Chapter

Appendix III Statistical Tables

Author(s):
International Monetary Fund
Published Date:
January 1988
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Table A1.Changes in Cross-Border Bank Claims and Liabilities, 1982–Third Quarter 19881(In billions of U.S. dollars)
19871988
198219831984198519861987First three

quarters
Total change in claims2186150182275527793587464
Industrial countries12396127208417550405392
Of which:
United States61403655941067649
Japan102040154223170184
Developing countries35133136-3191-11
Offshore centers4251228288616413176
Other transactors5-18611-7201616
Unallocated (nonbanks)6-121722334029-10
Memorandum items
Capital importing developing countries3, 729157-2186-14
Non-oil developing countries3, 84126165-2187-15
Fifteen heavily indebted countries115-4-222-11
Total change in liabilities9188178184300596750546410
Industrial countries15096113194432491386296
Of which:
United States1073572282583631
Japan151242114146130133
Developing countries34232324-1-483525
Offshore centers42534244613014510486
Other transactors541029-71795
Unallocated (nonbanks)66152228424913-1
Memorandum items
Capital importing developing countries3, 729252112362819
Non-oil developing countries3, 81729221821362819
Fifteen heavily indebted countries13155-5962
Change in total net claims10-2-28-2-25-70444155
Industrial countries-261413-15591990
Of which:
United States-465293211494118
Japan-58-240753851
Developing countries34710-10-18-2-29-28-35
Offshore centers4-225-17-452027-9
Other transactors5-5-24213612
Unallocated (nonbanks)-18-14-15-5-9-916-9
Memorandum items
Capital importing developing countries3, 7-10-14-14-18-22-33
Non-oil developing countries3, 824-2-6-13-24-18-22-34
Fifteen heavily indebted countries-1-9-83-6-3-13
Sources: International Monetary Fund, International Financial Statistics (IFS); and Fund staff estimates.

Data on changes in bank claims and liabilities are derived from stock data on the reporting countries’ liabilities and assets, excluding changes attributed to exchange rate movements.

As measured by differences in the outstanding liabilities of borrowing countries defined as cross-border interbank accounts by residence of borrowing bank plus international bank credits to nonbanks by residence of borrower.

Excluding offshore centers.

Consisting of The Bahamas, Bahrain, the Cayman Islands, Hong Kong, the Netherlands Antilles, Panama, and Singapore.

Transactors included in IFS measures for the world, to enhance global symmetry, but excluded from IFS measures for “All Countries.” The data comprise changes in identified cross-border bank accounts of centrally planned economies (excluding Fund members) and of international organizations.

Calculated as the difference between the amount that countries report as their banks’ positions with nonresident nonbanks in their monetary statistics and the amounts that banks in major financial centers report as their positions with nonbanks in each country.

Consisting of all developing countries except the eight Middle Eastern oil exporters (the Islamic Republic of Iran, Iraq, Kuwait, the Libyan Arab Jamahiriya, Oman, Qatar, Saudi Arabia, and the United Arab Emirates) for which external debt statistics are not available or are small in relation to external assets.

Consisting of all developing countries except the eight Middle Eastern oil exporters (listed in footnote 7 above), Algeria, Indonesia, Nigeria, and Venezuela.

As measured by differences in the outstanding assets of depositing countries, defined as cross-border interbank accounts by residence of lending bank plus international bank deposits of nonbanks by residence of depositor.

Difference between changes in bank claims and liabilities.

Sources: International Monetary Fund, International Financial Statistics (IFS); and Fund staff estimates.

Data on changes in bank claims and liabilities are derived from stock data on the reporting countries’ liabilities and assets, excluding changes attributed to exchange rate movements.

As measured by differences in the outstanding liabilities of borrowing countries defined as cross-border interbank accounts by residence of borrowing bank plus international bank credits to nonbanks by residence of borrower.

Excluding offshore centers.

Consisting of The Bahamas, Bahrain, the Cayman Islands, Hong Kong, the Netherlands Antilles, Panama, and Singapore.

Transactors included in IFS measures for the world, to enhance global symmetry, but excluded from IFS measures for “All Countries.” The data comprise changes in identified cross-border bank accounts of centrally planned economies (excluding Fund members) and of international organizations.

Calculated as the difference between the amount that countries report as their banks’ positions with nonresident nonbanks in their monetary statistics and the amounts that banks in major financial centers report as their positions with nonbanks in each country.

Consisting of all developing countries except the eight Middle Eastern oil exporters (the Islamic Republic of Iran, Iraq, Kuwait, the Libyan Arab Jamahiriya, Oman, Qatar, Saudi Arabia, and the United Arab Emirates) for which external debt statistics are not available or are small in relation to external assets.

Consisting of all developing countries except the eight Middle Eastern oil exporters (listed in footnote 7 above), Algeria, Indonesia, Nigeria, and Venezuela.

As measured by differences in the outstanding assets of depositing countries, defined as cross-border interbank accounts by residence of lending bank plus international bank deposits of nonbanks by residence of depositor.

Difference between changes in bank claims and liabilities.

Table A2.Developments in International Bond Markets, 1982–88
1982198319841985198619871988
(In billions of U.S. dollars)
Total international bonds7677110168227181225
Amortization18182036647682
Net issues1585990132163105143
Bond purchases by banks91328557653
Net issues less bonds purchases by banks494662778751
Of which:
Industrial countries393657637744
Developing countries323421
By category of borrower
Industrial countries606091137200155193
Developing countries53510558
Other, including international organizations11141321212124
(In percent)
By currency of denomination
U.S. dollar64576461553638
Deutsche mark79678811
Swiss franc1518129101312
Japanese yen5568101510
Other9111215172730
(In percent a year)
Interest rate developments
Eurodollar deposits29.510.19.08.06.37.99.4
Dollar Eurobonds313.412.512.110.68.610.29.7
Deutsche mark international bonds38.28.47.46.96.66.56.2
Sources: Organization for Economic Cooperation and Development, Financial Statistics Monthly and Financial Market Trends; and Fund staff estimates.

Gross issues less scheduled repayments and early redemption.

Three-month deposits, at end of period.

Bonds with remaining maturity of 7–15 years, at end of period.

Sources: Organization for Economic Cooperation and Development, Financial Statistics Monthly and Financial Market Trends; and Fund staff estimates.

Gross issues less scheduled repayments and early redemption.

Three-month deposits, at end of period.

Bonds with remaining maturity of 7–15 years, at end of period.

Table A3.Change in Cross-Border Bank Claims on Developing Countries and Areas, 1983–Third Quarter 19881, 2(In billions of U.S. dollars)
19871988
19831984198519861987First three

quarters
Developing countries and areas33.413.55.9-2.818.76.9-10.7
Growth rate (in percent)621-131-2
Africa5.00.9-1.5-1.3-1.4-0.2
Of which:
Algeria0.20.11.81.0-0.4-0.40.8
Côte d’Ivoire-0.1-0.3-0.1
Morocco0.30.10.1
Nigeria1.3-0.8-1.3-0.4-0.7-0.4-0.1
South Africa3.0-1.4-0.3-2.1-0.1-0.3-0.3
Asia8.98.06.85.014.75.1-3.8
Of which:
China0.81.34.80.74.83.55.6
India0.90.11.70.32.61.90.8
Indonesia2.60.70.60.91.00.3
Korea2.03.52.2-2.3-5.65.5-1.4
Malaysia1.91.4-1.4-0.5-1.91.3-1.5
Philippines-1.30.1-0.5-0.10.10.1-1.4
Taiwan Province of China-0.60.47.113.35.9-6.4
Europe0.71.41.9-1.7-0.4-0.5-1.4
Of which:
Greece1.31.21.2-1.2-0.9-0.60.9
Hungary0.90.22.32.00.90.40.4
Poland-1.4-0.9-0.5-0.3-0.6
Portugal-0.1-1.9-0.10.2-0.8
Turkey0.90.51.51.50.90.2
Yugoslavia0.20.2-0.9-0.9-0.80.5
Middle East3.6-0.9-2.1-2.40.90.33.4
Of which:
Egypt-0.70.6-0.3-0.1-0.6-0.4-0.4
Israel-0.3-0.6-0.8-1.2-0.4
Western Hemisphere15.25.4-1.5-2.34.93.4-8.7
Of which:
Argentina2.3-0.20.51.20.8-0.40.4
Brazil5.35.1-2.93.92.9-3.3
Chile0.31.20.2-1.0-1.4-0.7-1.0
Colombia0.60.10.4-0.20.2
Ecuador0.2-0.10.20.30.20.1-0.1
Mexico2.81.6-0.8-0.81.32.1-5.5
Venezuela-1.2-2.20.5-1.1-0.3-0.20.8
Memorandum items
Fifteen heavily indebted countries11.55.1-4.0-1.82.42.2-11.3
Countries experiencing debt-servicing problems8.15.9-5.9-8.00.50.1-12.9
Countries without debt-servicing problems25.37.611.85.218.26.8-2.2
Gross concerted lending disbursements313.310.75.43.35.73.51.7
Total, BIS-based26.411.614.4-2.66.0-0.7-9.4
Growth rate (in percent)723-11-2
Gross bond issues3.15.09.24.94.93.95.4
Sources: Bank for International Settlements (BIS); Organization for Economic Cooperation and Development; International Monetary Fund, International Financial Statistics; and Fund staff estimates.

IMF-based data on cross-border lending by banks are derived from the Fund’s international banking statistics (IBS) (cross-border interbank accounts by residence of borrowing bank plus international bank credits to nonbanks by residence of borrower), excluding changes attributed to exchange rate movements. BIS-based data are derived from quarterly statistics contained in the BIS’s International Banking Developments; the figures shown are adjusted for the effects of exchange rate movements. Differences between the IMF data and the BIS data are mainly accounted for by the different coverages. The BIS data are derived from geographical analyses provided by banks in the BIS reporting area. The IMF data derive cross-border interbank positions from the regular money and banking data supplied by member countries, while the IMF analysis of transactions with nonbanks is based on data from geographical breakdowns provided by the BIS reporting countries and additional banking centers. Neither the IBS series nor the BIS series are fully comparable over time because of expansion of coverage.

Excluding the seven offshore centers (The Bahamas, Bahrain, the Cayman Islands, Hong Kong, the Netherlands Antilles, Panama, and Singapore).

Excluding bridge loans.

Sources: Bank for International Settlements (BIS); Organization for Economic Cooperation and Development; International Monetary Fund, International Financial Statistics; and Fund staff estimates.

IMF-based data on cross-border lending by banks are derived from the Fund’s international banking statistics (IBS) (cross-border interbank accounts by residence of borrowing bank plus international bank credits to nonbanks by residence of borrower), excluding changes attributed to exchange rate movements. BIS-based data are derived from quarterly statistics contained in the BIS’s International Banking Developments; the figures shown are adjusted for the effects of exchange rate movements. Differences between the IMF data and the BIS data are mainly accounted for by the different coverages. The BIS data are derived from geographical analyses provided by banks in the BIS reporting area. The IMF data derive cross-border interbank positions from the regular money and banking data supplied by member countries, while the IMF analysis of transactions with nonbanks is based on data from geographical breakdowns provided by the BIS reporting countries and additional banking centers. Neither the IBS series nor the BIS series are fully comparable over time because of expansion of coverage.

Excluding the seven offshore centers (The Bahamas, Bahrain, the Cayman Islands, Hong Kong, the Netherlands Antilles, Panama, and Singapore).

Excluding bridge loans.

Table A4.International Bond Issues by Developing Countries, 1983–881(In millions of U.S. dollars)
198319841985198619871988
Developing countries23,091.14,978.09,205.44,863.14,863.78,085.5
Capital importing developing countries23,091.14,703.09,180.44,863.14,863.78,085.5
Africa592.51,013.91,322.5125.649.2476.2
Of which:
Algeria500.0125.649.2438.6
South Africa532.51,013.9802.237.6
Asia2,171.12,951.06,005.42,915.42,410.82,660.6
Of which:
China20.581.7972.81,362.11,415.2831.4
India60.0297.6417.8323.2377.0739.6
Indonesia365.750.0300.050.0325.8
Korea546.81,056.01,730.9783.0332.3110.0
Pakistan20.7
Malaysia884.61,141.22,001.943.0215.6360.7
Philippines
Thailand253.5283.3861.750.0261.0
Europe117.8630.71,601.71,110.02,018.44,072.0
Of which:
Greece41.6200.8744.7150.3539.2314.9
Hungary40.5447.1290.5554.6816.2
Portugal76.2389.4347.4502.5613.11,813.0
Turkey62.5166.7311.51,127.9
Middle East175.082.035.0
Of which:
Egypt40.060.0
Israel135.022.035.0
Western Hemisphere65.0107.4168.8712.1350.3876.7
Of which:
Argentina195.0
Brazil300.0
Chile
Colombia15.039.050.0
Mexico49.0313.33
Peru
Venezuela757.7
Memorandum items
Offshore banking centers153.8285.6383.3568.7228.0159.5
Developing countries, including offshore banking centers3,275.25,263.69,588.75,431.85,091.78,245.0
Source: Organization for Economic Cooperation and Development, Financial Statistics Monthly.

Foreign bonds and Eurobonds.

Excludes offshore banking centers.

Excludes issue of collateralized Mexican bonds related to the Mexican debt exchange concluded in February 1988.

Source: Organization for Economic Cooperation and Development, Financial Statistics Monthly.

Foreign bonds and Eurobonds.

Excludes offshore banking centers.

Excludes issue of collateralized Mexican bonds related to the Mexican debt exchange concluded in February 1988.

Table A5.Concerted Lending: Commitments and Disbursements, 1983–881(In millions of U.S. dollars; classified by year of agreement in principle)
198319841985198619871988
CommitmentsDisbursementsCommitmentsDisbursementsCommitmentsDisbursementsCommitmentsDisbursementsCommitmentsDisbursementsCommitmentsDisbursements
Argentina
Medium-term loan1,5005003,7002,5001,2001,5501,050350
Trade deposit facility500500400200200
Brazil
Medium-term loan4,4004,4006,5006,500
New money bonds1,000675
Parallel financing with World Bank2,8502,725
Cofinancing with World Bank750
Trade credit and deposit facility600600
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 loan104104151
Ecuador
Medium-term loan431431200200350
Mexico
Medium-term loan45,0005,0003,8002,8509505,0004,3725600
Cofinancing arrangement with World Bank41,0002
Contingent investment support facility61,200
Growth contingency cofinancing with World Bank75002500
Nigeria
Medium-term loan320
Panama
Medium-term loan27813114760519
Peru
Medium-term loan450250100
Philippines
Medium-term loan925400525
Poland
Short-term revolving trade credit facilities81803382852402198139100100
Uruguay
Medium-term loan240240
Yugoslavia
Medium-term loan600600
Trade deposit facility600600300300
Total14,58113,34216,79410,6672,2205,4458,2783,2562,4005,7315,6515,950
Sources: Restructuring agreements; and Fund staff estimates.

These Data Exclude bridging loans.

These loans have an associated guarantee given by the World Bank in the later maturities equivalent to 50 percent of the nominal amount disbursed.

Agreement in principle as of December 1982.

Commitments in 1986 could have been disbursed upon contingencies only through June 30, 1988.

A bridge loan of $500 million was disbursed in December 1986 and repaid when the first concerted lending disbursement of $3.5 billion was disbursed in April 1987.

Commitments in 1986 could have been disbursed upon contingencies only through April 16, 1988.

Commitments in 1986 could have been disbursed upon contingencies only through March 30, 1988.

Utilization of these facilities varied over time, but the amounts of the facilities had to be reconstituted on a six-month basis.

Sources: Restructuring agreements; and Fund staff estimates.

These Data Exclude bridging loans.

These loans have an associated guarantee given by the World Bank in the later maturities equivalent to 50 percent of the nominal amount disbursed.

Agreement in principle as of December 1982.

Commitments in 1986 could have been disbursed upon contingencies only through June 30, 1988.

A bridge loan of $500 million was disbursed in December 1986 and repaid when the first concerted lending disbursement of $3.5 billion was disbursed in April 1987.

Commitments in 1986 could have been disbursed upon contingencies only through April 16, 1988.

Commitments in 1986 could have been disbursed upon contingencies only through March 30, 1988.

Utilization of these facilities varied over time, but the amounts of the facilities had to be reconstituted on a six-month basis.

Table A6.Average Spreads on Bank Financial Packages for Developing Countries, 1983–88(In basis points over London interbank offered rate)
198319841985198619871988
Spontaneous commitments1807264615657
Concerted commitments2
All225185179848983
Three largest debtors3225186818881
Others223174179140100108
Restructuring of existing debt2
All193131138958083
Three largest debtors3193128858181
Others1951361381408088
Memorandum item
Difference between spreads
Concerted/spontaneous145113115233326
Restructuring/spontaneous1135974342426
Concerted/restructuring325441-119
Largest/others
Concerted212-59-12-27
Restructurings-2-8-551-7
Sources: Organization for Economic Cooperation and Development, Financial Market Trends; and Fund staff estimates.

Weighted average of nonconcerted bank commitments to “Developing Countries” as defined by the OECD.

Based on term sheets agreed in principle.

Argentina, Brazil, and Mexico.

Sources: Organization for Economic Cooperation and Development, Financial Market Trends; and Fund staff estimates.

Weighted average of nonconcerted bank commitments to “Developing Countries” as defined by the OECD.

Based on term sheets agreed in principle.

Argentina, Brazil, and Mexico.

Table A7.United States, Japan, and the Federal Republic of Germany: Current Account Financing, 1983–88(In billions of U.S. dollars, except where indicated)
198319841985198619871988
United States
Current account-46.3-107.1-115.1-138.8-154.0-136.4
Capital account, net42.2107.9122.3105.697.0133.1
Long-term-1.738.574.272.728.675.5
Short-term, nonbanks114.941.823.85.722.745.6
Short-term, banks29.027.524.326.845.711.9
Of which:
Loans, net20.422.739.719.847.221.3
Assets-29.9-11.1-1.3-60.0-40.5-57.5
Liabilities50.333.841.079.887.878.9
Securities, net10.130.863.970.530.239.4
Assets-6.8-4.8-7.5-4.3-4.5-7.5
Liabilities16.935.671.474.834.646.8
Counterpart items2-1.6-2.23.15.46.6-2.1
Net official transactions3-5.7-1.410.3-27.8-50.4-5.5
As percent of current balance12.31.3-8.920.032.74.1
Japan
Current account20.835.049.285.887.079.5
Capital account, net-19.6-33.2-50.6-72.1-44.8-63.9
Long-term-17.7-49.7-64.5-131.5-136.5-130.3
Of which:
Loans, net-8.4-12.0-10.5-9.3-16.3-15.0
Assets-8.4-11.9-10.4-9.3-16.2-14.9
Liabilities-0.1-0.1-0.1-0.1
Securities, net-1.9-23.6-43.1-101.5-93.9-66.8
Assets-16.0-30.8-59.8-102.0-87.8-87.1
Liabilities14.17.216.70.5-6.120.3
Short-term, nonbanks12.1-0.63.10.820.021.9
Short-term, banks-3.917.010.858.571.844.5
Counterpart items2-0.3-0.51.72.0-3.0-0.7
Net official transactions31.21.80.215.739.216.1
As percent of current balance5.85.10.418.345.120.2
Germany, Fed. Rep. of
Current account5.39.916.639.345.048.5
Capital account, net-4.8-10.3-15.8-36.4-22.0-68.0
Long-term-2.6-7.0-4.615.3-13.1-47.5
Of which:
Loans, net-1.3-2.8-1.60.9-9.0-0.6
Assets-5.8-5.0-4.4-4.8-10.3-0.8
Liabilities4.52.22.85.61.30.2
Securities, net1.30.62.324.24.72.3
Assets-4.1-5.5-10.7-10.0-13.8-10.7
Liabilities5.46.113.034.118.513.0
Short-term, nonbanks1-3.0-3.4-1.9-24.5-5.5-9.0
Short-term, banks0.7-9.4-27.2-3.4-11.5
Counterpart items21.00.7-1.3-1.7-5.21.2
Net official transactions30.6-0.5-0.41.317.8-18.5
As percent of current balance11.3-5.1-2.43.339.6-38.2
Sources: International Monetary Fund, World Economic Outlook, April 1989: A Survey by the Staff of the International Monetary Fund (Washington, 1989); U.S. Department of Commerce, U.S. Survey of Current Business, and U.S. authorities; Bank of Japan, Balance of Payments Monthly; Deutsche Bundesbank, Statistische Beihefte zu den Monatsberichten der Deutschen Bundesbank, Reihe 3, Zahlungsbi-lanzstatistik, with figures converted to dollars at average exchange rates.

Private sector only; includes errors and omissions.

For the United States, this item comprises primarily changes in the valuation of foreign reserves associated with exchange rate changes, monetization or demonetization of gold, and allocations of SDRs. For Japan, this item equals the difference between the overall balance of monetary movements and the sum of official reserves (which are listed without valuation adjustments) and net monetary flows of banks (which are listed under monetary movements). This difference primarily reflects valuation changes of official foreign assets. For Germany, this item is the balancing item in respect of the Bundesbank’s external position.

Includes both reserves of monetary authorities and other short-term transactions of public authorities. Positive sign indicates increase in assets. For the United States, includes official reserves minus U.S. liabilities to foreign official reserve agencies. For Japan, changes in gold and foreign exchange reserves. For Germany, changes in net foreign assets of the Bundesbank.

Sources: International Monetary Fund, World Economic Outlook, April 1989: A Survey by the Staff of the International Monetary Fund (Washington, 1989); U.S. Department of Commerce, U.S. Survey of Current Business, and U.S. authorities; Bank of Japan, Balance of Payments Monthly; Deutsche Bundesbank, Statistische Beihefte zu den Monatsberichten der Deutschen Bundesbank, Reihe 3, Zahlungsbi-lanzstatistik, with figures converted to dollars at average exchange rates.

Private sector only; includes errors and omissions.

For the United States, this item comprises primarily changes in the valuation of foreign reserves associated with exchange rate changes, monetization or demonetization of gold, and allocations of SDRs. For Japan, this item equals the difference between the overall balance of monetary movements and the sum of official reserves (which are listed without valuation adjustments) and net monetary flows of banks (which are listed under monetary movements). This difference primarily reflects valuation changes of official foreign assets. For Germany, this item is the balancing item in respect of the Bundesbank’s external position.

Includes both reserves of monetary authorities and other short-term transactions of public authorities. Positive sign indicates increase in assets. For the United States, includes official reserves minus U.S. liabilities to foreign official reserve agencies. For Japan, changes in gold and foreign exchange reserves. For Germany, changes in net foreign assets of the Bundesbank.

Table A8.Long-Term Interest Rate Differentials Between the United States and Other Major Countries1(In percent a year)
PeriodJapanFed. Rep. of GermanyFranceUnited Kingdom
1986
First quarter3.332.42-0.97-1.64
Second quarter2.681.87-0.37-1.39
Third quarter2.411.51-0.46-2.28
Fourth quarter2.531.26-1.24-3.44
1987
First quarter3.221.49-1.54-2.50
Second quarter4.772.84-0.58-0.60
Third quarter4.052.88-0.95-0.83
Fourth quarter4.652.96-1.10-0.43
1988
First quarter4.372.58-0.99-0.94
Second quarter4.712.90-0.21-0.33
Third quarter4.442.700.05-0.43
Fourth quarter4.762.790.28-0.37
Source: International Monetary Fund, International Financial Statistics.

Differentials shown should be treated as indicative because they conceal intercountry differences in the maturity structure of long-term rates. Thus, for instance, the U.S. long-term rate is the one applicable for the ten-year federal government bonds, while the German rate is that applicable for all bonds of the public authorities with maturities over three years.

Source: International Monetary Fund, International Financial Statistics.

Differentials shown should be treated as indicative because they conceal intercountry differences in the maturity structure of long-term rates. Thus, for instance, the U.S. long-term rate is the one applicable for the ten-year federal government bonds, while the German rate is that applicable for all bonds of the public authorities with maturities over three years.

Table A9.United States: Capital Flows, 1983–881(In billions of U.S. dollars)
1983198419851986198719882
Total assets
World-48.6-19.2-28.8-98.3-86.3-92.0
European Community-7.0-13.5-28.9-43.7-30.9-27.7
United Kingdom-2.8-13.6-16.2-21.9-14.1-24.7
Japan-3.71.0-4.3-26.8-24.1-40.4
International organizations-2.1-1.2-0.4-1.1-0.82.7
Loans
World-29.9-11.1-1.3-60.0-40.5-57.5
European Community-0.9-7.4-6.2-10.82.9-12.8
United Kingdom2.5-8.0-4.5-3.45.8-12.7
Japan-1.8-0.7-2.7-32.5-27.8-39.4
International organizations-0.2-0.7-0.3-2.0-1.71.7
Securities
World-6.8-4.8-7.5-4.3-4.5-7.5
European Community-5.4-7.1-10.1-18.8-12.0-7.7
United Kingdom-3.6-5.5-5.9-14.6-11.7-5.9
Japan-0.51.4-0.67.96.20.4
International organizations-0.70.91.00.70.7
Total liabilities
World79.099.5131.1185.7166.5171.7
European Community
United Kingdom
Japan
International organizations
Loans
World50.333.841.079.887.878.9
European Community
United Kingdom
Japan
International organizations
Securities
World16.935.671.474.834.646.8
European Community
United Kingdom
Japan
International organizations
Source: U.S. Department of Commerce, U.S. Survey of Current Business.

A negative value indicates an outflow of capital (an increase in assets or a decrease in liabilities). A positive value indicates an inflow of capital (a decrease in assets or an increase in liabilities). Data include both short-term and long-term capital flows.

Data for 1988 are preliminary.

Source: U.S. Department of Commerce, U.S. Survey of Current Business.

A negative value indicates an outflow of capital (an increase in assets or a decrease in liabilities). A positive value indicates an inflow of capital (a decrease in assets or an increase in liabilities). Data include both short-term and long-term capital flows.

Data for 1988 are preliminary.

Table A10.Change in Interbank Claims and Liabilities, 1982–Third Quarter 19881(In billions of U.S. dollars)
19871988
198219831984198519861987First three

quarters
Total change in claims2105111154218450666500433
Industrial countries7380118184378471356350
Of which:
United States4639253369845836
Japan82240148192150170
Developing countries31615571153-5
Offshore centers4181026198116412975
Other transactors5-2558-10161214
Memorandum items
Capital importing developing countries3, 614772132-8
Non-oil developing countries3, 71514761132-11
Fifteen heavily indebted countries9-1-12-6
Total change in liabilities8125106150213473627467369
Industrial countries11364108168371437333274
Of which:
United States811914856357530
Japan151140111145128131
Developing countries3-9423-9362611
Offshore centers4172618371171384978
Other transactors53828-61686
Memorandum items
Capital importing developing countries3, 6112343262210
Non-oil developing countries3, 721122110272210
Fifteen heavily indebted countries111-3-743
Change in total net claims9-20544-23393364
Industrial countries-401110157332376
Of which:
United States-352011251349435
Japan-711-137472339
Developing countries32511-18710-21-23-16
Offshore centers41-169-18-362630-3
Other transactors5-5-23-448
Memorandum items
Capital importing developing countries3, 63-164-1-13-20-17
Non-oil developing countries3, 7133-145-9-14-20-21
Fifteen heavily indebted countries9-1126-2-3-6
Net errors and omissions1020-5-4-423-39-33-64
Sources: International Monetary Fund, International Financial Statistics (IFS); and Fund staff estimates.

Data on changes in claims and liabilities are derived from stock data on the reporting countries’ liabilities and assets, excluding changes attributed to exchange rate movements.

As measured by differences in the outstanding liabilities of borrowing countries, defined as cross-border interbank accounts by residence of borrowing bank.

Excluding offshore centers.

Consisting of The Bahamas, Bahrain, the Cayman Islands, Hong Kong, the Netherlands Antilles, Panama, and Singapore.

Transactors included in IFS measures for the world, to enhance global symmetry, but excluded from IFS measures for “All Countries.” The data comprise changes in the accounts of the Bank for International Settlements with banks other than central banks and changes in identified cross-border interbank accounts of centrally planned economies (excluding Fund members).

Consisting of all developing countries except the eight Middle Eastern oil exporters (the Islamic Republic of Iran, Iraq, Kuwait, the Libyan Arab Jamahiriya, Oman, Qatar, Saudi Arabia, and the United Arab Emirates) for which external debt statistics are either not available or are small in relation to external assets.

Consisting of all developing countries except the eight Middle Eastern oil exporters (listed in footnote 6), Algeria, Indonesia, Nigeria, and Venezuela.

As measured by differences in the outstanding assets of depositing countries, defined as cross-border interbank accounts by residence of lending banks.

Difference between changes in claims and liabilities.

Calculated as the difference between global measures of cross-border changes in interbank claims and liabilities.

Sources: International Monetary Fund, International Financial Statistics (IFS); and Fund staff estimates.

Data on changes in claims and liabilities are derived from stock data on the reporting countries’ liabilities and assets, excluding changes attributed to exchange rate movements.

As measured by differences in the outstanding liabilities of borrowing countries, defined as cross-border interbank accounts by residence of borrowing bank.

Excluding offshore centers.

Consisting of The Bahamas, Bahrain, the Cayman Islands, Hong Kong, the Netherlands Antilles, Panama, and Singapore.

Transactors included in IFS measures for the world, to enhance global symmetry, but excluded from IFS measures for “All Countries.” The data comprise changes in the accounts of the Bank for International Settlements with banks other than central banks and changes in identified cross-border interbank accounts of centrally planned economies (excluding Fund members).

Consisting of all developing countries except the eight Middle Eastern oil exporters (the Islamic Republic of Iran, Iraq, Kuwait, the Libyan Arab Jamahiriya, Oman, Qatar, Saudi Arabia, and the United Arab Emirates) for which external debt statistics are either not available or are small in relation to external assets.

Consisting of all developing countries except the eight Middle Eastern oil exporters (listed in footnote 6), Algeria, Indonesia, Nigeria, and Venezuela.

As measured by differences in the outstanding assets of depositing countries, defined as cross-border interbank accounts by residence of lending banks.

Difference between changes in claims and liabilities.

Calculated as the difference between global measures of cross-border changes in interbank claims and liabilities.

Table A11.International Positions of Banks by Nationality of Ownership, December 1986–June 19881(End-of-period stocks; in billions of U.S. dollars)
Total ClaimsOf which, on
Parent Country of BankRelated offices2Other banksNonbanks3
Dec. 1986Dec. 1987June 1988Dec. 1986Dec. 1987June 1988Dec. 1986Dec. 1987June 1988Dec. 1986Dec. 1987June 1988
Total3,453.34,384.94,286.0873.61,108.61,142.21,526.81,974.21,863.51,018.31,266.81,244.7
Of which:
France288.7376.6362.234.451.252.2155.3203.7198.692.5118.5108.2
Germany, Fed. Rep. of270.1346.9328.942.155.253.6148.2194.2183.278.095.389.8
Italy145.1185.0185.65.79.310.1103.0125.2124.935.849.849.7
Japan1,119.31,553.91,562.2368.6501.4561.0441.1613.5566.0301.1426.8423.9
Switzerland152.0196.1183.023.023.126.388.5122.4106.138.948.948.7
United Kingdom211.5253.9240.929.037.836.2103.2128.1120.674.881.577.6
United States600.3649.4619.8255.9290.3273.7180.8195.3180.5162.9162.7164.4
Total LiabilitiesOf which, to
Parent Country of BankRelated offices2Other banksNonbanks3
Dec. 1986Dec. 1987June 1988Dec. 1986Dec. 1987June 1988Dec. 1986Dec. 1987June 1988Dec. 1986Dec. 1987June 1988
Total3,328.24,276.64,221.5904.91,155.11,203.31,484.21,976.81,879.0614.5721.0724.9
Of which:
France292.8372.5372.642.851.855.8170.9217.0211.233.143.044.3
Germany, Fed. Rep. of205.2264.6269.140.053.352.887.8100.895.457.677.479.0
Italy150.6188.3190.18.610.711.9124.0153.5151.310.512.513.5
Japan1,070.31,495.71,512.8405.3549.2609.8506.3743.0699.282.987.795.1
Switzerland133.0172.6154.855.361.554.233.853.847.027.737.737.2
United Kingdom226.6269.6260.631.639.735.988.999.796.762.778.073.3
United States573.7651.5635.1226.3263.8267.2121.3148.9133.5160.8170.9171.9
Net ClaimsOf which, on
Parent Country of BankRelated offices2Other banksNonbanks3
Dec. 1986Dec. 1987June 1988Dec. 1986Dec. 1987June 1988Dec. 1986Dec. 1987June 1988Dec. 1986Dec. 1987June 1988
Total125.1108.364.5-31.3-46.5-61.142.6-2.6-15.5403.8545.8519.8
Of which:
France-4.14.1-10.4-8.4-0.6-3.6-15.6-13.3-12.659.475.563.9
Germany, Fed. Rep. of64.982.359.82.11.90.860.493.487.820.417.910.8
Italy-5.5-3.3-4.5-2.9-1.4-1.8-21.0-28.3-26.425.337.336.2
Japan49.058.249.4-36.7-47.8-48.8-65.2-129.5-133.2218.2339.1328.8
Switzerland19.023.528.2-32.3-38.4-27.954.768.659.111.211.211.5
United Kingdom-15.1-15.7-19.7-2.60.30.314.328.423.912.13.54.3
United States26.6-2.1-15.329.626.56.559.546.447.02.1-8.2-7.5
Source: Bank for International Settlements, International Banking Developments.

This table shows international assets and liabilities (i.e., cross-border positions in all currencies plus foreign currency options vis-à-vis local residents) of banking offices located in the following 17 countries: Austria, Belgium, Canada, Denmark, Finland, France, the Federal Republic of Germany, Ireland, Italy, Japan, Luxembourg, the Netherlands, Spain, Sweden, Switzerland, the United Kingdom, and the United States (cross-border positions in domestic currency only). International assets and liabilities are classified according to the nationality of ownership of reporting banks. Figures for U.S. banks also include cross-border positions reported by U.S. banks’ branches located in The Bahamas, the Cayman Islands, Panama, Hong Kong, and Singapore.

Cross-border positions only. Positions vis-à-vis related offices are not reported by foreign-owned banks in Canada and by banks in Italy.

Includes claims of banks in the United States on official monetary institutions.

Source: Bank for International Settlements, International Banking Developments.

This table shows international assets and liabilities (i.e., cross-border positions in all currencies plus foreign currency options vis-à-vis local residents) of banking offices located in the following 17 countries: Austria, Belgium, Canada, Denmark, Finland, France, the Federal Republic of Germany, Ireland, Italy, Japan, Luxembourg, the Netherlands, Spain, Sweden, Switzerland, the United Kingdom, and the United States (cross-border positions in domestic currency only). International assets and liabilities are classified according to the nationality of ownership of reporting banks. Figures for U.S. banks also include cross-border positions reported by U.S. banks’ branches located in The Bahamas, the Cayman Islands, Panama, Hong Kong, and Singapore.

Cross-border positions only. Positions vis-à-vis related offices are not reported by foreign-owned banks in Canada and by banks in Italy.

Includes claims of banks in the United States on official monetary institutions.

Table A12.Change in Claims on Nonbanks and in Liabilities to Nonbanks, 1982–Third Quarter 19881(In billions of U.S. dollars)
19871988
198219831984198519861987First three

quarters
Total change in claims280392858761278731
Industrial countries511692438794942
Of which:
United States147112725231913
Japan2-35311914
Developing countries335188-1-444-5
Offshore centers471295121
Other transactors513234423
Unidentified borrowers6-121722334029-10
Memorandum items
Capital importing developing countries3, 7158-354-6
Non-oil developing countries3, 826129-1-465-4
Fifteen heavily indebted countries25-3-12-5
Total change in liabilities9637234871231227941
Industrial countries372752661545321
Of which:
United States2616-714262327
Japan713237
Developing countries3131924812813
Offshore centers4886913747
Other transactors5121-111-1
Unidentified depositors66152227424913-1
Memorandum items
Capital importing developing countries3, 718218910710
Non-oil developing countries3, 81518117111069
Fifteen heavily indebted countries12472422
Change in total net claims on1017-33-6-29-4757-10
Industrial countries14-114-2-2225-420
Of which:
United States-72-75187-25-213
Japan2-4-73291613
Developing countries322-18-25-12-8-5-19
Offshore centers4-1-7-41-8-6-3-6
Other transactors51125234
Unidentified (net)6-18-14-15-5-9-916-9
Memorandum items
Capital importing developing countries3, 7-26-18-12-5-2-16
Non-oil developing countries3, 812-58-18-15-4-1-14
Fifteen heavily indebted countries-101-11-2-4-7
Sources: International Monetary Fund, International Financial Statistics (IFS); and Fund staff estimates.

Data on changes in claims and liabilities are derived from stock data on the reporting countries’ liabilities and assets, excluding changes attributed to exchange rate movements.

As measured by differences in the outstanding liabilities of borrowing countries, defined as cross-border bank credits to nonbanks by residence of borrower.

Excluding offshore centers.

Consisting of The Bahamas, Bahrain, the Cayman Islands, Hong Kong, the Netherlands Antilles, Panama, and Singapore.

Transactors included in IFS measures for the world, to enhance global symmetry, but excluded from IFS measures for “All countries.” The data comprise changes in the accounts of international organizations (other than the Bank for International Settlements) with banks; and changes in identified cross-border banks accounts of nonbanks in centrally planned economies (excluding Fund members).

Calculated as the difference between the amount that countries report as their banks’ positions with nonresident nonbanks in their monetary statistics and the amounts that banks in major financial centers report as their positions with nonbanks in each country.

Consisting of all developing countries except the eight Middle Eastern oil exporters (the Islamic Republic of Iran, Iraq, Kuwait, the Libyan Arab Jamahiriya, Oman, Qatar, Saudi Arabia, and the United Arab Emirates) for which external debt statistics are either not available or are small in relation to external assets.

Consisting of all developing countries except the eight Middle Eastern oil exporters (listed in footnote 7), Algeria, Indonesia, Nigeria, and Venezuela.

As measured by differences in the outstanding assets of depositing countries defined as international bank deposits by nonbanks by residence of depositor.

Difference between changes in claims and liabilities.

Sources: International Monetary Fund, International Financial Statistics (IFS); and Fund staff estimates.

Data on changes in claims and liabilities are derived from stock data on the reporting countries’ liabilities and assets, excluding changes attributed to exchange rate movements.

As measured by differences in the outstanding liabilities of borrowing countries, defined as cross-border bank credits to nonbanks by residence of borrower.

Excluding offshore centers.

Consisting of The Bahamas, Bahrain, the Cayman Islands, Hong Kong, the Netherlands Antilles, Panama, and Singapore.

Transactors included in IFS measures for the world, to enhance global symmetry, but excluded from IFS measures for “All countries.” The data comprise changes in the accounts of international organizations (other than the Bank for International Settlements) with banks; and changes in identified cross-border banks accounts of nonbanks in centrally planned economies (excluding Fund members).

Calculated as the difference between the amount that countries report as their banks’ positions with nonresident nonbanks in their monetary statistics and the amounts that banks in major financial centers report as their positions with nonbanks in each country.

Consisting of all developing countries except the eight Middle Eastern oil exporters (the Islamic Republic of Iran, Iraq, Kuwait, the Libyan Arab Jamahiriya, Oman, Qatar, Saudi Arabia, and the United Arab Emirates) for which external debt statistics are either not available or are small in relation to external assets.

Consisting of all developing countries except the eight Middle Eastern oil exporters (listed in footnote 7), Algeria, Indonesia, Nigeria, and Venezuela.

As measured by differences in the outstanding assets of depositing countries defined as international bank deposits by nonbanks by residence of depositor.

Difference between changes in claims and liabilities.

Table A13.Borrowing on International Markets by Major Instruments, 1984–881(In percent)
19841985198619871988
Fixed rate bonds5256626772
Floating rate notes2343522710
Equity-related bonds107122417
Other bonds342421
Total100100100100100
Source: Organization for Economic Cooperation and Development, Financial Market Trends.

Data shown exclude merger-related stand-by agreements and renegotiations.

Including medium-term floating rate certificates of deposit.

Zero coupon bonds, deep discount bonds, special placements, and bond offerings not included elsewhere.

Source: Organization for Economic Cooperation and Development, Financial Market Trends.

Data shown exclude merger-related stand-by agreements and renegotiations.

Including medium-term floating rate certificates of deposit.

Zero coupon bonds, deep discount bonds, special placements, and bond offerings not included elsewhere.

Table A14.Gross International Bond Issues and Placements by Groups of Borrowers, 1983–881(In millions of U.S. dollars)
198319841985198619871988
Foreign bonds27,05027,80131,22939,35940,25347,673
Industrial countries18,69318,29919,47428,76630,99136,232
Developing countries8941,6182,0782,1851,4802,720
International organizations7,2697,5809,3508,3607,4628,004
Other19430332748320717
Eurobonds50,09881,717136,543187,747140,535177,195
Industrial countries41,01573,145117,365171,763124,142156,671
Developing countries2,3823,6467,5113,2473,6115,525
International organizations6,0744,2188,54310,48811,31911,704
Other6277093,1242,2501,4633,295
International bonds77,148109,518167,772227,106180,788224,867
Industrial countries59,70891,444136,839200,529155,133192,903
Developing countries3,2765,2649,5895,4325,0918,2452
International organizations13,34311,79817,89318,84818,78119,708
Other8211,0123,4502,2981,7834,011
Source: Organization for Economic Cooperation and Development, Financial Statistics Monthly.

The country classifications are those used by the Fund. Excludes special issues by development institutions placed directly with governments or central banks and, from October 1984, issues specifically targeted to foreigners.

Excludes issue of collateralized Mexican bonds related to the Mexican debt exchange concluded in February 1988.

Source: Organization for Economic Cooperation and Development, Financial Statistics Monthly.

The country classifications are those used by the Fund. Excludes special issues by development institutions placed directly with governments or central banks and, from October 1984, issues specifically targeted to foreigners.

Excludes issue of collateralized Mexican bonds related to the Mexican debt exchange concluded in February 1988.

Table A15.Early Repayments of International Bonds, 1985–88(In billions of U.S. dollars)
1985198619871988
By currency of denomination18.741.141.542.1
U.S. dollar17.334.524.323.9
Deutsche mark0.52.33.92.5
Swiss franc0.31.56.27.1
Japanese yen0.31.64.75.2
Pound sterling0.10.20.71.5
Other0.21.01.71.9
By type of security18.741.141.542.1
Fixed rate bonds6.318.026.125.2
Floating rate notes11.319.710.814.5
Convertibles0.51.83.01.8
Floating rate certificates of deposit0.61.61.60.6
By issuer18.741.041.542.1
Australia0.11.42.20.7
Canada0.72.52.63.0
Denmark1.01.81.01.9
France4.06.74.64.2
Italy2.00.52.5
Japan1.13.13.42.3
Sweden3.44.02.34.1
United Kingdom0.82.41.53.8
United States3.46.67.65.0
International organizations2.33.62.42.4
Other1.96.913.412.2
Source: Organization for Economic Cooperation and Development, Financial Market Trends.
Source: Organization for Economic Cooperation and Development, Financial Market Trends.
Table A16.Market for Floating Rate Issues, 1984–88(In billions of U.S. dollars)
19841985198619871988
Borrowers, total38.258.751.213.021.9
Industrial countries34.448.547.311.319.7
Of which:
Belgium1.61.81.60.1
Canada0.82.13.00.10.1
Denmark1.70.61.2
France5.46.54.20.72.9
Italy3.54.42.02.00.2
Japan2.92.31.82.21.0
Sweden4.12.20.10.2
United Kingdom3.712.212.82.410.0
United States5.510.510.12.01.6
Developing countries2.86.22.11.41.9
Other, including international organizations1.04.01.80.30.3
Currency distribution, total38.258.751.213.021.9
U.S. dollar35.150.541.14.69.6
Pound sterling2.03.45.72.08.5
Deutsche mark3.21.60.41.3
ECU0.51.01.00.2
Other0.60.61.85.82.5
Source: Organization for Economic Cooperation and Development, Financial Market Trends.
Source: Organization for Economic Cooperation and Development, Financial Market Trends.
Table A17.Market for Fixed Rate Bonds, 1985–88(In billions of U.S. dollars)
1985198619871988
Borrowers, total94.8141.5121.3161.7
Industrial countries77.3122.8100.8138.0
Of which:
Australia5.75.44.65.9
Austria2.03.24.66.0
Belgium0.72.33.63.0
Canada7.513.48.313.0
Denmark2.27.23.94.2
Finland0.92.82.64.3
France4.88.67.712.4
Germany, Fed. Rep. of1.67.78.410.7
Italy0.82.04.97.4
Japan11.415.713.414.8
Netherlands1.22.52.84.0
New Zealand1.33.02.41.7
Norway1.44.33.74.9
Sweden3.95.54.48.0
United Kingdom2.55.16.213.9
United States26.229.014.515.1
Developing countries2.32.63.36.3
Other, including international organizations15.216.117.219.3
Currency distribution, total94.8141.5121.3161.7
U.S. dollar45.164.130.947.0
Japanese yen11.321.922.619.7
Swiss franc10.516.416.918.7
Deutsche mark6.711.612.721.6
ECU6.05.87.010.9
Pound sterling3.14.78.912.1
Australian dollar3.13.27.57.3
Canadian dollar2.25.35.912.7
Netherlands guilder1.62.51.92.9
Other6.07.08.8
Source: Organization for Economic Cooperation and Development, Financial Market Trends.
Source: Organization for Economic Cooperation and Development, Financial Market Trends.
Table A18.Market for Equity-Related Bonds, 1984–88(In billions of U.S. dollars)
19841985198619871988
Borrowers, total10.911.326.943.038.9
Japan7.65.914.928.034.8
United States1.93.23.44.70.7
United Kingdom0.30.71.54.00.5
Germany, Fed. Rep. of0.31.01.71.50.5
Switzerland0.20.11.20.4
Other OECD countries0.60.44.24.42.4
Currency distribution, total10.911.326.943.038.9
U.S. dollar5.55.316.429.227.8
Swiss franc4.23.96.56.87.9
Deutsche mark0.91.32.82.00.7
Other0.30.81.25.02.5
Source: Organization for Economic Cooperation and Development, Financial Market Trends.
Source: Organization for Economic Cooperation and Development, Financial Market Trends.
Table A19.International Facilities by Category of Instrument, 1983–88(In billions of U.S. dollars)
198319841985198619871988
Note issuance facilities3.517.434.424.829.013.2
Of which:
Multiple component facilities8.015.013.219.67.9
Backup for Euronotes0.96.417.49.18.34.3
Bankers’ acceptances1.85.82.12.00.61.0
Commercial paper backups3.02.84.41.60.4
Other instruments1.22.82.00.91.21.3
Subtotal (backup facilities)9.528.842.929.331.215.5
Merger-related stand-by agreements4.026.56.00.7
Subtotal13.555.348.930.031.215.5
Eurocommercial paper programs12.659.055.857.3
Total13.555.361.589.087.072.8
Source: Organization for Economic Cooperation and Development, Financial Market Trends.Note: Newly arranged facilities only.
Source: Organization for Economic Cooperation and Development, Financial Market Trends.Note: Newly arranged facilities only.
Table A20.Financial Futures and Options: Exchanges, Contracts, and Volume of Contracts Traded, 1985–September 1988
Exchange/TypeFace Value of ContractVolume of Contracts Traded
19851986198719871988
Jan.-Sept.1
(In thousands of contracts)
United States
Chicago Board of Trade (CBOT)
Interest rate
Futures
Government National
Mortgage Association
(GNMA) mortgages, CDR2$100,0008431870
U.S. Treasury bonds$100,00040,44852,59866,84150,16552,570
U.S. Treasury notes3$100,0002,8604,4265,2543,8304,066
Corporate bond index$500 x index001100
Municipal bond index$1,000 x index3359071,6131,2341,051
Options
U.S. Treasury bonds$100,00011,90117,31421,72015,87614,613
U.S. Treasury notes$100,0001771,0011,4221,138729
Municipal bond index$100,000 x index0011947129
Stock index
Futures
Major market (MMI) index$250 x index4221,7392,6312,193928
Major market index$100 x index2,06236400
Chicago Board Options Exchange (CBOE)
Interest rate
Options
U.S. Treasury bonds and notes$100,00041631920816323
Stock index
Options
Standard & Poor’s 100 index options$100 x index000042,663
Standard & Poor’s 500 index options$100 x index00003,315
Currency
Options
Pound sterling, deutsche mark, Canadian dollar, Japanese yen, French franc, Australian dollar, ECU41294562392260
Mid-America Commodity Exchange (Midam)
Interest rate
Futures
U.S. Treasury bonds$50,0002974681,0157331,081
U.S. Treasury bills$500,0003735261621
Currency
Futures
Pound sterling£12,500211711924
Swiss francSw F 62,500110102987564
Deutsche markDM 62,5008575856837
Japanese yen¥ 6,250,0003348594733
Canadian dollarCan$50,00036877
Chicago Mercantile Exchange (CME)
Interest rate
Futures
U.S. Treasury bills$1,000,0002,4131,8151,9271,3721,038
Options
U.S. Treasury bills$1,000,00006412115
Currency
Futures
Eurodollar (three-month)$1,000,0008,90110,82520,41615,18815,931
European currency unitECU 12,500043000
Pound sterling£25,0002,7992,7012,5921,9042,070
Canadian dollarCan$100,000468734915761994
Deutsche markDM 125,0006,4496,5826,0374,6354,062
Japanese yen¥ 12,500,0002,4153,9705,3593,8184,738
Swiss francSw F 125,0004,7584,9985,2683,9903,970
French francF 250,000931092
Australian dollar$A 100,00000534760
Options
Eurodollar$1,000,0007431,7572,5702,0031,797
Pound sterling£25,000329497569427438
Deutsche markDM 125,0001,5622,2063,1262,2781,992
Swiss francSw F 125,0003258181,053717813
Japanese yen¥ 1,250,00008652,2511,5842,179
Canadian dollarCan$100,0000264939176
Australian dollar$A 100,00000005
Stock index
Futures
Standard & Poor’s 500$500 x index15,05619,50519,04515,3438,855
Standard & Poor’s 100$200 x index24000
Standard & Poor’s OTC index$500 x index955000
Options
Standard & Poor’s 500 index$500 x index1,0901,8861,8771,594554
Kansas City Board of Trade
Stock index
Futures
Value line index$500 x index1,20595450645867
New York Commodity Exchange
Interest rate
Futures
Corporate bond index$500 x index001100
New York Cotton Exchange
Interest rate
Futures
Five-year U.S.
Treasury notes$100,00000384240589
Options
Five-year U.S.
Treasury notes$100,00000009
Currency
Futures
ECUECU 100,000072423723
U.S. dollar index$500 x index75166404279313
Options
U.S. dollar index$500 x index00151110
New York Futures Exchange (NYFE)
Stock index
Futures
NYSE composite index$500 x index2,8343,1242,9162,4201,335
Russell 2000 stock index$500 x index00630
Russell 3000 stock index$500 x index001170
Options
NYSE composite stock index$500 x index19629620718616
New York Stock Exchange (NYSE)5
Stock index
Options
NYSE indices6$100 x index4,2593,7751,9441,486442
American Stock Exchange (AMEX)5
Interest rate
Options
U.S. Treasury notes$1,000,000
U.S. Treasury bills7$100,000222733190
Stock index
Options
AMEX indices812,22619,06416,88111,42644,865
Philadelphia Stock Exchange (PHLX)
Currency
Options
Pound sterling£12,5001,3619681,8761,4201,172
Canadian dollarCan$50,000137170318141216
Deutsche markDM 62,5009062,4874,2603,2162,461
French francF 125,00079457037176
Japanese yen¥ 6,250,0005871,8852,4601,6162,252
Swiss francSw F 62,5006822,3371,3041,092892
ECUECU 62,500013221
Australian dollar$A 150,00000224167434
Stock Index
Options
PHLX indices9$100 x index2,2061,26727725819
Pacific Stock Exchange (PSE)5
Stock Index
Options
Financial News composite index$100 x index95184407320141
United Kingdom
London International Financial Futures
Exchange (LIFFE)
Interest rate
Futures
Gilt (government bond)10£50,000383112,7177,0364,7454,066
Eurodollar (three-month)$1,000,0001,2921,1101,7391,2351,223
Pound sterling (three-month)£500,000231119671,5109382,120
U.S. Treasury bonds$100,000443111,5751,5719101,352
Yen treasury bonds¥ 100,000,000311101369285
Options
Eurodollar (three-month)$1,000,0005439403050
U.S. Treasury bonds$100,00053563447
Gilt£50,0002851,045637840
Pound sterling (three-month)£500,0000150227
Stock index
Futures
Financial Times stock index£25 x index5411124470246259
Options
Financial Times stock index£25 x index3971
Currency
Futures
Deutsche markDM 125,0002017873
U.S. dollar/deutsche mark$50,0001000
Pound sterling£25,0001174213125
Swiss francSw F 125,00076542
Japanese yen¥ 12,500,000108652
Options
U.S. dollar/deutsche mark$50,0009321
Pound sterling£25,00024510516139
France
Marché á Terme d’Instruments Financiers (MATIF)
Interest rate
Futures
French Government bondsF 500,0001,13911,9115,4107,316
French Treasury billF 5,000,000391076415
Options
National bondsF 500,0000002,012
Japan
Osaka Securities Exchange
Stock index
Futures
OSF 5050 stocks018621533
Tokyo Stock Exchange
Interest rate
Futures
Ten-year yen government bonds¥ 100,000,000124128,57518,26213,73212,262
Canada
Montreal Exchange
Interest rate
Options
Canadian Treasury billCan$250,0003651
Canadian Treasury bondsCan$25,00012311289416267239
Currency
Options
Canadian dollarCan$50,000
Toronto Futures Exchange
Interest rate
Futures
Canadian Treasury billCan$1,000,000111310000
Canadian Treasury bondsCan$100,0001132000
Options
Canadian Treasury bondsCan$25,00034134325250
Stock index
Futures
Toronto Stock Exchange
(TSE) 30014201412635351
TS 35Can$500 x index029921
Options
TS 35Can$100 x index019933261
Netherlands, The
European Options Exchange (EOE)
Interest rate
Options
Dutch Government bondsf. 10,0000635466377
Currency
Options
U.S. dollar/guilder and pound sterling/guilder$10,000,

£10,000
0692439356
Stock index
Options
EOE stock indexf. 100 x EOE
MMI stock index$100 x MMI0428142443
Sweden
Stockholm Options Market
Interest rate
Options
Swedish Treasury bondsSKr 1,000,0000766590168
Stock index
Futures
OMX 30SKr 100 x index015966237
Options
OMX 30SKr 100 x index06,7393,2432,574
Australia
Sydney Futures Exchange
Interest rate
Futures
Ninety-day bank bills$A 500,000484151,0732,0941,2941,991
Australian Treasury bonds$A 100,000223151,4482,0611,2541,944
U.S. Treasury bonds$100,0007220
Eurodollar$1,000,0002100
Australian dollar00016
Three-year bonds000164
Options
Ninety-day bank bills$A 500,0001315325830121
Australian Treasury bonds$A 100,000170373,191516
Three-year bonds0002
Australian dollar0002
Currency
Futures
U.S. dollar301540660
Stock index
Futures
All ordinaries index$A 100 x index20915466616454181
Options
All ordinaries index$A 100 x index415401379347
New Zealand
New Zealand Futures Exchange
Interest rate
Futures
New Zealand Treasury notes$NZ 100,00074176132227
Ninety-day bank bills$NZ 500,0003382447
Currency
Futures
U.S. dollar$50,00011161011
Stock index
Futures
Barclays stock index$NZ 20 x index01209611
Singapore
Singapore International Monetary Exchange (SIMEX)
Interest rate
Futures
Eurodollar$1,000,0002954601,5201081,281
U.S. Treasury bonds$100,0003514140
Options
Eurodollar$1,000,00003009
Currency
Futures
Deutsche markDM 125,00017021413111169
Japanese yen¥ 12,500,000321119467126
Pound sterling£25,00018882
Options
Deutsche markDM 125,00007010
Japanese yen¥ 12,500,000015055
Stock index
Futures
Nikkei stock average¥ 500 x index34363206365
Hong Kong
Hong Kong Futures Exchange
Stock index
Futures
Hang Sheng stock indexHK$50 x index6913,6112,546107
Note: $A = Australian dollar; Can$ = Canadian dollar; DM = deutsche mark; ECU = European Currency Unit; F = French franc; HK$ = Hong Kong dollar; ¥ = Japanese yen; f. = Netherlands guilder; £ = pound sterling; $ = U.S. dollar; and SKr = Swedish Krone. Options volume is put and calls combined.Sources: Futures Industry Association, Monthly Volume Report, Monthly Options Report, and International Report; Euromoney (Corporate Finance Supplement); Futures and Options Directory; U.S. Securities and Exchange Commission, Monthly Statistical Review; Philadelphia Stock Exchange; European Options Exchange; Stockholm Options Market.

For all non-U.S. exchanges (except LIFFE and SIMEX for currency and Eurodollar contracts), the last two columns should read August instead of September.

Combined cash settlement and collateralized depository receipts (CDR) contracts.

Includes some five-year notes in the 1988 figure.

Stopped trading in August 1987. Contract units were DM 125,000, ¥ 12,500,000, Can$100,000, F 250,000, £25,000, $A 100,000, and ECU 100,000.

Data until July 1988; the last two columns refer to January-July of 1987 and 1988, respectively.

Includes NYSE composite index and NYSE beta index.

U.S. Treasury bills and notes combined.

Includes AMEX major market index, AMEX institutional index, AMEX computer technology index, and AMEX oil index.

PHLX value line index, PHLX national OTC index.

Very few short gilts (£100,000), a small number of medium gilts (£50,000), mainly long gilts (£50,000).

Data reported are from June 1985–December 1985 only.

Data reported are for November 1985 only.

Data reported are from October 1985–December 1985 only.

Spot and composite index combined.

Data reported are for May 1985–December 1985 only.

Note: $A = Australian dollar; Can$ = Canadian dollar; DM = deutsche mark; ECU = European Currency Unit; F = French franc; HK$ = Hong Kong dollar; ¥ = Japanese yen; f. = Netherlands guilder; £ = pound sterling; $ = U.S. dollar; and SKr = Swedish Krone. Options volume is put and calls combined.Sources: Futures Industry Association, Monthly Volume Report, Monthly Options Report, and International Report; Euromoney (Corporate Finance Supplement); Futures and Options Directory; U.S. Securities and Exchange Commission, Monthly Statistical Review; Philadelphia Stock Exchange; European Options Exchange; Stockholm Options Market.

For all non-U.S. exchanges (except LIFFE and SIMEX for currency and Eurodollar contracts), the last two columns should read August instead of September.

Combined cash settlement and collateralized depository receipts (CDR) contracts.

Includes some five-year notes in the 1988 figure.

Stopped trading in August 1987. Contract units were DM 125,000, ¥ 12,500,000, Can$100,000, F 250,000, £25,000, $A 100,000, and ECU 100,000.

Data until July 1988; the last two columns refer to January-July of 1987 and 1988, respectively.

Includes NYSE composite index and NYSE beta index.

U.S. Treasury bills and notes combined.

Includes AMEX major market index, AMEX institutional index, AMEX computer technology index, and AMEX oil index.

PHLX value line index, PHLX national OTC index.

Very few short gilts (£100,000), a small number of medium gilts (£50,000), mainly long gilts (£50,000).

Data reported are from June 1985–December 1985 only.

Data reported are for November 1985 only.

Data reported are from October 1985–December 1985 only.

Spot and composite index combined.

Data reported are for May 1985–December 1985 only.

Table A21.Trading Volume and Open Interest in Selected Futures and Options Contracts, 1982–September 19881(Average number of contracts)
19871988
198219831984198519861987September2
Eurodollar contracts
Futures
Monthly trading volume
CME26,96874,256349,413741,711902,0761,701,3511,687,6501,770,078
LIFFE40,37838,21785,439107,69492,505144,954137,270135,934
SIMEX5,59824,56338,321126,636113,142142,295
Open interest (end of period)
CME45,60285,128121,537214,401292,326360,993471,897
LIFFE2,0848,5659,99817,74022,33424,92929,41329,156
SIMEX15,46120,98627,591
Options
Monthly trading volume
CME61,923146,452214,163222,575199,713
LIFFE4,4893,2313,3223,3425,591
SIMEX2,4633983
Open interest (end of period)
CME43,07792,10869,79298,230131,102
LIFFE3,9912,2159182,6556,964
SIMEX2443668
Public sector issues
Futures
Monthly trading volume
CME
Ninety-day U.S. Treasury bill549,904315,822274,401201,112151,264160,584152,476115,376
LIFFE
U.S. Treasury bond23,62850,256128,736127,360106,872172,735
Japanese Government bond25,99145,60510,608
Open interest (end of period)
CME
Ninety-day U.S. Treasury bill40,81369,01433,26337,55818,75221,10820,943
LIFFE
U.S. Treasury bond1,3782,4773,3426,0536,4959,219
Japanese Government bond514789522
Options
Monthly trading volume
CME
Ninety-day U.S. Treasury bill5,3149701,169527
LIFFE
U.S. Treasury bond5,2254,5424,2506,241
Japanese Government bond
Open interest (end of period)
CME
Ninety-day U.S. Treasury bill2,78386299280
LIFFE
U.S. Treasury bond1,3431,6092,2449,965
Japanese Government bond
Pound sterling
Futures
Monthly trading volume
CME110,142134,583120,374233,252225,111216,015211,560229,978
LIFFE14,04510,14212,1929,7473,4751,0471,282566
SIMEX1,498694842250
Open interest (end of period)
CME16,9681,52425,08223,14528,59326,29012,790
LIFFE5562,2614,2641,886985121369168
SIMEX30117234
Options
Monthly trading volume
CME27,42341,38347,42247,47848,629
LIFFE20,4058,7621,2971,4851,042
PHLX5,68437,482113,41280,625156,351157,728130,227
Open interest (end of period)
CME28,61745,51139,83020,621
LIFFE12,9432,1507551,3194,196
PHLX7,92347,962100,38279,881110,970222,114122,769
Canadian dollar
Futures
Monthly trading volume
CME89,87246,56228,82339,08361,17376,21484,546110,396
Open interest (end of period)
CME5,13177513,92914,93714,90821,42217,849
Options
Monthly trading volume
PHLX5606,08211,42314,19226,47815,61624,050
CME2,2054,0584,28119,557
Open interest (end of period)
PHLX1,8186,5515,50519,01422,40516,57627,303
CME4,7002,4863,21414,876
Deutsche mark
Futures
Monthly trading volume
CME149,408201,959459,026537,449548,512503,087514,963451,299
LIFFE2,3552,1532,3681,7011,426683779352
SIMEX6,85514,19617,81410,90112,3227,636
Open interest (end of period)
CME22,80433,74653,52544,29232,53631,16736,267
LIFFE1032251232062117711854
SIMEX333186728
Options
Monthly trading volume
PHLX3,8523,11075,475207,253355,007357,345273,437
CME60,636130,203183,798260,474253,116221,325
SIMEX5591,119
Open interest (end of period)
PHLX6,39526,33374,858244,220183,241302,877220,358
CME35,54356,60664,883145,389
LIFFE191102307440
SIMEX6632,028
Japanese yen
Futures
Monthly trading volume
CME146,854286,855194,564201,258330,815446,546424,278526,407
LIFFE5261,584981819648486556203
SIMEX3512,6289,2787,7987,45013,949
Open interest (end of period)
CME32,99811,54228,05823,17242,65637,05831,690
LIFFE1032251232062117724659
SIMEX6755202,228
Options
Monthly trading volume
PHLX2,87220,31248,928157,086204,990179,543251,297
CME72,049187,568175,965242,154
LIFFE
SIMEX1,2206,094
Open interest (end of period)
PHLX6,00919,35064,04689,862150,840212,475196,198
CME35,009130,504119,948102,329
SIMEX1,1937,018
Swiss franc
Futures
Monthly trading volume
CME221,111313,844344,157396,513416,536439,023443,340441,161
LIFFE5621,0261,055557488430486195
Open interest (end of period)
CME21,45017,86127,35123,13824,29823,32820,240
LIFFE137841131114886017682
Options
Monthly trading volume
PHLX3,21127,46756,847194,774691,961121,37098,957
CME27,06768,15887,77779,64790,321
Open interest (end of period)
PHLX7,11329,44541,847351,99150,273104,177119,416
CME17,43526,33551,93445,74547,213
French franc
Futures
Monthly trading volume
CME1,3732,1966997782248701,047203
Open interest (end of period)
CME1,48234313492109866102
Options
Monthly trading volume
PHLX1,0956,5693,7715,8104,16519,519
Open interest (end of period)
PHLX2,58915,0553,01413,38616,54247,210
Australian dollar
Futures
Monthly trading volume
CME4,4455,1846,687
Open interest (end of period)
CME6181,2411,733
Options
Monthly trading volume
PHLX18,64118,50548,194
CME523
Open interest (end of period)
PHLX27,32032,28294,841
CME589
Mexican peso
Futures
Monthly trading volume
CME5,4203,3591,2801,061
Open interest (end of period)
CME1,8851,159
Options
Monthly trading volume
Open interest (end of period)
Sources: Futures Industry Association, Monthly Volume Report, Monthly Options Report, and International Report; Euromoney (Corporate Finance Supplement); Futures and Options Directory; U.S. Securities and Exchange Commission, Monthly Statistical Review; Philadelphia Stock Exchange; European Options Exchange; Stockholm Options Market.Note: The exchanges covered in this table are CME = Chicago Mercantile Exchange; LIFFE = London International Financial Futures Exchange; SIMEX = Singapore Mercantile Exchange; and PHLX = Philadelphia Stock Exchange.

Open interest is the total number of contracts not offset by an opposite transaction nor fulfilled by delivery. Contract units for each instrument and exchange are specified in Table A20.

Data for average monthly trading volume cover the period January through September. Data for open interest correspond to the month of September.

Data cover the period October-December 1987.

Sources: Futures Industry Association, Monthly Volume Report, Monthly Options Report, and International Report; Euromoney (Corporate Finance Supplement); Futures and Options Directory; U.S. Securities and Exchange Commission, Monthly Statistical Review; Philadelphia Stock Exchange; European Options Exchange; Stockholm Options Market.Note: The exchanges covered in this table are CME = Chicago Mercantile Exchange; LIFFE = London International Financial Futures Exchange; SIMEX = Singapore Mercantile Exchange; and PHLX = Philadelphia Stock Exchange.

Open interest is the total number of contracts not offset by an opposite transaction nor fulfilled by delivery. Contract units for each instrument and exchange are specified in Table A20.

Data for average monthly trading volume cover the period January through September. Data for open interest correspond to the month of September.

Data cover the period October-December 1987.

Table A22.Change in Cross-Border Bank Claims on and Liabilities to Developing Countries, Total Cross-Border Flows, 1983–Third Quarter 19881(In billions of U.S. dollars)
19871988
19831984198519861987First three quarters
Total change in claims245.241.834.283.0183.1137.465.7
Offshore centers311.828.328.385.8164.3130.676.3
Developing countries433.413.55.9-2.818.76.9-10.7
Africa5.00.9-1.5-1.3-1.4-0.2
Asia8.98.06.85.014.75.1-3.8
Europe0.71.41.9-1.7-0.4-0.5-1.4
Middle East3.6-0.9-2.1-2.40.90.33.4
Western Hemisphere15.25.4-1.5-2.34.93.4-8.7
Total change in liabilities557.146.769.5129.3192.1138.3110.0
Offshore centers334.123.745.6130.4144.5103.685.5
Developing countries423.023.023.9-1.147.634.724.5
Africa1.5-1.33.9-0.13.62.83.1
Asia10.68.88.510.517.816.25.7
Europe1.74.02.30.62.42.56.0
Middle East-4.9-3.02.9-13.614.87.76.9
Western Hemisphere14.014.56.31.49.05.52.8
Sources: International Monetary Fund, International Financial Statistics; and Fund staff estimates.

Data on bank claims and liabilities are derived from stock data on the reporting countries’ liabilities and assets, excluding changes attributed to exchange rate movements.

As measured by differences in the outstanding liabilities of borrowing countries, defined as cross-border interbank accounts by residence of borrowing bank plus international bank credits to nonbanks by residence of borrower.

Consisting of The Bahamas, Bahrain, the Cayman Islands, Hong Kong, the Netherlands Antilles, Panama, and Singapore.

Excluding offshore centers.

As measured by differences in the outstanding assets of depositing countries, defined as cross-border interbank accounts by residence of lending bank plus international bank deposits of nonbanks by residence of depositor.

Sources: International Monetary Fund, International Financial Statistics; and Fund staff estimates.

Data on bank claims and liabilities are derived from stock data on the reporting countries’ liabilities and assets, excluding changes attributed to exchange rate movements.

As measured by differences in the outstanding liabilities of borrowing countries, defined as cross-border interbank accounts by residence of borrowing bank plus international bank credits to nonbanks by residence of borrower.

Consisting of The Bahamas, Bahrain, the Cayman Islands, Hong Kong, the Netherlands Antilles, Panama, and Singapore.

Excluding offshore centers.

As measured by differences in the outstanding assets of depositing countries, defined as cross-border interbank accounts by residence of lending bank plus international bank deposits of nonbanks by residence of depositor.

Table A23.Estimated Cash Flow from Commercial Banks to Fifteen Heavily Indebted Developing Countries, 1985–September 1988(In millions of U.S. dollars)
19881985–Sept. 1988
198519861987Jan.-Sept.
Exchange rate adjusted change in stocks-4.0-1.82.4-11.3-14.7
Minus change in interest arrears included in stocks-1.7-0.14.31.23.7
Plus estimated debt conversions11.31.65.610.118.6
Plus net loan “write-offs” by banks21.01.04.03.09.0
Total flow0.97.70.69.2
Sources: International Monetary Fund, International Banking Statistics; and Fund staff estimates.

Debt conversions under official schemes plus some informal conversions and purchases by debtor countries of own debt on the secondary market. Note that data base is not complete.

Rough estimate based on incomplete information.

Sources: International Monetary Fund, International Banking Statistics; and Fund staff estimates.

Debt conversions under official schemes plus some informal conversions and purchases by debtor countries of own debt on the secondary market. Note that data base is not complete.

Rough estimate based on incomplete information.

Table A24.Long-Term Bank Credit Commitments to Developing Countries, 1982–881(In billions of U.S. dollars)
198219831984219853198641987519886
Developing countries742.433.731.318.225.418.119.0
Spontaneous lending42.419.814.816.017.315.813.3
Concerted lending813.916.52.28.12.35.7
Capital importing countries740.431.430.216.624.018.018.8
Spontaneous lending40.417.513.714.475.915.713.1
Concerted lending813.916.52.28.12.35.7
Africa2.72.70.61.51.80.70.6
Spontaneous lending2.72.70.51.51.40.70.4
Concerted lending80.10.40.2
Asia11.19.49.47.58.28.57.6
Spontaneous lending11.19.48.57.58.28.57.6
Concerted lending80.9
Europe3.73.53.75.05.45.84.0
Spontaneous lending3.72.93.75.05.45.83.7
Concerted lending80.60.3
Middle East0.40.60.40.30.10.30.2
Western Hemisphere22.515.216.12.48.52.76.4
Spontaneous lending22.51.90.60.20.80.41.2
Concerted lending813.3915.52.27.72.35.2
Memorandum items
Offshore banking centers2.21.5100.90.4110.70.30.4
Developing countries, including offshore banking centers44.635.232.218.526.118.519.4
Sources: Organization for Economic Cooperation and Development, Financial Statistics Monthly; and Fund staff estimates.

Owing to rounding, components may not add to totals.

Includes agreements in principle with Argentina, Côte d’Ivoire, Ecuador, and the Philippines.

Includes a $0.1 billion revolving trade facility for Costa Rica.

Includes agreements in principle with the Congo, Mexico, and Nigeria.

Includes agreement in principle with Ecuador.

Includes agreements in principle with Côte d’Ivoire and Yugoslavia.

Excludes offshore banking centers.

Concerted lending refers to bank credit commitments obtained during 1983–87 and coordinated by a bank advisory committee (i.e., Argentina, Brazil, Chile, Colombia, the Congo, Côte d’Ivoire, Ecuador, Mexico, Nigeria, Panama, Peru, the Philippines, Uruguay, and Yugoslavia).

Excludes the extension of a bridging loan of $1.3 billion to Argentina and a $0.2 billion revolving trade facility to Costa Rica.

Includes a $0.3 billion concerted lending commitment to Panama.

Includes a $0.1 billion concerted lending commitment to Panama.

Sources: Organization for Economic Cooperation and Development, Financial Statistics Monthly; and Fund staff estimates.

Owing to rounding, components may not add to totals.

Includes agreements in principle with Argentina, Côte d’Ivoire, Ecuador, and the Philippines.

Includes a $0.1 billion revolving trade facility for Costa Rica.

Includes agreements in principle with the Congo, Mexico, and Nigeria.

Includes agreement in principle with Ecuador.

Includes agreements in principle with Côte d’Ivoire and Yugoslavia.

Excludes offshore banking centers.

Concerted lending refers to bank credit commitments obtained during 1983–87 and coordinated by a bank advisory committee (i.e., Argentina, Brazil, Chile, Colombia, the Congo, Côte d’Ivoire, Ecuador, Mexico, Nigeria, Panama, Peru, the Philippines, Uruguay, and Yugoslavia).

Excludes the extension of a bridging loan of $1.3 billion to Argentina and a $0.2 billion revolving trade facility to Costa Rica.

Includes a $0.3 billion concerted lending commitment to Panama.

Includes a $0.1 billion concerted lending commitment to Panama.

Table A25.Bank Credit Commitments by Country of Destination, 1982–881(In billions of U.S. dollars)
198219831984219853198641987519886
Industrial countries51.627.929.930.237.952.695.9
Australia5.92.72.42.65.03.15.1
Belgium2.00.10.90.70.80.30.9
Canada7.02.12.77.06.22.14.4
Denmark1.62.20.70.30.50.80.9
France6.61.52.04.13.73.07.3
Italy5.32.84.75.16.05.44.3
Spain2.02.73.52.64.51.11.8
Sweden2.02.60.41.00.10.52.3
United Kingdom2.20.93.31.52.212.933.8
United States10.07.35.33.55.215.728.1
Other7.03.04.01.83.77.77.0
Centrally planned economies0.20.51.93.52.11.52.5
Czechoslovakia0.10.10.30.20.2
German Democratic Republic0.10.40.71.20.10.2
U.S.S.R.0.10.91.51.30.82.1
Other0.30.70.40.30.4
Developing countries742.433.731.318.225.418.119.0
Capital importing developing countries740.431.430.216.624.018.018.8
Africa2.72.70.61.51.80.70.6
Côte d’Ivoire0.50.10.10.2
Morocco0.20.10.10.1
Nigeria0.40.20.3
South Africa1.00.20.2
Other0.62.20.31.31.50.70.3
Asia11.19.49.47.58.28.57.6
China0.30.10.22.31.93.32.7
India0.40.70.60.21.21.81.5
Indonesia1.12.01.60.11.01.60.5
Korea3.63.53.73.71.50.91.2
Malaysia2.41.41.00.21.20.30.8
Philippines1.10.60.9
Thailand0.30.40.80.71.10.30.7
Other1.90.70.60.30.30.30.2
Europe3.73.53.75.05.45.84.0
Greece0.91.21.10.61.20.90.9
Hungary0.30.50.80.90.81.40.2
Portugal1.51.01.01.61.40.80.9
Turkey0.30.30.41.62.02.61.6
Yugoslavia0.50.60.3
Other0.20.40.30.10.1
Middle East0.40.60.40.30.10.30.2
Egypt0.40.10.1
Jordan0.30.30.20.20.2
Other0.10.10.1
Western Hemisphere22.515.216.12.48.52.76.4
Argentina1.31.84.22.1
Brazil7.34.66.55.2
Chile1.21.40.81.10.2
Colombia0.60.40.41.10.20.11.0
Ecuador0.10.40.20.20.4
Mexico6.55.13.87.7
Peru1.10.5
Venezuela4.00.2
Other0.40.20.20.20.40.1
Offshore banking centers2.21.50.90.40.70.30.4
International organizations and unallocated1.83.93.54.05.211.79.8
Total98.267.567.556.371.384.3127.5
Sources: Organization for Economic Cooperation and Development, Financial Statistics Monthly; and Fund staff estimates.

Owing to rounding, components may not add to totals.

Includes agreements in principle with Argentina, Côte d’Ivoire, Ecuador, and the Philippines.

Includes a $0.1 billion revolving trade facility for Costa Rica.

Includes agreements in principle with the Congo, Mexico, and Nigeria.

Includes agreement in principle with Ecuador.

Includes agreements in principle with Côte d’Ivoire and Yugoslavia.

Excludes offshore banking centers.

Sources: Organization for Economic Cooperation and Development, Financial Statistics Monthly; and Fund staff estimates.

Owing to rounding, components may not add to totals.

Includes agreements in principle with Argentina, Côte d’Ivoire, Ecuador, and the Philippines.

Includes a $0.1 billion revolving trade facility for Costa Rica.

Includes agreements in principle with the Congo, Mexico, and Nigeria.

Includes agreement in principle with Ecuador.

Includes agreements in principle with Côte d’Ivoire and Yugoslavia.

Excludes offshore banking centers.

Table A26.Long-Term Bank Credit Commitments, 1982–881(In billions of U.S. dollars)
198219831984219853198641987519886
(Long-term external credit commitments)
Industrial countries51.627.929.930.237.952.695.9
Seven major31.215.018.227.224.341.378.8
Other20.412.911.79.013.711.317.0
Developing countries742.433.731.318.225.418.119.0
Capital importing countries740.431.430.216.624.018.018.8
Africa2.72.70.67.51.80.70.6
Asia11.19.49.47.58.28.57.6
Europe3.73.53.75.05.45.84.0
Middle East0.40.60.40.30.10.30.2
Western Hemisphere22.515.216.12.48.52.76.4
Offshore banking centers2.21.50.90.40.70.30.4
Centrally planned economies80.20.51.93.52.11.52.5
International organizations and unallocated1.83.93.54.05.211.79.8
Total98.267.567.556.371.384.3127.5
(Other international long-term bank facilities)
Industrial countries3.112.447.844.125.227.513.3
Seven major1.410.633.933.614.420.013.3
Other1.71.813.910.510.87.53.0
Developing countries71.90.86.52.53.71.41.4
Capital importing countries71.90.76.22.23.71.41.4
Africa0.20.2
Asia0.30.41.11.32.00.90.8
Europe0.40.30.70.71.50.40.4
Middle East
Western Hemisphere1.24.30.10.1
Offshore banking centers0.20.20.40.20.20.30.2
Centrally planned economies80.50.20.2
International organizations and unallocated0.20.10.62.10.31.70.3
Total5.413.555.348.930.031.215.5
(Total international commitments)
Industrial countries54.640.277.674.263.280.1109.2
Seven major32.625.552.154.838.761.389.1
Other22.114.725.519.524.418.820.0
Developing countries744.334.537.820.729.119.520.4
Capital importing countries742.332.136.418.827.719.420.2
Africa2.72.70.87.51.80.70.8
Asia11.49.810.58.810.29.48.4
Europe4.13.84.55.76.96.24.4
Middle East0.40.60.40.30.10.30.2
Western Hemisphere23.715.220.42.48.62.76.4
Offshore banking centers2.41.61.40.60.90.60.6
Centrally planned economies80.20.51.93.52.61.72.7
International organizations and unallocated2.04.04.16.25.513.410.1
Total103.681.0122.7105.1101.3115.5143.0
Memorandum item
Other international long-term bank facilities, excluding merger-related facilities5.49.528.842.929.331.215.5
Sources: Organization for Economic Cooperation and Development, Financial Statistics Monthly; and Fund staff estimates.

Owing to rounding, components may not add to totals.

Includes agreements in principle with Argentina, Côte d’Ivoire, Ecuador, and the Philippines.

Includes a $0.1 billion revolving trade facility for Costa Rica.

Includes agreements in principle with the Congo, Mexico, and Nigeria.

Includes agreement in principle with Ecuador.

Includes agreements in principle with Côte d’Ivoire and Yugoslavia.

Excludes offshore banking centers.

Excludes Fund member countries.

Sources: Organization for Economic Cooperation and Development, Financial Statistics Monthly; and Fund staff estimates.

Owing to rounding, components may not add to totals.

Includes agreements in principle with Argentina, Côte d’Ivoire, Ecuador, and the Philippines.

Includes a $0.1 billion revolving trade facility for Costa Rica.

Includes agreements in principle with the Congo, Mexico, and Nigeria.

Includes agreement in principle with Ecuador.

Includes agreements in principle with Côte d’Ivoire and Yugoslavia.

Excludes offshore banking centers.

Excludes Fund member countries.

Table A27.Concerted Short- and Medium-Term Facilities Outstanding at End of Period, 1983–88(In millions of U.S. dollars)
198319841985198619871988
Argentina
Trade deposit facility500500500700
Stand-by money market facility1,4001,4001,4001,4001,400
Trade credit maintenance facility1,20011,20011,20011,20011,200
Brazil
Interbank exposure5,5795,3885,3885,2534,6514,651
Trade-related10,1729,8009,8009,58210,18910,189
Interim financing715240
Chile
Trade-related1,7001,7001,7001,7001,7001,700
Nontrade-related1,160(1,160)2
Costa Rica
Revolving trade facilities152202277277277277
Ecuador
Trade-related credits700700700700500500
Nontrade credits(580)2
Madagascar
Short-term debt(117)2
Mexico
Interbank exposure35,2005,2005,2005,20052005,200
Morocco
Short-term debt610610610610610
Trade credit maintenance facility801801801
Mozambique
Short-term debt(86)2
Panama
Money-market facility133133133133133133
Trade-related facilities848484848484
Peru
Short-term working capital1,20096544444
Short-term trade-related credit lines80080044444
Philippines
Short-term debt of Public sector(1,183)2
Private financial sector(1,594)2
Corporate sector(448)2
Revolving trade facility2,9652,9652,9652,9652,965
Poland
Short-term revolving trade credit facilities5347747729001,0001,000
Uruguay
Nontrade-related credits(359)2
Treasury notes outstanding84128171171171171
Yugoslavia
Revolving trade facility600600600600
Nontrade-related facility200200200200200200
Total528,29832,84931,70031,55531,57531,300
Sources: Restructuring agreements; and Fund staff estimates.

Converted into medium-term facility.

Converted into medium-term debt.

Data indicate limits rather than actual exposure.

The 1984 agreement with the Steering Committee was not signed due, inter alia, to Peru’s nonpayment of interest since July 1984, and no agreement is currently in effect for these facilities.

Total excludes amounts converted into medium-term debt, which are given in parentheses.

Sources: Restructuring agreements; and Fund staff estimates.

Converted into medium-term facility.

Converted into medium-term debt.

Data indicate limits rather than actual exposure.

The 1984 agreement with the Steering Committee was not signed due, inter alia, to Peru’s nonpayment of interest since July 1984, and no agreement is currently in effect for these facilities.

Total excludes amounts converted into medium-term debt, which are given in parentheses.

Table A28.Terms of Long-Term Bank Credit Commitments, 1984–881(In percent, unless otherwise indicated)
198421985198631987419885
Six-month Eurodollar interbank rate (average)11.298.646.857.308.13
U.S. prime rate (average)12.049.938.358.219.32
Average maturity (in years/months)7/87/16/88/45/5
OECD countries7/27/56/37/64/9
Centrally planned economies5/117/57/98/18/5
Developing countries8/68/58/210/810/0
Of which: spontaneous8/18/28/29/18/11
Other6/67/46/96/15/11
Average spread0.920.620.410.420.36
OECD countries0.570.470.370.340.31
Centrally planned economies0.930.550.260.240.30
Developing countries1.320.920.610.680.65
Of which: spontaneous0.720.640.610.560.57
Other0.880.560.330.480.50
Sources: Organization for Economic Cooperation and Development, Financial Market Trends; International Monetary Fund, International Financial Statistics (for Euro dollar and prime rates).

OECD country classification.

Does not includeterms of agreements in principle with Argentina, Côte d’Ivoire, Ecuador, and the Philippines.

Does not include terms of agreement in principle with the Congo, Mexico, and Nigeria.

Does not include terms of agreement in principle with Ecuador.

Does not include terms of agreement in principle with Côte d’Ivoire and Yugoslavia.

Sources: Organization for Economic Cooperation and Development, Financial Market Trends; International Monetary Fund, International Financial Statistics (for Euro dollar and prime rates).

OECD country classification.

Does not includeterms of agreements in principle with Argentina, Côte d’Ivoire, Ecuador, and the Philippines.

Does not include terms of agreement in principle with the Congo, Mexico, and Nigeria.

Does not include terms of agreement in principle with Ecuador.

Does not include terms of agreement in principle with Côte d’Ivoire and Yugoslavia.

Table A29.External Assets of BIS Reporting Banks by Maturity and Undisbursed Credit Commitments, December 1984–June 1988(In billions of U.S. dollars)
December 1984December 1985December 1986December 1987June 1988
External assetsUndisbursed credit commitmentsExternal assetsUndisbursed credit commitmentsExternal assetsUndisbursed credit commitmentsExternal assetsUndisbursed credit commitmentsExternal assetsUndisbursed credit commitments
TotalUp to and including one yearTotalUp to and including one yearTotalUp to and including one yearTotalUp to and including one yearTotalUp to and including one year
Claims on
Industrial countries outside the BIS reporting area80.836.321.751.724.420.867.032.420.480.941.024.183.643.526.7
Australia23.09.49.626.211.512.334.415.812.239.418.215.742.621.118.7
Finland111.36.91.4
Norway11.35.43.914.17.94.517.510.03.923.214.33.923.214.43.8
Spain127.111.03.2
Other8.13.63.611.45.04.015.16.64.318.38.54.517.88.04.2
Developing countries471.1193.768.1503.7218.868.8518.3210.568.9547.9222.777.6516.3211.074.8
Capital importing developing countries444.8173.260.4476.7197.962.3491.5190.064.1518.9200.672.3488.8189.769.2
Africa59.525.111.763.227.510.066.631.77.473.233.48.865.829.39.3
Côte d’Ivoire2.70.60.12.90.70.23.30.90.33.61.50.13.07.20.2
Morocco3.81.20.34.51.70.34.92.30.25.22.30.54.81.30.4
Nigeria8.92.61.99.24.01.29.95.10.710.84.50.79.43.70.7
South Africa18.912.83.517.011.42.415.611.01.716.09.41.515.48.71.8
Zaïre0.70.30.10.80.30.10.80.30.11.00.40.21.00.40.3
Other24.57.65.828.89.45.832.112.14.436.615.35.832.214.05.9
Asia84.739.221.393.942.523.199.943.224.9113.152.227.9106.849.827.2
China3.52.43.46.64.75.36.63.16.312.04.78.013.14.78.1
India3.41.32.54.91.72.56.72.72.28.42.82.28.83.12.3
Indonesia12.95.43.614.16.03.815.96.43.717.76.54.217.07.03.9
Korea26.013.04.428.713.74.527.212.45.923.813.05.722.112.45.4
Malaysia10.62.41.810.12.11.410.82.31.110.01.81.08.71.70.8
Philippines12.46.61.012.96.41.113.95.50.913.14.10.712.13.80.8
Thailand6.53.51.46.92.91.46.72.52.07.52.42.47.63.02.1
Other9.44.63.29.75.03.112.18.32.820.616.93.717.414.13.8
Europe56.418.05.965.122.96.868.023.37.275.425.09.370.526.18.7
Greece12.34.02.014.25.01.414.44.91.115.15.31.614.75.41.6
Hungary6.82.70.68.63.51.110.03.41.212.43.21.511.63.21.3
Poland8.72.10.39.92.10.310.72.40.311.93.30.510.52.90.4
Portugal10.83.51.111.43.51.310.13.11.310.53.21.49.83.51.4
Romania3.10.70.23.00.80.22.81.00.22.41.40.3
Turkey4.61.91.06.53.41.68.34.32.211.23.111.26.02.7
Yugoslavia9.32.60.510.34.10.510.33.70.69.93.10.59.13.00.5
Other0.80.50.21.20.50.41.40.50.32.16.90.72.22.10.5
Middle East14.810.23.316.010.03.515.79.83.416.29.54.216.19.13.7
Egypt5.83.61.86.73.51.96.53.31.96.83.42.16.53.21.8
Israel5.33.70.55.63.90.75.23.40.55.02.90.84.82.80.8
Other3.72.91.03.72.60.94.03.11.04.43.21.34.83.11.1
Western Hemisphere229.480.718.2238.494.918.9241.281.921.2241.080.522.1229.775.520.3
Argentina25.314.01.929.415.32.031.110.31.433.210.82.132.89.41.5
Brazil65.416.43.766.720.74.569.425.64.969.228.64.865.528.74.5
Chile13.23.70.714.35.41.014.25.50.712.84.60.611.84.00.6
Colombia6.52.60.96.42.81.26.72.41.26.32.01.26.62.21.2
Ecuador4.71.70.35.02.00.65.31.80.75.31.90.64.71.80.5
Mexico70.917.13.571.720.33.370.916.54.369.915.74.365.913.72.8
Peru4.82.10.74.72.40.54.52.60.44.22.50.23.82.40.2
Venezuela26.717.40.927.119.61.025.911.31.425.26.71.725.06.82.2
Other11.95.75.613.16.44.813.25.96.214.97.76.613.66.56.8
Centrally planned economies29.612.84.240.218.37.651.422.56.660.125.59.160.926.39.2
Czechoslovakia2.40.80.42.71.20.63.11.70.84.22.31.14.12.21.0
German Democratic Republic8.43.71.110.34.41.812.24.71.715.05.82.314.55.12.4
U.S.S.R.15.86.61.922.010.04.328.712.43.232.213.34.233.615.44.1
Other3.01.70.85.22.70.97.43.70.98.74.11.58.73.61.7
Total581.5242.894.0595.6261.597.2636.7265.495.9688.9289.1110.8660.8280.8110.6
Source: Bank for International Settlements, The Maturity Distribution of International Bank Lending.

As of December 1985, Finland and Spain are included in the reporting area.

Source: Bank for International Settlements, The Maturity Distribution of International Bank Lending.

As of December 1985, Finland and Spain are included in the reporting area.

Table A30.Change in Claims of U.S. Banks on Developing Countries, 1983–881(In billions of U.S. dollars; and in percent)
1983198419851986198719882
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 countries3
All banks5.83.8-3.8-2.4-13.3-8.5-13.5-9.4-7.6-5.9-18.8-15.5
Nine banks3.63.8-1.6-1.6-7.6-7.7-8.4-9.2-4.7-5.7-8.5-10.9
Fifteen banks2.17.10.10.4-5.0-16.2-2.9-11.3-1.5-6.5-4.5-20.8
Others0.10.3-2.4-8.3-0.7-2.8-2.1-8.2-1.4-6.1-5.9-26.5
Capital importing developing countries3
All banks5.33.6-3.1-2.0-12.0-8.0-12.7-9.1-6.7-5.3-18.6-15.6
Nine banks3.03.2-1.0-1.1-6.8-7.1-7.7-8.8-4.0-4.9-8.1-10.6
Fifteen banks2.27.80.20.6-4.6-15.2-3.0-11.6-1.3-5.8-4.5-20.9
Others0.10.4-2.3-8.0-0.7-2.5-2.0-7.8-1.4-5.9-6.1-27.4
Africa
All banks1.08.5-0.8-6.0-2.8-22.4-2.0-20.1-0.3-4.0-1.2-16.6
Nine banks0.910.2-0.8-8.1-1.6-18.3-1.4-19.4-0.1-2.5-1.1-18.6
Fifteen banks0.315.40.211.9-0.9-38.2-0.3-23.1-0.1-8.6-0.1-11.3
Others-0.1-4.7-0.2-17.1-0.3-23.9-0.2-20.9-0.1-10.1-7.0
Asia
All banks1.44.5-3.0-9.5-3.4-11.9-4.9-19.3-2.2-10.7-4.2-23.0
Nine banks0.31.3-2.0-9.3-2.6-13.5-2.9-17.7-1.6-11.6-2.6-21.7
Fifteen banks0.58.20.6-0.9-14.9-1.1-21.4-0.9-21.3-0.6-18.7
Others0.617.0-1.1-25.60.14.3-0.8-23.90.311.7-0.9-33.6
Indonesia
All banks0.619.9-0.2-5.0-0.6-18.8-0.6-21.6-0.6-29.4-0.4-24.3
Nine banks0.521.0-0.3-8.8-0.5-16.7-0.5-22.4-0.6-30.9-0.3-27.3
Fifteen banks7.50.130.1-0.2-36.9-14.3-0.1-27.6-2.8
Others32.6-14.83.0-24.3-9.3-27.2
Korea
All banks0.54.1-1.5-13.3-0.8-7.9-3.2-34.6-2.1-35.80.512.6
Nine banks-0.5-6.8-1.0-15.5-0.5-9.7-1.6-31.1-0.8-24.20.26.8
Fifteen banks0.520.50.4-0.5-17.0-0.9-41.3-0.8-59.40.347.6
Others0.528.5-0.5-24.00.213.3-0.7-35.8-0.5-43.97.1
Philippines
All banks0.35.5-0.6-10.0-0.7-0.3-5.8-0.4-8.5-0.7-14.3
Nine banks0.11.3-0.2-4.40.9-0.1-2.3-0.4-11.6-0.4-11.3
Fifteen banks2.7-0.1-4.6-0.1-6.8-0.1-13.2-0.1-9.8-0.2-19.3
Others0.236.3-0.4-42.72.1-0.1-14.90.120.6-0.1-24.5
Europe
All banks0.44.1-0.7-6.5-0.6-5.8-1.7-17.6-0.8-9.6-1.4-18.5
Nine banks0.67.7-0.6-7.1-0.5-7.0-1.3-17.9-0.6-10.1-1.0-18.6
Fifteen banks0.31.3-0.1-7.3-0.3-17.4-0.2-11.1-0.1-11.3
Others-0.1-9.8-0.2-13.1-3.5-0.2-16.0-4.8-0.3-26.8
Middle East
All banks0.38.5-0.4-9.0-0.7-18.8-0.6-20.3-0.7-29.2-0.2-10.0
Nine banks0.28.6-0.2-7.8-0.5-20.6-0.5-23.4-0.5-31.6-0.1-12.3
Fifteen banks0.119.7-0.9-0.2-24.7-0.1-17.7-0.1-29.0-0.1-18.8
Others1.5-0.2-18.8-0.1-7.3-0.1-12.9-0.1-22.71.0
Western Hemisphere
All banks2.12.31.81.9-4.5-4.7-3.5-3.9-2.7-3.0-11.7-13.7
Nine banks1.12.12.54.7-1.5-2.7-1.6-3.0-1.2-2.2-3.3-6.4
Fifteen banks1.37.3-0.1-0.6-2.5-13.0-1.1-6.8-0.1-0.4-3.5-22.8
Others-0.3-1.4-0.6-3.0-0.5-2.5-0.8-3.9-1.4-7.6-4.8-27.9
Argentina
All banks0.33.3-0.5-6.20.45.50.11.40.33.4-0.9-9.8
Nine banks0.24.5-0.3-4.60.815.10.10.90.46.2-0.2-2.5
Fifteen banks0.28.4-0.1-6.1-0.2-13.31.41.2-0.5-29.0
Others-0.1-8.4-0.2-13.6-0.1-8.64.2-0.1-10.3-0.2-26.0
Brazil
All banks0.21.13.215.6-1.1-4.5-0.4-1.7-1.1-5.0-3.1-15.0
Nine banks2.518.8-0.3-1.6-0.2-1.2-0.4-2.3-0.8-5.5
Fifteen banks0.410.30.410.0-0.8-16.6-0.2-4.7-0.3-7.7-0.9-24.7
Others-0.2-5.80.39.4-1.2-0.5-0.5-14.9-1.5-53.5
Mexico
All banks2.08.00.20.7-1.6-6.0-1.3-5.1-0.9-3.9-4.6-20.1
Nine banks1.39.80.64.0-0.6-4.1-0.7-5.2-1.6-11.7
Fifteen banks0.24.0-0.2-0.6-12.0-0.1-1.1-0.3-6.8-1.4-32.7
Others0.57.7-0.4-5.3-0.3-5.3-0.5-8.1-0.6-10.9-1.6-31.6
Venezuela
All banks-0.3-2.8-0.4-4.0-0.7-6.7-1.0-9.7-0.8-8.7-0.4-4.7
Nine banks-0.2-2.2-0.2-2.6-0.3-4.1-0.6-8.7-0.7-10.5-0.3-4.6
Fifteen banks1.3-0.1-5.3-0.3-15.9-0.2-9.21.2-0.2-13.7
Others-0.2-10.6-0.1-8.9-0.1-6.8-0.2-15.9-0.1-11.90.19.7
Source: Federal Financial Institutions Examination Council, Country Exposure Lending Survey.

The data are based on consolidated reports of banks; owing to rounding, components may not add to totals.

First three quarters of 1988 on an annualized basis.

Excludes offshore banking centers.

Source: Federal Financial Institutions Examination Council, Country Exposure Lending Survey.

The data are based on consolidated reports of banks; owing to rounding, components may not add to totals.

First three quarters of 1988 on an annualized basis.

Excludes offshore banking centers.

Table A31.Change in Bank Claims on Developing Countries, 1983–881(In billions of U.S. dollars; and in percent)
1983198419851986198719882
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 countries3
U.S. claims data5.83.8-3.8-2.4-13.3-8.5-13.5-9.4-7.6-5.9-19.8-16.2
U.K. claims data2.13.2-1.2-1.8-0.4-0.60.60.90.10.2-7.0-11.1
Capital importing developing countries3
U.S. claims data5.33.6-3.1-2.0-12.0-8.0-12.7-9.1-6.7-5.3-19.6-16.4
U.K. claims data1.72.8-0.5-0.8-0.5-0.80.81.3-0.2-0.3-7.2-11.6
Africa
U.S. claims data1.08.5-0.8-6.0-2.822.4-2.0-20.1-0.3-4.0-1.4-18.2
U.K. claims data0.54.1-0.2-2.0-0.8-6.40.10.54.3-0.7-6.2
Asia
U.S. claims data1.44.5-3.0-9.5-3.4-11.9-4.4-19.3-2.2-10.7-4.0-22.0
U.K. claims data0.43.6-0.3-3.00.22.3-0.1-1.1-0.6-6.1-2.0-20.8
Indonesia
U.S. claims data0.619.9-0.2-5.0-0.6-18.8-0.6-21.6-0.6-29.4-0.4-27.1
U.K. claims data0.326.02.1-0.1-3.0-1.0-2.9-0.3-20.7
Korea
U.S. claims data0.54.1-1.5-13.3-0.8-7.9-3.2-34.6-2.1-35.80.513.6
U.K. claims data-0.2-7.4-0.1-2.5-0.1-2.0-0.3-9.8-0.4-16.5-0.7-35.0
Philippines
U.S. claims data0.35.5-0.6-10.0-0.7-0.3-5.8-0.4-8.5-0.6-11.9
U.K. claims data0.14.2-0.2-9.6-0.1-8.70.16.0-0.1-7.6-0.1-6.3
Europe
U.S. claims data0.44.1-0.7-6.5-0.6-5.8-1.7-17.6-0.8-9.6-1.2-15.7
U.K. claims data-0.1-0.3-0.5-6.00.22.40.2-0.2-2.2-1.3-16.3
Middle East
U.S. claims data0.38.5-0.4-9.0-0.7-18.8-0.6-20.3-0.7-29.2-0.2-11.8
U.K. claims data-0.2-11.2-0.2-13.32.0-0.1-6.20.13.70.13.3
Western Hemisphere
U.S. claims data2.12.31.81.9-4.5-4.7-3.5-3.9-2.7-3.0-12.9-15.1