Other Titles in this Series

Research at the IMF

of a Press Conference on the 2001 International Capital Markets Report
July 12, 2001

World Economic
and Financial Surveys
International Capital Markets
Developments, Prospects, and Key Policy Issues
August 2001

By a Staff Team led by Donald J. Mathieson and Garry J. Schinasi

©2001 International Monetary Fund
Ordering Information

The International Capital Markets Report ceased publication in August 2001. Both the Report and the Emerging Market Financing quarterly (published 2000-2001) have been replaced by a new quarterly, The Global Financial Stability Report. The new report was created to provide timely and comprehensive coverage of both mature and emerging financial markets as part of the IMF's stepped up tracking of financial markets.


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List of Abbreviations

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I.   Introduction

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II.   Developments and Trends in Mature Capital Markets
Global Capital Flows and Developments in Foreign
   Exchange Markets
Equity Markets
National and International Credit Markets
Derivatives Markets
Developments in Major Banking Systems
International Regulatory and Supervisory Developments

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III.   Emerging Market Financing
Developments in Aggregate Net Private Capital Flows to    Emerging Markets
Developments in the Bond, Equity, and Syndicated Loan

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IV.   The Changing Structure of the Major Government Securities Markets: Implications for Private Financial Markets and Key Policy Issues
Key Characteristics and Roles of Government Securities    and Their Markets
The Shrinking Supply of U.S. Treasuries: Financial Market    Effects and Policy Issues
Euro-Area Government Securities Markets: Challenges in    Eliminating Fragmented Markets and Separate Pools of    Euro Liquidity
Japan: Market Infrastructure and Expanding Government    Debt Supply

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V.   Financial Sector Consolidation in Emerging Markets
Patterns and Causes of Financial Sector Consolidation
Economies of Scale, Scope, and Electronic Banking
Consolidation and Market Power
Policy Issues and Systemic Risks

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VI.   Staff Appraisal
Mature Markets
Emerging Markets
Financial Markets Implications of the Changing Structure of
   Major Government Securities Markets
Financial Consolidation in Emerging Markets

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Annex I. Ongoing Weaknesses in Japan's Corporate and Financial Sectors
Japan's Financial Sector: Limited Progress in Addressing
   Structural Weaknesses
Corporate Restructuring: Big Problems, Little Progress
  Annex II. Development of Local Bond Markets in Asia and Latin America
  Annex III. Issuance and Closures in Emerging Markets Bonds, Equity and Loans
  Annex IV. The Major Fixed-income Securities Markets
Overview of the Major Debt Securities Markets
Overview of the Major Government Securities Markets
Recent Issuance Trends in Fixed-Income Markets
Outlook for Major Government Bond Supplies
  Annex V. Concluding Remarks by the Chairman
Developments and Risks
Financial Markets Implications of the Changing Structure of the Major Government Securities Markets
Financial Sector Consolidation in Emerging Markets

2.1.   Price-Earnings Ratios and Implied Real Earnings Growth in Major Stock Markets
2.2.   The Group of Ten Report on Financial Consolidation
2.3.   Key Elements of the Proposed New Basel Accord for Bank
Capital Adequacy
3.1.   Emerging Market Sovereigns Return to the Euroyen Market
3.2.   The European Investor Base for Emerging Market Debt
3.3.   What Determines Emerging Market Bond Spreads?
3.4.   Emerging Markets versus U.S. High Yields
3.5.   Investor Base for Emerging Market U.S. Dollar Bonds
3.6.   Chinese Jumbo Initial Public Offerings
3.7.   Benchmark Indices and the Asset Allocation of Emerging Market Funds
4.1.   Managing Interest-Rate Risk Using Government Securities: An Example
4.2.   U.S. Treasury Derivatives Contracts and Markets
4.3.   The U.S. Treasury Repo Market
4.4.   U.S. Treasury Securities as Collateral
4.5.   Squeezes in German Government Securities Markets
5.1.   Bank Mega-Mergers and Capital Flows to Emerging Markets
5.2.   On-line Securities Trading in Emerging Markets
5.3.   The Market Response to Cross-Border Bank Mergers and Acquisitions
5.4.   e-Banking in Emerging Markets
5.5.   Antitrust Policy in Banking in Selected Mature Markets
A1.1.   Japan: Methods to Estimate Future Bank Loan Losses
A1.2.   Stock Market Reaction to Restructuring Announcements Before and After the Implementation of the Civil Rehabilitation Law

2.1.   Net Foreign Purchases of U.S. Long-Term Securities
2.2.   Equity Price Changes
2.3.   Outstanding Amounts and Net Issues of International Debt Securities by Currency of Issue
2.4.   Announced International Syndicated Credit Facilities by Nationality of Borrowers
2.5.   Exchange-Traded Derivatives: Notional Principal Amounts Outstanding and Annual Turnover
2.6.   Global Over-the-Counter Derivatives Markets: Notional Amounts and Gross Market Values of Outstanding Contracts
2.7.   Global Over-the-Counter Derivatives Markets: Notional Amounts and Gross Market Values of Outstanding Contracts by Counterparty, Remaining Maturity and Currency Composition
2.8.   Mature-Market Bank Exposures to Emerging Markets, End-December 2000
2.9.   Key International Supervisory and Regulatory Initiatives
3.1.   Net Private Capital Flows to Emerging Markets
3.2.   Changes in Net Assets of BIS-Reporting Banks in Selected Countries and Regions
3.3.   Gross Private Market Financing to Emerging Markets, by Region, Financing Type, and Borrower Type
3.4.   Decline of Brady Debt
3.5.   Returns on Different Asset Classes
3.6.   Correlation between TMT and non-TMT Returns across Regions
3.7.   Contribution of TMT to Regional Stock Market Declines in the Fourth Quarter of 2000
4.1.   Euro Area: Ownership of Government Debt
4.2.   Sovereign Credit Ratings for Selected Countries
4.3.   Public Debt Issuance Procedures in Selected Euro-Area Countries
5.1.   Bank Stocks in Selected Emerging Markets (December 2000)
5.2.   Number of Banks and Market Concentration in Selected Emerging Market Banking Systems
5.3.   Performance Indicators According to Bank Size
5.4.   Permissible Activities for Banking Organizations in Various Emerging Markets
5.5.   H Statistics for Selected Emerging Market Banking Systems
A1.1.   Japan: Problem Loans
A1.2.   Japan: Classification of Bank Loans
A1.3.   Japan: Sensitivity Analysis for Unconvered Loan Losses of Major and Regional Banks
A1.4.   Major Banks' Regulatory Capital
A1.5.   Japan: Bank Support Framework
A1.6.   Japan: Official Initiatives Targeted to Corporate Restructuring
A1.7.   Corporate Governance Score Card
A3.1.   Issuance Volume Regressions for Bonds, Equity, and Loans
A3.2.   Closures Based on 539 Weekly Observations from 1990-April 19, 2001
A3.3.   Granger Causality: Bond, Equity, and Loan Markets
A3.4.   Granger Causality, Different Issuers of Emerging Market Bonds
A4.1.   Global Bond Markets, December 2000
A4.2.   Selected Countries: Key Features of Government Bond Markets
A4.3.   Selected Major Economies: Private Debt Securities Issues
A4.4.   Selected Major Economies: Public Sector Debt Outstanding

2.1.   United States: Current Account Deficit as Share of Global Surpluses
2.2.   Gross Global Capital Flows
2.3.   Gross Global Capital Flows Relative to Net Global Capital Flows
2.4.   Selected Major Industrial Countries: Exchange Rates
2.5.   Equity Indices: Technology Sector vs. Nontechnology Sector
2.6.   S&P 500 Earnings Outlook
2.7.   Short- and Long-Term Interest Rates
2.8.   Monetary Policy Rates and Short-Term Rate Expectations
2.9.   United States: Corporate Bond Market
2.10.   Selected Spreads
2.11.   Nonfinancial Corporate Credit Spreads
2.12.   United States: Banks' Total Gross and On-Balance-Sheet Leverage Ratios
3.1.   Net Private Capital Flows and Gross Private Issuance to Emerging Markets
3.2.   Emerging Market Domestic Debt and External Debt
3.3.   Average Credit Ratings in Emerging Markets
3.4.   Real GDP Growth Consensus Forecast
3.5.   Currency Composition of Emerging Market Bond Issues
3.6.   Yield Spreads for Selected Emerging Market Eurobonds
3.7.   Emerging Market Bond Issuance, Nasdaq, and EMBI Global Spread
3.8.   Emerging Market Spreads: Argentina, Brazil, and EMBI Global
3.9.   Merrill Lynch U.S. Corporate Bond Yield Spreads
3.10.   Bond Market Developments
3.11.   Bond Issues and Loans by Asian and Latin America Corporates
3.12.   Emerging Markets: Syndicated Loans Weighted Interest Margin and Maturity
3.13.   Emerging Market Equity Issuance and Nasdaq Returns
3.14.   Equity Indices for Selected Emerging Market Regions, United States, and Japan
3.15.   Price-Earnings Ratios for Information Technology (IT) vs. Non-IT Sector
4.1.   Bond Yield Spreads Against Germany for Selected Euro-Area Countries
4.2.   Volatility of Government Bond Yields for Selected Countries
4.3.   Euro-Area Members' Domestic Public Debt
4.4.   Japan and United States: Euromarket Spreads over Government Bonds
4.5.   Japan and Germany: Yield Spread on Government Bonds with Similar Maturities
5.1.   Monthly Dollar Trading Volume for Selected Asian Countries
5.2.   Monthly Dollar Trading Volume for Selected Latin American Countries
5.3.   Monthly Dollar Trading Volume for Selected European Countries
5.4.   Cumulative Market Share of the Largest Private Pension Funds
5.5.   Evolution of Nominal Banking Spreads
5.6.   Consolidation Intensity and Bank Interdependency in Selected Emerging Market Banking Systems
A1.1.   Japan: Major Banks' Profits, FY1990-2000
A1.2.   Japan: Banking Indicators
A2.1.   Size of Local Currency Bond Markets for Selected Asian Countries
A3.1.   New Millennium, New Seasonality?
A4.1.   United States: Corporate Sector Financing
A4.2.   Euro-Area Government Debt Outstanding
A4.3.   Government Debt Outstanding in Selected Euro-Area Countries
A4.4.   Government Debt Outstanding in Selected Countries
A4.5.   Projected U.S. Treasury Debt
A4.6.   Ownership of U.S. Treasury Securities