RDP 9506: The Liberalisation and Integration of Domestic Financial Markets in Western Pacific Economies Appendix 2: Money, Deposit and Loan Rate Data Definitions and Graphs

Gordon de Brouwer

September 1995

Australia

Money market rate: average 90-day bank bill rate for week ending last Wednesday of the month, Reserve Bank of Australia Bulletin.

Deposit rate: bank 3-month deposit rate, Reserve Bank of Australia Bulletin.

Lending rate: bank maximum prime rate, Reserve Bank of Australia Bulletin.

Canada

Money market rate: average of the 7 days ending the last Wednesday of the month of overnight money market financing rate, IMF International Financial Statistics.

Deposit rate: last Wednesday in the month chartered banks' rates on 90-day C$ deposits, IMF International Financial Statistics.

Lending rate: last Wednesday of the month chartered banks, rates on loans to the most credit-worthy large businesses, IMF International Financial Statistics.

Figure 1: Money Market, Deposit and Loan Interest Rates in Australia
Figure 1: Money Market, Deposit and Loan Interest Rates in Australia
Figure 2: Money Market, Deposit and Loan Interest Rates in Canada
Figure 2: Money Market, Deposit and Loan Interest Rates in Canada

Hong Kong

Money market rate: end-month 3-month Hong Kong dollar interbank offered interest rate, Hong Kong Monthly Digest of Statistics.

Deposit rate: end-month maximum interest rate paid by licensed banks under the HK Association of Banks' interest rules on 3-month time deposits, Hong Kong Monthly Digest of Statistics.

Lending rate: end-month Hong Kong Shanghai Bank's quoted best lending interest rate, Hong Kong Monthly Digest of Statistics.

Indonesia

Money market rate: weighted average of all maturities, Bank Indonesia Indonesian Financial Statistics.

Deposit rate: 6-month deposit rate at deposit money banks, Bank Indonesia Indonesian Financial Statistics.

Lending rate: average working capital lending rate at deposit money banks, Bank Indonesia Indonesian Financial Statistics.

Figure 3: Money Market, Deposit and Loan Interest Rates in Hong Kong
Figure 3: Money Market, Deposit and Loan Interest Rates in Hong Kong
Figure 4: Money Market, Deposit and Loan Interest Rates in Indonesia
Figure 4: Money Market, Deposit and Loan Interest Rates in Indonesia

Japan

Money market rate: monthly average collateralised overnight Tokyo call money rate, IMF International Financial Statistics and Bank of Japan Economic Statistics Monthly.

Deposit rate: before June 1992, the guideline rate set by the Bank of Japan on three-month time deposits, from June 1992, monthly average deposit rate set by city banks on 3 to 6 month time deposits (so-called small money market certificates), Bank of Japan Economic Statistics Monthly.

Lending rate: before 23 January 1989, rate on discount and loans on bills of especially high credit, from 23 January 1989, short-term prime lending rate set by a majority of the city banks, Bank of Japan Economic Statistics Monthly.

Korea

Money market rate: average daily rate on call money, weighed by volume of transactions, Bank of Korea Monthly Statistical Bulletin.

Deposit rate: maximum guideline rate set by the Bank of Korea for deposits of 3 months to 1 year with deposit money banks, Bank of Korea Monthly Statistical Bulletin.

Lending rate: maximum rate charged to general enterprises by deposit money banks on loans of general funds for up to one year, Bank of Korea Monthly Statistical Bulletin.

Figure 5: Money Market, Deposit and Loan Interest Rates in Japan
Figure 5: Money Market, Deposit and Loan Interest Rates in Japan
Figure 6: Money, Deposit and Loan Interest Rates in Korea
Figure 6: Money, Deposit and Loan Interest Rates in Korea

Malaysia

Money market rate: daily average overnight lending rates of 10 banks for the last week of the month, IMF International Financial Statistics.

Deposit rate: mode of the range of quotes qouted on 3-month deposits, IMF International Financial Statistics.

Lending rate: mode of the range of quotes for for the base lending rate, IMF International Financial Statistics.

Philippines

Money market rate: rate on 91-day treasury bills, IMF International Financial Statistics.

Deposit rate: rate on 61–90 day time deposits, IMF International Financial Statistics.

Lending rate: average commercial lending rate, IMF International Financial Statistics.

Figure 7: Money Market, Deposit and Loan Interest Rates in Malaysia
Figure 7: Money Market, Deposit and Loan Interest Rates in Malaysia
Figure 8: Treasury Bills, Deposit and Loan Interest Rates in Philippines
Figure 8: Treasury Bills, Deposit and Loan Interest Rates in Philippines

Singapore

Money market rate: mode of the 3-month interlink rate quoted by brokers on the last Friday (or closest working day thereto) of the month, IMF International Financial Statistics.

Deposit rate: average of 3-month deposit rates quoted by the 10 leading commercial banks, IMF International Financial Statistics.

Lending rate: average minimum lending rates quoted by the 10 leading commercial banks, IMF International Financial Statistics.

Taiwan

Money market rate: weighted average interbank lending rate, Central Bank of China Financial Statistics Monthly.

Deposit rate: until November 1985, the maximum rate on 3-month time deposits, and after, the 3-month time deposit rate offered by First Commercial Bank, Central Bank of China Financial Statistics Monthly.

Lending rate: from 1975 to 1979, the maximum rate on unsecured loans, from 1980 to December 1989, the maximum rate on unsecured loans on maturities 1 year or less, from 1990, the Bank of Taiwan prime rate, Central Bank of China Financial Statistics Monthly.

Figure 9: Money Market, Deposit and Loan Interest Rates in Singapore
Figure 9: Money Market, Deposit and Loan Interest Rates in Singapore
Figure 10: Money, Deposit and Loan Interest Rates in Taiwan
Figure 10: Money, Deposit and Loan Interest Rates in Taiwan

Thailand

Money market rate: weighted average interbank lending rate, Bank of Thailand Monthly Bulletin.

Deposit rate: maximum offered rate by the largest 4 commercial banks on 3–6 month savings deposits, Bank of Thailand Monthly Bulletin.

Lending rate: from 1975 to 1984, the maximum rate charged by commercial banks for priority (export-related) loans and, from 1985 to 1994, the minimum prime loan rate charged by commercial banks, Bank of Thailand Monthly Bulletin.

United States

Money market rate: calendar month average of federal funds rate, IMF International Financial Statistics.

Deposit rate: monthly business day average of 3-month CDs in the secondary market, IMF International Financial Statistics.

Lending rate: monthly average of prime rates offered to most credit-worthy customers of the largest banks, IMF International Financial Statistics.

Figure 11: Money Market, Deposit and Loan Interest Rates in Thailand
Figure 11: Money Market, Deposit and Loan Interest Rates in Thailand
Figure 12: Money Market, Deposit and Loan Interest Rates in the United States
Figure 12: Money Market, Deposit and Loan Interest Rates in the United States