Front Matter

Front Matter

Author(s):
International Monetary Fund
Published Date:
September 2000
Share
  • ShareShare
Show Summary Details

© 2000 International Monetary Fund

Production: IMF Graphics Section

Cover & Design: Luisa Menjivar-Macdonald

Figures: Theodore F. Peters, Jr.

Typesetting: Choon Lee and Julio R. Prego

ISBN 9781557759498

ISSN 0258-7440

Price: US$42.00

(US$35.00 to full-time faculty members and students at universities and colleges)

Please send orders to:

International Monetary Fund, Publication Services

700 19th Street, N.W., Washington, D.C. 20431, U.S.A.

Tel.: (202) 623-7430 Telefax: (202) 623-7201

E-mail: publications@imf.org

Internet: http://www.imf.org

recycled paper

Contents

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, 1997–99 or January–June) to indicate the years or months covered, including the beginning and ending years or months;

  • / between years (for example, 1998/99) 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 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.

PREFACE

The International Capital Markets report is an integral element of the IMF’s surveillance of developments in international financial markets. The IMF has published the International Capital Markets report annually since 1980. The report draws, in part, on a series of informal discussions with commercial and investment banks, securities firms, stock and futures exchanges, regulatory and monetary authorities, credit rating agencies, and the staffs of the Bank for International Settlements and the International Swaps and Derivatives Association. The discussions leading up to the present report took place in Brazil, Chile, France, Germany, Hong Kong SAR, India, Japan, Singapore, South Africa, Switzerland, the United Kingdom, and the United States, in early 2000. The report reflects information available up to the end of June 2000.

The International Capital Markets report is prepared in the Research Department, under the general direction of the Economic Counsellor, Michael Mussa. The International Capital Markets project is co-directed by Donald J. Mathieson, Chief of the Emerging Markets Studies Division, and Garry J. Schinasi, Chief of the Capital Markets and Financial Studies Division. Co-authors of the report from the Research Department are Torbjorn Becker, Bankim Chadha, Jorge Chan-Lau, R. Sean Craig, Burkhard Drees, Ronald Johannes, Charles Kramer, William Lee, Gabrielle Lipworth, Jens Nystedt, Anthony Richards, Jorge Roldos, R. Todd Smith, Amadou Sy, and Caroline Van Rijckeghem. Silvia Iorgova, Anne Jansen, Oksana Khadarina, Subramanian Sriram, and Peter Tran provided research assistance. Contributors from other departments are Paula De Masi, Western Hemisphere Department; Peter Hayward, Monetary and Exchange Affairs Department; and James Morsink, Asia and Pacific Department. Caroline Bagworth, Sheila Kinsella, Rosalind Oliver, Ramanjeet Singh, and Adriana Vohden provided expert word processing assistance. Marina Primorac of the External Relations Department edited the manuscript and coordinated production of the publication.

The study has benefited from comments and suggestions from staff in other IMF departments, as well as from Executive Directors following their discussions of the International Capital Markets report on August 2, 2000. However, the analysis and policy considerations are those of the contributing staff and should not be attributed to Executive Directors, their national authorities, or the IMF.

LIST OF ABBREVIATIONS

ADRs

American Depository Receipts

BBVA

Banco Bilbao Vizcaya Argentaria

BCCI

Bank of Credit and Commerce International

BIBF

Bangkok International Bank Facility

BIS

Bank for International Settlements

BSCH

Banco Santander Central Hispano

CACs

Collective Action Clauses

CFTC

Commodity Futures Trading Commission

ECB

European Central Bank

ECU

European Currency Unit

EMBI

Emerging Markets Bond Index

EMF

Emerging Markets Free

EMTA

Emerging Markets Traders Association

EMU

European Monetary Union

EONIA

euro overnight index average

ESCB

European System of Central Banks

EU

European Union

FDI

foreign direct investment

FSA

Financial Supervisory Agency

FOMC

Federal Open Market Committee

GDRs

Global Depository Receipts

G-7

Group of Seven

G-10

Group of Ten

HIPC

heavily indebted poor countries

HLI

highly leveraged institution

IFC

International Finance Corporation

IIF

Institute of International Finance

IMFC

International Monetary and Financial Committee

ISDA

International Swaps and Derivatives Association

JGB

Japanese government bonds

LCBO

large, complex, banking organization

LIBOR

London interbank offered rate

LTCB

Long-Term Credit Bank

LTCM

Long-Term Capital Management

MRO

main refinancing operations

NAFTA

North American Free Trade Agreement

NCB

Nippon Credit Bank

NPV

net present value

OECD

Organization for Economic Cooperation and Development

OTC

over-the-counter

PFE

potential future exposure

PSI

private sector involvement

SAR

Special Administrative Region

SDDS

Special Data Dissemination Standard

SEC

Securities and Exchange Commission

VaR

value at risk

Y2K

Year 2000

    Other Resources Citing This Publication