International Capital Markets: Developments, Prospects, and Key Policy Issues, 1996Provides a comprehensive survey of recent developments in international financial markets, including developments in emerging capital markets, bond markets, major currency markets, and derivative markets. The report focuses on efforts by the major industrial countries to strengthen the management of financial risk and prundential oversight over the international banking system. It also critically evaluates existing mechanisms for international cooperation of financial supervision and regulation and proposes the development of international banking standards. |
Contents
Moving Up the Learning Curve | 3 |
Outstanding Amounts and Net Issues of International Debt Securities by Currency of Issue | 8 |
Domestic Debt Securities by Type Sector and Country of Issuer | 9 |
International Equity Placements | 10 |
Share Price Indices for Selected Developing Countries | 11 |
Yield Curves December 31 1994 | 17 |
LongTerm Interest Rates | 18 |
91 | 19 |
Announced International Syndicated Credit Facilities by Nationality of Borrower 19 Spreads on Eurocredits 58 59 | 74 |
65 | 75 |
༤E 71 72 72 73 74 74 75 76 76 86 93 95 98 66 99 99 100 | 76 |
104 | 79 |
Intermediation Spreads | 80 |
II | 85 |
Total Reserves Minus Gold of Selected Developing Countries and Countries in Transition | 88 |
Exchange Rates of Selected Developing Countries and Countries in Transition | 90 |
Spot and Implied Forward Yield Curves May 31 1996 January 4 1999 January 3 2000 and January 2 2001 20 22 22 22 2 | 20 |
Exchange Rates | 21 |
RiskMetrics Daily Price Volatility for U S Dollar Spot Exchange Rates January 19 1995May 31 1996 | 22 |
Equity Price Indices | 24 |
EarningPrice Ratio of Stocks and Yield on LongTerm Government Bonds | 26 |
Net Income of Commercial Banks | 27 |
Broadening | 29 |
Growing Influence of the Emerging Markets Australia and New Zealand | 31 |
Annex | 33 |
Policy Implications and Conclusions | 38 |
Exchange Rates | 42 |
Local Currency visàvis Deutsche Mark January 3 1994May 31 1996 | 43 |
Official Interest Rate January 3 1994May 31 1996 | 45 |
Spot and Forward Rates for Currencies of Major Industrial Countries Against the U S Dollar May 31 1996 | 47 |
ShortTerm Interest Rates | 48 |
Differentials Between Long and ShortTerm Interest Rates | 49 |
RiskMetrics Daily Price Volatility for TenYear Government Bonds January 19 1995May 31 1996 | 51 |
Spot and Implied Forward Yield Curves May 31 1996 January 2 1997 and January 2 1998 | 56 |
RiskMetrics Daily Volatility for Stock Price Indices January 19 1995May 31 1996 | 63 |
SP 500 Nikkei 225 and DAX Indices | 64 |
Domestic Equity Issues | 65 |
Banks Securities Firms | 68 |
Annual Turnover in Derivative Financial Instruments Traded on Organized Exchanges Worldwide | 69 |
Notional Principal Value of Outstanding Interest Rate and Currency Swaps | 70 |
New Interest Rate and Currency Swaps | 71 |
Global Notional Amounts of Derivative Contracts Outstanding by Underlying Market Risk Factor EndMarch 1995 | 72 |
Currency Composition of Notional Principal Value of Outstanding Interest Rate and Currency Swaps | 73 |
International Bond Issues by Selected Countries and Regions III Box 1 23 Private Capital Flows to Developing Countries and Countries in Transition | 93 |
Secondary Market Yield Spreads on Selected Brady Bonds | 94 |
International Bond Issues by Currency of Denomination | 95 |
Samurai Bonds Issuance 198595 | 98 |
Bond Rating Comparisons of Selected Japanese Yen Issues 199495 | 99 |
Secondary Market Transactions in Debt Instruments of Developing Countries and Countries in Transition | 100 |
International Equity Issues by Selected Countries and Regions | 101 |
International Emerging Market Equity Funds | 102 |
Stock Market Turnover Ratio in Selected Countries and Regions | 103 |
Value of New Equity Issues in Selected Countries and Regions 34 Net Flows of Portfolio Investment to Thailand | 104 |
Foreign Investment and Returns on the Thai Stock Market | 105 |
New Medium and LongTerm Commitments to Selected Countries and Regions | 106 |
Changes in Net Assets of BISReporting Banks visàvis Banks in Selected Countries and Regions | 107 |
Equity Flows to Latin America | 108 |
Equity Flows to Asian Developing Countries | 109 |
Moodys Bank Financial Strength Ratings for Selected Countries and Regions May 1996 | 114 |
Cost of Mexican Bank Support Programs | 116 |
III | 120 |
Total Reported Foreign Exchange Market Turnover Adjusted for Local Double Counting by Country and Region | 121 |
Trading in Exotic Currencies April 1995 | 124 |
Share of Transactions Through Direct Dealing Voice Brokers and Electronic Brokers | 127 |
A World Economic Outlook Consumer Price Index Inflation Forecasts B Changes in 12Month Spot and Forward U S Dollar Interest Rates 199395 | 133 |
Moodys Bank Financial Strength Ratings for Selected Countries and Regions May 1966 | 134 |
IV | 136 |
Foreign Exchange Market Turnover | 156 |
| 157 | |
Other editions - View all
International Capital Markets: Developments, Prospects, and Policy Issues Morris Goldstein No preview available - 1992 |
Common terms and phrases
activity Argentina average Bank for International banking system basis points Basle Basle Committee bilateral netting billions of U.S. bond issues bond markets Brady bonds capital flows central banks Chart clearing bank cooperation counterparties countries and countries countries in transition currency dealers declined derivative markets deutsche mark domestic equity markets European Union exchange rate exposure financial institutions Financial Markets FOBAPROA foreign direct investment foreign exchange market France funds global Group Hong Kong increased inflows interbank interest rates international banks international financial International Settlements investors IOSCO issuance Italy Japan Japanese Japanese yen jusen Latin American liquidity major industrial countries market participants ment Mexican crisis netting systems nonperforming loans options payment systems percent in 1995 percent of total portfolio investment regional regulators sector securities settlement risk share spreads supervision supervisory swap tion trading transactions trillion turnover U.S. dollars United Kingdom volatility yield curves