Changes in Cross-Border Bank Claims and Liabilities, 1982–Third Quarter 19881
(In billions of U.S. dollars)
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.
As 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.
Excluding offshore centers.
Consisting of The Bahamas, Bahrain, the Cayman Islands, Hong Kong, the Netherlands Antilles, Panama, and Singapore.
Transactors 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.
Calculated 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.
Consisting 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.
Consisting of all developing countries except the eight Middle Eastern oil exporters (listed in footnote 7 above), Algeria, Indonesia, Nigeria, and Venezuela.
As 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.
Difference between changes in bank claims and liabilities.
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 |
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.
As 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.
Excluding offshore centers.
Consisting of The Bahamas, Bahrain, the Cayman Islands, Hong Kong, the Netherlands Antilles, Panama, and Singapore.
Transactors 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.
Calculated 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.
Consisting 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.
Consisting of all developing countries except the eight Middle Eastern oil exporters (listed in footnote 7 above), Algeria, Indonesia, Nigeria, and Venezuela.
As 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.
Difference between changes in bank claims and liabilities.
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 |
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.
As 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.
Excluding offshore centers.
Consisting of The Bahamas, Bahrain, the Cayman Islands, Hong Kong, the Netherlands Antilles, Panama, and Singapore.
Transactors 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.
Calculated 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.
Consisting 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.
Consisting of all developing countries except the eight Middle Eastern oil exporters (listed in footnote 7 above), Algeria, Indonesia, Nigeria, and Venezuela.
As 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.
Difference between changes in bank claims and liabilities.
Developments in International Bond Markets, 1982–88
Gross issues less scheduled repayments and early redemption.
Three-month deposits, at end of period.
Bonds with remaining maturity of 7–15 years, at end of period.
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 |
Gross issues less scheduled repayments and early redemption.
Three-month deposits, at end of period.
Bonds with remaining maturity of 7–15 years, at end of period.
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 |
Gross issues less scheduled repayments and early redemption.
Three-month deposits, at end of period.
Bonds with remaining maturity of 7–15 years, at end of period.
Change in Cross-Border Bank Claims on Developing Countries and Areas, 1983–Third Quarter 19881, 2
(In billions of U.S. dollars)
IMF-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.
Excluding the seven offshore centers (The Bahamas, Bahrain, the Cayman Islands, Hong Kong, the Netherlands Antilles, Panama, and Singapore).
Excluding bridge loans.
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 |
IMF-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.
Excluding the seven offshore centers (The Bahamas, Bahrain, the Cayman Islands, Hong Kong, the Netherlands Antilles, Panama, and Singapore).
Excluding bridge loans.
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 |
IMF-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.
Excluding the seven offshore centers (The Bahamas, Bahrain, the Cayman Islands, Hong Kong, the Netherlands Antilles, Panama, and Singapore).
Excluding bridge loans.
International Bond Issues by Developing Countries, 1983–881
(In millions of U.S. dollars)
Foreign bonds and Eurobonds.
Excludes offshore banking centers.
Excludes issue of collateralized Mexican bonds related to the Mexican debt exchange concluded in February 1988.
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 |
Foreign bonds and Eurobonds.
Excludes offshore banking centers.
Excludes issue of collateralized Mexican bonds related to the Mexican debt exchange concluded in February 1988.
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 |
Foreign bonds and Eurobonds.
Excludes offshore banking centers.
Excludes issue of collateralized Mexican bonds related to the Mexican debt exchange concluded in February 1988.
Concerted Lending: Commitments and Disbursements, 1983–881
(In millions of U.S. dollars; classified by year of agreement in principle)
These Data Exclude bridging loans.
These loans have an associated guarantee given by the World Bank in the later maturities equivalent to 50 percent of the nominal amount disbursed.
Agreement in principle as of December 1982.
Commitments in 1986 could have been disbursed upon contingencies only through June 30, 1988.
A 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.
Commitments in 1986 could have been disbursed upon contingencies only through April 16, 1988.
Commitments in 1986 could have been disbursed upon contingencies only through March 30, 1988.
Utilization of these facilities varied over time, but the amounts of the facilities had to be reconstituted on a six-month basis.
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 |
These Data Exclude bridging loans.
These loans have an associated guarantee given by the World Bank in the later maturities equivalent to 50 percent of the nominal amount disbursed.
Agreement in principle as of December 1982.
Commitments in 1986 could have been disbursed upon contingencies only through June 30, 1988.
A 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.
Commitments in 1986 could have been disbursed upon contingencies only through April 16, 1988.
Commitments in 1986 could have been disbursed upon contingencies only through March 30, 1988.
Utilization of these facilities varied over time, but the amounts of the facilities had to be reconstituted on a six-month basis.
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 |
These Data Exclude bridging loans.
These loans have an associated guarantee given by the World Bank in the later maturities equivalent to 50 percent of the nominal amount disbursed.
Agreement in principle as of December 1982.
Commitments in 1986 could have been disbursed upon contingencies only through June 30, 1988.
A 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.
Commitments in 1986 could have been disbursed upon contingencies only through April 16, 1988.
Commitments in 1986 could have been disbursed upon contingencies only through March 30, 1988.
Utilization of these facilities varied over time, but the amounts of the facilities had to be reconstituted on a six-month basis.
Average Spreads on Bank Financial Packages for Developing Countries, 1983–88
(In basis points over London interbank offered rate)
Weighted average of nonconcerted bank commitments to “Developing Countries” as defined by the OECD.
Based on term sheets agreed in principle.
Argentina, Brazil, and Mexico.
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 |
Weighted average of nonconcerted bank commitments to “Developing Countries” as defined by the OECD.
Based on term sheets agreed in principle.
Argentina, Brazil, and Mexico.
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 |
Weighted average of nonconcerted bank commitments to “Developing Countries” as defined by the OECD.
Based on term sheets agreed in principle.
Argentina, Brazil, and Mexico.
United States, Japan, and the Federal Republic of Germany: Current Account Financing, 1983–88
(In billions of U.S. dollars, except where indicated)
Private sector only; includes errors and omissions.
For 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.
Includes 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.
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 |
Private sector only; includes errors and omissions.
For 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.
Includes 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.
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 |
Private sector only; includes errors and omissions.
For 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.
Includes 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.
Long-Term Interest Rate Differentials Between the United States and Other Major Countries1
(In percent a year)
Differentials 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.
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 |