Front Matter

Front Matter

International Monetary Fund
Published Date:
January 1991
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    © 1991 International Monetary Fund

    December 1991

    ISBN 9781451939972

    ISSN 0258-7440

    Price: US$20.00

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    The following symbols have been used throughout this paper:

    • … 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 (e.g., 1991–92 or January–June) to indicate the years or months covered, including the beginning and ending years or months;

    • / between years (e.g., 1991/92) to indicate a crop or fiscal (financial) year.

    “Billion” means a thousand million.

    Minor discrepancies between constituent figures and totals are due to rounding.

    The term “country,” as used in this paper, does not in all cases refer to a territorial entity that is a state as understood by international law and practice. The term also covers some territorial entities that are not states, but for which statistical data are maintained and provided internationally on a separate and independent basis.


    This study was prepared in the Exchange and Trade Relations Department of the International Monetary Fund, under the direction of Alessandro Leipold, Chief of the Debt and Program Financing Issues Division. Its authors are Mohamed A. El-Erian, Deputy Chief of the Debt and Program Financing Issues Division, and Ajai Chopra, John Clark, and Paul Mylonas, economists in the division. The study updates information and analyses on private market financing for developing countries contained in International Capital Markets: Developments and Prospects, World Economic and Financial Surveys (Washington: International Monetary Fund, May 1991). The study was completed in September 1991 and reflects developments to that time.

    The work benefited from comments by staff in other departments of the Fund and by members of the Executive Board. Opinions expressed, however, are those of the authors and do not necessarily represent the views of the Fund or its Executive Directors. Staff of the Statistics Department, particularly Richard Stillson and Dennis Jones, developed and compiled data for the study based on the Fund’s international banking statistics. Louis Pauly prepared the text for publication. The authors are also grateful to Anne Jansen for excellent research assistance, and to Delrene Alvis and Ana Knowles for their valuable word processing services. David M. Cheney, of the External Relations Department, gave the manuscript a final edit and efficiently coordinated production.

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