Appendix II: Statistical Tables

Note: The long-term interest rates are monthly averages of daily or weekly observations of yields on government bonds specified as follows: France—long-term (7–10 years) government bond yield; Federal Republic of Germany—yield on government bonds with maturities of 9–10 years; Japan—over-the-counter sales yield of 10-year government bonds, with longest residual maturity; United Kingdom—yield on medium-dated (10-year) government stock; United States—yield on 10-year treasury bonds.The short-term interest rates are as follows: France—3-month interbank deposit rate; Federal Republic of Germany—3-month interbank deposit rate; Japan—3-month CD rate; United Kingdom—3-month interbank deposit rate; United States—federal funds rate and 3-month CD rate.Sources: Banque de France; Nikkei Data Service; Bank of England; Data Resources Incorporated (DRI); U.S. Federal Reserve; and International Monetary Fund, Treasurer's Department.

Table A2.

Long-Term Less Short-Term Interest Rates in Major Industrial Countries, 1983–89

	United States	United Kingdom	Federal Republic of Germany	France	Japan
1983	2.14	1.34	1.92	0.94	1.02
1984	3.90	1.16	1.37	1.01	0.05
1985	1.46	−0.91	1.77	1.40	−1.38
1986	1.07	−0.33	1.29	0.67	0.74
1987	1.33	0.87	2.85	1.46	0.66
1988	−0.14	−3.00	1.17	0.20	0.28
1989	−0.49	−4.33	−0.58	−1.67	−1.10

Table A2.

Long-Term Less Short-Term Interest Rates in Major Industrial Countries, 1983–89

	United States	United Kingdom	Federal Republic of Germany	France	Japan
1983	2.14	1.34	1.92	0.94	1.02
1984	3.90	1.16	1.37	1.01	0.05
1985	1.46	−0.91	1.77	1.40	−1.38
1986	1.07	−0.33	1.29	0.67	0.74
1987	1.33	0.87	2.85	1.46	0.66
1988	−0.14	−3.00	1.17	0.20	0.28
1989	−0.49	−4.33	−0.58	−1.67	−1.10

Table A3.

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

(In percent a year)

Sources: Banque de France; Nikkei Data Service; Bank of England; Data Resources Incorporated (DRI); U.S. Federal Reserve; and International Monetary Fund, Treasurer's Department.

^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 ten-year federal government bonds, while the German rate is that applicable for all bonds of the public authorities with maturities over three years.

^²The long-term interest rates are monthly averages of daily or weekly observations of yields on government bonds specified as follows: France—long-term (7–10 years) government bond yield; Federal Republic of Germany—yield on government bonds with maturities of 9–10 years; Japan—over-the-counter sales yield of 10-year government bonds, with longest residual maturity; United Kingdom—yield on medium-dated (10-year) government stock; United States—yield on 10-year treasury bonds.

^³The short-term interest rates are as follows: France—3-month interbank deposit rate; Federal Republic of Germany—3-month interbank deposit rate; Japan—3-month CD rate; United Kingdom—3-month interbank deposit rate; United States—federal funds rate and 3-month CD rate.

Table A3.

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

(In percent a year)

Period	Japan	Federal Republic of Germany	France	United Kingdom
Long-term interest rates²
1987
First quarter	2.40	1.16	−1.54	−2.58
Second quarter	4.22	2.51	−0.58	−0.62
Third quarter	2.91	2.38	−0.95	−1.00
Fourth quarter	3.92	2.52	−1.10	−0.54
1988
First quarter	4.12	2.08	−0.99	−1.07
Second quarter	4.26	2.41	−0.21	−0.46
Third quarter	3.58	2.37	0.05	−0.85
Fourth quarter	4.25	2.52	0.28	−0.94
1989
First quarter	4.25	2.34	0.38	−0.65
Second quarter	3.51	1.79	0.00	−1.53
Third quarter	3.10	1.17	−0.42	−1.98
Fourth quarter	2.56	0.53	−1.12	−2.74
Short-term interest rates³
1987
First quarter	1.86	1.90	−2.28	−4.59
Second quarter	2.93	3.03	−1.31	−2.34
Third quarter	2.88	3.02	−0.98	−2.86
Fourth quarter	3.18	3.54	−0.87	−1.58
1988
First quarter	2.42	3.35	−1.23	−2.29
Second quarter	3.04	3.66	−0.53	−1.18
Third quarter	3.43	3.31	0.52	−3.16
Fourth quarter	4.34	3.70	0.64	−3.69
1989
First quarter	5.06	3.38	0.63	−3.46
Second quarter	4.68	2.79	0.74	−3.90
Third quarter	3.32	1.59	−0.42	−5.20
Fourth quarter	2.04	0.33	−1.95	−6.63

Sources: Banque de France; Nikkei Data Service; Bank of England; Data Resources Incorporated (DRI); U.S. Federal Reserve; and International Monetary Fund, Treasurer's Department.

Table A3.

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

(In percent a year)

Period	Japan	Federal Republic of Germany	France	United Kingdom
Long-term interest rates²
1987
First quarter	2.40	1.16	−1.54	−2.58
Second quarter	4.22	2.51	−0.58	−0.62
Third quarter	2.91	2.38	−0.95	−1.00
Fourth quarter	3.92	2.52	−1.10	−0.54
1988
First quarter	4.12	2.08	−0.99	−1.07
Second quarter	4.26	2.41	−0.21	−0.46
Third quarter	3.58	2.37	0.05	−0.85
Fourth quarter	4.25	2.52	0.28	−0.94
1989
First quarter	4.25	2.34	0.38	−0.65
Second quarter	3.51	1.79	0.00	−1.53
Third quarter	3.10	1.17	−0.42	−1.98
Fourth quarter	2.56	0.53	−1.12	−2.74
Short-term interest rates³
1987
First quarter	1.86	1.90	−2.28	−4.59
Second quarter	2.93	3.03	−1.31	−2.34
Third quarter	2.88	3.02	−0.98	−2.86
Fourth quarter	3.18	3.54	−0.87	−1.58
1988
First quarter	2.42	3.35	−1.23	−2.29
Second quarter	3.04	3.66	−0.53	−1.18
Third quarter	3.43	3.31	0.52	−3.16
Fourth quarter	4.34	3.70	0.64	−3.69
1989
First quarter	5.06	3.38	0.63	−3.46
Second quarter	4.68	2.79	0.74	−3.90
Third quarter	3.32	1.59	−0.42	−5.20
Fourth quarter	2.04	0.33	−1.95	−6.63

Sources: Banque de France; Nikkei Data Service; Bank of England; Data Resources Incorporated (DRI); U.S. Federal Reserve; and International Monetary Fund, Treasurer's Department.

Table A4.

United States: External Capital Flows, 1986–Third Quarter 1989

(In billions of U.S. dollars)

Source: International Monetary Fund, Balance of Payments Statistics.

^¹Excluding liabilities held by foreign monetary authorities.

Table A4.

United States: External Capital Flows, 1986–Third Quarter 1989

(In billions of U.S. dollars)

								1988				1989
					1986	1987	1988	I	II	III	IV	I	II	III
Current account					−138.3	−143.1	−126.2	−27.1	−33.9	−36.9	−28.2	−26.0	−31.9	−27.7
Net direct investment					7.8	2.7	40.9	3.0	13.0	7.0	18.0	13.6	4.9	0.3
	Abroad				−26.3	−44.2	−17.5	−6.6	−0.9	−4.9	−5.1	−5.6	−8.3	−11.1
	In the United States				34.1	46.9	58.4	9.6	13.9	11.9	23.1	19.2	13.3	11.4
Financing need					−130.5	−140.4	−85.2	−24.1	−20.9	−30.0	−10.2	−12.4	−27.0	−27.4
Change in official reserves					0.3	9.1	−3.9	1.5	—	−7.4	1.9	−4.0	−12.1	−6.0
Acquisition of liabilities by
	foreign monetary authorities				33.5	47.7	40.2	24.9	6.4	−2.0	10.8	7.8	−5.6	11.8
Residual financing need					−96.7	−83.5	−49.0	2.3	−14.5	−39.3	2.5	−8.6	−44.7	−21.6
Financing
		Portfolio investment¹			71.6	31.0	40.4	4.1	16.8	9.7	9.8	13.4	7.1	12.8
			Public sector bonds		13.1	−2.4	27.2	6.5	8.2	4.7	7.8	10.6	5.1	14.9
				Assets	—	—	—	—	—	—	—	—	—	—
				Liabilities	13.1	−2.4	27.2	6.5	8.2	4.7	7.8	10.6	5.1	14.9
			Other bonds		42.5	15.7	14.6	−1.5	6.6	4.1	5.4	4.3	2.6	1.2
				Assets	−3.2	−7.4	−7.0	−3.8	0.1	−1.4	−1.9	−1.2	−1.7	−2.1
				Liabilities	45.6	23.1	21.5	2.3	6.4	5.5	7.3	5.5	4.3	3.2
			Corporate equities		16.0	17.7	−1.4	−0.9	2.0	0.8	−3.3	−1.5	−0.6	−3.3
				Assets	−1.2	2.1	−0.9	−0.7	1.2	−0.2	−1.2	−1.3	−4.1	−8.1
				Liabilities	17.2	15.6	−0.5	−0.2	0.8	1.1	−2.2	0.1	3.5	4.8
		Deposit money banks¹			22.1	46.5	14.8	−9.1	16.2	−6.4	14.1	−5.8	−1.0	7.0
			Long-term, net		−4.7	0.6	10.5	4.5	2.1	2.0	1.9	−2.4	−1.0	−3.1
			Short-term		26.8	45.9	4.3	−13.6	14.1	−8.5	12.3	−3.5	−0.1	10.1
				Assets	−48.4	−40.9	−55.8	10.2	−16.2	−28.5	−21.4	−14.1	24.9	−13.2
				Liabilities	75.1	86.7	60.1	−23.8	30.3	20.0	33.6	10.6	−25.0	23.2
		Other			−13.3	4.7	4.4	6.5	−6.6	7.5	−3.0	3.6	2.7	−0.7
		Errors and omissions			16.3	1.3	−10.7	−3.8	−12.0	28.6	−23.5	−2.5	35.9	2.5

Source: International Monetary Fund, Balance of Payments Statistics.

^¹Excluding liabilities held by foreign monetary authorities.

Table A4.

United States: External Capital Flows, 1986–Third Quarter 1989

(In billions of U.S. dollars)

								1988				1989
					1986	1987	1988	I	II	III	IV	I	II	III
Current account					−138.3	−143.1	−126.2	−27.1	−33.9	−36.9	−28.2	−26.0	−31.9	−27.7
Net direct investment					7.8	2.7	40.9	3.0	13.0	7.0	18.0	13.6	4.9	0.3
	Abroad				−26.3	−44.2	−17.5	−6.6	−0.9	−4.9	−5.1	−5.6	−8.3	−11.1
	In the United States				34.1	46.9	58.4	9.6	13.9	11.9	23.1	19.2	13.3	11.4
Financing need					−130.5	−140.4	−85.2	−24.1	−20.9	−30.0	−10.2	−12.4	−27.0	−27.4
Change in official reserves					0.3	9.1	−3.9	1.5	—	−7.4	1.9	−4.0	−12.1	−6.0
Acquisition of liabilities by
	foreign monetary authorities				33.5	47.7	40.2	24.9	6.4	−2.0	10.8	7.8	−5.6	11.8
Residual financing need					−96.7	−83.5	−49.0	2.3	−14.5	−39.3	2.5	−8.6	−44.7	−21.6
Financing
		Portfolio investment¹			71.6	31.0	40.4	4.1	16.8	9.7	9.8	13.4	7.1	12.8
			Public sector bonds		13.1	−2.4	27.2	6.5	8.2	4.7	7.8	10.6	5.1	14.9
				Assets	—	—	—	—	—	—	—	—	—	—
				Liabilities	13.1	−2.4	27.2	6.5	8.2	4.7	7.8	10.6	5.1	14.9
			Other bonds		42.5	15.7	14.6	−1.5	6.6	4.1	5.4	4.3	2.6	1.2
				Assets	−3.2	−7.4	−7.0	−3.8	0.1	−1.4	−1.9	−1.2	−1.7	−2.1
				Liabilities	45.6	23.1	21.5	2.3	6.4	5.5	7.3	5.5	4.3	3.2
			Corporate equities		16.0	17.7	−1.4	−0.9	2.0	0.8	−3.3	−1.5	−0.6	−3.3
				Assets	−1.2	2.1	−0.9	−0.7	1.2	−0.2	−1.2	−1.3	−4.1	−8.1
				Liabilities	17.2	15.6	−0.5	−0.2	0.8	1.1	−2.2	0.1	3.5	4.8
		Deposit money banks¹			22.1	46.5	14.8	−9.1	16.2	−6.4	14.1	−5.8	−1.0	7.0
			Long-term, net		−4.7	0.6	10.5	4.5	2.1	2.0	1.9	−2.4	−1.0	−3.1
			Short-term		26.8	45.9	4.3	−13.6	14.1	−8.5	12.3	−3.5	−0.1	10.1
				Assets	−48.4	−40.9	−55.8	10.2	−16.2	−28.5	−21.4	−14.1	24.9	−13.2
				Liabilities	75.1	86.7	60.1	−23.8	30.3	20.0	33.6	10.6	−25.0	23.2
		Other			−13.3	4.7	4.4	6.5	−6.6	7.5	−3.0	3.6	2.7	−0.7
		Errors and omissions			16.3	1.3	−10.7	−3.8	−12.0	28.6	−23.5	−2.5	35.9	2.5

Source: International Monetary Fund, Balance of Payments Statistics.

^¹Excluding liabilities held by foreign monetary authorities.

Table A5.

Japan: External Capital Flows, 1986–Second Quarter 1989

(In billions of U.S. dollars)

Source: International Monetary Fund, Balance of Payments Statistics.

^¹Excluding liabilities held by foreign monetary authorities.

Table A5.

Japan: External Capital Flows, 1986–Second Quarter 1989

(In billions of U.S. dollars)

							1988				1989
				1986	1987	1988	I	II	III	IV	I	II
Current account				85.8	87.0	79.6	18.4	18.6	19.0	23.6	16.1	14.3
Net direct investment				−14.3	−18.3	−34.7	−7.8	−8.0	−8.6	−10.4	−9.0	−11.6
	Abroad			−14.5	−19.5	−34.2	−7.4	−7.7	−8.5	−10.6	−8.9	−11.6
	In Japan			0.2	1.2	−0.5	−0.4	−0.3	−0.1	0.2	−0.2	—
Financing need				71.6	68.7	44.9	10.6	10.7	10.4	13.2	7.1	2.6
Change in official reserves				−14.8	−37.9	−16.5	−3.5	−3.3	−3.6	−6.1	−2.1	9.6
Acquisition of liabilities by
	foreign monetary authorities			—	—	—	—	—	—	—	—	—
Residual financing need				56.7	30.7	28.4	7.1	7.3	6.8	7.1	4.9	12.2
Financing
	Portfolio investment¹			−102.0	−91.3	−52.8	1.8	−26.7	−17.6	−10.3	7.0	−7.9
		Public sector bonds		−95.9	−62.3	−106.5	−15.2	−28.7	−33.1	−29.6	−15.9	−26.7
			Assets	−94.9	−71.2	−84.1	−12.6	−26.0	−25.4	−20.1	−13.4	−26.0
			Liabilities	−1.0	8.9	−22.4	−2.6	−2.7	−7.7	−9.4	−2.5	−0.7
	Other bonds			16.7	30.7	49.9	9.8	4.6	22.1	13.4	13.7	31.1
		Assets		—	—	—	—	—	—	—	—	—
		Liabilities		16.7	30.7	49.9	9.8	4.6	22.1	13.4	13.7	31.1
	Corporate equities			−22.8	−59.7	3.8	7.1	−2.6	−6.7	5.9	9.1	−12.3
		Assets		−7.0	−16.9	−3.0	0.6	0.1	−1.7	−2.0	−0.1	−6.1
		Liabilities		−15.8	−42.8	6.8	6.6	−2.7	−4.9	7.9	9.0	−6.2
	Deposit money banks¹			51.9	62.1	38.4	−6.4	20.4	18.7	5.7	−23.0	9.1
		Long-term, net		−6.6	−9.7	−6.1	−2.7	−0.7	−1.7	−1.0	−1.3	−0.6
		Short-term		58.5	71.8	44.5	−3.7	21.1	20.4	6.6	−21.7	9.7
			Assets	−81.6	−107.1	−147.5	−58.5	−16.0	−63.8	−9.2	−66.6	23.0
			Liabilities	140.1	178.9	191.9	54.9	37.1	84.2	15.8	45.0	−13.2
	Other			−9.1	2.2	−17.1	−10.0	1.2	−2.8	−5.5	7.2	−4.2
	Errors and omissions			2.5	−3.7	3.1	7.5	−2.3	−5.1	3.0	3.9	−9.2

Source: International Monetary Fund, Balance of Payments Statistics.

^¹Excluding liabilities held by foreign monetary authorities.

Table A5.

Japan: External Capital Flows, 1986–Second Quarter 1989

(In billions of U.S. dollars)

							1988				1989
				1986	1987	1988	I	II	III	IV	I	II
Current account				85.8	87.0	79.6	18.4	18.6	19.0	23.6	16.1	14.3
Net direct investment				−14.3	−18.3	−34.7	−7.8	−8.0	−8.6	−10.4	−9.0	−11.6
	Abroad			−14.5	−19.5	−34.2	−7.4	−7.7	−8.5	−10.6	−8.9	−11.6
	In Japan			0.2	1.2	−0.5	−0.4	−0.3	−0.1	0.2	−0.2	—
Financing need				71.6	68.7	44.9	10.6	10.7	10.4	13.2	7.1	2.6
Change in official reserves				−14.8	−37.9	−16.5	−3.5	−3.3	−3.6	−6.1	−2.1	9.6
Acquisition of liabilities by
	foreign monetary authorities			—	—	—	—	—	—	—	—	—
Residual financing need				56.7	30.7	28.4	7.1	7.3	6.8	7.1	4.9	12.2
Financing
	Portfolio investment¹			−102.0	−91.3	−52.8	1.8	−26.7	−17.6	−10.3	7.0	−7.9
		Public sector bonds		−95.9	−62.3	−106.5	−15.2	−28.7	−33.1	−29.6	−15.9	−26.7
			Assets	−94.9	−71.2	−84.1	−12.6	−26.0	−25.4	−20.1	−13.4	−26.0
			Liabilities	−1.0	8.9	−22.4	−2.6	−2.7	−7.7	−9.4	−2.5	−0.7
	Other bonds			16.7	30.7	49.9	9.8	4.6	22.1	13.4	13.7	31.1
		Assets		—	—	—	—	—	—	—	—	—
		Liabilities		16.7	30.7	49.9	9.8	4.6	22.1	13.4	13.7	31.1
	Corporate equities			−22.8	−59.7	3.8	7.1	−2.6	−6.7	5.9	9.1	−12.3
		Assets		−7.0	−16.9	−3.0	0.6	0.1	−1.7	−2.0	−0.1	−6.1
		Liabilities		−15.8	−42.8	6.8	6.6	−2.7	−4.9	7.9	9.0	−6.2
	Deposit money banks¹			51.9	62.1	38.4	−6.4	20.4	18.7	5.7	−23.0	9.1
		Long-term, net		−6.6	−9.7	−6.1	−2.7	−0.7	−1.7	−1.0	−1.3	−0.6
		Short-term		58.5	71.8	44.5	−3.7	21.1	20.4	6.6	−21.7	9.7
			Assets	−81.6	−107.1	−147.5	−58.5	−16.0	−63.8	−9.2	−66.6	23.0
			Liabilities	140.1	178.9	191.9	54.9	37.1	84.2	15.8	45.0	−13.2
	Other			−9.1	2.2	−17.1	−10.0	1.2	−2.8	−5.5	7.2	−4.2
	Errors and omissions			2.5	−3.7	3.1	7.5	−2.3	−5.1	3.0	3.9	−9.2

Source: International Monetary Fund, Balance of Payments Statistics.

^¹Excluding liabilities held by foreign monetary authorities.

Table A6.

Federal Republic of Germany: External Capital Flows, 1986–Third Quarter 1989

(In billions of U.S. dollars)

Source: International Monetary Fund, Balance of Payments Statistics.

^¹Excluding liabilities held by foreign monetary authorities.

Table A6.

Federal Republic of Germany: External Capital Flows, 1986–Third Quarter 1989

(In billions of U.S. dollars)

							1988				1989
				1986	1987	1988	I	II	III	IV	I	II	III
Current account				39.8	45.5	48.7	9.6	14.4	8.7	15.9	15.9	13.8	10.5
Net direct investment				−9.3	−7.3	−8.7	−1.7	−3.9	−1.9	−1.3	−1.2	−1.3	−2.4
	Abroad			−10.3	−9.3	−10.3	−1.9	−2.7	−2.4	−3.4	−2.0	−2.9	−3.1
	In the Federal Republic of Germany			1.0	1.9	1.7	0.1	−1.1	0.5	2.2	0.7	1.6	0.6
Financing need				30.6	38.2	39.9	7.9	10.5	6.8	14.6	14.7	12.5	8.1
Change in official reserves				−5.4	−21.5	15.4	2.5	5.6	7.0	0.4	1.4	−1.5	−0.9
Acquisition of liabilities by
	foreign monetary authorities			3.9	1.2	−3.0	−1.6	0.4	0.1	−0.2	3.4	7.2	0.8
Residual financing need				29.0	17.9	58.5	8.8	16.5	13.9	14.8	19.6	18.2	8.1
Financing
	Portfolio investment¹			23.6	−2.7	−43.8	−11.5	−12.5	−9.5	−10.1	−16.4	1.0	−0.4
		Public sector bonds		19.9	11.5	2.6	1.9	−1.0	−1.5	3.1	−4.1	3.9	3.9
			Assets	—	—	—	—	—	—	—	—	—	—
			Liabilities	19.9	11.5	2.6	1.9	−1.0	−1.5	3.1	−4.1	3.9	3.9
		Other bonds		−1.0	−12.9	−39.1	−10.8	−9.6	−8.2	−10.5	−10.6	−2.4	−6.7
			Assets	−7.5	−13.6	−31.3	−8.0	−8.0	−7.0	−8.4	−9.5	−2.4	−7.5
			Liabilities	6.5	0.7	−7.8	−2.9	−1.6	−1.2	−2.1	−1.1	−0.0	0.8
		Corporate equities		4.6	−1.3	−7.2	−2.6	−2.0	0.1	−2.8	−1.7	−0.5	2.4
			Assets	−2.2	−0.1	−10.3	−1.7	−2.0	−2.1	−4.5	−3.0	−1.3	−0.7
			Liabilities	6.8	−1.2	3.0	−0.9	—	2.2	1.4	1.3	0.8	3.1
	Deposit money banks¹			−26.2	−7.9	−2.9	9.2	−3.2	−6.3	−2.5	12.9	−7.3	−7.1
		Long-term, net		3.2	−1.2	6.8	−0.1	0.4	4.0	2.5	2.4	2.1	1.2
		Short-term		29.4	−6.7	−9.7	9.3	−3.6	−10.3	−5.0	10.5	−9.4	−8.4
			Assets	−31.7	−8.8	−15.8	6.3	−4.2	−13.5	−4.5	6.9	−15.1	−8.4
			Liabilities	2.3	2.1	6.1	3.0	0.5	3.2	−0.5	3.6	5.7	0.0
	Other			−27.0	−8.5	−12.5	−9.4	−0.1	3.3	−1.9	−12.8	−7.3	−0.6
		Long-term		−2.9	−2.4	−2.9	−0.9	0.8	−1.1	−1.7	−2.5	−0.6	−1.5
		Short-term		−24.2	−6.0	−9.6	−8.5	−1.0	4.4	−0.2	−10.2	−6.7	0.8
			Financial credits	−21.0	−6.7	−4.7	−5.5	−0.2	−0.7	1.7	−7.6	−3.6	1.8
			Trade credits	−2.0	1.3	−4.9	−2.4	−1.8	0.2	−1.0	−2.7	−1.3	−0.5
			Other	−1.2	−0.7	0.1	−0.6	1.0	3.9	−0.9	0.1	−1.8	−0.5
	Errors and omissions			0.5	1.0	0.6	3.0	−0.6	−1.4	−0.3	−3.2	−4.6	0.1

Source: International Monetary Fund, Balance of Payments Statistics.

^¹Excluding liabilities held by foreign monetary authorities.

Table A6.

Federal Republic of Germany: External Capital Flows, 1986–Third Quarter 1989

(In billions of U.S. dollars)

							1988				1989
				1986	1987	1988	I	II	III	IV	I	II	III
Current account				39.8	45.5	48.7	9.6	14.4	8.7	15.9	15.9	13.8	10.5
Net direct investment				−9.3	−7.3	−8.7	−1.7	−3.9	−1.9	−1.3	−1.2	−1.3	−2.4
	Abroad			−10.3	−9.3	−10.3	−1.9	−2.7	−2.4	−3.4	−2.0	−2.9	−3.1
	In the Federal Republic of Germany			1.0	1.9	1.7	0.1	−1.1	0.5	2.2	0.7	1.6	0.6
Financing need				30.6	38.2	39.9	7.9	10.5	6.8	14.6	14.7	12.5	8.1
Change in official reserves				−5.4	−21.5	15.4	2.5	5.6	7.0	0.4	1.4	−1.5	−0.9
Acquisition of liabilities by
	foreign monetary authorities			3.9	1.2	−3.0	−1.6	0.4	0.1	−0.2	3.4	7.2	0.8
Residual financing need				29.0	17.9	58.5	8.8	16.5	13.9	14.8	19.6	18.2	8.1
Financing
	Portfolio investment¹			23.6	−2.7	−43.8	−11.5	−12.5	−9.5	−10.1	−16.4	1.0	−0.4
		Public sector bonds		19.9	11.5	2.6	1.9	−1.0	−1.5	3.1	−4.1	3.9	3.9
			Assets	—	—	—	—	—	—	—	—	—	—
			Liabilities	19.9	11.5	2.6	1.9	−1.0	−1.5	3.1	−4.1	3.9	3.9
		Other bonds		−1.0	−12.9	−39.1	−10.8	−9.6	−8.2	−10.5	−10.6	−2.4	−6.7
			Assets	−7.5	−13.6	−31.3	−8.0	−8.0	−7.0	−8.4	−9.5	−2.4	−7.5
			Liabilities	6.5	0.7	−7.8	−2.9	−1.6	−1.2	−2.1	−1.1	−0.0	0.8
		Corporate equities		4.6	−1.3	−7.2	−2.6	−2.0	0.1	−2.8	−1.7	−0.5	2.4
			Assets	−2.2	−0.1	−10.3	−1.7	−2.0	−2.1	−4.5	−3.0	−1.3	−0.7
			Liabilities	6.8	−1.2	3.0	−0.9	—	2.2	1.4	1.3	0.8	3.1
	Deposit money banks¹			−26.2	−7.9	−2.9	9.2	−3.2	−6.3	−2.5	12.9	−7.3	−7.1
		Long-term, net		3.2	−1.2	6.8	−0.1	0.4	4.0	2.5	2.4	2.1	1.2
		Short-term		29.4	−6.7	−9.7	9.3	−3.6	−10.3	−5.0	10.5	−9.4	−8.4
			Assets	−31.7	−8.8	−15.8	6.3	−4.2	−13.5	−4.5	6.9	−15.1	−8.4
			Liabilities	2.3	2.1	6.1	3.0	0.5	3.2	−0.5	3.6	5.7	0.0
	Other			−27.0	−8.5	−12.5	−9.4	−0.1	3.3	−1.9	−12.8	−7.3	−0.6
		Long-term		−2.9	−2.4	−2.9	−0.9	0.8	−1.1	−1.7	−2.5	−0.6	−1.5
		Short-term		−24.2	−6.0	−9.6	−8.5	−1.0	4.4	−0.2	−10.2	−6.7	0.8
			Financial credits	−21.0	−6.7	−4.7	−5.5	−0.2	−0.7	1.7	−7.6	−3.6	1.8
			Trade credits	−2.0	1.3	−4.9	−2.4	−1.8	0.2	−1.0	−2.7	−1.3	−0.5
			Other	−1.2	−0.7	0.1	−0.6	1.0	3.9	−0.9	0.1	−1.8	−0.5
	Errors and omissions			0.5	1.0	0.6	3.0	−0.6	−1.4	−0.3	−3.2	−4.6	0.1

Source: International Monetary Fund, Balance of Payments Statistics.

^¹Excluding liabilities held by foreign monetary authorities.

Table A7.

United Kingdom: External Capital Flows, 1986–Third Quarter 1989

(In billions of U.S. dollars)

Source: International Monetary Fund, Balance of Payments Statistics.

^¹Excluding liabilities held by foreign monetary authorities.

Table A7.

United Kingdom: External Capital Flows, 1986–Third Quarter 1989

(In billions of U.S. dollars)

							1988				1989
				1986	1987	1988	I	II	III	IV	I	II	III
Current account				0.2	−6.4	−26.1	−6.1	−5.9	5.9	−8.1	−7.7	−9.5	−10.7
Net direct investment				−9.4	−17.0	−13.6	0.6	−6.4	−3.9	−3.8	−1.5	1.6	−4.5
	Abroad			−16.5	−30.4	−27.2	−2.7	−8.2	−6.1	−10.1	−10.8	−6.3	−6.6
	In the United Kingdom			7.1	13.5	13.6	3.3	1.8	2.1	6.3	9.3	7.9	2.1
Financing need				−9.2	−23.4	−39.7	−5.5	−12.4	−9.9	−12.0	−9.2	−7.9	−15.3
Change in official reserves				−1.4	−20.2	−4.9	−1.2	−1.2	−1.7	−0.9	0.9	3.5	0.6
Acquisition of liabilities by				−4.7	25.5	6.8	−3.4	6.0	0.8	−3.3	5.5	3.5	2.9
	foreign monetary authorities
Residual financing need				−15.4	−18.1	−37.8	10.1	−7.5	−10.7	−9.5	−2.8	−1.0	−11.8
Financing
	Portfolio investment¹			−26.3	22.8	−6.6	−2.3	−3.8	4.5	−5.0	−11.0	−10.6	−11.6
		Public sector bonds		4.4	3.9	0.7	−0.1	1.1	0.6	−1.2	0.4	−1.5	1.2
			Assets	—	—	—	—	—	—	—	—	—	—
			Liabilities	4.4	3.9	0.7	−0.1	1.1	0.6	−1.2	0.4	−1.5	1.2
		Other bonds		−21.9	7.0	−6.2	−4.2	−3.9	1.2	0.7	−1.2	−11.5	0.0
			Assets	−25.3	4.2	−12.2	−3.9	−5.7	−1.2	−1.4	−2.9	−12.0	−1.8
			Liabilities	3.4	2.8	6.0	−0.3	1.8	2.3	2.1	1.7	0.6	1.8
		Corporate equities		−8.7	11.9	−1.1	1.9	−1.1	2.7	−4.6	−10.1	2.3	−12.8
			Assets	−12.4	2.5	−5.6	1.2	−1.1	−0.4	−5.3	−8.3	−1.3	−12.2
			Liabilities	3.7	9.4	4.6	0.7	—	3.1	0.8	−1.8	3.6	−0.6
	Deposit money banks¹			21.0	−18.6	19.2	11.1	3.5	−0.6	5.2	9.0	−4.3	13.5
		Long-term, net		0.8	1.8	1.0	0.4	0.2	0.3	0.1	−0.3	0.3	0.5
		Short-term		20.2	−20.4	18.2	10.7	3.3	−0.9	5.0	9.3	−4.6	13.0
			Assets	−78.0	−86.8	−36.4	3.6	−16.6	−29.0	5.6	−25.3	1.0	−14.8
			Liabilities	98.2	66.4	54.6	7.2	19.9	28.1	−0.5	34.6	−5.6	27.8
	Other			0.6	−2.4	6.6	0.6	1.6	1.3	3.0	3.2	1.6	7.4
	Errors and omissions			20.1	16.4	18.7	0.6	6.2	5.6	6.4	1.6	14.3	2.6

Source: International Monetary Fund, Balance of Payments Statistics.

^¹Excluding liabilities held by foreign monetary authorities.

Table A7.

United Kingdom: External Capital Flows, 1986–Third Quarter 1989

(In billions of U.S. dollars)

							1988				1989
				1986	1987	1988	I	II	III	IV	I	II	III
Current account				0.2	−6.4	−26.1	−6.1	−5.9	5.9	−8.1	−7.7	−9.5	−10.7
Net direct investment				−9.4	−17.0	−13.6	0.6	−6.4	−3.9	−3.8	−1.5	1.6	−4.5
	Abroad			−16.5	−30.4	−27.2	−2.7	−8.2	−6.1	−10.1	−10.8	−6.3	−6.6
	In the United Kingdom			7.1	13.5	13.6	3.3	1.8	2.1	6.3	9.3	7.9	2.1
Financing need				−9.2	−23.4	−39.7	−5.5	−12.4	−9.9	−12.0	−9.2	−7.9	−15.3
Change in official reserves				−1.4	−20.2	−4.9	−1.2	−1.2	−1.7	−0.9	0.9	3.5	0.6
Acquisition of liabilities by				−4.7	25.5	6.8	−3.4	6.0	0.8	−3.3	5.5	3.5	2.9
	foreign monetary authorities
Residual financing need				−15.4	−18.1	−37.8	10.1	−7.5	−10.7	−9.5	−2.8	−1.0	−11.8
Financing
	Portfolio investment¹			−26.3	22.8	−6.6	−2.3	−3.8	4.5	−5.0	−11.0	−10.6	−11.6
		Public sector bonds		4.4	3.9	0.7	−0.1	1.1	0.6	−1.2	0.4	−1.5	1.2
			Assets	—	—	—	—	—	—	—	—	—	—
			Liabilities	4.4	3.9	0.7	−0.1	1.1	0.6	−1.2	0.4	−1.5	1.2
		Other bonds		−21.9	7.0	−6.2	−4.2	−3.9	1.2	0.7	−1.2	−11.5	0.0
			Assets	−25.3	4.2	−12.2	−3.9	−5.7	−1.2	−1.4	−2.9	−12.0	−1.8
			Liabilities	3.4	2.8	6.0	−0.3	1.8	2.3	2.1	1.7	0.6	1.8
		Corporate equities		−8.7	11.9	−1.1	1.9	−1.1	2.7	−4.6	−10.1	2.3	−12.8
			Assets	−12.4	2.5	−5.6	1.2	−1.1	−0.4	−5.3	−8.3	−1.3	−12.2
			Liabilities	3.7	9.4	4.6	0.7	—	3.1	0.8	−1.8	3.6	−0.6
	Deposit money banks¹			21.0	−18.6	19.2	11.1	3.5	−0.6	5.2	9.0	−4.3	13.5
		Long-term, net		0.8	1.8	1.0	0.4	0.2	0.3	0.1	−0.3	0.3	0.5
		Short-term		20.2	−20.4	18.2	10.7	3.3	−0.9	5.0	9.3	−4.6	13.0
			Assets	−78.0	−86.8	−36.4	3.6	−16.6	−29.0	5.6	−25.3	1.0	−14.8
			Liabilities	98.2	66.4	54.6	7.2	19.9	28.1	−0.5	34.6	−5.6	27.8
	Other			0.6	−2.4	6.6	0.6	1.6	1.3	3.0	3.2	1.6	7.4
	Errors and omissions			20.1	16.4	18.7	0.6	6.2	5.6	6.4	1.6	14.3	2.6

Source: International Monetary Fund, Balance of Payments Statistics.

^¹Excluding liabilities held by foreign monetary authorities.

Table A8.

Change in Interbank Claims and Liabilities, 1983–Third Quarter 1989¹

(In billions of U.S. dollars)

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

^¹Data on changes in 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.

^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 the accounts of the Bank for International Settlements with banks other than central banks and changes in identified cross-border interbank accounts of centrally planned economies (excluding Fund members).

^⁶Consisting 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 either not available or are small in relation to external assets.

^⁷Consisting of all developing countries except the eight Middle Eastern oil exporters (listed in footnote 6), Algeria, Indonesia, Nigeria, and Venezuela.

^⁸As measured by differences in the outstanding assets of depositing countries, defined as cross-border interbank accounts by residence of lending banks.

^⁹Difference between changes in claims and liabilities.

^¹⁰Calculated as the difference between global measures of cross-border changes in interbank claims and liabilities.

Table A8.

Change in Interbank Claims and Liabilities, 1983–Third Quarter 1989¹

(In billions of U.S. dollars)

										1988	1989
				1983	1984	1985	1986	1987	1988	First three quarters
Total change in claims²				127	153	219	451	663	475	423	413
	Industrial countries			97	117	186	377	468	391	344	310
		Of which:
			United States	39	25	33	69	83	69	41	25
			Japan	8	22	40	149	192	185	171	99
	Developing countries³			14	5	1	4	15	−5	−7	2
	Offshore centers⁴			10	26	19	81	164	80	73	77
	Other transactors⁵			5	5	8	−10	16	9	14	28
Memorandum items
	Capital importing developing
		countries^3,6		12	6	7	4	13	−9	−10	−2
	Non-oil developing countries^3,7			13	7	5	4	13	−12	−12	−1
	Fifteen heavily indebted countries			9	1	—	−1	2	−10	−7	−2
Total change in liabilities⁸				108	151	213	472	626	439	377	406
	Industrial countries			71	109	168	370	438	323	276	332
		Of which:
			United States	19	14	8	56	35	63	35	25
			Japan	15	11	40	111	145	147	132	115
	Developing countries³			3	22	—	−9	34	17	16	15
	Offshore centers⁴			26	18	37	117	138	94	79	44
	Other transactors⁵			8	2	8	−6	16	5	6	15
Memorandum items
	Capital importing developing
		countries^3,6		11	22	4	3	26	11	9	15
	Non-oil developing countries^3,7			11	21	1	11	26	12	10	14
	Fifteen heavily indebted countries			—	11	−3	−6	5	−1	1	3
Change in total net claims⁹				19	2	5	−21	37	37	46	7
	Industrial countries			26	8	17	7	30	68	68	−22
		Of which:
			United States	20	11	25	13	48	6	6	—
			Japan	−7	11	−1	37	47	39	39	−16
	Developing countries³			11	−17	6	13	−19	−22	−23	−17
	Offshore centers⁴			−16	9	−18	−36	26	−14	−6	33
	Other transactors⁵			−2	3	—	−4	—	5	8	13
Memorandum items
	Capital importing developing
		countries^3,6		2	−16	3	1	−13	−20	−19	−17
	Non-oil developing countries^3,7			2	−14	4	−7	−14	−24	−22	−15
	Fifteen heavily indebted countries			9	−10	3	6	−3	−9	−9	−5
	Net errors and omissions¹⁰			−19	−2	−5	21	−37	−37	−46	−7

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

^¹Data on changes in 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.

^³Excluding offshore centers.

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

^⁷Consisting of all developing countries except the eight Middle Eastern oil exporters (listed in footnote 6), Algeria, Indonesia, Nigeria, and Venezuela.

^⁸As measured by differences in the outstanding assets of depositing countries, defined as cross-border interbank accounts by residence of lending banks.

^⁹Difference between changes in claims and liabilities.

^¹⁰Calculated as the difference between global measures of cross-border changes in interbank claims and liabilities.

Table A8.

Change in Interbank Claims and Liabilities, 1983–Third Quarter 1989¹

(In billions of U.S. dollars)

										1988	1989
				1983	1984	1985	1986	1987	1988	First three quarters
Total change in claims²				127	153	219	451	663	475	423	413
	Industrial countries			97	117	186	377	468	391	344	310
		Of which:
			United States	39	25	33	69	83	69	41	25
			Japan	8	22	40	149	192	185	171	99
	Developing countries³			14	5	1	4	15	−5	−7	2
	Offshore centers⁴			10	26	19	81	164	80	73	77
	Other transactors⁵			5	5	8	−10	16	9	14	28
Memorandum items
	Capital importing developing
		countries^3,6		12	6	7	4	13	−9	−10	−2
	Non-oil developing countries^3,7			13	7	5	4	13	−12	−12	−1
	Fifteen heavily indebted countries			9	1	—	−1	2	−10	−7	−2
Total change in liabilities⁸				108	151	213	472	626	439	377	406
	Industrial countries			71	109	168	370	438	323	276	332
		Of which:
			United States	19	14	8	56	35	63	35	25
			Japan	15	11	40	111	145	147	132	115
	Developing countries³			3	22	—	−9	34	17	16	15
	Offshore centers⁴			26	18	37	117	138	94	79	44
	Other transactors⁵			8	2	8	−6	16	5	6	15
Memorandum items
	Capital importing developing
		countries^3,6		11	22	4	3	26	11	9	15
	Non-oil developing countries^3,7			11	21	1	11	26	12	10	14
	Fifteen heavily indebted countries			—	11	−3	−6	5	−1	1	3
Change in total net claims⁹				19	2	5	−21	37	37	46	7
	Industrial countries			26	8	17	7	30	68	68	−22
		Of which:
			United States	20	11	25	13	48	6	6	—
			Japan	−7	11	−1	37	47	39	39	−16
	Developing countries³			11	−17	6	13	−19	−22	−23	−17
	Offshore centers⁴			−16	9	−18	−36	26	−14	−6	33
	Other transactors⁵			−2	3	—	−4	—	5	8	13
Memorandum items
	Capital importing developing
		countries^3,6		2	−16	3	1	−13	−20	−19	−17
	Non-oil developing countries^3,7			2	−14	4	−7	−14	−24	−22	−15
	Fifteen heavily indebted countries			9	−10	3	6	−3	−9	−9	−5
	Net errors and omissions¹⁰			−19	−2	−5	21	−37	−37	−46	−7

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

^¹Data on changes in 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.

^³Excluding offshore centers.

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

^⁷Consisting of all developing countries except the eight Middle Eastern oil exporters (listed in footnote 6), Algeria, Indonesia, Nigeria, and Venezuela.

^⁸As measured by differences in the outstanding assets of depositing countries, defined as cross-border interbank accounts by residence of lending banks.

^⁹Difference between changes in claims and liabilities.

^¹⁰Calculated as the difference between global measures of cross-border changes in interbank claims and liabilities.

Table A9.

Change in Claims on Nonbanks and Liabilities to Nonbanks, 1983–Third Quarter 1989¹

(In billions of U.S. dollars)

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

^¹Data on changes in 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 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 the accounts of international organizations (other than the Bank for International Settlements) with banks; and changes in identified cross-border bank accounts of nonbanks in centrally planned economies (excluding Fund members).

^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 either 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), Algeria, Indonesia, Nigeria, and Venezuela.

^⁹As measured by differences in the outstanding assets of depositing countries defined as international bank deposits by nonbanks by residence of depositor.

^¹⁰Difference between changes in claims and liabilities.

Table A9.

Change in Claims on Nonbanks and Liabilities to Nonbanks, 1983–Third Quarter 1989¹

(In billions of U.S. dollars)

										1988	1989
				1983	1984	1985	1986	1987	1988	First three quarters
Total change in claims²				44	28	57	84	132	77	43	101
	Industrial countries			18	10	24	37	79	84	62	80
		Of which:
			United States	1	11	21	25	23	40	32	18
			Japan	2	−3	—	5	31	18	14	30
	Developing countries³			17	6	−3	−2	6	−4	−6	7
	Offshore centers⁴			1	2	9	5	1	3	1	5
	Other transactors⁵			3	2	3	4	4	−1	−1	2
	Unidentified borrowers⁶			5	8	24	41	43	−5	−14	7
Memorandum items
	Capital importing developing
		countries^3,7		14	6	−2	−1	7	−4	−6	5
	Non-oil developing countries^3,8			11	7	−3	−1	8	−3	−4	7
	Fifteen heavily indebted countries			2	4	−5	−1	1	−6	−5	—
Total change in liabilities⁹				58	34	87	120	125	93	53	91
	Industrial countries			28	5	27	61	55	53	39	42
		Of which:
			United States	16	−7	14	26	23	22	15	−14
			Japan	—	1	1	3	2	2	—	5
	Developing countries³			17	—	22	2	15	18	15	13
	Offshore centers⁴			8	6	9	13	7	5	7	6
	Other transactors⁵			2	—	1	−1	1	2	—	1
	Unidentified depositors⁶			3	22	28	45	47	14	−9	29
Memorandum items
	Capital importing developing
		countries^3,7		16	2	16	5	12	13	10	11
	Non-oil developing countries^3,8			15	1	14	6	12	12	9	9
	Fifteen heavily indebted countries			10	3	8	2	5	6	4	5
Change in total net claims on¹⁰				−14	−6	−29	−36	6	−16	−9	10
	Industrial countries			−10	5	−3	−24	24	31	22	38
		Of which:
			United States	−15	18	7	−1	1	19	17	33
			Japan	2	−4	−I	3	29	16	13	25
	Developing countries³			−1	6	−25	−4	−10	−22	−21	−6
	Offshore centers⁴			−7	−4	—	−8	−6	−2	−6	—
	Other transactors⁵			1	1	2	5	2	−3	2	1
	Unidentified (net)⁶			2	−15	−4	−4	−4	−20	−6	−22
Memorandum items
	Capital importing developing
		countries^3,7		−2	3	−18	−6	−6	−17	−16	−5
	Non-oil developing countries^3,8			−4	6	−17	−7	−4	−15	−13	−2
	Fifteen heavily indebted countries			−7	2	−13	−3	−4	−12	−9	−6

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

^¹Data on changes in 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 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 the accounts of international organizations (other than the Bank for International Settlements) with banks; and changes in identified cross-border bank accounts of nonbanks in centrally planned economies (excluding Fund members).

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

^⁹As measured by differences in the outstanding assets of depositing countries defined as international bank deposits by nonbanks by residence of depositor.

^¹⁰Difference between changes in claims and liabilities.

Table A9.

Change in Claims on Nonbanks and Liabilities to Nonbanks, 1983–Third Quarter 1989¹

(In billions of U.S. dollars)

										1988	1989
				1983	1984	1985	1986	1987	1988	First three quarters
Total change in claims²				44	28	57	84	132	77	43	101
	Industrial countries			18	10	24	37	79	84	62	80
		Of which:
			United States	1	11	21	25	23	40	32	18
			Japan	2	−3	—	5	31	18	14	30
	Developing countries³			17	6	−3	−2	6	−4	−6	7
	Offshore centers⁴			1	2	9	5	1	3	1	5
	Other transactors⁵			3	2	3	4	4	−1	−1	2
	Unidentified borrowers⁶			5	8	24	41	43	−5	−14	7
Memorandum items
	Capital importing developing
		countries^3,7		14	6	−2	−1	7	−4	−6	5
	Non-oil developing countries^3,8			11	7	−3	−1	8	−3	−4	7
	Fifteen heavily indebted countries			2	4	−5	−1	1	−6	−5	—
Total change in liabilities⁹				58	34	87	120	125	93	53	91
	Industrial countries			28	5	27	61	55	53	39	42
		Of which:
			United States	16	−7	14	26	23	22	15	−14
			Japan	—	1	1	3	2	2	—	5
	Developing countries³			17	—	22	2	15	18	15	13
	Offshore centers⁴			8	6	9	13	7	5	7	6
	Other transactors⁵			2	—	1	−1	1	2	—	1
	Unidentified depositors⁶			3	22	28	45	47	14	−9	29
Memorandum items
	Capital importing developing
		countries^3,7		16	2	16	5	12	13	10	11
	Non-oil developing countries^3,8			15	1	14	6	12	12	9	9
	Fifteen heavily indebted countries			10	3	8	2	5	6	4	5
Change in total net claims on¹⁰				−14	−6	−29	−36	6	−16	−9	10
	Industrial countries			−10	5	−3	−24	24	31	22	38
		Of which:
			United States	−15	18	7	−1	1	19	17	33
			Japan	2	−4	−I	3	29	16	13	25
	Developing countries³			−1	6	−25	−4	−10	−22	−21	−6
	Offshore centers⁴			−7	−4	—	−8	−6	−2	−6	—
	Other transactors⁵			1	1	2	5	2	−3	2	1
	Unidentified (net)⁶			2	−15	−4	−4	−4	−20	−6	−22
Memorandum items
	Capital importing developing
		countries^3,7		−2	3	−18	−6	−6	−17	−16	−5
	Non-oil developing countries^3,8			−4	6	−17	−7	−4	−15	−13	−2
	Fifteen heavily indebted countries			−7	2	−13	−3	−4	−12	−9	−6

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

^¹Data on changes in 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 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 the accounts of international organizations (other than the Bank for International Settlements) with banks; and changes in identified cross-border bank accounts of nonbanks in centrally planned economies (excluding Fund members).

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

^⁹As measured by differences in the outstanding assets of depositing countries defined as international bank deposits by nonbanks by residence of depositor.

^¹⁰Difference between changes in claims and liabilities.

Table A10.

Long-Term Bank Credit Commitments, 1983–89¹

(In billions of U.S. dollars)

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

^¹Owing to rounding, components may not add to totals.

^²Includes agreements in principle with Argentina, Côte d'lvoire, Ecuador, and the Philippines.

^³Includes a $0.1 billion revolving trade facility for Costa Rica.

^⁴Includes agreements in principle with the Congo, Mexico, and Nigeria.

^⁵Includes agreement in principle with Ecuador.

^⁶Includes agreements in principle with Côte d'lvoire and Yugoslavia.

^⁷Includes agreements in principle with Jordan, Mexico, and the Philippines.

^⁸Excludes offshore banking centers.

^⁹Excludes Fund member countries.

Table A10.

Long-Term Bank Credit Commitments, 1983–89¹

(In billions of U.S. dollars)

				1983	1984²	1985³	1986⁴	1987⁵	1988⁶	1989⁷
				(Long-term external credit commitments)
Industrial countries				30.1	32.0	32.4	40.5	54.3	95.7	73.0
	Seven major			15.0	18.2	21.2	24.3	41.3	78.5	53.7
	Other			15.1	13.8	11.2	16.2	13.0	17.2	19.3
Developing countries⁸				31.5	29.2	16.0	22.8	16.4	17.5	15.2
	Capital importing⁸			29.2	28.1	14.4	21.4	16.3	17.2	14.4
		Africa		2.7	0.6	1.5	1.8	0.7	0.6	0.3
		Asia		9.4	9.4	7.5	8.2	8.5	7.8	8.2
		Europe		1.3	1.6	2.8	2.8	4.1	2.2	2.0
		Middle East		0.6	0.4	0.3	0.1	0.3	0.2	0.8
		Western Hemisphere		15.2	16.1	2.4	8.5	2.7	6.4	3.2
Offshore banking centers				1.5	0.9	0.4	0.7	0.3	0.4	1.6
Centrally planned economies⁹				0.5	1.9	3.5	2.1	1.5	2.5	1.3
International organizations and unallocated				3.9	3.5	4.0	5.2	11.7	10.0	8.0
			Total	67.5	67.5	56.3	71.3	84.3	126.1	99.1
				(Other international long-term bank facilities)
Industrial countries				12.6	48.1	44.5	25.8	27.6	14.8	5.8
	Seven major			10.6	33.9	33.6	14.4	20.0	11.3	3.3
	Other			2.0	14.2	10.9	11.4	7.6	3.4	2.5
Developing countries⁸				0.6	6.2	2.1	3.1	1.3	1.4	0.7
	Capital importing⁸			0.5	5.9	1.8	3.1	1.3	1.4	0.7
		Africa		—	0.2	—	—	—	0.2	—
		Asia		0.4	1.1	1.3	2.0	0.9	0.8	0.3
		Europe		0.1	0.4	0.3	0.9	0.3	0.4	0.1
		Middle East		—	—	—	—	—	—	—
		Western Hemisphere		—	4.3	0.1	0.1	—	—	0.2
Offshore banking centers				0.2	0.4	0.2	0.2	0.3	0.2	0.3
Centrally planned economies⁹				—	—	—	0.5	0.2	0.2	—
International organizations and unallocated				0.1	0.6	2.1	0.3	1.7	—	—
			Total	13.5	55.3	48.9	36.0	31.2	16.6	6.8
				(Total international commitments)
Industrial countries				42.7	80.1	76.9	66.3	81.9	110.5	78.8
	Seven major			25.6	52.1	54.8	38.7	61.3	89.8	57.0
	Other			17.1	28.0	22.1	27.6	20.6	20.7	21.8
Developing countries⁸				32.1	35.4	18.1	25.9	17.7	18.9	15.9
	Capital importing⁸			29.7	34.0	16.2	24.5	17.6	18.6	15.1
		Africa		2.7	0.8	1.5	1.8	0.7	0.8	0.3
		Asia		9.8	10.5	8.8	10.2	9.4	8.6	8.5
		Europe		1.4	2.0	3.1	3.7	4.4	2.3	2.1
		Middle East		0.6	0.4	0.3	0.1	0.3	0.2	0.8
	Western Hemisphere			15.2	20.4	2.4	8.6	2.7	6.4	3.4
Offshore banking centers				1.7	1.4	0.6	0.9	0.6	0.6	1.9
Centrally planned economies⁹				0.5	1.9	3.5	2.6	1.7	2.7	1.3
International organizations and unallocated				4.0	4.1	6.2	5.5	13.4	10.0	8.0
			Total	81.6	122.7	165.1	161.3	115.5	142.7	165.9
Memorandum item
	Other international long-term bank facilities, excluding merger-related facilities			9.5	28.8	42.9	29.3	31.2	16.6	…

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

^¹Owing to rounding, components may not add to totals.

^²Includes agreements in principle with Argentina, Côte d'lvoire, Ecuador, and the Philippines.

^³Includes a $0.1 billion revolving trade facility for Costa Rica.

^⁴Includes agreements in principle with the Congo, Mexico, and Nigeria.

^⁵Includes agreement in principle with Ecuador.

^⁶Includes agreements in principle with Côte d'lvoire and Yugoslavia.

^⁷Includes agreements in principle with Jordan, Mexico, and the Philippines.

^⁸Excludes offshore banking centers.

^⁹Excludes Fund member countries.

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