World Bank2012-06-152012-06-1520060-8213-5990-8https://hdl.handle.net/10986/8125Global Development Finance is the World Bank's annual review of global financial conditions facing developing countries. The current volume provides analysis of key trends and prospects, including coverage of capital originating from developing countries themselves. Robust global growth and a favorable financing environment provided the context for a record expansion of private capital flows to developing countries in 2005. Many low-income countries still have little or no access to international private capital, and instead depend largely on official finance from bilateral and multilateral creditors to support their development objectives. Capital flows are changing due to financial integration among developing countries, financial innovations, domestic debt markets, and the global role of the Euro. Net official flows continue to decline as official lending falls and there is more aid and debt relief for the poorest countries. To ensure economic stability, developing countries must manage capital flows with effective macroeconomic policies, prudent accumulation of reserves, careful management of oil-export revenues, and improvements in standards for the corporate sector.CC BY 3.0 IGOASIAN BOND MARKETASSET CLASSASSET PRICEASSET PRICESBALANCE OF PAYMENTSBANK ASSETSBANK BALANCE SHEETSBANK CREDITBANK DEBTBANK FINANCINGBANK LENDINGBANKING SECTORBASIS POINTSBENEFICIARYBOND FINANCINGBOND FLOWSBOND FUNDSBOND INDEXBOND INDEXESBOND ISSUANCEBOND ISSUERSBOND ISSUESBOND MARKETBOND MARKETSBUY BACKBUYBACKSCAPITAL ACCOUNTSCAPITAL FLOWCAPITAL FLOWSCAPITAL MOVEMENTSCAPITAL OUTFLOWSCDSCENTRAL BANKCENTRAL BANKSCOLLECTIVE ACTIONCOMMODITY PRICESCORPORATE BORROWERSCREDIT DEFAULTCREDIT DEFAULT SWAPCREDIT DEFAULT SWAPSCREDIT DERIVATIVECREDIT DERIVATIVESCREDIT RATINGCREDIT RATING AGENCIESCREDIT RATINGSCREDIT RISKCREDIT RISKSCREDITORSCREDITWORTHINESSCURRENCYCURRENCY COMPOSITIONCURRENT ACCOUNT DEFICITDEBTDEBT BURDENSDEBT CAPITALDEBT INSTRUMENTSDEBT ISSUANCEDEBT MANAGEMENTDEBT MARKETDEBT MARKET DEVELOPMENTSDEBT MARKETSDEBT REDUCTIONDEBT RELIEFDEBT RESTRUCTURINGDEBT SERVICEDEBT-SERVICEDEBTORDEBTOR REPORTING SYSTEMDEFAULTSDEFICITSDERIVATIVES MARKETDEVELOPING COUNTRIESDEVELOPMENT BANKDISBURSEMENTSDOMESTIC BONDDOMESTIC BOND MARKETDOMESTIC BOND MARKETSDOMESTIC DEBTDOMESTIC DEBT MARKETSDOMESTIC DEBT SECURITIESEMERGING BOND MARKETEMERGING ECONOMIESEMERGING MARKETEMERGING MARKET BONDEMERGING MARKET COUNTRIESEMERGING MARKET DEBTEMERGING MARKET ECONOMIESEMERGING MARKETSEMERGING STOCK MARKETSEQUITIESEQUITY FLOWSEXCHANGE RATEEXCHANGE RATESEXPENDITURESEXPORT GROWTHEXPORTERSEXTERNAL DEBTFINANCESFINANCIAL FLOWFINANCIAL FLOWSFINANCIAL INSTABILITYFINANCIAL MANAGEMENTFINANCIAL SYSTEMSFINANCING REQUIREMENTSFISCAL DEFICITSFISCAL POLICIESFLEXIBLE EXCHANGE RATEFOREIGN BANKFOREIGN BANK ENTRYFOREIGN BANKSFOREIGN CURRENCYFOREIGN DIRECT INVESTMENTFOREIGN EXCHANGEFOREIGN EXCHANGE RESERVESFOREIGN EXCHANGE TRANSACTIONSFORWARD MARKETGLOBAL DEBTGLOBAL DEVELOPMENT FINANCEGLOBAL ECONOMYGOVERNMENT BONDSGROSS DOMESTIC PRODUCTHOLDINGSHOME CURRENCYINCOME LEVELINDEBTED COUNTRIESINDIVIDUAL INVESTORSINFLATIONINITIAL PUBLIC OFFERINGINSURANCEINTEREST ARREARSINTEREST RATEINTEREST RATE SPREADSINTEREST RATESINTERNATIONAL BANKINTERNATIONAL BONDINTERNATIONAL BOND ISSUESINTERNATIONAL BONDSINTERNATIONAL CAPITALINTERNATIONAL CAPITAL MARKETSINTERNATIONAL DEBTINTERNATIONAL DEVELOPMENTINTERNATIONAL DIVERSIFICATIONINTERNATIONAL ECONOMICSINTERNATIONAL FINANCEINTERNATIONAL FINANCIAL MARKETSINTERNATIONAL FINANCIAL STATISTICSINTERNATIONAL INVESTORSINTERNATIONAL MARKETSINTERNATIONAL SETTLEMENTSINVESTMENT CLIMATEINVESTMENT PATTERNSIPOLABOR MARKETSLIQUIDITYLOANLOCAL CURRENCIESLOCAL CURRENCYLOCAL MARKETSLONG-TERM CAPITALLONG-TERM DEBTLONG-TERM INTERESTLONG-TERM INTEREST RATESLONG-TERM INVESTMENTMACROECONOMIC POLICIESMACROECONOMIC STABILITYMARKET ACCESSMARKET CAPITALIZATIONMARKET PARTICIPANTSMARKET SHAREMATURE MARKETSMATURITIESMATURITYMATURITY MISMATCHESMONETARY FUNDMONETARY POLICYNET DEBTOIL PRICESORIGINAL AMOUNTOUTSTANDING DEBTPENSIONPENSION FUNDSPOLITICAL RISKPORTFOLIOPORTFOLIOSPRICE MOVEMENTSPRICE STABILITYPRIVATE CAPITALPRIVATE CAPITAL INFLOWSPRIVATE CREDITORSPRIVATE DEBTPRIVATE DEBT FLOWSPURCHASING POWERREAL EXCHANGE RATESREGULATORY AUTHORITIESREGULATORY FRAMEWORKSREMITTANCEREMITTANCESREPAYMENTSRESERVERESERVESRETURNRETURNSRISK MANAGEMENTSETTLEMENTSHORT-TERM BORROWINGSHORT-TERM DEBTSHORT-TERM INTEREST RATESSOVEREIGN BONDSOVEREIGN BONDSSOVEREIGN DEBTSTATE BANKSTOCK EXCHANGESSTOCK MARKETTOTAL DEBTTRADINGTREASURYTREASURY SECURITIESTURNOVERVALUATIONYIELD CURVEWorld Bank10.1596/978-0-8213-5990-7