Chapter

Global Financial Stability Report Statistical Appendix, October 2013

Author(s):
International Monetary Fund. Monetary and Capital Markets Department
Published Date:
October 2013
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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, 2013. 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 2011 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 2013 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, 2008–09 or January–June) to indicate the years or months covered, including the beginning and ending years or months;
  • / between years (for example, 2008/09) 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.

Figure 1.Major Net Exporters and Importers of Capital, 2012

Source: IMF, World Economic Outlook database as of Sept. 24, 2013.

1As 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.

3As 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.

Figure 2.Sovereign Credit Default Swap Spreads

(Five-year tenors; basis points)

Source: Bloomberg, L.P

Figure 3.Selected Credit Default Swap Spreads

(Five-year tenors; basis points)

Sources: Bloomberg L.P.; and Datastream.

Note: CEEMEA = Central and Eastern Europe, Middle East, and Africa.

Figure 4.Selected Spreads

(Basis points; monthly data)

Sources: Bloomberg, L.P.; and Bank of America Merrill Lynch.

1Spread between yields on three-month U.S. Treasury repo and on three-month U.S. Treasury bill.

2Spread between yields on 90-day investment-grade (financial and nonfinancial) commercial paper and on three-month U.S. Treasury bill.

3Spread over 10-year government bond.

Figure 5.Implied Volatility Indices

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 500 and denotes equity volatility.

Figure 6.U.S. Corporate Bond Market

Sources: Board of Governors of the Federal Reserve System; and Bank of America Merrill Lynch.

Figure 7.Euro Area Corporate Bond Market

Sources: Dealogic; and Bank of America Merrill Lynch.

Figure 8.U.S. Commercial Paper Market

Source: Board of Governors of the Federal Reserve System.

1Difference between 30-day A2/P2 and AA nonfinancial commercial paper.

Table 1.Capital Market Size: Selected Indicators, 2012(Billions of U.S. dollars, unless noted otherwise)
GDPTotal

Reserves

Minus Gold2
Stock Market

Capitalization
Total Debt

Securities3
Bank

Assets4
Bonds,

Equities, and

Bank Assets5
Bonds, Equities,

and Bank Assets5

(percent of GDP)
World72,216.411,403.552,494.999,134.2116,956.1268,585.2371.9
European Union115,514.8498.09,732.229,456.843,028.682,217.5529.9
Euro area12,199.5332.55,492.121,983.130,314.457,789.6473.7
North America18,066.0207.518,883.237,255.518,858.974,997.6415.1
Canada1,821.468.42,027.62,100.53,800.97,929.0435.3
United States16,244.6139.116,855.635,155.015,058.067,068.6412.9
Japan5,960.31,227.13,638.614,592.414,166.132,397.2543.6
Memorandum
EU countries
Austria394.912.2112.3641.71,295.72,049.7519.1
Belgium483.918.6297.8736.21,180.42,214.4457.6
Denmark314.986.1243.8920.21,188.22,352.1747.0
Finland247.68.5163.0281.8575.21,019.9411.8
France2,613.954.21,662.74,530.09,426.615,619.4597.5
Germany3,429.567.41,567.14,355.24,967.610,889.9317.5
Greece249.21.344.0237.5443.0724.5290.7
Ireland210.91.4107.21,322.11,151.42,580.71,223.9
Italy2,014.150.5509.73,895.13,143.87,548.6374.8
Luxembourg57.10.970.3729.7969.81,769.93,097.4
Netherlands770.922.1298.22,328.32,567.75,194.1673.8
Portugal212.42.270.9395.2656.41,122.6528.4
Spain1,323.535.5567.92,423.83,750.06,741.7509.4
Sweden523.845.5580.6775.3808.02,164.0413.1
United Kingdom2,476.788.63,415.75,778.210,717.919,911.9804.0
Newly industrialized
Asian economies62,143.51,302.75,943.62,317.74,844.113,105.3611.4
Emerging market economies726,975.07,384.211,196.310,870.728,599.050,666.0187.8
of which:
Asia12,358.54,187.35,852.75,530.219,836.631,219.5252.6
Latin America and the5,629.0798.22,475.63,589.63,774.09,839.1174.8
Caribbean
Middle East and North Africa3,201.51,278.2895.3217.61,705.12,818.088.0
Sub-Saharan Africa1,272.0200.7606.1259.8600.71,466.6115.3
Europe4,514.0919.81,366.61,273.62,682.65,322.7117.9
Sources: World Federation of Exchanges; Bank for International Settlements (BIS); IMF, International Financial Statistics (IFS) and World Economic Outlook databases as of September 24, 2013; ©2003 Bureau van Dijk Electronic Publishing-Bankscope; Board of Governors of the Federal Reserve System, Flow of Funds; and Bloomberg, L.P.

This aggregate includes euro area countries, Denmark, Sweden, and the United Kingdom.

Data are from IFS. For euro area, the data also include the total reserves minus gold holdings of the European Central Bank.

Data are from BIS as of September 24, 2013. The data include total debt securities, all issuers, amounts outstanding by residence of issuer. BIS compilation methodology changed in December 2012. For the new data definition and classificaiton, refer to “Enhancements to the BIS debt securities statistics” publication.

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.

Sum of the stock market capitalization, debt securities, and bank assets.

Hong Kong SAR, Korea, Singapore, and Taiwan Province of China.

This aggregate comprises the group of emerging and developing economies defined in the World Economic Outlook.

Sources: World Federation of Exchanges; Bank for International Settlements (BIS); IMF, International Financial Statistics (IFS) and World Economic Outlook databases as of September 24, 2013; ©2003 Bureau van Dijk Electronic Publishing-Bankscope; Board of Governors of the Federal Reserve System, Flow of Funds; and Bloomberg, L.P.

This aggregate includes euro area countries, Denmark, Sweden, and the United Kingdom.

Data are from IFS. For euro area, the data also include the total reserves minus gold holdings of the European Central Bank.

Data are from BIS as of September 24, 2013. The data include total debt securities, all issuers, amounts outstanding by residence of issuer. BIS compilation methodology changed in December 2012. For the new data definition and classificaiton, refer to “Enhancements to the BIS debt securities statistics” publication.

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.

Sum of the stock market capitalization, debt securities, and bank assets.

Hong Kong SAR, Korea, Singapore, and Taiwan Province of China.

This aggregate comprises the group of emerging and developing economies defined in the World Economic Outlook.

Table 2.Morgan Stanley Capital International: Equity Market Indices
200920102011201220122013
Q3Q4Q1Q2
Period-on-period percent change
Global31.510.4–9.413.46.22.56.0–1.2
Emerging Markets Index174.516.4–20.415.17.05.2–1.9–9.1
Latin America98.112.1–21.95.44.33.40.5–16.5
Brazil121.33.8−24.9−3.54.32.2−1.3−18.4
Chile81.441.8−22.15.61.1−1.04.1−15.5
Colombia76.540.8−7.131.62.012.3−6.8−15.1
Mexico53.126.0−13.527.16.55.45.9−11.7
Peru69.349.2−23.915.52.75.2−2.7−28.4
Asia70.316.6−19.118.17.75.8−1.6−6.3
China58.92.6−20.418.73.912.8−4.4−9.1
India91.514.7−26.327.98.64.2−3.52.6
Indonesia90.325.84.78.89.21.414.1−6.1
Korea56.622.1−11.511.76.60.9−0.3−7.7
Malaysia46.219.3−0.26.80.53.1−0.17.0
Pakistan89.821.4−12.933.58.85.72.814.3
Philippines55.823.5−3.134.73.09.617.1−4.0
Taiwan Province of China70.77.9−20.38.85.80.62.81.8
Thailand63.036.4−1.226.96.65.24.7−4.2
Europe, Middle East, and Africa63.520.9−22.617.77.65.5−5.8−9.8
Czech Republic113.9−5.9−6.8−6.16.0−6.6−9.5−12.2
Egypt32.115.9−46.852.523.4−6.9−4.7−8.6
Hungary71.2−1.6−23.78.17.8−1.80.24.5
Morocco−10.517.2−16.5−17.6−5.1−0.6−0.9−7.1
Poland32.616.3−21.719.04.08.0−7.0−3.5
Russia100.317.2−20.99.69.02.1−3.2−11.1
South Africa22.217.40.920.66.58.4−2.4−0.4
Turkey86.521.5−22.451.77.417.69.7−11.4
Sectors
Energy82.17.5−20.12.510.30.7−6.0−13.9
Materials74.814.7−23.06.42.55.1−9.3−14.1
Industrials56.327.1−30.614.94.25.0−1.5−9.6
Consumer discretionary113.029.5−10.414.69.93.8−2.6−3.6
Consumer staple66.727.6−1.423.06.67.21.6−4.5
Health care40.125.7−23.231.610.84.72.5−1.0
Financials76.614.5−25.622.06.79.71.5−11.3
Information technology104.713.9−17.126.39.25.40.8−4.0
Telecommunications21.810.9−8.09.66.10.4−5.5−1.0
Utilities51.24.9−16.42.4−1.20.61.6−11.8
Period-on-period percent change
Developed Markets27.09.6−7.613.26.12.17.2−0.1
Australia30.8−3.5−14.914.97.26.07.3−2.9
Austria34.114.8−35.720.75.315.5−2.4−5.3
Belgium49.44.6−9.634.08.33.611.7−7.4
Canada29.712.0−12.24.36.01.32.4−4.5
Denmark31.039.0−14.328.19.90.95.6−5.3
Finland7.27.1−34.210.010.612.71.8−1.6
France27.6−6.7−19.317.76.810.60.40.8
Germany21.36.0−20.127.213.98.5−0.10.5
Greece22.6−46.4−63.6−0.8−1.428.114.0−12.8
Hong Kong SAR55.219.7−18.424.411.85.23.1−5.9
Ireland9.9−19.711.43.8−2.12.911.4−3.7
Israel51.32.2−29.8−7.05.3−4.46.6−5.3
Italy22.6−17.6−25.88.66.89.1−9.8−1.4
Japan4.413.4−16.25.8−1.85.710.74.2
Netherlands37.9−0.6−14.417.28.79.22.21.3
New Zealand43.03.21.123.012.84.38.0−10.4
Norway82.57.4−12.813.713.30.50.5−8.5
Portugal35.4−14.6−25.7−0.712.810.1−0.3−3.6
Singapore67.318.4−21.026.49.32.72.8−7.6
Spain36.5−25.4−16.9−3.39.78.4−6.4−1.5
Sweden60.231.3−17.818.710.65.08.6−7.7
Switzerland22.99.8−9.117.37.78.010.4−1.7
United Kingdom22.38.5−5.45.92.92.88.6−3.2
United States24.213.2−0.113.55.8−0.910.12.2
Source: Morgan Stanley Capital International (MSCI).Note: Price indices are in local currency terms.

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.

Source: Morgan Stanley Capital International (MSCI).Note: Price indices are in local currency terms.

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.

Table 3.Emerging Markets Bond Index: Global Sovereign Yield Spreads(Basis points)
200920102011201220122013
Q3Q4Q1Q2
End-of-period spread levels
EMBI Global294289426266308266307353
Latin America355357468326369326358424
Argentina6605079259918979911,3071,199
Belize1,1776171,3912,2452,3992,245789872
Brazil189189225140162140190243
Chile95115172116143116153180
Colombia198172191112132112147193
Dominican Republic405322597343418343385401
Ecuador769913846826743826700665
El Salvador326302478396426396350436
Jamaica719427637711662711680623
Mexico192173222155172155182223
Panama166162201129148129169218
Peru165165216114125114147201
Uruguay238188213127139127173235
Venezuela1,0411,1141,258786956786797976
Europe226231440208265208270300
Bulgaria179195340941249499114
Belarus6231,164695831695630747
Croatia195298602311349311386361
Georgia467504471357389357363402
Hungary186345605345383345429352
Kazakhstan393324453207247207270316
Lithuania332267447149209149182211
Poland124151310108144108145157
Romania235362235283270
Russia203224364157208157210234
Serbia333418601391523391416440
Turkey197177385177236177229255
Ukraine989461940632722632631782
Middle East335284439426442426450450
Iraq447314603465504465494576
Jordan500436405436446348
Lebanon287270384412420412437419
Africa211329452264278264312381
Côte d’apos;Ivoire1,1541,192473563473483573
Egypt−3221607453444453672764
Gabon390258422252265252237313
Ghana462363534397374397412525
Nigeria435261345261288369
South Africa149145261163176163217268
Asia206175271165187165201239
China64126278146171146153194
Indonesia230183274179204179226275
Malaysia1361171789813198128163
Philippines206163242121144121153172
Sri Lanka382290461342352342379436
Vietnam314323510304352304280358
Period-on-period spread level changes
EMBI Global–430–6138–161–66–424246
Latin America–3912111–142–59–433266
Argentina−1,044−15341866−19194316−108
Belize−613−560774854708−154−1,45683
Brazil−240036−85−46−225053
Chile−2482057−56−24−273727
Colombia−300−2619−79−26−203546
Dominican Republic−1,200−83275−254−70−754216
Ecuador−3,962144−67−20−14983−126−35
El Salvador−528−24176−82−54−30−4686
Jamaica−466−292210742249−31−57
Mexico−242−1949−67−30−172741
Panama−373−439−72−39−194049
Peru−344051−102−49−113354
Uruguay−447−5025−86−58−124662
Venezuela−82373144−472−173−17011179
Europe–5145209–232–88–576230
Bulgaria−49516145−246−168−30515
Belarus541−469−98−136−65117
Croatia103304−291−202−3875−25
Georgia−1,43437−33−114−44−32639
Hungary−318159260−260−152−3884−77
Kazakhstan−910−69129−246−107−406346
Lithuania−65180−298−109−603329
Poland−19027159−202−71−363712
Romania−101−12748−13
Russia−60221140−207−86−515324
Serbia−89185183−210−30−1322524
Turkey−337−20208−208−68−595226
Ukraine−1,782−528479−308−175−90−1151
Middle East–599–51155–13–32–16240
Iraq−835−133289−138−142−392982
Jordan−64−93110−98
Lebanon−507−17114280−825−18
Africa–559118123–188–68–144869
Cote d'Ivoire38−719−140−901090
Egypt−388224386−154−87921992
Gabon−796−132164−170−65−13−1576
Ghana−1,023−99171−137−1302315113
Nigeria−174−70−842781
South Africa−413−4116−98−37−135451
Asia–390–3196–106–63–223638
China−16462152−132−51−25741
Indonesia−532−4791−95−69−254749
Malaysia−234−1961−80−43−333035
Philippines−340−4379−121−62−233219
Sri Lanka−1,484−92171−119−108−103757
Vietnam−4339187−206−73−48−2478
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.
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.
Table 4.Emerging Market Private External Financing: Total Bonds, Equities, and Loans(Millions of U.S. dollars)
200920102011201220122013
Q3Q4Q1Q2
Total665,710.5870,762.4748,194.8774,263.5191,324.0212,277.1238,771.6236,487.3
Sub-Saharan Africa35,821.736,549.139,820.849,491.418,882.511,932.45,880.87,650.8
Angola2,495.24,391.23,110.72,847.9231.32,446.187.1
Benin120.011.0
Botswana2,465.0869.9255.079.779.7
Burkina Faso75.310.9111.9
Burundi15.069.5157.6150.0
Cameroon125.0239.6492.1142.647.291.5
Cape Verde78.710.0
Chad14.7
Congo250.0
Congo, Democratic Republic of the300.012.2169.9100.0
Côte d’Ivoire97.0930.9152.6152.6163.0
Djibouti1.2
Equatorial Guinea390.0600.0600.0
Eritrea446.0
Ethiopia590.71,342.81,694.31,497.81,263.3
Gabon68.7500.2197.5493.858.085.8350.0
Ghana1,775.42,113.26,052.97,210.11,601.01,529.6666.345.0
Guinea34.8198.9
Guinea-Bissau60.4
Kenya539.5703.4660.81,510.422.51,050.7101.0
Liberia24.51,902.511.024.9130.0
Madagascar78.875.2
Malawi39.0
Mali10.568.5
Mauritania1,108.064.4
Mauritius49.014.0240.0240.0270.0
Mozambique188.0164.9206.984.58.212.064.3
Namibia196.5536.223.223.260.6
Niger20.015.0
Nigeria7,757.83,919.54,372.33,171.61,363.01,174.5846.33,778.9
Rwanda70.014.0284.913.6392.9
Senegal413.2348.1515.4
Seychelles21.2
Sierra Leone44.4217.695.352.043.3
South Africa15,486.416,352.217,641.016,426.96,065.53,075.72,498.72,607.1
South Sudan8,000.08,000.0
Sudan89.32,000.0
Tanzania440.0398.01,078.4331.4123.0742.0
Togo566.952.452.4
Uganda319.02,242.525.0225.865.860.0
Zambia90.0533.0576.23,065.91,062.83.1
Zimbabwe80.057.5267.0380.0380.0
Central and Eastern Europe97,264.695,287.8124,007.191,350.224,148.430,275.627,569.113,076.6
Albania116.8405.3145.9168.4104.8
Bosnia and Herzegovina400.670.592.06.26.2
Bulgaria1,043.9360.0281.22,268.21,611.994.5265.098.3
Croatia5,656.52,602.04,376.94,213.01,022.8567.71,976.2
Hungary7,793.35,390.411,289.22,646.51,777.3628.73,370.8739.8
Latvia4,565.4374.5528.82,233.51,238.9
Lithuania3,929.33,023.61,666.42,442.4189.2135.3953.138.9
Macedonia460.8113.6357.361.561.5
Montenegro42.1369.2287.015.9
Poland21,206.842,385.849,518.620,789.34,992.25,892.47,218.41,173.8
Romania29,133.63,241.713,469.96,181.91,326.12,029.61,793.1443.3
Serbia2,424.9577.02,757.93,218.41,041.8743.51,476.0
Turkey20,490.836,374.139,235.947,105.112,076.118,883.610,516.610,582.4
Commonwealth of Independent States122,043.2106,405.1119,504.0138,877.634,155.832,526.455,947.557,329.8
Armenia150.2105.6143.631.030.01.0
Azerbaijan1,065.33,615.11,417.01,372.727.0320.01,523.2
Belarus3,353.11,837.75,102.911,008.01,008.0
Georgia1980.5298.8878.71,135.917.5127.2
Kazakhstan16,979.75,979.63,751.68,707.21,650.13,257.81,576.65,311.9
Kyrgyzstan116.75.83.0
Moldova138.923.221.75.05.0
Mongolia14.41,228.6271.73,676.6778.01,500.052.2
Russian Federation92,218.483,897.892,327.4100,048.324,946.923,113.746,529.449,478.6
Tajikistan148.210.58.0
Turkmenistan4,036.7500.24,225.0
Ukraine2,823.08,491.111,328.69,938.94,157.44,300.05,130.02,539.3
Uzbekistan28.2411.225.02,954.02,579.0
Developing Asia156,812.3248,908.7198,236.5224,300.053,177.261,000.569,043.473,613.5
Bangladesh176.9197.0228.01,686.6855.0150.0481.646.1
Bhutan47.4
Brunei Darussalam353.5169.9183.6
Cambodia462.765.0591.0155.851.4156.0
China61,106.4110,851.377,541.791,490.521,819.024,124.227,504.338,335.6
Cook Islands4.4
Fiji250.2
India32,656.268,426.051,928.047,200.311,068.415,276.517,902.312,920.3
Indonesia21,825.224,685.528,711.429,765.35,328.96,674.46,258.911,723.1
Laos146.01,143.2120.0241.5241.5275.0
Malaysia12,466.012,677.411,206.019,753.05,249.23,715.94,931.82,443.4
Maldives2.016.0115.0
Marshall Islands660.01,946.5497.9162.0215.9
Myanmar2,400.0
Pakistan742.7516.21,270.61,499.2333.21.5
Papua New Guinea14,078.5980.3222.057.0
Philippines8,767.412,556.58,168.19,491.42,451.61,797.64,383.04,797.9
Sri Lanka560.01,310.81,791.62,076.91,270.944.1199.4666.9
Thailand1,642.87,975.36,674.416,259.84,220.67,034.66,096.72,190.2
Vietnam2,176.95,397.16,826.53,590.3339.01,742.8728.4100.0
Middle East and North Africa78,193.9110,589.474,247.876,504.916,166.125,917.319,399.429,184.1
Afghanistan65.0
Algeria33.612.9
Bahrain3,314.15,666.32,513.03,439.7570.4749.3169.0695.7
Egypt3,863.016,541.08,788.12,978.2240.0110.8335.83,196.4
Iran78.7214.9214.9
Iraq991.0831.8
Jordan938.01,479.01,860.0277.0270.0608.0
Kuwait2,568.03,962.22,246.01,223.5150.0820.3150.0428.4
Lebanon1,118.02,103.52,687.42,324.31,320.91,095.6
Libya40.0
Morocco618.53,764.8318.03,509.3884.52,534.8748.9
Oman1,065.63,604.92,310.5994.2251.2656.0499.26.3
Qatar21,179.114,025.913,900.916,379.66,443.95,441.81,692.52,145.5
Saudi Arabia2,178.417,766.79,627.012,576.63,326.23,693.92,917.23,499.3
Syria796.9
Tunisia973.3930.2997.71,586.7485.0303.49.2155.0
United Arab Emirates39,295.039,320.927,563.730,876.03,690.010,071.313,356.416,605.1
West Bank and Gaza85.050.3125.0125.0
Yemen23.7369.8563.7
Latin America and the Caribbean175,574.8273,022.3192,378.6193,739.544,793.950,625.060,931.555,632.5
Argentina3,715.25,143.810,142.32,697.6485.0241.1455.9460.0
Barbados450.0403.3340.0340.0400.0
Belize2,500.0
Bolivia280.0253.0200.0500.0500.0
Brazil88,841.8154,757.377,356.472,747.013,377.416,288.315,703.228,174.1
Chile5,388.812,541.617,444.722,714.96,457.15,370.112,731.84,128.2
Colombia8,959.15,519.316,500.111,885.13,832.52,242.14,033.83,687.5
Costa Rica853.531.0479.01,322.4999.91,491.8
Dominican Republic556.72,475.61,209.0900.0550.0447.41,000.0
Ecuador430.022.036.0
El Salvador1,485.0644.1653.51,099.9799.9300.0
Guatemala46.0604.0333.21,429.940.0500.0690.8109.2
Guyana24.8
Haiti149.3
Honduras500.0
Jamaica1,804.11,833.51,568.41,770.51,500.01,300.00.5
Mexico39,934.745,669.438,804.159,989.814,978.419,955.720,254.09,914.0
Nicaragua50.4185.0
Panama3,924.61,478.23,138.21,906.71,247.82.01,258.0
Paraguay234.0100.0651.0651.0500.0
Peru5,735.19,333.94,841.510,717.52,033.41,692.13,572.44,923.4
Trinidad and Tobago843.393.5182.527.227.2
Uruguay1,195.53,323.8720.0720.0
Venezuela8,061.831,807.715,635.82,320.0502.4113.0414.9
Source: Dealogic.Note: For inclusion criteria, please see notes for Tables 5, 6, and 7.

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.

Source: Dealogic.Note: For inclusion criteria, please see notes for Tables 5, 6, and 7.

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.

Table 5.Emerging Market Private External Financing: Bonds(Millions of U.S. dollars)
200920102011201220122013
Q3Q4Q1Q2
Total165,931.9253,731.1251,312.0362,620.691,012.9105,837.7112,972.2110,726.8
Sub-Saharan Africa3,709.24,673.18,113.18,306.33,924.91,204.41,565.7900.0
Botswana79.779.7
Namibia490.6
Nigeria986.0350.0350.0575.0298.4
Rwanda392.9
Senegal196.1487.9
South Africa3,513.14,673.16,148.77,140.82,839.11,124.7390.7208.7
Tanzania600.0
Zambia735.8735.8
Central and Eastern Europe24,188.930,879.231,853.153,149.212,560.819,470.415,529.75,476.1
Albania405.3
Bulgaria1,343.31,343.3
Croatia3,098.81,238.82,748.43,104.0718.6500.01,485.8
Hungary3,545.93,518.18,752.31,763.51,134.8628.73,236.0259.8
Latvia490.82,233.51,238.9
Lithuania2,380.92,710.11,495.72,214.4189.2860.4
Macedonia243.2
Montenegro252.8252.5
Poland11,116.011,512.97,773.016,283.23,541.35,002.51,950.2
Romania1,418.42,106.15,182.51,007.81,921.91,484.4
Serbia982.61,785.31,041.8743.51,476.0
Turkey3,804.09,822.97,251.619,239.63,584.09,434.95,036.85,216.3
Commonwealth of Independent States13,773.142,733.531,293.462,013.517,842.321,635.622,282.222,258.3
Azerbaijan125.0500.01,000.0
Belarus1,327.3800.0
Georgia1248.8491.2996.1
Kazakhstan2,299.24,840.51,072.93,242.7875.92,366.7422.44,080.9
Mongolia1174.02,979.0299.01,500.0
Russian Federation11,473.930,869.522,924.648,852.913,024.515,968.916,952.715,661.6
Ukraine5,273.45,879.85,442.83,642.81,800.03,907.12,515.8
Developing Asia23,037.745,968.758,630.783,008.518,366.619,811.434,079.737,795.9
China2,233.918,058.630,654.640,404.06,352.911,636.315,267.323,823.6
Fiji250.0
India2,140.69,045.89,307.010,435.25,066.82,758.96,427.44,840.6
Indonesia7,840.65,794.16,363.912,336.4362.22,985.72,508.86,886.4
Malaysia5,007.22,638.54,170.88,929.02,386.989.94,217.1700.0
Philippines5,315.56,400.04,175.63,769.51,250.22,208.91,045.3
Sri Lanka500.01,000.01,000.01,500.01,000.0500.0
Thailand2,046.02,622.35,387.13,198.01,090.23,450.1
Vietnam985.886.6247.5
Middle East and North Africa35,480.032,505.426,666.540,670.87,508.115,775.912,090.911,993.6
Bahrain750.02,460.51,050.02,343.696.3749.3695.7
Egypt295.62,095.3500.040.03,196.4
Jordan741.6
Kuwait493.6989.3446.7923.5820.3161.7
Lebanon944.71,925.02,687.42,278.31,320.91,095.6
Morocco1,340.11,479.61,479.6748.9
Oman320.0496.5
Qatar15,284.08,743.55,087.710,508.85,068.93,453.91,324.91,495.5
Saudi Arabia990.02,586.43,800.0500.02,000.02,147.6
Tunisia1,288.4485.0303.4
United Arab Emirates16,722.211,303.816,894.718,048.71,858.07,148.68,229.52,452.3
Latin America and the Caribbean65,743.196,971.494,755.2115,472.330,810.227,940.127,424.032,303.0
Argentina506.74,129.92,552.81,111.2298.0200.0
Barbados450.0403.3250.0250.0400.0
Bolivia500.0500.0
Brazil25,427.740,513.338,988.551,539.510,650.710,134.08,491.316,740.1
Chile1,976.97,522.35,795.89,631.63,350.64,195.13,097.52,887.2
Colombia5,922.21,939.86,374.37,342.53,732.53,289.81,089.1
Costa Rica250.01,262.4999.91,491.8
Dominican Republic750.0777.6550.0550.0297.41,000.0
El Salvador800.0444.1653.5799.9799.9
Guatemala1,389.9500.0690.8109.2
Honduras500.0
Jamaica1,042.31,083.3695.21,750.01,500.01,300.0
Mexico17,039.427,412.720,537.931,424.48,776.08,986.26,121.25,100.7
Panama1,324.21,045.8797.8797.8750.0
Paraguay100.0500.0500.0500.0
Peru2,910.46,476.32,394.76,123.11,752.7275.12,837.92,534.9
Trinidad and Tobago843.3175.0
Uruguay500.01,969.8500.0500.0
Venezuela7,000.06,296.512,444.2
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.

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.

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.

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.

Table 6.Emerging Market Private External Financing: Equities(Millions of U.S. dollars)
200920102011201220122013
Q3Q4Q1Q2
Total125,005.1246,593.3100,115.0116,598.434,602.837,791.039,563.932,037.2
Sub-Saharan Africa2,364.73,599.52,690.53,377.2348.01,689.9828.5916.7
Botswana44.9
Burkina Faso64.7
Ghana45.5
Kenya37.930.221.58.7
Madagascar78.875.2
Mauritius14.0
Niger20.0
Nigeria64.5140.3219.9189.5393.2
Rwanda90.9
South Africa1,668.63,266.52,452.73,055.8326.51,609.9563.8523.4
Tanzania23.7
Togo566.92.42.4
Uganda3.565.865.8
Zambia71.23.13.1
Central and Eastern Europe3,836.310,482.85,980.96,986.31,019.23,455.34,641.8986.4
Bulgaria6.618.41.61.6
Hungary14.7134.7
Latvia3.0
Lithuania209.730.230.238.9
Poland3,702.58,827.64,865.32,911.21,019.2889.94,507.1333.8
Romania76.326.1167.8
Turkey124.11,445.61,082.53,967.02,507.6445.9
Commonwealth of Independent States8,024.09,663.711,517.410,083.26,382.73,192.61,728.74,518.1
Armenia2.411.6
Georgia174.9
Kazakhstan435.1309.21.3593.6593.6
Kyrgyzstan5.8
Mongolia13.4683.581.6
Russian Federation7,377.58,005.011,137.09,400.66,375.22,599.01,637.64,499.6
Ukraine205.7660.1367.57.47.416.318.5
Developing Asia78,452.7120,325.948,827.465,877.718,201.320,542.318,979.113,951.0
Bangladesh70.586.0
Cambodia155.851.4156.0
China53,008.074,859.731,816.530,993.510,643.26,980.99,011.05,685.2
Fiji
India17,480.326,200.88,409.514,476.61,627.15,899.55,393.01,959.8
Indonesia1,803.28,066.63,259.43,581.81,217.3984.51,837.01,351.8
Laos111.2241.5241.5
Malaysia5,195.26,917.52,634.27,310.22,460.31,998.4507.51,161.4
Maldives16.0
Pakistan1.5
Philippines466.91,783.31,047.12,721.31,123.4427.41,019.12,131.6
Sri Lanka5.6
Thailand410.32,379.01,514.76,380.9888.64,200.21,054.11,661.2
Vietnam18.32.160.0
Middle East and North Africa2,358.44,466.7414.75,296.82,457.6672.0370.0531.3
Bahrain300.01,585.4
Egypt114.21,095.3
Iran78.7
Iraq8.5
Kuwait91.5
Morocco20.813.0
Oman474.863.9357.2251.2106.02.76.3
Qatar952.2137.52,073.6188.0260.9
Saudi Arabia639.9720.8105.62,384.82,206.4143.997.228.0
Syria37.0
Tunisia19.8175.79.2155.0
United Arab Emirates125.1206.2223.7481.3234.2341.9
West Bank and Gaza50.3
Latin America and the Caribbean29,969.098,054.630,684.124,977.36,194.28,238.913,015.811,133.8
Argentina319.4109.74,978.060.2127.9
Brazil26,123.394,356.714,339.48,650.61,079.92,958.93,114.28,239.0
Chile92.51,309.75,252.94,319.3715.1492.95,226.1
Colombia921.6295.55,307.22,461.51,129.5879.4
Jamaica
Mexico2,278.21,692.7765.38,693.64,399.33,197.74,518.32,015.0
Panama103.041.3
Peru234.1187.4792.2460.029.5
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.

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.

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.

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.

Table 7.Emerging Market Private External Financing: Loans(Millions of U.S. dollars)
200920102011201220122013
Q3Q4Q1Q2
Total374,773.5370,438.0396,767.8295,044.565,708.368,648.486,235.593,723.4
Sub-Saharan Africa29,747.828,276.529,017.337,807.914,609.79,038.03,486.65,834.2
Angola2,495.24,391.23,110.72,847.9231.32,446.187.1
Benin120.011.0
Botswana2,465.0825.0255.0
Burkina Faso10.610.9111.9
Burundi15.069.5157.6150.0
Cameroon125.0239.6492.1142.647.291.5
Cape Verde78.710.0
Chad14.7
Congo250.0
Congo, Democratic Republic of the300.012.2169.9100.0
Côte d’Ivoire97.0930.9152.6152.6163.0
Djibouti1.2
Equatorial Guinea390.0600.0600.0
Eritrea446.0
Ethiopia590.71,342.81,694.31,497.81,263.3
Gabon68.7500.2197.5493.858.085.8350.0
Ghana1,775.42,067.76,052.97,210.11,601.01,529.6666.345.0
Guinea34.8198.9
Guinea-Bissau60.4
Kenya539.5703.4622.81,480.21,042.0101.0
Liberia24.51,902.511.024.9130.0
Malawi39.0
Mali10.568.5
Mauritania1,108.064.4
Mauritius49.0240.0240.0270.0
Mozambique188.0164.9206.984.58.212.064.3
Namibia196.545.623.223.260.6
Niger15.0
Nigeria7,693.33,779.23,386.32,601.81,013.01,174.581.83,087.2
Rwanda70.014.0194.013.6
Senegal217.2348.127.5
Seychelles21.2
Sierra Leone44.4217.695.352.043.3
South Africa10,304.78,412.59,039.66,230.32,900.0341.11,544.21,875.0
South Sudan8,000.08,000.0
Sudan89.32,000.0
Tanzania440.0398.01,054.7331.4123.0142.0
Togo50.050.0
Uganda319.02,239.025.0160.060.0
Zambia90.0533.0505.02,327.0327.0
Zimbabwe80.057.5267.0380.0380.0
Central and Eastern Europe69,239.553,925.886,173.231,214.710,568.57,349.97,397.76,614.1
Albania116.8145.9168.4104.8
Bosnia and Herzegovina400.670.592.06.26.2
Bulgaria1,037.3360.0262.8923.4268.692.9265.098.3
Croatia2,557.61,363.21,628.51,108.9304.267.7490.4
Hungary4,247.41,872.32,522.3883.0642.5480.0
Latvia4,562.4374.538.0
Lithuania1,548.5103.8170.8197.7105.192.7
Macedonia217.5113.6357.361.561.5
Montenegro42.1116.534.515.9
Poland6,388.222,045.336,880.31,594.9431.8761.2840.1
Romania29,133.61,823.311,363.8923.1318.381.6308.6275.5
Serbia2,424.9577.01,775.31,433.1
Turkey16,562.625,105.730,901.823,898.48,492.06,941.15,479.84,920.3
Commonwealth of Independent States100,246.154,008.076,693.266,780.99,930.97,698.331,936.530,553.5
Armenia147.8105.6132.031.030.0
Azerbaijan1,065.33,615.11,292.0872.727.0320.0523.2
Belarus3,353.1510.54,302.911,008.01,008.0
Georgia1980.550.0387.5139.817.552.3
Kazakhstan14,245.4829.92,677.44,871.0774.1297.51,154.21,231.0
Kyrgyzstan116.73.0
Moldova138.923.221.75.05.0
Mongolia1371.0271.7616.0479.052.2
Russian Federation73,367.145,023.358,265.941,794.85,547.14,545.827,939.129,317.5
Tajikistan148.210.58.0
Turkmenistan4,036.7500.24,225.0
Ukraine2,617.32,557.65,081.24,488.7507.22,500.01,206.65.0
Uzbekistan28.2411.225.02,954.02,579.0
Developing Asia55,321.982,614.290,778.475,413.916,609.320,646.815,984.721,866.6
Bangladesh106.4197.0142.01,686.6855.0150.0481.646.1
Bhutan47.4
Brunei Darussalam353.5169.9183.6
Cambodia462.765.0591.0
China5,864.617,933.015,070.720,093.14,823.05,507.03,226.08,826.9
Cook Islands4.4
India13,035.333,179.434,211.522,288.54,374.66,618.16,081.96,119.9
Indonesia12,181.410,824.819,088.213,847.13,749.52,704.21,913.13,484.8
Laos146.01,032.0120.0275.0
Malaysia2,263.73,121.44,401.13,513.8402.01,627.6207.1582.0
Maldives2.0115.0
Marshall Islands660.01,946.5497.9162.0215.9
Myanmar2,400.0
Pakistan742.7516.21,270.61,499.2333.2
Papua New Guinea14,078.5980.3222.057.0
Philippines2,985.14,373.22,945.43,000.61,328.2120.01,155.01,621.0
Sri Lanka60.0305.2791.6576.9270.944.1199.4166.9
Thailand1,232.53,550.42,537.54,491.8134.11,744.21,592.5529.0
Vietnam2,158.74,409.36,680.03,342.8339.01,742.8728.4100.0
Middle East and North Africa40,355.673,617.447,166.630,537.26,200.49,469.46,938.416,659.2
Afghanistan65.0
Algeria33.612.9
Bahrain2,264.11,620.41,463.01,096.1474.1169.0
Egypt3,453.213,350.48,288.12,978.2240.0110.8295.8
Iran214.9214.9
Iraq991.0823.3
Jordan938.0737.41,860.0277.0270.0608.0
Kuwait1,982.82,972.91,799.3300.0150.0150.0266.7
Lebanon173.3178.546.0
Libya40.0
Morocco618.52,403.9305.02,029.7884.51,055.2
Oman1,065.62,810.12,246.6637.0550.0
Qatar4,942.85,145.08,813.33,797.21,375.01,800.0106.7650.0
Saudi Arabia548.514,459.69,521.46,391.81,119.83,050.0820.01,323.7
Syria759.9
Tunisia953.5754.5997.7298.3
United Arab Emirates22,447.827,811.010,445.212,346.01,832.02,688.55,126.913,810.9
West Bank and Gaza85.0125.0125.0
Yemen23.7369.8563.7
Latin America and the Caribbean79,862.777,996.366,939.253,289.97,789.514,446.020,491.712,195.8
Argentina2,889.1904.32,611.61,526.2485.0241.130.0260.0
Barbados90.090.0
Belize2,500.0
Bolivia280.0253.0200.0
Brazil37,290.819,887.324,028.512,556.91,646.83,195.54,097.83,195.0
Chile3,319.53,709.56,396.08,764.02,391.5682.14,408.21,241.0
Colombia2,115.33,284.04,818.62,081.2100.01,112.6744.01,719.0
Costa Rica853.531.0229.060.0
Dominican Republic556.71,725.6431.4350.0150.0
Ecuador430.022.036.0
El Salvador685.0200.0300.0300.0
Guatemala46.0604.0333.240.040.0
Guyana24.8
Haiti149.3
Jamaica761.8750.2873.220.5
Mexico20,617.116,564.117,500.919,871.81,803.17,771.89,614.52,798.3
Nicaragua50.4185.0
Panama2,600.41,375.12,051.11,108.9450.02.0508.0
Paraguay234.0151.0151.0
Peru2,590.62,670.32,446.83,802.1280.7956.9705.02,388.5
Trinidad and Tobago93.57.527.227.2
Uruguay695.51,354.0220.0220.0
Venezuela1,061.825,511.23,191.62,320.0502.4113.0414.9
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.

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.

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.

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.

Table 8.Equity Valuation Measures: Dividend-Yield Ratios
200820092010201120122012201310-year

average
Q3Q4Q1Q2
Emerging Markets4.12.02.13.02.72.92.72.82.92.6
Asia4.21.72.02.82.32.52.32.42.52.4
Europe/Middle East/Africa4.32.22.13.23.53.63.53.53.72.7
Latin America4.02.72.33.33.23.53.23.23.52.9
Argentina2.71.11.98.45.616.65.65.45.83.2
Brazil4.62.92.74.14.14.64.14.14.73.5
Chile2.61.61.42.32.12.22.12.11.92.1
China3.11.92.23.22.93.22.93.13.52.4
Colombia2.42.82.12.62.94.12.93.03.22.7
Egypt6.34.83.55.33.53.23.53.13.33.5
Hungary4.61.31.62.43.53.13.53.53.62.3
India1.80.90.91.51.31.31.31.41.41.3
Indonesia5.41.92.22.42.42.52.42.22.42.9
Jordan3.43.12.53.14.34.44.34.74.82.7
Malaysia4.12.42.32.82.92.92.92.92.92.7
Mexico2.82.41.61.21.41.31.41.51.51.8
Morocco3.24.94.35.54.74.74.74.84.53.9
Pakistan12.56.45.68.37.17.57.17.67.06.6
Philippines4.42.22.42.72.02.22.01.61.82.3
Poland5.93.02.55.45.66.05.65.96.13.6
Russia3.51.41.52.43.63.63.63.83.92.1
South Africa4.52.72.33.23.23.23.23.23.23.0
Sri Lanka9.81.61.22.22.22.22.22.12.12.6
Thailand6.52.92.63.32.83.02.82.82.93.4
Turkey5.82.12.23.32.22.52.21.82.32.8
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.
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.
Table 9.Equity Valuation Measures: Price/Earnings Ratios
200820092010201120122012201310-year

average
Q3Q4Q1Q2
Emerging Markets8.520.614.610.812.712.512.712.511.813.9
Asia9.424.315.211.413.213.313.213.112.114.9
Europe/Middle East/Africa6.716.212.18.29.28.99.28.88.512.5
Latin America9.018.315.911.816.415.316.416.115.813.8
Argentina3.78.08.85.23.33.03.33.83.918.4
Brazil7.917.013.89.814.313.014.313.813.512.1
Chile13.318.721.417.223.220.123.223.925.621.7
China10.321.114.69.411.310.011.310.79.215.1
Colombia13.425.123.517.219.317.719.319.318.419.3
Egypt7.113.917.410.313.816.713.813.617.215.8
Hungary3.714.212.28.713.715.413.710.412.611.5
India10.521.822.414.416.316.216.315.415.418.6
Indonesia8.716.419.015.216.216.416.218.717.714.9
Jordan14.415.921.316.911.611.011.612.313.022.7
Malaysia10.220.318.116.914.815.814.815.516.616.3
Mexico12.322.723.921.821.523.821.521.220.917.7
Morocco26.014.317.514.012.312.612.312.511.620.6
Pakistan3.810.19.16.27.67.07.67.88.99.6
Philippines11.719.117.515.819.918.519.922.420.616.9
Poland7.319.314.18.08.78.28.79.610.213.7
Russia3.415.68.34.95.65.55.65.14.910.2
South Africa10.716.618.916.415.914.815.916.416.415.3
Sri Lanka7.177.720.513.214.114.714.115.214.619.2
Thailand7.119.314.811.115.916.015.915.115.012.9
Turkey5.312.610.89.212.011.112.012.510.511.1
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.
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.
Table 10.Emerging Markets: Mutual Funds
Net Flows
(Billions of U.S. dollars)
200920102011201220122013
Q3Q4Q1Q2
Bonds9.753.315.958.816.418.921.2–9.2
Global9.546.513.647.116.016.918.2−8.0
Asia0.36.62.60.80.41.62.9−0.6
Europe/Middle East/Africa−0.5−0.2−1.0−0.4−0.10.20.30.6
Latin America0.40.40.80.70.10.1−0.3−1.2
Equities83.095.7–46.252.35.033.429.8–31.9
Global44.263.6−4.633.86.919.523.3−10.7
Asia26.122.1−23.7−6.2−2.914.58.8−14.5
Europe/Middle East/Africa1.57.3−7.0−1.70.3−1.1−1.5−2.6
Latin America11.12.6−10.9−1.50.80.5−0.7−4.0
Net Asset Values

(Billions of U.S. dollars)
200920102011201220122013
Q3Q4Q1Q2
Bonds87.8162.0183.3301.8265.9301.8349.0375.7
Global76.2141.9157.3264.7233.8264.7291.7316.8
Asia7.014.520.028.724.428.732.534.1
Europe/Middle East/Africa3.03.23.04.54.04.55.36.0
Latin America1.52.42.94.03.84.019.618.7
Equities702.1950.2774.11,016.9930.21,016.91,057.01,068.9
Global334.5476.8416.4562.4513.2562.4582.9581.6
Asia257.3329.7262.6343.9309.1343.9361.4373.7
Europe/Middle East/Africa42.762.640.152.252.752.253.158.5
Latin America67.681.155.058.455.258.459.655.1
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.
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.

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