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- I Overview and Current Issues
- II Commercial Bank Debt Restructuring
- III Recent Developments in Private Market Financing
- IV Institutional and Regulatory Framework for Developing Country Finance
- V Institutional Investor Behavior and the Pricing of Developing Country Stocks
- VI Debt Management
- Statistical Appendix
Front Matter
- International Monetary Fund
- Published Date:
- September 1995
© 1995 International Monetary Fund
Charts and Cover Design: IMF Graphics Section
ISBN 9781557755261
ISSN 0258-7440
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Contents
- Preface
- I. Overview and Current Issues
- II. Commercial Bank Debt Restructuring
- III. Recent Developments in Private Market Financing
- IV. Institutional and Regulatory Framework for Developing Country Finance
- V. Institutional Investor Behavior and the Pricing of Developing Country Stocks
- VI. Debt Management
- Statistical Appendix
- Bibliography
- Tables
- II 1. Commercial Bunk Debt- and Debt-Service-Reduction Operations
- 2. Bank Menu Choices in Debt-Restructuring Packages
- 3. Buyback Equivalent Prices in Debt- and Debt-Service-Reduction Operations
- 4. Debt Conversions
- III 5. International Bond Issues by Developing Countries and Regions
- 6. Credit Ratings of Developing Country Borrowers
- 7. International Equity Issues by Developing Countries and Regions
- 8. Correlation Among Total Returns on Brady Bonds
- 9. Correlation of Changes in Stock Price Indices
- IV 10. Correlations of Equity Indices with the Standard and Poor’s 500 Index
- 11. Rank Correlation Results
- V 12. Two-Factor Model for 13 Emerging Markets
- 13. Four-Factor Model for 13 Emerging Markets
- 14. Variance Ratio Test of Weekly Stock Market Returns
- VI 15. Currency Composition of External Medium- and Long-Term Debt
- 16. Mexico: Government Debt Held by Public
- 17. Mexico: Banking System Foreign Currency Credit by Sector
- 18. Argentina: Banking System Foreign Currency Credit by Sector
- 19. Argentina: Private Banks’ Foreign Currency Credit by Sector
- Appendix
- A1. Chronology of Bank Debt Restructurings and Bank Financial Packages
- A2. Amounts of Medium- and Long-Term Bank Debt Restructured
- A3. Terms and Conditions of Bank Debt Restructurings and Financial Packages
- A4. Debt and Debt-Service Reduction in Commercial Bank Agreements
- A5. International Bond Issues by Developing Countries by Type of Borrower
- A6. International Bond Issues by Developing Countries by Sector of Borrower
- A7. Average Maturity for Unenhanced Bond Issues by Developing Countries
- A8. Yield Spread at Launch for Unenhanced Bond Issues by Developing Countries and Regions
- A9. Enhanced and Floating-Rate International Bond Issues by Developing Countries
- A10. International Bond Issues by Developing Countries by Currency of Denomination
- A11. Maturing Bonds Issued by Developing Countries and Regions
- A12. International Equity Issues by Region and Sector, Annual Average 1991-94
- A13. Medium- and Long-Term Syndicated Loan Commitments
- A14. Average Interest Spreads of New Medium- and Long-Term Loans to Developing Countries
- A15. Average Maturity of New Medium- and Long-Term Loans to Developing Countries
- A16. Medium- and Long-Term Loans by Region and Sector, Annual Average 1991-94
- A17. Net Bond and Equity Purchases by Emerging Markets Mutual Funds
- A18. Emerging Markets Open-End Mutual Funds
- A19. Emerging Markets Closed-End Mutual Funds
- Charts
- II 1. Secondary Market Prices of Bank Claims on Selected Latin American Countries
- 2. Secondary Market Prices of Bank Claims on Selected Eastern European Countries
- III 3. Net Capital Flows to Developing Countries
- 4. Net Private Capital Flows to Developing Countries
- 5. U.S. Dollar Share Price Indices
- 6. Net Foreign Direct Investment and Portfolio Flows and Per Capita Income
- 7. Terms at Launch for Unenhanced Bond Issues by Developing Countries
- 8. Secondary Market Yield Spreads on U.S. Dollar-Denominated Eurobonds by Selected Developing Countries
- 9. Bond Redemptions by Developing Countries
- 10. Net Assets of Emerging Markets Mutual Funds by Region
- V 11. Total Returns in Developing Country Stock Markets
The following symbols have been used throughout this paper:
- … to indicate that data are not available;
- — to indicate that the figure is zero or less than half the final digit shown, or that the item does not exist;
- – between years or months (for example, 1993–94 or January–June) to indicate the years or months covered, including the beginning and ending years or months;
- / between years (for example, 1993/94) to indicate a fiscal or financial year.
“Billion” means a thousand million; “trillion” means a thousand billion.
“Basis points” refer to hundredths of 1 percentage point (for example, 25 basis points are equivalent to ¼ of 1 percentage point).
Minor discrepancies between constituent figures and totals are due to rounding.
As used in this paper, the term “country” does not in all cases refer to a territorial entity that is a state as understood by international law and practice. As used here, the term also covers some territorial entities that are not states but for which statistical data are maintained on a separate and independent basis.
Preface
This study was prepared in the IMF’s Policy Development and Review Department, under the direction of Steven Dunaway, Chief of the Debt and Program Financing Issues Division, with Shogo Ishii, Deputy Chief of the division. Its authors are David Andrews, Brian Aitken, Elaine Buckberg, Martin Cerisola, Andrea Doughty, Juan José; Fernández-Ansola, Marco Piñón-Farah, Susan Prowse, and Alejandro Santos, economists in the division, and Anne Jansen, research officer in the division. The study updates information and analyses contained in Private Market Financing for Developing Countries, World Economic and Financial Surveys (Washington: IMF, March 1995).
The work benefited from comments by staff in other departments of the IMF and by members of the Executive Board. Opinions expressed, however, are those of the authors and do not necessarily represent the views of the IMF or its Executive Directors. The study was completed in August 1995 and reflects information on developments available at that time.
The authors are grateful to Delrene Alvis, Lucia Buono, and Anne-Barbara Hyde for their valuable word-processing services. James McEuen of the External Relations Department edited the final manuscript and coordinated production.
