## Figure 1.15. Improving Fundamentals, Increased Foreign Currency Issuance

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**Canonical URL:** [Figure 1.15. Improving Fundamentals, Increased Foreign Currency Issuance](https://www.imf.org/-/media/files/publications/gfsr/2018/april/ch1/pdf/figure1-15.pdf)

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### 1. Nonresident Portfolio Flows to EMs
- Series shown as three-month rolling sum in billions of US dollars.
- Axis labels and notable event markers:
  - Axis ticks: 0, 10, 20, 30, 40, 50, 60.
  - Notable events labeled: Taper tantrum; RMB shock; US election.
- Caption statement: "Portfolio flows have been robust."

### 2. Reserves as a Share of External Financing Needs
- Metric plotted: Reserves as a share of external financing needs (percent of countries).
- Panel 2 sample includes 54 EM economies that are part of an external debt sovereign benchmark index.
- Axis ticks visible in figure: –2, 0, 20, 60, 100, 140, 200, 5, 20, 13, 17, 16, 15, 14, 18, 06, 07, 08, 09, 10, 11, 12, 13, 14, 15, 16, 17, 18, 19, 20 (note: these ticks appear in the figure image as a timeline representation).
- Caption statement: "Reserve coverage has improved, but a tail of weak countries remains."

### 3. Change in Emerging Markets’ Net Foreign Assets during Periods of Dollar Appreciation
- Comparison periods and trends:
  - Periods shown: 1998–99 and 2014–15.
  - Linear trend (period 1998–99) and linear trend (period 2014–15) are plotted.
- Scatter plot axes and labels:
  - X-axis: Exchange rate depreciation (percentage change versus US dollar).
  - Y-axis: Change in net foreign assets (percent of GDP).
  - Y-axis ticks shown: –60, –40, –20, –10, 0, 10, 20, 30, 40, 80.
  - Secondary X-axis ticks shown: 0–20–40–60–80 (as a grouped label in the figure).
- Country labels appearing in plot: POL, CHN, RUS, THA, MYS, IDN, IND, SAU, MEX, BRA, ZAF, TUR.
- Caption statement: "EMs were less vulnerable to dollar appreciation during 2014–15 than in the late 1990s."

### 4. Sovereign Issuance of International Bonds by Rating
- Series shown:
  - Issuance (billions of US dollars, 12-month rolling sum, right scale).
  - Breakdown by rating categories: <50%, 50–100%, Not rated, CCC or below, BBB, BB, B, A or above, Portfolio debt, Portfolio equity (these labels appear in the figure legend).
- Axis ticks and timeline markers visible in figure:
  - Horizontal axis timeline markers/years visible in image: 2011, 12, 13, 14, 15, 17, 16, 18 (the figure shows a 2011–2018 issuance series with overlapping year labels).
  - Vertical axis ticks shown: 0, 20, 40, 60, 80, 100, 120, 140, 160, 180, 200, 220.
- Caption statements:
  - "Sovereign issuers had a record year in 2017, and the share of non-investment-grade issuers is on the rise."
  - "Weaker credit quality issuers accessing markets."

Sources: Bloomberg Finance L.P.; Bond Radar; Lane and Milesi-Ferretti (2007); Institute of International Finance; IMF, World Economic Outlook database; and IMF staff estimates.

*Note: Panel 2 sample includes 54 EM economies that are part of an external debt sovereign benchmark index. Data labels in panel 3 use International Organization for Standardization (ISO) country codes. EM = emerging market; RMB = renminbi.*

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_Source: https://www.imf.org/-/media/files/publications/gfsr/2018/april/ch1/pdf/figure1-15.pdf_