Front Matter

Front Matter

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

(US$35.00 to full-time faculty members and students at universities and colleges)

Please send orders to:

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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.


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.



American depository receipt


Basel Committee on Banking Supervision


Bank for International Settlements


Collateralized bond obligation


Commercial paper


Cheapest to deliver


Delivery versus payment


European Central Bank


European Currency Unit


Emerging Markets Bond Index


Emerging Markets Traders Association


European Economic and Monetary Union


European Union


Euro Interbank Offered Rate


Foreign direct investment


Forward-rate agreement


Global depository receipt


Global Equity Market


Group of Seven


Group of Ten


Highly leveraged institution


International Finance Corporation


International Organization of Securities Commissions


Initial public offering


Internal ratings based


International Swaps and Derivatives Association


Japanese government bond


Large, complex banking organization


London Interbank Offered Rate


Long-Term Capital Management


Mortgage-backed securities


Morgan Stanley Capital International (index)


Morgan Stanley Capital International Emerging Markets Free (index)


National Association of Securities Dealers Automated Quotations


Nonperforming loan


Name registration form


Organization for Economic Cooperation and Development




Qualified foreign intermediary


Return on assets


Return on equity


Real-time gross settlement


Special Administrative Region


Trans-European Automated Real-Time Gross Settlement Express Transfer


Technology, media, and telecommunications

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. Please consult the IMF Publications Catalog for a complete listing of currently available World Economic and Financial Surveys.

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.

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Official Financing for Developing Countries

by a staff team in the IMF’s Policy Development and Review Department led by Anthony R. Boote and Doris C. Ross

This study provides information on official financing for developing countries, with the focus on low-income countries. It updates the 1995 edition and reviews developments in direct financing by official and multilateral sources.

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Exchange Rate Arrangements and Currency Convertibility: Developments and Issues

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A principle force driving the growth in international trade and investment has been the liberalization offinancialtransactions, including the liberalization of trade and exchange controls. This study reviews the developments and issues in the exchange arrangements and currency convertibility of IMF members.

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World Economic Outlook Supporting Studies

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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.

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2000. ISBN 1-55775-893-X. Stock #WEO EA 0032000.

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

by a staff team led by Donald J. Mathieson and Garry J. Schinasi

This year’s International Capital Markets report assesses recent developments in mature and emerging financial markets and analyzes key systemic issues affecting global financial markets. The report discusses the main risks in the period ahead; identifies sources of, and possible measures to avoid, instability in OTC derivatives markets; reviews initiatives to “involve” the private sector in preventing and resolving crises, and discusses the role of foreign-owned banks in emerging markets.

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Toward a Framework for Financial Stability

by a staff team led by David Foikerts-Landau and Carl-Johan Lindgren

This study outlines the broad principles and characteristics of stable and sound financial systems, to facilitate IMF surveillance over banking sector issues of macroeconomic significance and to contribute to the general international effort to reduce the likelihood and diminish the intensity of future financial sector crises.

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1998. ISBN 1-55775-706-2. Stock #WEO-016.

Trade Liberalization in IMF-Supported Programs

by a staff team led by Robert Sharer

This study assesses trade liberalization in programs supported by the IMF by reviewing multiyear arrangements in the 1990s and six detailed case studies. It also discusses the main economic factors affecting trade policy targets.

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1998. ISBN 1-55775-707-0. Stock #WEO-1897.

Private Market Financing for Developing Countries

by a staff team from the IMF’s Policy Development and Review Department led by Steven Dunaway

This study surveys recent trends in flows to developing countries through banking and securities markets. It also analyzes the institutional and regulatory framework for developing country finance; institutional investor behavior and pricing of developing country stocks; and progress in commercial bank debt restructuring in low-income countries.

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

1995. ISBN 1-55775-5264. Stock #WEO-1595.

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