Front Matter

Front Matter

Donald Mathieson, Eliot Kalter, Maxwell Watson, and G. Kincaid
Published Date:
February 1986
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© 1986 International Monetary Fund

International Standard Serial Number: ISSN 0251-6365

International Standard Book Number: ISBN 0-939934-59-0

Price: US$7.50 (US$4.50 to university libraries, faculty members, and students)

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International Monetary Fund, Washington, D.C. 20431


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., 1979–81 or January-June) to indicate the years or months covered, including the beginning and ending years or months;

  • / between years (e.g., 1980/81) to indicate a crop or fiscal (financial) year.

“Billion” means a thousand million.

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

Prefatory Note

This study was prepared in the International Capital Markets Division of the Exchange and Trade Relations Department of the International Monetary Fund under the direction of C. Maxwell Watson, Division Chief, with G. Russell Kincaid, Assistant Division Chief. Coauthors of the study are Donald Mathieson, Division Chief in the Research Department, and Eliot Kalter of the Exchange and Trade Relations Department.

Background for the study was provided in part by informal discussions with commercial banks, monetary and bank supervisory authorities, and the staffs of the Bank for International Settlements, the European Community, and the Organization for Economic Cooperation and Development. These discussions took place at various limes during June to September 1985 in Amsterdam, Basle, Berlin, Bern, Brussels, Frankfurt, London, Luxembourg, New York, Ottawa, Paris, Singapore, Tokyo, Toronto, Washington, and Zurich. In addition to the authors, other Fund staff members took part in some of the discussions: Lawrence DeMilner and Charles Collyns of the Western Hemisphere Department participated in discussions in Canada and in the United States, respectively. Sena Eken of the Fund’s Office in Europe participated in meetings in Brussels and Paris.

Other Fund staff members made significant contributions to the preparation of this study. They include Klaus P. Regung, Bruno de Schaetzen, Caroline Atkinson, and R. Barry Johnston, all of the International Capital Markets Division. Staff of the Bureau of Statistics, particularly Peter L. Joyce and Cyrille Briançon, developed and compiled the data based on the Fund’s International Banking Statistics. Research assistance was provided by Can T. Demir. The authors are also grateful to the editor, Maxine Stough, of the External Relations Department.

Similar studies have been prepared in recent years, and last year’s study was published in August 1984 as Occasional Paper No. 31. The present study was completed in December 1985 and reflects developments up to that time. Related issues concerning bank debt restructurings are reviewed in detail in Recent Developments in External Debt Restructuring, published in October 1985 as Occasional Paper No. 40.

The paper has benefited from comments by staff in other departments of the Fund and by members of the Executive Board. However, opinions expressed are those of the authors and do not necessarily represent the view of other staff members or of Executive Directors.

It should be noted that the term “country” used in this document 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.

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