Prepared by A. Piris (SPR), based on inputs from C. Crowe (RES), T. Bayoumi and M. Pant (both SPR).
Prepared by A. Piris and N. Raman (SPR).
The exact equation derives from a Cobb-Douglas production function, as shown in Barro and Sala-i-Martín (1995), p. 37.
Prepared by R. Duttagupta and P. Khandelwal (SPR), with inputs from MCM and RES.
Prepared by R. Goyal and P. Khandelwal (SPR), with inputs from FIN, LEG, and MCM.
The first private SDRs appeared in 1975. By 1981, SDR-denominated bank deposits (excluding interbank deposits) were estimated at SDR 5-7 billion, and SDR-denominated bond or note issuances totaled SDR 563 million (see IMF, 1987). The narrowing of the SDR currency basket from 16 to 5 currencies and the increase of the SDR interest rate to 100 percent of the underlying market rates in 1981 briefly spurred the expansion of the private SDR market for syndicated loans, which amounted to SDR 1.2 billion in 1981-82.
Prepared by R. Goyal and P. Khandelwal (SPR).