Chapter

Statistical Appendix

Author(s):
International Monetary Fund
Published Date:
January 1991
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Table A1.Long-Term and Short-Term Interest Rate Differentials Between the United States and Other Major Countries, 1987-901(In percent a year)
JapanGermanyFranceUnited Kingdom
Long-term interest rates2
19872.401.16−1.54−2.58
First quarter
Second quarter4.222.51−0.58−0.62
Third quarter2.912.38−0.95−1.00
Fourth quarter3.922.52−1.10−0.54
1988
First quarter4.122.08−0.99−1.07
Second quarter4.262.41−0.21−0.46
Third quarter3.582.370.05−0.85
Fourth quarter4.252.520.28−0.94
1989
First quarter4.252.340.38−0.65
Second quarter3.511.79−1.53
Third quarter3.101.17−0.42−1.98
Fourth quarter2.560.53−1.12−2.74
1990
First quarter1.720.09−1.39−3.12
Second quarter2.07−0.06−1.00−3.65
Third quarter1.23−0.17−1.39−3.17
Fourth quarter1.29−0.59−1.81−2.79
Short-term interest rates3
1987
First quarter1.861.90−2.28−4.59
Second quarter2.933.03−1.31−2.34
Third quarter2.883.02−0.98−2.86
Fourth quarter3.183.54−0.87−1.58
1988
First quarter2.423.35−1.23−2.29
Second quarter3.043.66−0.53−1.18
Third quarter3.433.310.52−3.16
Fourth quarter4.343.700.64−3.69
1989
First quarter5.063.380.63−3.46
Second quarter4.682.790.74−3.90
Third quarter3.321.59−0.42−5.20
Fourth quarter2.040.33−1.95−6.63
1990
First quarter1.19−0.04−2.69−6.91
Second quarter1.010.07−1.67−6.78
Third quarter0.17−0.30−2.09−6.90
Fourth quarter−0.26−0.88−2.08−5.91
Sources: Banque de France; Nikkei Data Service; Bank of England; Data Resources, Inc. (DRI); U.S. Federal Reserve; and International Monetary Fund, Treasurer’s Department.

Differentials shown should be treated as indicative because they conceal intercountry differences in the maturity structure of long-term rates. For instance, the U.S. long-term rate is on ten-year federal government bonds, while the German rate is the average on government bonds with maturities over three years.

The long-term interest rates are averages of daily or weekly observations of yields on government bonds specified as follows: France—long-term (7-10 years) government bond yield; Federal Republic of Germany—yield on government bonds with maturities of 9-10 years; Japan-over-the-counter sales yield of 10-year government bonds, with longest residual maturity; United Kingdom—yield on medium-dated (10 year) government stock; United States—yield on 10-year treasury bonds.

The short-term interest rates are as follows: France—three-month interbank deposit rate; Federal Republic of Germany—three-month interbank deposit rate; Japan—three-month certificate of deposit rate; United Kingdom—three-month interbank deposit rate; United States-federal funds rate and three-month certificate of deposit rate.

Sources: Banque de France; Nikkei Data Service; Bank of England; Data Resources, Inc. (DRI); U.S. Federal Reserve; and International Monetary Fund, Treasurer’s Department.

Differentials shown should be treated as indicative because they conceal intercountry differences in the maturity structure of long-term rates. For instance, the U.S. long-term rate is on ten-year federal government bonds, while the German rate is the average on government bonds with maturities over three years.

The long-term interest rates are averages of daily or weekly observations of yields on government bonds specified as follows: France—long-term (7-10 years) government bond yield; Federal Republic of Germany—yield on government bonds with maturities of 9-10 years; Japan-over-the-counter sales yield of 10-year government bonds, with longest residual maturity; United Kingdom—yield on medium-dated (10 year) government stock; United States—yield on 10-year treasury bonds.

The short-term interest rates are as follows: France—three-month interbank deposit rate; Federal Republic of Germany—three-month interbank deposit rate; Japan—three-month certificate of deposit rate; United Kingdom—three-month interbank deposit rate; United States-federal funds rate and three-month certificate of deposit rate.

Table A2.Volatility of Major Stock Prices, First Quarter 1987-Fourth Quarter 19901
United StatesJapanUnited KingdomGermanyFranceItalyCanada
1987
First quarter0.930.861.701.580.880.841.43
Second quarter1.121.302.071.471.070.880.66
Third quarter0.901.123.160.870.841.210.57
Fourth quarter3.652.837.312.972.431.992.69
1988
First quarter1.430.992.911.861.531.650.84
Second quarter1.160.621.201.041.241.050.63
Third quarter0.870.781.730.880.790.690.46
Fourth quarter0.760.571.220.820.650.760.59
1989
First quarter0.740.621.900.881.030.750.56
Second quarter0.730.571.860.710.710.490.44
Third quarter0.680.451.840.820.470.730.39
Fourth quarter1.090.572.732.271.161.360.67
1990
First quarter0.891.581.411.380.940.730.53
Second quarter0.771.581.881.330.800.540.70
Third quarter1.202.242.441.711.671.480.54
Fourth quarter1.102.591.301.621.071.300.57
Source: Data Resources, Inc.

For the United States, the stock market index used is Standard & Poor’s 500; for Japan, Nikkei 225; for the United Kingdom, the Financial Times Ordinary; for France, CAC General; for Germany, Frankfurt Commerzbank; for Italy, Banca Commerciale; for Canada, Toronto Stock Exchange Composite. Volatility is defined as the standard deviation of the daily proportionate changes in stock market indices over the period indicated.

Source: Data Resources, Inc.

For the United States, the stock market index used is Standard & Poor’s 500; for Japan, Nikkei 225; for the United Kingdom, the Financial Times Ordinary; for France, CAC General; for Germany, Frankfurt Commerzbank; for Italy, Banca Commerciale; for Canada, Toronto Stock Exchange Composite. Volatility is defined as the standard deviation of the daily proportionate changes in stock market indices over the period indicated.

Table A3.Stock Market Indices and Interest Rates, August 1–20, 1990
United StatesJapanGermanyFranceUnited Kingdom
Equity Indices(Percentage change)1
August 1–3, 1990−3.0−4.3−3.0−1.7−3.2
August 1–10, 1990−5.6−11.4−8.1−7.6−5.9
August 1–17, 1990−7.8−13.1−12.0−7.6−9.4
August 1–20, 1990−7.6−14.1−13.5−14.4−10.4
Interest Rates
Short-term deposit or interbank rates2
August 1, 19908.037.638.259.8814.97
August 2, 19908.037.648.339.9414.97
August 3, 19908.007.648.439.9415.00
August 6, 19907.947.668.4310.0015.03
August 7, 19908.007.688.439.1914.97
August 8, 19908.067.708.4310.0614.95
August 9, 19908.007.708.4310.0614.97
August 10, 19908.007.708.4310.0614.97
August 13, 19908.007.738.4310.0614.98
August 14, 19908.007.758.4310.0015.02
August 15, 19908.127.808.4015.00
August 16, 19908.197.818.3810.0015.00
August 17, 19908.317.828.3810.0615.00
August 20, 19908.067.868.3810.1915.02
Long-term government bond yields3
August 1, 19908.297.058.459.5211.67
August 2, 19908.427.118.539.6911.67
August 3, 19908.437.248.619.7811.90
August 6, 19908.717.478.7110.0312.14
August 7, 19908.787.718.619.9711.85
August 8, 19908.777.598.6810.1311.86
August 9, 19908.667.558.659.9511.80
August 10, 19908.687.568.679.9911.79
August 13, 19908.717.608.679.9911.79
August 14, 19908.657.648.6210.0511.85
August 15, 19908.637.558.5910.0111.84
August 16, 19908.757.558.6210.0711.90
August 17, 19908.797.688.7110.1812.02
August 20, 19908.807.648.5610.3112.04

United States, Standard & Poor’s 500; Japan, Nikkei Average; Germany, Commerzbank Index; France, CAC General; United Kingdom, Financial Times Actuaries All Share Price Index.

United States, Federal Funds rate; Japan, three-month certificate of deposit rate; Germany, France, and United Kingdom, three-month interbank rates.

Ten-year maturity or nearest available.

United States, Standard & Poor’s 500; Japan, Nikkei Average; Germany, Commerzbank Index; France, CAC General; United Kingdom, Financial Times Actuaries All Share Price Index.

United States, Federal Funds rate; Japan, three-month certificate of deposit rate; Germany, France, and United Kingdom, three-month interbank rates.

Ten-year maturity or nearest available.

Table A4.United States: Balance of Payments, 1987-Third Quarter 1990(In billions of U.S. dollars)
19871988198919891990
IIIIIIIVIIIIII
Current account−162.2−129.0−110.0−22.9−27.6−31.6−28.0−17.9−21.0−30.1
Net direct investments15.942.240.514.36.91.817.5−4.7−0.1−12.6
Abroad−31.0−16.2−31.7−7.0−10.1−10.6−4.0−10.2−7.4−20.2
In the United States46.958.572.221.317.112.421.55.57.27.6
Financing need−146.4−86.8−69.5−8.6−20.6−29.8−10.5−22.6−21.1−42.6
Change in official reserves9.1−3.9−25.3−4.0−12.1−6.0−3.2−3.20.31.7
Acquisition of liabilities by foreign monetary authorities47.740.28.58.0−5.413.4−7.4−7.84.513.4
Residual financing need−89.5−50.5−86.3−4.6−38.1−22.5−21.1−33.6−16.4−27.5
Financing
Portfolio investments’31.140.344.814.06.612.511.8−6.7−8.1−2.7
Public sector bonds−2.327.240.910.65.114.510.71.01.4−0.7
Assets
Liabilities−2.327.240.910.65.114.510.71.01.4−0.7
Other bonds15.714.514.04.32.40.76.6−4.5−0.11.0
Assets−7.4−7.0−5.3−1.2−1.7−2.1−0.3−7.6−5.6−0.5
Liabilities23.121.419.35.54.12.86.83.25.51.4
Corporate equities17.7−1.4−10.1−0.9−0.9−2.7−5.5−3.3−9.4−3.0
Assets2.1−0.9−16.7−0.9−4.5−7.5−3.80.1−5.7−0.5
Liabilities15.6−0.56.6−0.13.54.8−1.7−3.4−3.7−2.5
Deposit money banks146.516.18.2−5.8−1.08.66.47.1−3.423.3
Long-term, net0.610.60.2−2.5−0.9−3.16.76.13.92.5
Short-term45.95.58.0−3.3−0.111.7−0.21.1−7.320.8
Assets−40.9−57.3−41.6−15.424.4−13.7−36.941.1−11.5−6.2
Liabilities86.762.849.612.1−24.525.436.7−40.04.226.9
Other5.32.510.88.03.6−1.10.314.2−2.01.9
Errors and omissions6.7−8.322.6−11.529.02.52.619.029.84.9
Source: International Monetary Fund, Balance of Payments Statistics.

Excluding liabilities held by foreign monetary authorities.

Source: International Monetary Fund, Balance of Payments Statistics.

Excluding liabilities held by foreign monetary authorities.

Table A5.Japan: Balance of Payments, 1987-Third Quarter 1990(In billions of U.S. dollars)
19871988198919891990
IIIIIIIVIIIIII
Current account87.079.657.016.014.214.911.912.37.97.4
Net direct investments−18.4−34.7−45.2−9.0−11.6−10.7−13.9−13.3−12.4−10.5
Abroad19.5−34.2−44.2−8.9−11.6−10.5−13.2−13.9−12.8−10.9
In Japan1.2−0.5−1.1−0.2−0.2−0.70.60.40.5
Financing need68.744.911.87.02.64.2−2.1−0.9−4.6−3.1
Change in official reserves−37.9−16.512.8−2.19.63.71.610.4−0.6−2.2
Acquisition of liabilities by foreign monetary authorities
Residual financing need30.728.424.54.912.27.9−0.59.4−5.1−5.3
Financing
Portfolio investments1−91.3−52.8−32.57.0−7.9−12.4−19.2−6.0−10.7
Public sector bonds−62.3−106.5−95.1−15.9−26.7−20.6−31.95.5−4.6
Assets−71.2−84.1−95.4−13.4−26.0−25.0−30.9−0.4−10.4
Liabilities8.9−22.40.2−2.5−0.74.4−1.05.95.8
Other bond30.749.973.513.731.112.316.45.2−4.8
Assets
Liabilities30.749.973.513.731.112.316.45.2−4.8
Corporate equities−59.73.8−10.99.1−12.3−4.1−3.7−16.7−1.3−2.9
Assets−16.9−3.0−17.90.1−6.1−4.8−7.1−5.0−2.20.5
Liabilities−42.86.87.09.0−6.20.83.4−11.70.8−3.4
Deposit money banks162.138.43.7−23.09.1−4.922.4−15.41.4
Long-term, net−9.7−6.1−4.9−1.3−0.6−0.1−2.9−1.5−2.1
Short-term71.844.58.6−21.79.7−4.825.3−13.93.43.0
Assets−107.1−147.5−133.9−66.623.0−74.3−15.9−17.918.9−34.7
Liabilities178.9191.9142.545.0−13.269.541.34.1−15.437.8
Other2.2−17.126.17.2−4.220.82.316.314.5
Errors and omissions−3.73.1−21.83.9−9.2−11.5−5.1−4.4−6.6
Source: International Monetary Fund, Balance of Payments Statistics; and Bank of Japan, Balance of Payments Monthly.

Excluding liabilities held by foreign monetary authorities.

Source: International Monetary Fund, Balance of Payments Statistics; and Bank of Japan, Balance of Payments Monthly.

Excluding liabilities held by foreign monetary authorities.

Table A6.Germany: Balance of Payments, 1987-Third Quarter 1990(In billions of U.S. dollars)
19871988198919891990
IIIIIIIVIIIIII
Current account46.150.555.416.714.011.113.617.010.88.2
Net direct investments−7.3−9.9−7.7−1.1−1.9−2.0−2.6−5.5−2.0−4.1
Abroad−9.2−11.2−13.6−2.7−2.7−3.0−5.2−5.6−4.0−4.3
In Germany1.91.45.91.60.70.92.70.12.00.2
Financing need38.840.647.815.612.19.111.111.68.84.1
Change in official reserves−21.515.4−2.81.4−1.5−0.8−1.9−1.4−2.2−0.6
Acquisition of liabilities by foreign monetary authorities1.23.013.43.47.20.82.00.50.50.8
Residual financing need18.559.058.420.417.79.111.110.67.14.2
Financing
Portfolio investments1−2.5−43.8−4.4−16.41.1−1.312.2−8.1−6.1−3.5
Public sector bonds11.72.68.9−4.13.93.35.9−6.51.72.0
Assets
Liabilities11.72.68.9−4.13.93.35.9−6.51.72.0
Other bonds−12.9−39.0−21.0−10.6−2.4−6.7−1.3−6.3−4.2−2.5
Assets−13.6−31.2−21.5−9.5−2.4−7.5−2.1−5.6−4.3−3.9
Liabilities0.7−7.80.6−1.10.90.8−0.70.11.3
Corporate equities−1.3−7.37.6−1.7−0.42.17.64.7−3.5−2.9
Assets−0.1−10.3−5.0−3.0−1.2−1.00.20.3−0.6
Liabilities−1.23.012.61.30.83.17.44.3−3.0−2.9
Deposit money banks1−8.0−2.8−25.012.9−7.7−6.5−23.87.9−7.1−3.0
Long-term, net−1.36.96.32.41.71.90.4−4.9−1.2−5.2
Short-term−6.7−9.6−31.310.6−9.4−8.4−24.112.8−5.92.2
Assets−8.8−15.8−43.26.9−15.1−8.4−26.78.1−6.1−5.9
Liabilities2.16.212.03.65.72.64.7−0.28.1
Other−7.1−14.9−32.1−16.2−9.7−1.5−4.7−15.31.3−1.9
Errors and omissions−0.82.43.0−0.8−1.40.25.24.94.94.2
Source: International Monetary Fund, Balance of Payments Statistics; Bundesbank, Monthly Report.

Excluding liabilities held by foreign monetary authorities.

Source: International Monetary Fund, Balance of Payments Statistics; Bundesbank, Monthly Report.

Excluding liabilities held by foreign monetary authorities.

Table A7.United Kingdom: Balance of Payments, 1987-Third Quarter 1990(In billions of U.S. dollars)
19871988198919891990
IIIIIIIVIIIIII
Current account−7.4−27.3−32.1−7.7−8.610.8−5.0−7.9−8.7−7.8
Net direct investments−17.0−20.5−1.8−2.50.8−2.42.35.3−2.59.0
Abroad−31.1−37.0−32.0−11.1−8.3−6.3−6.3−7.4−7.5−4.1
In the United Kingdom14.116.530.28.69.13.98.612.85.013.1
Financing need−24.4−47.8−33.9−10.2−7.813.2−2.7−2.5−11.21.2
Change in official reserves−20.2−4.98.80.93.50.63.90.2−0.1−0.8
Acquisition of liabilities by foreign monetary authorities25.56.87.45.53.52.9−4.5−0.35.32.3
Residual financing need−19.0−45.9−17.7−3.8−0.8−9.7−3.3−2.6−6.02.7
Financing
Portfolio investments127.66.5−39.9−12.4−7.2−5.2−15.0−2.81.63.7
Public sector bonds3.91.5−2.7−0.1−1.40.4−1.7−2.7−0.5−1.8
Assets
Liabilities3.91.5−2.7−0.1−1.40.4−1.7−2.7−0.5−1.8
Other bonds11.81.5−12.8−0.5−11.04.7−6.0−5.83.80.7
Assets4.2−12.2−27.6−3.1−12.3−3.0−9.2−8.31.3−3.6
Liabilites7.613.714.82.61.37.73.22.52.54.3
Corporate equities11.93.6−24.3−11.95.2−10.4−7.35.7−1.74.7
Assets2.5−5.6−30.9−8.6−2.1−10.7−9.44.6−2.34.0
Liabilities9.49.16.5−3.27.30.32.11.10.60.7
Deposit money banks1−18.618.520.45.9−3.111.95.86.7−9.9−11.3
Long-term, net1.81.01.0−0.30.30.50.40.30.2
Short-term−20.417.519.56.2−3.511.45.46.4−10.1−11.3
Assets−86.8−35.9−50.9−26.41.0−14.4−11.2−14.2−5.8−54.0
Liabilities66.453.470.432.5−4.525.816.620.6−4.342.7
Other−2.46.911.43.32.56.8−1.32.1−1.7−0.3
Errors and omissions12.514.025.77.08.6−3.813.8−3.416.05.2
Source: International Monetary Fund, Balance of Payments Statistics.

Excluding liabilities held by foreign monetary authorities.

Source: International Monetary Fund, Balance of Payments Statistics.

Excluding liabilities held by foreign monetary authorities.

Table A8.Change in Interbank Claims and Liabilities, 1984-Third Quarter 19901(In billions of U.S. dollars)
19841985198619871988198919891990
First three quarters
Total change in claims2155217451666484637458276
Industrial countries120183376471397436323256
Of which:
United States2533698369593311
Japan22401491921851369431
Developing countries358416−3−2−4
Offshore centers42619811648217110936
Other transactors547−111583027−13
Memorandum items
Capital importing developing countries3,678414−7−2−1
Non-oil developing countries3,776414−10−3−2−2
Fifteen heavily indebted countries−1−12−10−3−2−10
Total change in liabilities8152213466627445643448255
Industrial countries110168364440327458340266
Of which:
United States1485635636038-27
Japan114011114514712510832
Developing countries3231−103319381725
Offshore centers418371171389513576−20
Other transactors518−51641215−16
Memorandum items
Capital importing developing
countries3,623522512361735
Non-oil developing countries3,722292513331632
Fifteen heavily indebted countries12−3−75−1759
Change in total net claims934−153939−61021
Industrial countries1016133070−22−17−9
Of which:
United States112513486-2-538
Japan11-137473912-14-1
Developing countries3−18614−16−21−39−19−29
Offshore centers49−18−3626−14373357
Other transactions53−1−5−1418133
Memorandum items
Capital importing developing countries3,6−1632−10−19−39−18−34
Non-oil developing countries3,7−154−5−11−23−37−17−34
Fifteen heavily indebted countries−1036−3−8−10−7−19
Net errors and omissions10−3−415−39−396−10−21
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 A9.Change in Claims on Nonbanks and Liabilities to Nonbanks, 1984-Third Quarter 19901(In billions of U.S. dollars)
19841985198619871988198919891990
First three quarters
Total change in claims228598713776183123157
Industrial countries132437777312890130
Of which:
United States1121252339352821
Japan-353117373135
Developing countries36−4−26−3128−9
Offshore centers4395131065
Other transactors52343−2422
Unidentified borrowers652643504291728
Memorandum items
Capital importing developing countries3,76−3−17−397−8
Non-oil developing countries3,87−3−18−2118−6
Fifteen heavily indebted countries5−5−11−61−17
Total change in liabilities9348911813496158117132
Industrial countries9276053431157965
Of which:
United States-61426232163-9
Japan11211145-4
Developing countries32231518312224
Offshore centers469137514119
Other transactors51−11211
Unidentified depositors61831425828−2433
Memorandum items
Capital importing developing countries3,721661113211719
Non-oil developing countries3,811471112191518
Fifteen heavily indebted countries38256987
Change in total net claims on10−6−30−313−2024524
Industrial countries4−2−232430141165
Of which:
United States178-1119282530
Japan-3-133015232538
Developing countries36−26−5−9−22−19−14−33
Offshore centers4−31−8−6−2−4−6−4
Other transactors51252−3321
Unidentified (net)6−14−51−8−243112−5
Memorandum items
Capital importing developing countries3,74−19−7−5−16−12−10−28
Non-oil developing countries3,86−17−8−3−14−8−8−28
Fifteen heavily indebted countries2−13−3−4−12−8−8−24
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 bank 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 Middle Eastern oil exporters (see 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 bank 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 Middle Eastern oil exporters (see 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 A10.Change in Cross-Border Bank Claims on and Liabilities to Developing Countries, by Region, 1984-Third Quarter 19901(In billions of U.S. dollars)
19841985198619871988198919891990
First three quarters
Total change in claims on developing countries211.33.62.522.0−6.111.36.4−12.6
Africa−0.60.9−1.1−1.3−1.4−1.9−0.30.1
Asia9.66.74.915.04.04.33.711.3
Europe−0.71.31.91.8−0.1−0.30.9
Middle East−1.0−1.9−2.30.65.14.40.4−3.1
Western Hemisphere4.0−3.3−1.06.0−13.74.62.8−21.7
Total change in liabilities to developing countries223.822.9−6.847.436.969.238.749.6
Africa−0.94.0−0.73.44.47.56.56.6
Asia9.89.410.918.211.626.39.522.3
Europe3.40.8−0.1−0.65.28.35.46.2
Middle East−2.82.4−15.314.212.914.96.93.8
Western Hemisphere14.26.4−1.612.32.912.210.310.7
Source: International Monetary Fund, International Financial Statistics (IFS).

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.

Excluding offshore centers.

Source: International Monetary Fund, International Financial Statistics (IFS).

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.

Excluding offshore centers.

Table A11.Concerted Lending: Commitments and Disbursements, 1985-901(In millions of U. S. dollars; classified by year of agreement in principle)
198519861987198819891990
CommitmentsDisbursementsCommitmentsDisbursementsCommitmentsDisbursementsCommitmentsDisbursementsCommitmentsDisbursementsCommitmentsDisbursements
Argentina
Medium-term loan2,5001,2001,5501,050350
Trade deposit facility500400200200
Brazil
Medium-term loan
New money bonds1,0002675
Parallel financing with World Bank2,85022,725205
Cofinancing with World Bank7502395
Trade credit and deposit facility600600
Chile
Medium-term loan785520265
Cofinancing arrangement with World Bank3003194106
Colombia
Medium-term loan1,000970
Congo
Medium-term loan60
Costa Rica
Revolving trade facility7575
Côte d’Ivoire
Medium-term loan104151
Ecuador
Medium-term loan200350
Jordan
Medium-term loan50
Mexico
Medium-term loan9505,00044,37256001,091590
Cofinancing arrangement with World Bank1,0004
Contingent investment support facility1,2006
Growth contingency cofinancing with World Bank5007500
Nigeria
Medium-term loan320
Panama
Medium-term loan60519
Peru
Medium-term loan
Philippines
Medium-term loan400525715600
Poland
Short-term revolving trade credit facilities82198139100100
Uruguay
Medium-term loan92
Venezuela
New money bonds1,200606
Yugoslavia
Medium-term loan
Trade deposit facility300300
Total2,2205,4458,2783,2562,4005,7315,6515,9502.3656001,2921,796
Sources: Restructuring and new money agreements; and Fund staff estimates.

These data exclude bridging loans.

Amounts were subsequently revised to $675 million for new money bonds, $3,309 million in parallel World Bank financing and $616 million in cofinancing with the World Bank.

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

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 overtime, but the amounts of the facilities had to be reconstituted on a six-month basis.

Sources: Restructuring and new money agreements; and Fund staff estimates.

These data exclude bridging loans.

Amounts were subsequently revised to $675 million for new money bonds, $3,309 million in parallel World Bank financing and $616 million in cofinancing with the World Bank.

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

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 overtime, but the amounts of the facilities had to be reconstituted on a six-month basis.

Table A12.U.S. Banks, Developing Country Claims Relative to Capital, 1984-Third Quarter 1990
1984198519861987198819891990
First three

quarters
(In billions of U.S. dollars)
External claims on developing countries1140.8128.8118.6108.893.278.867.7
Total assets1,413.01,529.01,613.01,633.01,670.31,770.01,802.3
Capital92.2105.4116.1129.2135.6145.2147.0
(In percent)
Memorandum items
Capital to total assets6.56.97.27.98.18.28.2
External claims on developing countries to total assets10.08.47.46.75.64.53.8
Capital to external claims on developing countries65.581.897.9118.8145.5184.3217.1
Sources: Federal Financial Institutions Examination Council, Country Exposure Lending Survey; and International Monetary Fund, International Financial Statistics.

Data are based on exposure, that is, claims are adjusted for guarantees and other risk transfers.

Sources: Federal Financial Institutions Examination Council, Country Exposure Lending Survey; and International Monetary Fund, International Financial Statistics.

Data are based on exposure, that is, claims are adjusted for guarantees and other risk transfers.

Table A13.External Assets of BIS Reporting Banks by Maturity and Undisbursed Credit Commitments, December 1985-December 1989(In billions of U.S. dollars)
December 1985December 1986December 1987December 1988December 1989
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 area77.332.923.591.540.422.8106.549.527.1107.749.931.4112.153.733.6
Australia26.211.512.334.415.812.239.418.215.742.319.519.445.321.821.4
Norway14.17.94.517.510.03.923.214.33.921.513.04.122.313.95.4
Other37.013.56.739.614.66.743.917.07.543.917.47.944.518.06.8
Developing countries478.1210.366.1493.8202.566.5522.3214.274.6492.5199.478.1478.9200.575.6
Capital importing developing countries451.1189.459.6467.0182.061.7493.3192.169.3464.0178.072.5447.0176.470.0
Africa63.227.510.066.631.77.473.233.48.867.029.19.564.430.29.9
Côte d’Ivoire2.90.70.23.30.90.33.61.50.13.31.70.23.32.10.3
Morocco4.51.70.34.92.30.25.22.30.54.61.30.54.61.50.4
Nigeria9.24.01.29.95.10.710.84.50.79.03.80.97.32.40.8
South Africa17.011.42.415.611.01.716.09.41.514.67.21.413.99.01.8
Zaïre0.80.30.10.80.30.11.00.40.21.10.50.31.00.50.4
Other28.89.45.832.112.14.436.615.35.834.414.66.234.314.76.2
Asia93.942.523.199.943.224.9113.152.227.9113.553.529.1115.857.429.4
China6.64.75.36.63.16.312.04.78.016.76.59.018.05.86.0
India4.91.72.56.72.72.28.42.82.29.32.72.410.63.02.7
Indonesia14.16.03.815.96.43.717.76.54.217.97.44.318.88.44.0
Korea28.713.74.527.212.45.923.813.05.721.512.56.123.315.56.5
Malaysia10.12.11.410.82.31.110.01.81.08.41.71.07.81.80.9
Philippines12.96.41.113.95.50.913.14.10.711.62.80.99.72.91.2
Thailand6.92.91.46.72.52.07.52.42.48.33.51.810.65.82.2
Other9.75.03.112.18.32.820.616.93.720.016.43.617.014.25.9
Europe39.514.44.143.515.34.849.816.56.344.714.86.344.013.55.7
Hungary8.63.51.110.03.41.212.43.21.511.73.01.311.93.11.3
Poland9.92.10.310.72.40.311.93.30.510.33.10.410.02.30.4
Romania3.00.80.22.81.00.22.40.70.40.30.20.20.3
Turkey6.53.41.68.34.32.211.23.110.74.82.910.94.82.6
Yugoslavia10.34.10.510.33.70.69.93.10.58.82.10.77.71.50.5
Other1.20.50.41.40.50.32.16.90.72.51.40.73.31.60.6
Middle East16.010.03.515.79.83.416.29.54.215.28.04.314.17.83.7
Egypt6.73.51.96.53.31.96.83.42.16.12.81.96.13.01.6
Israel5.63.90.75.23.40.55.02.90.84.32.31.33.52.11.1
Other3.72.60.94.03.11.04.43.21.34.82.91.14.52.71.0
Western Hemisphere238.494.918.9241.281.921.2241.080.522.1223.672.623.3208.767.421.3
Argentina29.415.32.031.110.31.433.210.82.132.48.51.527.16.01.4
Brazil66.720.74.569.425.64.969.228.64.863.926.15.060.923.24.1
Chile14.35.41.014.25.50.712.84.60.611.03.90.89.34.10.8
Colombia6.42.81.26.72.41.26.32.01.26.62.41.16.32.41.1
Ecuador5.02.00.65.31.80.75.31.90.64.52.10.34.11.90.5
Mexico71.720.33.370.916.54.369.915.74.362.813.92.659.714.62.3
Peru4.72.40.54.52.60.44.22.50.23.72.30.13.11.90.2
Venezuela27.119.61.025.911.31.425.26.71.725.06.83.423.15.91.5
Other13.16.44.813.25.96.214.97.76.613.76.68.515.17.49.4
Centrally planned economies40.218.37.651.422.56.660.125.59.166.328.511.676.335.212.3
Czechoslovakia2.71.20.63.11.70.84.22.31.14.52.41.15.42.61.1
German Democratic Republic10.34.41.812.24.71.715.05.82.316.05.23.017.05.72.4
U.S.S.R.22.010.04.328.712.43.232.213.34.236.116.46.143.221.27.2
Other5.22.70.97.43.70.98.74.11.59.74.51.410.75.71.6
Total595.6261.597.2636.7265.495.9688.9289.1110.8666.5277.8121.0667.3289.4121.5
Source: Bank for International Settlements, The Maturity Distribution of International Bank Lending.
Source: Bank for International Settlements, The Maturity Distribution of International Bank Lending.
Table A14.Gross International Bond Issues and Placements by Groups of Borrowers, 1985–901(In millions of U.S. dollars)
198519861987198819891990
Foreign bonds31,22939,35940,25248,27342,93246,907
Industrial countries19,73629,16130,99037,11131,75536,316
Developing countries21,8151,7901,4802,1851,8431,373
International organizations9,3508,3607,4618,3078,1728,539
Other327483206701,142680
Eurobonds136,543187,747140,535178,869212,853181,870
Industrial countries118,194172,020125,293161,190192,653152,606
Developing countries26,6812,9892,4594,0742,8713,834
International organizations8,54310,48811,32011,39313,45120,541
Other3,1242,2501,4632,2133,8784,889
International bonds167,772227,106180,786227,143255,785228,777
Industrial countries137,931201,181156,283198,301224,428188,922
Developing countries28,4974,7793,9396,2594,7145,206
International organizations17,89318,84818,78119,70021,62329,080
Other3,4502,2981,7832,8835,0205,569
Source: Organization for Economic Cooperation and Development, Financial Statistics Monthly.

The country classifications are those used by the IMF. Excludes special issues by development institutions placed directly with governments or central banks.

Excludes bonds issued in the context of commercial bank debt restructuring and financing agreements.

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

The country classifications are those used by the IMF. Excludes special issues by development institutions placed directly with governments or central banks.

Excludes bonds issued in the context of commercial bank debt restructuring and financing agreements.

Table A15.Early Repayments of International Bonds, 1985-90(In billions of U.S. dollars)
198519861987198819891990
Total (by currency of denomination)18.741.141.542.131.722.1
U.S. dollar17.334.524.323.917.313.6
Deutsche mark0.52.33.92.52.01.8
Swiss franc0.31.56.27.11.50.2
Japanese yen0.31.64.75.25.92.1
Pound sterling0.10.20.71.52.32.1
Other0.21.01.71.92.72.3
Total (by type of security)18.741.141.542.131.722.1
Fixed rate bonds6.318.026.125.217.711.5
Floating rate notes11.319.710.814.510.87.0
Convertibles0.51.83.01.83.03.6
Floating rate certificates of deposit0.61.61.60.60.2
Total (by country of issuer)18.741.041.542.131.722.1
Australia0.11.42.20.72.30.3
Canada0.72.52.63.02.51.0
Denmark1.01.81.01.90.90.6
France4.06.74.64.22.82.8
Italy2.00.52.50.91.2
Japan1.13.13.42.31.00.9
Sweden3.44.02.34.11.01.3
United Kingdom0.82.41.53.82.21.8
United States3.46.67.65.07.96.2
International organizations2.33.62.42.42.50.8
Other1.96.913.412.27.75.2
Source: Organization for Economic Cooperation and Development, Financial Market Trends.
Source: Organization for Economic Cooperation and Development, Financial Market Trends.
Table A16.Market for Equity-Related Bonds, 1985-90(In billions of U.S. dollars)
198519861987198819891990
Borrowers, total11.326.943.041.080.330.6
Japan5.914.928.035.675.726.3
United States3.23.44.70.60.70.5
United Kingdom0.71.54.00.91.02.3
Germany1.01.71.50.60.60.5
Switzerland0.11.20.40.1
Other OECD countries0.44.24.43.20.30.1
Other borrowers0.12.00.8
Currency distribution, total11.326.943.041.080.330.6
U.S. dollar5.316.429.228.863.518.1
Swiss franc3.96.56.88.112.38.1
Deutsche mark1.32.82.00.92.71.8
Other0.81.25.03.21.82.6
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, 1985-90(In billions of U.S. dollars)
198519861987198819891990
Borrowers, total94.8141.5121.3160.2154.6160.2
Industrial countries77.3122.8100.8138.0130.0127.6
Of which:
Australia5.15.44.66.65.92.8
Austria2.03.24.66.34.73.3
Belgium0.72.33.62.82.32.9
Canada7.513.48.312.812.512.3
Denmark2.27.23.93.94.34.2
Finland0.92.82.64.35.05.9
France4.88.67.712.212.614.4
Germany1.67.78.410.57.27.4
Italy0.82.04.97.38.411.5
Japan11.415.713.414.220.720.2
Netherlands1.22.52.83.62.82.0
New Zealand1.33.02.41.81.70.5
Norway1.44.33.75.02.70.6
Sweden3.95.54.48.16.05.1
United Kingdom2.55.16.214.012.39.0
United States26.229.014.514.613.317.6
Developing countries2.32.63.34.11.72.4
Other, including international organizations15.216.117.218.123.023.0
Currency distribution, total94.8141.5121.3160.2154.6160.2
U.S. dollar45.164.130.946.756.844.5
Japanese yen11.321.922.619.922.228.8
Swiss franc10.516.416.917.75.914.7
Deutsche mark6.711.612.721.410.99.2
ECU6.05.87.010.812.317.6
Pound sterling3.14.78.912.312.49.5
Australian dollar3.13.27.57.36.34.8
Canadian dollar2.25.35.913.011.36.2
Netherlands guilder1.62.51.92.51.81.3
Other5.26.07.08.614.723.6
Source: Organization for Economic Cooperation and Development, Financial Market Trends.
Source: Organization for Economic Cooperation and Development, Financial Market Trends.
Table A18.Market for Floating Rate Issues, 1985-90(In billions of U.S. dollars)
198519861987198819891990
Borrowers, total58.751.213.022.317.836.8
Industrial countries48.547.311.320.216.734.7
Of which:
Belgium1.81.60.10.60.8
Canada2.13.00.10.10.60.6
Denmark0.61.20.20.50.2
France6.54.20. 72.91.7
Italy4.42.02.00.20.73.8
Japan2.31.82.20.70.46.2
Sweden2.20.10.21.0
United Kingdom12.212.82.411.46.88.7
United States10.510.12.01.61.73.3
Developing countries6.22.11.41.80.70.9
Other, including international organizations4.01.80.30.30.41.2
Currency distribution, total58.751.213.022.317.836.8
U.S. dollar50.541.14.68.46.314.2
Pound sterling3.45.72.09.96.39.9
Deutsche mark3.21.60.41.42.87.3
ECU1.01.00.20.12.4
Other0.61.85.82.62.33.0
Source: Organization for Economic Cooperation and Development, Financial Market Trends.
Source: Organization for Economic Cooperation and Development, Financial Market Trends.
Table A19.Borrowing on International Markets by Major Instruments, 1985-901(In percent)
198519861987198819891990
Fixed rate bonds56.162.067.170.560.570.0
Floating rate notes234.722.47.29.86.916.1
Equity-related bonds6.711.823.818.131.413.4
Other bonds32.53.71.91.61.20.5
Total100.0100.0100.0100.0100.0100.0
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 A20.Gross International Equity Flows, 1986-First Quarter 19901(In billions of U.S. dollars)
198619871988198919891990
First quarter
Investor from:
United States128.52263.32191.82275.52
Japan334.8125.0150.1176.235.650.3
United Kingdom4173.6232.9224.1324.143.439.3
Continental Europe258.3369.9332.6368.1
Of which: Germany542.959.442.365.015.617.0
Rest of world205.6380.4314.0454.1
Equity from:
United States277.5481.9363.8416.891.890.6
Japan189.6354.5327.1432.9114.788.1
United Kingdom84.3144.1120.8141.3
Continental Europe185.5208.9244.2343.3
Of which: Germany77.976.860.7109.219.659.7
Rest of world60.9155.0156.7263.8
Total800.81,344.51,212.61,598.1
Source: Michael Howell and Angela Cozzini, International Equity Flows—1990 Edition: New Investors, New Risks and New Products (London: Salomon Brothers, August 1990).

Gross flows are defined as the sum of equity purchases and sales associated with international portfolio investment.

Includes U.S. Employee Retirement Income Security Act (ERISA) funds.

Including purchase of Japanese Euro-warrants.

Including only pension funds, insurance companies, and open- and closed-ended mutual funds.

Excluding investment certificates.

Source: Michael Howell and Angela Cozzini, International Equity Flows—1990 Edition: New Investors, New Risks and New Products (London: Salomon Brothers, August 1990).

Gross flows are defined as the sum of equity purchases and sales associated with international portfolio investment.

Includes U.S. Employee Retirement Income Security Act (ERISA) funds.

Including purchase of Japanese Euro-warrants.

Including only pension funds, insurance companies, and open- and closed-ended mutual funds.

Excluding investment certificates.

Table A21.Net International Equity Flows, 1986-First Quarter 19901(In billions of U.S. dollars)
198619871988198919891990
First quarter
Investor from:
United States2.4−1.1−0.620.9
Japan27.116.93.017.9−0.14.0
United Kingdom39.5−0.37.229.85.70.8
Continental Europe12.06.88.116.4
Of which: Germany42.3-0.22.81.60.8-0.3
Rest of world0.8−18.33.47.4
Equity from:
United States18.716.2−1.811.5
Japan−15.8−42.86.87.09.0−11.7
United Kingdom4.310.04.33.1−2.00.1
Continental Europe20.38.713.042.1
Of which: Germany6.9-1.03.012.41.34.3
Rest of world4.111.9−1.228.6
Total31.74.021.192.3
Source: Michael Howell and Angela Cozzini, International Equity Flows—1990 Edition: New Investors, New Risks and New Products (London: Salomon Brothers, August 1990).

Net flows are defined as purchases minus sales of equity associated with international portfolio investment.

Including purchase of Japanese Euro-warrants.

Including only pension funds, insurance companies, and open- and closed-ended mutual funds.

Excluding investment certificates.

Source: Michael Howell and Angela Cozzini, International Equity Flows—1990 Edition: New Investors, New Risks and New Products (London: Salomon Brothers, August 1990).

Net flows are defined as purchases minus sales of equity associated with international portfolio investment.

Including purchase of Japanese Euro-warrants.

Including only pension funds, insurance companies, and open- and closed-ended mutual funds.

Excluding investment certificates.

Table A22.Destination of Cross-Border Mergers and Acquisitions, 1986-First Half 1990(In billions of U.S. dollars)
Targets in
United States1JapanUnited KingdomContinental EuropeRest of WorldTotal
198629.05.93.21.139.2
198752.27.110.21.370.9
198868.40.115.815.210.1109.6
198959.70.128.124.25.4117.5
1990
First Half23.99.132.04.069.1
Source: Michael Howell and Angela Cozzini, International Equity Flows—1990 Edition: New Investors, New Risks and New Products (London: Salomon Brothers, August 1990).

Data for North America.

Source: Michael Howell and Angela Cozzini, International Equity Flows—1990 Edition: New Investors, New Risks and New Products (London: Salomon Brothers, August 1990).

Data for North America.

Table A23.Financial Futures and Options: Exchanges, Contracts, and Volume of Contracts Traded, 1987-90
Exchange/TypeFace Value of Contract1Volume of Contracts Traded
1987198819891990
(In thousands of contracts)
United States
Chicago Board of Trade (CBOT)
Interest rate
Futures
Japanese Government bonds2¥ 20,000,000n.t.n.t.n.t.3
U.S. Treasury bonds$100,00066,84170,30870,30375,499
U.S. Treasury notes3$100,0005,2545,7087,8918,698
Municipal bond index$1,000 x index1,6131,2741,068697
Thirty-day interest rate$5,000,000n.t.196881
Mortgage-backed$100,000n.t.n.t.2517
Options
U.S. Treasury bonds$100,00021,72019,50920,78427,315
U.S. Treasury notes$100,0001,4221,0121,1681,024
Municipal bond index$100,000 x index1191728986
Stock index
Futures
Major market (MMI) maxi index$250 x index2,6311,1761,087951
Chicago Board Options Exchange (CBOE)
Interest rate
Options
U.S. Treasury bonds and notes$100,0002081401447
Stock index
Options
Standard & Poor’s (S & P) 100 index options$100 x index057,43450,74568,847
S & P 500 index options$100 x index04,8174,67512,089
Mid-America Commodity Exchange (Midam)
Interest rate
Futures
U.S. Treasury bills$500,000262294
U.S. Treasury bonds$50,0001,0151,4141,3071,461
U.S. Treasury notes$100,000n.t.400
Currency
Futures
Pound sterling£ 12,50011282426
Swiss francSw F 62,50098776176
Deutsche markDM 62,50085505483
Japanese yen¥ 6,250,00059445954
Canadian dollarCan$50,0008979
Chicago Mercantile Exchange (CME)
Interest rate
Futures
Eurodollar (three-month)4$1,000,00020,41621,70540,81834,696
U.S. Treasury bills$1,000,0001,9271,3741,5021,870
Options
U.S. Treasury bills$1,000,0001261732
Eurodollar$1,000,0002,5702,6006,0026,860
Currency
Futures
Pound sterling4£ 25,0002,5922,6162,5183,410
Canadian dollarCan$100,0009151,4091,2641,409
Deutsche mark4DM 125,0006,0375,6628,1869,169
Japanese yen4¥ 12,500,0005,3596,4337,8247,437
Swiss francSw F 125,0005,2685,2836,0946,525
French francF 250,00010420
Australian dollar$A 100,0005376114105
Options
Pound sterling£ 25,000569543406501
Deutsche markDM 125,0003,1262,7343,7953,430
Swiss francSw F 125,0001,0531,0701,4891,130
Japanese yen¥ 1,250,0002,2512,9453,1273,116
(In thousands of contracts)
Canadian dollarCan$100,00049314274284
Australian dollar$A 100,000072327
Stock index
Futures
S & P 500 index$500 x index19,04511,35410,56012,139
Nikkei 225n.t.n.t.n.t.52
Options
S & P 500 index$500 x index1,8777341,1621,638
Nikkei 225n.t.n.t.n.t.9
Kansas City Board of Trade
Stock index
Futures
Value Line index$500 x index506804136
Mini Value line$100 x index2815814
New York Cotton Exchange
Interest rate
Futures
U.S. Treasury notes5$100,000384790599292
Currency
Futures
European Currency UnitECU 100,00042241612
U.S. dollar index$500 x index404447743565
Options
U.S. dollar index$500 x index15115100
New York Futures Exchange (NYFE)6
Interest rate
U.S. Treasury bond7$100,000n.t.n.t.3412
Stock index
Futures
New York Stock Exchange (NYSE) composite stock index$500 x index2,9161,6691,5801,575
Commodity Research
Bureau (CRB) commodity price index$250 x index020612570
Options
NYSE composite stock index$500 x index206233926
CRB futures price index$500 x index0144
New York Stock Exchange
Stock index
Options
NYSE indices8$100 x index2,047781144271
American Stock Exchange (AMEX)
Interest rate
Options
U.S. Treasury bills and$1,000,000 and
U.S. Treasury notes9$100,0003337110
Stock index
Options
AMEX indices10$100 x index16,8817,0018,2646,690
Pacific Stock Exchange (PSE)
Stock index
Options
Financial News composite index$100 x index407280226131
Philadelphia Stock Exchange (PHLX)
Currency
Futures
Foreign currencies11,121
(In thousands of contracts)
Options12
Australian dollar$A 100,000224531417289
Canadian dollarCan$100,000318337362371
Deutsche markDM 125,0004,2603,4075,2774,875
ECUECU 125,00021310
French francF 500,000702564738
Japanese yen¥ 12,500,0002,4602,9223,3282,959
Pound sterling£ 31,2501,8761,303474593
Swiss francSw F 125,0001,3041,2371,114746
Stock index
Options
PHLX indices13$100 x index2773,25615395
United Kingdom
London International Financial Futures Exchange
(LIFFE)
Interest rate
Futures
ECU (three-month)ECU 1,000,000n.t.n.t.1664
Eurodollar (three-month)$1,000,0001,7391,6482,0641,249
EurodeutschemarkDM 1,000,000n.t.n.t.9522,660
German Government bondDM 250,000n.t.3155,3309,582
Gilt (government bond)14£ 50,0007,0365,6314,0655,643
Pound sterling (three-month)£ 500,0001,5103,5387,1318,354
U.S. Treasury bonds$100,0001,5712,042967756
Options
Eurodollar (three-month)$1,000,00040778265
EurodeutschemarkDM 1,000,000n.t.n.t.n.t.248
German Government bondDM 250,000n.t.n.t.4691,804
Gilt£ 50,0001,0451,141727790
U.S. Treasury bonds$100,00056847688
Currency
Futures
Japanese yen¥ 12,500,000633
Pound sterling£ 25,000750
Deutsche markDM 125,000842
Options
Deutsche mark$50,00032
Pound sterling£ 25,000164458241,377
Stock index
Futures
Financial Times stock index25 x index4704651,0281,444
France
Marché à Terme d’Instruments Financiers (MATIF)
Interest rate
Futures
French Government bondsF 500,00011,91112,35715,00415,996
CAC 40 stock indexF 200 x indexn.t.645811,642
Paris Interbank Offer Rate (PIBOR) (three-month)F 5,000,000n.t.4522,2961,901
BTAN Treasury note15n.t.n.t.n.t.28
ECU bondn.t.n.t.n.t.56
Eurodeutschemark (three-month)DM 1,000,000n.t.n.t.614394
Options
Notional bondsF 500,000n.t.3,4317,1507,410
Eurodeutschemark (three-month)DM 1,000,000n.t.n.t.n.t.109
PIBOR (three-month)F 5,000,000n.t.n.t.n.t.710
Japan
Osaka Securities Exchange
Stock index
Futures
Nikkei 225 stock average¥ 1,000 x indexn.t.1,8925,44313,589
(In thousands of contracts)
Options
Nikkei 225 index¥ 1,000 x indexn.t.n.t.6,6109,188
Tokyo International Financial Futures Exchange
Interest rate
Euro-yen16n.t.n.t.4,4951714,414
Eurodollar161038
Japanese yenn.t.n.t.1729
Tokyo Stock Exchange
Interest rate
Futures
Yen government bonds (ten- and twenty-year)18¥ 100,000,00018,26217,46018,97116,319
U.S. Treasury bonds$100,000n.t.n.t.n.t.411
Options
Yen government bonds (ten-year)¥ 100,000,000n.t.n.t.n.t.1,534
Stock index
Futures
Tokyo Stock Price Index (TOPIX)19¥ 10,000 x indexn.t.2,2893,7283,091
Options
TOPIX¥ 10,000 x indexn.t.n.t.n.t.267
Canada
Montreal Exchange
Interest rate
Futures
Bankers’ AcceptancesCan$ 1,000,000n.t.102888
Canadian Government bondsCan$ 100,000n.t.n.t.87454
Options
Canadian Treasury bondsCan$25,000416335323139
Toronto Futures Exchange
Stock index
Futures
Toronto Stock Exchange
TSE 300 spot20Can$10 x index35110
TSE 35Can$500 x index29273553
Options
TSE 35Can$100 x index199429487698
The Netherlands
European Options Exchange (EOE)
Interest rate
Options
Dutch Government treasury bondsf. 10,000635418486261
Bond index24719839
Currency
Options
U.S. dollar/guilder and$10,000
pound sterling/guilder£ 10,000692384469190
Stock index
Options
EOE stock index andf. 100 x EOE
MMI stock indexand $100 x MMI4287072,1762,002
Dutch Top 5 indexn.t.n.t.n.t.174
Financial Futures Market
Interest rate
Deliverable bond (FTO)n.t.n.t.7054
Stock index
EOE stock index (FTI)f. 100 x EOEn.t.34252436
Dutch Top 5 indexn.t.n.t.n.t.43
Switzerland
Swiss Options and Financial Futures Exchange
(SOFFEX)
Stock index
(In thousands of contracts)
Futures
Swiss market indexSw F 5 x indesn.t.n.t.1730
Options
Swiss market indexSw F 5 x indexn.t.n.t.2,1154,655
Sweden
Stockholm Options Market
Forwards
OMX 30 stock indexSKr 100 x index15931204
Options
OMX 30SKr 100 x index6,7394,4675,0165,169
Interest rate optionsn.t.204219
OMX currency optionsn.t.n.t.215
Australia
Sydney Futures Exchange
Interest rate
Futures
Bank bills (ninety-day)$ A 500,0002,0943,0145,9115,015
Commonwealth Treasury bonds (ten-year)$A 100,0002,0612,9573,2193,093
Semi-government bond$A 100,000 + coupon rate

12 percent a year
n.t.n.t.86
Treasury bonds (three-year)$A 100,000 + coupon rate

12 percent a year
n.t.5359671,574
Options
Bank bills (ninety-day)$ A 500,00058193515606
Commonwealth Treasury bonds (ten-year)$A 100,00037732709512
Treasury bonds (three-year)$A 100,000 + coupon rate

12 percent a year
n.t.192575
Currency
Futures
Australian dollar02450
Options
Australian dollar0300
Stock index
Futures
All-ordinaries index$A 100 x index616307326310
Options
All-ordinaries index$A 100 x index13783140186
New Zealand
New Zealand Futures Exchange
Interest rate
Futures
N.Z. Treasury notes$NZ 100,000176295349308
Bank bills (ninety-day)$NZ 500,0003868118281
Options
N.Z. Treasury notes$NZ 100,000n.t.1279
Bank bills (ninety-day)$NZ 500,000n.t.n.t.23
Currency
Futures
N.Z. dollar$NZ 100,000n.t.021
U.S. dollar$50,000161854
Stock index
Futures
Barclays share index$ NZ 20 x index120161614
Options
Barclays share index$NZ 20 x indexn.t.n.t.32
Singapore
Singapore International Monetary Exchange (SIMEX)
Interest rate
Futures
Eurodollar$1,000,0001,5201,8813,8623,469
Eurodeutschemarkn.t.n.t.n.t.57
Euro-yenn.t.169n.t.816
(In thousands of contracts)
Options
Eurodollar$1,000,00030111013
Euro-yenn.t.n.t.n.t.62
Currency
Futures
Deutsche markDM 125,000131988464
Japanese yen¥ 12,500,00094221287116
Pound sterling£ 62,5008333
Options
Deutsche markDM 125,00071110
Japanese yen¥ 12,500,000156120
Stock index
Futures
Nikkei stock index¥ 500 x index363587859881
Hong Kong
Hong Kong Futures Exchange Stock index
Futures
Hang Seng stock indexHK$ 50 x index3,611140236236
Hibor (three-month)HK$ 1,000,000n.t.n.t.n.t.55
Brazil
Bolsa Mercantile e Futuros (BM&F)
Interest rate
Futures
Government Treasury bondsn.t.n.t.189711
Currency
Futures
U.S. dollarn.t.n.t.862608
Options
U.S. dollarn.t.n.t.25
Stock index
Futures
BM&F stock indexn.t.n.t.n.t.1,233
Bovespa stock index21n.t.n.t.n.t.2,540
Sources: Futures Industry Association, Monthly Volume Report, Monthly Options Report, and International Report; Chicago Board Options Exchange; Euromoney (Corporate Finance Supplement), Futures and Options Directory; Options Clearing Corporation; U.S. Securities and Exchange Commission, Monthly Statistical Review; American Stock Exchange; Philadelphia Stock Exchange; European Options Exchange; New York Stock Exchange; Pacific Stock Exchange; Singapore International Monetary Exchange; Stockholm Options Market; Tokyo International Financial Futures Exchange.Note: n.t. = not traded; $A = Australian dollar; Can$ = Canadian dollar; DM = deutsche mark; ECU = European Currency Unit; F = French franc; HK$ = Hong Kong dollar; ¥ = Japanese yen; $NZ = New Zealand dollar; f. = Netherlands guilder; £ = pound sterling; $ = U.S. dollar; and SKr = Swedish Krone; Sw F = Swiss franc. Options volume is puts and calls combined.

Blanks in this column indicate new financial instruments for which information has not been published in this year’s edition of the Futures and Options Directory.

Trading began September 1990.

Includes five-year notes in the 1988, 1989, and 1990 figures; and two-year notes in the 1990 figures.

CME Eurodollar, pound sterling, deutsche mark, and Japanese yen contracts are listed on a mutual offset link with SIMEX in Singapore.

Includes five-year and two-year notes for 1989.

NYFE is a subsidiary of the New York Stock Exchange.

Thirty-year.

Includes NYSE composite index and NYSE beta index (discontinued trading in 1988).

U.S. Treasury bills and notes combined.

Includes AMEX major market index, AMEX institutional index, AMEX computer technology index, AMEX oil index, Japan index (trading began September 1990), LT20 index (major marketing index divided by 20; trading began November 1990), and international market index (options on an index of American Depository Receipts).

Covers Australian dollar, Canadian dollar, deutsche mark, ECU, French franc, Japanese yen, pound sterling, and Swiss franc.

Include European and American options.

PHLX value line index, PHLX national OTC index.

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

Four-year, fixed interest, with yearly interest payment.

Three-month.

Data are for June through December, 1989.

Trading for the 20-year bond began September 1988.

Trading began September 1988.

Spot and composite index combined.

Bolsa de Valores São Paulo.

Sources: Futures Industry Association, Monthly Volume Report, Monthly Options Report, and International Report; Chicago Board Options Exchange; Euromoney (Corporate Finance Supplement), Futures and Options Directory; Options Clearing Corporation; U.S. Securities and Exchange Commission, Monthly Statistical Review; American Stock Exchange; Philadelphia Stock Exchange; European Options Exchange; New York Stock Exchange; Pacific Stock Exchange; Singapore International Monetary Exchange; Stockholm Options Market; Tokyo International Financial Futures Exchange.Note: n.t. = not traded; $A = Australian dollar; Can$ = Canadian dollar; DM = deutsche mark; ECU = European Currency Unit; F = French franc; HK$ = Hong Kong dollar; ¥ = Japanese yen; $NZ = New Zealand dollar; f. = Netherlands guilder; £ = pound sterling; $ = U.S. dollar; and SKr = Swedish Krone; Sw F = Swiss franc. Options volume is puts and calls combined.

Blanks in this column indicate new financial instruments for which information has not been published in this year’s edition of the Futures and Options Directory.

Trading began September 1990.

Includes five-year notes in the 1988, 1989, and 1990 figures; and two-year notes in the 1990 figures.

CME Eurodollar, pound sterling, deutsche mark, and Japanese yen contracts are listed on a mutual offset link with SIMEX in Singapore.

Includes five-year and two-year notes for 1989.

NYFE is a subsidiary of the New York Stock Exchange.

Thirty-year.

Includes NYSE composite index and NYSE beta index (discontinued trading in 1988).

U.S. Treasury bills and notes combined.

Includes AMEX major market index, AMEX institutional index, AMEX computer technology index, AMEX oil index, Japan index (trading began September 1990), LT20 index (major marketing index divided by 20; trading began November 1990), and international market index (options on an index of American Depository Receipts).

Covers Australian dollar, Canadian dollar, deutsche mark, ECU, French franc, Japanese yen, pound sterling, and Swiss franc.

Include European and American options.

PHLX value line index, PHLX national OTC index.

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

Four-year, fixed interest, with yearly interest payment.

Three-month.

Data are for June through December, 1989.

Trading for the 20-year bond began September 1988.

Trading began September 1988.

Spot and composite index combined.

Bolsa de Valores São Paulo.

Table A24.Outstanding Swap Transactions by Currencies, 1987-89
December 31, 1987December 31, 1988December 31, 1989
(In millions of U.S. dollars)(As percent of total)(In millions of U.S. dollars)(As percent of total)(In millions of U.S. dollars)(As percent of total)
Interest rate swaps
U.S. dollar541,51779.3728,16672.1993,74666.1
Japanese yen40,4985.978,4887.8128,0228.5
Pound sterling29,7064.352,2655.2100,4176.7
Deutsche mark31,6404.656,4665.684,6205.6
Other39,5285.994,8209.3195,79513.1
Total682,888100.01,010,203100.01,502,600100.0
Currency swaps1
U.S. dollar162,60688.5269,47784.3354,16678.8
Japanese yen59,74632.5131,03441.0201,14544.8
Pound sterling10,5055.717,7045.533,4667.4
Deutsche mark21,37711.633,97910.653,83912.0
Other113,32861.7187,06258.6256,04557.0
Total adjusted for re-exporting by both sides183,781200.0319,628200.0449,331200.0

Each currency swap involves two currencies. To avoid double counting, the total is therefore half the sum of the individual currency amounts, and the percentages in each currency add up to 200 percent of this total.

Each currency swap involves two currencies. To avoid double counting, the total is therefore half the sum of the individual currency amounts, and the percentages in each currency add up to 200 percent of this total.

Table A25.Capital/Asset Ratios of Banks in Selected Industrial Countries, 1980-891(In percent)
1980198119821983198419851986198719881989
Canada23.03.533.74.14.44.65.04.85.15.1
France42.12.02.22.42.73.74.54.95.45.6
Germany53.33.33.33.33.43.53.63.73.73.8
Japan65.35.35.05.25.24.84.84.84.95.2
Luxembourg73.53.53.53.63.84.04.14.14.14.2
Netherlands84.24.34.64.74.85.05.25.65.55.3
Switzerland9
Largest five banks7.67.17.37.17.17.87.87.98.08.7
All banks7.67.57.57.37.47.87.98.08.08.4
United Kingdom
Largest four banks106.96.56.46.76.37.98.48.28.98.0
All banks115.04.54.14.44.55.55.46.06.36.5
United States
Nine money-center banks124.54.64.95.46.26.87.38.29.29.3
Next 15 banks125.55.25.35.76.67.27.58.47.97.9
All reporting banks12,135.45.45.65.96.56.97.27.98.18.2
Sources: Data provided by official sources; and Fund staff estimates.

Aggregate figures in this table must be interpreted with caution, owing to differences across national groups of banks and over time in the accounting of bank assets and capital. In particular, provisioning practices vary considerably across countries as do the definitions of capital. Therefore, cross-country comparisons may be less appropriate than developments over time within a single country.

Ratio of equity plus accumulated appropriations for contingencies (before 1981, accumulated appropriations for losses) to total assets (Bank of Canada Review).

The changeover to consolidated reporting from November 1, 1981, had the statistical effect of increasing the aggregate capital/asset ratio by about 7 percent.

Ratio of capital reserves, general provisions, and subordinated debentures to total assets. Data exclude cooperative and mutual banks. This ratio is different from the official ratio of risk coverage where assets are assigned different weights depending on the quality of each category.

Ratio of capital including published reserves to total assets. From December 1985, the Bundesbank data incorporate credit cooperatives (Deutsche Bundesbank, Monthly Report).

Ratio of reserves for possible loan losses, specified reserves, share capital, legal reserves plus surplus, and profits and losses for the term to total assets (Bank of Japan, Economic Statistics Monthly).

Ratio of capital resources (share capital, reserves excluding current-year profits, general provisions, and eligible subordinated loans) to total payable. Eligible subordinated loans may not exceed 50 percent of a bank’s share capital and reserves. Data in the table are compiled on a nonconsolidated basis and as a weighted average of all banks (excluding foreign bank branches). An arithmetic mean for 1989 would show a ratio of 10.7 percent. Inclusion of current-year profits in banks’ capital resources would result in a weighted average of 4.44 percent for 1989. The level of provisions (as a percentage of exposure) has slightly increased in 1989 as compared with 1988.

Ratio of capital, disclosed free reserves, and subordinated loans to total assets. Eligible liabilities of business members of the agricultural credit institutions are not included (De Nederlandsche Bank, N.V. Annual Report).

Ratio of capital plus published reserves, a part of hidden reserves, and certain subordinated loans to total assets (Swiss National Bank, Monthly Report).

Ratio of share capital and reserves, plus minority interests and loan capital, to total assets (Bank of England).

Ratio of capital and other funds (sterling and other currency liabilities) to total assets (Bank of England). Note that these figures include U.K. branches of foreign banks, which normally have little capital in the United Kingdom.

Ratio of total capital (including equity, subordinated debentures, and reserves for loan losses) to total assets.

Reporting banks are all banks that report their country exposure for publication in the Country Exposure Lending Survey of the Federal Financial Institutions Examination Council.

Sources: Data provided by official sources; and Fund staff estimates.

Aggregate figures in this table must be interpreted with caution, owing to differences across national groups of banks and over time in the accounting of bank assets and capital. In particular, provisioning practices vary considerably across countries as do the definitions of capital. Therefore, cross-country comparisons may be less appropriate than developments over time within a single country.

Ratio of equity plus accumulated appropriations for contingencies (before 1981, accumulated appropriations for losses) to total assets (Bank of Canada Review).

The changeover to consolidated reporting from November 1, 1981, had the statistical effect of increasing the aggregate capital/asset ratio by about 7 percent.

Ratio of capital reserves, general provisions, and subordinated debentures to total assets. Data exclude cooperative and mutual banks. This ratio is different from the official ratio of risk coverage where assets are assigned different weights depending on the quality of each category.

Ratio of capital including published reserves to total assets. From December 1985, the Bundesbank data incorporate credit cooperatives (Deutsche Bundesbank, Monthly Report).

Ratio of reserves for possible loan losses, specified reserves, share capital, legal reserves plus surplus, and profits and losses for the term to total assets (Bank of Japan, Economic Statistics Monthly).

Ratio of capital resources (share capital, reserves excluding current-year profits, general provisions, and eligible subordinated loans) to total payable. Eligible subordinated loans may not exceed 50 percent of a bank’s share capital and reserves. Data in the table are compiled on a nonconsolidated basis and as a weighted average of all banks (excluding foreign bank branches). An arithmetic mean for 1989 would show a ratio of 10.7 percent. Inclusion of current-year profits in banks’ capital resources would result in a weighted average of 4.44 percent for 1989. The level of provisions (as a percentage of exposure) has slightly increased in 1989 as compared with 1988.

Ratio of capital, disclosed free reserves, and subordinated loans to total assets. Eligible liabilities of business members of the agricultural credit institutions are not included (De Nederlandsche Bank, N.V. Annual Report).

Ratio of capital plus published reserves, a part of hidden reserves, and certain subordinated loans to total assets (Swiss National Bank, Monthly Report).

Ratio of share capital and reserves, plus minority interests and loan capital, to total assets (Bank of England).

Ratio of capital and other funds (sterling and other currency liabilities) to total assets (Bank of England). Note that these figures include U.K. branches of foreign banks, which normally have little capital in the United Kingdom.

Ratio of total capital (including equity, subordinated debentures, and reserves for loan losses) to total assets.

Reporting banks are all banks that report their country exposure for publication in the Country Exposure Lending Survey of the Federal Financial Institutions Examination Council.

Table A26.Long-Term Bank Credit Commitments, 1984-90(In billions of U.S. dollars)
1984198519861987198819891990
(Long-term external credit commitments)
Industrial countries32.032.440.554.395.797.690.2
Seven major18.221.224.341.378.575.566.7
Other13.811.216.213.017.222.723.5
Developing countries129.216.022.816.417.518.217.8
Capital importing128.114.421.416.317.216.817.8
Africa0.61.51.80.70.60.50.6
Asia9.47.58.28.57.88.910.7
Europe1.62.82.84.12.22.71.7
Middle East0.40.30.10.30.20.70.1
Western Hemisphere16.12.48.52.76.44.14.8
Offshore banking centers0.90.40.70.30.42.43.0
Other countries n.i.e.1.93.52.11.52.51.53.0
International organizations and unallocated3.54.05.211.710.03.37.3
Total67.556.371.384.3126.1123.0121.3
(Other international long-term bank facilities)
Industrial countries48.144.525.827.614.87.04.6
Seven major33.933.614.420.011.33.70.6
Other14.210.911.47.63.43.34.0
Developing countries16.22.13.11.31.40.71.4
Capital importing15.91.83.11.31.40.71.4
Africa0.20.20.2
Asia1.11.32.00.90.80.41.2
Europe0.40.30.90.30.40.1
Middle East
Western Hemisphere4.30.10.10.2
Offshore banking centers0.40.20.20.30.20.30.3
Other countries n.i.e.0.50.20.20.1
International organizations and unallocated0.62.10.31.70.2
Total55.348.930.031.216.68.46.3
(Total international commitments)
Industrial countries80.176.966.381.9110.5104.694.8
Seven major52.154.838.761.389.879.267.3
Other28.022.127.620.620.725.427.5
Developing countries135.418.125.917.718.918.919.2
Capital importing134.016.224.517.618.617.519.2
Africa0.81.51.80.70.80.50.8
Asia10.58.810.29.48.69.311.9
Europe2.03.13.74.42.32.81.7
Middle East0.40.30.10.30.20.70.1
Western Hemisphere20.42.48.62.76.44.34.8
Offshore banking centers1.40.60.90.60.62.73.3
Other countries n.i.e.1.93.52.61.72.71.63.0
International organizations and unallocated4.16.25.513.410.03.57.3
Total122.7105.1101.3115.5142.7131.4127.6
Source: Appendix Table A27.

Note: n.i.e. = not included elsewhere.

Excludes offshore banking centers.

Source: Appendix Table A27.

Note: n.i.e. = not included elsewhere.

Excludes offshore banking centers.

Table A27.Bank Credit Commitments by Country of Destination, 1984-901(In billions of U.S. dollars)
1984198519861987198819891990
Industrial countries32.032.440.554.395.797.690.2
Australia2.42.65.03.13.88.22.6
Belgium0.90.70.80.30.90.51.1
Canada2.77.06.22.13.95.98.3
Denmark0.70.30.50.80.90.51.0
France2.04.13.73.07.55.96.7
Italy4.75.16.05.44.37.613.2
Spain3.52.64.51.11.71.71.8
Sweden0.41.00.10.52.30.72.7
United Kingdom3.31.52.212.932.119.822.4
United States5.33.55.215.728.332.911.7
Other6.14.06.39.410.013.918.7
Developing countries229.216.022.816.417.518.217.8
Capital importing developing countries228.114.421.416.317.216.817.8
Africa0.61.51.80.70.60.50.6
Côte d’Ivoire0.10.10.2
Morocco0.10.10.1
Nigeria0.3
South Africa0.2
Other0.31.31.50.70.30.50.5
Asia9.47.58.28.57.88.910.7
China0.22.31.93.32.71.61.3
India0.60.21.21.81.61.40.7
Indonesia1.60.11.01.60.52.33.9
Korea3.73.71.50.91.20.71.9
Malaysia1.00.21.20.30.80.10.5
Philippines0.90.7
Thailand0.80.71.10.30.80.81.2
Other0.60.30.30.30.21.31.2
Europe1.62.82.84.12.22.11.7
Hungary0.80.90.81.40.20.8
Turkey0.41.62.02.61.71.71.6
Yugoslavia0.3
Other0.40.30.10.20.1
Middle East0.40.30.10.30.20.70.1
Egypt0.10.5
Jordan0.30.20.20.20.1
Other0.10.10.10.1
Western Hemisphere16.12.48.52.76.44.64.8
Argentina4.22.1
Brazil6.55.20.1
Chile0.81.10.20.3
Colombia0.41.10.20.11.01.61.8
Ecuador0.20.20.4
Mexico3.87.71.30.5
Peru
Venezuela1.4
Other0.20.20.40.11.10.8
Other countries n.i.e.31.93.52.11.52.51.53.0
Bulgaria0.50.30.10.3
Czechoslovakia0.10.30.20.20.3
U.S.S.R.0.91.51.30.82.20.93.0
Other1.01.50.50.20.10.1
Offshore banking centers0.90.40.70.30.42.43.0
International organizations and unallocated3.54.05.211.710.03.37.3
Total67.556.371.384.3126.1123.0121.3
Sources: Organization for Economic Cooperation and Development, Financial Statistics Monthly; and Fund staff estimates.

OECD data on developing countries have been adjusted to include new money commitments under bank agreements in principle, as follows (amounts in billions of U.S. dollars):

1984: Argentina (3.7); Côte d’Ivoire (0.1); Ecuador (0.2); the Philippines (0.9)

1985: Costa Rica (0.1 revolving trade facility)

1986: Congo (0.1); Mexico (7.7); Nigeria (0.3)

1987: Ecuador (0.4)

1988: Côte d’Ivoire (0.2); Yugoslavia (0.3)

1989: Jordan (0.1); Mexico (1.1); the Philippines (0.7)

1990: Colombia (1.8); Uruguay (0.1); Venezuela (1.2).

Excludes offshore banking centers.

Includes former German Democratic Republic through 1989.

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

OECD data on developing countries have been adjusted to include new money commitments under bank agreements in principle, as follows (amounts in billions of U.S. dollars):

1984: Argentina (3.7); Côte d’Ivoire (0.1); Ecuador (0.2); the Philippines (0.9)

1985: Costa Rica (0.1 revolving trade facility)

1986: Congo (0.1); Mexico (7.7); Nigeria (0.3)

1987: Ecuador (0.4)

1988: Côte d’Ivoire (0.2); Yugoslavia (0.3)

1989: Jordan (0.1); Mexico (1.1); the Philippines (0.7)

1990: Colombia (1.8); Uruguay (0.1); Venezuela (1.2).

Excludes offshore banking centers.

Includes former German Democratic Republic through 1989.

Table A28.Terms of Long-Term Bank Credit Commitments, 1984-901
1984198519861987198819891990
Average maturity (in years)7.87.86.78.35.76.26.5
OECD countries7.27.46.37.55.15.85.8
Eastern Europe5.97.47.88.18.48.311.9
Developing countries8.58.48.210.79.07.38.6
Other6.57.36.86.16.58.86.6
Average spread (basis points)92624142355652
OECD countries57473734315451
Eastern Europe93552624304950
Developing countries132926168656860
Other88563348423247
Memorandum items (in percent)
Six-month Eurodollar interbank rate (average)11.298.646.857.308.139.278.35
U.S. prime rate (average)12.049.938.358.219.3210.9210.01
Sources: Organization for Economic Cooperation and Development, Financial Market Trends; International Monetary Fund, International Financial Statistics (for Eurodollar and prime rates).

The country classification and loan coverage are those used by the OECD.

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

The country classification and loan coverage are those used by the OECD.

Table A29.International Bond Issues by Selected Developing Country Borrowers, 1989-90
IssuerType of BorrowerLaunch DateAmountCouponInitial YieldMaturity (Years)ListingComments
MexicoI. New Entrants
Banco Nacional de Comercio Exterior (Bancomext)Public sector exim bank6/89$100 mn10.2517.005Amsterdam
Sunbelt Enterprise (offshore subsidiary of Cemex)Public sector cement company10/89$150 mn11.0016.002Private placement
Telefonos de Mexico (Telmex)Public sector telephone company10/89$320 mnUSTB + 1.659.625Private placementCollateral: AT&T receivables
La Moderna (ELM International)Private sector cigarette company1/90$65 mn13.5016.372.5LuxembourgCollateral pool of two companies
Petroleos Mexicanos (Pemex)Public sector oil company3/90DM 100 mn11.2511.255Dusseldorf
Telefonos de Mexico (Telmex)Public sector telephone company3/90$280 mn11.0011.775Private placementCollateral: AT&T receivables
Comision Federal de ElectricidadPublic sector electric company3/90$235 mn11.505Private placementCollateral: electricity accounts receivable
TamTrade (offshore affiliate of Tamsa)Private sector oil equipment company4/90$33 mn12.0014.252LuxembourgCollateral: deposits with Bancomer in London
SomexPublic sector bank5/90$89 mn10.2513.505
Ponder Ltd. (Ponderosa Industrial)Private sector paper company5/90$22 mn11.0016.002Private placement
Nacional Financiera, SNC (Nafinsa)Public sector development bank6/90DM 150 mn11.0011.555Frankfurt
Sunbelt Enterprise (offshore subsidiary of Cemex)Public sector cement company6/90$100 mnYrs.1-3: 11

Rest: 13.54
13.5012Private placementEquity upside put option: convertible to American Depository Receipts (ADRs)
BanamexPublic sector bank6/90$130 mn11.003Private placementCollateral: credit card receivables
Banco Nacional de Comercio Exterior (Bancomext)Public sector exim bank7/90DM 100 mn11.0011.005Frankfurt
Grupo SidekPrivate sector steel, tourism7/90$50 mn10.2512.805LuxembourgCollateral: corporate receivables and letters of credit from Mexican bank
Telefonos de Mexico (Telmex)Public sector telephone company7/90$150 mn12.2513.002Private placement (Rule 144A)Put option in event of Telmex privatization
BancomerPublic sector bank7/90$229 mnLIBOR +5/89.725Private placementCollateral: credit card receivables
Petroleos Mexicanos (Pemex)Public sector oil company7/90ASch 500 mn11.0011.246Vienna
Nacional Financiera, SNC (Nafinsa)Public sector development bank7/90$100 mn