IMF International Capital Markets 1998 -- Table of Contents

    WORLD ECONOMIC AND FINANCIAL SURVEYS
  International Capital Markets
   Developments, Prospects, and Key Policy Issues
                   September 1998

By a Staff Team led by Charles Adams, Donald J. Mathieson, Garry Schinasi, and Bankim Chadha

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 Both the Report and the Emerging Market Financing quarterly (published 2000-2001) have been replaced by a new quarterly, The Global Financial Stability Report.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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	Preface List of Abbreviations

127k pdf file	I.	Overview The Asian Crisis: Capital Market Dynamics and Spillover Emerging Markets in the New International Financial System: Implications of the Asian Crisis Developments and Trends in the Mature Financial Markets Selected Issues in the Mature Financial Systems: EMU, Banking System and Performance, and Supervision and Regulation

802k pdf file	II.	The Asian Crisis: Capital Markets Dynamics and Spillover Part One: Emerging Markets Financing Capital Flows, Reserves, and Foreign Exchange Markets Bond Markets International Bank Lending Equity Markets Part Two: Emerging Market Banking Systems Part Three: Market Dynamics, Linkages, and Transmission The Boom in Capital Inflows The Dynamic of the Southeast Asian Currency Crisis The Illiquidity of Foreign Exchange Markets The Intensification of Exchange Rate Declines The October Turbulence in Hong Kong SAR Spillover in the Wake from Hong Kong SAR The Winter Recovery Conclusions References

190k pdf file	III.	Emerging Markets in the New International Financial System--Implications of the Asian Crisis Is the Asian Crisis a New Type of Systemic Crisis? The Similarities Some Differences Capital Flows and Market Dynamics Terms and Conditions for Market Access Market Dynamics Abrupt Loss of Market Access Contagion Coping with Surges in Capital Inflows Macroeconomic Policy Responses Dealing with Banking Sector Problems The Role of the Corporate Sector and the Bankruptcy Process Conclusions References

630k pdf file	IV.	Developments and Trends in Mature Financial Markets Foreign Exchange Markets Credit Markets Money and Repo Markets Bond Markets International Credit Markets Equity Markets United States Europe Japan Derivatives Markets Risks to Global Financial Markets References

372k pdf file	V.	Selected Issues in Mature Financial Systems: EMU, Banking System Performance, and Supervision and Regulation European Monetary Union Implementation of TARGET Financial Stability and Crisis Management Developments in Group of Seven Country Banking Systems Resolving Japan's Financial System Problems Banking System Developments in North America and the United Kingdom Banking System Developments in Continental Europe Developments in Financial Supervision and Regulation Supervisory Reforms Relating to Risk Management Consolidated Supervision--Regulation by Entity Versus Function Developments in International Coordination Reforms to Enhance Market Incentives References

34k pdf file	VI.	Conclusions Mature Market Risks Emerging Market Risks European Monetary Union Asian Crisis

125k pdf file	Annex I: Developments in Selected Emerging Markets Banking Systems Asian Banking Systems China Indonesia Korea Malaysia Philippines Thailand Latin American Banking Systems Argentina Brazil Chile Mexico Venezuela European Banking Systems Czech Republic Hungary Poland Russia References

23k pdf file	Annex II: Dynamics of Asset Prices Around Large Price Changes References

27k pdf file	Annex III: Leading Indicators of Currency and Banking Crises References

34k pdf file	Annex IV: Chile's Experience with Capital Controls A Brief Survey of the Literature on the Effectiveness of the Chilean Controls Selective Capital Controls and Prudential Regulation References

100k pdf file	Annex V: Globalization of Finance and Financial Risks Consolidation and Restructuring of the Global Financial Services Industry The Changing Business of Banking Desegmentation of Financial Services and the Institutionalization of Asset Management Closer Integration of Financial Markets Cross-Border Finance in a Global Securities Market Exchange Trading Links Similarities Between OTC and Exchange-Traded Markets Increase Market Integration New Markets and Products for Unbundling, Pricing, Trading, and Managing Risk Recent Developments in Markets for Unbundling Risks Developments in Risk Management References

	Boxes Chapters
	1.1.		Efforts to Improve the International Architecture
	2.1.		Capital Flow Reversals During the Mexican and Asian Crises
	2.2.		The Resilience of FDI in Emerging Markets: An Update from the Asian Crisis
	2.3.		Unrecorded Capital Flight from Asia?
	2.4.		Alternative Forms of Central Bank Intervention in Foreign Exchange Markets
	2.5.		The Liquidity of Measured Reserves and "Usable" Reserves: The Case of Korea
	2.6.		Enhancements and Innovations in Bond Structures in Response to the Asian Crisis
	2.7.		Key Financial Sector Policy Responses to the Asian Crisis
	2.8.		Bank Capital Adequacy: Issues for Emerging Markets
	2.9.		The Asian Carry Trade
	2.10.		Peregrine and the Growth of Investment Banking in Asia
	2.11.		Reserve Impact of Forward Foreign Exchange Market Intervention
	2.12.		Chronology of Major Events in the Asian Crisis and Its Spillover
	2.13.		The Timings of Ratings Actions and the Behavior of Spreads
	4.1.		The October 1997 Turbulence in International Equity Markets
	5.1.		ESCB Role in Prudential Supervision and Financial Stability
	5.2.		Remaining Scope for Lender-of-Last-Resort Operations in EMU
	5.3.		Turbulence in the Japanese Interbank Market
	5.4.		The Expansion of the Bank of Japan's Balance Sheet
	5.5.		Banks' Self-Assessments and the PCA Framework
	5.6.		Resolution Agencies in Japan
	5.7.		Exposures of Mature-Market Banks to Asian Crisis Countries
	5.8.		Basle Capital Accord: Risk Weights by Category of On-Balance-Sheet Asset
	5.9.		The Financial Services Authority of the United Kingdom

	Tables Chapters
	2.1.		Private Capital Flows to Emerging Markets
	2.2.		Secondary Market Transactions in Debt Instruments of Emerging Markets
	2.3.		Emerging Market Bond Issues, Equity Issues, and Loan Commitments
	2.4.		Changes in Net Assets of BIS-Reporting Banks Vis-à-Vis Banks in Selected Countries and Regions
	2.5.		Annual Stock Market Turnover Ratios in Selected Countries and Regions
	2.6.		Average Bank Financial Strength Ratings for Selected Countries and Regions
	2.7.		Banks' Liquidity and Solvency Risks--Selected Asian Countries
	2.8.		Number of Financial Institutions--Selected Latin American Countries
	4.1.		Major Industrial Countries: Outstanding Amounts of Private Sector Domestic Debt Securities
	4.2.		Announced International Syndicated Credit Facilities by Nationality of Borrowers
	4.3.		Outstanding Amounts of International Debt Securities
	4.4.		Outstanding Amounts and Net Issues of International Debt Securities by Currency of Issue
	4.5.		Currency Composition of Notional Principal Value of Outstanding Interest Rate and Currency Swaps
	4.6.		Markets for Selected Derivative Financial Instruments: Notional Principal Amounts Outstanding
	4.7.		Notional Value of Outstanding Interest Rate and Currency Swaps of ISDA Members
	4.8.		New Interest Rate and Currency Swaps
	4.9.		Annual Turnover in Derivative Financial Instruments Traded on Organized Exchanges Worldwide
	5.1.		Japan: Regulatory Changes in the Computation of Prudential Capitalization of Banks
	5.2.		Japan: Profit and Loss Accounts of the Major Banks in FY1997
	5.3.		Self-Assessments of Loan Classifications
	5.4.		Japan: Asset Quality of Major Banks in FY1997
	5.5.		Japan: Selected Corporate Financial Indicators
	5.6.		Planned Personnel and Other Expenses Included on the Application for the First Round Capital Injection
	5.7.		Conditions for the Subscription of Capital Using Public Funds, March 1998
	5.8.		Schedule for Reforming the Securities Market and for Big Bang Financial Reform
	5.9.		Claims of Selected Major Banking Systems on Emerging Markets
	5.10.		International Organizations' Documents Proposing Principles of Supervision and Regulation
	Annexes
	A4.1.		Bank Borrowing by Maturity for Selected Emerging Markets, End-December 1997
	A4.2.		Selected Chilean Capital Account Controls and Banking Regulations
	A5.1.		Major Industrial Countries: Bank Deposits
	A5.2.		Selected Industrial Countries: Negotiable Liabilities
	A5.3.		Major Industrial Countries: Bank Loans
	A5.4.		Selected Industrial Countries: Tradable Securities Holdings
	A5.5.		Top 50 Banks: Balance Sheet Information
	A5.6.		Major Industrial Countries: Assets of Institutional Investors
	A5.7.		Selected Industrial Countries: Institutional Investors' Holdings of Securities Issued by Nonresidents
	A5.8.		Major Industrial Countries: Gross and Net Flows of Foreign Direct and Portfolio Investment
	A5.9.		Selected Major Industrial Countries: Cross-Border Transactions in Bonds and Equities
	A5.10.		International Equity Issues by Selected Industrial and Developing Countries and Regions
	A5.11.		Outstanding International Debt Securities by Nationality of Issuer for Selected Industrial and Developing Countries and Regions
	A5.12.		Nonresidents' Holdings of Public Debt
	A5.13.		Foreign Exchange Trading

	Figures Chapters
	2.1.		Net Private Capital Flows to Emerging Markets
	2.2.		Exchange Rates of Selected Emerging Markets
	2.3.		Selected Asian Currencies: Exchange Rate Volatilities
	2.4.		Selected Asian Currencies: Bid-Ask Spreads
	2.5.		Bond Markets: Selected Returns, Yields, and Spreads, January 1992May 29, 1998
	2.6.		Yield Spreads for Selected Brady Bonds and U.S. Dollar-Denominated Eurobonds
	2.7.		Emerging Market Debt: Volatility of Returns
	2.8.		Private Market Financing for Emerging Markets
	2.9.		Spreads and Maturities for Sovereign Borrowers
	2.10.		Emerging Equity Markets: Selected Returns, Price-Earnings Ratios, and Expected Returns
	2.11.		Emerging Equity Markets: Selected Volatilities Comparisons
	2.12.		Emerging Market Mutual Funds: Estimated Net Flows
	2.13.		Financial Sector Lending: Growth and Leverage, 199096
	2.14.		Bank and Nonbank Financial Intermediaries
	2.15.		Real Estate and Stock Prices: Selected Asian Countries
	2.16.		Foreign Banks in Latin America: Percentage of Total Banking System Assets
	3.1.		Surges of Private Capital Flows Prior to Crises
	3.2.		Secondary Market Bond Spreads
	3.3.		Comparing Economic Fundamentals Prior to the Debt, the Mexican, and the Asian Crises
	3.4.		Claims of Banking Institutions on the Private Sector
	3.5.		Real Effective Exchange Rate Appreciation Prior to Crises
	3.6.		Stock Market Price Indices in Local Currencies
	4.1.		Major Industrial Countries: Spot Exchange Rates and Nominal Effective Exchange Rates
	4.2.		Major European Countries: Local Currency Versus Deutsche Mark, January 3, 1994June 30, 1998
	4.3.		Major Industrial Countries: Short-Term Interest Rates
	4.4.		Major Industrial Countries: Long-Term Interest Rates
	4.5.		United States: Yields on Corporate and Treasury Bonds, January 5, 1962June 26, 1998
	4.6.		Weighted Average Spreads for Announced Facilities in the International Syndicated Credit Market, 1992First Quarter 1998
	4.7.		Major Industrial Countries: Stock Market Indices
	4.8.		International Equity Price Movements, 6 p.m., October 225 p.m., October 31 (EST), 1997
	4.9.		Major Industrial Countries: Dividend Yields
	5.1.		Japan: Interbank Rates, January 4, 1996July 13, 1998
	5.2.		Japan: Performance of Selected Bank Stocks, January 6, 1997July 13, 1998
	Annexes
	A4.1.		Chile's Short-Term External Debt