Capital flows to the nonindustrial countries share three striking characteristics. First, the bulk, of these flows was in the form of debt, not equity; second, the loans were mostly to, or guaranteed by, debtor governments; and third, these debts were largely bank loans, not bonds. This paper...

This paper maps cross-border financial linkages and identifies factors that drive them, contributing to the discussion on the appropriate design of a global financial safety net (GFSN). It builds on previous staff work and complements the findings of the companion paper on theaAnalytics of...

This paper provides an assessment of trends in the international capital markets, including most notably recent market shocks to the financial system and developments in the debt situation. It also reviews the scope of progress achieved over the last few years in strengthening the financial...

This paper analyzes reasons for the high post-war correlations of saving and investment, both across countries and over time. It is concluded that the main reason for the observed high correlations over the recent period is probably government policy

This paper provides a review of developments and prospects in the international capital markets, including official actions affecting the markets and the role of the markets in intermediation between surplus and deficit countries, in particular the non-oil developing countries

This paper provides a review of recent developments and an assessment of short-term prospects for private international capital markets, which constitute one of the main sources of international capital flows

This paper provides a description and analysis of recent developments in international capital markets and an assessment of the prospects for private financing flows. It focuses particularly on recent trends in liberalization and innovation in international financial markets, including relevant...