Chapter

Statistical Appendix

Author(s):
International Monetary Fund
Published Date:
January 1993
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Table A1.Nordic Countries: Bank Profitability(In percent of average total assets)
1981198219831984198519861987198819891990199119921
Finland
All banks
Net interest margin2.932.842.532.422.422.082.172.061.841.331.901.39
Net operating expenses2.071.961.781.741.491.321.370.811.380.861.051.24
Net operating profits0.860.880.750.680.930.760.801.250.460.470.850.15
Loan loss provisions0.540.550.460.340.540.320.460.580.260.270.951.79
Profits before taxes0.330.340.300.340.390.450.340.680.210.21−0.10−1.64
Norway
Commercial banks
Net interest margins3.063.033.393.102.772.782.712.622.942.832.532.80
Net operating expenses2.002.052.011.691.501.331.721.181.151.702.331.50
Net operating profits1.060.981.381.411.271.450.991.441.791.130.201.30
Loan loss provisions0.070.170.200.240.350.501.031.571.471.964.142.10
Profits before taxes0.990.811.181.170.920.95−0.04−0.130.32−0.83−3.94−0.80
Sweden
All banks
Net interest margin2.292.582.532.412.962.842.812.542.592.89
Net operating expenses1.281.171.421.251.201.411.341.251.871.20
Net operating profits1.011.411.111.171.761.431.471.290.721.70
Loan loss provisions0.711.040.810.860.860.760.920.880.522.28
Profits before taxes0.300.370.300.300.900.660.540.410.19−0.58
Sources: Bank of Finland; Bank of Norway, Economic Bulletin, various issues; Bank of Sweden; Organization for Economic Cooperation and Development (1992); and Report by the Commission on the Banking Crisis, Norwegian Official Reports, NOR 1992: 30E (Oslo: Government Printing Service, August 1992).
Table A2.Japan: Bank Profitability(In percent of average total assets)
198111982198319841985198619871988198919901991
All ordinary banks2
Net interest margin1.461.551.501.361.221.271.201.171.000.901.11
Net operating expenses1.000.990.930.840.740.710.570.470.500.510.72
Net operating profits0.460.560.570.520.480.560.630.700.500.390.39
Loan loss provisions0.010.060.040.040.020.040.030.050.040.030.07
Profits before taxes0.450.500.540.490.460.520.600.640.460.360.32
City banks
Net interest margin1.151.231.201.070.941.010.980.940.690.610.84
Net operating expenses0.720.720.680.580.500.480.320.100.180.250.45
Net operating profits0.430.510.520.490.440.530.660.840.510.360.39
Loan loss provisions0.020.070.040.040.010.030.030.160.050.030.09
Profits before taxes0.410.450.490.460.430.500.630.680.460.330.30
(In trillions of Japanese yen)
Memorandum item:
Average total assets
All ordinary banks251.1283.7309.5345.9379.4416.9472.4597.2701.9758.3749.0
City banks174.5200.1218.6245.4269.2297.0339.6391.0464.8500.0483.3
Table A3.United States: Bank Profitability(In percent of average total assets)
19801981198219831984198519861987198819891990199119921
All commercial banks2
Net interest margin3.093.173.283.253.353.563.463.433.553.543.443.613.91
Net operating expenses1.741.871.971.931.952.001.971.911.881.831.821.961.91
Loan loss provisions0.250.260.400.470.570.700.811.290.550.950.930.980.77
Securities gains or losses−0.05−0.08−0.06−0.010.060.140.050.010.030.020.090.12
Profits before taxes1.050.960.850.850.830.920.820.271.140.780.700.761.34
Money center banks
Net interest margin2.812.772.673.022.812.672.923.20
Net operating expenses1.401.411.241.221.231.261.421.24
Loan loss provisions0.720.782.050.391.490.761.201.10
Securities gains or losses0.060.120.070.030.030.010.040.11
Profits before taxes0.740.69−0.541.440.130.680.340.97
Other large banks
Net interest margin3.303.253.283.373.353.223.503.84
Net operating expenses1.711.671.711.671.571.631.811.74
Loan loss provisions0.690.841.680.631.061.201.090.80
Securities gains or losses0.070.170.050.040.030.150.14
Profits before taxes0.970.91−0.061.080.750.420.751.45
(In billions of U.S. dollars)
Memorandum item:
Average total assets
All commercial banks1,7671,9402,1012,2452,4012,5822,7842,9233,0073,1603,3233,3443,497
Money center banks624676690688718740734740
Other large banks6096897458539291,0341,0541,135
Sources: Board of Governors of the Federal Reserve System; Brunner, Hancock, and McLaughlin (1992); and Federal Reserve Bulletin (Washington), various issues.
Table A4.Main Features of Markets for Swap-Related Derivative Products: Amounts Outstanding, 1991(In billions of U.S. dollars, end-year data)
Counterparty and

Transaction Type
U.S.

Dollar
Other

Currencies
Total
Caps
End user
Bought23.612.636.2
Sold110.239.6149.8
Interbank (ISDA member)191.439.6131.1
Total225.291.8317.0
Floor
End user
Bought17.621.138.7
Sold26.06.932.9
Interbank (ISDA member)129.628.057.6
Total73.256.0129.2
Collars and other combinations2
End user
Bought2.41.43.9
Sold7.16.313.5
Interbank (ISDA member)13.01.74.7
Total12.69.522.0
Swaptions
End user
Bought23.720.143.8
Sold11.210.721.8
Interbank (ISDA member)121.721.743.3
Total56.652.4109.0
Source: Adapted from Bank for International Settlements (1992b), p. 54.
Table A5.Financial Futures and Options: Exchanges, Contracts, and Volume of Contracts Traded
Exchange/TypeFace Value

of Contract1
Volume of Contracts Traded
19881989199019911992
(In thousands of contracts)
United States
Chicago Board of Trade (CBOT)
Interest rate
Futures
Thirty-day federal funds$5,000,000196881116234
U.S. Treasury notes2$100,00035,7087,8918,69810,01318,105
U.S. Treasury bonds$100,00070,30870,30375,49967,88770,004
Municipal bond index$1,000 x index1,2741,068697549776
Mortgage-backed4$100,000n.t.25176
Interest rate swap (three- and five-year)$25,000,000n.t.n.t.n.t.72
Options
U.S. Treasury notes5$100,0001,0121,1681,0241,0203,236
U.S. Treasury bonds$100,00019,50920,78427,31521,92620,259
Municipal bond index$1,000 x index17289865338
Mortgage-backed4$100,000n.t.141910
Interest rate swap (three- and five-year)$25,000,000n.t.n.t.n.t.6
Stock index
Futures
Major market index (MMI) maxi$500 x index1,1761,087951703361
Options
Major market index$500 x indexn.t.n.t.n.t.32
Chicago Board Options Exchange (CBOE)
Interest rate
Options
U.S. Treasury bonds and notes$100,0001401447n.t.
Stock index
Options
Standard & Poor’s (S&P) 100$100 x index57,43450,74568,84763,93662,427
S&P 500$100 x index4,8174,67512,08911,92513,420
Mid-America Commodity Exchange (Midam)
Interest rate
Futures
Eurodollar (three-month)$500,000n.t.n.t.n.t.n.t.3
U.S. Treasury bills$500,000229412
U.S. Treasury bonds$50,0001,4141,3071,4611,3971,342
Options
U.S. Treasury bonds$50,000n.t.n.t.n.t.24
Currency
Futures
Japanese yen¥ 6,250,0004459544139
Deutsche markDM 62,50050548394106
Pound sterling£12,5002824263044
Canadian dollarCan$50,00097945
Swiss francSw F 62,5007761767463
Chicago Mercantile Exchange (CME)
Interest rate
Futures
London interbank offered rate—LIBOR (one-month)$3,000,000n.t.n.t.84450919
Eurodollar (three-month)6$1,000,00021,70540,81834,69637,24460,531
U.S. Treasury bills (90-day)$1,000,0001,3741,5021,8702,0121,337
Options
LIBOR (one-month)$3,000,000n.t.n.t.n.t.7599
Eurodollar (three-month)$1,000,0002,6006,0026,8607,87513,763
U.S. Treasury bills$1,000,000617324930
Currency
Futures
Japanese yen6¥ 12,500,0006,4337,8247,4376,0174,520
Deutsche mark6DM 125,0005,6628,1869,16910,92911,593
Pound sterling6£62,5002,6162,5183,4103,7463,053
Canadian dollarCan$100,0001,4091,2641,4091,1391,172
Australian dollar$A 100,000761141057690
Swiss francSw F 125,0005,2836,0946,5255,8355,135
Options
Japanese yen¥ 12,500,0002,9453,1273,1162,3971,518
Deutsche markDM 125,0002,7343,7953,4305,6436,354
Pound sterling£62,500543406501650597
Canadian dollarCan$100,000314274284337307
Australian dollar$A 100,000723273813
Swiss francSw F 125,0001,0701,4891,1309981,027
Stock index
Futures
S&P 500 index$500 x index11,35410,56012,13912,34012,414
Nikkei 225$5 x indexn.t.n.t.52247384
S&P MidCap 400 index$500 x indexn.t.n.t.n.t.n.t.103
Goldman Sachs commodity index$250 x indexn.t.n.t.n.t.n.t.36
Options
S&P 500 index$500 x index7351,1621,6381,8132,210
Nikkei 225$5 x indexn.t.n.t.91214
S&P MidCap 400 index$500 x indexn.t.n.t.n.t.n.t.3
Goldman Sachs commodity index$250 x indexn.t.n.t.n.t.n.t.8
Kansas City Board of Trade
Stock index
Futures
Value Line index$500 x index8041365846
Mini Value Line$100 x index148142734
Options
Mini Value Line$100 x indexn.t.n.t.n.t.n.t.1
New York Cotton Exchange
Interest rate
Futures
U.S. Treasury notes7$100,00087905992928181
Currency
Futures
U.S. dollar index$500 x index447743565716678
European currency unit (ECU)ECU 100,00024161221
Options
U.S. dollar index$500 x index1151001,418470
ECUECU 100,000n.t.n.t.n.t.n.t.5
New York Futures Exchange (NYFE)9
Stock index
Futures
New York Stock Exchange (NYSE) composite stock index$500 x index1,6691,5801,5751,4861,315
Commodity Research Bureau (CRB) index$500 x index206125706156
Options
NYSE composite stock index$500 x index2339263543
CRB index futures$500 x index14444
New York Stock Exchange (NYSE)
Stock index
Options
NYSE indices10$100 x index781579262153131
American Stock Exchange (AMEX)
Stock index
Options
AMEX indices11$100 x index7,5278,2656,6905,9766,247
Commodity Exchange, Inc. (COMEX)
Stock index
Futures
Eurotop 100 index$100 x indexn.t.n.t.n.t.n.t.26
Pacific Stock Exchange (PSE)
Stock index
Options
Financial News composite index$100 x index2802261307270
Philadelphia Stock Exchange (PHLX)
Currency
Futures
Foreign currencies121184
Options13
Japanese yen¥ 6,250,0002,9223,3282,9901,7831,305
Deutsche markDM 62,5003,4075,2774,8927,4727,966
French francF 250,00025660401461,261
Pound sterling£31,2501,303482646587789
Canadian dollarCan$50,000337362475204189
Australian dollar$A 50,000531417309186143
Swiss francSw F 62,5001,2371,114773460434
ECUECU 62,500131064
Pound sterling/deutsche mark£500,000n.t.n.t.n.t.n.t.18
Deutsche mark/Japanese yenDM 1,000,000n.t.n.t.n.t.139
Stock index
Options
PHLX indices14$100 x index3,25615395225311
Japan
Osaka Securities Exchange
Stock index
Futures
Nikkei 225 stock average¥ 1,000 x index1,8925,44313,58921,64311,927
Options
Nikkei 225 stock average¥ 1,000 x index6,6109,18811,8369,257
Tokyo International Financial Futures Exchange
Interest rate
Futures
Eurodollar (three-month)$1,000,000n.t.10383n.t.
Euro-yen (three-month and one-year)¥ 100,000,000n.t.4,49514,41414,66614,959
Options
Euro-yen¥ 100,000,000n.t.n.t.n.t.332486
Currency
Futures
U.S. dollar/Japanese yen$50,000n.t.n.t.n.t.14986
Tokyo Stock Exchange
Interest rate
Futures
U.S. Treasury bonds$100,000n.t.411125118
Yen government bonds (10- and 20-year)¥ 100,000,00017,46018,97116,31912,82911,872
Options
Yen government bonds (ten-year)¥ 100,000,000n.t.n.t.1,5341,8501,141
Stock index
Futures
Tokyo Stock Price Index (TOPIX)¥ 10,000 x index2,2893,7283,0911,6771,359
Options
TOPIX¥ 10,000 x indexn.t.26712049
Germany
Deutsche Terminbörse (DTB)
Interest rate
Futures
Medium-term notional bond (Bobl-futures)DM 250,000n.t.n.t.n.t.2361,668
Notional German Government bond (Bund-futures)DM 250,000n.t.n.t.602,2835,328
Options
Options on Bund futuresDM 250,000n.t.n.t.n.t.164498
Stock index
Futures
German Stock Index (DAX)DM 100 per DAX index pointn.t.n.t.511,2513,271
Options
Options on DAX futuresOne DAX futures contractn.t.n.t.n.t.n.t.136
Options on DAX indexDM 10 per DAX index pointn.t.n.t.n.t.2,04613,945
DTB stock options50 shares of underlying stockn.t.n.t.6,6889,3909,996
France
Marché à Terme International de France (MATIF)
Interest rate
Futures
Paris interbank offered rate—PIBOR (three-month)F 5,000,0004522,2961,9013,0006,437
ECU bondECU 100,000n.t.n.t.565461,354
Notional bonds15F 500,00012,35715,00415,99621,08831,063
Options
PIBOR (three-month)F 5,000,000n.t.n.t.7101,3742,660
ECU bondECU 100,000n.t.n.t.n.t.2183
Notional bondsF 500,0003,4317,1507,4108,41210,047
Stock index
Futures
CAC 40 indexF 200 x index655811,6412,3113,601
Marché des Options Negociables de Paris (MONEP)
Stock index
Options
CAC 40 stock index (short-term)F 200 x index2,4703,7183,171
CAC 40 stock index (long-term)F 50 x indexn.t.n.t.n.t.87547
United Kingdom
London International Financial Futures Exchange (LIFFE)
Interest rate
Futures
Eurodollar (three-month)$1,000,0001,6482,0641,249994709
Euro-deutsche mark (three-month)DM 1,000,000n.t.9522,6604,78412,173
Euro-lira (three-month)Lit 1,000,000,000n.t.n.t.n.t.n.t.376
Short sterling (three-month)£500,0003,5387,1318,3558,06411,296
Euro-Swiss (three-month)Sw F 1,000,000n.t.n.t.n.t.5481,970
ECU (three-month)ECU 1,000,000n.t.1664115317
U.S. Treasury bonds$100,0002,042967756463272
Japanese Government bond (JGB)16¥ 100,000,00012211746106221
German Government bond (Bund)DM 250,0003155,3309,58210,11213,605
Italian Government bond (BTP)17Lit 200,000,000n.t.n.t.n.t.4833,773
Long gilt (government bond)18£50,0005,6414,0625,6435,6398,805
ECU bondECU 200,000n.t.n.t.n.t.547
Options
Eurodollar (three-month)$1,000,0007682653173
Euro-deutsche mark (three-month)DM 1,000,000n.t.n.t.2485141,964
Short sterling (three-month)£500,0004458241,3771,5942,648
Euro-SwissSw F 1,000,000n.t.n.t.n.t.n.t.17
U.S. Treasury bonds$100,0008476874068
German Government bond (Bund)DM 250,000n.t.4691,8042,4532,750
Italian Government bond (BTP)17Lit 200,000,000n.t.n.t.n.t.16395
Long gilt£50,0001,1417277908441,813
Stock index
Futures
Financial Times stock index (FT-SE 100)£25 x index4651,0281,4441,7272,619
Options
Financial Times stock index (FT-SE 100)£25 x indexn.t.n.t.n.t.n.t.2,572
Canada
Montreal Exchange
Interest rate
Futures
Canadian Bankers' Acceptances19Can$1,000,000102888194443
Canadian Government bonds (ten-year)Can$100,000n.t.87454421516
Options
Canadian Government bondsCan$25,0003353231394751
Canadian Government bonds futures
(ten-year)Can$100,000n.t.n.t.n.t.155
Stock index
Options
Equity options581669
Toronto Futures Exchange
Stock index
Futures
Toronto Stock Exchange (TSE) 35Can$500 x index2735536159
Options
TSE 35Can$100 x index429487698465302
Spain
Mercado de Opciones y Futuros Financieros,
Meff Renta Fija
Interest rate
Futures
Madrid interbank offered rate—MIBORPtas 10,000,000n.t.n.t.17456747
Notional bond (three-, five-, and ten-year)Ptas 10,000,000n.t.n.t.1715351,015
Options
MIBORPtas 10,000,000n.t.n.t.n.t.n.t.8
Notional bond (three- and ten-year)Ptas 10,000,000n.t.n.t.n.t.n.t.382
Currency
Futures
Spanish peseta/U.S. dollar$100,000n.t.n.t.n.t.412
Spanish peseta/deutsche markDM 125,000n.t.n.t.n.t.1155
Netherlands
European Options Exchange (EOE)
Interest rate
Options
Dutch Government bondsf. 10,000537486261241270
Currency
Options
U.S. dollar/guilder and$10,000
pound sterling/guilder£10,000473469200373538
Stock index
Options
EOE stock index andf. 100 x index
MMI US stock index20and $100 x index7931,9952,0032,3842,471
Dutch Top 5 indexn.t.n.t.174330493
Eurotop 100 indexECU 10 x indexn.t.n.t.n.t.1010
Financial Futures Market
Interest rate
Futures
Deliverable bond (FTO)f. 250,000n.t.70542921
Currency
Futures
U.S. dollar/guilder$25,000n.t.n.t.n.t.211
Stock index
Futures
EOE stock index (FTI)f. 200 x index34252437485511
Dutch Top 5 indexf. 200 x indexn.t.n.t.424752
Eurotop 100 indexECU 50 x indexn.t.n.t.n.t.12
Australia
Sydney Futures Exchange
Interest rate
Futures
Bank bills (90-day)$A 500,0003,0145,9115,0804,6525,698
Treasury bonds (three-year)$A 100,0005359671,6082,1195,435
Commonwealth Treasury bonds (ten-year)$A 100,0002,9573,2193,1743,5984,253
Options
Bank bills (90-day)$A 500,000193515606719610
Treasury bonds (three-year)$A 100,000192575107317
Commonwealth Treasury bonds (ten-year)$A 100,000732709512670746
Stock index
Futures
All-ordinaries index$A 100 x index307326314381342
Options
All-ordinaries index$A 100 x index83140186248154
Sweden
Stockholm Options Market
Interest rate
Futures
Interest rateSKr 1,000,000n.t.n.t.n.t.4,1347,420
Options
Interest rateSKr 1,000,0002042199420
Stock index
Futures
Stock futures521
OMX indexSKr 100 x index117450
GEMx indexDM 10 x indexn.t.n.t.n.t.116
Options
Stock options4,0743,543
OMX indexSKr 100 x index4,4675,0165,1694,8265,605
GEMx indexDM 10 x indexn.t.n.t.n.t.1817
Switzerland
Swiss Options and Financial Futures Exchange (SOFFEX)
Interest rate
Futures
Euro-Swiss franc (three-month)Sw F 1,000,000n.t.n.t.n.t.122184
Swiss franc (five-year)Sw F 100,000n.t.n.t.n.t.59200
Swiss Government bondSw F 100,000n.t.n.t.n.t.n.t.234
Stock index
Futures
Swiss market indexSw F 50 x indexn.t.n.t.31591847
Eurotop 100 indexSw F 50 x indexn.t.n.t.n.t.1
Options
Swiss market indexSw F 5 x index2,1154,6836,1757,794
Eurotop 100 indexSw F 5 x indexn.t.n.t.n.t.24
Belgium
Belgian Futures and Options Exchange (BELFOX)
Interest rate
Futures
Brussels interbank offered rate—BIBOR (three-month)BF 25,000,000n.t.n.t.n.t.n.t.52
Belgian Government bondsBF 2,500,000n.t.n.t.n.t.264
Stock index
Options
Stock options20 shares of underlying stocksn.t.n.t.n.t.n.t.104
Denmark
Guarantee Fund for Danish Options and Futures
Interest rate
Futures
Danish Government bondsDKr 1,000,000n.t.22283549
Mortgage bondsDKr 1,000,00032910034
Options
Danish Government bondsDKr 1,000,000n.t.n.t.n.t.53153
Mortgage bondsDKr 1,000,0008735
Stock index
Futures
KFX stock indexDKr 100,000 x indexn.t.243336407
Options
KFX stock indexDKr 100,000 x indexn.t.n.t.55135194
Danish equities100 underlying sharesn.t.n.t.3143187
Ireland
Irish Futures and Options Exchange
Interest rate
Futures
Dublin interbank offered rate—DIBOR (three-month)£Ir 500,000n.t.382828
Short gilt£Ir 100,000n.t.132
Long gilt£Ir 50,000n.t.8104
New Zealand
New Zealand Futures Exchange
Interest rate
Futures
Bank bills (90-day)$NZ 500,00068118281408393
N.Z. Treasury notes$NZ 100,000295349308267209
Options
Bank bills (90-day)$NZ 500,000233038
N.Z. Treasury notes$NZ 100,00012792228
Stock index
Futures
Forty index$NZ 20 x indexn.t.n.t.n.t.35
Options
Forty index$NZ 20 x indexn.t.n.t.n.t.1
Brazil
Bolsa de Mercadorias e Futuros (BM&F)
Interest rate
Futures
Interbank deposits futuresCr$10,000,000n.t.n.t.n.t.2,49514,073
Currency
Futures
U.S. dollar$5,0008626089494,502
Options
U.S. dollar$5,000n.t.n.t.n.t.20413
Stock index
Futures
Bovespa stock index21Cr$50 x index2,5407,8367,287
Hong Kong
Hong Kong Futures Exchange
Interest rate
Futures
Hong Kong interbank offered rate—HIBOR (three-month)HK$1,000,000n.t.n.t.551
Stock index
Futures
Hang Seng indexHK$50 x index1402362364991,089
Singapore
Singapore International Monetary Exchange (SIMEX)
Interest rate
Futures
Eurodollar$1,000,0001,8813,8623,4693,4335,618
Euro-yen¥ 100,000,0001698161,4922,473
Euro-deutsche markDM 1,000,000n.t.n.t.57335
Options
Eurodollar$1,000,000111013512
Euro-yen¥ 100,000,000n.t.n.t.628181
Currency
Futures
Japanese yen¥ 12,500,0002212871164720
Deutsche markDM 125,0009884646045
Pound sterling£62,50033344
Options
Japanese yen¥ 12,500,000612
Deutsche markDM 125,000111
Stock index
Futures
Nikkei 225 index¥ 500 x index5878598817223,349
Options
Nikkei 225 index¥ 500 x indexn.t.n.t.n.t.n.t.269
Sources: American Stock Exchange; Belgian Futures and Options Exchange; Chicago Board of Trade; Chicago Board Options Exchange; Chicago Mercantile Exchange; Deutsche Terminbörse; Euromoney (Corporate Finance Supplement), Futures and Options 1990 Directory; Futures Industry Association, International Report, Monthly Options Report, and Monthly Volume Report (various issues); and Volume of Futures Trading & Options Trading on U.S. Futures Exchanges: 1968 Through 1992; Futures Industry Institute, Fact Book 1992; London International Financial Futures Exchange; Marché à Terme International de France; Mid-America Commodity Exchange; New York Futures Exchange; New York Stock Exchange; Pacific Stock Exchange; and Philadelphia Stock Exchange.Note: n.t. = not traded;—= either zero or less than 500 contracts; options volume is puts and calls combined.
Table A6.Share of Global Swap Market, 19911(In percent)
Interest Rate

Swaps
Currency

Swaps
United States20.015.0
Japan12.510.0
Germany5.05.0
France12.510.0
Italy1.52.0
United Kingdom7.52.5
Canada3.03.0
Australia2.52.0
Switzerland4.07.5
Other232.542.5
Source: Swaps Monitor, Vol. 6, No. 4 (November 30, 1992).
Table A7.Credit Ratings of Developing Country Borrowers1
Moody’s RatingS&P RatingRecent Changes
SingaporeAa3AA +
Taiwan Province of ChinaNRAA +
KoreaA1A +
ThailandA2A−
MalaysiaA2AMoody’s upgraded rating from A3 in March 1993.
Hong KongA3AS&P placed ratings on credit watch for possible downgrade.
ChileNRBBBS&P assigned a BBB rating in August 1992.
ChinaBaa1BBBS&P assigned a BBB rating in February 1992.
IsraelNRBBBS&P upgraded sovereign rating from BBB– in January 1993.
TurkeyBaa3BBBFirst-time rating assigned by S&P in April 1992.
IndonesiaNRBBB−S&P assigned first-time rating in July 1992.
Czech Federal RepublicBaa3NRMoody’s upgraded rating from Ba1 in March 1993.
HungaryBa1BB +S&P assigned first-time rating in April 1992.
VenezuelaBa1BBS&P upgraded sovereign rating from B+ in July 1991. Moody’s
(Eurobonds)Ba1NRupgraded from Ba3 in August 1991, assigned to Venezuelan
(Conversion bonds)Ba1NRBrady bonds.
(Par and discount bonds)Ba2NR
IndiaBa2BB +Moody’s lowered rating from Baa3 in June 1991; S&P affirmed long-term rating previously placed on credit watch.
MexicoBa2BB +S&P assigned first-time rating in July 1992.
(Pemex)Ba2BB+
(Par and discount bonds)Ba3BB +
Trinidad and TobagoBa2NRMoody’s assigned first-time rating in February 1993.
ArgentinaB1NRMoody’s upgraded sovereign rating from B3 in July 1992.
BrazilB2NR
Note: NR = not rated.
Table A8.Issues of Closed-End Fund Targeting Emerging Markets in Developing Countries(In millions of U.S. dollars)
1992
19891990199119921st

qtr.
2nd

qtr.
3rd

qtr.
4th

qtr.
Developing countries1,8593,4821,1931,421122663477160
Global funds763625313710136
Asia1,4171,89521387012231634191
Multicountry4876022222
Country specific9301,29421384812231631991
China64623631991
India168105
Indonesia199312
Korea4781401709674
Malaysia150292
Pakistan2366
Philippines253
Taiwan Province of China56402626
Thailand105107
Viet Nam10
Europe1369761225369
Multicountry45841
Country specific1361351225369
Former Czech and Slovak Federal Republic3131
Hungary801002222
Israel6969
Turkey5635
Western Hemisphere230575727293193100
Multicountry17820344018181100
Country specific230372288112112
Argentina56
Brazil112112
Chile230180
Mexico192132
Venezuela100
Source: Lipper Analytical Services.
Table A9.Measures of Net Capital Flows in Industrial and Developing Countries and Countries in Transition(In billions of U.S. dollars)
19861987198819891990199119921
Total current account deficits of industrial countries2179.5209.1204.8214.2218.1126.9190.1
Of which:
Seven major countries155.7189.0178.6171.5167.287.3147.4
Total current account deficits of developing countries2, 386.156.670.863.474.2128.9106.2
By region
Africa12.88.611.89.29.19.411.0
Asia20.612.920.823.531.536.233.2
Middle East and Europe33.420.722.018.616.560.823.6
Western Hemisphere19.414.416.212.117.122.538.4
Sub-Saharan Africa5.87.08.06.88.58.99.7
Four newly industrializing Asian economies40.22.28.75.4
Fifteen heavily indebted countries21.614.017.612.718.125.838.6
Total current account deficits of countries in transition24.13.02.84.321.38.08.9
Of which:
Central Europe3.02.01.83.54.37.82.0
Former U.S.S.R.16.36.9
Source: International Monetary Fund, World Economic Outlook.
Table A10.Major Industrial Countries: Summary Balance of Payments(In billions of U.S. dollars)
Current

Account

Balance
Net Direct

Investment
Portfolio

Investment
Bank

Flows
OtherChanges in

Reserves1

(increase−)
Errors and

Omissions
BondsEquities
United States
1986−147.518.555.616.022.1−13.933.815.4
1987−163.431.013.417.746.52.156.9−4.1
1988−126.741.841.7−1.416.1−7.736.3
1989−101.238.953.8−10.311.721.6−16.92.4
1990−90.512.5−11.1−21.917.815.929.847.5
1991−3.7−15.726.4−21.0−8.10.622.6−1.1
1992, first three quarters−37.6−34.626.0−27.542.014.335.1−17.8
Japan
198685.8−14.2−79.2−22.851.9−9.1−14.82.5
198787.0−18.4−31.6−59.762.12.2−37.9−3.7
198879.6−34.7−56.63.838.4−17.1−16.53.1
198957.0−45.2−21.6−10.93.726.112.8−21.8
199035.9−46.35.0−19.5−19.758.96.6−20.9
199172.9−29.4−7.743.1−91.914.06.6−7.7
1992, first three quarters84.7−9.8−28.013.7−66.05.00.9−0.3
Germany
198640.1−9.819.04.6−26.4−27.3−1.51.4
198746.3−7.7−1.2−0.7−8.3−7.1−20.4−1.0
198850.6−11.8−36.6−7.2−2.9−13.118.42.6
198957.6−7.7−11.77.1−25.0−35.910.64.8
199046.3−20.0−1.4−1.0−15.0−18.8−5.515.3
1991−19.5−14.930.5−6.16.7−6.3−2.111.7
1992, first three quarters−20.8−7.445.6−21.157.97.5−64.73.0
France
19862.4−2.1−1.13.03.6−5.2−1.40.8
1987−4.4−4.14.01.4−2.9−3.28.30.9
1988−4.8−6.06.90.93.8−1.80.10.9
1989−5.6−9.116.15.65.2−12.82.4−1.7
1990−13.8−21.822.56.427.4−15.4−11.86.5
1991−6.1−8.811.84.11.7−15.85.27.9
1992, first two quarters−0.5−0.220.22.9−15.0−7.5−3.33.4
Italy
19862.8−2.8−1.14.01.7−2.2−2.3
1987−1.61.8−7.34.410.5−5.5−2.3
1988−6.01.20.48.06.7−8.4−2.0
1989−10.90.13.311.110.2−11.0−2.6
1990−14.4−1.2−0.419.224.4−11.7−16.0
1991−21.5−4.9−6.231.02.56.4−7.4
United Kingdom
1986−8.5−14.4−1.025.8−0.3−6.24.6
1987−7.6−15.814.824.0−20.0−1.85.70.6
1988−28.8−16.07.1−0.719.45.21.712.1
1989−35.6−5.0−19.6−13.123.530.016.33.5
1990−29.414.9−20.61.315.36.72.09.8
1991−11.43.6−8.6−20.327.522.9−14.30.6
1992, first three quarters−19.73.8−20.614.6−26.129.6−0.118.5
Canada
1986−8.2−2.616.1−0.1−2.0−0.7−0.5−1.9
1987−8.8−3.55.04.22.86.1−3.3−2.4
1988−12.6−2.012.6−4.33.211.2−7.6−0.6
1989−19.3−2.313.31.2−1.08.4−0.3−0.1
1990−22.03.011.4−3.52.58.9−0.60.2
1991−25.50.221.6−5.83.48.82.5−5.1
1992, first three quarters−18.60.611.7−3.1−3.86.75.11.4
Source: International Monetary Fund, Balance of Payments Statistics.
Table A11.Ratio of Inward and Outward Foreign Investment to New Issues of Domestic Assets(Cumulative flows, in percent)
1975–821983–90
Share of OECD

Financial Wealth1
Inward Foreign

Investment/

Domestic Assets
Outward

Foreign

Investment/

Domestic Assets
Inward Foreign

Investment/

Domestic Assets
Outward

Foreign

Investment/

Domestic Assets
Total Assets
United States36.23.45.78.42.4
Japan25.33.74.39.213.6
Germany3.911.011.217.732.6
France6.410.39.514.513.9
Italy4.610.96.48.16.6
United Kingdom6.829.733.526.624.0
Canada3.013.78.014.46.4
Spain2.28.23.510.58.5
Netherlands1.222.732.8
Sweden1.613.56.615.611.6
Belgium1.231.225.933.534.7
Finland0.813.69.118.712.2
Average213.611.216.716.6
Bonds and Equities
United States45.111.53.212.82.3
Japan17.38.111.0
Germany3.44.414.632.546.8
France7.316.913.618.114.4
Italy6.02.13.73.57.0
United Kingdom3.96.48.243.737.0
Canada4.223.212.330.415.3
Spain1.212.66.641.910.5
Netherlands1.039.747.4
Sweden1.512.94.122.423.8
Belgium1.412.68.910.337.9
Finland0.720.36.028.012.9
Average211.98.124.523.2
Source: Organization for Economic Cooperation and Development, OECD Financial Statistics—Part 2: Financial Accounts of OECD Countries, various issues.
Table A12.Summary of International Lending(In billions of U.S. dollars)
First Three

Quarters
19861987198819891990199119911992
International lending through banks and bond markets
Total1, 2
IMF-based61486163393777545−73264
BIS-based (gross)359865551377565159−66211
BIS-based (net of redepositing)3282352337500508199158204
Change in bank claims1, 2
IMF-based527810555846732−69−176220
Growth rate (in percent)1620111511−1−23
BIS-based (gross)511603436685608−55−168167
Growth rate (in percent)2018101511−1−33
BIS-based (net of redepositing)1953002604104658555160
Growth rate (in percent)1317111616224
Bond issues (net)3, 4875277904311410344
International lending to industrial countries
Total
IMF-based47759854265560030−55196
BIS-based (gross)347348442560648052−39196
Change in bank claims1
IMF-based400553474576565−63−140161
Growth rate (in percent)2021141513−1−33
BIS-based (gross)396440357527445−42−125161
Growth rate (in percent)2621131712−1−34
Bond issues (net)3, 47745677936938535
International lending to developing countries5
Total
IMF-based423−3143362335
BIS-based35105−10313442
Change in bank claims1
IMF-based222−5122332033
Growth rate (in percent)4−12645
BIS-based393−1129240
Growth rate (in percent)121−227
Bond issues (net)3, 421211432
International lending to countries in transition
Total
IMF-based4168−53−24
BIS-based3258−10−3−65
Change in bank claims1
IMF-based4157−53−34
Growth rate (in percent)91913−94−46
BIS-based257−10−3−64
Growth rate (in percent)469−11−3−64
Bond issues (net)3, 411
Memorandum items:
Total gross bond issues227181227256230298229249
Of which:
Industrial countries201156198224190244190199
Developing countries5435459613
Countries in transition1122211
Sources: Bank for International Settlements (BIS); Organization for Economic Cooperation and Development (OECD); International Monetary Fund, International Financial Statistics; and IMF staff estimates.
Table A13.Changes in Banks’ Cross-Border Claims and Liabilities1(In billions of U.S. dollars)
First Three

Quarters
19861987198819891990199119911992
Total changes in claims on252781055584673269176220
Industrial countries400553474576565−63−140161
Of which:
United States931061089373−7−2344
Japan154223203172101−89−106−90
Developing countries3222−5122332033
Offshore centers48616485181135−5−25−6
Countries in transition4157−53−34
Of which:
Former U.S.S.R.4158−64−16
Other transactors−1117226−17−12−1317
Unidentified nonbank borrowers54653−74452−24−1511
Total changes in liabilities to6582754530823666104251213
Industrial countries422494371575489−121−195128
Of which:
United States8257846724−4−20−39
Japan11414614813855−47−71−55
Developing countries3−54734708220713
Offshore centers413014410014851−29−43−13
Countries in transition−1−143−6−27
Of which:
Former U.S.S.R.1−22−1−7−13
Other transactors−719413−12−6−624
Unidentified nonbank depositors5425117136133−1154
Total changes in net claims on6555526236635757
Industrial countries−2259104175585433
Of which:
United States1249242648−3−384
Japan4077553446−42−35−35
Developing countries37−25−38−58−80131420
Offshore centers4−4420−16338424187
Countries in transition52143−1−3
Of which:
Former U.S.S.R.3248143
Other transactors−3−3−213−4−6−6−7
Unidentified nonbank borrowers531−2331−9−57−4−43
Sources: Bank for International Settlements, data reported to the IMF on currency distribution of banks’ external accounts; International Monetary Fund, International Financial Statistics (IFS); and IMF staff estimates.
Table A14.Changes in Interbank Claims and Liabilities1(In billions of U.S. dollars)
First Three

Quarters
19861987198819891990199119911992
Changes in claims on2437670481660468164238101
Industrial countries362475394456361−158−20363
Of which:
United States6983695923−13−2923
Japan14819218513647−130−125−114
Developing countries3316−231117725
Offshore centers48116382171118−10−26−13
Countries in transition4146−62−34
Of which:
Former U.S.S.R.3147−73−17
Other transactors−1415323−16−15−1322
Changes in liabilities to5464626438656437120247128
Industrial countries362440321468369−119−21091
Of which:
United States56356361−314−7−33
Japan11114514712558−44−68−54
Developing countries3−832163755341920
Offshore centers41171379513533−25−43−14
Countries in transition−1−243−7−2−35
Of which:
Former U.S.S.R.1−21−1−7−12
Other transactors−618213−14−9−1025
Changes in net claims on627444353144927
Industrial countries3473−12−8−397−28
Of which:
United States13486−226−27−2256
Japan37473912−11−86−56−60
Developing countries311−17−17−34−44−17−125
Offshore centers4−3626−14368515181
Countries in transition5344−2
Of which:
Former U.S.S.R.2228−145
Other transactors−8−3111−1−6−3−3
Sources: Bank for International Settlements, data reported to the IMF on currency distribution of banks’ external accounts; International Monetary Fund, International Financial Statistics (IFS); and IMF staff estimates.
Table A15.Changes in Claims on Nonbanks and Liabilities to Nonbanks1(In billions of U.S. dollars)
First Three

Quarters
19861987198819891990199119911992
Changes in claims on290140741862649562120
Industrial countries387981120204956399
Of which:
United States25233935507621
Japan531183654411924
Developing countries3−16−39−916148
Offshore centers45131017517
Countries in transition−1111
Of which:
Former U.S.S.R.111−1
Other transactors32−23−13−5
Unidentified borrowers54653−74452−24−1511
Changes in liabilities to61181289216722916486
Industrial countries605350107120−21537
Of which:
United States262321628−18−13−7
Japan21213−3−3−3−1
Developing countries3315183327−14−12−7
Offshore centers413751318−5
Countries in transition11111
Of which:
Former U.S.S.R.1
Other transactors−1121233−1
Unidentified depositors5425117136133−1154
Changes in net claims on72812181935796634
Industrial countries−2225311384974761
Of which:
United States−11192822251928
Japan330162257442125
Developing countries3−4−8−21−23−36302615
Offshore centers4−8−6−2−4−1917
Countries in transition−11−1−1−1
Of which:
Former U.S.S.R.111−2
Other transactors41−32−31−3−4
Unidentified (net)531−2331−9−57−4−43
Sources: Bank for International Settlements, data reported to the IMF on currency distribution of banks’ external accounts; International Monetary Fund, International Financial Statistics (IFS); and IMF staff estimates.
Table A16.Changes in Banks’ Cross-Border Claims on, and Liabilities to, Developing Countries, by Region1(In billions of U.S. dollars)
First Three Quarters
19861987198819891990199119911992
Changes in claims on
Developing countries2.122.04.512.42.232.720.432.9
Africa−1.0−1.3−1.5−1.8−0.5−3.3−3.50.4
Asia4.915.03.84.423.431.921.717.5
Middle East and Europe−0.82.45.95.3−0.21.0−1.611.3
Western Hemisphere−1.06.0−12.74.5−20.53.03.93.8
Countries in transition3.90.75.47.05.32.72.73.9
Memorandum items
Sub-Saharan Africa0.10.61.6−0.4−0.90.6
Four newly industrializing Asian economies374.4116.771.9113.2108.1−0.2−23.711.8
Fifteen heavily indebted countries−1.42.4−14.2−1.0−28.03.1−0.7
Changes in liabilities to
Developing countries4.847.133.770.082.419.66.713.2
Africa−0.63.64.28.05.91.20.11.0
Asia11.018.211.625.933.719.68.110.4
Middle East and Europe−13.813.315.723.220.9−3.6−3.5−5.3
Western Hemisphere−1.412.02.212.921.92.52.07.1
Countries in transition0.71.44.53.45.70.32.26.9
Memorandum items:
Sub-Saharan Africa0.52.63.65.32.4−1.5−0.90.4
Four newly industrializing Asian economies296.5104.569.5100.257.1−41.6−51.90.6
Fifteen heavily indebted countries−4.29.34.617.222.50.5−0.67.1
Sources: Bank for International Settlements, data reported to the IMF on currency distribution of banks’ external accounts; International Monetary Fund, International Financial Statistics; and IMF staff estimates.
Table A17.Developments in International Bond Markets
First Three

Quarters
19861987198819891990199119911992
(In billions of U.S. dollars)
Total gross international bonds227.1180.8227.1255.8229.9297.6228.6249.1
Amortization64.076.082.989.2107.9149.2102.9170.1
Net issues1163.1104.8144.2166.6122.0148.4125.779.0
Bond purchases by banks76.053.067.076.278.934.823.035.1
Net issues less bonds
Purchases by banks87.151.877.290.443.1113.6102.743.9
Of which:
Industrial countries77.244.867.479.335.793.385.135.0
Developing countries21.50.91.81.30.93.52.82.2
Offshore centers30.20.10.10.1
Countries in transition0.10.20.50.80.30.60.40.1
By category of borrower
Industrial countries201.2156.3198.3224.4190.2244.4189.5198.8
Developing countries23.93.25.23.64.99.26.312.6
Offshore centers30.60.20.30.20.20.10.1
Countries in transition0.30.61.42.21.71.50.80.6
Other, including international organizations21.120.622.025.332.942.431.837.1
By currency of denomination(In percent)
U.S. dollar55.036.237.249.634.830.230.937.7
Japanese yen10.414.710.09.313.413.711.511.7
Deutsche mark7.58.310.46.48.06.76.18.0
Swiss franc10.213.411.67.310.16.86.94.2
ECU43.14.14.94.97.810.612.78.5
Other13.723.225.922.526.032.031.929.9
Interest rates(In percent a year)
Eurodollar deposits56.37.99.48.47.84.55.53.2
Dollar Eurobonds68.610.29.78.79.17.98.56.8
Deutsche mark international bonds66.66.56.27.99.68.68.88.4
Sources: Bank for International Settlements, International Banking and Financial Market Developments; Organization for Economic Cooperation and Development, Financial Market Trends and Financial Statistics Monthly; and IMF staff estimates.
Table A18.Borrowing on International Markets by Major Instruments1(In percent)
1986198719881989199019911992
Fixed rate bonds62.367.170.560.569.178.779.5
Floating rate notes222.57.29.87.016.15.713.1
Equity-related bonds11.823.818.131.413.813.96.3
Other bonds33.31.91.61.20.91.71.1
Total100.0100.0100.0100.0100.0100.0100.0
Source: Organization for Economic Cooperation and Development, Financial Market Trends.
Table A19.International Equity Flows1(In billions of U.S. dollars)
198619871988198919901991
Net Flows2
Investor from
United States32.4−1.1−0.620.911.943.3
Japan47.116.93.017.96.33.6
United Kingdom9.5−0.37.229.8−0.825.8
Continental Europe12.06.88.116.43.814.2
Of which: Germany52.3−0.22.81.60.11.4
Rest of world60.8−18.33.47.4−10.213.7
Equity from
United States18.716.2−1.811.5−15.111.0
Japan−15.8−42.86.87.0−13.346.8
United Kingdom4.310.04.33.14.95.8
Continental Europe20.38.713.042.115.518.4
Of which: Germany6.9−1.03.012.4−2.02.4
Rest of world64.111.9−1.228.618.918.6
Total31.74.021.192.311.0100.6
Gross Flows7
Investor from
United States3128.5236.3191.8275.5297.4319.7
Japan34.8125.0150.1176.2147.394.0
United Kingdom173.6232.9224.1324.1333.8319.4
Continental Europe258.3369.9332.6368.1332.7328.2
Of which: Germany42.959.442.365.049.138.5
Rest of world6205.6380.4314.0454.1330.1261.1
Equity from
United States277.5481.9363.8416.8360.9410.3
Japan189.6354.5327.1432.9268.6234.4
United Kingdom84.3144.1120.8141.3151.6166.4
Continental Europe188.5208.9244.2343.3425.5344.1
Of which: Germany77.876.860.7109.2158.6107.7
Rest of world660.9155.0156.7263.8234.7167.2
Total800.81,344.41,212.61,598.11,441.21,322.4
Memorandum items:
Volume in current U.S. dollars8296.8435.8324.4372.6413.1
Volume in constant U.S. dollars8261.1445.1323.5349.3408.9329.0
International equity offers918.034.414.822.118.330.1
Cross-border mergers and acquisition39.270.9109.6117.5128.481.1
Table A20.Destination of Cross-Border Mergers and Acquisitions(In billions of U.S. dollars)
Targets in
United States1JapanUnited

Kingdom
Western

Europe
Rest of worldTotal
198629.025.913.151.1139.20
198752.180.027.1210.221.3170.86
198868.390.1015.8015.2110.07109.56
198959.680.1128.0524.205.43117.48
199044.8024.4043.9615.26128.41
199127.9911.5729.9111.6481.12
199214.870.138.7339.177.9280.8
Source: Baring Securities.
Table A21.Financial Indicators for Selected Countries, 1991(In percent of GDP except where otherwise noted)
GDP Per

Capita1
Money2Quasi-Money3Private

Credit4
Deposits5Equity6Turnover7
Developing countries
Africa
Côte d’Ivoire82919.112.640.622.05.51.3
Ghana3899.44.07.39.01.3
Kenya31213.916.625.140.47.91.7
Morocco1,14938.217.448.25.23.4
Nigeria26116.910.512.820.06.40.5
South Africa82,91818.926.946.554.3114.66.5
Zimbabwe39215.013.817.250.935.44.0
Asia
India27017.630.828.238.927.0934.9
Indonesia60711.732.055.840.46.042.7
Korea6,30410.529.959.338.635.285.6
Malaysia2,57021.848.081.760.3124.318.4
Pakistan35630.19.125.625.217.78.4
Philippines7408.726.021.231.944.4107.2
Thailand1,6559.367.677.977.237.785.5
Western Hemisphere
Argentina82,8105.38.821.19.814.424.9
Brazil2,5905.417.836.83.21156.61212.3
Chile2,1817.236.151.537.695.96.3
Colombia1,13410.37.115.924.910.64.4
Mexico3,16112.516.427.626.335.631.6
Peru86158.38.96.513.52.99.5
Venezuela2,43811.422.520.440.122.426.6
Industrial countries
Japan29,05629.183.5125.6186.486.91331.8
United Kingdom18,76139.854.7115.11491.793.231.7
United States22,46816.341.965.253.273.653.9
Sources: Central Bank of Brazil; Chiejina (1992); International Finance Corporation (1992); International Monetary Fund (1993b) and (1993c); London Stock Exchange, Stock Exchange Quarterly (London, November 1992); and IMF staff estimates.
Table A22.Stock Market Capitalization in Selected Countries(In millions of U.S. dollars)
19851986198719881989199019911992
Developing countries
Africa
Côte d’Ivoire302332458437531549567
Ghana80
Kenya474499453638
Morocco2552793574466219661,528
Nigeria2,7431,1129749601,0051,3721,8821,221
South Africa55,439102,652128,663126,094131,059137,540123,981
Zimbabwe3604107187741,0672,3951,394628
Asia
India14,36413,58817,05723,62327,31638,56747,73065,119
Indonesia11781682532,2548,0816,82312,038
Korea7,38113,92432,90594,238140,946110,59496,373107,448
Malaysia16,22915,06518,53123,31839,84248,61158,62794,004
Pakistan1,3701,7101,9602,4602,4572,8507,3268,028
Philippines6692,0082,9484,28011,9655,92710,19713,794
Thailand1,8562,8785,4858,81125,64823,89635,81558,259
Western Hemisphere
Argentina2,0371,5911,5192,0254,2253,26818,50918,633
Brazil142,76842,09616,90032,14944,36816,35442,75945,261
Chile2,0124,0625,3416,8499,58713,64527,98429,644
Colombia4168221,2551,1451,1361,4164,0365,681
Mexico3,8155,9528,37113,78422,55032,72598,178139,061
Peru7602,3228319308481,135
Venezuela1,1281,5102,2781,8161,4728,36111,2147,600
Industrial countries
Japan978,6631,841,7852,802,9523,906,6804,392,5972,917,6793,130,9632,332,000
United Kingdom328,000439,500680,721771,206826,598867,5991,003,184915,000
United States2,324,6462,636,5982,588,8902,793,8163,505,6863,089,6514,180,2104,023,000
Sources: International Finance Corporation (1992) and Emerging Markets Database.
February 1988Officially Supported Export Credits: Developments and Prospects, by K. Burke Dillon and Luis Duran-Downing, with Miranda Xafa.
April 1988World Economic Outlook: A Survey by the Staff of the International Monetary Fund.
May 1988Multilateral Official Debt Rescheduling: Recent Experience, by Peter M. Keller, with Nissanke E. Weerasinghe.
May 1988Primary Commodities: Market Developments and Outlook, by the Commodities Division of the Research Department.
July 1988Staff Studies for the World Economic Outlook, by the Research Department of the International Monetary Fund.
October 1988World Economic Outlook: Revised Projections, by the Staff of the International Monetary Fund.
April 1989World Economic Outlook: A Survey by the Staff of the International Monetary Fund.
April 1989International Capital Markets: Developments and Prospects, by a Staff Team from the Exchange and Trade Relations and Research Departments.
July 1989Primary Commodities: Market Developments and Outlook, by the Commodities Division of the Research Department.
August 1989Staff Studies for the World Economic Outlook, by the Research Department of the International Monetary Fund.
September 1989Developments in International Exchange and Trade Systems, by a Staff Team from the Exchange and Trade Relations Department.
October 1989World Economic Outlook: A Survey by the Staff of the International Monetary Fund.
April 1990International Capital Markets: Developments and Prospects, by a Staff Team from the Exchange and Trade Relations and Research Departments.
May 1990Officially Supported Export Credits: Developments and Prospects, by G.G. Johnson, Matthew Fisher, and Elliott Harris.
May 1990World Economic Outlook: A Survey by the Staff of the International Monetary Fund.
July 1990Primary Commodities: Market Developments and Outlook, by the Commodities Division of the Research Department.
September 1990Staff Studies for the World Economic Outlook, by the Research Department of the International Monetary Fund.
October 1990World Economic Outlook: A Survey by the Staff of the International Monetary Fund.
November 1990Multilateral Official Debt Rescheduling: Recent Experience, by Michael G. Kuhn with Jorge P. Guzman.
May 1991International Capital Markets: Developments and Prospects, by a Staff Team from the Exchange and Trade Relations and Research Departments.
May 1991World Economic Outlook: A Survey by the Staff of the International Monetary Fund.
October 1991World Economic Outlook: A Survey by the Staff of the International Monetary Fund.
December 1991Private Market Financing for Developing Countries, by a Staff Team from the Exchange and Trade Relations Department.
May 1992World Economic Outlook: A Survey by the Staff of the International Monetary Fund.
May 1992Developments in International Exchange and Payments Systems, by a Staff Team from the Exchange and Trade Relations Department.
August 1992Issues and Developments in International Trade Policy, by a Staff Team led by Margaret Kelly and Anne Kenny McGuirk.
September 1992International Capital Markets: Developments, Prospects, and Policy Issues, by Morris Goldstein, David Folkerts-Landau, Mohamed El-Erian, Steven Fries, and Liliana Rojas-Suárez.
October 1992World Economic Outlook: A Survey by the Staff of the International Monetary Fund.
December 1992Private Market Financing for Developing Countries, by a Staff Team from the Policy Development and Review Department led by Charles Collyns.
January 1993World Economic Outlook—Interim Assessment: A Survey by the Staff of the International Monetary Fund.
April 1993International Capital Markets: Part I. Exchange Rate Management and International Capital Flows, by Morris Goldstein, David Folkerts-Landau, Peter Garber, Liliana Rojas-Suárez, and Michael Spencer.
May 1993World Economic Outlook: A Survey by the Staff of the International Monetary Fund.
August 1993International 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.
Note: For information on the titles and availability of World Economic and Financial Surveys published prior to 1988, please consult the most recent IMF Publications Catalog or contact IMF Publication Services.

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