International Capital Markets : Developments and Prospects, 1984

Maxwell Watson, Peter Keller, and Donald Mathieson

• Publisher: INTERNATIONAL MONETARY FUND
• Year: 1984
• eBook ISBN: 9781557750730

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Contents

Prefatory Note

I. Overview

Economic and Financial Environment

International Bank Lending

Changing Pattern of International Lending

Changes in Sources of Funds

Lending Maturities and Spreads

Bond Markets and Other Financial Flows

Bond Markets

Foreign Direct Investment and Official Flows

General Assessment

II. Responses to Strains in Financial Markets

Introduction

Risks Affecting the Banking System

Developments in Banking Regulation

Overview

Capital Adequacy

Provisioning

Country Risk Assessment

Liquidity Management

Disclosure

Implications for Banks’ International Activities

General Lending Strategy

Interbank Market

Developments in Bank Debt Restructurings

Overview

Selected Issues in Recent Restructurings

Factors Influencing a Return to More Normal Market Access

III. Recent Developments in International Bank Lending

Measurement of International Banking Flows

Developments in Banking Flows

Overview of Lending and Deposit Taking

Medium- and Long-Term External Bank Credit Commitments

Terms of Bank Lending

Banking Flows to Non-Oil Developing Countries

Overall Developments

Western Hemisphere Countries

Asian Countries

Offshore Centers

Oil Exporting Developing Countries

Industrial Countries

Centrally Planned Economies (Excluding Fund Member Countries)

IV. Developments in International Bond Markets and Other Capital Flows

Developments in International Bond Markets

Overview

Interest Rate Developments

Foreign Bonds Versus Eurobonds

Currency Composition and Market Share

Foreign Bond Markets

Eurobond Markets

Type of Bonds and Other Instruments

Maturities

Bond Market Trends

The 1981–83 Bond Market Recovery

Developing Country Access

Foreign Direct Investment and Official Flows as Sources of Finance

Role of Foreign Direct Investment in Private Capital Flows

Official Transfers and Lending

V. Prospects

Economic and Financial Environment

International Bank Lending

General Outlook

Prospects for Lending to Groups of Countries

Bond Markets and Other Financial Flows

Bond Markets

Other Flows

APPENDICES

I. Measurement of International Bank Lending Flows

Coverage of IBS Data

Definition of IBS Data

Sources of IBS Data

Measures of Countries’ Gross and Net Indebtedness to Nonresident Banks

Lending and Deposit-Taking Flows

Other Definitional Aspects

II. An Econometric Analysis of the Growth in International Bank Claims

III. Terms and Conditions of Bank Debt Restructurings, 1978–June 1984

IV. Statistical Tables and Charts

TABLES

Section

I.

1. Growth in International Lending and Selected Economic Indicators, 1973–83

2. Total Cross-Border Bank Lending and Deposit Taking, 1982–83

3. Developments in International Bond Markets, 1978–83

II.

4. Capital-Asset Ratios of Banks in Major Financial Market Countries, 1977–83

5. Debt and Debt Service Ratios for Groups of Developing Countries, 1984, 1987, and 1990

III.

6. New Publicized Medium- and Long-Term External Bank Loans, 1979-First Half 1984

7. Short-Term Claims in Percent of Outstanding Bank Claims, 1978–83

8. Current Account Surpluses and Bank Deposits of Oil Exporting Countries, 1974–83

IV.

9. International Bond Issues and Placements, 1978-June 1984

10. Foreign Bond Issues and Placements by Market Country, 1978-June 1984

11. Total Eurobond Issues and Placements by Currency of Denomination by All Countries, 1978-June 1984

12. International Bonds, by Type, Selected Eurobonds, 1979–83

13. Average Returns on Financial Securities, 1978–83

14. Maturity Profile of International Bonds in 1981–83

15. Measures of Real Size of Bond Market, 1975–83

16. Real Return on Bond Holdings, 1975–82

17. Gross Foreign Direct Investment Flows, 1960–79

18. Stocks of Foreign Direct Investment in Selected Developing Countries, 1973–83

19. Non-Oil Developing Countries: Financing of Current Account Deficit and Reserve Accumulation, 1973–83

Appendix IV

20. Cross-Border Interbank Lending and Deposit Taking, 1982–83

21. International Bank Lending to Nonbanks and Deposit Taking from Nonbanks, 1982–83

22. Developments in International Bank Claims on Non-Oil Developing Countries (NODCs), 1981–83

23. Terms on New Publicized Medium- and Long-Term International Bank Credit Commitments, 1979-May 1984

24. New Publicized Medium- and Long-Term External Bank Credit Commitments to Non-Oil Developing Countries, 1979-First Half 1984

25. New Publicized Medium- and Long-Term External Bank Loans, 1981-First Half 1984

26. Total Medium- and Long-Term External Bank Loans by Country of Destination, 1979–83

27. Medium- and Long-Term International Bank Credit Commitments, 1981-First Half 1984

28. External Assets of Banks by Maturity and Undisbursed Credit Commitments, December 1980-December 1983

29. Terms on Publicized Medium-Term Bank Credit Commitments, 1979-May 1984

30. Developing Countries Ranked by Debt to Banks, December 1983

31. Gross Foreign Claim...

Table of contents

• Cover Page
• Title Page
• Copyright Page
• Contents
• Prefatory Note
• I. Overview
• II. Responses to Strains in Financial Markets
• III. Recent Developments in International Bank Lending
• IV. Developments in International Bond Markets and Other Capital Flows
• V. Prospects
• Appendices
• Footnotes