This presentation complements the main

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1 GLOBAL FINANCIAL STABILITY REPORT STATISTICAL APPENDIX, OCTOBER 213 This presentation complements the main text of the Global Financial Stability Report (GFSR) with data on financial developments in regions and countries as well as in selected sectors. Unless otherwise noted, the data reflect information available up to July 31, 213. The data come for the most part from sources outside the IMF. Although the IMF endeavors to use the highest quality data available, it cannot be responsible for the accuracy of information obtained from independent sources. Please note that effective with the April 211 issue, the IMF s Statistics Department assumed responsibility for compiling the Financial Soundness Indicators tables, and they are no longer part of this appendix. However, these tables will continue to be linked to the GFSR Statistical Appendix on the IMF s public website. Effective with the April 213 issue, the database and filtering criteria for the external private financing Tables 4, 5, 6, and 7 were changed. Consequently, there was a significant break in the data reported in previous issues. The following symbols and conventions have been used in this appendix:... to indicate that data are not available; to indicate that the figure is zero, or less than half the final digit shown, or the item does not exist; between years and months (for example, 28 9 or January June) to indicate the years or months covered, including the beginning and ending years or months; / between years (for example, 28/9) to indicate a fiscal or financial year. Billion means a thousand million; trillion means a thousand billion. Basis points refers to hundredths of 1 percentage point (for example, 25 basis points is equivalent to ¼ of 1 percentage point). n.a. means not applicable. Minor discrepancies between constituent figures and totals are due to rounding. As used in this volume, 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. International Monetary Fund October

2 GLOBAL FINANCIAL STABILITY REPORT: Transition Challenges to Stability Table of Contents Figures 1. Major Net Exporters and Importers of Capital, Sovereign Credit Default Swap Spreads Selected Credit Default Swap Spreads Selected Spreads Implied Volatility Indices U.S. Corporate Bond Market Euro Area Corporate Bond Market U.S. Commercial Paper Market Tables 1. Capital Market Size: Selected Indicators, Morgan Stanley Capital International: Equity Market Indices Emerging Markets Bond Index: Global Sovereign Yield Spreads Emerging Market Private External Financing: Total Bonds, Equities, and Loans Emerging Market Private External Financing: Bonds Emerging Market Private External Financing: Equities Emerging Market Private External Financing: Loans Equity Valuation Measures: Dividend-Yield Ratios Equity Valuation Measures: Price/Earnings Ratios Emerging Markets: Mutual Funds International Monetary Fund October 213

3 STATISTICAL APPENdIx Figure 1. Major Net Exporters and Importers of Capital, Economies That Export Capital 1 Other economies 2 21.% Germany 14.9% Taiwan Province of China 3.1% China 12.1% Singapore 3.2% Japan 3.8% Qatar 3.9% United Arab Emirates 4.2% Switzerland 4.4% Saudi Arabia 1.3% Kuwait 5.% Norway 4.4% Netherlands 4.9% Russia 4.7% 3 2. Economies That Import Capital United States 35.2% Other economies % Brazil 4.3% Australia 4.5% France 4.6% Canada 5.% United Kingdom 7.5% India 7.% Source: IMF, World Economic Outlook database as of Sept. 24, As measured by economies current account surplus (assuming errors and omissions are part of the capital and financial accounts). 2 Other economies includes all economies with shares of total surplus less than 3.1 percent. 3 As measured by economies current account deficit (assuming errors and omissions are part of the capital and financial accounts). 4 Other economies includes all economies with shares of total deficit less than 4.3 percent. International Monetary Fund October

4 GLOBAL FINANCIAL STABILIT Y REPORT: TRANSITION ChALLENGES TO STABILIT Y Figure 2. Sovereign Credit Default Swap Spreads (Five-year tenors; basis points) 2 France Germanyy German Italyy Ital Spain Japan United States United Kingdom , ,6 Greece (right scale) 1,4 Ireland 1,2 Portugal China 1,2 2, 2, Indonesia Indonesia Koreaa Kore 1, 15, 15, Philippines Philippines Thailand 1, 1, ,2 1, , 1, Source: Bloomberg, L.P. International Monetary Fund October Argentina (right scale) Brazil Chile Colombia Mexico Hungary Poland Russia South Africa Turkey , 2 1,4 25, 25, , 3, 1, , 5, 4, 4, 3, 3, 2, 2, 1, 1,

5 STATISTICAL APPENdIx Figure 3. Selected Credit Default Swap Spreads (Five-year tenors; basis points) 1. Sovereigns by Region Western Europe Asia Pacific Emerging markets CEEMEA 1,2 1, Corporates by Credit Quality European investment grade European crossover North American investment grade North American crossover 1,6 1, Banks by Region Euro area United Kingdom United States Sources: Bloomberg L.P.; and Datastream. Note: CEEMEA = Central and Eastern Europe, Middle East, and Africa. International Monetary Fund October

6 GLOBAL FINANCIAL STABILITY REPORT: TRANSITION ChALLENGES TO STABILITY Figure 4. Selected Spreads (Basis points; monthly data) 1. Repo Spread Commercial Paper Spread Swap Spreads United States Euro area Japan Sources: Bloomberg, L.P.; and Bank of America Merrill Lynch. 1 Spread between yields on three-month U.S. Treasury repo and on three-month U.S. Treasury bill. 2 Spread between yields on 9-day investment-grade (financial and nonfinancial) commercial paper and on three-month U.S. Treasury bill. 3 Spread over 1-year government bond International Monetary Fund October 213

7 STATISTICAL APPENdIx Figure 5. Implied Volatility Indices MOVE (basis points; right scale) VIX (percent; left scale) G7currencies (percent; left scale) Source: Bloomberg, L.P. Note: G7 currencies = VXY index from JPMorgan Chase & Co. and denotes G7 foreign exchange volatility. MOVE = Bank of America Merrill Lynch Option Volatility Estimate index and denotes one-month Treasury options volatility. VIX = Chicago Board Options Exchange volatility index on the Standard & Poor s 5 and denotes equity volatility. 5 International Monetary Fund October

8 GLOBAL FINANCIAL STABILITY REPORT: Transition Challenges to Stability Figure 6. U.S. Corporate Bond Market Investment Grade Bank of America Merrill Lynch investment-grade option-adjusted spread (basis points; right scale) Gross issuance (billions of U.S. dollars; left scale) High Yield 2, Gross issuance (billions of U.S. dollars; left scale) Bank of America Merrill Lynch high-yield option-adjusted spread (basis points; right scale) 2, 1,5 15 1, Sources: Board of Governors of the Federal Reserve System; and Bank of America Merrill Lynch. 166 International Monetary Fund October 213

9 Figure 7. Euro Area Corporate Bond Market Investment Grade Bank of America Merrill Lynch investment-grade option-adjusted spread (basis points; right scale) Gross issuance (billions of U.S. dollars; left scale) High Yield Statistical Appendix Bank of America Merrill Lynch high-yield option-adjusted spread (basis points; right scale) 2,5 2, 1, Gross issuance (billions of U.S. dollars; left scale) 1, Sources: Dealogic; and Bank of America Merrill Lynch. International Monetary Fund October

10 GLOBAL FINANCIAL STABILITY REPORT: Transition Challenges to Stability Figure 8. U.S. Commercial Paper Market 1. Discount Rate Spread 1 (Basis points; weekly data) Amount Outstanding 3 (Billions of U.S. dollars; monthly data) 25 2 Nonfinancial (left scale) Asset-backed (right scale) 1,4 1,2 1, Financial (right scale) Source: Board of Governors of the Federal Reserve System. 1 Difference between 3-day A2/P2 and AA nonfinancial commercial paper. 168 International Monetary Fund October 213

11 Statistical Appendix Table 1. Capital Market Size: Selected Indicators, 212 (Billions of U.S. dollars, unless noted otherwise) Total Reserves Minus Gold 2 Bonds, Equities, and Bank Assets 5 Bonds, Equities, and Bank Assets 5 (percent of GDP) Stock Market Total Debt Bank GDP Capitalization Securities 3 Assets 4 World 72, , , , , , European Union 1 15, , , , , Euro area 12, , , , , North America 18, , , , , Canada 1, ,27.6 2,1.5 3,8.9 7, United States 16, , , ,58. 67, Japan 5,96.3 1, , , , , Memorandum EU countries Austria , , Belgium ,18.4 2, Denmark , , Finland , France 2, , ,53. 9, , Germany 3, , , , , Greece Ireland , , ,58.7 1,223.9 Italy 2, , , , Luxembourg , ,97.4 Netherlands , , , Portugal , Spain 1, , ,75. 6, Sweden , United Kingdom 2, , , , , Newly industrialized Asian economies 6 2, ,32.7 5, , , , Emerging market economies 7 26,975. 7, , , ,599. 5, of which: Asia 12, , , , , , Latin America and the 5, , , ,774. 9, Caribbean Middle East and North Africa 3,21.5 1, ,75.1 2, Sub-Saharan Africa 1, , Europe 4, , , , , Sources: World Federation of Exchanges; Bank for International Settlements (BIS); IMF, International Financial Statistics (IFS) and World Economic Outlook databases as of September 24, 213; 23 Bureau van Dijk Electronic Publishing-Bankscope; Board of Governors of the Federal Reserve System, Flow of Funds; and Bloomberg, L.P. 1 This aggregate includes euro area countries, Denmark, Sweden, and the United Kingdom. 2 Data are from IFS. For euro area, the data also include the total reserves minus gold holdings of the European Central Bank. 3 Data are from BIS as of September 24, 213. The data include total debt securities, all issuers, amounts outstanding by residence of issuer. BIS compilation methodology changed in December 212. For the new data definition and classificaiton, refer to Enhancements to the BIS debt securities statistics publication. 4 Total assets of domestic commercial banks, including foreign bank s subsidiaries operated domestically. For Austria, the data are from Austrian National Bank. For Ireland, the data are from Central Bank of Ireland. For Luxembourg, the data are from Commission de Surveillance du Secteur Financier. It comprises the assets of commercial, savings, and private banks. For Portugal, the data are from Bank of Portugal. For the United States, the data are from the Flow of Funds. It comprises the assets of private depository institutions. 5 Sum of the stock market capitalization, debt securities, and bank assets. 6 Hong Kong SAR, Korea, Singapore, and Taiwan Province of China. 7 This aggregate comprises the group of emerging and developing economies defined in the World Economic Outlook. International Monetary Fund October

12 GLOBAL FINANCIAL STABILITY REPORT: Transition Challenges to Stability Table 2. Morgan Stanley Capital International: Equity Market Indices Q3 Q4 Q1 Q2 Period-on-period percent change Global Emerging Markets Index Latin America Brazil Chile Colombia Mexico Peru Asia China India Indonesia Korea Malaysia Pakistan Philippines Taiwan Province of China Thailand Europe, Middle East, and Africa Czech Republic Egypt Hungary Morocco Poland Russia South Africa Turkey Sectors Energy Materials Industrials Consumer discretionary Consumer staple Health care Financials Information technology Telecommunications Utilities International Monetary Fund October 213

13 Statistical Appendix Table 2. (concluded) Q3 Q4 Q1 Q2 Period-on-period percent change Developed Markets Australia Austria Belgium Canada Denmark Finland France Germany Greece Hong Kong SAR Ireland Israel Italy Japan Netherlands New Zealand Norway Portugal Singapore Spain Sweden Switzerland United Kingdom United States Source: Morgan Stanley Capital International (MSCI). Note: Price indices are in local currency terms. 1 The country and regional classifications used in this table follow the conventions of MSCI, and do not necessarily conform to IMF country classifications or regional groupings. International Monetary Fund October

14 GLOBAL FINANCIAL STABILITY REPORT: Transition Challenges to Stability Table 3. Emerging Markets Bond Index: Global Sovereign Yield Spreads (Basis points) Q3 Q4 Q1 Q2 End-of-period spread levels EMBI Global Latin America Argentina ,37 1,199 Belize 1, ,391 2,245 2,399 2, Brazil Chile Colombia Dominican Republic Ecuador El Salvador Jamaica Mexico Panama Peru Uruguay Venezuela 1,41 1,114 1, Europe Bulgaria Belarus 623 1, Croatia Georgia Hungary Kazakhstan Lithuania Poland Romania Russia Serbia Turkey Ukraine Middle East Iraq Jordan Lebanon Africa Côte d'ivoire 1,154 1, Egypt Gabon Ghana Nigeria South Africa Asia China Indonesia Malaysia Philippines Sri Lanka Vietnam International Monetary Fund October 213

15 Statistical Appendix Table 3. (concluded) Q3 Q4 Q1 Q2 Period-on-period spread level changes EMBI Global Latin America Argentina 1, Belize , Brazil Chile Colombia Dominican Republic 1, Ecuador 3, El Salvador Jamaica Mexico Panama Peru Uruguay Venezuela Europe Bulgaria Belarus Croatia Georgia 1, Hungary Kazakhstan Lithuania Poland Romania Russia Serbia Turkey Ukraine 1, Middle East Iraq Jordan Lebanon Africa Côte d'ivoire Egypt Gabon Ghana 1, Nigeria South Africa Asia China Indonesia Malaysia Philippines Sri Lanka 1, Vietnam Source: JPMorgan Chase & Co. Note: EMBI = emerging market bond index. The country and regional classifications used in this table follow the conventions of JPMorgan, and do not necessarily conform to IMF country classifications or regional groupings. International Monetary Fund October

16 GLOBAL FINANCIAL STABILITY REPORT: Transition Challenges to Stability Table 4. Emerging Market Private External Financing: Total Bonds, Equities, and Loans (Millions of U.S. dollars) Q3 Q4 Q1 Q2 Total 665, , , , , , , ,487.3 Sub-Saharan Africa 35, , , , , , ,88.8 7,65.8 Angola 2, , ,11.7 2, , Benin Botswana 2, Burkina Faso Burundi Cameroon Cape Verde Chad 14.7 Congo 25. Congo, Democratic Republic of the Côte d'ivoire Djibouti 1.2 Equatorial Guinea Eritrea 446. Ethiopia , , , ,263.3 Gabon Ghana 1, , ,52.9 7,21.1 1,61. 1, Guinea Guinea-Bissau 6.4 Kenya , , Liberia , Madagascar Malawi 39. Mali Mauritania 1, Mauritius Mozambique Namibia Niger Nigeria 7, , , , ,363. 1, ,778.9 Rwanda Senegal Seychelles 21.2 Sierra Leone South Africa 15, , , , ,65.5 3,75.7 2, ,67.1 South Sudan 8,. 8,. Sudan ,. Tanzania , Togo Uganda , Zambia ,65.9 1, Zimbabwe Central and Eastern Europe 97, , ,7.1 91, , , , ,76.6 Albania Bosnia and Herzegovina Bulgaria 1, , , Croatia 5, ,62. 4, ,213. 1, ,976.2 Hungary 7, , , , , , Latvia 4, , ,238.9 Lithuania 3, ,23.6 1, , Macedonia Montenegro Poland 21, , , , , , , ,173.8 Romania 29, , , , , ,29.6 1, Serbia 2, , , , ,476. Turkey 2, , , , , , , , International Monetary Fund October 213

17 Statistical Appendix Table 4. (continued) Q3 Q4 Q1 Q2 Commonwealth of Independent States 122, , , , , , , ,329.8 Armenia Azerbaijan 1,65.3 3, ,417. 1, ,523.2 Belarus 3, , , ,8. 1,8. Georgia , Kazakhstan 16, , , ,77.2 1,65.1 3, , ,311.9 Kyrgyzstan Moldova Mongolia , , , Russian Federation 92, , , , , , , ,478.6 Tajikistan Turkmenistan 4, ,225. Ukraine 2,823. 8, , , , ,3. 5,13. 2,539.3 Uzbekistan ,954. 2,579. Developing Asia 156, , , ,3. 53, ,.5 69, ,613.5 Bangladesh , Bhutan 47.4 Brunei Darussalam Cambodia China 61, , , , , , , ,335.6 Cook Islands 4.4 Fiji 25.2 India 32, , , ,2.3 11, , , ,92.3 Indonesia 21, , , , , , , ,723.1 Laos , Malaysia 12, , ,26. 19,753. 5, , , ,443.4 Maldives Marshall Islands 66. 1, Myanmar 2,4. Pakistan ,27.6 1, Papua New Guinea 14, Philippines 8, , , , , , ,383. 4,797.9 Sri Lanka 56. 1,31.8 1, ,76.9 1, Thailand 1, , , , ,22.6 7,34.6 6,96.7 2,19.2 Vietnam 2, , , , , International Monetary Fund October

18 GLOBAL FINANCIAL STABILITY REPORT: Transition Challenges to Stability Table 4. (concluded) Q3 Q4 Q1 Q2 Middle East and North Africa 78, , , , , , , ,184.1 Afghanistan 65. Algeria Bahrain 3, , ,513. 3, Egypt 3, ,541. 8, , ,196.4 Iran Iraq Jordan ,479. 1, Kuwait 2,568. 3, ,246. 1, Lebanon 1,118. 2,13.5 2, , ,32.9 1,95.6 Libya 4. Morocco , , , Oman 1,65.6 3,64.9 2, Qatar 21, , ,9.9 16, , , , ,145.5 Saudi Arabia 2, , , , , , , ,499.3 Syria Tunisia , United Arab Emirates 39, , , ,876. 3,69. 1, , ,65.1 West Bank and Gaza Yemen Latin America and the Caribbean 175, , , , , ,625. 6, ,632.5 Argentina 3, , , , Barbados Belize 2,5. Bolivia Brazil 88, , , , , , , ,174.1 Chile 5, , , , , , , ,128.2 Colombia 8, , ,5.1 11, , , ,33.8 3,687.5 Costa Rica , ,491.8 Dominican Republic , , ,. Ecuador El Salvador 1, , Guatemala , Guyana 24.8 Haiti Honduras 5. Jamaica 1,84.1 1, , ,77.5 1,5. 1,3..5 Mexico 39, , , , , , ,254. 9,914. Nicaragua Panama 3, , , ,96.7 1, ,258. Paraguay Peru 5, , , , ,33.4 1, , ,923.4 Trinidad and Tobago Uruguay 1, , Venezuela 8, , , , Source: Dealogic. Note: For inclusion criteria, please see notes for Tables 5, 6, and 7. 1 Georgia and Mongolia, which are not members of the Commonwealth of Independent States, are included in this group for reasons of geography and similarities in economic structure. 176 International Monetary Fund October 213

19 Statistical Appendix Table 5. Emerging Market Private External Financing: Bonds (Millions of U.S. dollars) Q3 Q4 Q1 Q2 Total 165, , , , , , , ,726.8 Sub-Saharan Africa 3,79.2 4, , ,36.3 3, ,24.4 1, Botswana Namibia 49.6 Nigeria Rwanda Senegal South Africa 3, , , ,14.8 2, , Tanzania 6. Zambia Central and Eastern Europe 24, , , , , , , ,476.1 Albania 45.3 Bulgaria 1, ,343.3 Croatia 3,98.8 1, , , ,485.8 Hungary 3, , , , , , Latvia , ,238.9 Lithuania 2,38.9 2,71.1 1, , Macedonia Montenegro Poland 11, , , , , ,2.5 1,95.2 Romania 1, ,16.1 5, ,7.8 1, ,484.4 Serbia , , ,476. Turkey 3,84. 9, , , ,584. 9, ,36.8 5,216.3 Commonwealth of Independent States 13, , , , , , , ,258.3 Azerbaijan ,. Belarus 1, Georgia Kazakhstan 2, ,84.5 1,72.9 3, , ,8.9 Mongolia , ,5. Russian Federation 11, , , , , , , ,661.6 Ukraine 5, , , , ,8. 3,97.1 2,515.8 Developing Asia 23, , , ,8.5 18, , , ,795.9 China 2, ,58.6 3, ,44. 6, , , ,823.6 Fiji 25. India 2,14.6 9,45.8 9,37. 1, ,66.8 2, , ,84.6 Indonesia 7,84.6 5, , , , ,58.8 6,886.4 Malaysia 5,7.2 2, ,17.8 8,929. 2, , Philippines 5, ,4. 4, , ,25.2 2,28.9 1,45.3 Sri Lanka 5. 1,. 1,. 1,5. 1,. 5. Thailand 2,46. 2, , ,198. 1,9.2 3,45.1 Vietnam International Monetary Fund October

20 GLOBAL FINANCIAL STABILITY REPORT: Transition Challenges to Stability Table 5. (concluded ) Q3 Q4 Q1 Q2 Middle East and North Africa 35,48. 32, , ,67.8 7, , ,9.9 11,993.6 Bahrain 75. 2,46.5 1,5. 2, Egypt , ,196.4 Jordan Kuwait Lebanon ,925. 2, , ,32.9 1,95.6 Morocco 1,34.1 1, , Oman Qatar 15,284. 8, ,87.7 1,58.8 5,68.9 3, , ,495.5 Saudi Arabia 99. 2, , ,. 2,147.6 Tunisia 1, United Arab Emirates 16, , , ,48.7 1,858. 7, , ,452.3 Latin America and the Caribbean 65, , , , , , , ,33. Argentina , , , Barbados Bolivia Brazil 25, , , , ,65.7 1,134. 8, ,74.1 Chile 1, , , , ,35.6 4, ,97.5 2,887.2 Colombia 5, , , , , , ,89.1 Costa Rica 25. 1, ,491.8 Dominican Republic ,. El Salvador Guatemala 1, Honduras 5. Jamaica 1,42.3 1, ,75. 1,5. 1,3. Mexico 17, , , , ,776. 8, , ,1.7 Panama 1, , Paraguay Peru 2,91.4 6, , , , , ,534.9 Trinidad and Tobago Uruguay 5. 1, Venezuela 7,. 6, ,444.2 Source: Dealogic. Note: Search criteria by deal nationality and filtered by international tranche, and excludes money market and short-term bonds, and supranationals. Deal inclusion conforms to the vendor s criteria for external public and private sector syndicated gross issuance, generally excluding bilateral deals. 1 Georgia and Mongolia are not members of the Commonwealth of Independent States, but are included in this group for reasons of geography and similarities in economic structure. 178 International Monetary Fund October 213

21 Statistical Appendix Table 6. Emerging Market Private External Financing: Equities (Millions of U.S. dollars) Q3 Q4 Q1 Q2 Total 125, , , , , , , ,37.2 Sub-Saharan Africa 2, , ,69.5 3, , Botswana 44.9 Burkina Faso 64.7 Ghana 45.5 Kenya Madagascar Mauritius 14. Niger 2. Nigeria Rwanda 9.9 South Africa 1, , , , , Tanzania 23.7 Togo Uganda Zambia Central and Eastern Europe 3, , ,98.9 6, ,19.2 3, , Bulgaria Hungary Latvia 3. Lithuania Poland 3,72.5 8, , , , , Romania Turkey , ,82.5 3,967. 2, Commonwealth of Independent States 8,24. 9, , ,83.2 6, , , ,518.1 Armenia Georgia Kazakhstan Kyrgyzstan 5.8 Mongolia Russian Federation 7, ,5. 11,137. 9,4.6 6, ,599. 1, ,499.6 Ukraine Developing Asia 78, , , , ,21.3 2, , ,951. Bangladesh Cambodia China 53,8. 74, , , , ,98.9 9,11. 5,685.2 Fiji India 17, ,2.8 8, , , , ,393. 1,959.8 Indonesia 1,83.2 8,66.6 3, , , ,837. 1,351.8 Laos Malaysia 5, , , ,31.2 2,46.3 1, ,161.4 Maldives 16. Pakistan 1.5 Philippines , ,47.1 2, , ,19.1 2,131.6 Sri Lanka 5.6 Thailand ,379. 1, , ,2.2 1,54.1 1,661.2 Vietnam International Monetary Fund October

22 GLOBAL FINANCIAL STABILITY REPORT: Transition Challenges to Stability Table 6. (concluded ) Q3 Q4 Q1 Q2 Middle East and North Africa 2, , , , Bahrain 3. 1,585.4 Egypt ,95.3 Iran 78.7 Iraq 8.5 Kuwait 91.5 Morocco Oman Qatar , Saudi Arabia , , Syria 37. Tunisia United Arab Emirates West Bank and Gaza 5.3 Latin America and the Caribbean 29, ,54.6 3, , , , , ,133.8 Argentina , Brazil 26, , , ,65.6 1,79.9 2, , ,239. Chile ,39.7 5, , ,226.1 Colombia ,37.2 2, , Jamaica Mexico 2, , , , , , ,15. Panama Peru Source: Dealogic. Note: Search criteria by issuer nationality and filters by initial and follow-on offerings, and international tranche. Deal inclusion conforms to the vendor s criteria for external public and private sector syndicated gross issuance, generally excluding bilateral deals. 1 Gerogia and Mongolia are not members of the Commonwealth of Independent States, but are included in this group for reasons of geography and similarities in economic structure. 18 International Monetary Fund October 213

23 Statistical Appendix Table 7. Emerging Market Private External Financing: Loans (Millions of U.S. dollars) Q3 Q4 Q1 Q2 Total 374, , , , , , , ,723.4 Sub-Saharan Africa 29, , , , ,69.7 9,38. 3, ,834.2 Angola 2, , ,11.7 2, , Benin Botswana 2, Burkina Faso Burundi Cameroon Cape Verde Chad 14.7 Congo 25. Congo, Democratic Republic of the Côte d'ivoire Djibouti 1.2 Equatorial Guinea Eritrea 446. Ethiopia , , , ,263.3 Gabon Ghana 1, ,67.7 6,52.9 7,21.1 1,61. 1, Guinea Guinea-Bissau 6.4 Kenya ,48.2 1, Liberia , Malawi 39. Mali Mauritania 1, Mauritius Mozambique Namibia Niger 15. Nigeria 7, , , ,61.8 1,13. 1, ,87.2 Rwanda Senegal Seychelles 21.2 Sierra Leone South Africa 1,34.7 8, ,39.6 6,23.3 2, , ,875. South Sudan 8,. 8,. Sudan ,. Tanzania , Togo Uganda , Zambia , Zimbabwe Central and Eastern Europe 69, , , , , , , ,614.1 Albania Bosnia and Herzegovina Bulgaria 1, Croatia 2, , , , Hungary 4, , , Latvia 4, Lithuania 1, Macedonia Montenegro Poland 6, , ,88.3 1, Romania 29, , , Serbia 2, , ,433.1 Turkey 16, ,15.7 3, , ,492. 6, , ,92.3 International Monetary Fund October

24 GLOBAL FINANCIAL STABILITY REPORT: Transition Challenges to Stability Table 7. (continued) Q3 Q4 Q1 Q2 Commonwealth of Independent States 1, ,8. 76, ,78.9 9,93.9 7, , ,553.5 Armenia Azerbaijan 1,65.3 3, , Belarus 3, , ,8. 1,8. Georgia Kazakhstan 14, , , , ,231. Kyrgyzstan Moldova Mongolia Russian Federation 73, , , , , , , ,317.5 Tajikistan Turkmenistan 4, ,225. Ukraine 2, , ,81.2 4, ,5. 1, Uzbekistan ,954. 2,579. Developing Asia 55, , , , ,69.3 2, , ,866.6 Bangladesh , Bhutan 47.4 Brunei Darussalam Cambodia China 5, , ,7.7 2,93.1 4,823. 5,57. 3,226. 8,826.9 Cook Islands 4.4 India 13, , , , , , ,81.9 6,119.9 Indonesia 12, , , , , ,74.2 1, ,484.8 Laos , Malaysia 2, , ,41.1 3, , Maldives Marshall Islands 66. 1, Myanmar 2,4. Pakistan ,27.6 1, Papua New Guinea 14, Philippines 2, , , ,.6 1, ,155. 1,621. Sri Lanka Thailand 1, ,55.4 2, , , , Vietnam 2, ,49.3 6,68. 3, , Middle East and North Africa 4, , , , ,2.4 9, , ,659.2 Afghanistan 65. Algeria Bahrain 2, ,62.4 1,463. 1, Egypt 3, ,35.4 8, , Iran Iraq Jordan , Kuwait 1, , , Lebanon Libya 4. Morocco , , ,55.2 Oman 1,65.6 2,81.1 2, Qatar 4, ,145. 8, , ,375. 1, Saudi Arabia , , , , , ,323.7 Syria Tunisia United Arab Emirates 22, ,811. 1, ,346. 1,832. 2, , ,81.9 West Bank and Gaza Yemen International Monetary Fund October 213

25 Statistical Appendix Table 7. (concluded ) Q3 Q4 Q1 Q2 Latin America and the Caribbean 79, , , , , ,446. 2, ,195.8 Argentina 2, , , Barbados Belize 2,5. Bolivia Brazil 37, , , , , , ,97.8 3,195. Chile 3, ,79.5 6,396. 8,764. 2, ,48.2 1,241. Colombia 2, ,284. 4, , , ,719. Costa Rica Dominican Republic , Ecuador El Salvador Guatemala Guyana 24.8 Haiti Jamaica Mexico 2, , ,5.9 19, ,83.1 7, , ,798.3 Nicaragua Panama 2,6.4 1, ,51.1 1, Paraguay Peru 2,59.6 2,67.3 2, , ,388.5 Trinidad and Tobago Uruguay , Venezuela 1, , , , Source: Dealogic. Note: Search criteria by deal nationality and filters by hard currency. Deal inclusion conforms to the vendor's criteria for external public and private sector syndicated gross issuance, generally excluding bilateral deals. 1 Georgia and Mongolia, which are not members of the Commonwealth of Independent States, are included in this group for reasons of geography and similarities in economic structure. International Monetary Fund October

26 GLOBAL FINANCIAL STABILITY REPORT: Transition Challenges to Stability Table 8. Equity Valuation Measures: Dividend-Yield Ratios year average Q3 Q4 Q1 Q2 Emerging Markets Asia Europe/Middle East/Africa Latin America Argentina Brazil Chile China Colombia Egypt Hungary India Indonesia Jordan Malaysia Mexico Morocco Pakistan Philippines Poland Russia South Africa Sri Lanka Thailand Turkey Source: Morgan Stanley Capital International (MSCI). Note: The country and regional classifications used in this table follow the conventions of MSCI, and do not necessarily conform to IMF country classifications or regional groupings. 184 International Monetary Fund October 213

27 Statistical Appendix Table 9. Equity Valuation Measures: Price/Earnings Ratios year average Q3 Q4 Q1 Q2 Emerging Markets Asia Europe/Middle East/Africa Latin America Argentina Brazil Chile China Colombia Egypt Hungary India Indonesia Jordan Malaysia Mexico Morocco Pakistan Philippines Poland Russia South Africa Sri Lanka Thailand Turkey Source: Morgan Stanley Capital International (MSCI). Note: The country and regional classifications used in this table follow the conventions of MSCI, and do not necessarily conform to IMF country classifications or regional groupings. International Monetary Fund October

28 GLOBAL FINANCIAL STABILITY REPORT: Transition Challenges to Stability Table 1. Emerging Markets: Mutual Funds Net Flows (Billions of U.S. dollars) Q3 Q4 Q1 Q2 Bonds Global Asia Europe/Middle East/Africa Latin America Equities Global Asia Europe/Middle East/Africa Latin America Net Asset Values (Billions of U.S. dollars) Q3 Q4 Q1 Q2 Bonds Global Asia Europe/Middle East/Africa Latin America Equities , ,16.9 1,57. 1,68.9 Global Asia Europe/Middle East/Africa Latin America Source: EPFR Global. Note: Flows data derive from both tradtional and alternative funds domiciled globally with $19 trillion in assets. The country and regional classifications used in this table follow the conventions of Emerging Portfolio Fund Research and individual fund managers, and do not necessarily conform to IMF country classifications or regional groupings. 186 International Monetary Fund October 213

29 I N T E R N A T I O N A L M O N E T A R Y F U N D World Economic Outlook The World Economic Outlook, packed with country-specific facts, figures, and global projections, presents the outlook for growth, inflation, trade, and other economic developments in a clear, practical format. Expand your global expertise. Visit the IMF Bookstore. Fiscal Monitor The Fiscal Monitor, published twice a year, surveys and analyzes developments in public finance, updates medium-term fiscal projections, and assesses policies to put public finances on a sustainable footing. The Monitor s projections are based on the same database used for the World Economic Outlook. China s Economy in Transition: From External to Internal Rebalancing This volume looks at various aspects of the rebalancing under way in China. It focuses on three themes: the reasons for the decline in China s current account and signs of growing domestic imbalances; the implications for trading partners; and policy lessons to achieve a stable, sustainable, and more inclusive transformation of China s growth model. IMF BOOKSTORE Energy Subsidy Reform: Lessons and Implications Energy subsidies have wide-ranging economic consequences. This book provides the most comprehensive estimates of energy subsidies currently available for 176 countries. It also presents an analysis of how to do energy subsidy reform, drawing on insights from 22 country case studies undertaken by the IMF staff and analyses carried out by other institutions. Order Now: Visit the IMF Bookstore today and browse to find the latest reports, publications, and data. imfbookstore.org/go13 International Monetary Fund October

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