Front Matter

Front Matter

Author(s):
Donald Mathieson, and Garry Schinasi
Published Date:
August 2001
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© 2001 International Monetary Fund

Production: IMF Graphics Section

Cover & Design: Luisa Menjivar-Macdonald

Figures: Theodore F. Peters, Jr.

Typesetting: Choon Lee

ISBN 9781589060562

ISSN 0258-7440

Price: US$42.00

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Contents

The following symbols have been used throughout this volume:

  • … to indicate that data are not available;
  • — to indicate that the figure is zero or less than half the final digit shown, or that the item does not exist;
  • – between years or months (for example, 1997–99 or January–June) to indicate the years or months covered, including the beginning and ending years or months;
  • / between years (for example, 1998/99) to indicate a fiscal or financial year.

“Billion” means a thousand million; “trillion” means a thousand billion.

“Basis points” refer to hundredths of 1 percentage point (for example, 25 basis points are equivalent to ¼ of 1 percentage point).

“n.a.” means not applicable.

Minor discrepancies between constituent figures and totals are due to rounding.

As used in this volume the term “country” does not in all cases refer to a territorial entity that is a state as understood by international law and practice. As used here, the term also covers some territorial entities that are not states but for which statistical data are maintained on a separate and independent basis.

PREFACE

The International Capital Markets report is an integral part of the IMF’s surveillance of developments in international financial markets. The IMF has published the International Capital Markets report annually since 1980. The report draws, in part, on a series of informal discussions with commercial and investment banks, securities firms, insurance companies, pension funds, stock and futures exchanges, regulatory and monetary authorities, finance ministries, credit rating agencies, and the staff of the Bank for International Settlements. The discussions leading up to the present report took place in Argentina, the Czech Republic, France, Germany, Hong Kong SAR, Italy, Japan, the Republic of Korea, Malaysia, Mexico, Singapore, the United Kingdom, and the United States during the period November 2000–April 2001. The report reflects information available up to the end of May 2001.

The International Capital Markets report was prepared in the Research Department, under the general direction of the Economic Counsellor, Michael Mussa. The International Capital Markets project is co-directed by Donald J. Mathieson, Chief of the Emerging Markets Studies Division, and Garry J. Schinasi, Chief of the Capital Markets and Financial Studies Division. Contributors to the report from the Research Department are Torbjorn Becker, Peter Breuer, Jorge Chan-Lau, R. Sean Craig, Piti Disyatat, Burkhard Drees, Gaston Gelos, Iryna Ivaschenko, Ronald Johannes, Charles Kramer, Ramana Ramaswamy, Jorge Roldos, R. Todd Smith, Amadou Sy, and Caroline Van Rijckeghem. Silvia Iorgova, Anne Jansen, Oksana Khadarina, Yoon Sook Kim, and Peter Tran provided research assistance. Kenneth Kletzer of the IMF’s Research Department also contributed. Contributors from other departments are Kenneth Kang and Martin Muhleisen, Asia and Pacific Department; Roger Nord, European I Department; and Vivek Arora, Western Hemisphere Department. Caroline Bagworth, Ramanjeet Singh, Adriana Vohden, and Joan Wise provided expert word processing assistance. Jacqueline Irving of the External Relations Department edited the manuscript and coordinated production of the publication.

The study has benefited from comments and suggestions from staff in other IMF departments, as well as from Executive Directors following their discussions of the International Capital Markets report on June 28, 2001. However, the analysis and policy considerations are those of the contributing staff and should not be attributed to Executive Directors, their national authorities, or the IMF.

ACRONYMS AND ABBREVIATIONS

ADR

American depository receipt

BCBS

Basel Committee on Banking Supervision

BIS

Bank for International Settlements

CBO

Collateralized bond obligation

CP

Commercial paper

CTD

Cheapest to deliver

DVP

Delivery versus payment

ECB

European Central Bank

ECU

European Currency Unit

EMBI

Emerging Markets Bond Index

EMTA

Emerging Markets Traders Association

EMU

European Economic and Monetary Union

EU

European Union

EURIBOR

Euro Interbank Offered Rate

FDI

Foreign direct investment

FRA

Forward-rate agreement

GDR

Global depository receipt

GEM

Global Equity Market

G-7

Group of Seven

G-10

Group of Ten

HLI

Highly leveraged institution

IFC

International Finance Corporation

IOSCO

International Organization of Securities Commissions

IPO

Initial public offering

IRB

Internal ratings based

ISDA

International Swaps and Derivatives Association

JGB

Japanese government bond

LCBO

Large, complex banking organization

LIBOR

London Interbank Offered Rate

LTCM

Long-Term Capital Management

MBS

Mortgage-backed securities

MSCI

Morgan Stanley Capital International (index)

MSCI EMF

Morgan Stanley Capital International Emerging Markets Free (index)

NASDAQ

National Association of Securities Dealers Automated Quotations

NPL

Nonperforming loan

NRF

Name registration form

OECD

Organization for Economic Cooperation and Development

OTC

Over-the-counter

QFI

Qualified foreign intermediary

ROA

Return on assets

ROE

Return on equity

RTGS

Real-time gross settlement

SAR

Special Administrative Region

TARGET

Trans-European Automated Real-Time Gross Settlement Express Transfer

TMT

Technology, media, and telecommunications

World Economic and Financial Surveys

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International Capital Markets: Developments, Prospects, and Key Policy Issues

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