Front Matter

Front Matter

Author(s):
International Monetary Fund
Published Date:
January 1995
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© 1995 International Monetary Fund

Reprinted January 1996

ISBN 1-55775-516-9

ISSN 0258-7440

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Contents

The following symbols have been used throughout this paper:

  • … to indicate that data are not available;

  • — to indicate that the figure is zero or less than half the final digit shown, or that the item does not exist;

  • – between years or months (e.g., 1991–92 or January–June) to indicate the years or months covered, including the beginning and ending years or months;

  • / between years (e.g., 1991/92) to indicate a crop or fiscal (financial) year.

“Billion” means a thousand million.

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

The term “country,” as used in this paper, does not in all cases refer to a territorial entity that is a state as understood by international law and practice; the term also covers some territorial entities that are not states but for which statistical data are maintained and provided internationally on a separate and independent basis.

Preface

The International Capital Markets report is an integral element of the IMF’s surveillance of developments in international financial markets. The IMF has published the International Capital Markets report annually since 1980. The report draws, in part, on a series of informal discussions with commercial and investment banks, securities firms, stock and futures exchanges, regulatory and monetary authorities, and the staffs of the Bank for International Settlements, the Commission of the European Union, the International Swaps and Derivatives Association, the Japan Center for International Finance, and the Organization for Economic Cooperation and Development. The discussions leading up to the present report took place in Belgium, Denmark, France, Germany, Hong Kong, Indonesia, Japan, Malaysia, the Netherlands, Singapore, Spain, Switzerland, the United Kingdom, and the United States, between November 1994 and March 1995. The report reflects information available up to the end of April 1995.

The International Capital Markets report is prepared in the Research Department, in collaboration with the Policy Development and Review Department, under the general direction of Takatoshi Ito, Senior Advisor in the Research Department, and David Folkerts-Landau, Chief of the Capital Markets and Financial Studies Division, Research Department. Co-authors of the report from the Research Department, Capital Markets and Financial Studies Division, are Garry Schinasi, Deputy Chief; Robert Flood, Senior Economist; Marcel Cassard, Laura Kodres, John Montgomery, Victor Ng, Todd Smith, Michael Spencer, all Economists; and Subramanian Sriram, Research Officer. Co-authors of the report from the Policy Development and Review Department are Steven Dunaway, Chief, and Shogo Ishii, Deputy Chief, of the Debt and Program Financing Issues Division. Co-authors of the report from the Western Hemisphere Department are Charles Kramer and Carmen Reinhart, both Economists. Parthasarathi Shome and Janet Stotsky from the Fiscal Affairs Department provided the box on transactions taxes. Anne Jansen and Jared Romey provided research assistance, and Tammi Shear and Adriana Vohden provided expert word-processing assistance. Juanita Roushdy of the External Relations Department edited the manuscript and coordinated production of the publication.

This study has benefited from comments and suggestions from staff in other IMF departments, as well as from Executive Directors following their discussions of the International Capital Markets report on May 24, 1995. The analysis and policy considerations, however, are those of the contributing staff and should not be attributed to Executive Directors, their national authorities, or the IMF.

List of Abbreviations

ADRs

American Depository Receipts

Banamex

Banco Nacional de México

BIS

Bank for International Settlements

CAD

Capital Adequacy Directive

CBOT

Chicago Board of Trade

CCPC

Cooperative Credit Purchasing Company (Japan)

Cetes

short-term, peso-denominated government obligations (Mexico)

CME

Chicago Mercantile Exchange

CNB

National Banking Commission (Mexico)

DJIA

Dow Jones Industrial Average

DTB

Deutsche Terminbörse (Germany)

EMU

European Economic and Monetary Union

ERM

(European) exchange rate mechanism

EU

European Union

FAS

Financial Accounting Standard

FASB

Financial Accounting Standards Board (United States)

FISMOU

Financial Information Sharing Agreement

Fobaproa

Fondo Bancario de Protección al Ahorro (Mexican deposit-guarantee fund)

GDP

gross domestic product

GDRs

Global Depository Receipts

HKMA

Hong Kong Monetary Authority

IASC

International Accounting Standards Committee

IFC

International Finance Corporation

IIF

Institute of International Finance

IOSCO

International Organization of Securities Commissions

ISDA

International Swaps and Derivatives Association, Inc.

LIBOR

London interbank offered rate

LIFFE

London International Financial Futures Exchange

MATIF

Marché à Terme International de France

MOU

Memorandum of Understanding

Nafinsa

government development bank (Mexico)

NAFTA

North American Free Trade Agreement

OECD

Organization for Economic Cooperation and Development

OSE

Osaka Securities Exchange

OTC

over the counter

Procapte

programa de capitalización temporal (temporary capitalization program (Mexico))

REER

real effective exchange rate

S&P

Standard and Poor’s

SEC

Securities and Exchange Commission (United States)

SIMEX

Singapore International Monetary Exchange

Tesobono

dollar-indexed, short security (Mexico)

TIIP

tasa interbancaria promedia (Mexico)

UDI

unit of investment

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