Front Matter

Front Matter

International Monetary Fund
Published Date:
August 1981
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International Standard Serial Number: ISSN 0251-6365

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External Relations Department, Attention Publications

International Monetary Fund, Washington, D.C. 20431

Occasional Paper No. 7

International Capital Markets Recent Developments and Short-Term Prospects, 1981

By a Staff Team Headed by Richard C. Williams, with G. G. Johnson Exchange and Trade Relations Department and including Ulrich Baumgartner Henri Ghesquiere Emilio Sacerdoti

Ulrich Baumgartner

Henri Ghesquiere

Emilio Sacerdoti

International Monetary Fund

Washington, D.C.

August 1981


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., 1978–80 or January–June) to indicate the years or months covered, including the beginning and ending years or months;
  • / between years (e.g., 1979/80) to indicate a crop or fiscal (financial) year.

“Billion” means a thousand million.

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

Prefatory Note

Background for this study was provided by informal discussions with some forty banks, monetary and bank supervisory authorities in ten countries, and staff of the Bank for International Settlements, the European Community, and the Organization for Economic Cooperation and Development. These discussions took place in February and March 1981 in Amsterdam, Basle, Berlin, Bonn, Brussels, Frankfurt, London, Luxembourg, Paris, and Zurich. Similar discussions were held in New York and Washington in March and in Montreal, Ottawa, and Tokyo in April.

Fund staff members, other than the authors, who participated in these latter discussions included K. Burke Dillon and Hiroyuki Hino of the Exchange and Trade Relations Department and Jorge R. Marquez-Ruarte and Esther C. Suss of the Western Hemisphere Department. Research assistance was provided by Can Demir.

Similar studies have been prepared in recent years, and last year’s study was published as Occasional Paper No. 1 in September 1980. The present study was completed in June 1981 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.

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