Front Matter

Front Matter

Maxwell Watson, Peter Keller, and Donald Mathieson
Published Date:
August 1984
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    © 1984 International Monetary Fund

    Edited by O. Mary Price

    International Standard Serial Number: ISSN 0251-6365

    Price: US$7.50

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    External Relations Department, Attention Publications 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 Peter M. Keller, Assistant Division Chief.

    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 in March, April, and May 1984 in Amsterdam, Basle, Berlin, Berne, Brussels, Frankfurt, Hong Kong, London, Luxembourg, New York, Ottawa, Paris, Singapore, Tokyo, Toronto, Washington, D.C., and Zurich.

    A number of Fund staff members other than the authors participated 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. Robert Ley, of the Fund’s Office in Europe, participated in the meetings in Paris. Staff of the Bureau of Statistics, particularly Messrs. John C. O’Connor, Peter L. Joyce, and Cyrille Briancon, developed and compiled the new set of data used in the analysis of banking flows. Research assistance was provided by Can T. Demir.

    Similar studies have been prepared in recent years and last year’s study was published in July 1983 as Occasional Paper No. 23. The present study was completed in July 1984 and reflects developments up to that time.

    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 views 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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