International capital markets : developments, prospects, and key policy issues

목차 (Table of Contents)

• CONTENTS
• Preface = xi
• List of Abbreviations = xiii
• Ⅰ. Introduction = 1
• Ⅱ. Developments and T)rends in the Mature Markets = 2
• Foreign Exchange Markets: Capital Flows and the Rise of the Dollar = 2
• Credit Markets: Spread Compression and Increased Volumes = 7
• Risks in Foreign Exchange and Credit Markets = 12
• Equity Markets = 12
• Expanding and Maturing Derivative Markets = 17
• Appendix: Market Surprised by Yen's Appreciation in May 1997 = 19
• Ⅲ. EMU. Systemic Implications and Challenges = 21
• Global Financial Adjustments After Introduction of the Euro = 21
• EMU and the Potential Benefits of Europe-Wide Securities Markets = 22
• Consolidation and Restructuring of European Banking Systems = 24
• Systemic Risk Management in EMU = 25
• Ⅳ. Developments and Prospects in Emerging Markets = 27
• Capital Flows to Emerging Markets = 27
• Performance of Emerging Debt and Equity Markets = 31
• Sustainability of Capital Flows and Speculative Attacks = 33
• Appendix 1: Sovereign Ratings and Fundamentals = 35
• Appendix 2: Mechanics of Speculative Attacks = 37
• Ⅴ. External Liability Management = 39
• Ⅵ. Developments in International Banking = 43
• Industrial Countries = 43
• Banking System Developments in Emerging Markets = 45
• Ⅶ. Emerging Market Currency Crises of July 1997 = 49
• Ⅷ. Conclusions = 54
• Mature Markets = 54
• Structural Aspects of EMU = 55
• Emerging Markets = 55
• External Liability Management = 57
• Developments in International Banking = 58
• Background Material - Part Ⅰ Recent Developments and 1rends in Capital Markets and Banking Systems
• Annexes
• Ⅰ. Recent Developments in Emerging Capital Markets = 61
• Capital Flows, Reserves, and Foreign Exchange Markets = 62
• Bond Markets = 70
• Equity Markets = 83
• Mutual Funds = 88
• International Bank Lending = 89
• Ⅱ. Developments and Trends in the Mature Capital Markets = 93
• Exchange Rates = 93
• Bond Markets = 104
• International Syndicated Loan Markets = 112
• Equity Markets = 115
• Derivative Markets = 120
• Developments in Systemic Risk Management = 125
• Appendix 1: Extracting Information from Options Prices = 127
• Appendix 2: Have Securities Markets Become More Volatile? = 128
• Appendix 3: Current U.S. Equity Prices Compared with the 1987 U.S. and 1989 Japanese Bubbles = 130
• Ⅲ. Developments in International Banking = 132
• Restructuring and Consolidation of International Banking Systems = 132
• Supervisory and Regulatory Developments = 139
• Developments in Profitability and Asset Quality in Selected Industrial Countries = 142
• Banking System Developments in Selected Emerging Markets = 149
• Appendix 1: Credit Derivatives = 158
• Appendix 2: Accounting for Nonperforming Loans = 160
• Background Material - Part Ⅱ Selected Issues
• Ⅳ. European Monetary Union: Institutional Framework for Financial Policies and Structural Implications = 169
• Potential Size of EMU Financial Markets = 169
• Institutional Framework for Financial Market~ = 170
• Euro as a Catalyst: Incentives for Continued Structural Change = 184
• Structural Implications for Securities Markets: Further Securitization of European Finance = 188
• Structural Implications for Banking Systems = 199
• Appendix: Remaining Impediments to Cross-Border Competition = 209
• Ⅴ. Risk Management of Sovereign Liabilities = 214
• Foreign Currency Exposure of Sovereign Liabilities = 214
• Institutional Framework = 218
• Strategic Management of Sovereign Liabilities = 228
• Deviations from the Benchmark Portfolio = 232
• Conclusion = 232
• Ⅵ. Capital Flows to Emerging Markets-A Historical Perspective = 234
• Earlier Periods of High Capital Mobility = 234
• International Capital Flows After the First Oil Shock = 238
• Factors Stimulating Capital Flows and Renewed Market Access in the 1990s = 241
• Appendix 1: Determinants of Balance of Payments and Banking Crises = 245
• Appendix 2: Speculative Attacks in the 1990s: Have Economic Models Got It Right Yet? = 249
• Statistical Appendix = 252
• References = 261
• Boxes
• Chapter
• Ⅳ. 1. Building a Resilient Financial System in Hong Kong, China = 34
• Annexes
• Ⅰ. 2. The Brady Bond Market Comes of Age = 75
• 3. Repackaged Brady Bonds = 80
• 4. Emerging Market Currency Eurobonds. The Eurorand Market = 81
• Ⅱ. 5. Trends in Fund Management = 120
• 6. Circuit Breakers = 124
• Ⅳ. 7. ERM 2 = 177
• 8. Volatility and Correlation of Asset Returns in EMU = 189
• Ⅵ. 9. Liberalization of Capital Controls in Emerging Markets = 242