- International Monetary Fund
- Published Date:
- September 2000
© 2000 International Monetary Fund
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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.
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
American Depository Receipts
Banco Bilbao Vizcaya Argentaria
Bank of Credit and Commerce International
Bangkok International Bank Facility
Bank for International Settlements
Banco Santander Central Hispano
Collective Action Clauses
Commodity Futures Trading Commission
European Central Bank
European Currency Unit
Emerging Markets Bond Index
Emerging Markets Free
Emerging Markets Traders Association
European Monetary Union
euro overnight index average
European System of Central Banks
foreign direct investment
Financial Supervisory Agency
Federal Open Market Committee
Global Depository Receipts
Group of Seven
Group of Ten
heavily indebted poor countries
highly leveraged institution
International Finance Corporation
Institute of International Finance
International Monetary and Financial Committee
International Swaps and Derivatives Association
Japanese government bonds
large, complex, banking organization
London interbank offered rate
Long-Term Credit Bank
Long-Term Capital Management
main refinancing operations
North American Free Trade Agreement
Nippon Credit Bank
net present value
Organization for Economic Cooperation and Development
potential future exposure
private sector involvement
Special Administrative Region
Special Data Dissemination Standard
Securities and Exchange Commission
value at risk