This presentation complements the

Transcription

1 GLOBAL FINANCIAL STABILITY REPORT STATISTICAL APPENDIX 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 January 31, 211. 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 this issue, the IMF s Statistics Department has 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. The following symbols have been used throughout 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 that 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 refer to hundredths of 1 percentage point (for example, 25 basis points are 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 APRIL 211 1

2 List of Figures and Tables Figures 1. Major Net Exporters and Importers of Capital in Sovereign Credit Default Swap Spreads Selected Credit Default Swap Spreads Selected Spreads Implied Volatility Indices Twelve Month Forward Price/Earnings Ratios United States: Corporate Bond Market Euro Area: Corporate Bond Market United States: Commercial Paper Market... 1 Tables 1. Selected Indicators on the Size of the Capital Markets, MSCI Equity Market Indices Emerging Market Bond Index: EMBI Global Yield Spreads Emerging Market External Issuance: Bonds, Equities, and Loans Emerging Market External Issuance: Bonds Emerging Market External Issuance: Equities Emerging Market External Issuance: Loans Equity Valuation Measures: Dividend-Yield Ratios Equity Valuation Measures: Price/Earnings Ratios Emerging Markets: Mutual Funds INTERNATIONAL MONETARY FUND APRIL 211

3 Figure 1. Major Net Exporters and Importers of Capital in 21 Economies That Export Capital 1 Other economies 2 2.7% China 2.9% Korea 1.9% Sweden 2.% Saudi Arabia 2.6% Taiwan Province of China 2.8% Kuwait 2.8% Singapore 3.4% Japan 13.3% Norway 3.6% Netherlands 3.8% Russia 4.9% Switzerland 5.1% Germany 12.% Economies That Import Capital 3 Other economies 4 3.7% United States 4.1% Turkey 4.1% India 4.2% France 4.5% United Kingdom 4.8% Italy 6.1% Spain 5.4% Sources: IMF, World Economic Outlook database as of April 1, As measured by economies current account surplus (assuming errors and omissions are part of the capital and financial accounts). 2 Other economies include all economies with shares of total surplus less than 1.9 percent. 3 As measured by economies current account deficit (assuming errors and omissions are part of the capital and financial accounts). 4 Other economies include all economies with shares of total deficit less than 4.1 percent. INTERNATIONAL MONETARY FUND APRIL 211 3

4 Figure 2. Sovereign Credit Default Swap Spreads (Five-year tenor, in basis points) Japan United States United Kingdom Germany Germany France Italy Greece Ireland Portugal Spain China Indonesia Korea Philippines Thailand South Africa Turkey Hungary Poland Russia Brazil Chile Colombia Mexico Argentina (right scale) Source: Bloomberg L.P. 4 INTERNATIONAL MONETARY FUND APRIL 211

5 Statistical Appendix Figure 3. Selected Credit Default Swap Spreads (Five-year tenor, in basis points) Sovereigns by Region 3 25 Western Europe Asia Pacific Emerging Markets CEEMEA Corporates by Credit Quality European investment-grade European crossover North American investment-grade North American crossover Banks by Region 7 6 Euro area banks U.K. banks U.S. banks Sources: Bloomberg L.P.; and Datastream. Note: CEEMEA = Central and Eastern Europe, Middle East, and Africa. INTERNATIONAL MONETARY FUND APRIL 211 5

6 Figure 4. Selected Spreads (In basis points; monthly data) 16 Repo Spread Commercial Paper Spread Swap Spreads 3 12 United States 8 4 Euro area Japan Sources: Bloomberg L.P.; and 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 commercial paper and on three-month U.S. Treasury bill. 3 Spread over 1-year government bond. 6 INTERNATIONAL MONETARY FUND APRIL 211

7 Statistical Appendix Figure 5. Implied Volatility Indices MOVE (in basis points, right scale) VIX (in percent, left scale) G-7 currencies (in percent, left scale) Source: Bloomberg L.P. Note: VIX = Chicago Board Options Exchange volatility index on the Standard & Poor s 5 and denotes equity volatility. MOVE = Bank of America Merrill Lynch Option Volatility Estimate index and denotes one-month Treasury options volatility. G-7 currencies = VXY index from JPMorgan Chase & Co. and denotes G-7 foreign exchange volatility. Figure 6. Twelve-Month Forward Price/Earnings Ratios Germany (left scale) United States (left scale) 3 1 Japan (right scale) Source: I/B/E/S. INTERNATIONAL MONETARY FUND APRIL 211 7

8 Figure 7. United States: Corporate Bond Market 6 5 Investment-Grade Gross issuance (in billions of U.S. dollars; left scale) Bank of America Merrill Lynch investment-grade spread 1 (in basis points; right scale) High-Yield Gross issuance (in billions of U.S. dollars; left scale) Bank of America Merrill Lynch high-yield spread 1 (in basis points; right scale) Sources: Board of Governors of the Federal Reserve System; and Bank of America Merrill Lynch. 1 Option-adjusted spread. 8 INTERNATIONAL MONETARY FUND APRIL 211

9 Statistical Appendix Figure 8. Euro Area: Corporate Bond Market 2 18 Invesment-Grade Bank of America Merrill Lynch investment-grade spread 1 (in basis points; right scale) Gross issuance (in billions of U.S. dollars; left scale) High-Yield Bank of America Merrill Lynch high-yield spread 1 (in basis points; right scale) Gross issuance (in billions of U.S. dollars; left scale) Sources: DCM Analytics; and Bank of America Merrill Lynch. 1 Option-adjusted spread. INTERNATIONAL MONETARY FUND APRIL 211 9

10 Figure 9. United States: Commercial Paper Market 6 5 Discount Rate Spread (in basis points; weekly data) Amount Outstanding (in billions of U.S. dollars; monthly data) Asset-backed (right scale) Nonfinancial (left scale) Financial (right scale) Source: Board of Governors of the Federal Reserve System. 1 Difference between 3-day A2/P2 and AA nonfinancial commercial paper. 1 INTERNATIONAL MONETARY FUND APRIL 211

11 Statistical Appendix Table 1. Selected Indicators on the Size of the Capital Markets, 29 (In billions of U.S. dollars unless noted otherwise) Total Debt Securities 3 GDP Reserves Stock Market Minus Gold 2 Capitalization Public Private Total Bank Assets 4 Bonds, Equities, and Bank Assets 5 Bonds, Equities, and Bank Assets 5 (In percent of GDP) World 57,92.3 8, , ,4. 54, , , , European Union 1 15, ,13.4 1, , , , , Euro area 12, , , , , , , North America 15, , , ,3.7 33, , , Canada 1, , , , , , United States 14, ,77.3 9, , , , , Japan 5,33. 1,22.2 3, , , , , , Memorandum items: EU countries Austria , Belgium ,161. 1,734. 3, Denmark ,31.1 2, Finland France 2, , , ,4.4 5, , , Germany 3, , ,85. 3, , ,5.6 12, Greece , Ireland , , ,112.6 Italy 2, , , ,99.8 4, , Luxembourg ,22.9 1,93.4 Netherlands , , , , Portugal , Spain 1, , ,3.7 3, , , Sweden , United Kingdom 2, , , , , , , Newly industrialized Asian economies 6 1,62.6 1,61.7 4, ,42.7 1, , , Emerging market economies 7 18,66.9 5, ,99.8 4, ,725. 7, , , of which: Asia 7, ,89.4 5, , , , , , Latin America and the Caribbean 3, , , ,33.4 2,89.9 7, Middle East and North Africa 2, , , Sub-Saharan Africa , Europe 3, ,187. 4, Sources: World Federation of Exchanges; Bank for International Settlements (BIS); IMF, International Financial Statistics (IFS) and World Economic Outlook databases as of April 1, 211; 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 European Central Bank. 3 Data are from BIS. The data include international and domestic debt securities. For data definition and coverage, refer to the BIS Guide to the International Financial Statistics. 4 Total assets of commercial banks, including subsidiaries. For Ireland, the data also include assets of banks that are part of the Irish Financial Services Center. For Portugal, the data are from Bank of Portugal. 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 APRIL

12 Table 2. MSCI Equity Market Indices (Period-on-period percent change) 21 End of Period Q1 Q2 Q3 Q Emerging Markets Index Latin America Argentina 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 Israel Jordan Morocco Poland Russia South Africa Turkey Sectors Energy Materials Industrials Consumer discretionary Consumer staple Health care Financials Information technology Telecommunications Utilities INTERNATIONAL MONETARY FUND APRIL 211

13 Statistical Appendix Table 2 (concluded) 21 End of Period Q1 Q2 Q3 Q World Index Australia Austria Belgium Canada Denmark Finland France Germany Greece Hong Kong SAR Ireland Italy Japan Netherlands New Zealand Norway Portugal Singapore Spain Sweden Switzerland United Kingdom United States Source: Morgan Stanley Capital International. Note: Price indices in U.S. dollar 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 APRIL

14 Table 3. Emerging Market Bond Index: EMBI Global Yield Spreads 21 End of Period Q1 Q2 Q3 Q (In basis points) EMBI Global Latin America Argentina , Belize Brazil Chile Colombia Dominican Republic , Ecuador 817 1,13 1, , El Salvador Jamaica , Mexico Panama Peru Uruguay Venezuela 89 1,247 1,162 1, ,864 1,41 1,114 Asia China Indonesia Malaysia Pakistan , Philippines Sri Lanka , Vietnam Europe, Middle East, and Africa Bulgaria Croatia Egypt Gabon , Georgia , Ghana , Hungary Iraq , Lebanon Lithuania Poland Russia Serbia , South Africa Tunisia Turkey Ukraine , Latin America Non-Latin America INTERNATIONAL MONETARY FUND APRIL 211

15 Statistical Appendix Table 3 (concluded) 21 End of Period Q1 Q2 Q3 Q (Period-on-period basis point change) EMBI Global Latin America Argentina , Belize Brazil Chile Colombia Dominican Republic ,324 1,2 83 Ecuador ,117 3, El Salvador Jamaica Mexico Panama Peru Uruguay Venezuela , Asia China Indonesia Malaysia Pakistan ,577 1, Philippines Sri Lanka , Vietnam Europe, Middle East, and Africa Bulgaria Croatia Egypt Gabon Georgia , Ghana ,122 1,23 99 Hungary Iraq Lebanon Lithuania Poland Russia Serbia South Africa Tunisia Turkey Ukraine ,468 1, Latin America Non-Latin America Source: JPMorgan Chase & Co. Note: The country and regional classifications used in this table follow the conventions of JPMorgan Chase and do not necessarily conform to IMF country classifications or regional groupings. INTERNATIONAL MONETARY FUND APRIL

16 Table 4. Emerging Market External Issuance: Bonds, Equities, and Loans (In millions of U.S. dollars) Q1 Q2 Q3 Q4 Total 414, , , , , , , , ,676.9 Sub Saharan Africa 15,8.1 28,153. 6, , , , ,46.2 2, ,167.1 Angola , , ,. 2,632. Botswana Burkina Faso 14.5 Cameroon Cape Verde 13. Central African Republic Côte d Ivoire , ,332.1 Ethiopia Gabon , Ghana 86. 1, ,. 1, Kenya Lesotho 19.7 Madagascar Mali Mauritius Mozambique Namibia Nigeria 64. 4, , , , Senegal Seychelles South Africa 12,7.7 19,94.3 2, ,98.3 7, ,4.3 1, , Tanzania Togo 125. Uganda Zambia Zimbabwe Central and Eastern Europe 5, , , , , , , , ,659.6 Albania Bulgaria 1, ,36. 1, Croatia 1, , , ,718. 1, , Estonia Hungary 7, ,33.8 9,13.9 5,98.3 3, ,53. 1, Latvia 1, , , Lithuania 1,292. 1, , , , Macedonia, FYR Montenegro Poland 8, , , , , , , ,37.4 4,35.5 Romania ,7.4 1, , , Serbia Turkey 27, , , , ,933. 6, , , ,68.8 Commonwealth of Independent States 81, , , , ,54.4 1,32.3 1, , ,593.5 Armenia Azerbaijan ,555. 2, Belarus , , Georgia Kazakhstan 16, , ,77.1 1,53.7 3, ,377.2 Kyrgyz Republic Moldova Mongolia Russia 59, , , , , , , , ,752.8 Tajikistan Ukraine 5, , , , , ,24.6 1,829.8 Uzbekistan INTERNATIONAL MONETARY FUND APRIL 211

17 Statistical Appendix Table 4 (concluded) Q1 Q2 Q3 Q4 21 Developing Asia 111, , , , ,31.4 5, , , ,477.4 Bangladesh Bhutan Brunei Darussalam 55. Cambodia China 5, , , , , , ,24.5 3, ,251.4 Fiji 15. India 29, , , , , , , , ,476.3 Indonesia 8, , , , , ,61. 2,98.2 3, ,197.6 Lao P.D.R , ,888.7 Malaysia 7, ,68.2 5,26.2 7, , , ,85.3 5, ,699.8 Mrshall Islands 17. 1, Nepal 15. Pakistan 3,26. 2, Papua New Guinea 1, ,428.5 Philippines 7,41.8 6,319. 2,99.2 7, ,58.3 4, , ,3.9 2,648.4 Sri Lanka , ,17.6 Thailand 4, , , , , ,352. 1,12.2 1,544. 3,872.9 Vietnam , , , , , Middle East and North Africa 81, , , , , ,6.8 13, , ,891.7 Algeria , Bahrain 3, ,17.1 1,245. 2, ,595. 1, Egypt 4, , , ,757. 5, , ,642. 1, Iran, I.R. of Iraq 2,877. Jordan Kuwait 5, , , , , , ,3. Lebanon 6,4. 2,42. 3,23.2 2, ,13.5 1, Libya 38. Morocco , , ,346.9 Oman 3,43.2 3, , , Qatar 1, ,7.5 11, , , ,25. 1,83.1 Saudi Arabia 9, ,11.6 7, , , ,84.2 9, , ,281.1 Syrian Arab Republic 8. Tunisia United Arab Emirates 35, , , ,5. 18, , , , ,748.8 West Bank and Gaza Yemen Arab Republic 2, Latin America and the Caribbean 72, , , , , , , , ,887.6 Argentina 3, , , , ,923. 1,59.1 Bolivia 1. Brazil 31, , , ,6.9 67, , , , ,555. Chile 6,9.9 3, ,68.4 3,56.1 8, , ,89.1 2,365.5 Colombia 5,36.1 7, , ,18.7 4,41.2 1, , Costa Rica Cuba Dominican Republic , , Ecuador El Salvador 1, Guatemala 15. Haiti 134. Honduras Jamaica 1,76.1 1, ,85. 1, , Mexico 16, , , , , , , , ,647.7 Panama , Paraguay 98.8 Peru 1, , ,33. 3, , ,31.8 1, ,134.4 Trinidad and Tobago 2, Uruguay 2,7. 1, Venezuela ,381. 4,65. 11,. 7,5. 1,5. 3,. 3,. Source: Data from Dealogic provided by the IMF s Bond, Equity, and Loan database. Note: Deal inclusion conforms to the vendor s criteria for external publicly syndicated gross issuance, generally excluding bilateral deals. 1 Georgia and Mongolia, though not members of the CIS, are included in this group for reasons of geography and similarities in economic structure. INTERNATIONAL MONETARY FUND APRIL

18 Table 5. Emerging Market External Issuance: Bonds (In millions of U.S. dollars) Q1 Q2 Q3 Q4 Total 13, , , , ,9.3 55, , , ,71.2 Sub-Saharan Africa 4, , , ,84.5 6,32.1 2,. 2, ,7. Côte d Ivoire 2, ,332.1 Gabon 1,. Ghana 95. Nigeria 525. Senegal 2. Seychelles South Africa 4, , , , ,7. 2,. 1,7. Central and Eastern Europe 22, , , , , , ,61.4 8, ,97.3 Albania Bulgaria 22.8 Croatia ,148. 1,25. 1,25. Estonia 38. Hungary 6,9.9 4,88.2 5, ,45.3 3, ,53. 1,2.5 Latvia Lithuania 1, , , ,75. 2,. 75. Macedonia, FYR Montenegro Poland 4, ,111. 3, , , ,444. 2,933. 1,68.7 Romania 1, , ,429.1 Serbia Turkey 9,29.9 7, ,15. 3,75. 9,94.8 3,. 2,41. 2, ,91.6 Commonwealth of Independent States 3, , , , , ,58. 8,66.8 9, ,639.2 Azerbaijan Belarus , , Georgia Kazakhstan 7,55.8 8,88.6 3, , ,. Mongolia Russia 2,84.6 3, ,63.1 1, ,9.1 5,58. 7,6. 6,31.1 7,491. Ukraine 3, , , , ,2. 1,518. Developing Asia 14, , , , , , , ,67.8 6,367.4 China 1,11. 2, ,55.3 2, , , , ,115.9 Fiji 15. India 2, , ,47.5 1,75. 1, Indonesia 2,. 1,75. 4,2. 5, , , Malaysia 2, , ,25. 1,88.6 Pakistan 1, Philippines 4, , ,35. 6, , , ,457.6 Sri Lanka ,. 1,. Thailand 1, Vietnam 1. 1,. 1,. Middle East and North Africa 26, , , , , ,2. 3, , ,93.6 Bahrain 1,12. 1, ,5. 1, Egypt 1, ,1. 1,5. 6. Iraq 2,7. Jordan Kuwait 1, Lebanon 5, ,3. 3, , ,925. 1, Morocco , ,346.9 Oman 25. Qatar 3,4. 13,83. 6,35.1 4,25. 1,785.1 Saudi Arabia 2, Tunisia United Arab Emirates 9, , , ,41.4 1, ,1. 1, , , INTERNATIONAL MONETARY FUND APRIL 211

19 Statistical Appendix Table 5 (concluded) Q1 Q2 Q3 Q4 21 Latin America and the Caribbean 3, , , , ,92.7 2, , , ,.7 Argentina 1, , , ,65. 1,146. Brazil 12,33.9 9, , , ,65.3 8, , ,458. 5,32.1 Chile 1, , , ,28.1 1,7. Colombia 3, , ,39.7 5,53. 1, ,116.4 Dominican Republic Ecuador El Salvador Guatemala Jamaica ,85. 1, Mexico 6,27.2 6, , , , , , ,81.1 2,98. Panama 1,323. Peru , , , ,69.8 1, ,626.6 Trinidad and Tobago Uruguay 2, Venezuela 8,75. 4,65. 11,. 6,. 3,. 3,. Source: Data from Dealogic provided by the IMF s Bond, Equity, and Loan database. Note: Deal inclusion conforms to the vendor s criteria for external publicly 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 APRIL

20 Table 6. Emerging Market External Issuance: Equities (In millions of U.S. dollars) Q1 Q2 Q3 Q4 Total 99, , , , , , ,3. 32, ,87.2 Sub-Saharan Africa 3, , , , Botswana Central African Republic 35.5 Ghana Kenya 252. Madagascar Namibia 87.6 Nigeria South Africa 3,8.2 7, , , Zimbabwe 75.1 Central and Eastern Europe 3, , ,14.5 3, ,51.3 1, , ,153.9 Bulgaria Croatia 22. 1,377.6 Estonia Hungary ,21.7 Lithuania Poland 1, ,89.5 2,634. 7,42.2 1, , ,17.9 Romania Turkey 1, ,576.6 Commonwealth of Independent States 17, ,96.1 4,87.2 1, ,12.8 1, , ,75.8 Armenia 2.4 Georgia Kazakhstan 4,33.6 5, Mongolia Russia 13, , , , , , ,51.2 Ukraine , Developing Asia 57, , , , , , , , ,36.3 Bangladesh Cambodia China 4, , , , ,25.4 2,87. 4, , ,814. India 11,9. 21, ,8.4 16, , , ,68.9 3, ,2.6 Indonesia ,9. 2, , , , , ,357.1 Malaysia , ,63.9 5, ,837.6 Pakistan Papua New Guinea 1,24.3 Philippines 1, , Sri Lanka Thailand 1, , ,585.3 Vietnam Middle East and North Africa 2, , , , Algeria 2. Bahrain Egypt Kuwait 1,642. Lebanon Morocco , Oman Qatar Saudi Arabia United Arab Emirates , West Bank and Gaza INTERNATIONAL MONETARY FUND APRIL 211

21 Statistical Appendix Table 6 (concluded) Q1 Q2 Q3 Q4 21 Latin America and the Caribbean 15,52. 47,5.2 12, , ,67.1 5,286. 1, ,8.6 6,361.9 Argentina , Brazil 11, , , , , ,67.7 1,18.5 4, ,474.1 Chile , Colombia , Mexico 1, , , , Panama Peru Source: Data from Dealogic provided by the IMF s Bond, Equity, and Loan database. Note: Deal inclusion conforms to the vendor s criteria for external publicly 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 APRIL

22 Table 7. Emerging Market External Issuance: Loans (In millions of U.S. dollars) Q1 Q2 Q3 Q4 Total 184, , , , , , , ,41. 64,391.1 Sub-Saharan Africa 7,25.9 7,8.2 4,36.7 1, ,994. 1,22.5 2, ,616.1 Angola , , ,. 2,632. Burkina Faso 14.5 Cameroon Cape Verde 13. Côte d Ivoire Ethiopia Gabon Ghana ,. 1,331.5 Kenya Lesotho 19.7 Mali Mauritius Mozambique Namibia Nigeria 64. 3, , , , Senegal South Africa 4,21.6 3, ,38.1 1, Tanzania Togo 125. Uganda Zambia Zimbabwe 8. Central and Eastern Europe 24, , , , , ,24.5 3, ,71. 2,128.1 Albania 78.1 Bulgaria 1,42.6 1,36. 1, Croatia 1, , Estonia Hungary ,5.9 3, , Latvia 1, , , Lithuania Macedonia, FYR Montenegro Poland 2,5.2 2, , Romania , Serbia Turkey 17, , , , ,28.1 3, , ,164. 1,77.2 Commonwealth of Independent States 33, , , , , , ,452. 3,248.5 Armenia Azerbaijan ,425. 2, Belarus Georgia Kazakhstan 5, ,21.7 7, Kyrgyz Republic Moldova Mongolia Russia 25, , , , ,34.6 3,18.1 7,166. 2,76.5 Tajikistan Ukraine 2, ,35. 3, Uzbekistan INTERNATIONAL MONETARY FUND APRIL 211

23 Statistical Appendix Table 7 (concluded) Q1 Q2 Q3 Q4 21 Developing Asia 4, , , , , , , , ,83.7 Bangladesh Bhutan Brunei Darussalam 55. China 8, , , , ,54.1 5,57.5 3,84.6 6, ,321.4 India 15, , , , , , , ,6.9 29,455.7 Indonesia 5, , , ,45.6 1,17.8 2,73.6 2, , ,196.6 Lao P.D.R , ,888.7 Malaysia 5,51.2 4, ,16.5 3, , ,54.4 4, Marshall Islands 17. 1, Nepal 15. Pakistan 1, Papua New Guinea 11,428.5 Philippines ,92.2 2,515. 1, ,97.5 1, Sri Lanka Thailand 1, ,13. 1,462. 5, ,43.7 1,17.3 1,45.1 2,137.6 Vietnam ,53.8 1, , , Middle East and North Africa 52, , ,8.3 22, , , ,46.2 7, ,69.8 Algeria , Bahrain 2, , , Egypt 3, ,76.1 5, , ,24.6 1, Iran, I.R. of Iraq 177. Jordan Kuwait 4,29.6 1, , , , Lebanon Libya 38. Morocco 25.4 Oman 3,45.2 3, , , Qatar 7, , , Saudi Arabia 6,21.7 7,68.8 7, ,53. 14, , , ,281.1 Syrian Arab Republic 8. Tunisia United Arab Emirates 24, , , , , , , Yemen Arab Republic 2, Latin America and the Caribbean 26, , , , , ,78.8 9, ,357. 5,524.9 Argentina ,226. 1, Bolivia 1. Brazil 7, , , , ,48.2 1, ,14.6 2, ,76.8 Chile 4, , ,58.7 1,377. 1, Colombia 1,84.4 1, ,833. 1, Costa Rica Cuba Dominican Republic , , Ecuador El Salvador Guatemala 15. Haiti 134. Honduras Jamaica Mexico 8,62.9 9, , ,49.7 4, , ,613. Panama Paraguay 98.8 Peru , , Trinidad and Tobago 1, Uruguay Venezuela ,5. 1,5. Source: Data from Dealogic provided by the IMF s Bond, Equity, and Loan database. Note: Deal inclusion conforms to the vendor s criteria for external publicly syndicated gross issuance, generally excluding bilateral deals. Data reflect commitments rather than actual disbursements. 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 APRIL

24 Table 8. Equity Valuation Measures: Dividend-Yield Ratios 21 1-Year Average Q3 Q4 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. 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. 24 INTERNATIONAL MONETARY FUND APRIL 211

25 Statistical Appendix Table 9. Equity Valuation Measures: Price/Earnings Ratios 21 1-Year Average Q3 Q4 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. 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 APRIL

26 Table 1. Emerging Markets: Mutual Funds Net Flows (In millions of U.S. dollars) Q1 Q2 Q3 Q4 Bonds 6, , , , ,42.1 7,79.4 9, , ,166.7 Equities 22,44.8 4, ,49. 64, ,13.5 7,57.8 9, , ,391.1 Global 4, , , , ,93.2 3, , , ,225.4 Asia 16, , , , ,593. 1,84. 2,19.8 7,55. 8,174.2 Europe/Middle East/Africa 1, , ,17.3 3, , ,298.2 Latin America 3, , ,86.4 8,786. 2, ,459. 1, ,693.3 Net Asset Values (In millions of U.S. dollars) Q1 Q2 Q3 Q4 Bonds 48, , , , , , , , ,83.4 Equities 33, , , , , , , , ,731.9 Global 153, , , , , , , , ,661.6 Asia 113, , , , , , , , ,777.2 Europe/Middle East/Africa 42,4.1 58, , , , , , , ,464.7 Latin America 21, , , , , , , , ,828.4 Source: EPFR Global. Note: Flows data derive from both traditional and alternative funds domiciled globally with a total of $13 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. 26 INTERNATIONAL MONETARY FUND APRIL 211