Front Matter

Front Matter

International Monetary Fund
Published Date:
January 1986
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    © 1986 International Monetary Fund

    International Standard Serial Numbers: ISBN 9781451941692

    ISSN 0258-7440

    Price: US$15.00 (US$11.00 to university libraries, faculty members, and students)

    Address orders to:

    External Relations Department

    Attention: Publications

    International Monetary Fund

    Washington, D.C. 20431


    Tel: (202)-623-7430 Cable: Interfund


    The following symbols have been used throughout this study:

    • … 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., 1984–85 or January-June) to indicate the years or months covered, including the beginning and ending years or months;

    • / between years (e.g., 1985/86) to indicate a crop or fiscal (financial) year.

    “Billion” means a thousand million.

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


    This study was prepared in the International Capital Markets Division of the Exchange and Trade Relations Department of the International Monetary Fund under the direction of C. Maxwell Watson, Division Chief, with G. Russell Kincaid, Assistant Division Chief. Coauthors of the study are Eliot Kalter and Caroline Atkinson of the Exchange and Trade Relations Department and David Folkerts-Landau of the Research Department.

    Background for the study was provided in part by informal discussions with commercial and investment banks, monetary and supervisory authorities, and the staffs of the Bank for International Settlements, the European Community, the Organization for Economic Cooperation and Development, the World Bank, the International Finance Corporation, the Institute of International Finance, and the Japan Center for International Finance. These discussions took place at various times during April to June 1986 in Amsterdam, Basle, Berlin, Bern, Brussels, Frankfurt, Hong Kong, London, Luxembourg, New York, Ottawa, Paris, Singapore, Tokyo, Toronto, Washington, and Zurich. In addition to the authors, other Fund staff members took part in some of the discussions: Lawrence DeMilner and Lloyd Kenward of the Western Hemisphere Department participated in discussions in Canada and in the United States, respectively. Sena Eken of the Fund’s Office in Europe participated in meetings in Paris.

    Other Fund staff members made significant contributions to the preparation of this study. They include Leif Hansen, R. Barry Johnston, Klaus P. Regling, and Bruno de Schaetzen, all of the International Capital Markets Division and Naheed Kirmani of the Development Finance Division. Staff of the Bureau of Statistics, particularly Kevin O’Connor and Cyrille Briançon, developed and compiled the data based on the Fund’s international banking statistics. Research assistance was provided by Can T. Demir. The authors are also grateful to the editor, Esha Ray, of the External Relations Department.

    Similar studies on international capital markets have been prepared in recent years, and the previous study was published in February 1986 as Occasional Paper No. 43. The present study was completed in September 1986 and reflects developments up to that time.

    The paper has benefited from comments by staff in other departments of the Fund and by members of the Executive Board. However, opinions expressed are those of the authors and do not necessarily represent the views of other staff members or of Executive Directors.

    It should be noted that the term “country” used in this document 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.

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