Front Matter

Front Matter

International Monetary Fund
Published Date:
January 1993
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International Capital Markets

Part II. Systemic Issues in International Finance

By a Staff Team from the International Monetary Fund

led by

Morris Goldstein and David Folkerts-Landau

© 1993 International Monetary Fund

ISBN 9781451938906

ISSN 0258-7440

Price: US$20.00 (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.


This report was prepared under the direction of Morris Goldstein, Deputy Director of the Research Department of the International Monetary Fund, together with David Folkerts-Landau, Chief of the Capital Markets and Financial Studies Division of the Research Department. The co-authors of the report are Steven Fries, Peter Garber, Tim Lane, Liliana Rojas-Suárez, and Michael Spencer of the Research Department and Charles Collyns, Robert Rennhack, and Philippe Szymczak of the Policy Development and Review Department.

This year’s capital markets report is divided into two parts. Part I—published in April 1993—examined the implications of the growth and integration of international capital markets for exchange rate management. Part II focuses on recent banking problems in industrial countries and on sources of systemic risk in the international financial system. This report was prepared in connection with the annual surveillance of international capital markets conducted by the Research Department of the International Monetary Fund. It draws, in part, on a series of informal discussions with commercial and investment banks, securities houses, stock and futures exchanges, regulatory and monetary authorities, and the staffs of the Bank for International Settlements, the Commission of the European Communities, the Organization for Economic Cooperation and Development, and the Japan Center for International Finance. These discussions took place in Belgium, France, Germany, Hong Kong, Italy, Japan, the Netherlands, Singapore, Switzerland, the United Kingdom, and the United States between October and early December 1992.

Kellett W. Hannah and Subramanian S. Sriram prepared the data presented in the report. Norma Al varado, Maria Orihuela, and Janet Strain provided expert word processing assistance. Elin Knotter of the External Relations Department edited the manuscript and coordinated the production of the publication.

The study has benefited from comments by staff in other departments of the Fund and by members of the Executive Board. Opinions expressed, however, are those of the authors and do not necessarily represent the views of the Fund or of the Executive Directors.

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