Front Matter

Front Matter

R. Williams
Published Date:
September 1980
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    International Monetary Fund.

    International capital markets : recent developments and short-term prospects / by a staff team, headed by R. C. Williams, Exchange and Trade Relations Department.—Washington : The Fund, 1980.

    (Occasional paper—International Monetary Fund ; no. 1)

    1. International finance. 2. Banks and banking, International. 3. Investments, Foreign. I. Williams, Richard C. II. Title. III. Series: International Monetary Fund. Occasional paper ; no. 1.


    The following symbols have been used throughout this paper:

    • (…) indicate that data are not available;
    • (—) indicates that the figure is zero or less than half the final digit shown, or that the item does not exist;
    • (–) is used between years or months (e.g., 1970–78 or January–June) to indicate the years or months covered, including the beginning and ending years or months;
    • (/) is used between years (e.g., 1977/78) to indicate a fiscal year.

    “Billion” means a thousand million.

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


    The publication of this paper, International Capital Markets: Recent Developments and Short-Term Prospects, begins a new series, Occasional Papers, designed to fill a gap in the range of publications of the International Monetary Fund.

    In addition to the Annual Report of its Executive Directors and the Annual Report on Exchange Arrangements and Exchange Restrictions, both published in accordance with the Articles of Agreement, the Fund also publishes a scholarly quarterly, Staff Papers; a topical news survey, the IMF Survey; papers on the Fund and its work, in a Pamphlet Series; a quarterly periodical, Finance and Development, jointly with the World Bank; and several statistical bulletins and yearbooks. The new series will make it possible to provide policymakers, technicians, and the interested public with studies in greater depth and with greater flexibility in timing and content than is possible with existing Fund publications. While the emphasis will be on current topics, the series will also include papers on subjects of longer-term interest. Occasional Papers will not be on a particular theme but will contain studies on a variety of economic and financial subjects of importance to the work of the Fund, such as overall developments in national economies, the behavior of international capital markets, and problems related to the functioning of the international monetary system. It is hoped that the new series will contribute to the clarification of current economic issues and promote a wider understanding of the Fund’s work.


    Azizali F. Mohammed


    Office of External Relations

    International Monetary Fund

    September 1980

    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 Richard C. Williams, Assistant Director. The members of the division who contributed were G. G. Johnson (who also shared in the supervision of the study), Ulrich Baumgartner, Henri Ghesquière, and Nancy Happe. Saul Rothman of the European Department also contributed, and helpful comments were received from a number of colleagues. Background for the study was provided by informal discussions which the staff had with bankers and monetary and bank supervisory authorities in Canada, France, the Federal Republic of Germany, Japan, Luxembourg, the Netherlands, Switzerland, the United Kingdom, and the United States in March, April, and May 1980, as well as with staff of the Bank for International Settlements, the European Communities, and the Organization for Economic Cooperation and Development. The study was completed in June 1980 and does not reflect developments since then.

    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.

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