- International Monetary Fund
- Published Date:
- January 1995
© 1995 International Monetary Fund
Reprinted January 1996
(US$12.00 to full-time faculty members and students at universities and colleges)
Please send orders to:
International Monetary Fund, Publication Services
700 19th Street, N.W., Washington, D.C. 20431, U.S.A.
Tel.: (202) 623-7430 Telefax: (202) 623-7201
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.
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
American Depository Receipts
Banco Nacional de México
Bank for International Settlements
Capital Adequacy Directive
Chicago Board of Trade
Cooperative Credit Purchasing Company (Japan)
short-term, peso-denominated government obligations (Mexico)
Chicago Mercantile Exchange
National Banking Commission (Mexico)
Dow Jones Industrial Average
Deutsche Terminbörse (Germany)
European Economic and Monetary Union
(European) exchange rate mechanism
Financial Accounting Standard
Financial Accounting Standards Board (United States)
Financial Information Sharing Agreement
Fondo Bancario de Protección al Ahorro (Mexican deposit-guarantee fund)
gross domestic product
Global Depository Receipts
Hong Kong Monetary Authority
International Accounting Standards Committee
International Finance Corporation
Institute of International Finance
International Organization of Securities Commissions
International Swaps and Derivatives Association, Inc.
London interbank offered rate
London International Financial Futures Exchange
Marché à Terme International de France
Memorandum of Understanding
government development bank (Mexico)
North American Free Trade Agreement
Organization for Economic Cooperation and Development
Osaka Securities Exchange
over the counter
programa de capitalización temporal (temporary capitalization program (Mexico))
real effective exchange rate
Standard and Poor’s
Securities and Exchange Commission (United States)
Singapore International Monetary Exchange
dollar-indexed, short security (Mexico)
tasa interbancaria promedia (Mexico)
unit of investment