Back Matter

Back Matter

Author(s):
International Monetary Fund
Published Date:
January 1987
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Appendix I Classification of Countries

The countries and territories included in the major country groups of the Fund’s World Economic Outlook are listed below.

Industrial countries:

  • Australia

  • Austria

  • Belgium

  • Canada

  • Denmark

  • Finland

  • France

  • Germany, Fed. Rep. of

  • Iceland

  • Ireland

  • Italy

  • Japan

  • Luxembourg

  • Netherlands

  • New Zealand

  • Norway

  • Spain

  • Sweden

  • Switzerland

  • United Kingdom

  • United States

Developing countries include all other Fund members (as of July 15, 1987), together with certain essentially autonomous dependent territories for which adequate statistics are available. For this study, this country classification has been modified to exclude the seven offshore banking centers (i.e., The Bahamas, Bahrain, the Cayman Islands, Hong Kong, the Netherlands Antilles, Panama, and Singapore). The regional breakdowns of data for developing countries and areas conform to the regional classification used in the Fund’s International Financial Statistics.

Market borrowers:

  • Algeria

  • Antigua and Barbuda

  • Argentina

  • Bahamas, The

  • Bolivia

  • Brazil

  • Chile

  • Colombia

  • Congo

  • Côte d’Ivoire

  • Cyprus

  • Ecuador

  • Gabon

  • Greece

  • Hong Kong

  • Hungary

  • Indonesia

  • Korea

  • Malaysia

  • Mexico

  • Nigeria

  • Panama

  • Papua New Guinea

  • Paraguay

  • Peru

  • Philippines

  • Portugal

  • Singapore

  • South Africa

  • Taiwan Province of China

  • Trinidad and Tobago

  • Uruguay

  • Venezuela

  • Yugoslavia

Official borrowers:

  • Afghanistan

  • Bahrain

  • Bangladesh

  • Bhutan

  • Burkina Faso

  • Burma

  • Burundi

  • Cape Verde

  • Central African Rep.

  • Chad

  • Comoros

  • Djibouti

  • Dominica

  • Dominican Rep.

  • El Salvador

  • Equatorial Guinea

  • Fiji

  • Gambia, The

  • Ghana

  • Grenada

  • Guatemala

  • Guinea

  • Guinea-Bissau

  • Guyana

  • Honduras

  • Jamaica

  • Jordan

  • Lao People’s Dem. Rep.

  • Liberia

  • Madagascar

  • Malawi

  • Maldives

  • Mali

  • Malta

  • Mauritania

  • Nepal

  • Netherlands Antilles

  • Nicaragua

  • Pakistan

  • Rwanda

  • São Tomé and Principe

  • Senegal

  • Seychelles

  • Sierra Leone

  • Somalia

  • St. Lucia

  • St. Vincent

  • Sudan

  • Swaziland

  • Syrian Arab Rep.

  • Tanzania

  • Togo

  • Tonga

  • Uganda

  • Viet Nam

  • Western Samoa

  • Yemen Arab Rep.

  • Yemen, People’s Dem. Rep. of

  • Zaïre

  • Zambia

Capital importing countries comprise all developing member countries of the Fund except:

  • Iran, Islamic Rep. of

  • Iraq

  • Kuwait

  • Libyan Arab Jamahiriya

  • Oman

  • Qatar

  • Saudi Arabia

  • United Arab Emirates

Fifteen heavily indebted countries:

  • Argentina

  • Bolivia

  • Brazil

  • Chile

  • Colombia

  • Côte d’Ivoire

  • Ecuador

  • Mexico

  • Morocco

  • Nigeria

  • Peru

  • Philippines

  • Uruguay

  • Venezuela

  • Yugoslavia

Appendix II Major Innovations in Instruments

The Floating Rate Euronote

During the late 1960s, commercial banks in the United States adopted a system of adjusting their prime rate weekly to reflect more closely the increases in their cost of funds. Banks charged a spread above the prime rate, which reflected the creditworthiness of the borrower. Such automatic or floating rate pricing of bank credit shifted the responsibility for increases in lending rates to the monetary authorities. It also shifted the interest rate risk from the bank to the borrower.

Floating rate pricing spread very rapidly to other banking sectors in the early 1970s. Floating rate pricing was adopted in the Eurobond market; the first Eurodollar floating rate note issue occurred in 1970 when the Italian State borrower Ente Nazionale per l’Energia Electtrica (ENEL) issued $150 million Eurodollar floating rate notes. Until the early 1980s, however, the floating rate note was largely dominated by its banking counterpart, the floating rate syndicated loan.

The securitization of international finance, which began in the early 1980s, meant that borrowers shifted to the floating rate note market from the syndicated loan market. In 1983, syndicated loans totaled $67 billion, while only $20 billion of floating rate Euronotes were issued. By 1986, however, floating rate note issues had reached $50 billion, while the volume of international syndicated loan credits had receded to $58 billion. This development was due in large part to the lower borrowing costs in the floating rate note market. New issues of floating rate notes also gained in comparison with fixed rate bonds, and floating rate notes accounted for 38 percent of total volume of fixed rate bonds and floating rate notes in 1985. The floating rate note was permitted for the first time in several non-dollar markets in 1985. Refinancing of high coupon bonds lowered the percentage of floating rate bonds in total fixed and floating rate issues to 25 percent in 1986.

The issuer cost of floating rate notes relative to LIBOR has decreased substantially, especially during 1985–86. Prime sovereign borrowers have been able to undertake large issues at below LIBOR. Second-tier sovereign borrowers and U.S. thrifts and regional banks also have received fine terms. Since 1985, the floating rate note market has introduced a number of innovative coupon reset mechanisms. About 80 percent of floating rate notes guarantee a minimum rate of interest, termed a “floor,” if the index drops below a certain level. Similarly, a significant number of floating rate notes have been issued with an upper limit on the coupon, a “cap.” A mismatched floating rate note has multiple data for selecting interest rates within a single interest payment period; that is, interest payments may be made semiannually, while the interest rate is reset at shorter intervals, for example, monthly. About 20 percent of all floating rate notes were mismatched during 1985.

The most significant innovation in the floating rate note market has been the recent large-scale issue of perpetual floating rate notes by commercial banks, particularly U.K. banks. Through 1986, there had been about 60 issues totaling $20 billion. The incentives for the issue of some types of perpetual floating rate notes were provided by several countries, including the United Kingdom, the United States, Canada, Australia, and France, which regarded such instruments as primary capital, if coupons may not be paid when a dividend payment has been cancelled.

The perpetual floating rate note sector of the Euromarket experienced a major liquidity crisis in December 1986, which marked the end of any expansion in this market in the foreseeable future, and which also affected the dated floating rate note adversely, as discussed in the text.

Currency and Interest Rate Swaps

The basic swap is an exchange of streams of payments over time between two parties. An interest rate swap is an exchange of interest cash flows in the same currency with the principal amounts remaining with the original parties. In currency swaps, the counterparties exchange the interest payments in one currency for interest payments in another currency and the parties also exchange the principal amounts at a negotiated exchange rate. There are three main types of interest rate swaps: coupon swaps (fixed rate against floating rate), basis swaps (e.g., LIBOR against certificates of deposit), and cross-exchange interest rate swaps (swaps of fixed rate flows in one currency to floating rate flows in another). It is estimated that U.S. banks participated as counterparties in $367 billion of interest rate swaps (notional principal) in 1986, compared with $186 billion at the end of 1985. The basic fixed/floating rate swaps make up the great bulk of total swap volume. Financial liberalization and removal of rigid issue calendars in several national markets has presented new opportunities for swap transactions.

The main motivation of the end-users in interest rate swaps is to exploit their comparative advantages and their relative scarcity in the two market segments. Typically, a highly regarded borrower will raise fixed rate funds and swap for floating rate funds raised by a less well-regarded borrower. Frequently, there are other types of swap opportunities. For example, relative risk-premiums for two borrowers may differ in two different markets, creating an arbitrage possibility.

Swaps are also used to transform exposure on the asset side. An institutional investor holding high-grade fixed rate assets can enter the swap market as a fixed rate payer, instead of selling a fixed rate asset and buying a floating rate asset.

U.S. money center banks and U.K. investment and merchant banks, as well as Japanese securities houses, are the main intermediaries in the swap market. For those institutions, swaps have developed into an important source of off-balance sheet earnings and an important vehicle to generate underwriting businesses. With the growth in volume of swap transactions, an active market between swap dealers has developed. Such dealers, frequently banks, enter swaps with counterparties for which they have arranged a bond issue and then enter into an offsetting swap with a second dealer, who in turn enters into another offsetting swap with another dealer, who offsets his swap with an end-user. It is estimated that the interdealer share of the swap market exceeds 50 percent. A secondary market for swaps has benefited from increased standardization of swap contracts under the auspices of the International Swap Dealers Association (ISDA).

There are three types of secondary market transactions: swap sales or assignments to a new counterparty, swap terminations, and reverse swaps. Swap sales and swap terminations extinguish the seller’s obligations, while reverse swaps are written to offset the effects of an existing swap.

Counterparties in swap transactions assume credit risk arising from the possibility that the counterparty does not perform under the swap contract and exposes the other counterparty to unexpected mismatch and losses if interest or currency rates have moved adversely. The swap technique has been one of the most successful of the recent financial innovations; 40 percent of all new international bond issues now involve a swap of one form or another.

A recent development in swap markets has been the growth of asset swaps; that is, the use of an interest or currency swap to transform an asset rather than a liability. The transactions mostly have involved the transformation of fixed rate assets into floating rate assets, through the creation of “synthetic floaters.” The asset holder, who receives a fixed rate coupon from his asset, agrees to a fixed rate payment on a fixed/floating interest rate swap in return for a floating rate payment. The swap counterparty thus receives fixed payments and pays floating without necessarily possessing floating rate assets; hence the term “synthetic floats.”

Exchange-Traded Financial Futures and Options Contracts

A futures contract is a standardized forward contract that is traded on an exchange. Financial futures markets date to the mid-1970s when the Chicago Board of Trade (CBOT) began trading in a futures contract based on Government National Mortgage Association (GNMA) instruments. This was followed with futures contracts for 90-day U.S. Treasury bills and a treasury bond contract. The trading volume in these futures contracts grew quickly, and by 1979 the daily volume of futures trading in the treasury bill market had exceeded the volume of trading in the underlying securities.

An important reason for the ready acceptance and continued popularity of the markets for interest rate futures has been the establishment of exchange clearinghouses that become the counterparty in every transaction. Thus, it is the soundness of the exchange, rather than the creditworthiness of the original issuer, that is of concern to the holder of the contract. Without the clearinghouse, the market would become much less liquid as the product would lose its homogeneity and trading volume would be smaller.

The second major advance in futures markets was the introduction of cash settlement rather than settlement in kind. Cash settlement allows the writer of a contract to use market prices at the closing of the contract to determine the gain or loss on the contract and settle in cash rather than deliver the physical commodity. This development has made it possible to write futures contracts on such synthetic securities as ocean freight, consumer price index, and others.

The development of futures markets paralleled the development of options contracts. In a futures contract, the holder has the right and the obligation to buy and sell the underlying security at a specified price during a specified period; in an option contract, the holder of the option has the right but not the obligation to buy (call option) or sell (put option) the security at the agreed price. Thus the risk of options contracts is asymmetrically distributed: the holder only risks losing the price (premium) paid for the options contracts, while the writer is liable for the full price movement in an adverse direction. The most successful options contracts have been those on foreign exchange.

In addition to the explicitly traded options contract, there has been a significant expansion in the use of options and forward contracts that are embedded in bonds. In this case, the bond’s principal at redemption has been linked to an index or price of another instrument or currency, or the yield movements have been restricted through caps or collars. Finally, the maturity of bonds has been subject to call and put provisions. The use of equity warrants has been particularly successful in the light of rising stock indices.

Financial futures and options can be regarded, together with interest rate and currency swaps, as the most successful of the recent financial innovations. The growth in the diversity of contracts traded, in the volume of some of the major contracts, and in the number of exchanges, has been rapid in recent years (Table 47). The trading volume of currency options doubled to 6 million contracts (with an average contract rise of $100,000) from 1985 to 1986; the total financial futures trading volume of all U.S. exchanges grew by 22 percent in 1986 to 120 million contracts (with an average contract size of $1 million), and the trading volume of financial options of all U.S. futures exchanges grew by 64 percent in 1986 to 27 million contracts (with an average contract size of $1 million).

Appendix III Statistical Tables
Table 14.Selected Economic Indicators, 1981–87(In billions of U.S. dollars; or in percent)
1987
198119821983198419851986Estimates
Total of identified current account deficits 1179176160196202255245
Industrial countries525265123137170183
Of which:
Seven major242751110121149163
Developing countries1271249573658562
Total of identified fiscal deficits for seven major industrial countries
Central government238308379369386418415
General government172262289243255296280
Overall current account balances of developing countries 2–48–87–64–34–24–47–20
Reserve accumulation of developing countries (accumulation +)–13.0–39.18.816.122.76.531.6
Growth rate in value of world trade–0.4–6.3–1.96.30.89.413.6
Growth rate of real GNP of industrial countries1.5–0.32.75.03.12.72.4
Inflation rate of industrial countries (GNP deflators)8.87.25.14.23.83.33.1
Interest rates (six-month Eurodollar deposit rate)16.713.69.911.38.66.87.3
Sources: International Monetary Fund, World Economic Outlook, October 1987: Revised Projections by the Staff of the International Monetary Fund; and Fund staff estimates.
Table 15.Interbank Lending and Deposit Taking, 1982–First Half 1987 1(In billions of U.S. dollars)
19861987
19821983198419851986First

half
First

half
Lending to 210511515421144882254
Industrial countries738311916636667201
Of which:
United States463925336876
Japan822401482997
Developing countries 316161185–24
Offshore centers 418102029872344
Other transactors 5–2557–10–65
Memorandum items
Capital importing developing countries 3,6141285–23
Non-oil developing countries 3,715141375–23
Fifteen heavily indebted countries951–1
Deposit taking from 812511014921646781231
Industrial countries1137011216236075189
Of which:
United States8119148567–7
Japan1511401112364
Developing countries 3–96221–1–1715
Offshore centers 4172613461202622
Other transactors 53827–7–24
Memorandum items
Capital importing developing countries 3,6122244–715
Non-oil developing countries 3,721221112–317
Fifteen heavily indebted countries111–3–6–42
Change in net claims on 9–2055–4–19126
Industrial countries–4013855912
Of which:
United States–352011251313
Japan–711–137633
Developing countries 32510–1211215–11
Offshore centers 41–166–16–33–222
Other transactors 5–5–23–3–42
Memorandum items
Capital importing developing countries 3,62–10515–12
Non-oil developing countries 3,7133–95–71–14
Fifteen heavily indebted countries8–6374–3
Net errors and omissions 1020–5–5419–1–26
Sources: International Monetary Fund, International Financial Statistics (IFS); and Fund staff estimates.
Table 16.International Positions of Banks by Nationality of Ownership, December 1986(In billions of U.S. dollars)
Total ClaimsOf which, on
Related officesOther banksNonbanks1
Parent

Country

of Bank
Dec.

1986
Change

during

1986
Dec.

1986
Change

during

1986
Dec.

1986
Change

during

1986
Dec.

1986
Change

during

1986
Total3,406.3725.8809.9213.51,541.7338.51,035.1172.4
Of which:
France276.142.433.74.3155.625.186.412.7
Germany, Fed. Rep. of270.078.817.84.4172.163.779.710.6
Italy145.131.95.21.7103.319.736.310.4
Japan1,117.7411.0363.3171.3444.6142.4307.897.4
Switzerland152.042.823.06.980.926.040.59.2
United Kingdom211.719.529.14.1101.69.879.25.9
United States598.38.8252.84.7179.97.0163.0–2.7
Total LiabilitiesOf which, to
Related officesOther banksNonbanks1
Parent

Country

of Bank
Dec.

1986
Change

during

1986
Dec.

1986
Change

during

1986
Dec.

1986
Change

during

1986
Dec.

1986
Change

during

1986
Total3,276.5705.6860.8259.81,502.5318.2767.8105.7
Of which:
France263.945.442.07.5171.731.947.14.9
Germany, Fed. Rep. of203.646.027.97.2100.114.072.924.6
Italy150.635.77.62.0125.029.712.41.7
Japan1,070.5397.8399.6203.5512.0154.1113.323.2
Switzerland133.033.955.515.731.715.137.95.3
United Kingdom226.223.731.36.088.66.277.38.7
United States571.919.6222.23.7120.27.6196.710.9
Net Claims/Net LiabilitiesOf which, on/to
Related officesOther banksNonbanks1
Parent

Country

of Bank
Dec.

1986
Net

change

1986
Dec.

1986
Net

change

1986
Dec.

1986
Net

change

1986
Dec.

1986
Net

change

1986
Total129.820.2–50.9–46.339.220.3267.366.7
Of which:
France12.2–3.0–8.3–3.2–16.1–6.839.37.8
Germany, Fed. Rep. of66.432.8–10.1–2.872.049.76.8–14.0
Italy–5.5–3.8–2.4–0.3–21.7–10.023.98.7
Japan47.213.2–36.3–32.2–67.4–11.7194.574.2
Switzerland19.08.9–32.5–8.849.210.92.63.9
United Kingdom–14.5–4.2–2.2–1.913.03.61.9–2.8
United States26.4–10.830.61.059.7–0.6–33.7–13.6
Source: Bank for International Settlements, International Banking Developments.
Table 17.Lending to and Deposit Taking from Nonbanks, 1982–First Half 1987 1(In billions of U.S. dollars)
19861987
19821983198419851986First

half
First

half
Lending to 280443537622945
Industrial countries5116922351938
Of which:
United States1411121241611
Japan2–35313
Developing countries 335194–7–5
Offshore centers 47129513
Other transactors 5132341
Unidentified borrowers 6–12517325143
Memorandum items
Capital importing developing countries 3,71641–6–4
Non-oil developing countries 3,826135–5–41
Fifteen heavily indebted countries2–1–1–2–2
Deposit taking from 963774858943336
Industrial countries3728624562725
Of which:
United States2616–714261213
Japan1131
Developing countries 313181222–13
Offshore centers 488691142
Other transactors 5121–1–1
Unidentified depositors 66223432546
Memorandum items
Capital importing developing countries 3,716316611
Non-oil developing countries 3,8151621552
Fifteen heavily indebted countries104711
Change in net claims on 1017–33–13–21–32–49
Industrial countries14–114–2–20–813
Of which:
United States–12–15177–14–2
Japan2–4–13213
Developing countries 32213–22–10–4–4
Offshore centers 4–1–7–41–7–31
Other transactors 5112511
Unidentified (net) 6–18–16–1710–3
Memorandum items
Capital importing developing countries 3,71–15–11–6–1
Non-oil developing countries 3,812–43–15–12–6
Fifteen heavily indebted countries–8–3–9–4–3
Sources: International Monetary Fund, International Financial Statistics (IFS); and Fund staff estimates.
Table 18.Gross International Bond Issues and Placements by Groups of Borrowers, 1982–Third Quarter 1987 1(In millions of U.S. dollars)
19861987
19821983198419851986First

three

quarters
First

three

quarters
Foreign bonds25,19927,05027,80131,22939,35926,82326,461
Industrial countries16,85418,69318,29919,47428,76618,34820,916
Developing countries7268941,6182,0782,1851,952868
International organizations7,4617,2697,5809,3508,3606,3784,549
Other1581943043274848128
Eurobonds50,33050,09881,717136,543187,747147,266120,021
Industrial countries42,81641,01573,145117,365171,763135,327105,565
Developing countries3,9702,3823,6467,5113,2472,4762,880
International organizations3,2806,0744,2188,54310,4887,5019,669
Other2646277083,1242,2502,0501,907
International bonds75,52977,148109,518167,772227,106174,079146,482
Industrial countries59,67059,70891,444136,839200,529153,675126,481
Developing countries4,6963,2765,2649,5895,4324,4283,748
International organizations10,74113,34311,79817,89318,84813,87914,219
Other4228211,0123,4502,2982,0982,034
Source: Organization for Economic Cooperation and Development, Financial Statistics Monthly.
Table 19.Early Repayments of International Bonds, 1984–Third Quarter 1987(In billions of U.S. dollars)
19861987
198419851986First

three

quarters
First

three

quarters
By currency of denomination3.218.741.129.128.4
U.S. dollar2.117.334.525.917.1
Deutsche mark0.20.52.31.22.4
Swiss franc0.40.31.50.73.8
Japanese yen0.31.60.73.3
Pound sterling0.40.10.20.10.4
Other0.10.21.00.51.4
By type of security3.218.741.129.128.4
Fixed rate bonds2.16.318.011.817.2
Floating rate notes0.711.319.714.68.4
Convertibles0.40.51.81.31.6
Floating rate certificates of deposit0.61.61.41.2
By issuer3.218.741.129.128.4
Australia0.11.41.21.6
Canada0.72.51.51.9
Denmark1.01.81.10.8
France0.24.06.75.93.9
Italy0.12.01.40.3
Japan0.31.13.12.22.4
Sweden0.43.44.03.11.7
United Kingdom0.30.82.51.61.2
United States1.43.46.65.24.6
International organizations0.02.33.62.61.6
Other0.51.96.93.38.4
Source: Organization for Economic Cooperation and Development, Financial Market Trends.
Table 20.Borrowing on International Markets by Major Instruments, 1983–Third Quarter 1987 1(In percent)
19861987
1983198419851986First

three

quarters
First

three

quarters
Fixed rate bonds645256626269
Floating rate notes 225343522244
Equity-related bonds10107121124
Other bonds 342432
Total100100100100100100
Source: Organization for Economic Cooperation and Development, Financial Market Trends.
Table 21.Market for Fixed Rate Bonds, 1983–Third Quarter 1987(In billions of U.S. dollars)
19861987
198419851986First

three

quarters
First

three

quarters
Borrowers, total58.494.8141.5111.1101.5
Industrial countries45.977.3122.898.283.4
Of which:
Australia2.55.75.44.64.0
Austria1.72.03.22.63.0
Belgium0.20.72.31.62.9
Canada5.27.513.49.86.0
Denmark2.12.27.23.73.3
Finland0.60.92.82.12.0
France2.84.88.67.16.4
Germany, Fed. Rep. of0.71.67.75.78.2
Italy0.20.82.01.62.4
Japan6.511.415.712.812.1
Netherlands1.01.22.52.32.5
New Zealand1.41.33.01.51.6
Norway0.71.44.32.73.5
Sweden2.13.95.54.73.8
United Kingdom1.12.55.14.96.3
United States14.626.229.025.713.8
Developing countries1.12.32.61.81.7
Other, including international organizations11.415.216.111.116.4
Currency distribution, total58.494.8141.5111.1101.5
U.S. dollar26.945.164.149.825.4
Japanese yen6.011.321.917.219.2
Swiss franc8.710.516.412.011.8
Deutsche mark5.86.711.610.010.1
ECU2.56.05.84.56.2
Pound sterling3.43.14.74.59.0
Australian dollar0.33.13.22.37.5
Canadian dollar2.22.25.33.75.3
Netherlands guilder1.81.62.51.91.4
Other0.83.36.05.35.6
Source: Organization for Economic Cooperation and Development, Financial Market Trends.
Table 22.Market for Floating Rate Issues, 1983–Third Quarter 1987(In billions of U.S. dollars)
19861987
1983198419851986First

three

quarters
First

three

quarters
Borrowers, total19.538.258.751.241.15.9
Industrial countries15.734.448.547.338.34.8
Of which:
Belgium0.91.61.81.67.5
Canada0.30.82.13.02.50.1
Denmark1.81.70.61.21.2
France4.15.46.54.22.70.2
Italy0.53.54.42.01.90.4
Japan2.62.92.31.81.90.4
Sweden2.64.12.20.10.1
United Kingdom0.23.712.212.811.60.9
United States0.35.510.510.17.01.8
Developing countries1.83.36.22.11.60.9
Other, including international organizations2.00.34.01.81.10.2
Currency distribution, total19.538.258.751.241.15.9
U.S. dollar18.535.150.541.15.50.8
Pound sterling0.72.03.45.71.50.2
Deutsche mark3.21.60.8
ECU0.51.01.01.41.6
Other0.30.60.61.831.93.3
Source: Organization for Economic Cooperation and Development, Financial Market Trends.
Table 23.Market for Equity-Related Bonds, 1983–Third Quarter 1987(In billions of U.S. dollars)
19861987
1983198419851986

First

three

quarters


First

three

quarters
Borrowers, total8.010.911.326.917.235.6
Japan4.97.65.914.99.324.3
United States1.01.93.23.42.64.6
United Kingdom0.30.30.71.50.82.1
Germany, Fed. Rep. of0.70.31.01.71.21.2
Switzerland0.60.20.11.20.60.3
Other OECD countries0.50.60.44.22.73.1
Currency distribution, total8.010.911.326.917.235.6
U.S. dollar3.95.55.316.410.825.3
Swiss franc3.64.23.96.54.36.0
Deutsche mark0.40.91.32.81.81.3
Other0.10.30.81.20.33.0
Source: Organization for Economic Cooperation and Development, Financial Market Trends.
Table 24.Concerted Lending: Commitments and Disbursements, 1983–Third Quarter 1987 1(In millions of U.S. dollars; classified by year of agreement in principle)
1987
1983198419851986First three quarters
CommitmentsDisbursementsCommitmentsDisbursementsCommitmentsDisbursementsCommitmentsDisbursementsCommitmentsDisbursements
Argentina
Medium-term loan1,5005003,7002,5001,2001,550
Trade deposit facility500500400
Brazil
Medium-term loan4,4004,4006,5006,500
Chile
Medium-term loan1,3001,300780780785520265
Cofinancing arrangement with World Bank3002194106
Colombia
Medium-term loan1,000970
Congo
Medium-term loan60
Costa Rica
Revolving trade facility2023152507575
Côte d’Ivoire
Medium-term loan104104
Ecuador
Medium-term loan431431200200
Mexico
Medium-term loan5,0005,0003,8002,8509505,0003,5004
Cofinancing arrangement with World Bank1,0002
Contingent investment support facility1,200
Growth contingency cofinancing with World Bank5002
Nigeria
Medium-term loan320
Panama
Medium-term loan27813114760519
Peru
Medium-term loan450250100
Philippines
Medium-term loan925400525
Poland
Short-term revolving trade credit facilities 51803382852402198139
Uruguay
Medium-term loan240240
Yugoslavia
Medium-term loan600600
Total14,58113,34216,79410,6672,2205,4458,2783,2561,9503,509
Sources: Restructuring agreements; and Fund staff estimates.
Table 25.Bank Credit Commitments by Country of Destination, 1981–Third Quarter 1987 1(In billions of U.S. dollars)
1986519876
1981198219831984 21985 31986 4First

three

quarters


First

three

quarters
Industrial countries44.851.627.929.930.237.925.229.2
Australia3.95.92.72.42.65.02.81.8
Belgium0.52.00.10.90.70.80.70.4
Canada5.17.02.12.77.06.23.20.9
Denmark1.61.62.20.70.30.50.30.5
France0.66.61.52.04.13.72.62.1
Italy6.45.32.84.75.16.05.23.8
Spain4.82.02.73.52.64.53.50.7
Sweden2.52.02.60.41.00.10.10.4
United Kingdom2.62.20.93.31.52.21.88.8
United States12.910.07.35.33.55.23.25.2
Other3.97.03.04.01.83.71.84.6
Centrally planned economies0.70.20.51.93.52.11.81.1
Czechoslovakia0.10.10.30.30.2
German Democratic Republic0.50.10.40.71.20.10.10.1
U.S.S.R.0.10.91.51.31.00.5
Other0.20.30.70.40.40.3
Developing countries 744.442.433.731.318.225.419.913.7
Capital importing developing countries 743.340.431.430.216.624.018.513.7
Africa4.12.72.70.61.51.81.10.4
Côte d’Ivoire0.60.50.10.1
Morocco0.60.20.10.1
Nigeria2.00.40.20.3
South Africa0.31.00.20.2
Other0.60.62.20.31.37.57.70.4
Asia10.011.19.49.47.58.25.36.9
China0.50.30.10.22.37.91.22.4
India1.00.40.70.60.27.20.61.5
Indonesia1.11.12.01.60.11.00.70.7
Korea3.23.63.53.73.71.51.41.6
Malaysia1.52.41.41.00.21.20.60.2
Philippines0.91.10.60.9
Thailand0.80.30.40.80.71.10.70.4
Other1.01.90.70.60.30.30.10.1
Europe4.73.73.53.75.05.44.04.2
Greece1.00.91.21.10.67.21.00.7
Hungary0.60.30.50.80.90.80.70.8
Portugal1.71.51.01.01.61.41.11.3
Turkey0.30.30.41.62.01.21.3
Yugoslavia1.00.50.6
Other0.40.20.40.30.1
Middle East0.20.40.60.40.30.10.2
Egypt0.40.10.1
Jordan0.20.30.30.20.2
Other0.10.1
Western Hemisphere24.322.515.216.12.48.58.22.1
Argentina2.81.31.84.22.0
Brazil6.97.34.66.5
Chile2.31.21.40.81.1
Colombia1.00.60.40.41.10.20.2
Ecuador0.30.10.40.20.2
Mexico7.96.55.13.87.77.7
Peru0.91.10.5
Venezuela1.44.00.2
Other0.80.40.20.20.20.40.30.1
Offshore banking centers3.72.21.50.90.40.70.60.4
International organizations and unallocated1.01.83.93.54.05.23.02.9
Total94.698.267.567.556.371.350.647.3
Sources: Organization for Economic Cooperation and Development, Financial Statistics Monthly; and Fund staff estimates.
Table 26.Long-Term Bank Credit Commitments, 1981–Third Quarter 1987 1(In billions of U.S. dollars)
1986519876
198119821983198421985319864First

three

quarters
First

three

quarters
(Long-term external credit commitments)
Industrial countries44.851.627.929.930.237.925.229.2
Seven major27.831.215.018.227.224.376.721.4
Other17.020.412.911.79.013.78.57.7
Developing countries 744.442.433.731.318.225.419.913.7
Capital importing 743.340.431.430.216.624.018.513.7
Africa4.12.72.70.67.51.87.70.4
Asia10.011.19.49.47.58.25.36.9
Europe4.73.73.53.75.05.44.04.2
Middle East0.20.40.60.40.30.10.2
Western Hemisphere24.322.515.216.12.48.58.22.1
Offshore banking centers3.72.21.50.90.40.70.60.4
Centrally planned economies 80.70.20.51.93.52.11.81.1
International organizations and unallocated1.01.83.93.54.05.23.02.9
Total94.698.267.567.556.371.350.647.3
(Other international long-term bank facilities)
Industrial countries46.53.112.447.844.125.218.515.4
Seven major45.91.410.633.933.614.49.79.7
Other0.61.71.813.910.510.88.75.7
Developing countries 76.51.90.86.52.53.73.20.9
Capital importing 76.51.90.76.22.23.73.20.9
Africa0.10.2
Asia0.20.30.41.11.32.01.70.5
Europe0.40.30.70.71.51.50.4
Middle East
Western Hemisphere6.21.24.30.10.10.1
Offshore banking centers0.20.20.40.20.20.20.3
Centrally planned economies 80.50.50.2
International organizations and unallocated0.10.20.10.62.10.30.3
Total53.15.413.555.348.930.022.816.9
(Total international commitments)
Industrial countries91.354.640.277.674.263.243.744.6
Seven major73.632.625.552.754.838.726.431.1
Other17.622.114.725.519.524.417.313.5
Developing countries 750.944.334.537.820.729.123.214.7
Capital importing 749.842.332.136.418.827.721.814.7
Africa4.22.72.70.87.51.87.70.4
Asia10.211.49.810.58.810.27.07.4
Europe4.74.13.84.55.76.95.54.6
Middle East0.20.40.60.40.30.10.2
Western Hemisphere30.523.715.220.42.48.68.22.1
Offshore banking centers3.72.41.61.40.60.90.80.7
Centrally planned economies 80.70.20.51.93.52.62.31.3
International organizations and unallocated1.12.04.04.16.25.53.42.9
Total147.7103.681.0122.7105.1101.373.364.2
Memorandum item
Other international long-term bank facilities, excluding merger-related facilities5.49.528.842.929.3
Sources: Organization for Economic Cooperation and Development, Financial Statistics Monthly; and Fund staff estimates.
Table 27.Chronology of Bank Debt Restructurings and Bank Financial Packages, 1978–September 1987
Agreement classified by month of signature1
1978
Peru: June, December
Jamaica: September
1979
Jamaica: April
Turkey: June, 2 August
1980
Peru: January
Togo: March
Zaïre: April
Bolivia: August, December (deferment)
Nicaragua: December
1981
Bolivia: April
Jamaica: June 2
Madagascar: July, November
Turkey: August
Nicaragua: December
Sudan: December
1982
Nicaragua: March
Sudan: March (modification of 1981 agreement)
Turkey: March
Poland: April, November 2
Madagascar: October
Guyana: June (deferment)
Liberia: December
Romania: December
1983
Zaïre: January (deferment)
Brazil: February 2
Malawi: March
Sudan: April (modification of 1981 agreement)
Bolivia: May, October (deferment)
Romania: June
Chile: July 2
Guyana: July (deferment)
Nigeria: July, September
Peru: July 2
Uruguay: July 2
Mexico: August 2
Panama: September 2
Costa Rica: September 2
Yugoslavia: September 2
Ecuador: October 2
Togo: October
Poland: November 2
Argentina: December (new financing only)
Dominican Republic: December
1984
Brazil: January 2
Chile: January, June, and November
Sierra Leone: January
Guyana: January, July (deferment)
Nicaragua: February (deferment)
Peru: February 3
Senegal: February
Niger: March
Mexico: April (new financing only)
Sudan: April (modification of 1981 agreement)
Yugoslavia: May
Jamaica: June
Zaïre: June (deferment)
Poland: July 2
Madagascar: October
Zambia: December 3
1985
Côte d’Ivoire: March 2
Mexico: March, August
Costa Rica: May 2
Senegal: May
Philippines: May 2
Zaïre: May (deferment)
Guyana: July (deferment)
Argentina: August 2
Jamaica: September
Panama: October 2
Sudan: October (modification of 1981 agreement)
Chile: November 2
Colombia: December (new financing only)
Ecuador: December 2
Yugoslavia: December
1986
Dominican Republic: February
Morocco: February and December 3
Venezuela: February
South Africa: March (standstill)
Niger: April
Zaïre: May (deferment)
Uruguay: July
Brazil: July
Poland: September 2
Romania: September
Congo: October 2,3
Nigeria: November 2,3
Côte d’Ivoire: December
1987
Venezuela: February 3
Jamaica: March 3
South Africa: March 3
Philippines: March 3
Mexico: March 2
Zaïre: May (deferment)
Mozambique: May 3
Chile: June
Honduras: June
Poland: August
Argentina: August 2
Mexico: August (private sector debt only)
Romania: September
Under negotiation
BoliviaCosta RicaGabon
BrazilCôte d’IvoireUruguay
Colombia (new financing only)EcuadorYugoslavia
Note: “Restructuring” covers rescheduling and also certain refinancings of member countries.Sources: Restructuring agreements; and Fund staff estimates.
Table 28.Amounts of Long-Term Bank Debt Restructured, 1983–Third Quarter 1987 1(In millions of U.S. dollars; classified by year of agreement in principle)
1987
1983198419851986First

three

quarters
Argentina14,20029,5002
Bolivia(309)3
Brazil4,4524,8466,6714
Chile2,1691,1606,0076,0052
Congo217
Costa Rica709440
Côte d’Ivoire5016912
Dominican Republic5007875
Ecuador1,8354,2602
Guyana(24)3(35)3(47)3(57)3
Honduras235
Jamaica1651953662
Madagascar195
Malawi57
Mexico18,80048,7002(950)343,7002
Morocco5382,174
Mozambique2506
Nicaragua(145)3
Niger27437
Nigeria1,9354,2508
Panama579
Peru380460
Philippines5,88599,0102
Poland1,1541,3901,9708,4412
Romania56780080010
Senegal7820
Sierra Leone25
South Africa(9,800)310,900
Sudan79011838 1192011
Togo84
Uruguay216(104)31,9582
Venezuela21,037221,0882
Yugoslavia9501,2503,9492
Zaïre(58)3(64)3(61)3(65)3(61)3
Zambia74
Total 1234,598100,83117,69562,47486,592
Sources: Restructuring agreements; and Fund staff estimates.
Table 29.Concerted Short- and Medium-Term Facilities Outstanding at End of Period, 1983–Third Quarter 1987(In millions of U.S. dollars)
1987
1983198419851986First

three

quarters
Argentina
Trade deposit facility500500500
Stand-by money market facility1,4001,4001,4001,400
Trade credit maintenance facility1,20011,20011,20011,2001
Brazil
Interbank exposure5,5005,3005,3005,2505,2502
Trade-related10,1759,8009,8009,5009,5002
Chile
Trade-related1,7001,7001,7001,7001,700
Nontrade-related1,160(1,160)3
Costa Rica
Revolving trade facilities152202277277277
Ecuador
Trade-related credits7007007007002284
Nontrade credits(580)3
Madagascar
Short-term debt(117)3
Mexico
Interbank exposure 55,2005,2005,2005,2005,200
Morocco
Short-term debt61061016061606
Trade credit maintenance facility18811881
Panama
Money-market facility133133133133133
Trade-related facilities8484848484
Peru
Short-term working capital1,2009657777
Short-term trade-related credit lines8008007777
Philippines
Short-term debt of
Public sector(1,183)3
Private financial sector(1,594)3
Corporate sector(448)3
Revolving trade facility2,9652,9652,9652,965
Poland
Short-term revolving trade credit facilities5347747729118808
Uruguay
Nontrade-related credits(359)3
Treasury notes outstanding84128171171171
Yugoslavia
Revolving trade facility600600600600600
Nontrade-related facility200200200200200
Total28,222932,761931,61231,13930,636
Sources: Restructuring agreements; and Fund staff estimates.
Table 30.Bank Lending to and Deposit Taking from Developing Countries, Total Cross-Border Flows, 1982–First Half 1987 1(In billions of U.S. dollars)
19861987
19821983198419851986First

half
First

half
Lending to 275.846.236.646.490.417.550.4
Offshore centers 324.711.821.938.791.824.347.0
Developing countries 451.134.314.87.7–1.4–6.83.4
Africa5.4–0.31.3–1.9–1.7–1.1
Asia9.08.16.34.8–1.54.0
Europe1.32.21.8–0.50.60.2
Middle East3.6–0.9–2.3–2.4–1.40.2
Western Hemisphere15.05.70.6–1.5–2.90.1
Deposit taking from 528.757.442.878.8127.311.142.5
Offshore centers 324.834.119.454.3131.729.424.1
Developing countries 43.923.323.522.4–4.3–18.318.4
Africa1.5–1.23.9–0.7–1.60.8
Asia11.69.47.99.6–1.215.1
Europe1.74.02.11.20.1–1.6
Middle East–3.5–2.52.7–15.0–14.62.6
Western Hemisphere11.913.85.90.5–0.91.5
Sources: International Monetary Fund, International Financial Statistics; and Fund staff estimates.
Table 31.Deposit Taking from Banks in Developing Countries, 1983–First Half 1987 1(In billions of U.S. dollars)
19861987
1983198419851986First

half
First

half
Africa0.4–0.41.6–0.8–1.4–0.4
Of which:
Algeria–0.6–0.30.9–1.7–0.7–0.3
Côte d’Ivoire0.1
Liberia
Morocco–0.20.1
Nigeria–0.10.5–0.10.1–0.2–0.4
South Africa0.6–0.70.40.1–0.40.4
Asia8.810.15.310.6–0.314.4
Of which:
China3.7–0.2–5.9–1.4–1.42.0
India0.80.8–0.2–0.2–0.4
Indonesia2.11.20.2–1.8–1.2–0.9
Korea–0.21.2–0.4–1.7–1.20.1
Malaysia–0.50.70.9–0.1–1.1
Philippines–1.5–0.10.10.30.10.3
Thailand–0.2–0.20.50.50.10.3
Europe1.14.20.20.8–0.3–1.6
Of which:
Greece0.30.10.40.2
Hungary0.60.80.9–0.10.1–0.9
Portugal0.70.3–0.2–0.10.5
Romania0.20.2–0.31.50.4–0.2
Turkey1.2–0.70.3–0.2–0.4
Yugoslavia0.6–0.8–0.8–0.9
Middle East–6.7–2.1–3.5–11.8–11.70.4
Of which:
Egypt1.7–0.3–0.7–0.2–0.1
Israel–0.6–0.9–0.7–0.50.1
Kuwait–1.1–0.60.3–0.5–0.8–1.2
United Arab Emirates–0.22.7–0.31.00.1–0.7
Western Hemisphere2.010.5–2.7–5.4–3.52.4
Of which:
Argentina–1.3–0.10.70.21.0–1.0
Bolivia0.1–0.10.2
Brazil1.16.8–2.3–2.6–0.1–1.4
Chile0.20.2–0.4–0.2–0.3
Colombia–1.0–0.2–0.20.20.1
Ecuador0.4–0.10.1–0.1–0.1
Mexico3.93.2–2.60.5–2.06.0
Peru0.10.20.1–0.4–0.2–0.1
Uruguay–0.10.10.10.20.2
Venezuela–1.2–0.21.8–4.0–1.7–0.3
Total5.522.30.9–6.6–17.115.2
Memorandum item
Fifteen heavily indebted countries0.610.8–2.9–6.4–3.92.2
Sources: International Monetary Fund, International Financial Statistics; and Fund staff estimates.
Table 32.Deposit Taking from Nonbanks in Developing Countries, 1983–First Half 1987 1(In billions of U.S. dollars)
19861987
1983198419851986First

half
First

half
Africa1.2–0.82.3–0.31.2
Of which:
Algeria0.10.1–0.1
Côte d’Ivoire0.1–0.1–0.10.1
Liberia0.40.20.70.4–0.20.6
Morocco0.10.10.1
Nigeria0.1–0.10.20.20.3
South Africa0.3–1.70.30.10.10.1
Asia2.9–0.72.6–0.9–0.90.7
Of which:
China–0.10.30.20.1
India0.2–0.21.0–0.4–0.1
Indonesia0.10.10.20.2
Korea–0.30.20.2–0.1–0.2
Malaysia0.10.3–0.3–0.6–0.40.1
Philippines0.30.3–0.10.20.1
Thailand0.10.1–0.1
Europe0.6–0.21.90.50.3
Of which:
Greece–0.10.90.10.1
Hungary
Portugal0.10.40.20.20.1
Romania
Turkey–0.2–0.10.1–0.2
Yugoslavia–0.10.1
Middle East3.2–0.46.2–3.2–3.02.3
Of which:
Egypt0.40.8–0.4–0.4
Israel0.2–0.1–0.1–0.1
Kuwait0.70.20.2–0.50.51.2
United Arab Emirates–0.61.8–0.4–0.61.4
Western Hemisphere10.03.38.65.92.6–0.9
Of which:
Argentina1.0–0.20.8–0.10.10.1
Bolivia–0.2–0.1
Brazil4.00.21.51.81.2
Chile0.6–0.20.30.20.1–0.1
Colombia–0.20.20.30.2–0.1
Ecuador0.20.20.2–0.1–0.10.2
Mexico2.31.71.8–0.1–0.2–0.2
Peru0.20.20.20.20.2
Uruguay0.40.30.20.30.1–0.2
Venezuela0.91.22.0–1.0–0.6
Total17.81.121.62.3–1.33.3
Memorandum item
Fifteen heavily indebted countries9.93.67.51.50.90.3
Sources: International Monetary Fund, International Financial Statistics; and Fund staff estimates.
Table 33.Change in Claims of U.S. Banks on Developing Countries, 1982–87 1(In billions of U.S. dollars; and in percent)
198219831984198519861987 2
Billions of U.S. dollarsGrowth rateBillions of U.S. dollarsGrowth rateBillions of U.S. dollarsGrowth rateBillions of U.S. dollarsGrowth rateBillions of U.S. dollarsGrowth rateBillions of U.S. dollarsGrowth rate
Developing countries 3
All banks11.17.85.83.8–3.8–2.4–13.3–8.5–13.5–9.4–7.3–5.6
Nine banks6.77.53.63.8–1.6–1.6–7.6–7.7–8.4–9.2–2.8–3.4
Fifteen banks2.911.02.17.10.10.4–5.0–16.2–2.9–11.3–3.1–13.3
Others1.55.40.10.3–2.4–8.3–0.7–2.8–2.1–8.2–1.4–5.9
Capital importing developing countries 3
All banks11.18.15.33.6–3.1–2.0–12.0–8.0–12.7–9.1–5.6–4.4
Nine banks7.08.23.03.2–1.0–1.1–6.8–7.1–7.7–8.8–1.4–1.8
Fifteen banks2.710.92.27.80.20.6–4.6–15.2–3.0–11.6–2.8–12.4
Others1.45.10.10.4–2.3–8.0–0.7–2.5–2.0–7.8–1.4–5.8
Africa
All banks1.312.41.08.5–0.8–6.0–2.8–22.4–2.0–20.1–0.1–1.6
Nine banks0.78.10.910.2–0.8–8.1–1.6–18.3–1.4–19.40.11.5
Fifteen banks0.534.50.315.40.211.9–0.9–38.2–0.3–23.1–0.1–11.0
Others0.217.2–0.1–4.7–0.2–17.1–0.3–23.9–0.2–20.9–0.1–13.0
Asia
All banks3.814.21.44.5–3.0–9.5–3.4–11.9–4.9–19.3–1.6–8.0
Nine banks2.714.80.31.3–2.0–9.3–2.6–13.5–2.9–17.7–0.5–3.6
Fifteen banks0.48.40.58.20.6–0.9–14.9–1.1–21.4–1.5–36.0
Others0.620.90.617.0–1.1–25.60.14.3–0.8–23.90.415.1
Indonesia
All banks0.624.20.619.9–0.2–5.0–0.6–18.8–0.6–21.6–0.9–39.4
Nine banks0.526.90.521.0–0.3–8.8–0.5–16.7–0.5–22.4–0.7–39.2
Fifteen banks10.97.50.130.1–0.2–36.9–14.3–0.2–59.0
Others12.232.6–14.83.0–24.33.7
Korea
All banks2.124.10.54.1–1.5–13.3–0.8–7.9–3.2–34.6–2.5–42.3
Nine banks1.526.4–0.5–6.8–1.0–15.5–0.5–9.7–1.6–31.1–0.5–14.9
Fifteen banks0.418.90.520.50.4–0.5–17.0–0.9–41.3–1.3–100.0
Others0.322.00.528.5–0.5–24.00.213.3–0.7–35.8–0.6–52.7
Philippines
All banks0.46.90.35.5–0.6–10.0–0.7–0.3–5.8–0.3–6.1
Nine banks0.26.30.11.3–0.2–4.40.9–0.1–2.3–0.3–7.5
Fifteen banks1.72.7–0.1–4.6–0.1–6.8–0.1–13.2–0.1–6.8
Others0.122.80.236.3–0.4–42.72.1–0.1–14.97.8
Europe
All banks–1.2–10.00.44.1–0.7–6.5–0.6–5.8–1.7–17.6–1.1–13.1
Nine banks–0.6–7.80.67.7–0.6–7.1–0.5–7.0–1.3–17.9–0.7–11.7
Fifteen banks–0.2–10.10.31.3–0.1–7.3–0.3–17.4–0.3–23.3
Others–0.4–19.5–0.1–9.8–0.2–13.1–3.5–0.2–16.0–0.1–6.8
Middle East
All banks0.38.10.38.5–0.4–9.0–0.7–18.8–0.6–20.3–0.4–18.5
Nine banks0.16.00.28.6–0.2–7.8–0.5–20.6–0.5–23.4–0.4–28.8
Fifteen banks0.119.80.119.7–0.9–0.2–24.7–0.1–17.7–0.1–19.0
Others0.17.51.5–0.2–18.8–0.1–7.3–0.1–12.90.18.9
Western Hemisphere
All banks6.98.22.12.31.81.9–4.5–4.7–3.5–3.9–2.3–2.7
Nine banks4.18.51.12.12.54.7–1.5–2.7–1.6–3.00.10.2
Fifteen banks1.912.11.37.3–0.1–0.6–2.5–13.0–1.1–6.8–0.8–5.1
Others0.84.2–0.3–1.4–0.6–3.0–0.5–2.5–0.8–3.9–1.6–8.7
Argentina
All banks–0.2–2.00.33.3–0.5–6.20.45.50.11.40.1
Nine banks–0.1–1.70.24.5–0.3–4.60.815.10.10.9
Fifteen banks0.16.00.28.4–0.1–6.1–0.2–13.31.41.2
Others–0.2–12.7–0.1–8.4–0.2–13.6–0.1–8.64.2–1.2
Brazil
All banks3.621.50.21.13.215.6–1.1–4.5–0.4–1.7–1.1–4.9
Nine banks2.725.02.518.8–0.3–1.6–0.2–1.2–0.5–3.2
Fifteen banks0.930.70.410.30.410.0–0.8–16.6–0.2–4.7–0.4–10.2
Others0.11.5–0.2–5.80.39.4–1.2–0.5–0.2–6.4
Mexico
All banks2.913.42.08.00.20.7–1.6–6.0–1.3–5.10.72.8
Nine banks1.311.11.39.80.64.0–0.6–4.1–0.7–5.20.96.4
Fifteen banks0.818.70.24.0–0.2–0.6–12.0–0.1–1.1–0.2–5.1
Others0.814.10.57.7–0.4–5.3–0.3–5.3–0.5–8.10.7
Venezuela
All banks1.110.5–0.3–2.8–0.4–4.0–0.7–6.7–1.0–9.7–0.6–6.7
Nine banks0.811.3–0.2–2.2–0.2–2.6–0.3–4.1–0.6–8.7–0.7–10.1
Fifteen banks0.318.81.3–0.1–5.3–0.3–15.9–0.2–9.23.1
Others–1.4–0.2–10.6–0.1–8.9–0.1–6.8–0.2–15.9
Source: Federal Financial Institutions Examination Council, Country Exposure Lending Survey.
Table 34.Change in Bank Claims on Developing Countries, 1982–87 1(In billions of U.S. dollars and in percent)
198219831984198519861987 2
Billions of U.S. dollarsGrowth rateBillions of U.S. dollarsGrowth rateBillions of U.S. dollarsGrowth rateBillions of U.S. dollarsGrowth rateBillions of U.S. dollarsGrowth rateBillions of U.S. dollarsGrowth rate
Developing countries 3
U.S. claims data11.17.85.83.8–3.8–2.4–13.3–8.5–13.5–9.4–7.3–5.6
U.K. claims data6.010.22.13.2–1.2–1.8–0.4–0.60.60.91.92.9
Capital importing developing countries 3
U.S. claims data11.18.15.33.6–3.1–2.0–12.0–8.0–12.7–9.1–5.6–4.4
U.K. claims data5.910.71.72.8–0.5–0.8–0.5–0.80.81.31.72.8
Africa
U.S. claims data1.312.41.08.5–0.8–6.0–2.8–22.4–2.0–20.1–0.1–1.6
U.K. claims data2.931.10.54.1–0.2–2.0–0.8–6.40.10.21.8
Asia
U.S. claims data3.814.21.44.5–3.0–9.5–3.4–11.9–4.4–19.3–1.6–8.0
U.K. claims data1.416.50.43.6–0.3–3.00.22.3–0.1–1.10.33.3
Indonesia
U.S. claims data0.624.20.619.9–0.2–5.0–0.6–18.8–0.6–21.6–0.9–39.4
U.K. claims data0.563.60.326.02.1–0.1–3.0–1.00.15.7
Korea
U.S. claims data2.124.10.54.1–1.5–13.3–0.8–7.9–3.2–34.6–2.5–42.3
U.K. claims data0.310.8–0.2–7.4–0.1–2.5–0.1–2.0–0.3–9.8–0.5–21.1
Philippines
U.S. claims data0.46.90.35.5–0.6–10.0–0.7–0.3–5.8–0.3–6.1
U.K. claims data0.211.70.14.2–0.2–9.6–0.1–8.70.16.0–0.1–8.5
Europe
U.S. claims data–1.2–10.00.44.1–0.7–6.5–0.6–5.8–1.7–17.6–1.1–13.1
U.K. claims data–0.5–5.7–0.1–0.3–0.5–6.00.22.40.2–0.6–6.9
Middle East
U.S. claims data0.38.10.38.5–0.4–9.0–0.7–18.8–0.6–20.3–0.4–18.5
U.K. claims data0.532.0–0.2–11.2–0.2–13.32.0–0.1–6.20.425.4
Western Hemisphere
U.S. claims data6.98.22.12.31.81.9–4.5–4.7–3.5–3.9–2.3–2.7
U.K. claims data1.66.11.13.90.82.8–0.1–0.51.03.21.44.5
Argentina
U.S. claims data–0.2–2.00.33.3–0.5–6.30.45.50.11.40.1
U.K. claims data–0.3–7.80.12.8–0.1–1.30.38.30.411.80.49.1
Brazil
U.S. claims data3.621.50.21.13.215.6–1.1–4.5–0.4–1.7–1.1–4.9
U.K. claims data1.218.20.78.50.78.5–0.2–2.20.44.10.77.2
Mexico
U.S. claims data2.913.42.08.00.20.7–1.6–6.0–1.3–5.10.72.8
U.K. claims data0.23.10.33.80.11.1–0.1–0.90.10.45.2
Venezuela
U.S. claims data1.110.5–0.3–2.8–0.4–4.0–0.7–6.7–1.0–9.7–0.6–6.7
U.K. claims data–0.1–4.3–0.2–5.4–0.1–4.2–0.1–2.9–1.80.14.6
Sources: Federal Financial Institutions Examination Council, Country Exposure Lending Survey; and Bank of England, Quarterly Bulletin.
Table 35.Assets and Capital of U.S. Banks, 1977–First Half 1987
1987
1977197819791980198119821983198419851986First

half
(In billions of U.S. dollars)
External claims on developing countries 170.181.591.9110.9132.6147.7150.0145.6133.1121.8117.9
Total assets717.1823.6941.31,066.31,164.51,261.01,336.01,413.01,529.01,613.01,593.0
Capital40.945.549.756.962.770.679.392.2105.4116.1124.4
(In percent)
Memorandum items
Capital to total assets5.75.55.35.35.45.65.96.56.97.27.8
External claims on developing countries to total assets9.89.99.810.411.411.711.210.38.77.67.4
Capital to external claims on developing countries58.455.854.151.347.347.852.963.379.295.3105.5
Sources: Federal Financial Institutions Examination Council, Country Exposure Lending Survey; and International Monetary Fund, International Financial Statistics.
Table 36.Terms of Long-Term Bank Credit Commitments, 1981–Third Quarter 1987 1(In percent, unless otherwise indicated)
1987
1981198219831984 21985 31986 4First three quarters 5
Six-month Eurodollar interbank rate (average)16.7213.609.9311.298.646.857.07
U.S. prime rate (average)18.8714.8610.7912.049.938.337.99
Average maturity (in years/months)7/87/77/37/97/97/17/8
OECD countries7/88/37/87/47/56/55/3
Centrally planned economies5/74/94/55/117/57/98/1
Oil exporting countries7/96/07/27/77/27/98/9
Other developing countries7/97/07/08/118/118/411/3
Average spread0.800.771.150.930.630.400.44
OECD countries0.580.560.650.550.460.360.25
Centrally planned economies0.621.031.180.880.550.260.24
Oil exporting countries0.790.940.850.760.800.460.55
Other developing countries1.041.141.701.440.990.670.71
Sources: Organization for Economic Cooperation and Development, Financial Market Trends; and International Monetary Fund, International Financial Statistics (for Eurodollar rate and prime rate).
Table 37.Terms and Conditions of Bank Debt Restructurings and Bank Financial Packages, 1986–Third Quarter 1987 1
Country, Date of Agreement, and Type of Debt RescheduledBasisAmount ProvidedGrace PeriodMaturityInterest Rate
(In millions of U.S. dollars)(In years, unless otherwise noted)(In percent spread over LIBOR/U.S. prime)
Argentina
Agreement in principle of April 24, 1987; final agreement August 1987:
Rescheduling of public and private sector indebtedness 2100 percent of principal25,3007191316
Rescheduling of 1983 and 1985 term credit agreements100 percent of principal4,2005121316
New medium-term loanNew financing1,550512
New trade credit and deposit facilityNew financing4004
Amendment to trade credit and deposit facility of 1985Maturity lengthened to coincide with 1987 trade credit deposit facility50041316
Trade credit maintenance facilityBanks would maintain trade credit at levels of September 30, 1984 (estimate)1,20021316
Stand-by money market facilityBanks would continue to make make available to the Central Bank on request any amounts outstanding to foreign branches and agencies of Argentine banks on September 30, 19841,4002¾
Brazil
Agreement of July 25, 1986
Rescheduling of medium- and long-term debt due in 1985100 percent of principal6,671571⅛
Deferment of medium- and long-term debt due in 1986100 percent of principal9,600To March 1987Original rates
Maintenance of trade and interbank lines100 percent rollover14,750To March 1987Original rates
Chile
Agreement of June 17, 1987: 3
Amendments to 1983–84 new money agreements100 percent of principal falling due in 1988–901,310451⅛
Amendment to 1983–87 restructuring agreements100 percent of principal falling due in 1988–902,400615½1
1988–91 unrescheduled original maturities100 percent of principal2,295615½1
Extension of short-term trade related facility until end-1989100 percent rollover1,70021⅜-1⅛
Congo
Agreement in principle of October 15, 1986:
Rescheduling of public sector debt falling due in 1986–88100 percent of principal217991⅞-1½
New medium-term loanNew financing6081⅞-1½
Côte d’Ivoire
Agreement of May 21, 1986 with Steering Committee:
Agreement of December 1986
Public and publicly guaranteed medium-and long-term debt:
Due in 198680 percent of principal200391⅝–1⅜
Due in 198770 percent of principal196391⅝-1⅜
Due in 198860 percent of principal170391⅝-1⅜
Due in 198950 percent of principal125391⅝-1⅜
Dominican Republic
Agreement of February 24, 1986:
Rescheduling of public and private debt
In arrears as of December 31, 1984100 percent of principal803131⅜
Due in 1985–89100 percent of principal7073131⅜
Honduras
Agreement in principle of June 26, 1987:
Restructuring of principal and interest in arrears as of March 1987100 percent of principal183681⅛ 4
Restructuring of principal falling due in 1987–89100 percent of principal52681⅛ 4
Jamaica
Agreement in principle of March 10, 1987:
Rescheduling of maturities falling due April 1985 to end-1986100 percent of principal185
Rescheduling of maturities falling due January 1987 to March 31, 1990100 percent of principal180912½
Mexico
Agreement with Steering Committee of September 30, 1986, final agreement of April 1987:
Restructuring of previously restructured debt100 percent of principal43,7007201316
Change in spread for 1983 and 1984 new money facilities 58,6005101316
1986–87 new money facilityNew money5,0005121316
Cofinancing arrangement with World Bank 6New money1,0009151316
Growth contingency cofinancing with World Bank 6New money5007121316
Contingent investment support facilityNew money1,200481316
Agreement of August 14, 1987:
Private sector debt under Forward Coverage Scheme (FICORCA)100 percent of principal77201316
Morocco
Agreement of February 1986:
Medium- and long-term debt due September 9–December 31, 1983100 percent of principal53837
Medium- and long-term debt due in 198490 percent of principal
Rollover of short-term debtTrade-related credit outstanding as of August 24, 1987610
Agreement in principle of December 15, 1986:
Rescheduling of medium- and long-term debt not previously rescheduled falling due from 1985–88100 percent of principal1,5464111316
Rescheduling of principal payments due in 1987–88 under previous rescheduling agreement100 percent of principal17844
Conversion of short-term trade credits (except letters of credit) into medium-term debtTrade-related credit outstanding as of August 24, 198345061316
Consolidation of trade arrears due to banks into a trade credit maintenance facilityArrears as of September 30, 1986188Original rates
Mozambique
Agreement in principle of May 27, 1987:
Refinancing of trade-related and other short-term public sector debt100 percent of principal outstanding on May 27, 198792581⅛
Restructuring of medium-term public sector debt100 percent of principal outstanding on May 27, 19871058151⅛ 8
Restructuring of all nonprincipal overdue amounts of the two above agreements100 percent of arrears as of June 30, 1987528131⅛ 8
Niger
Agreement of April 1986:
Serial rescheduling of medium-term debt:
Due October 1, 1985–December 31, 198690 percent of principal, excluding previously rescheduled debt10Originally contracted rate plus 2 percent
Due 1987184
Due 1988154
Nigeria
Agreement in principle of November 1986:
Rescheduling of medium- and long-term debt falling due April 1, 1986 to December 31, 1987100 percent of principal1,725310
Arrears as of September 26, 1986Letters of credit confirmed before September 26, 1986 and associated new interest2,52514
New medium-term loan9New financing320397915169
Philippines
Agreement in principle of March 27, 1987:
Rescheduling of public and publicly guaranteed debt:
Due January 1, 1987–December 31, 1992100 percent of principal2,76217
Due January 1, 1989–December 31, 1994 under 1985 restructuring agreement100 percent of principal3,96317
Rescheduling of private financial sector debt:
Due January 1, 1987–December 31, 1992100 percent of principal136101⅛
Due January 1, 1989–December 31, 1992 under 1985 restructuring agreement100 percent of principal1,1726101⅛
Rescheduling of private corporate debt:
Due January 1, 1987–December 31, 1992100 percent of principal6536101⅛
Due January 1, 1990–December 31, 1992 under 1985 restructuring agreement100 percent of principal44717
Extension of short-term trade-related facility until June 30, 1991100 percent rollover2,9655¾
Change in spread for 1985 new medium-term loan925UnchangedUnchanged
Poland
Agreement of September 1986:
Restructuring of medium- and long-term debt included in April and November 1982 agreements
Due in 198695 percent of principal915441⅜
Due in 198780 percent of principal1,055441⅜
Agreement in principle of August 1987:
Rescheduling of maturities falling due in 1987–90, including previously restructured debt100 percent of principal5,2191151516
Rescheduling of maturities falling due in 1991–93, including previously restructured debt100 percent of principal3,0826151516
Modification of the 1986 restructuring agreement covering payments falling due in 198750 percent of principal14021516
Romania
Agreement of September 1986: Maturities on loans already rescheduled in 1982–83 falling due in
1986100 percent of principal35031⅜
198785 percent of principal45041⅜
Agreement in principle of September 1987:
Change in spread of 1986 restructuring agreementUnchanged800UnchangedUnchanged
South Africa
First interim debt arrangement of March 25, 1986:
Short- and medium-term debt subject to September 1985 standstill originally due August 28, 1985 to June 30, 1987About 95 percent of principal9,800Margin applicable in August 1985 plus an additional spread of up to 1 percentage point
Second interim debt arrangement of March 24, 1987:
Short- and medium-term debt subject to September 1985 standstill due June 30, 1987 to June 30, 1990About 87 percent of principal10,90033
Uruguay
Agreement of July 1986:
Maturities falling due in 1985–89 and not previously restructured100 percent of principal8443121⅜
Previously restructured maturities falling due in 1985–89100 percent of principal6213121⅝
Medium-term loan granted in 1983100 percent of principal2303121⅝
Bearer treasury bonds100 percent of principal2633121⅜
Venezuela
Agreement of February 27, 1987 with Steering Committee:
Modification of February 1986 rescheduling agreement100 percent of principal21,08813
Zaïre10
Deferment agreement of May 198611Principal65Originally contracted rate
Deferment agrteement of May 198712Principal61Originally contracted rate
Memorandum item
Non-Fund member
North Korea:
Agreement in principle of September 1987 Rescheduling of arrears77041213
Sources: Restructuring agreements; press reports; and Fund staff calculations.
Table 38.Aggregate Financial Structures of Major Financial Markets(Averages for period, in percent)
United StatesJapanFranceSwitzerlandUnited KingdomGermany, Fed. Rep. of
1973–761983–861973–761983–861973–761983–861973–761983–361973–761983–861973–761983–86
Gross savings ratio (GS/GNP)17.114.535.031.526.019.729.228.818.317.725.523.6
Gross investment ratio (GI/GNP)15.816.133.727.924.919.225.823.120.016.922.220.0
Narrow money/GNP 118.115.029.826.229.925.834.130.815.115.514.916.3
Broad money/GNP 261.062.077.192.866.163.890.8113.736.333.743.249.3
Bonds/GNP54.2 385.3 437.3 383.6 415.2 331.5 444.8 375.3 439.2 338.7 454.0 386.2 4
Equity market capitalization/GNP53.4 369.8 429.2 386.3 410.9 319.3 429.9 381.5 436.1 392.4 413.1 323.3 4
Sector balances 5 (relative to GNP)
Government–2.3–5.1–5.3–5.2–2.9–5.9–3.3–1.9–1.7
Business–2.2–1.7–5.7–1.7–1.1–2.41.5–5.0–2.7
Households5.34.810.310.04.05.73.28.26.3
Foreign–0.72.00.1–3.10.01.9–0.1–1.3–1.8
Net foreign asset position (relative to GNP 6)3.3–4.63.08.5–1.3–4.16.02.67–1.95.77.57.6
Rate of inflation (GNP deflator)7.63.312.11.310.06.65.94.415.85.35.62.3
Interest rates
Nominal
Short-term7.58.69.35.99.610.52.33.04.59.56.85.2
Medium- or long-term7.510.58.66.49.311.46.04.613.610.59.07.1
Real 8
Short-term–0.15.1–2.34.6–0.43.6–2.0–1.3–8.64.81.24.3
Medium- or long-term–0.17.0–2.95.0–0.64.40.20.2–0.75.73.26.2
Sources: International Monetary Fund, International Financial Statistics; Salomon Brothers, Inc., How Big Is the World Bond Market? and International Equity Analysis.
Table 39.Size of International Financial Markets, 1976–86
19761977197819791980198119821983198419851986
(In billions of U.S. dollars)
Total international lending through banks and bond markets9695114148179194144131152182252
International bond issues (net) 12627242319294946627787
International bank lending (net of redepositing)706890125160165958590105165
International bond issues (net) deflated by U.S. GNP deflator2424201713182926344145.2
International bank lending (net) deflated by U.S. GNP deflator666074941111055649505686
(In percent)
Bond issues as ratio to world imports (in U.S. dollars)2.82.51.91.51.01.52.72.63.34.04.1
International bank lending (net) as ratio to world imports (in U.S. dollars)7.54.67.27.88.68.75.24.94.95.67.8
International bond issues (net) as ratio to international bank lending (net)37.139.726.718.411.917.651.654.168.973.352.7
Sources: International Monetary Fund, World Economic Outlook and International Financial Statistics; Organization for Economic Cooperation and Development, Financial Market Trends; and Bank for International Settlements.
Table 40.Domestic Nonfinancial Sectors’ Gross Debt/GNP Ratios 1(In percent)
CountriesPublic SectorCorporate SectorPersonal Sector
United States
1975423750
1986564565
Japan
1975399433
1986 29110247
Germany, Fed. Rep. of
1975256342
1986417155
United Kingdom
1975634633
1986 2584855
Source: Bank for International Settlements, Annual Report, 1986.
Table 41.Euromarkets’ Financial Activities(In billions of U.S. dollars)
1987
197319751980198119821983198419851986First

half
Eurobonds4.28.720.431.350.350.181.7135.4187.086.3
International bank loans 120.820.681.0144.496.073.5108.5110.382.843.62
Issuance facilities 39.528.868.692.228.82
Note issuance facilities3.517.436.321.47.22
Other6.011.432.370.821.62
Of which:
Other committed facilities11.410.55.61.22
Eurocommercial paper programs11.256.717.42
Other nonunderwritten facilities10.68.53.02
Equity-related bonds8.010.911.522.310.22
Source: Organization for Economic Cooperation and Development, Financial Statistics Monthly and Financial Market Trends.
Table 42.Size of Major Bond Markets, 1980–86(In billions of local currency units at end of period; or in percent)
1980198119821983198419851986
AmountPercent of totalAmountPercent of totalAmountPercent of totalAmountPercent of totalAmountPercent of totalAmountPercent of totalAmountPercent of total
France
(in French francs)
Public sector376.977.1437.378.4565.980.2690.080.4852.980.91,034.779.71,282.881.2
Corporate sector108.122.1116.620.9134.419.1161.518.8194.418.4251.719.4285.218.0
Foreign bonds13.90.84.10.75.30.76.40.87.30.711.80.913.00.8
Total488.9100.0558.0100.0705.6100.0857.9100.01,054.6100.01,298.2100.01,581.0100.0
Eurobonds28.71.811.12.010.51.510.11.29.00.911.00.932.22.0
Germany, Fed. Rep. of
(in deutsche mark)
Public sector130.813.2127.911.3156.612.5191.014.0228.015.5272.417.3329.719.6
Schuldscheine (promissory notes)3360.636.5439.138.7480.138.3504.236.8520.135.5527.533.5514.530.6
Corporate sector417.942.3488.043.0533.742.5586.642.8622.042.4657.041.7688.141.0
International bonds79.28.080.37.083.66.787.66.496.36.6117.47.5147.28.8
Total988.5100.01,135.3100.01,254.0100.01,369.4100.01,466.4100.01,574.3100.01,679.5100.0
Japan
(in yen)
Public sector109,89374.5127,01375.7144,67076.2163,97976.7178,99676.3196,52876.6208,23175.3
Corporate sector35,86724.338,59023.042,31222.346,50321.751,34621.954,93021.462,84622.8
Foreign bonds1,7841.22,2511.32,8741.53,4271.64,1711.85,1742.05,3371.9
Total147,544100.0167,854100.0189,856100.0213,909100.0234,513100.0256,632100.0276,414100.0
Eurobonds1250.12050.13220.23850.27490.31,8550.74,8901.8
United Kingdom
(in pounds sterling)
Public sector82.793.990.493.896.392.8105.592.9114.991.4124.691.7131.990.8
Corporate sector5.36.05.45.66.26.06.25.47.96.37.65.69.56.6
Foreign bonds0.10.10.60.61.31.21.91.72.92.33.72.73.82.6
Total88.1100.096.4100.0103.8100.0113.6100.0125.7100.0135.9100.0145.2100.0
Eurobonds0.70.80.80.81.21.22.62.35.44.310.07.416.811.6
United States
(in U.S. dollars)
Public sector1,043.367.01,171.568.61,377.570.51,624.072.21,920.273.02,301.373.52,670.374.4
Corporate sector465.429.9483.728.3516.126.4562.325.0643.024.4756.924.2867.324.2
Foreign bonds47.83.153.23.159.93.163.72.867.62.672.72.351.51.4
Total1,556.5100.01,708.4100.01,953.5100.02,250.0100.02,630.8100.03,130.9100.03,589.1100.0
Eurobonds63.84.180.34.7113.45.8145.16.5195.97.5267.28.5350.69.8
Switzerland
(in Swiss francs)
Public sector23.424.623.622.323.819.423.517.824.516.825.010.924.89.3
Corporate sector45.848.151.048.356.345.959.144.663.343.666.729.177.528.9
Foreign bonds26.027.331.129.442.634.749.737.657.539.667.429.490.633.8
Foreign notes (private placements)70.030.675.028.0
Total95.2100.0105.7100.0122.7100.0132.3100.0145.3100.0229.1100.0267.9100.0
Source: Salomon Brothers, Inc., How Big Is the World Bond Market?
Table 43.Position of Foreign Banks in Selected Countries, 1960–First Half 1985 1(End-of-year data)
196019701980First Half 1985
Host CountryNumber of institutionsNumber of banking offices 2Foreign bank assets as percent of total bank assetsNumber of institutionsNumber of banking offices 2Foreign bank assets as percent of total bank assetsNumber of institutionsNumber of banking offices 2Foreign bank assets as percent of total bank assetsNumber of institutionsNumber of banking offices 2Foreign bank assets as percent of total bank assets
Belgium 3148.242622.55141.55751.0
Canada576.3
France337.25812.312215.014718.25
Germany, Fed. Rep. of6240.5771.42131.928772.4
Italy 814260.9362.4
Japan 934381.3853.41123.6
Luxembourg 1038.02357.89685.410685.4
Netherlands 11233917.44023.6
Switzerland89710.39911.111912.2
United Kingdom51126.79537.521455.62931362.6
United States 14155.8165798.77831712.0
Source: Bank for International Settlements, Recent Innovations in International Banking (Basle, 1986).
Table 44.International Facilities by Category of Instrument, 1982–Third Quarter 1987(In billions of U.S. dollars)
19861987
19821983198419851986First

three

quarters
First

three

quarters
Total note issuance facilities2.73.517.434.424.814.314.3
Of which:
Multiple component facilities8.015.013.27.38.3
Backup for Euronotes2.50.96.417.49.16.14.2
Bankers’ acceptances2.01.85.82.12.01.40.5
Of which:
Sterling1.51.31.11.31.00.50.4
Commercial paper backups0.23.02.84.41.61.60.3
Other instruments0.51.22.82.00.92.21.3
Subtotal5.49.528.842.929.319.516.4
Merger-related stand-by agreements4.026.56.00.73.4
Subtotal5.413.555.348.930.022.916.4
Eurocommercial paper programs12.659.037.039.2
Total5.413.555.361.589.059.955.6
Source: Organization for Economic Cooperation and Development, Financial Market Trends.
Table 45.External Assets of BIS Reporting Banks by Maturity and Undisbursed Credit Commitments, December 1982–December 1986 1(In billions of U.S. dollars)
December 1982December 1983 2December 1984 3December 1985 4December 1986 4
External assetsExternal assetsExternal assetsExternal assetsExternal assets
TotalUp to and including one yearUndisbursed credit commitmentsTotalUp to and including one yearUndisbursed credit commitmentsTotalUp to and including one yearUndisbursed credit commitmentsTotalUp to and including one yearUndisbursed credit commitmentsTotalUp to and including one yearUndisbursed credit commitments
Claims on
Industrial countries outside the BIS reporting area67.329.420.172.130.922.080.836.321.751.724.420.867.032.420.4
Australia15.05.29.018.26.48.823.09.49.626.211.512.334.415.812.2
Finland 49.05.12.09.45.52.611.36.91.4
Norway11.35.13.410.74.64.011.35.43.914.17.94.517.510.03.9
Spain 424.610.12.826.911.03.427.111.03.2
Other7.43.92.96.93.43.28.13.63.611.45.04.015.16.64.3
Developing countries447.1213.079.6468.6210.275.1471.1193.768.1503.7218.868.8518.3210.568.9
Capital importing developing countries425.9195.762.9442.3188.668.0444.8173.260.4476.7197.962.3491.5190.064.1
Africa56.421.513.560.524.213.359.525.111.763.227.510.066.631.77.4
Côte d’Ivoire3.40.90.43.10.80.22.70.60.12.90.70.23.30.90.3
Morocco3.91.00.43.91.10.23.81.20.34.51.70.34.92.30.2
Nigeria8.53.13.910.02.72.68.92.61.99.24.01.29.95.10.7
South Africa14.38.73.518.411.83.618.912.83.517.011.42.415.611.01.7
Zaïre0.90.30.10.70.20.70.30.10.80.30.10.80.30.1
Other25.47.56.224.47.66.724.57.65.828.89.45.832.112.14.4
Asia71.236.819.580.939.421.484.739.221.393.942.523.199.943.224.9
China1.30.63.12.21.43.23.52.43.46.64.75.36.63.16.3
India2.31.11.82.61.12.13.41.32.54.91.72.56.72.72.2
Indonesia9.93.82.211.84.63.212.95.43.614.16.03.815.96.43.7
Korea23.213.93.925.714.54.426.013.04.428.713.74.527.212.45.9
Malaysia6.61.61.38.72.11.610.62.41.810.12.11.410.82.31.1
Philippines12.67.52.413.87.31.612.46.61.012.96.41.113.95.50.9
Thailand4.92.81.65.83.51.46.53.51.46.92.91.46.72.52.0
Other10.45.53.210.34.93.99.44.63.29.75.03.112.18.32.8
Europe59.319.36.559.218.85.156.418.05.965.122.96.868.023.31.2
Greece10.03.32.211.83.82.112.34.02.014.25.01.414.44.91.1
Hungary6.82.20.57.03.20.36.82.70.68.63.51.110.03.41.2
Poland13.94.60.710.92.70.38.72.10.39.92.10.310.72.40.3
Portugal10.03.81.210.84.00.810.83.51.111.43.51.310.13.11.3
Romania4.21.70.43.90.90.23.10.70.23.00.80.22.81.00.2
Turkey4.01.00.54.41.20.64.61.91.06.53.41.68.34.32.2
Yugoslavia9.82.60.79.82.70.59.32.60.510.34.10.510.33.70.6
Other0.60.10.30.60.30.30.80.50.21.20.50.41.40.50.3
Middle East21.316.73.515.510.83.614.810.23.316.010.03.515.79.83.4
Egypt4.93.21.85.63.72.05.83.61.86.73.51.96.53.31.9
Israel6.74.40.56.44.40.75.33.70.55.63.90.75.23.40.5
Other9.79.11.23.52.70.93.72.91.03.72.60.94.03.11.0
Western Hemisphere217.7101.519.9226.295.424.6229.480.718.2238.494.918.9241.281.921.2
Argentina25.713.91.926.814.11.725.314.01.929.415.32.031.110.31.4
Brazil60.521.15.360.616.95.065.416.43.766.720.74.569.425.64.9
Chile11.64.61.012.54.61.213.23.70.714.35.41.014.25.50.7
Colombia6.32.91.26.83.20.86.52.60.96.42.81.26.72.41.2
Ecuador4.52.50.54.82.30.54.71.70.35.02.00.65.31.80.7
Mexico62.929.93.769.329.48.670.917.13.571.720.33.370.916.54.3
Peru5.43.21.15.12.30.84.82.10.74.72.40.54.52.60.4
Venezuela27.515.82.427.616.30.926.717.40.927.119.61.025.911.31.4
Other13.37.62.812.76.34.111.95.75.613.16.44.813.25.96.2
Centrally planned economies29.712.45.730.012.96.229.612.84.240.218.37.651.422.56.6
Czechoslovakia2.80.90.32.70.90.22.40.80.42.71.20.63.11.70.8
German Democratic Republic8.93.51.28.43.30.88.43.71.110.34.41.812.24.71.7
U.S.S.R.14.66.63.915.67.04.815.86.61.922.010.04.328.712.43.2
Other3.41.50.33.31.70.43.01.70.85.22.70.97.43.70.9
Total544.1254.9105.4570.8254.0103.2581.5242.894.0595.6261.597.2636.7265.495.9
Source: Bank for International Settlements, The Maturity Distribution of International Bank Lending.
Table 46.Cross-Country Comparison of External Assets and Liabilities, End-December 1986 1(In billions of U.S. dollars)
Cross-Border Interbank Accounts by Residence of Borrowing BankInternational Bank Credits to Nonbanks by Residence of BorrowerTotal External Liabilities of Banks and Non-banks to BanksCross-Border Interbank Accounts by Residence of Lending BankInternational Bank Deposits of Nonbanks by Residence of DepositorTotal External Assets of Banks and Nonbanks with BanksNet External Liabilities of Banks and Nonbanks to Banks
Industrial countries2,112.6405.82,518.42,088.8403.82,492.625.8
Major industrial countries1,645.1260.31,905.41,527.4305.31,832.772.7
Other industrial countries467.5145.5613.0561.498.5659.9–46.9
Centrally planned economies43.29.152.324.60.525.127.2
Czechoslovakia2.21.03.21.20.11.31.9
German Democratic Republic10.51.612.17.30.27.54.6
U.S.S.R.24.15.429.514.60.114.714.8
Other6.41.17.51.50.11.65.9
Offshore centers517.848.2566.0547.183.5630.6–64.6
Developing countries (excluding offshore centers)263.5363.9627.4256.4195.3451.7175.7
Capital importing developing countries243.8346.1589.9175.9154.2330.1259.8
Africa17.254.972.110.618.228.843.3
Côte d’Ivoire0.33.23.50.20.50.72.8
Liberia10.210.25.35.34.9
Morocco0.54.34.80.30.71.03.8
Nigeria0.38.28.51.91.73.64.9
South Africa7.58.816.31.21.72.913.4
Other8.620.228.87.08.315.313.5
Asia56.665.2121.888.615.1103.718.1
China8.43.912.37.00.67.64.7
India5.45.43.02.55.5–0.1
Indonesia0.316.516.88.00.78.78.1
Korea22.611.734.35.50.76.228.1
Malaysia2.19.611.76.20.66.84.9
Philippines5.96.42.32.81.34.18.2
Thailand1.65.26.83.10.53.63.2
Other15.76.522.253.08.261.2–39.0
Europe44.131.075.120.115.135.239.9
Greece8.46.915.32.86.18.96.4
Hungary12.51.313.83.90.14.09.8
Poland8.03.111.11.50.21.79.4
Portugal1.69.010.63.43.56.93.7
Romania2.00.92.91.41.41.5
Turkey4.54.69.13.32.25.53.6
Yugoslavia6.93.410.31.90.52.47.9
Other0.21.82.01.92.54.4–2.4
Middle East12.210.122.321.425.146.5–24.2
Egypt7.44.311.77.53.110.61.1
Israel2.62.65.27.82.910.7–5.5
Syrian Arab Republic1.00.21.20.21.11.3–0.1
Other1.23.04.25.918.023.9–19.7
Western Hemisphere113.8185.0298.835.380.8116.1182.7
Argentina10.421.331.72.38.610.920.8
Brazil38.254.993.17.210.517.775.4
Chile9.86.816.62.62.45.011.6
Colombia1.65.67.20.92.93.83.4
Mexico35.558.093.57.816.123.969.6
Nicaragua1.80.82.60.50.40.91.7
Peru0.53.84.31.61.73.31.0
Venezuela4.220.024.74.013.117.17.6
Other11.813.325.18.425.133.5–8.4
International organizations and unallocated36.2173.1209.332.4235.9268.3–59.0
Of which:
International organizations36.215.952.132.47.940.311.8
Total2,973.31,000.13,973.42,949.3918.93,868.2105.2
Source: International Monetary Fund, International Financial Statistics.
Table 47.Financial Futures and Options: Exchanges, Contracts, and Volume of Contracts Traded, 1980–June 1987
Volume of Contracts Traded
TypeContract Unit198019851986June

1986
June

1987
United States(In thousands of contract units)
Chicago
Board of Trade (CBOT)Interest rate
Futures:
U.S. Treasury bonds$100,0006,48940,44852,5994,4865,518
U.S. Treasury notes 1$100,0004502,8604,426470405
Government National Mortgage Association (GNMA) mortgages 2$100,0002,342843122
Options:
U.S. Treasury bonds$100,00011,90117,3141,2141,329
U.S. Treasury notes$100,0001771,0018899
Stock index
Futures:
Long-term munipical bond index$1,000 x index33590774160
Major market index$100 x index2,062364
Major market maxi index$250 x index4221,739153207
NASDAQ 3$250 x index1404
Board Options Exchange (CBOE)Total number of options traded 435,01650,523
Currency
Options:
US$/DM, US$/Sw F, US$/¥, US$/£, US$/Can$, US$/F 5135
Interest rate
Options
U.S. Treasury bonds, U.S. Treasury notes
Mercantile Exchange (CME)Interest rate
Futures:
U.S. Treasury bills 6$1,000,0003,3892,4131,815153125
Euro-dollar deposits (three months)$1,000,0008,90110,8251,0181,760
Options:
Euro-dollar deposits$1,000,0007431,757104171
U.S. Treasury bills$1,000,000646
Stock index
Futures:
Standard and Poor’s 500 index$500 x index
Standard and Poor’s 100$200 x index
index, and Standard and Poor’s OTC index$500 x index15,15319,5141,6991,635
Options:
Standard and Poor’s 500 index$500 x index1,0901,886123151
Currency
Futures
US$/DMDM 125,0009236,4496,582542516
US$/¥¥ 12,500,0005752,4153,910362448
US$/Sw FSw F 125,0008284,7584,998404491
US$/££125,0001,2642,7992,701180292
Other 76214917377079
Options:
US$/DMDM 125,0001,5622,205140276
Other 86542,206128296
(In thousands of contract units)
Mid-America Commodity Exchange (Midam)Interest rate
Futures:
U.S. Treasury bonds$50,0002974684389
U.S. Treasury bills$500,000353731
Currency
Futures:
US$/Sw FSw F 62,50011010299
Other 91431461317
New York Futures Exchange (NYFE)Stock index
Futures:
NYSE composite index$500 x index2,8343,124259262
Commodity Research Bureau index$500 x index591117
Options:
NYSE composite index$500 x index196296119
Stock Exchange (NYSE)Total number of options traded 41,5951,718
Interest rate
Options:
NYSE composite index$500 x index
NYSE composite double index
American Stock Exchange (Amex)Total number of options traded 44,7777,648
Interest rate
Options:
U.S. Treasury notes, U.S. Treasury bills
Stock index
Options:
Major market index$100 x index
Oil index$100 x index
Computer technology index$100 x index
Philadelphia Stock Exchange (PHLX)Total number of options traded 4845556
Stock index
Futures:
National OTC index$500 x index
Options:
National OTC index$100 x index
Valueline index$100 x index
Gold and silver index$100 x index
Currency
Options:
US$/£, US$/DM, US$/¥, US$/Sw F, US$/F, US$/ECU, US$/Can$
United Kingdom
London International Financial Futures Exchange (LIFFE)Interest rate
Futures:
Gilt (government bond) 10£50,00050314221659
Euro-dollar (three-month)$1,000,000704782156
Pound sterling interest rate (three-month)£500,000384767137
U.S. Treasury bond$100,0005463123137
(In thousands of contract units)
Options:
Euro-dollar (three-month)$1,000,000233
U.S. Treasury bond$100,000256
Gilt (20-year)£50,0003225107
Stock index
Futures:
Financial Times index£25 x index9121039
Options:
Financial Times Stock Exchange index£25 x index1
Currency
Futures:
US$/£, US$/DM, DM/US$, US$/¥, US$/Sw F 116446
Options:
US$/DM, £/US$16173
France
Paris
Marché à Terme d’Instruments Financiers (Matif)Interest rate
Futures:
French Government bond (7 to 10 year)F 500,000921
U.S. Treasury billF 5,000,00014
Canada
TorontoInterest rate
Future Exchange
Futures:
Canadian T-bill (91-day)101
Canadian long-term bonds1
Warrants2
Options:
Canadian bond (15-year)31341
Stock index
Futures:
Toronto Stock Exchange (TSE) 300 Composite index, 300 spot index9715
Currency
Futures:
US$/Can$
Germany, Federal Republic of
Frankfurt
Stock ExchangeInterest rate
Options:
Long-term federal government bonds
Japan
Tokyo
Stock ExchangeInterest rate
Futures:
Yen government bond (ten-year)¥ 100 million1,3567191,711
Netherlands
Amsterdam
European Options ExchangeCurrency Options:
US$/f., US$/DM, ECU/US$, £/f.$10,000, DM 10,000 ECU 10,000, £10,000
Australia(In thousands of contract units)
Sydney
Futures ExchangeInterest rate
Futures:
Bank bill (90-day)A$500,000618264156
Australian T-bonds (ten-year)A$100,0003889112186
U.S. T-bondUS$100,0001
Euro-dollar$1 million
Options:
Bank bill (90-day)A$500,000975132
Australian T-bond (ten-year)A$100,000411934
Stock index
Futures:
All ordinaries share price indexA$100 x index18493063
Options:
All ordinaries share price indexA$100 x index4214
Currency
Futures:
US$/A$$100,000216
Options:
US$/A$
Singapore
International Monetary Exchange (Simex)Interest rate
Futures:
Euro-dollar$1,000,000223133143
U.S. T-bond$100,0004
Stock index
Futures:
Nikkei stock average$500 x index648
Currency
Futures:
US$/DM, US$/¥, US$/£DM 125,000, ¥ 12,500,000, £25,00011122218
Note: $A = Australian dollar; Can$ = Canadian dollar; F = French franc; DM = deutsche mark; ¥ = Japanese yen; ECU = European Currency Unit; f. = Netherlands guilder; $NZ = New Zealand dollar; Sw F = Swiss franc; £ = pound sterling; and US$ = U.S. dollar. For the futures markets, the number of contracts traded is for the whole of the indicated year or for the first half of 1986 and 1987; whereas for the options market, the contract numbers are for the month of December of the indicated year or for June of 1986 or 1987, respectively.Sources: Futures Industry Association, Monthly Volume Report and International Report; U.S. Commodity Futures Trading Commission; Euromoney (Corporate Finance Supplement), Futures and Options Directory; The Banker; U.S. Securities and Exchange Commission, Monthly Statistical Review.

World Economic and Financial Surveys

April 1986World Economic Outlook: A Survey by the Staff of the International Monetary Fund.
May 1986Primary Commodities: Market Developments and Outlook, by the Commodities Division of the Research Department.
July 1986Staff Studies for the World Economic Outlook, by the Research Department of the International Monetary Fund.
July 1986Export Credits: Developments and Prospects, by Eduard Brau, K. Burke Dillon, Chanpen Puckahtikom, and Miranda Xafa.
October 1986World Economic Outlook: Revised Projections, by the Staff of the International Monetary Fund.
December 1986International Capital Markets: Developments and Prospects, by Maxwell Watson, Russell Kincaid, Caroline Atkinson, Eliot Kalter, and David Folkerts-Landau.
February 1987Recent Experience with Multilateral Official Debt Rescheduling, by K. Burke Dillon and Gumersindo Oliveros.
April 1987World Economic Outlook: A Survey by the Staff of the International Monetary Fund.
May 1987Primary Commodities: Market Developments and Outlook, by the Commodities Division of the Research Department.
August 1987Staff Studies for the World Economic Outlook, by the Research Department of the International Monetary Fund.
October 1987World Economic Outlook: Revised Projections, by the Staff of the International Monetary Fund.
January 1988International Capital Markets: Developments and Prospects, by Maxwell Watson, Donald Mathieson, Russell Kincaid, David Folkerts-Landau, Klaus Regling, and Caroline Atkinson.

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