Abstract

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)

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

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.

Table A2.

Developments in International Bond Markets, 1982–88

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

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.

Table A3.

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

(In billions of U.S. dollars)

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

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.

Table A4.

International Bond Issues by Developing Countries, 1983–881

(In millions of U.S. dollars)

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

Foreign bonds and Eurobonds.

Excludes offshore banking centers.

Excludes 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)

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Sources: Restructuring agreements; and Fund staff estimates.

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.

Table A6.

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

(In basis points over London interbank offered rate)

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

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.

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)

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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.

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.

Table A8.

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

(In percent a year)

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Source: International Monetary Fund, International Financial Statistics.

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.