle East and
North Africa2,029.4934.4753.5151.9113.6265.51,514.42,533.4124.8
Sub-Saharan Africa892.8159.8559.398.279.9178.1593.11,330.6149.0
Europe3,238.9786.4967.6704.2194.9899.12,187.04,053.7125.2
Sources: World Federation of Exchanges; Bank for International Settlements (BIS); IMF, International Financial Statistics (IFS) and World Economic Outlook databases as of April 1, 2011; © 2003 Bureau van Dijk Electronic Publishing-Bankscope; Board of Governors of the Federal Reserve System, Flow of Funds;and Bloomberg L.P.
Table 2.MSCI Equity Market Indices(Period-on-period percent change)
2010End of Period
Q1Q2Q3Q420062007200820092010
Emerging Markets Index12.1-9.117.27.129.236.5-54.574.516.4
Latin America1.3-12.720.45.339.346.9-52.898.112.1
Argentina5.3-8.740.825.666.1-5.4-55.361.170.1
Brazil- 0.5-16.021.02.640.575.3-57.6121.33.8
Chile0.11.532.45.526.420.8-37.381.441.8
Colombia10.12.931.7-5.610.912.6-27.776.540.8
Mexico7.7-9.511.216.339.09.3-44.053.126.0
Peru0.12.824.416.652.186.0-42.469.349.2
Asia1.0-5.914.76.929.838.3-54.170.316.6
China-1.6-6.210.10.778.163.1-51.958.82.3
India4.8-2.915.02.049.071.2-65.1100.519.4
Indonesia10.03.316.7-1.169.650.8-57.6120.831.2
Korea2.8-7.617.012.811.230.0-55.969.425.3
Malaysia8.2-0.317.64.433.141.5-43.447.832.5
Pakistan7.5-7.90.120.7-1.732.5-75.478.119.5
Philippines3.52.128.1-3.855.438.0-53.860.230.3
Taiwan Province of China-3.8-9.415.717.416.35.4-48.775.118.3
Thailand12.6-3.330.95.76.840.9-50.370.050.8
Europe, Middle East, and Africa6.0-14.421.110.021.325.8-56.763.520.9
Czech Republic1-0.2-16.715.3-3.529.651.7-45.119.6-7.4
Egypt10.6-14.210.04.914.854.8-53.932.89.5
Hungary12.6-31.127.0-9.431.113.4-62.473.9-10.7
Israel9.8-19.310.74.1-7.135.8-30.951.32.2
Jordan-6.2-5.7-2.42.0-32.520.9-35.8-7.7-12.0
Morocco6.7-7.57.94.062.644.0-13.0-8.310.8
Poland4.2-22.834.83.835.322.7-56.237.312.6
Russia6.7-16.713.116.553.722.9-74.2100.317.2
South Africa4.0-10.224.212.617.314.7-40.053.430.7
Turkey3.8-6.131.9-7.9-9.270.0-63.492.018.4
Sectors
Energy-0.8-12.512.410.238.551.9-62.182.17.5
Materials4.8-11.914.68.435.948.8-52.274.814.7
Industrials4.0-8.724.97.135.066.6-62.856.327.1
Consumer discretionary1.0-3.024.76.010.916.2-53.2113.029.5
Consumer staple2.8-0.819.94.435.124.1-36.566.727.6
Health care12.1-9.017.54.8-9.428.8-18.240.125.7
Financials2.1-9.018.73.736.728.9-54.276.614.5
Information technology-0.1-10.311.813.610.9-0.1-51.9104.713.9
Telecommunications1.6-4.611.92.337.250.4-44.921.810.9
Utilities1.3-5.39.20.243.234.4-43.451.24.9
World Index2.7-13.313.28.618.07.1-42.127.09.6
Australia2.9-19.622.08.927.125.0-52.368.810.0
Austria-1.2-23.927.811.734.80.7-69.038.47.3
Belgium-1.1-14.119.5-3.733.3-5.3-67.554.3-2.2
Canada5.5-10.912.711.616.227.6-46.652.718.2
Denmark9.2-5.617.77.036.824.2-48.235.229.8
Finland10.7-27.826.55.827.145.0-56.47.27.1
France-3.9-20.520.61.331.710.9–44.927.6-6.7
Germany-2.8-14.616.69.533.032.5–47.221.36.0
Greece-13.2-41.318.0-10.831.629.2-67.122.6-46.4
Hong Kong SAR2.1-7.221.14.326.337.5-52.955.219.7
Ireland-1.8-19.9–4.16.443.9-21.9-72.79.9-19.7
Italy-7.3-23.419.2-2.828.12.7-52.122.6-17.6
Japan7.3-10.15.012.05.1-5.4-30.54.413.4
Netherlands-1.5-14.215.71.728.217.5-50.137.9-0.6
New Zealand-5.0-11.811.410.610.04.0-56.243.03.2
Norway-6.6-20.229.111.641.628.4-65.282.57.4
Portugal-10.3-20.420.5-0.843.421.0-53.635.4-14.6
Singapore-1.4-1.414.76.241.923.9–49.567.318.4
Spain-15.6-22.326.5-10.144.820.7–43.036.5-25.4
Sweden7.2-8.624.77.440.5-1.4-51.460.231.3
Switzerland3.3-12.713.37.525.93.9-31.622.99.8
United Kingdom-1.6-14.718.85.526.24.7-50.637.35.2
United States4.9-12.011.010.513.24.1-38.624.213.2
Source: Morgan Stanley Capital International.Note: Price indices in U.S. dollar terms.
Table 3.Emerging Market Bond Index: EMBI Global Yield Spreads
2010End of Period
Q1Q2Q3Q420062007200820092010
(In basis points)
EMBI Global261358305289171255724294289
Latin America
Argentina6468456895072164101,704660507
Belize101110130132914979132
Brazil182247203189190220429189189
Chile1151461361158415134395115
Colombia173229169172161195498198172
Dominican Republic3744323333221962811,605405322
Ecuador8171,0131,2269139206144,731769913
El Salvador257353361302159199854326302
Jamaica4235445074273841,185719427
Mexico159212191173115172434192173
Panama167220174162146184539166162
Peru149215174165118178509165165
Uruguay191260214188185243685238188
Venezuela8901,2471,1621,1141835231,8641,0411,114
Asia
China6986811265112022864126
Indonesia201274192183153275762230183
Malaysia13017113711766119370136117
Pakistan4906036956541545352,112688654
Philippines199266184163155207546206163
Sri Lanka3664603552901,866382290
Vietnam27533830532395203747314323
Europe, Middle East, and Africa
Bulgaria15733425619566153674179195
Croatia179346316298195298
Egypt6130324622152178385-3221
Gabon3184573592583581,186390258
Georgia3955045485041,901467504
Ghana3475094103633631,485462363
Hungary1563633003455884504186345
Iraq4004634683145265691,282447314
Lebanon258347348270395493794287270
Lithuania216369335267332267
Poland1132171611514767314124151
Russia16529524922499157805203224
Serbia3264754934181863041,224333418
South Africa15721015814584164562149145
Tunisia9111810211183140464189111
Turkey209284220177207239534197177
Ukraine5076285594611723032,771989461
Latin America317415363357180275746355357
Non-Latin America202301244220159227699224220
(Period-on-period basis point change)
EMBI Global–3397-54-16–6684470-430-6
Latin America
Argentina-14199-156-182-2881941,294-1044-153
Belize229202-423053
Brazil-765–44-14-11830209-2400
Chile2031-10-21467192-24820
Colombia-2556-603-8334303-300-26
Dominican Republic-3158–99-11-182851,324-1,200-83
Ecuador48196213-313259-3064,117-3,962144
El Salvador-69968-59-8040655-528-24
Jamaica-296121-37-80801-466-292
Mexico–3353-21-18-2857262-242-19
Panama153-46-12-9338355-373-4
Peru-1666-41-9-13960331-3440
Uruguay-4769-46-26-11358442-447-50
Venezuela-151357-85-48-1303401,341-82373
Asia
China517-545-1769108-16462
Indonesia-2973-82-9-116122487-532-47
Malaysia-641-34-20-1653251-234-19
Pakistan-19811392-41443811,577-1,424-34
Philippines-767-82-21-14752339-340-43
Sri Lanka-1694-105-65-1,484-92
Vietnam-3963–3318-95108544-4339
Europe, Middle East, and Africa
Bulgaria–22177-78-61-2487521-49516
Croatia-16167-30-18103
Egypt64242-57-25-6126207-388224
Gabon-72139-98-101828-796-132
Georgia-7210944–44-1,43437
Ghana-115162–99-471,122-1,023–99
Hungary-30207-6345-1626420-318159
Iraq-47635-15443713-835-133
Lebanon-29891-7814998301-507-17
Lithuania-116153-34-68-65
Poland-11104-56-10-1520247-19027
Russia-38130-46-25-1958648-60221
Serbia-714918-75-52118920-89185
South Africa853-52-13-380398-413-4
Tunisia-9827-169257324-275-78
Turkey1275-64-43-1632295-337-20
Ukraine–482121-69-98-121312,468-1,782-528
Latin America-3898-52-6-9295471-3912
Non-Latin America–2299-57-24-2068472-475-4
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 4.Emerging Market External Issuance: Bonds, Equities, and Loans(In millions of U.S. dollars)
2010
20062007200820092010Q1Q2Q3Q4
Total414,781.4571,228.0342,347.8432,394.4579,983.8131,083.7121,096.9164,596.0163,676.9
Sub–Saharan Africa15,800.128,153.06,723.614,692.315,867.33,892.55,460.22,817.24,167.1
Angola91.974.61,813.83,767.8135.81,000.02,632.0
Botswana1.91.9
Burkina Faso14.5
Cameroon
Cape Verde13.0
Central African Republic
Côte d’Ivoire45.0150.72,332.12,332.1
Ethiopia100.246.8693.947.7646.1
Gabon34.41,000.0600.0119.0119.0
Ghana860.01,464.31,000.01,331.545.545.5
Kenya330.110.0277.0125.7
Lesotho19.7
Madagascar78.878.8
Mali180.9110.4
Mauritius180.029.0
Mozambique38.8834.055.0
Namibia100.097.6
Nigeria640.04,884.3223.52,414.71,189.71,189.7399.770.0
Senegal31.6200.0118.9118.9
Seychelles200.030.0168.9
South Africa12,700.719,904.32,815.77,980.37,459.72,400.31,666.52,698.3694.7
Tanzania446.160.060.0
Togo125.0
Uganda12.6300.0
Zambia505.0255.020.025.0
Zimbabwe75.180.0
Central and Eastern Europe50,954.953,274.442,078.136,474.252,177.721,149.99,221.413,146.78,659.6
Albania78.1407.3407.3
Bulgaria1,727.11,360.01,415.0540.546.046.0
Croatia1,896.72,786.51,472.33,718.01,950.2132.9260.91,337.0219.4
Estonia470.9299.2328.9322.017.217.2
Hungary7,328.75,330.89,103.95,980.33,832.52,503.01,020.5309.0
Latvia1,457.41,614.71,892.0278.226.726.7
Lithuania1,292.01,645.3263.32,415.22,785.92,035.9750.0
Macedonia, FYR14.4452.8
Montenegro0.821.46.46.3254.0254.0
Poland8,332.17,342.98,106.311,717.418,468.18,462.72,284.43,370.44,350.5
Romania747.21,070.41,890.0161.31,456.71,429.127.6
Serbia60.2568.6243.3886.8
Turkey27,641.631,220.117,278.69,995.422,933.06,559.65,638.47,126.33,608.8
Commonwealth of Independent States81,983.3112,324.878,519.259,365.559,540.410,032.310,647.619,267.019,593.5
Armenia30.019.111.02.4
Azerbaijan183.8315.7116.6459.82,555.02,250.0305.0
Belarus338.6302.8327.053.51,630.260.0100.01,000.0470.2
Georgia1220.8341.6649.655.5250.0250.0
Kazakhstan16,655.818,049.711,077.11,053.73,961.2560.823.23,377.2
Kyrgyz Republic7.446.2
Moldova171.328.4
Mongolia16.085.06.81.0894.536.0858.5
Russia59,165.384,535.961,229.653,940.245,389.19,972.39,196.913,467.112,752.8
Tajikistan2.016.73.2
Ukraine5,378.18,672.94,889.83,716.74,860.4790.02,240.61,829.8
Uzbekistan4.916.45.0
Developing Asia111,889.1167,353.195,077.3168,377.8261,031.450,811.747,094.375,648.187,477.4
Bangladesh106.557.565.456.4
Bhutan92.292.2
Brunei Darussalam505.0
Cambodia96.3220.0
China50,039.574,676.628,261.166,828.779,879.28,697.511,204.530,725.729,251.4
Fiji150.0
India29,534.460,513.337,561.358,320.4115,928.926,781.024,941.526,730.137,476.3
Indonesia8,432.48,440.713,634.512,959.720,275.16,601.02,908.23,568.37,197.6
Lao P.D.R.592.0213.72,888.72,888.7
Malaysia7,686.97,068.25,260.27,112.017,199.71,148.84,805.35,545.85,699.8
Mrshall Islands170.01,069.3204.0550.0550.0
Nepal15.0
Pakistan3,260.02,158.3885.2672.0503.217.8184.7300.8
Papua New Guinea1,024.311,428.5
Philippines7,041.86,319.02,990.27,293.910,508.34,499.11,329.92,030.92,648.4
Sri Lanka129.8755.0538.7560.01,205.635.01,170.6
Thailand4,784.12,494.22,911.21,573.27,889.11,352.01,120.21,544.03,872.9
Vietnam457.42,556.71,653.51,359.24,111.61,679.5600.0894.0938.1
Middle East and North Africa81,592.077,839.659,982.854,936.958,882.714,060.813,327.016,603.114,891.7
Algeria2.0411.01,738.01.91.9
Bahrain3,825.76,170.11,245.02,159.52,595.01,250.0765.0580.0
Egypt4,379.65,471.76,128.51,757.05,482.61,887.41,642.01,515.0438.3
Iran, I.R. of142.5
Iraq2,877.0
Jordan60.0180.0750.0750.0
Kuwait5,346.61,919.93,146.81,463.33,369.51,982.886.71,300.0
Lebanon6,040.02,420.03,203.22,945.62,103.51,378.5725.0
Libya38.0
Morocco158.71,721.0346.61,346.91,346.9
Oman3,430.23,580.7950.6565.82,418.91,095.0835.7488.3
Qatar10,527.914,700.511,318.114,663.86,217.5137.54,250.01,830.1
Saudi Arabia9,115.57,110.67,232.52,282.916,129.91,084.29,267.62,497.13,281.1
Syrian Arab Republic80.0
Tunisia24.7403.4402.01.4
United Arab Emirates35,661.633,712.621,769.229,050.018,416.65,245.51,563.84,858.56,748.8
West Bank and Gaza50.350.3
Yemen Arab Republic2,422.247.6
Latin America and the Caribbean72,562.0132,283.159,966.898,547.8132,484.331,136.435,346.537,113.828,887.6
Argentina3,343.610,472.21,651.4732.34,139.1645.062.01,923.01,509.1
Bolivia100.0
Brazil31,219.473,217.530,843.139,600.967,702.715,134.420,220.719,792.612,555.0
Chile6,009.93,743.25,680.43,560.18,471.41,540.2476.54,089.12,365.5
Colombia5,036.17,879.41,991.76,018.74,041.21,815.0796.41,365.064.8
Costa Rica1.731.185.05.85.8
Cuba
Dominican Republic779.8657.9479.615.02,024.774.71,785.056.8108.3
Ecuador19.1104.0
El Salvador1,326.6855.0200.0100.0100.0
Guatemala15.0
Haiti134.0
Honduras113.6
Jamaica1,076.11,275.0450.01,085.01,825.21,328.2497.0
Mexico16,341.917,678.910,647.928,272.928,673.39,617.47,863.55,544.85,647.7
Panama842.72,201.4477.3236.7240.7
Paraguay98.8
Peru1,489.95,724.42,330.03,856.47,395.9617.22,301.81,342.53,134.4
Trinidad and Tobago2,708.0955.4850.027.627.6
Uruguay2,700.01,148.32.6500.0
Venezuela376.19,381.04,650.011,000.07,500.01,500.03,000.03,000.0
Source: Data from Dealogic provided by the IMF’s Bond, Equity, and Loan database.Note: Deal inclusion conforms to the vendor’s criteria for external publicly syndicated gross issuance, generally excluding bilateral deals.
Table 5.Emerging Market External Issuance: Bonds(In millions of U.S. dollars)
2010
20062007200820092010Q1Q2Q3Q4
Total130,816.9144,572.277,663.9137,874.8205,009.355,469.937,597.262,871.049,071.2
Sub-Saharan Africa4,898.912,318.61,532.82,804.56,032.12,000.02,332.11,700.0
Côte d’Ivoire2,332.12,332.1
Gabon1,000.0
Ghana950.0
Nigeria525.0
Senegal200.0
Seychelles200.030.0168.9
South Africa4,698.99,813.61,532.82,435.63,700.02,000.01,700.0
Central and Eastern Europe22,917.817,765.015,091.421,173.529,557.215,376.13,061.48,149.42,970.3
Albania407.3407.3
Bulgaria220.8
Croatia384.9746.43,148.01,250.01,250.0
Estonia38.0
Hungary6,900.94,088.25,281.33,045.33,523.52,503.01,020.5
Latvia266.1607.6
Lithuania1,241.61,484.2104.92,388.12,750.02,000.0750.0
Macedonia, FYR243.9
Montenegro254.0254.0
Poland4,693.54,111.03,785.18,598.310,445.76,444.02,933.01,068.7
Romania1,162.51,429.11,429.1
Serbia165.2
Turkey9,209.97,132.24,150.03,750.09,904.83,000.02,041.02,962.31,901.6
Commonwealth of
Independent States30,981.343,428.227,150.714,555.636,559.15,508.08,660.89,751.112,639.2
Azerbaijan5.0100.049.6130.0130.0
Belarus2.519.43.01,325.21,000.0325.2
Georgia1200.0500.0250.0250.0
Kazakhstan7,055.88,808.63,575.0671.23,560.8560.83,000.0
Mongolia175.0175.0175.0
Russia20,804.630,190.322,063.110,659.326,900.15,508.07,600.06,301.17,491.0
Ukraine3,113.54,035.0960.03,225.14,218.0500.02,200.01,518.0
Developing Asia14,708.715,377.68,976.415,281.126,233.48,316.14,942.16,607.86,367.4
China1,110.02,144.22,055.32,138.810,619.7770.02,992.12,741.74,115.9
Fiji150.0
India2,644.27,549.41,407.51,750.01,050.0800.0250.0
Indonesia2,000.01,750.04,200.05,223.63,423.92,530.0250.0643.9
Malaysia2,076.2918.6439.781.02,338.61,250.01,088.6
Pakistan1,050.0750.0137.7
Philippines4,623.21,000.0350.05,350.06,451.23,016.1200.01,777.51,457.6
Sri Lanka500.0500.01,000.01,000.0
Thailand1,055.0765.4523.8350.0200.0150.0
Vietnam100.01,000.01,000.0
Middle East and
North Africa26,595.317,143.37,350.731,787.026,724.84,200.03,444.88,986.510,093.6
Bahrain1,120.01,767.7350.0750.02,500.01,250.0750.0500.0
Egypt1,803.5300.02,100.01,500.0600.0
Iraq2,700.0
Jordan750.0750.0
Kuwait1,137.0575.0305.7500.0900.0900.0
Lebanon5,741.62,300.03,138.22,865.61,925.01,200.0725.0
Morocco671.31,346.91,346.9
Oman25.0
Qatar3,040.013,830.06,035.14,250.01,785.1
Saudi Arabia2,913.8140.0650.0650.0
Tunisia253.4
United Arab Emirates9,917.99,772.43,556.813,401.410,517.91,100.01,194.81,889.66,333.5
Latin America and the Caribbean30,714.838,539.517,562.052,273.279,902.720,069.715,156.027,676.217,000.7
Argentina1,745.53,400.965.0595.03,313.0475.042.01,650.01,146.0
Brazil12,303.99,916.96,734.710,046.731,605.38,729.55,097.512,458.05,320.1
Chile1,100.0250.099.82,151.45,608.1500.0380.03,028.11,700.0
Colombia3,177.63,133.71,039.75,503.01,912.8796.41,116.4
Dominican Republic550.0430.0750.0750.0
Ecuador
El Salvador625.0800.0
Guatemala
Jamaica880.0625.0350.01,085.01,075.0775.0300.0
Mexico6,207.26,341.44,472.915,540.923,732.89,344.46,399.35,081.12,908.0
Panama1,323.0
Peru445.04,449.0150.02,878.25,905.7245.81,690.81,342.52,626.6
Trinidad and Tobago980.7900.0850.0
Uruguay2,700.0342.6500.0
Venezuela8,750.04,650.011,000.06,000.03,000.03,000.0
Source: Data from Dealogic provided by the IMF’s Bond, Equity, and Loan database.Note: Deal inclusion conforms to the vendor’s criteria for external publicly syndicated gross issuance, generally excluding bilateral deals.
Table 6.Emerging Market External Issuance: Equities(In millions of U.S. dollars)
2010
20062007200820092010Q1Q2Q3Q4
Total99,457.6182,153.244,067.283,901.6133,082.922,930.728,030.032,315.049,807.2
Sub-Saharan Africa3,875.38,034.2884.11,236.62,841.1400.3891.5998.3551.0
Botswana1.91.9
Central African Republic305.5
Ghana9.845.545.5
Kenya252.0
Madagascar78.878.8
Namibia87.6
Nigeria692.8
South Africa3,800.27,029.1544.51,236.62,715.0400.3889.7998.3426.7
Zimbabwe75.1
Central and Eastern Europe3,252.44,918.51,104.53,835.67,501.31,749.42,301.6296.43,153.9
Bulgaria85.746.046.0
Croatia220.01,377.6
Estonia21.5216.117.217.2
Hungary191.81,201.7
Lithuania15.035.935.9
Poland1,588.5498.21,089.52,634.07,402.21,713.52,284.4296.43,107.9
Romania172.558.2
Turkey1,164.32,576.6
Commonwealth of Independent States17,654.135,960.14,087.21,257.87,012.81,356.31,886.863.93,705.8
Armenia2.4
Georgia1159.8100.0
Kazakhstan4,303.65,030.4219.9195.1232.423.2209.2
Mongolia1683.5683.5
Russia13,165.429,596.82,850.3955.65,454.41,356.31,596.92,501.2
Ukraine25.31,332.9917.0104.7642.4290.040.6311.8
Developing Asia57,124.579,821.021,440.661,315.886,965.413,767.212,189.425,702.535,306.3
Bangladesh23.039.9
Cambodia96.3220.0
China40,517.147,805.111,973.840,091.645,205.42,870.04,371.821,149.616,814.0
India11,009.021,588.66,008.416,223.126,251.48,492.76,608.93,129.28,020.6
Indonesia675.93,009.02,212.91,285.56,833.31,997.4335.01,143.93,357.1
Malaysia559.41,790.9660.03,603.95,817.6298.8500.9180.24,837.6
Pakistan922.2793.4109.3
Papua New Guinea1,024.3
Philippines1,515.72,226.8125.20.4959.6269.9689.7
Sri Lanka3.75.65.6
Thailand1,805.8819.9257.4111.21,890.4108.2102.994.01,585.3
Vietnam503.090.02.12.1
Middle East and North Africa2,499.36,414.33,831.9916.51,695.3371.6422.0173.3728.4
Algeria2.0
Bahrain420.5266.480.080.0
Egypt483.7592.1483.6114.2142.0142.0
Kuwait1,642.0
Lebanon248.4
Morocco133.31,049.7346.6
Oman34.6474.8474.8
Qatar234.8171.4900.0137.5137.5
Saudi Arabia41.8639.9687.4234.2280.0173.3
United Arab Emirates976.64,293.0425.0162.4123.3123.3
West Bank and Gaza50.350.3
Latin America and the Caribbean15,052.047,005.212,719.015,339.227,067.15,286.010,338.65,080.66,361.9
Argentina987.11,845.373.173.1
Brazil11,177.138,722.910,435.412,963.424,617.24,607.710,018.54,516.95,474.1
Chile742.9317.731.81,158.9575.2118.1465.5
Colombia54.23,365.7427.7295.5230.664.8
Mexico1,513.82,111.12,127.21,682.4661.7320.1214.9126.7
Panama156.4103.0103.0
Peru576.9642.6234.1157.7157.7
Source: Data from Dealogic provided by the IMF’s Bond, Equity, and Loan database.Note: Deal inclusion conforms to the vendor’s criteria for external publicly syndicated gross issuance, generally excluding bilateral deals.
Table 7.Emerging Market External Issuance: Loans(In millions of U.S. dollars)
2010
20062007200820092010Q1Q2Q3Q4
Total184,506.9244,502.6220,616.6210,618.0241,484.352,213.455,469.869,410.064,391.1
Sub-Saharan Africa7,025.97,800.24,306.710,651.26,994.01,022.52,236.5118.93,616.1
Angola91.974.61,813.83,767.8135.81,000.02,632.0
Burkina Faso14.5
Cameroon
Cape Verde13.0
Côte d’Ivoire45.0150.7
Ethiopia100.246.8693.947.7646.1
Gabon34.4600.0119.0119.0
Ghana860.0504.51,000.01,331.5
Kenya330.110.025.0125.7
Lesotho19.7
Mali180.9110.4
Mauritius180.029.0
Mozambique38.8834.055.0
Namibia100.010.0
Nigeria640.03,666.5223.52,414.71,189.71,189.7399.770.0
Senegal31.6118.9118.9
South Africa4,201.63,061.6738.54,308.11,044.8776.8268.0
Tanzania446.160.060.0
Togo125.0
Uganda12.6300.0
Zambia505.0255.020.025.0
Zimbabwe80.0
Central and Eastern Europe24,784.730,590.925,882.211,465.114,711.94,024.53,858.34,701.02,128.1
Albania78.1
Bulgaria1,420.61,360.01,415.0540.5
Croatia1,291.9662.61,472.3570.0700.2132.9260.987.0219.4
Estonia449.445.1328.9322.0
Hungary427.81,050.93,822.61,733.3309.0309.0
Latvia1,191.31,614.71,284.3278.226.726.7
Lithuania50.4161.2143.527.2
Macedonia, FYR14.4209.0
Montenegro0.821.46.46.3
Poland2,050.22,733.73,231.7485.2620.2305.3141.0173.9
Romania574.71,012.2727.5161.327.627.6
Serbia60.2403.4243.3886.8
Turkey17,267.421,511.313,128.66,245.413,028.13,559.63,597.44,164.01,707.2
Commonwealth of Independent States33,347.832,936.547,281.343,552.115,968.63,168.1100.09,452.03,248.5
Armenia30.019.111.0
Azerbaijan178.8215.767.0459.82,425.02,250.0175.0
Belarus336.1283.5324.053.5305.060.0100.0145.0
Georgia161.0141.649.655.5
Kazakhstan5,296.44,210.77,282.2187.4168.0168.0
Kyrgyz Republic7.446.2
Moldova171.328.4
Mongolia16.010.06.81.036.036.0
Russia25,195.424,748.936,316.242,325.213,034.63,108.17,166.02,760.5
Tajikistan2.016.73.2
Ukraine2,239.33,305.03,012.8386.9
Uzbekistan4.916.45.0
Developing Asia40,055.972,154.564,660.491,780.9147,832.728,728.429,962.943,337.845,803.7
Bangladesh83.617.665.456.4
Bhutan92.292.2
Brunei Darussalam505.0
China8,412.324,727.214,232.024,598.324,054.15,057.53,840.66,834.58,321.4
India15,881.231,375.330,145.440,347.388,627.517,488.218,082.623,600.929,455.7
Indonesia5,756.53,681.77,221.66,450.610,017.82,073.62,323.22,424.43,196.6
Lao P.D.R.592.0213.72,888.72,888.7
Malaysia5,051.24,358.84,160.53,427.19,043.4850.03,054.44,276.9862.2
Marshall Islands170.01,069.3204.0550.0550.0
Nepal15.0
Pakistan1,287.8614.9775.9534.3503.217.8184.7300.8
Papua New Guinea11,428.5
Philippines902.93,092.22,515.01,943.53,097.51,483.0860.0253.4501.1
Sri Lanka129.8255.0535.060.0200.035.0165.0
Thailand1,923.3908.82,130.01,462.05,648.71,043.71,017.31,450.12,137.6
Vietnam457.42,053.81,563.51,259.23,109.5679.5600.0894.0936.0
Middle East and North Africa52,497.454,282.148,800.322,233.430,462.69,489.29,460.27,443.44,069.8
Algeria411.01,738.01.91.9
Bahrain2,285.24,136.0895.01,409.515.015.0
Egypt3,895.93,076.15,644.81,342.83,240.61,887.4915.0438.3
Iran, I.R. of142.5
Iraq177.0
Jordan60.0180.0
Kuwait4,209.61,344.91,199.1963.32,469.51,982.886.7400.0
Lebanon50.0120.065.080.0178.5178.5
Libya38.0
Morocco25.4
Oman3,405.23,580.7916.0565.81,944.21,095.0835.713.5
Qatar7,253.114,529.210,418.1833.845.045.0
Saudi Arabia6,201.77,068.87,232.51,503.014,792.4200.08,987.62,323.83,281.1
Syrian Arab Republic80.0
Tunisia24.7150.0402.01.4
United Arab Emirates24,767.119,647.317,787.515,486.27,775.54,145.5369.02,969.0292.0
Yemen Arab Republic2,422.247.6
Latin America and the Caribbean26,795.246,738.429,685.730,935.425,514.55,780.89,851.94,357.05,524.9
Argentina611.05,226.01,586.4137.3753.0170.020.0273.0290.0
Bolivia100.0
Brazil7,738.324,577.613,673.016,590.811,480.21,797.25,104.62,817.61,760.8
Chile4,166.93,175.55,580.71,377.01,704.4465.096.5942.9200.0
Colombia1,804.41,380.0952.088.01,833.01,815.018.0
Costa Rica1.731.185.05.85.8
Cuba
Dominican Republic229.8227.9479.615.01,274.774.71,035.056.8108.3
Ecuador19.1104.0
El Salvador701.655.0200.0100.0100.0
Guatemala15.0
Haiti134.0
Honduras113.6
Jamaica196.1650.0100.0750.2553.2197.0
Mexico8,620.99,226.44,047.911,049.74,278.8273.01,144.1248.72,613.0
Panama686.3878.4374.3133.6240.7
Paraguay98.8
Peru468.0632.92,180.0744.11,332.4371.4611.0350.0
Trinidad and Tobago1,727.355.427.627.6
Uruguay805.72.6
Venezuela376.1631.01,500.01,500.0
Source: Data from Dealogic provided by the IMF’s Bond, Equity, and Loan database.Note: Deal inclusion conforms to the vendor’s criteria for external publicly syndicated gross issuance, generally excluding bilateral deals. Data reflect commitments rather than actual disbursements.
Table 8.Equity Valuation Measures: Dividend-Yield Ratios
2010
20062007200820092010Q3Q410-Year

Average
Emerging Markets2.21.94.12.02.12.22.12.5
Asia2.11.84.21.72.02.12.02.3
Europe/Middle East/Africa2.02.04.32.22.12.32.12.6
Latin America2.42.14.02.72.32.32.33.0
Argentina0.81.62.71.11.92.91.92.2
Brazil3.12.24.62.92.72.62.73.9
Chile1.91.72.61.61.41.31.42.3
China1.51.23.11.92.22.22.22.2
Colombia2.52.32.42.82.12.12.13.5
Egypt2.31.86.34.83.53.73.54.1
Hungary2.52.34.61.31.61.51.62.0
India1.00.71.80.90.90.90.91.4
Indonesia2.31.55.41.92.22.12.23.2
Jordan3.41.83.43.12.53.32.52.8
Malaysia2.62.04.12.42.32.12.32.4
Mexico1.21.62.82.41.61.81.62.0
Morocco3.52.73.24.94.34.64.33.8
Pakistan5.84.112.56.45.66.85.67.6
Philippines2.32.24.42.22.42.62.42.2
Poland4.23.65.93.02.52.62.52.8
Russia1.01.23.51.41.51.71.51.8
South Africa2.42.74.52.72.32.32.33.1
Sri Lanka1.41.99.81.61.21.11.23.3
Thailand3.92.96.52.92.52.82.53.2
Turkey2.92.35.82.12.22.32.22.5
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 9.Equity Valuation Measures: Price/Earnings Ratios
2010
20062007200820092010Q3Q410-Year

Average
Emerging Markets15.717.18.520.614.614.314.614.4
Asia15.819.09.424.315.214.715.215.6
Europe/Middle East/Africa15.714.66.716.212.112.012.113.2
Latin America14.716.09.018.315.915.315.913.7
Argentina16.713.13.78.08.88.38.822.5
Brazil12.815.57.917.013.813.513.811.6
Chile23.622.113.318.721.421.921.422.3
China21.027.010.321.114.615.214.616.2
Colombia20.127.013.425.123.525.523.556.2
Egypt19.121.57.113.917.415.917.414.3
Hungary11.312.83.714.212.215.512.212.2
India22.932.810.521.822.423.022.417.8
Indonesia19.521.58.716.419.019.319.016.0
Jordan15.321.314.415.921.319.421.323.1
Malaysia18.416.910.220.318.117.718.117.3
Mexico17.316.412.322.723.922.223.915.9
Morocco22.827.226.014.317.516.717.519.8
Pakistan10.013.43.810.19.17.89.19.4
Philippines17.716.511.719.117.520.517.521.5
Poland13.215.27.319.314.114.114.116.4
Russia15.814.13.415.68.37.68.310.4
South Africa16.514.910.716.618.920.818.914.0
Sri Lanka21.514.77.177.720.527.720.517.6
Thailand9.114.87.119.314.815.314.820.7
Turkey12.410.95.312.610.811.410.816.0
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 10.Emerging Markets: Mutual Funds(In millions of U.S. dollars)
2010
20062007200820092010Q1Q2Q3Q4
Net Flows
Bonds6,233.14,294.9-14,717.68,275.735,042.17,790.49,288.810,796.27,166.7
Equities22,440.840,827.1-39,490.064,383.284,103.57,570.89,821.830,319.936,391.1
Global4,208.615,223.3-9,114.134,471.356,093.23,748.69,411.620,707.622,225.4
Asia16,790.216,404.6-19,586.819,108.619,593.01,804.02,109.87,505.08,174.2
Europe/Middle East/Africa-1,877.4-953.3-4,928.72,017.33,298.21,882.1759.4635.63,298.2
Latin America3,319.510,152.6-5,860.48,786.02,693.3136.1-2,459.01,471.72,693.3
Net Asset Values
Bonds48,603.968,577.643,829.263,929.4117,830.476,510.985,953.3107,013.9117,830.4
Equities330,555.9557,624.3236,888.1518,386.7713,731.9547,508.3512,335.4635,444.6713,731.9
Global153,337.9244,270.5108,732.8243,740.4358,661.6259,454.6246,540.6313,365.2358,661.6
Asia113,235.0205,956.392,147.3191,450.9245,777.2198,195.9188,466.7226,890.5245,777.2
Europe/Middle East/Africa42,004.158,652.017,696.532,360.449,464.738,350.233,547.541,412.549,464.7
Latin America21,978.948,745.518,311.650,835.059,828.451,507.643,780.753,776.459,828.4
Source: EPFR Global.Note: Flows data derive from both traditional and alternative funds domiciled globally with a total of $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.

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