Abstract

Provides a comprehensive survey of recent developments in international financial markets, including developments in emerging capital markets, bond markets, major currency markets, and derivative markets. The report focuses on efforts by the major industrial countries to strengthen the management of financial risk and prundential oversight over the international banking system. It also critically evaluates existing mechanisms for international cooperation of financial supervision and regulation and proposes the development of international banking standards.

References

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  • “Forex is the Key in Asia,” International Financing Review, Issue 1103 (October 14, 1995), p. 121.

  • Glosten, Lawrence R., and Paul R. Milgrom, “Bid, Ask, and Transaction Prices in a Specialist Market with Heiero-geneously Informed Traders,” Journal of Financial Economics, Vol. 14, No. 1 (March 1985). pp, 71100.

    • Search Google Scholar
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    • Search Google Scholar
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  • Guillaume, Dominique, and others From the Bird’s Eye to the Microscope: A Survey of New Stylized Facts of the Imra-Daily Foreign Exchange Markets(Zurich: Olsen & Associates, December 1994).

    • Search Google Scholar
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  • Harlmann, Philipp, “Capital Adequacy and Foreign Exchange Risk Regulation: Recent Developments in Industrial Countries,” LSE Financial Markets Group. Special Paper No. 77 (London: LSE Financial Markets Group, December 1995).

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  • International Monetary Fund, International Capital Markets; Fart I—Exchange Rate Management and International Capital Flows, World Economic and Financial Surveys (Washington: International Monetary Fund, April 1993).

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  • International Monetary Fund, International Capital Markets: Developments, Prospects, and Policy Issues, World Economic and Financial Surveys (Washington: International Monetary Fund, September 1994).

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    • Search Google Scholar
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World Economic and Financial Surveys

This series (ISSN 0258-7440) contains biannual, annual, and periodic studies covering monetary and financial issues of importance to the global economy. The core elements of the series are the World Economic Outlook report, usually published in May and October, and the annual report on International Capital Markets. Other studies assess international trade policy, private market and official financing for developing countries, exchange and payments systems, export credit policies, and issues discussed in the World Economic Outlook.

World Economic Outlook: A Survey by the Staff of the International Monetary Fund

The World Economic Outlook, published twice a year in English, French, Spanish, and Arabic, presents IMF staff economists’ analyses of global economic developments during the near and medium term. Chapters give an overview of the world economy; consider issues affecting industrial countries, developing countries, and economies in transition to the market; and address topics of pressing current interest.

ISSN 0256-6877.

$35.00 (academic rate: $24.00; paper)

1996 (May). ISBN 1-55775-567-1. Stock #WEO-196.

1995 (Oct.). ISBN 1-55775-467-5. Stock #WEO-295.

1995 (May). ISBN 1-55775-468-3. Stock #WEO-195.

International Capital Markets: Developments, Prospects, and Policy Issues

by a staff team led by Takatoshi Ito and David Folkerts-Landau

The current issue provides a comprehensive survey of recent developments in international financial markets in 1995 and 1996, including developments in emerging capital markets, bond markets, major currency markets, and derivative markets. The report focuses on efforts by the major industrial countries to strengthen the management of financial risk and prudential oversight over the international banking system.

$20.00 (academic rate: $12.00; paper).

1996. ISBN 1-55775-609-0. Stock #WEO-696.

1995. ISBN 1-55775-516-7. Stock #WEO-695.

Staff Studies for the World Economic Outlook

by the IMF’s Research Department

These studies, supporting analyses and scenarios of the World Economic Outlook, provide a detailed examination of theory and evidence on major issues currently affecting the global economy.

$20.00 (academic rate: $12,00; paper).

1995. ISBN 1-55775-499-3. Stock #WEO-395.

1993. ISBN 1-55775-337-7. Stock #WEO-393.

Issues in International Exchange and Payments Systems

by a Staff Team from the IMF’s Monetary and Exchange Affairs Department

The global trend toward liberalization in countries’ international exchange and payments systems has been widespread in both industrial and developing countries and most dramatic in Central and Eastern Europe. Countries in general have brought their exchange systems more in line with market principles and moved toward more flexible exchange rate arrangements in recent years.

$20.00 (academic rate: $12.00; paper).

1995. ISBN 1-55775-480-2. Stock #WEO-895.

Private Market Financing for Developing Countries

by a Staff Team from the IMF’s Policy Development and Review Department led by Steven Dunaway

This latest study surveys recent trends in private market financing for developing countries, including flows to developing countries through banking and securities markets; the restoration of access to voluntary market financing for some developing countries; and the status of commercial bank debt in low-income countries.

$20.00 (academic rate: $12.00; paper).

1995. ISBN 1-55775-526-4. Stock #WEO-1595.

1995. ISBN 1-55775-456-X. Stock #WEO-995.

International Trade Policies

by a Staff Team led by Naheed Kirmani

The study reviews major issues and developments in trade and their implications for the work of the IMF. Volume I, The Uruguay Round and Beyond; Principal Issues, gives and overview of the principal issues and developments in the world trading system. Volume II, The Uruguay Round and Beyond: Background Papers, presents detailed background papers on selected trade and trade-related issues. This study updates previous studies published under the title Issues and Developments in International Trade Policy.

$20.00 (academic rate: $12.00; paper).

1994. Volume I. The Uruguay Round and Beyond: Principal Issues

ISBN 1-55775-469-1. Stock #WEO-1094.

1994. Volume II. The Uruguay Round and Beyond: Background Papers

ISBN 1-55775-457-8. Stock #WEO-1494.

1992. ISBN 1-55775-311-1. Stock #WEO-l092.

Official Financing for Developing Countries

by a Staff Team from the IMF’s Policy Development and Review Department led by Anthony R. Boote

This study provides information on official financing for developing countries, with the focus on low- and lower-middle-income countries. It updates and replaces Multilateral Official Debt Rescheduling: Recent Experience and reviews developments in direct financing by official and multilateral sources.

$20.00 (academic rate: $12.00; paper)

1995. ISBN 1-55775-527-2. Stock flWEO-1395.

1994. ISBN 1-55775-378-4. Stock ffWEO-1394

Officially Supported Export Credits: Recent Developments and Prospects

by Michael G. Kuhn, Balazs Horvath, Christopher J. Jarvis

This study examines export credit and cover policies in major industrial countries.

$20.00 (academic rate: $12.00; paper).

1995. ISBN 1-55775-448-9. Stock #WEO-595.

Available by series subscription or single title (including back issues}; academic rate available only to full-time university faculty and students.

Please send orders and inquiries to:

International Monetary Fund, Publication Services, 700 19th Street, N.W.

Washington, D.C. 20431, U.S.A.

Tel.: (202) 623-7430 Telefax: (202) 623-7201

Internet: publications@imf.org

Developments, Prospects, and Key Policy Issues, 1996
  • Alvarez, Cesar L., Latin Finance Supplement: Global Markets (July/August 1994).

  • Andrews, David, and Shogo lshii, “The Mexican Financial Crisis: A Test of the Resilience of the Markets for Developing Country Securities,” IMF Working Paper No. 95 132 (Washington: International Monetary Fund, December 1995).

    • Search Google Scholar
    • Export Citation
  • Bank for International Settlements, Report on Netting Schemes (Basle: Bank for International Settlements, February 1989).

  • Bank for International Settlements, Report of the Committee on Interbank Netting Schemes of the Central Banks of the Group of Ten Countries (Basle: Bank for International Settlements, November 1990).

    • Search Google Scholar
    • Export Citation
  • Bank for International Settlements, Central Bank Payment and Settlement Services with Respect to Cross-Border and Multi-Currency Transactions (Basle: Bank for International Settlements, September 1993).

    • Search Google Scholar
    • Export Citation
  • Bank for International Settlements, (1994a), “Risk Management Guidelines for Deriva-tives” (Basle: Bank for International Settlements, July 1994).

    • Search Google Scholar
    • Export Citation
  • Bank for International Settlements, (1994b), Report on International Developments in Banking Supervision: Report Number 9 (Basle: Bank for International Settlements, September 1994).

    • Search Google Scholar
    • Export Citation
  • Bank for International Settlements, (1994c), “Discussion Paper on Public Disclosure of Market and Credit Risks by Financial Intermediaries” (Basle: Bank for International Settlements, September 1994.

    • Search Google Scholar
    • Export Citation
  • Bank for International Settlements, (1995a), “Framework for Supervisory Information About the Derivatives Activities of Banks and Securities Firms,” issued jointly with IOSCO (Basle: Bank for International Settlements, May 1995),

    • Search Google Scholar
    • Export Citation
  • Bank for International Settlements, (1995b), “Central Bank Survey of Derivatives Market Activity: Release of Preliminary Global Findings” (Basle: Bank for International Settlements, December 1995),

    • Search Google Scholar
    • Export Citation
  • Bank for International Settlements, (1996a), International Banking and Financial Markets Developments (Basle: Bank for International Settlements, February 1996).

    • Search Google Scholar
    • Export Citation
  • Bank for International Settlements, (1996b), Settlement Risk in Foreign Exchange Transactions (Basle: Bank for International Settlements, March 1996).

    • Search Google Scholar
    • Export Citation
  • Bank for International Settlements, (1996c), International Banking and Financial Markets Developments (Basle: Bank for International Settlements, May 1996).

    • Search Google Scholar
    • Export Citation
  • Bank for International Settlements, (1996d), Central Bank Survey of Foreign Exchange and Derivatives Market Activity. 1995 (Basle: Bank for International Settlements, May 1996).

    • Search Google Scholar
    • Export Citation
  • Bank of England, (1995a), “The Gill Repo Market,” Bank of England Quarterly Bulletin, Vol. 35, No. 4 (November 1995), pp. 32530.

  • Bank of England, (1995b), “Financial Market Developments,” Bank of England Quarterly Bulletin, Vol. 35, No. 4 (November 1995), pp. 33945.

    • Search Google Scholar
    • Export Citation
  • Bank of England, “Financial Market Developments,” Bank of England Quarterly Bulletin, Vol. 36, No. 1 (February 1996), pp. 2229.

  • Bank of Japan, “Summary of Results of the Tokyo Foreign Exchange Market Turnover Survey.” Quarterly Bulletin, Vol. 4, No. 1 (February 1996), pp. 111.

    • Search Google Scholar
    • Export Citation
  • Borio, Claudio E.V., and Robed N. McCauley, “The Anatomy of the Bond Market Turbulence of 1994,” Bank for International Settlements Working Paper No. 32 (Basle: Bank for International Settlements, December 1995).

    • Search Google Scholar
    • Export Citation
  • Briekcll Mark, “Comparing and Contrasting the Latest Proposals from the Basle Committee and the G–30 Recommendations on Market Risk,” speech delivered at the Conference on Measuring and Managing Market Risk sponsored by Risk held in London, November 15, 1993.

    • Search Google Scholar
    • Export Citation
  • Chile, Supervisory Authority for Banks and Financial Institutions, presentation to the eighth International Conference of Banking Supervisors, held in Vienna, October 1994.

    • Search Google Scholar
    • Export Citation
  • Crowe, Charles “Treasurers Put Their Views on Banks.” Euromoney (May 1995). pp, 6584.

  • Davidson, Clive, “A Question of Adequacy.” Risk, Vol. 9, No. 3 (March 1996, pp. 4548.

  • Dziobek, Claudia, Olivier Frécaut, and María Nieto. “Non-G-10 Countries and the Basle Capital Rules: How Tough a Challenge Is It to Join the Basle Club?” IMF Paper on Policy Analysis and Assessment No. 95 5 (Washington: International Monetary Fund, March 1995).

    • Search Google Scholar
    • Export Citation
  • Failoon, William, “The Simpler, the Better,” Review 1995, Risk, Vol. 9. No. 1 (January 1996), pp. R13–R16.

  • “February Volumes.” International Financing Review, Issue 1123 (March 9, 1996), p. 111.

  • Federal Reserve Bank of New York, “April 1995 Survey of Foreign Exchange Market Activity in the United States” (New York: Federal Reserve Bank of New York, October 6, 1995).

    • Search Google Scholar
    • Export Citation
  • Financial Regulation Report (London: Financial Times Publishing, various issues).

  • Foot, Michael, speech delivered on March 7, 1996 at the International Swaps and Derivatives Association Eleventh Annual General Meeting held in San Francisco, March 68, 1996.

    • Search Google Scholar
    • Export Citation
  • Foreign Exchange Committee, Reducing Foreign Exchange Settlement Risk (New York: Foreign Exchange Committee, October 1994)

  • “Forex is the Key in Asia,” International Financing Review, Issue 1103 (October 14, 1995), p. 121.

  • Glosten, Lawrence R., and Paul R. Milgrom, “Bid, Ask, and Transaction Prices in a Specialist Market with Heiero-geneously Informed Traders,” Journal of Financial Economics, Vol. 14, No. 1 (March 1985). pp, 71100.

    • Search Google Scholar
    • Export Citation
  • Goodharl, Charles, Takaloshi flo, and Richard Payne, “One Day in June 1993: A Study of die Working of the Reuters 2000-2 Electronic Foreign Exchange Trading System,” in The Microstructure of Foreign Exchange Markets, ed. by Jeffrey A. Frankel, Giampaolo Galli, and Alberto Giovannini (Chicago: University of Chicago Press, 1996).

    • Search Google Scholar
    • Export Citation
  • Gray, Cheryl, Sabine Schlorke, and Miklos Szanyi, “Hun-gary’s Bankruptcy Experience, 1982-1993.” Policy Research Working Paper No. 1510 (Washington: World Bank, September 1995).

    • Search Google Scholar
    • Export Citation
  • Guillaume, Dominique, and others From the Bird’s Eye to the Microscope: A Survey of New Stylized Facts of the Imra-Daily Foreign Exchange Markets(Zurich: Olsen & Associates, December 1994).

    • Search Google Scholar
    • Export Citation
  • Harlmann, Philipp, “Capital Adequacy and Foreign Exchange Risk Regulation: Recent Developments in Industrial Countries,” LSE Financial Markets Group. Special Paper No. 77 (London: LSE Financial Markets Group, December 1995).

    • Search Google Scholar
    • Export Citation
  • Heron, Dan, “Any Time, Any Place,” Risk, Vol. 9, No. 3 (March 1996), pp. 2731.

  • International Monetary Fund, World Economic Outlook, World Economic and Financial Surveys (Washington: International Monetary Fund, various issues).

    • Search Google Scholar
    • Export Citation
  • International Monetary Fund, International Capital Markets; Fart I—Exchange Rate Management and International Capital Flows, World Economic and Financial Surveys (Washington: International Monetary Fund, April 1993).

    • Search Google Scholar
    • Export Citation
  • International Monetary Fund, International Capital Markets: Developments, Prospects, and Policy Issues, World Economic and Financial Surveys (Washington: International Monetary Fund, September 1994).

    • Search Google Scholar
    • Export Citation
  • International Monetary Fund, (1995a) Czech Republic, IMF Economic Review No. I (Washington: International Monetary Fund, April 1995).

  • International Monetary Fund, (1995b) International Capital Markets: Developments, Prospects, and Policy Issues, World Economicand Financial Surveys (Washington: International Monetary Fund, August 1995).

    • Search Google Scholar
    • Export Citation
  • International Securities Regulation Report (Horsham, Pennsylvania: LRP Publications, various issues).

  • International Organization of Securities Commissions, Annual Report, various issues.

  • International Organization of Securities Commissions, (1994a), “Operational and Financial Risk Management Control Mechanisms for Over-the-Counter Derivatives Activities of Regulated Securities Firms” (Montreal: International Organization of Securities Commissions, July 1994).

    • Search Google Scholar
    • Export Citation
  • International Organization of Securities Commissions, (1994b) “Index of Memoranda of Understanding and Similar Agreements” (Montreal: International Organization of Securities Commissions, December 5, 1994).

    • Search Google Scholar
    • Export Citation
  • International Organization of Securities Commissions, “Public Disclosure of the Trading and Derivatives Activities of Banks and Securities Firms.” Joint Report by the Basle Committee on Banking Supervision and the Technical Committee of the International Organization of Securities Commissions (November 1995).

    • Search Google Scholar
    • Export Citation
  • Irvine, Steven, “Fair Pricing or Rip-Off?” Euromoney (December 1995), pp. 1618.

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