## Figure 1.17. Emerging Market Economies: Debt Issuance, Portfolio Flows, and Asset Prices

## Source details

**Canonical URL:** [Figure 1.17. Emerging Market Economies: Debt Issuance, Portfolio Flows, and Asset Prices](https://www.imf.org/-/media/files/publications/gfsr/2017/october/chapter-1/pdf-data/figure1-17.pdf)

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### 1. Nonresident Portfolio Flows to Emerging Markets
- Metric: Billions of US dollars, four-quarter rolling sum.
- Key finding: "Portfolio flows to emerging markets have rebounded in recent quarters."
- Visual axis/ticks included in source: –100, –75, –50, –25, 0, 25, 50, 75, 100, 125, 150, 175, 2011 12 13 14 15 16 17F.

### 2. Cumulative Nonresident Capital Inflows and Change in Gross Reserves, 2010:Q1–17:Q1
- Metric: Percent of GDP (Panel uses four-quarter sum of GDP to 2017:Q1).
- Key finding: "Some emerging markets have used foreign inflows to build reserve buffers."
- Countries listed (as appearing in figure): South Africa, Turkey, Colombia, Mexico, Chile, India, Poland, Brazil, Indonesia, China, Russia.
- Flow components shown in figure: Portfolio debt; Portfolio equity; Reserves; Other investments; EM debt inflows; EM equity inflows.
- Visual axis/ticks included in source: –200, –100, 0, 100, 200, 300, 400, 2000 01 02 03 04 05 06 07 08 09 10 11 12 13 14 15 16; 17.

### 3. Hard Currency Sovereign Issuance
- Metric: Billions of US dollars.
- Key finding: "Emerging market sovereign gross and net issuance is at record levels."
- Components shown in figure: Amortizations/buybacks; Gross issuance; Coupons; Net financing.
- Visual axis/ticks included in source: –450, –350, –250, –150, –50, 50, 150, 250, 350, 450, 550, 2011 12 13 14 15 16 17F.

### 4. Hard Currency Corporate Issuance
- Metric: Billions of US dollars.
- Key finding: "Corporate gross issuance is back to 2013–14 levels, but net issuance remains subdued."
- Note: Panel omits direct investment and financial derivative liabilities. Components shown in figure: Amortizations/buybacks; Gross issuance; Coupons; Net financing.

### Additional numeric annotations and data points shown on figure
- Standalone numeric values included in the figure: 84, 205, 225, 186, 12, 63, 110, 3, 20, 0, 13, 1, 57, 58.
- Small-panel axis tick example: –5, 0, 5, 10, 15, 20, 25, 30, 35, 40, 45, 50 (appears alongside country list).

### Notes and metadata from the figure
- Sources: Haver Analytics; Institute of International Finance; JPMorgan Chase & Co.; and IMF staff estimates.
- Notes: Panel 2 uses four-quarter sum of GDP to 2017:Q1. Panels 3 and 4 are JP Morgan estimates. Panel 4 omits direct investment and financial derivative liabilities.
- Abbreviations: EM = emerging market; F = forecast.

*Source: Figure 1.17 from the provided IMF content unit.*

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_Source: https://www.imf.org/-/media/files/publications/gfsr/2017/october/chapter-1/pdf-data/figure1-17.pdf_