Front Matter

Front Matter

International Monetary Fund
Published Date:
January 1987
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© 1988 International Monetary Fund

International Standard Serial Numbers: ISBN 1-55775-007-6

ISSN 0258-7440

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

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Attention: Publication Services

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 under the direction of C. Maxwell Watson, Chief of the International Capital Markets Division of the Exchange and Trade Relations Department of the International Monetary Fund, with Donald Mathieson, Chief of the Financial Studies Division of the Research Department, and G. Russell Kincaid, Assistant Chief of the International Capital Markets Division. Principal coauthors include David Folkerts-Landau (Research Department) and Klaus Regling and Caroline Atkinson (both of the Exchange and Trade Relations Department).

Background for the study was provided in part by informal discussions with commercial and investment banks, securities houses, regulatory and monetary 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 in Amsterdam, Basle, Berlin, Bern, Brussels, Frankfurt, Hong Kong, London, Luxembourg, New York, Ottawa, Paris, Tokyo, Toronto, Washington, and Zurich at various times during April to June 1987, and a review of developments with market participants in main financial centers took place in November 1987.

In addition to the authors, other Fund staff members took part in some of the discussions: Sena Eken of the Fund’s Office in Europe participated in meetings in Brussels, Paris, Zurich, and Bern. Daniel Citrin of the Western Hemisphere Department participated in discussions in Canada, and Jorge Marquez-Ruarte of the Asian Department participated in discussions in Tokyo. Other Fund staff members made significant contributions to the preparation of this study. They include Luis Valdivieso and Akira Ariyoshi, both of the International Capital Markets Division. Staff of the Bureau of Statistics, particularly Richard Stillson and Kanitta Meesook, developed and compiled the data based on the Fund’s international banking statistics. Research assistance was provided by Can T. Demir and Rosa Vera-Bunge. The authors are also grateful to the editor, Juanita Roushdy, of the External Relations Department.

Similar studies on international capital markets have been prepared in recent years, and the previous study was published in December 1986 in the World Economic and Financial Surveys series. The present study was essentially completed in November 1987 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. Opinions expressed, however, 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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