International capital markets : developments and prospects

목차 (Table of Contents)

• CONTENTS
• Preface = ⅸ
• Ⅰ. Overview of Developments and Key Issues = 1
• Financial Market Trends = 1
• Macroeconomic Background and Capital Flows = 1
• Developments in Major Market Sectors = 3
• Transactions with Developing Countries = 6
• Factors Underlying Developments = 6
• Integration of Markets = 6
• Globalization and Investor Behavior = 7
• Financial Policy Issues = 8
• Containing Systemic Risk = 8
• Liberalizing Trade in Financial Services = 11
• Influence of Taxes on Capital Flows = 11
• Integration of Developing Countries in International Capital Markets = 12
• Ⅱ. Recent Developments in International Capital Markets = 14
• Macroeconomic Environment = 14
• Capital Flows in Major Industrial Countries = 15
• United States = 16
• Japan = 16
• Federal Republic of Germany = 17
• United Kingdom = 17
• International Banking Activity = 17
• International Bond Markets = 19
• Derivative Products = 22
• International Equity Markets = 24
• Ⅲ. Capital Market Financing for Developing Countries = 26
• Developing Country Access to International Capital Markets = 26
• Banks' Claims on Developing Countries = 28
• Terms = 29
• Bond Financing = 30
• Recent Financing Packages = 30
• Specific Agreements = 32
• Aspects of Debt Management = 33
• Debt Conversion Schemes = 33
• Secondary Market = 37
• Portfolio Management = 38
• Trends in Bank Exposure and Balance Sheet Structure = 38
• Enierging Stock Markets = 39
• Relative Performance = 40
• Structural and Institutional Aspects = 42
• Ⅳ. Recent Developments in Financial Regulation and Market Structures = 43
• Regulating the Banking and Securities Industries = 43
• Capital Adequacy = 43
• Single European Banking Market = 45
• Restructuring the U.S. Thrift industry = 46
• Separation of Functions = 47
• Reforming Market Structures = 47
• Financial Instruments = 47
• Foreign Participation = 48
• Market Liberalization = 49
• Market Safeguards = 50
• Investor Protection = 51
• Ⅴ. Regulatory, Accounting, and Tax Treatment of Sovereign Lending and Debt Reduction = 52
• Provisions Against Existing Claims = 52
• New Financing = 54
• Debt Reduction = 55
• Debt Buy-Backs = 55
• Debt Exchanges = 56
• Debt-Equity Conversions = 58
• Policy Issues = 59
• Provisioning Policy = 59
• Accounting and Regulatory Treatment of Debt Exchanges = 60
• Tax Policy = 61
• Ⅵ. The Effect of Taxes on Capital Flows = 63
• Taxes and Net Capital Flows = 63
• Taxes and Gross Capital Flows = 64
• Portfolio Composition = 64
• Location of Market Activity = 65
• Ⅶ. Negotiations of Trade and Investment in Financial Services = 67
• International Collaboration on Financial Market Issues = 67
• Services in the Context of Multilateral Trade Talks = 68
• Appendices
• Ⅰ. Classification of Countries = 69
• Ⅱ. Statistical Tables = 71
• Appendix Ⅱ
• A1. Exchange Rate Volatility of Major Currencies with Respect to the U.S. Dollar, 1984-89 = 71
• A2. Long-Term Less Short-Term Interest Rates in Major Industrial Countries, 1983-89 = 71
• A3. Long-Term and Short-Term Interest Rate Differentials Between the United States and Other Major Countries = 71
• A4. United States: External Capital Flows, 1986-Third Quarter 1989 = 72
• A5. Japan: External Capital Flows, 1986-Second Quarter 1989 = 73
• A6. Federal Republic of Germany: External Capital Flows, 1986-Third Quarter 1989 = 74
• A7. United Kingdom: External Capital Flows, 1986-Third Quarter 1989 = 75
• A8. Change in Interbank Claims and Liabilities, 1983-Third Quarter 1989 = 76
• A9. Change in Claims on Nonbanks and Liabilities to Nonbanks, 1983-Third Quarter 1989 = 77
• A10. Long-Term Bank Credit Commitments, 1983-89 = 78
• A11. Gross International Bond Issues and Placements by Groups of Borrowers, 1985-89 = 79
• A12. Early Repayments of International Bonds, 1985-89 = 79
• A13. Borrowing on International Markets by Major Instruments, 1985-89 = 79
• A14. Market for Fixed Rate Bonds, 1985-89 = 80
• A15. Market for Floating Rate Issues, 1985-89 = 81
• A16. Market for Equity-Related Bonds, 1985-89 = 81
• A17. International Facilities by Category of Instrument, 1985-89 = 82
• A18. Financial Futures and Options: Exchanges, Contracts, and Volume of Contracts Traded, 1986-October 1989 = 83
• A19. International Equity Market-Primary Issues, 1984-88 = 88
• A20. Gross International Equity Flows, 1986-First Quarter 1989 = 88
• A21. Cross-Border Mergers and Acquisitions, 1988 = 89
• A22. Long-Term Bank Credit Commitments to Developing Countries, 1983-89 = 89
• A23. Change in Cross-Border Bank Claims on Developing Countries and Areas, 1983-Third Quarter 1989 = 90
• A24. Average Spreads on Bank Financial Packages for Developing Countries, 1983-89 = 91
• A25. Terms of Long-Term Bank Credit Commitments, 1984-89 = 91
• A26. International Bond Issues by Developing Countries, 1983-89 = 92
• A27. Terms and Conditions of Bank Debt Restructurings and Financial Packages, 1987-89 = 93
• A28. Amounts of Medium- and Long-Term Bank Debt Restructured, 1983-89 = 99
• A29. Concerted Lending: Commitments and Disbursements, 1984-89 = 100
• A30. Concerted Short-Term Facilities Outstanding at End of Period, 1984-89 = 102
• A31. Financing Instruments and Options in New Money Packages and Restructurings of Bank Debt for Selected Developing Countries, 1983-89 = 103
• A32. Debt and Debt Service Reduction in Commercial Bank Agreements, 1987-89 = 104
• A33. Features of Selected Debt Conversion Schemes = 107
• A34. Change in U.S. and U.K. Bank Claims on Developing Countries, 1984-89 = 108
• A35. German Banks' Lending to Developing Countries, 1985-First Halt 1989 = 109
• A36. IFC Total Return Indices for Emerging Stock Markets = 110
• A37. Accounting and Regulatory Treatment of Interest Arrears on Sovereign Claims = 111