Front Matter

Front Matter

Donald Mathieson, and Garry Schinasi
Published Date:
August 2001
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    © 2001 International Monetary Fund

    Production: IMF Graphics Section

    Cover & Design: Luisa Menjivar-Macdonald

    Figures: Theodore F. Peters, Jr.

    Typesetting: Choon Lee

    ISBN 9781589060562

    ISSN 0258-7440

    Price: US$42.00

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    recycled paper


    The following symbols have been used throughout this volume:

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    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 part 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, insurance companies, pension funds, stock and futures exchanges, regulatory and monetary authorities, finance ministries, credit rating agencies, and the staff of the Bank for International Settlements. The discussions leading up to the present report took place in Argentina, the Czech Republic, France, Germany, Hong Kong SAR, Italy, Japan, the Republic of Korea, Malaysia, Mexico, Singapore, the United Kingdom, and the United States during the period November 2000–April 2001. The report reflects information available up to the end of May 2001.

    The International Capital Markets report was 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. Contributors to the report from the Research Department are Torbjorn Becker, Peter Breuer, Jorge Chan-Lau, R. Sean Craig, Piti Disyatat, Burkhard Drees, Gaston Gelos, Iryna Ivaschenko, Ronald Johannes, Charles Kramer, Ramana Ramaswamy, Jorge Roldos, R. Todd Smith, Amadou Sy, and Caroline Van Rijckeghem. Silvia Iorgova, Anne Jansen, Oksana Khadarina, Yoon Sook Kim, and Peter Tran provided research assistance. Kenneth Kletzer of the IMF’s Research Department also contributed. Contributors from other departments are Kenneth Kang and Martin Muhleisen, Asia and Pacific Department; Roger Nord, European I Department; and Vivek Arora, Western Hemisphere Department. Caroline Bagworth, Ramanjeet Singh, Adriana Vohden, and Joan Wise provided expert word processing assistance. Jacqueline Irving 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 June 28, 2001. 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.



    American depository receipt


    Basel Committee on Banking Supervision


    Bank for International Settlements


    Collateralized bond obligation


    Commercial paper


    Cheapest to deliver


    Delivery versus payment


    European Central Bank


    European Currency Unit


    Emerging Markets Bond Index


    Emerging Markets Traders Association


    European Economic and Monetary Union


    European Union


    Euro Interbank Offered Rate


    Foreign direct investment


    Forward-rate agreement


    Global depository receipt


    Global Equity Market


    Group of Seven


    Group of Ten


    Highly leveraged institution


    International Finance Corporation


    International Organization of Securities Commissions


    Initial public offering


    Internal ratings based


    International Swaps and Derivatives Association


    Japanese government bond


    Large, complex banking organization


    London Interbank Offered Rate


    Long-Term Capital Management


    Mortgage-backed securities


    Morgan Stanley Capital International (index)


    Morgan Stanley Capital International Emerging Markets Free (index)


    National Association of Securities Dealers Automated Quotations


    Nonperforming loan


    Name registration form


    Organization for Economic Cooperation and Development




    Qualified foreign intermediary


    Return on assets


    Return on equity


    Real-time gross settlement


    Special Administrative Region


    Trans-European Automated Real-Time Gross Settlement Express Transfer


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