Appendix III Statistical Tables

Data on changes in bank claims and liabilities are derived from stock data on the reporting countries’ liabilities and assets, excluding changes attributed to exchange rate movements.

Table A1.

Changes in Cross-Border Bank Claims and Liabilities, 1982–Third Quarter 1988¹

(In billions of U.S. dollars)

Sources: International Monetary Fund, International Financial Statistics (IFS); and Fund staff estimates.

^¹Data on changes in bank claims and liabilities are derived from stock data on the reporting countries’ liabilities and assets, excluding changes attributed to exchange rate movements.

^²As measured by differences in the outstanding liabilities of borrowing countries defined as cross-border interbank accounts by residence of borrowing bank plus international bank credits to nonbanks by residence of borrower.

^³Excluding offshore centers.

^⁴Consisting of The Bahamas, Bahrain, the Cayman Islands, Hong Kong, the Netherlands Antilles, Panama, and Singapore.

^⁵Transactors included in IFS measures for the world, to enhance global symmetry, but excluded from IFS measures for “All Countries.” The data comprise changes in identified cross-border bank accounts of centrally planned economies (excluding Fund members) and of international organizations.

^⁶Calculated as the difference between the amount that countries report as their banks’ positions with nonresident nonbanks in their monetary statistics and the amounts that banks in major financial centers report as their positions with nonbanks in each country.

^⁷Consisting of all developing countries except the eight Middle Eastern oil exporters (the Islamic Republic of Iran, Iraq, Kuwait, the Libyan Arab Jamahiriya, Oman, Qatar, Saudi Arabia, and the United Arab Emirates) for which external debt statistics are not available or are small in relation to external assets.

^⁸Consisting of all developing countries except the eight Middle Eastern oil exporters (listed in footnote 7 above), Algeria, Indonesia, Nigeria, and Venezuela.

^⁹As measured by differences in the outstanding assets of depositing countries, defined as cross-border interbank accounts by residence of lending bank plus international bank deposits of nonbanks by residence of depositor.

^¹⁰Difference between changes in bank claims and liabilities.

Table A1.

Changes in Cross-Border Bank Claims and Liabilities, 1982–Third Quarter 1988¹

(In billions of U.S. dollars)

										1987	1988
				1982	1983	1984	1985	1986	1987	First three quarters
Total change in claims²				186	150	182	275	527	793	587	464
	Industrial countries			123	96	127	208	417	550	405	392
		Of which:
			United States	61	40	36	55	94	106	76	49
			Japan	…	10	20	40	154	223	170	184
	Developing countries³			51	33	13	6	-3	19	1	-11
	Offshore centers⁴			25	12	28	28	86	164	131	76
	Other transactors⁵			-1	8	6	11	-7	20	16	16
	Unallocated (nonbanks)⁶			-12	1	7	22	33	40	29	-10
Memorandum items
	Capital importing developing countries³, ⁷			…	29	15	7	-2	18	6	-14
	Non-oil developing countries³, ⁸			41	26	16	5	-2	18	7	-15
	Fifteen heavily indebted countries			…	11	5	-4	-2	2	2	-11
Total change in liabilities⁹				188	178	184	300	596	750	546	410
	Industrial countries			150	96	113	194	432	491	386	296
		Of which:
			United States	107	35	7	22	82	58	36	31
			Japan	…	15	12	42	114	146	130	133
	Developing countries³			4	23	23	24	-1	-48	35	25
	Offshore centers⁴			25	34	24	46	130	145	104	86
	Other transactors⁵			4	10	2	9	-7	17	9	5
	Unallocated (nonbanks)⁶			6	15	22	28	42	49	13	-1
Memorandum items
	Capital importing developing countries³, ⁷			…	29	25	21	12	36	28	19
	Non-oil developing countries³, ⁸			17	29	22	18	21	36	28	19
	Fifteen heavily indebted countries			…	13	15	5	-5	9	6	2
Change in total net claims¹⁰				-2	-28	-2	-25	-70	44	41	55
	Industrial countries			-26	—	14	13	-15	59	19	90
		Of which:
			United States	-46	5	29	32	11	49	41	18
			Japan	…	-5	8	-2	40	75	38	51
	Developing countries³			47	10	-10	-18	-2	-29	-28	-35
	Offshore centers⁴			—	-22	5	-17	-45	20	27	-9
	Other transactors⁵			-5	-2	4	2	1	3	6	12
	Unallocated (nonbanks)			-18	-14	-15	-5	-9	-9	16	-9
Memorandum items
	Capital importing developing countries³, ⁷			…	—	-10	-14	-14	-18	-22	-33
	Non-oil developing countries³, ⁸			24	-2	-6	-13	-24	-18	-22	-34
	Fifteen heavily indebted countries			…	-1	-9	-8	3	-6	-3	-13

Sources: International Monetary Fund, International Financial Statistics (IFS); and Fund staff estimates.

^¹Data on changes in bank claims and liabilities are derived from stock data on the reporting countries’ liabilities and assets, excluding changes attributed to exchange rate movements.

^³Excluding offshore centers.

^⁴Consisting of The Bahamas, Bahrain, the Cayman Islands, Hong Kong, the Netherlands Antilles, Panama, and Singapore.

^⁸Consisting of all developing countries except the eight Middle Eastern oil exporters (listed in footnote 7 above), Algeria, Indonesia, Nigeria, and Venezuela.

^¹⁰Difference between changes in bank claims and liabilities.

Table A1.

Changes in Cross-Border Bank Claims and Liabilities, 1982–Third Quarter 1988¹

(In billions of U.S. dollars)

										1987	1988
				1982	1983	1984	1985	1986	1987	First three quarters
Total change in claims²				186	150	182	275	527	793	587	464
	Industrial countries			123	96	127	208	417	550	405	392
		Of which:
			United States	61	40	36	55	94	106	76	49
			Japan	…	10	20	40	154	223	170	184
	Developing countries³			51	33	13	6	-3	19	1	-11
	Offshore centers⁴			25	12	28	28	86	164	131	76
	Other transactors⁵			-1	8	6	11	-7	20	16	16
	Unallocated (nonbanks)⁶			-12	1	7	22	33	40	29	-10
Memorandum items
	Capital importing developing countries³, ⁷			…	29	15	7	-2	18	6	-14
	Non-oil developing countries³, ⁸			41	26	16	5	-2	18	7	-15
	Fifteen heavily indebted countries			…	11	5	-4	-2	2	2	-11
Total change in liabilities⁹				188	178	184	300	596	750	546	410
	Industrial countries			150	96	113	194	432	491	386	296
		Of which:
			United States	107	35	7	22	82	58	36	31
			Japan	…	15	12	42	114	146	130	133
	Developing countries³			4	23	23	24	-1	-48	35	25
	Offshore centers⁴			25	34	24	46	130	145	104	86
	Other transactors⁵			4	10	2	9	-7	17	9	5
	Unallocated (nonbanks)⁶			6	15	22	28	42	49	13	-1
Memorandum items
	Capital importing developing countries³, ⁷			…	29	25	21	12	36	28	19
	Non-oil developing countries³, ⁸			17	29	22	18	21	36	28	19
	Fifteen heavily indebted countries			…	13	15	5	-5	9	6	2
Change in total net claims¹⁰				-2	-28	-2	-25	-70	44	41	55
	Industrial countries			-26	—	14	13	-15	59	19	90
		Of which:
			United States	-46	5	29	32	11	49	41	18
			Japan	…	-5	8	-2	40	75	38	51
	Developing countries³			47	10	-10	-18	-2	-29	-28	-35
	Offshore centers⁴			—	-22	5	-17	-45	20	27	-9
	Other transactors⁵			-5	-2	4	2	1	3	6	12
	Unallocated (nonbanks)			-18	-14	-15	-5	-9	-9	16	-9
Memorandum items
	Capital importing developing countries³, ⁷			…	—	-10	-14	-14	-18	-22	-33
	Non-oil developing countries³, ⁸			24	-2	-6	-13	-24	-18	-22	-34
	Fifteen heavily indebted countries			…	-1	-9	-8	3	-6	-3	-13

Sources: International Monetary Fund, International Financial Statistics (IFS); and Fund staff estimates.

^¹Data on changes in bank claims and liabilities are derived from stock data on the reporting countries’ liabilities and assets, excluding changes attributed to exchange rate movements.

^³Excluding offshore centers.

^⁴Consisting of The Bahamas, Bahrain, the Cayman Islands, Hong Kong, the Netherlands Antilles, Panama, and Singapore.

^⁸Consisting of all developing countries except the eight Middle Eastern oil exporters (listed in footnote 7 above), Algeria, Indonesia, Nigeria, and Venezuela.

^¹⁰Difference between changes in bank claims and liabilities.

Table A2.

Developments in International Bond Markets, 1982–88

Sources: Organization for Economic Cooperation and Development, Financial Statistics Monthly and Financial Market Trends; and Fund staff estimates.

^¹Gross issues less scheduled repayments and early redemption.

^²Three-month deposits, at end of period.

^³Bonds with remaining maturity of 7–15 years, at end of period.

Table A2.

Developments in International Bond Markets, 1982–88

				1982	1983	1984	1985	1986	1987	1988
				(In billions of U.S. dollars)
Total international bonds				76	77	110	168	227	181	225
	Amortization			18	18	20	36	64	76	82
	Net issues¹			58	59	90	132	163	105	143
	Bond purchases by banks			9	13	28	55	76	53	…
	Net issues less bonds purchases by banks			49	46	62	77	87	51	…
		Of which:
			Industrial countries	39	36	57	63	77	44	…
			Developing countries	3	2	3	4	2	1	…
By category of borrower
	Industrial countries			60	60	91	137	200	155	193
	Developing countries			5	3	5	10	5	5	8
	Other, including international organizations			11	14	13	21	21	21	24
				(In percent)
By currency of denomination
	U.S. dollar			64	57	64	61	55	36	38
	Deutsche mark			7	9	6	7	8	8	11
	Swiss franc			15	18	12	9	10	13	12
	Japanese yen			5	5	6	8	10	15	10
	Other			9	11	12	15	17	27	30
				(In percent a year)
Interest rate developments
	Eurodollar deposits²			9.5	10.1	9.0	8.0	6.3	7.9	9.4
	Dollar Eurobonds³			13.4	12.5	12.1	10.6	8.6	10.2	9.7
	Deutsche mark international bonds³			8.2	8.4	7.4	6.9	6.6	6.5	6.2

Sources: Organization for Economic Cooperation and Development, Financial Statistics Monthly and Financial Market Trends; and Fund staff estimates.

^¹Gross issues less scheduled repayments and early redemption.

^²Three-month deposits, at end of period.

^³Bonds with remaining maturity of 7–15 years, at end of period.

Table A2.

Developments in International Bond Markets, 1982–88

				1982	1983	1984	1985	1986	1987	1988
				(In billions of U.S. dollars)
Total international bonds				76	77	110	168	227	181	225
	Amortization			18	18	20	36	64	76	82
	Net issues¹			58	59	90	132	163	105	143
	Bond purchases by banks			9	13	28	55	76	53	…
	Net issues less bonds purchases by banks			49	46	62	77	87	51	…
		Of which:
			Industrial countries	39	36	57	63	77	44	…
			Developing countries	3	2	3	4	2	1	…
By category of borrower
	Industrial countries			60	60	91	137	200	155	193
	Developing countries			5	3	5	10	5	5	8
	Other, including international organizations			11	14	13	21	21	21	24
				(In percent)
By currency of denomination
	U.S. dollar			64	57	64	61	55	36	38
	Deutsche mark			7	9	6	7	8	8	11
	Swiss franc			15	18	12	9	10	13	12
	Japanese yen			5	5	6	8	10	15	10
	Other			9	11	12	15	17	27	30
				(In percent a year)
Interest rate developments
	Eurodollar deposits²			9.5	10.1	9.0	8.0	6.3	7.9	9.4
	Dollar Eurobonds³			13.4	12.5	12.1	10.6	8.6	10.2	9.7
	Deutsche mark international bonds³			8.2	8.4	7.4	6.9	6.6	6.5	6.2

Sources: Organization for Economic Cooperation and Development, Financial Statistics Monthly and Financial Market Trends; and Fund staff estimates.

^¹Gross issues less scheduled repayments and early redemption.

^²Three-month deposits, at end of period.

^³Bonds with remaining maturity of 7–15 years, at end of period.

Table A3.

Change in Cross-Border Bank Claims on Developing Countries and Areas, 1983–Third Quarter 1988¹, ²

(In billions of U.S. dollars)

Sources: Bank for International Settlements (BIS); Organization for Economic Cooperation and Development; International Monetary Fund, International Financial Statistics; and Fund staff estimates.

^¹IMF-based data on cross-border lending by banks are derived from the Fund’s international banking statistics (IBS) (cross-border interbank accounts by residence of borrowing bank plus international bank credits to nonbanks by residence of borrower), excluding changes attributed to exchange rate movements. BIS-based data are derived from quarterly statistics contained in the BIS’s International Banking Developments; the figures shown are adjusted for the effects of exchange rate movements. Differences between the IMF data and the BIS data are mainly accounted for by the different coverages. The BIS data are derived from geographical analyses provided by banks in the BIS reporting area. The IMF data derive cross-border interbank positions from the regular money and banking data supplied by member countries, while the IMF analysis of transactions with nonbanks is based on data from geographical breakdowns provided by the BIS reporting countries and additional banking centers. Neither the IBS series nor the BIS series are fully comparable over time because of expansion of coverage.

^²Excluding the seven offshore centers (The Bahamas, Bahrain, the Cayman Islands, Hong Kong, the Netherlands Antilles, Panama, and Singapore).

^³Excluding bridge loans.

Table A3.

Change in Cross-Border Bank Claims on Developing Countries and Areas, 1983–Third Quarter 1988¹, ²

(In billions of U.S. dollars)

								1987	1988
			1983	1984	1985	1986	1987	First three quarters
Developing countries and areas			33.4	13.5	5.9	-2.8	18.7	6.9	-10.7
	Growth rate (in percent)		6	2	1	-1	3	1	-2
Africa			5.0	—	0.9	-1.5	-1.3	-1.4	-0.2
	Of which:
		Algeria	0.2	0.1	1.8	1.0	-0.4	-0.4	0.8
		Côte d’Ivoire	-0.1	-0.3	—	—	-0.1	—	—
		Morocco	0.3	0.1	0.1	—	—	—	—
		Nigeria	1.3	-0.8	-1.3	-0.4	-0.7	-0.4	-0.1
		South Africa	3.0	-1.4	-0.3	-2.1	-0.1	-0.3	-0.3
Asia			8.9	8.0	6.8	5.0	14.7	5.1	-3.8
	Of which:
		China	0.8	1.3	4.8	0.7	4.8	3.5	5.6
		India	0.9	0.1	1.7	0.3	2.6	1.9	0.8
		Indonesia	2.6	0.7	—	0.6	0.9	1.0	0.3
		Korea	2.0	3.5	2.2	-2.3	-5.6	5.5	-1.4
		Malaysia	1.9	1.4	-1.4	-0.5	-1.9	1.3	-1.5
		Philippines	-1.3	0.1	-0.5	-0.1	0.1	0.1	-1.4
		Taiwan Province of China	-0.6	0.4	—	7.1	13.3	5.9	-6.4
Europe			0.7	1.4	1.9	-1.7	-0.4	-0.5	-1.4
	Of which:
		Greece	1.3	1.2	1.2	-1.2	-0.9	-0.6	0.9
		Hungary	0.9	0.2	2.3	2.0	0.9	0.4	0.4
		Poland	—	—	-1.4	-0.9	-0.5	-0.3	-0.6
		Portugal	—	-0.1	—	-1.9	-0.1	0.2	-0.8
		Turkey	—	0.9	0.5	1.5	1.5	0.9	0.2
		Yugoslavia	—	0.2	0.2	-0.9	-0.9	-0.8	0.5
Middle East			3.6	-0.9	-2.1	-2.4	0.9	0.3	3.4
	Of which:
		Egypt	-0.7	0.6	-0.3	-0.1	-0.6	-0.4	-0.4
		Israel	-0.3	-0.6	-0.8	-1.2	—	—	-0.4
Western Hemisphere			15.2	5.4	-1.5	-2.3	4.9	3.4	-8.7
	Of which:
		Argentina	2.3	-0.2	0.5	1.2	0.8	-0.4	0.4
		Brazil	5.3	5.1	-2.9	—	3.9	2.9	-3.3
		Chile	0.3	1.2	0.2	-1.0	-1.4	-0.7	-1.0
		Colombia	0.6	0.1	—	0.4	-0.2	—	0.2
		Ecuador	0.2	-0.1	0.2	0.3	0.2	0.1	-0.1
		Mexico	2.8	1.6	-0.8	-0.8	1.3	2.1	-5.5
		Venezuela	-1.2	-2.2	0.5	-1.1	-0.3	-0.2	0.8
Memorandum items
	Fifteen heavily indebted countries		11.5	5.1	-4.0	-1.8	2.4	2.2	-11.3
	Countries experiencing debt-servicing problems		8.1	5.9	-5.9	-8.0	0.5	0.1	-12.9
	Countries without debt-servicing problems		25.3	7.6	11.8	5.2	18.2	6.8	-2.2
	Gross concerted lending disbursements³		13.3	10.7	5.4	3.3	5.7	3.5	1.7
	Total, BIS-based		26.4	11.6	14.4	-2.6	6.0	-0.7	-9.4
		Growth rate (in percent)	7	2	3	-1	1	—	-2
	Gross bond issues		3.1	5.0	9.2	4.9	4.9	3.9	5.4

Sources: Bank for International Settlements (BIS); Organization for Economic Cooperation and Development; International Monetary Fund, International Financial Statistics; and Fund staff estimates.

^²Excluding the seven offshore centers (The Bahamas, Bahrain, the Cayman Islands, Hong Kong, the Netherlands Antilles, Panama, and Singapore).

^³Excluding bridge loans.

Table A3.

Change in Cross-Border Bank Claims on Developing Countries and Areas, 1983–Third Quarter 1988¹, ²

(In billions of U.S. dollars)

								1987	1988
			1983	1984	1985	1986	1987	First three quarters
Developing countries and areas			33.4	13.5	5.9	-2.8	18.7	6.9	-10.7
	Growth rate (in percent)		6	2	1	-1	3	1	-2
Africa			5.0	—	0.9	-1.5	-1.3	-1.4	-0.2
	Of which:
		Algeria	0.2	0.1	1.8	1.0	-0.4	-0.4	0.8
		Côte d’Ivoire	-0.1	-0.3	—	—	-0.1	—	—
		Morocco	0.3	0.1	0.1	—	—	—	—
		Nigeria	1.3	-0.8	-1.3	-0.4	-0.7	-0.4	-0.1
		South Africa	3.0	-1.4	-0.3	-2.1	-0.1	-0.3	-0.3
Asia			8.9	8.0	6.8	5.0	14.7	5.1	-3.8
	Of which:
		China	0.8	1.3	4.8	0.7	4.8	3.5	5.6
		India	0.9	0.1	1.7	0.3	2.6	1.9	0.8
		Indonesia	2.6	0.7	—	0.6	0.9	1.0	0.3
		Korea	2.0	3.5	2.2	-2.3	-5.6	5.5	-1.4
		Malaysia	1.9	1.4	-1.4	-0.5	-1.9	1.3	-1.5
		Philippines	-1.3	0.1	-0.5	-0.1	0.1	0.1	-1.4
		Taiwan Province of China	-0.6	0.4	—	7.1	13.3	5.9	-6.4
Europe			0.7	1.4	1.9	-1.7	-0.4	-0.5	-1.4
	Of which:
		Greece	1.3	1.2	1.2	-1.2	-0.9	-0.6	0.9
		Hungary	0.9	0.2	2.3	2.0	0.9	0.4	0.4
		Poland	—	—	-1.4	-0.9	-0.5	-0.3	-0.6
		Portugal	—	-0.1	—	-1.9	-0.1	0.2	-0.8
		Turkey	—	0.9	0.5	1.5	1.5	0.9	0.2
		Yugoslavia	—	0.2	0.2	-0.9	-0.9	-0.8	0.5
Middle East			3.6	-0.9	-2.1	-2.4	0.9	0.3	3.4
	Of which:
		Egypt	-0.7	0.6	-0.3	-0.1	-0.6	-0.4	-0.4
		Israel	-0.3	-0.6	-0.8	-1.2	—	—	-0.4
Western Hemisphere			15.2	5.4	-1.5	-2.3	4.9	3.4	-8.7
	Of which:
		Argentina	2.3	-0.2	0.5	1.2	0.8	-0.4	0.4
		Brazil	5.3	5.1	-2.9	—	3.9	2.9	-3.3
		Chile	0.3	1.2	0.2	-1.0	-1.4	-0.7	-1.0
		Colombia	0.6	0.1	—	0.4	-0.2	—	0.2
		Ecuador	0.2	-0.1	0.2	0.3	0.2	0.1	-0.1
		Mexico	2.8	1.6	-0.8	-0.8	1.3	2.1	-5.5
		Venezuela	-1.2	-2.2	0.5	-1.1	-0.3	-0.2	0.8
Memorandum items
	Fifteen heavily indebted countries		11.5	5.1	-4.0	-1.8	2.4	2.2	-11.3
	Countries experiencing debt-servicing problems		8.1	5.9	-5.9	-8.0	0.5	0.1	-12.9
	Countries without debt-servicing problems		25.3	7.6	11.8	5.2	18.2	6.8	-2.2
	Gross concerted lending disbursements³		13.3	10.7	5.4	3.3	5.7	3.5	1.7
	Total, BIS-based		26.4	11.6	14.4	-2.6	6.0	-0.7	-9.4
		Growth rate (in percent)	7	2	3	-1	1	—	-2
	Gross bond issues		3.1	5.0	9.2	4.9	4.9	3.9	5.4

Sources: Bank for International Settlements (BIS); Organization for Economic Cooperation and Development; International Monetary Fund, International Financial Statistics; and Fund staff estimates.

^²Excluding the seven offshore centers (The Bahamas, Bahrain, the Cayman Islands, Hong Kong, the Netherlands Antilles, Panama, and Singapore).

^³Excluding bridge loans.

Table A4.

International Bond Issues by Developing Countries, 1983–88¹

(In millions of U.S. dollars)

Source: Organization for Economic Cooperation and Development, Financial Statistics Monthly.

^¹Foreign bonds and Eurobonds.

^²Excludes offshore banking centers.

^³Excludes issue of collateralized Mexican bonds related to the Mexican debt exchange concluded in February 1988.

Table A4.

International Bond Issues by Developing Countries, 1983–88¹

(In millions of U.S. dollars)

					1983	1984	1985	1986	1987	1988
Developing countries²					3,091.1	4,978.0	9,205.4	4,863.1	4,863.7	8,085.5
Capital importing developing countries²					3,091.1	4,703.0	9,180.4	4,863.1	4,863.7	8,085.5
		Africa			592.5	1,013.9	1,322.5	125.6	49.2	476.2
			Of which:
				Algeria	—	—	500.0	125.6	49.2	438.6
				South Africa	532.5	1,013.9	802.2	—	—	37.6
		Asia			2,171.1	2,951.0	6,005.4	2,915.4	2,410.8	2,660.6
			Of which:
				China	20.5	81.7	972.8	1,362.1	1,415.2	831.4
				India	60.0	297.6	417.8	323.2	377.0	739.6
				Indonesia	365.7	50.0	—	300.0	50.0	325.8
				Korea	546.8	1,056.0	1,730.9	783.0	332.3	110.0
				Pakistan	—	—	—	—	20.7	—
				Malaysia	884.6	1,141.2	2,001.9	43.0	215.6	360.7
				Philippines	—	—	—	—	—	—
				Thailand	253.5	283.3	861.7	50.0	—	261.0
		Europe			117.8	630.7	1,601.7	1,110.0	2,018.4	4,072.0
			Of which:
				Greece	41.6	200.8	744.7	150.3	539.2	314.9
				Hungary	—	40.5	447.1	290.5	554.6	816.2
				Portugal	76.2	389.4	347.4	502.5	613.1	1,813.0
				Turkey	—	—	62.5	166.7	311.5	1,127.9
		Middle East			175.0	—	82.0	—	35.0	—
			Of which:
				Egypt	40.0	—	60.0	—	—	—
				Israel	135.0	—	22.0	—	35.0	—
		Western Hemisphere			65.0	107.4	168.8	712.1	350.3	876.7
			Of which:
				Argentina	—	—	—	—	195.0	—
				Brazil	—	—	—	300.0	—	—
				Chile	—	—	—	—	—	—
				Colombia	15.0	—	—	39.0	50.0	—
				Mexico	—	—	49.0	313.3	—	—³
				Peru	—	—	—	—	—	—
				Venezuela	—	—	—	—	—	757.7
Memorandum items
	Offshore banking centers				153.8	285.6	383.3	568.7	228.0	159.5
	Developing countries, including offshore banking centers				3,275.2	5,263.6	9,588.7	5,431.8	5,091.7	8,245.0

Source: Organization for Economic Cooperation and Development, Financial Statistics Monthly.

^¹Foreign bonds and Eurobonds.

^²Excludes offshore banking centers.

^³Excludes issue of collateralized Mexican bonds related to the Mexican debt exchange concluded in February 1988.

Table A4.

International Bond Issues by Developing Countries, 1983–88¹

(In millions of U.S. dollars)

					1983	1984	1985	1986	1987	1988
Developing countries²					3,091.1	4,978.0	9,205.4	4,863.1	4,863.7	8,085.5
Capital importing developing countries²					3,091.1	4,703.0	9,180.4	4,863.1	4,863.7	8,085.5
		Africa			592.5	1,013.9	1,322.5	125.6	49.2	476.2
			Of which:
				Algeria	—	—	500.0	125.6	49.2	438.6
				South Africa	532.5	1,013.9	802.2	—	—	37.6
		Asia			2,171.1	2,951.0	6,005.4	2,915.4	2,410.8	2,660.6
			Of which:
				China	20.5	81.7	972.8	1,362.1	1,415.2	831.4
				India	60.0	297.6	417.8	323.2	377.0	739.6
				Indonesia	365.7	50.0	—	300.0	50.0	325.8
				Korea	546.8	1,056.0	1,730.9	783.0	332.3	110.0
				Pakistan	—	—	—	—	20.7	—
				Malaysia	884.6	1,141.2	2,001.9	43.0	215.6	360.7
				Philippines	—	—	—	—	—	—
				Thailand	253.5	283.3	861.7	50.0	—	261.0
		Europe			117.8	630.7	1,601.7	1,110.0	2,018.4	4,072.0
			Of which:
				Greece	41.6	200.8	744.7	150.3	539.2	314.9
				Hungary	—	40.5	447.1	290.5	554.6	816.2
				Portugal	76.2	389.4	347.4	502.5	613.1	1,813.0
				Turkey	—	—	62.5	166.7	311.5	1,127.9
		Middle East			175.0	—	82.0	—	35.0	—
			Of which:
				Egypt	40.0	—	60.0	—	—	—
				Israel	135.0	—	22.0	—	35.0	—
		Western Hemisphere			65.0	107.4	168.8	712.1	350.3	876.7
			Of which:
				Argentina	—	—	—	—	195.0	—
				Brazil	—	—	—	300.0	—	—
				Chile	—	—	—	—	—	—
				Colombia	15.0	—	—	39.0	50.0	—
				Mexico	—	—	49.0	313.3	—	—³
				Peru	—	—	—	—	—	—
				Venezuela	—	—	—	—	—	757.7
Memorandum items
	Offshore banking centers				153.8	285.6	383.3	568.7	228.0	159.5
	Developing countries, including offshore banking centers				3,275.2	5,263.6	9,588.7	5,431.8	5,091.7	8,245.0

Source: Organization for Economic Cooperation and Development, Financial Statistics Monthly.

^¹Foreign bonds and Eurobonds.

^²Excludes offshore banking centers.

^³Excludes issue of collateralized Mexican bonds related to the Mexican debt exchange concluded in February 1988.

Table A5.

Concerted Lending: Commitments and Disbursements, 1983–88¹

(In millions of U.S. dollars; classified by year of agreement in principle)

Sources: Restructuring agreements; and Fund staff estimates.

^¹These Data Exclude bridging loans.

^²These loans have an associated guarantee given by the World Bank in the later maturities equivalent to 50 percent of the nominal amount disbursed.

^³Agreement in principle as of December 1982.

^⁴Commitments in 1986 could have been disbursed upon contingencies only through June 30, 1988.

^⁵A bridge loan of $500 million was disbursed in December 1986 and repaid when the first concerted lending disbursement of $3.5 billion was disbursed in April 1987.

^⁶Commitments in 1986 could have been disbursed upon contingencies only through April 16, 1988.

^⁷Commitments in 1986 could have been disbursed upon contingencies only through March 30, 1988.

^⁸Utilization of these facilities varied over time, but the amounts of the facilities had to be reconstituted on a six-month basis.

Table A5.

Concerted Lending: Commitments and Disbursements, 1983–88¹

(In millions of U.S. dollars; classified by year of agreement in principle)

			1983		1984		1985		1986		1987		1988
			Commitments	Disbursements	Commitments	Disbursements	Commitments	Disbursements	Commitments	Disbursements	Commitments	Disbursements	Commitments	Disbursements
Argentina
	Medium-term loan		1,500	500	3,700	—	—	2,500	—	1,200	1,550	1,050	—	350
	Trade deposit facility		—	—	500	—	—	500	—	—	400	200	—	200
Brazil
	Medium-term loan		4,400	4,400	6,500	6,500	—	—	—	—	—	—
	New money bonds		—	—	—	—	—	—	—	—	—	—	1,000	675
	Parallel financing with World Bank		—	—	—	—	—	—	—	—	—	—	2,850	2,725
	Cofinancing with World Bank		—	—	—	—	—	—	—	—	—	—	750	—
	Trade credit and deposit facility		—	—	—	—	—	—	—	—	—	—	600	600
Chile
	Medium-term loan		1,300	1,300	780	780	785	520	—	265	—	—	—	—
	Cofinancing arrangement with World Bank		—	—	—	—	300²	194	—	106	—	—	—	—
Colombia
	Medium-term loan		—	—	—	—	1,000	—	—	970	—	—	—	—
Congo
	Medium-term loan		—	—	—	—	—	—	60	—	—	—	—	—
Costa Rica
	Revolving trade facility		202³	152	—	50	75	75	—	—	—	—	—	—
Côte d’Ivoire
	Medium-term loan		—	—	104	—	—	104	—	—	—	—	151	—
Ecuador
	Medium-term loan		431	431	200	—	—	200	—	—	350	—	—	—
Mexico
	Medium-term loan⁴		5,000	5,000	3,800	2,850	—	950	5,000	—	—	4,372⁵	—	600
	Cofinancing arrangement with World Bank⁴		—	—	—	—	—	—	1,0002	—	—	—	—	—
	Contingent investment support facility⁶		—	—	—	—	—	—	1,200	—	—	—	—	—
	Growth contingency cofinancing with World Bank⁷		—	—	—	—	—	—	500²	—	—	—	—	500
Nigeria
	Medium-term loan		—	—	—	—	—	—	320	—	—	—	—	—
Panama
	Medium-term loan		278	131	—	147	60	—	—	51	—	9	—	—
Peru
	Medium-term loan		450	250	—	100	—	—	—	—	—	—	—	—
Philippines
	Medium-term loan		—	—	925	—	—	400	—	525	—	—	—	—
Poland
	Short-term revolving trade credit facilities⁸		180	338	285	240	—	2	198	139	100	100	—	—
Uruguay
	Medium-term loan		240	240	—	—	—	—	—	—	—	—	—	—
Yugoslavia
	Medium-term loan		600	600	—	—	—	—	—	—	—	—	—	—
	Trade deposit facility		600	600	—	—	—	—	—	—	—	—	300	300
		Total	14,581	13,342	16,794	10,667	2,220	5,445	8,278	3,256	2,400	5,731	5,651	5,950

Sources: Restructuring agreements; and Fund staff estimates.

^¹These Data Exclude bridging loans.

^²These loans have an associated guarantee given by the World Bank in the later maturities equivalent to 50 percent of the nominal amount disbursed.

^³Agreement in principle as of December 1982.

^⁴Commitments in 1986 could have been disbursed upon contingencies only through June 30, 1988.

^⁵A bridge loan of $500 million was disbursed in December 1986 and repaid when the first concerted lending disbursement of $3.5 billion was disbursed in April 1987.

^⁶Commitments in 1986 could have been disbursed upon contingencies only through April 16, 1988.

^⁷Commitments in 1986 could have been disbursed upon contingencies only through March 30, 1988.

^⁸Utilization of these facilities varied over time, but the amounts of the facilities had to be reconstituted on a six-month basis.

Table A5.

Concerted Lending: Commitments and Disbursements, 1983–88¹

(In millions of U.S. dollars; classified by year of agreement in principle)

			1983		1984		1985		1986		1987		1988
			Commitments	Disbursements	Commitments	Disbursements	Commitments	Disbursements	Commitments	Disbursements	Commitments	Disbursements	Commitments	Disbursements
Argentina
	Medium-term loan		1,500	500	3,700	—	—	2,500	—	1,200	1,550	1,050	—	350
	Trade deposit facility		—	—	500	—	—	500	—	—	400	200	—	200
Brazil
	Medium-term loan		4,400	4,400	6,500	6,500	—	—	—	—	—	—
	New money bonds		—	—	—	—	—	—	—	—	—	—	1,000	675
	Parallel financing with World Bank		—	—	—	—	—	—	—	—	—	—	2,850	2,725
	Cofinancing with World Bank		—	—	—	—	—	—	—	—	—	—	750	—
	Trade credit and deposit facility		—	—	—	—	—	—	—	—	—	—	600	600
Chile
	Medium-term loan		1,300	1,300	780	780	785	520	—	265	—	—	—	—
	Cofinancing arrangement with World Bank		—	—	—	—	300²	194	—	106	—	—	—	—
Colombia
	Medium-term loan		—	—	—	—	1,000	—	—	970	—	—	—	—
Congo
	Medium-term loan		—	—	—	—	—	—	60	—	—	—	—	—
Costa Rica
	Revolving trade facility		202³	152	—	50	75	75	—	—	—	—	—	—
Côte d’Ivoire
	Medium-term loan		—	—	104	—	—	104	—	—	—	—	151	—
Ecuador
	Medium-term loan		431	431	200	—	—	200	—	—	350	—	—	—
Mexico
	Medium-term loan⁴		5,000	5,000	3,800	2,850	—	950	5,000	—	—	4,372⁵	—	600
	Cofinancing arrangement with World Bank⁴		—	—	—	—	—	—	1,0002	—	—	—	—	—
	Contingent investment support facility⁶		—	—	—	—	—	—	1,200	—	—	—	—	—
	Growth contingency cofinancing with World Bank⁷		—	—	—	—	—	—	500²	—	—	—	—	500
Nigeria
	Medium-term loan		—	—	—	—	—	—	320	—	—	—	—	—
Panama
	Medium-term loan		278	131	—	147	60	—	—	51	—	9	—	—
Peru
	Medium-term loan		450	250	—	100	—	—	—	—	—	—	—	—
Philippines
	Medium-term loan		—	—	925	—	—	400	—	525	—	—	—	—
Poland
	Short-term revolving trade credit facilities⁸		180	338	285	240	—	2	198	139	100	100	—	—
Uruguay
	Medium-term loan		240	240	—	—	—	—	—	—	—	—	—	—
Yugoslavia
	Medium-term loan		600	600	—	—	—	—	—	—	—	—	—	—
	Trade deposit facility		600	600	—	—	—	—	—	—	—	—	300	300
		Total	14,581	13,342	16,794	10,667	2,220	5,445	8,278	3,256	2,400	5,731	5,651	5,950

Sources: Restructuring agreements; and Fund staff estimates.

^¹These Data Exclude bridging loans.

^²These loans have an associated guarantee given by the World Bank in the later maturities equivalent to 50 percent of the nominal amount disbursed.

^³Agreement in principle as of December 1982.

^⁴Commitments in 1986 could have been disbursed upon contingencies only through June 30, 1988.

^⁵A bridge loan of $500 million was disbursed in December 1986 and repaid when the first concerted lending disbursement of $3.5 billion was disbursed in April 1987.

^⁶Commitments in 1986 could have been disbursed upon contingencies only through April 16, 1988.

^⁷Commitments in 1986 could have been disbursed upon contingencies only through March 30, 1988.

^⁸Utilization of these facilities varied over time, but the amounts of the facilities had to be reconstituted on a six-month basis.

Table A6.

Average Spreads on Bank Financial Packages for Developing Countries, 1983–88

(In basis points over London interbank offered rate)

Sources: Organization for Economic Cooperation and Development, Financial Market Trends; and Fund staff estimates.

^¹Weighted average of nonconcerted bank commitments to “Developing Countries” as defined by the OECD.

^²Based on term sheets agreed in principle.

^³Argentina, Brazil, and Mexico.

Table A6.

Average Spreads on Bank Financial Packages for Developing Countries, 1983–88

(In basis points over London interbank offered rate)

				1983	1984	1985	1986	1987	1988
Spontaneous commitments¹				80	72	64	61	56	57
Concerted commitments²
	All			225	185	179	84	89	83
	Three largest debtors³			225	186	…	81	88	81
	Others			223	174	179	140	100	108
Restructuring of existing debt²
	All			193	131	138	95	80	83
	Three largest debtors³			193	128		85	81	81
	Others			195	136	138	140	80	88
Memorandum item
	Difference between spreads
		Concerted/spontaneous		145	113	115	23	33	26
		Restructuring/spontaneous		113	59	74	34	24	26
		Concerted/restructuring		32	54	41	-11	9	—
		Largest/others
			Concerted	2	12	…	-59	-12	-27
			Restructurings	-2	-8	…	-55	1	-7

Sources: Organization for Economic Cooperation and Development, Financial Market Trends; and Fund staff estimates.

^¹Weighted average of nonconcerted bank commitments to “Developing Countries” as defined by the OECD.

^²Based on term sheets agreed in principle.

^³Argentina, Brazil, and Mexico.

Table A6.

Average Spreads on Bank Financial Packages for Developing Countries, 1983–88

(In basis points over London interbank offered rate)

				1983	1984	1985	1986	1987	1988
Spontaneous commitments¹				80	72	64	61	56	57
Concerted commitments²
	All			225	185	179	84	89	83
	Three largest debtors³			225	186	…	81	88	81
	Others			223	174	179	140	100	108
Restructuring of existing debt²
	All			193	131	138	95	80	83
	Three largest debtors³			193	128		85	81	81
	Others			195	136	138	140	80	88
Memorandum item
	Difference between spreads
		Concerted/spontaneous		145	113	115	23	33	26
		Restructuring/spontaneous		113	59	74	34	24	26
		Concerted/restructuring		32	54	41	-11	9	—
		Largest/others
			Concerted	2	12	…	-59	-12	-27
			Restructurings	-2	-8	…	-55	1	-7

Sources: Organization for Economic Cooperation and Development, Financial Market Trends; and Fund staff estimates.

^¹Weighted average of nonconcerted bank commitments to “Developing Countries” as defined by the OECD.

^²Based on term sheets agreed in principle.

^³Argentina, Brazil, and Mexico.

Table A7.

United States, Japan, and the Federal Republic of Germany: Current Account Financing, 1983–88

(In billions of U.S. dollars, except where indicated)

Sources: International Monetary Fund, World Economic Outlook, April 1989: A Survey by the Staff of the International Monetary Fund (Washington, 1989); U.S. Department of Commerce, U.S. Survey of Current Business, and U.S. authorities; Bank of Japan, Balance of Payments Monthly; Deutsche Bundesbank, Statistische Beihefte zu den Monatsberichten der Deutschen Bundesbank, Reihe 3, Zahlungsbi-lanzstatistik, with figures converted to dollars at average exchange rates.

^¹Private sector only; includes errors and omissions.

^²For the United States, this item comprises primarily changes in the valuation of foreign reserves associated with exchange rate changes, monetization or demonetization of gold, and allocations of SDRs. For Japan, this item equals the difference between the overall balance of monetary movements and the sum of official reserves (which are listed without valuation adjustments) and net monetary flows of banks (which are listed under monetary movements). This difference primarily reflects valuation changes of official foreign assets. For Germany, this item is the balancing item in respect of the Bundesbank’s external position.

^³Includes both reserves of monetary authorities and other short-term transactions of public authorities. Positive sign indicates increase in assets. For the United States, includes official reserves minus U.S. liabilities to foreign official reserve agencies. For Japan, changes in gold and foreign exchange reserves. For Germany, changes in net foreign assets of the Bundesbank.

Table A7.

United States, Japan, and the Federal Republic of Germany: Current Account Financing, 1983–88

(In billions of U.S. dollars, except where indicated)

						1983	1984	1985	1986	1987	1988
United States
	Current account					-46.3	-107.1	-115.1	-138.8	-154.0	-136.4
	Capital account, net					42.2	107.9	122.3	105.6	97.0	133.1
		Long-term				-1.7	38.5	74.2	72.7	28.6	75.5
		Short-term, nonbanks¹				14.9	41.8	23.8	5.7	22.7	45.6
		Short-term, banks				29.0	27.5	24.3	26.8	45.7	11.9
			Of which:
				Loans, net		20.4	22.7	39.7	19.8	47.2	21.3
					Assets	-29.9	-11.1	-1.3	-60.0	-40.5	-57.5
					Liabilities	50.3	33.8	41.0	79.8	87.8	78.9
				Securities, net		10.1	30.8	63.9	70.5	30.2	39.4
					Assets	-6.8	-4.8	-7.5	-4.3	-4.5	-7.5
					Liabilities	16.9	35.6	71.4	74.8	34.6	46.8
		Counterpart items²				-1.6	-2.2	3.1	5.4	6.6	-2.1
	Net official transactions³					-5.7	-1.4	10.3	-27.8	-50.4	-5.5
		As percent of current balance				12.3	1.3	-8.9	20.0	32.7	4.1
Japan
	Current account					20.8	35.0	49.2	85.8	87.0	79.5
	Capital account, net					-19.6	-33.2	-50.6	-72.1	-44.8	-63.9
		Long-term				-17.7	-49.7	-64.5	-131.5	-136.5	-130.3
			Of which:
				Loans, net		-8.4	-12.0	-10.5	-9.3	-16.3	-15.0
					Assets	-8.4	-11.9	-10.4	-9.3	-16.2	-14.9
					Liabilities	—	-0.1	-0.1	—	-0.1	-0.1
				Securities, net		-1.9	-23.6	-43.1	-101.5	-93.9	-66.8
					Assets	-16.0	-30.8	-59.8	-102.0	-87.8	-87.1
					Liabilities	14.1	7.2	16.7	0.5	-6.1	20.3
		Short-term, nonbanks¹				2.1	-0.6	3.1	0.8	20.0	21.9
		Short-term, banks				-3.9	17.0	10.8	58.5	71.8	44.5
		Counterpart items²				-0.3	-0.5	1.7	2.0	-3.0	-0.7
	Net official transactions³					1.2	1.8	0.2	15.7	39.2	16.1
		As percent of current balance				5.8	5.1	0.4	18.3	45.1	20.2
Germany, Fed. Rep. of
	Current account					5.3	9.9	16.6	39.3	45.0	48.5
	Capital account, net					-4.8	-10.3	-15.8	-36.4	-22.0	-68.0
		Long-term				-2.6	-7.0	-4.6	15.3	-13.1	-47.5
			Of which:
				Loans, net		-1.3	-2.8	-1.6	0.9	-9.0	-0.6
					Assets	-5.8	-5.0	-4.4	-4.8	-10.3	-0.8
					Liabilities	4.5	2.2	2.8	5.6	1.3	0.2
				Securities, net		1.3	0.6	2.3	24.2	4.7	2.3
					Assets	-4.1	-5.5	-10.7	-10.0	-13.8	-10.7
					Liabilities	5.4	6.1	13.0	34.1	18.5	13.0
		Short-term, nonbanks¹				-3.0	-3.4	-1.9	-24.5	-5.5	-9.0
		Short-term, banks				0.7	—	-9.4	-27.2	-3.4	-11.5
		Counterpart items²				1.0	0.7	-1.3	-1.7	-5.2	1.2
	Net official transactions³					0.6	-0.5	-0.4	1.3	17.8	-18.5
		As percent of current balance				11.3	-5.1	-2.4	3.3	39.6	-38.2

^¹Private sector only; includes errors and omissions.

Table A7.

United States, Japan, and the Federal Republic of Germany: Current Account Financing, 1983–88

(In billions of U.S. dollars, except where indicated)

						1983	1984	1985	1986	1987	1988
United States
	Current account					-46.3	-107.1	-115.1	-138.8	-154.0	-136.4
	Capital account, net					42.2	107.9	122.3	105.6	97.0	133.1
		Long-term				-1.7	38.5	74.2	72.7	28.6	75.5
		Short-term, nonbanks¹				14.9	41.8	23.8	5.7	22.7	45.6
		Short-term, banks				29.0	27.5	24.3	26.8	45.7	11.9
			Of which:
				Loans, net		20.4	22.7	39.7	19.8	47.2	21.3
					Assets	-29.9	-11.1	-1.3	-60.0	-40.5	-57.5
					Liabilities	50.3	33.8	41.0	79.8	87.8	78.9
				Securities, net		10.1	30.8	63.9	70.5	30.2	39.4
					Assets	-6.8	-4.8	-7.5	-4.3	-4.5	-7.5
					Liabilities	16.9	35.6	71.4	74.8	34.6	46.8
		Counterpart items²				-1.6	-2.2	3.1	5.4	6.6	-2.1
	Net official transactions³					-5.7	-1.4	10.3	-27.8	-50.4	-5.5
		As percent of current balance				12.3	1.3	-8.9	20.0	32.7	4.1
Japan
	Current account					20.8	35.0	49.2	85.8	87.0	79.5
	Capital account, net					-19.6	-33.2	-50.6	-72.1	-44.8	-63.9
		Long-term				-17.7	-49.7	-64.5	-131.5	-136.5	-130.3
			Of which:
				Loans, net		-8.4	-12.0	-10.5	-9.3	-16.3	-15.0
					Assets	-8.4	-11.9	-10.4	-9.3	-16.2	-14.9
					Liabilities	—	-0.1	-0.1	—	-0.1	-0.1
				Securities, net		-1.9	-23.6	-43.1	-101.5	-93.9	-66.8
					Assets	-16.0	-30.8	-59.8	-102.0	-87.8	-87.1
					Liabilities	14.1	7.2	16.7	0.5	-6.1	20.3
		Short-term, nonbanks¹				2.1	-0.6	3.1	0.8	20.0	21.9
		Short-term, banks				-3.9	17.0	10.8	58.5	71.8	44.5
		Counterpart items²				-0.3	-0.5	1.7	2.0	-3.0	-0.7
	Net official transactions³					1.2	1.8	0.2	15.7	39.2	16.1
		As percent of current balance				5.8	5.1	0.4	18.3	45.1	20.2
Germany, Fed. Rep. of
	Current account					5.3	9.9	16.6	39.3	45.0	48.5
	Capital account, net					-4.8	-10.3	-15.8	-36.4	-22.0	-68.0
		Long-term				-2.6	-7.0	-4.6	15.3	-13.1	-47.5
			Of which:
				Loans, net		-1.3	-2.8	-1.6	0.9	-9.0	-0.6
					Assets	-5.8	-5.0	-4.4	-4.8	-10.3	-0.8
					Liabilities	4.5	2.2	2.8	5.6	1.3	0.2
				Securities, net		1.3	0.6	2.3	24.2	4.7	2.3
					Assets	-4.1	-5.5	-10.7	-10.0	-13.8	-10.7
					Liabilities	5.4	6.1	13.0	34.1	18.5	13.0
		Short-term, nonbanks¹				-3.0	-3.4	-1.9	-24.5	-5.5	-9.0
		Short-term, banks				0.7	—	-9.4	-27.2	-3.4	-11.5
		Counterpart items²				1.0	0.7	-1.3	-1.7	-5.2	1.2
	Net official transactions³					0.6	-0.5	-0.4	1.3	17.8	-18.5
		As percent of current balance				11.3	-5.1	-2.4	3.3	39.6	-38.2

^¹Private sector only; includes errors and omissions.

Table A8.

Long-Term Interest Rate Differentials Between the United States and Other Major Countries¹

(In percent a year)

Source: International Monetary Fund, International Financial Statistics.

^¹Differentials shown should be treated as indicative because they conceal intercountry differences in the maturity structure of long-term rates. Thus, for instance, the U.S. long-term rate is the one applicable for the ten-year federal government bonds, while the German rate is that applicable for all bonds of the public authorities with maturities over three years.

Table A8.

Long-Term Interest Rate Differentials Between the United States and Other Major Countries¹

(In percent a year)

Period	Japan	Fed. Rep. of Germany	France	United Kingdom
1986
First quarter	3.33	2.42	-0.97	-1.64
Second quarter	2.68	1.87	-0.37	-1.39
Third quarter	2.41	1.51	-0.46	-2.28
Fourth quarter	2.53	1.26	-1.24	-3.44
1987

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