- International Monetary Fund
- Published Date:
- September 1999
© 1999 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, 1997–98 or January–June) to indicate the years or months covered, including the beginning and ending years or months;
/ between years (for example, 1997/98) 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, the Commission of the European Union, and the International Swaps and Derivatives Association. The discussions leading up to the present report took place in Argentina, Belgium, China, France, Germany, Hong Kong SAR, Hungary, Italy, Japan, Malaysia, Mexico, Poland, Singapore, Switzerland, Turkey, the United Kingdom, and the United States, in early 1999. The report reflects information available up to the end of June 1999.
The International Capital Markets report is prepared in the Research Department. The International Capital Markets project is directed by Charles Adams, Assistant Director, together with Donald Mathieson, Chief of the Emerging Markets Studies Division, and Garry Schinasi, Chief of the Capital Markets and Financial Studies Division. Coauthors of the report from the Research Department are Peter Breuer, Bankim Chadha, Nada Choueiri, Burkhard Drees, Anne Jansen, Charles Kramer, Subir Lall, William Lee, Joaquim Levy, Alessandro Prati, Anthony Richards, Jorge Roldos, Todd Smith (Visiting Scholar), Subramanian Sriram, Amadou Sy, Peter Tran, and Caroline Van Rijckeghem. Contributors from other departments are Martin Cerisola, Western Hemisphere Department; Cem Karacadag, Monetary and Exchange Affairs Department; and James Morsink, Asia and Pacific Department. Celia Burns, 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 July 29, 1999. 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
Bank for International Settlements
Banca Nazionale del Lavoro
Capital Asset Pricing Model
Capital Augmented Preferred Securities
correspondent central banking model
Dow Jones Industrial Average
Duff & Phelps Credit Rating Agency
Euro Access Frankfurt
European Bankers’ Association
European Central Bank
Exchange Fund Investment Limited
Economic and Monetary Union
euro overnight index average
exchange rate mechanism
Federation of Bankers’ Associations
Forum of European Securities Commissions
Fondo Bancario de Proteccion al Ahorro
Federal Open Market Committee
Financial Reconstruction Committee
Financial Supervisory Agency
Group of Seven
Group of Ten
Guangdong International Trust and Investment Corporation
Hong Kong Monetary Authority
highly leveraged institution
International Accounting Standard
International Accounting Standards Committee
International Finance Corporation
Institute of International Finance
Indonesia Debt Restructuring Agency
International Organization of Securities Commissions
Instituto de Proteccion del Ahorro Bancario
Investment Services Directive
International Swaps and Derivatives Associatioi
international trust and investment corporation
Japanese government bonds
Korea Management Corporation
London interbank offered rate
Long-Term Capital Management
main refinancing operations
national central bank
Nationally Recognized Statistical Rating Organization
Office of the Comptroller of the Currency
prompt corrective action
Paris Net Settlement
return on equity
real-time gross settlement
Standard & Poor’s
Special Administrative Region
Special Data Dissemination Standard
Securities and Exchange Commission
Stapled Limited Interest Preferred Securities
Trans-European Automated Real-Time Gross Settlement Express Transfer
Tokyo interbank borrowed rate
value at risk