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International Capital Markets Published by the International Monetary Fund PrefaceThe International Capital Markets report is an integral element of the IMF's surveillance of developments in international financial markets. The IMF has published the International Capital Markets report annually since 1980. The report draws, in part, on a series of informal discussions with commercial and investment banks, securities firms, stock and futures exchanges, regulatory and monetary authorities, and the staffs of the Bank for International Settlements, the Commission of the European Union, the International Swaps and Derivatives Association, the Japan Center for International Finance, and the Organization for Economic Cooperation and Development. The discussions leading up to the present report took place in Belgium, France, Germany, Hong Kong, Indonesia, Italy, Japan, Korea, Singapore, South Africa, Switzerland, Turkey, the United Kingdom, and the United States, between January and April 1997. The report reflects information available up to the end of May 1997; a postscript provides an update of exchange market developments in the emerging markets through July 1997. The International Capital Markets report is prepared in the Research Department. The International Capital Markets project is directed by David Folkerts-Landau, Assistant Director, together with Donald Mathieson, Chief of the Emerging Market Studies Division, and Garry Schinasi, Chief of the Capital Markets and Financial Studies Division. Coauthors of the report from the Capital Markets and Financial Studies Division of the Research Department are Robert Flood, Senior Economist; Marcel Cassard, Peter Christoffersen, Laura Kodres, Alessandro Prati, and Todd Smith, all Economists; Charles Thomas, Visiting Scholar; and Subramanian Sriram, Senior Research Officer. Coauthors of the report from the Emerging Markets Studies Division of the Research Department are Bankim Chadha, Deputy Division Chief; Sunil Sharma, Senior Economist; Ilan Goldfajn, Jorge Roldos, and Michael Spencer, all Economists; and Anne Jansen, Senior Research Officer and Peter Tran, Research Assistant. Sheila Kinsella, Adriana Vohden, Tammi Shear, and Raman Singh provided expert word processing assistance. J.R. Morrison of the External Affairs Department coordinated production of the publication. This study has benefited from comments and suggestions from staff in other IMF departments, as well as from Executive Directors following their discussions of the International Capital Markets report on July 30, 1997. However, the analysis and policy considerations are those of the contributing staff and should not be attributed to Executive Directors, their national authorities, or the IMF. |