Table C5,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,
Domestic bonds by instrument ¹,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,
As percentage of total outstanding,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,
,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,
,1995,,,,1996,,,,1997,,,,1998,,,,1999,,,,2000,,,,2001,,,,2002,,,,2003,,,,2004,,,,2005,,,,2006,,,,2007,,,,
,Floating rate,Straight fixed rate,Inflation indexed,Exchange rate linked,Floating rate,Straight fixed rate,Inflation indexed,Exchange rate linked,Floating rate,Straight fixed rate,Inflation indexed,Exchange rate linked,Floating rate,Straight fixed rate,Inflation indexed,Exchange rate linked,Floating rate,Straight fixed rate,Inflation indexed,Exchange rate linked,Floating rate,Straight fixed rate,Inflation indexed,Exchange rate linked,Floating rate,Straight fixed rate,Inflation indexed,Exchange rate linked,Floating rate,Straight fixed rate,Inflation indexed,Exchange rate linked,Floating rate,Straight fixed rate,Inflation indexed,Exchange rate linked,Floating rate,Straight fixed rate,Inflation indexed,Exchange rate linked,Floating rate,Straight fixed rate,Inflation indexed,Exchange rate linked,Floating rate,Straight fixed rate,Inflation indexed,Exchange rate linked,Floating rate,Straight fixed rate,Inflation indexed,Exchange rate linked,
Latin America,51,24,12,11,38,36,9,10,44,26,10,15,55,3,9,18,53,8,12,22,48,13,13,22,48,7,13,29,45,10,25,16,53,12,23,11,53,15,24,7,49,23,23,5,43,28,25,3,40,31,25,3,
Argentina,26,0,0,74,31,0,0,69,29,0,0,71,30,0,0,70,22,0,0,78,12,0,0,88,2,2,0,97,0,2,72,26,0,5,68,25,0,4,68,23,1,6,71,19,8,5,64,21,9,7,59,23,
Brazil,64,32,0,3,46,45,0,6,53,31,0,12,65,3,1,17,63,9,6,21,58,15,6,21,65,4,9,23,58,2,15,25,70,3,16,11,69,7,18,6,60,21,16,3,49,27,22,1,45,30,24,1,
Chile,0,0,100,0,0,0,100,0,0,0,100,0,0,0,93,7,0,0,91,9,0,0,92,8,0,0,70,30,0,3,57,39,0,13,52,34,0,17,53,30,0,18,64,18,0,20,68,13,0,25,73,2,
Colombia,...,...,...,...,0,80,12,0,0,77,19,0,0,51,42,2,0,52,37,8,0,50,41,7,0,41,47,10,0,48,44,7,0,54,42,4,0,62,36,1,0,70,29,1,0,72,27,0,0,74,25,0,
Mexico,0,0,52,2,0,0,34,0,6,0,39,0,30,0,31,0,39,0,19,0,43,6,16,0,44,20,17,0,57,19,14,0,57,23,14,0,58,25,16,0,58,27,15,0,54,32,14,0,50,34,16,0,
Peru,26,18,35,21,12,2,73,13,7,7,76,10,4,2,63,30,3,2,53,42,2,7,50,42,1,16,43,39,1,18,43,38,1,29,38,33,0,38,32,30,0,49,26,25,0,53,23,24,0,71,15,14,
Venezuela,100,0,0,0,100,0,0,0,100,0,0,0,100,0,0,0,100,0,0,0,100,0,0,0,72,0,0,28,100,0,0,0,64,0,0,36,63,0,0,37,44,0,0,56,86,0,0,14,18,0,0,82,
"Asia, larger economies",0,100,0,0,0,100,0,0,0,100,0,0,5,95,0,0,7,93,0,0,6,94,0,0,6,93,0,0,7,92,0,0,5,95,0,0,4,96,0,0,3,97,0,0,3,97,0,0,2,97,0,0,
China,...,100,...,...,...,100,...,...,9,91,...,...,40,60,...,...,42,58,...,...,46,54,...,...,43,57,...,...,31,69,...,...,21,79,...,...,20,80,...,...,19,81,...,...,...,...,...,...,...,...,...,...,
India,0,100,0,0,0,100,0,0,0,100,0,0,0,100,0,0,0,100,0,0,0,100,0,0,0,100,0,0,0,100,0,0,1,99,0,0,3,97,0,0,5,95,0,0,4,96,0,0,4,96,0,0,
Korea,...,...,0,0,...,...,0,0,1,99,0,0,6,94,0,0,9,91,0,0,8,92,0,0,9,91,0,0,10,90,0,0,7,93,0,0,5,95,0,0,3,96,0,0,2,97,0,0,2,97,0,1,
"Taiwan, China",0,100,0,0,0,100,0,0,0,100,0,0,0,100,0,0,0,100,0,0,0,100,0,0,0,100,0,0,0,100,0,0,0,100,0,0,0,100,0,0,0,100,0,0,0,100,0,0,0,100,0,0,
Other Asia,8,92,0,0,5,95,0,0,3,97,0,0,2,98,0,0,20,77,2,0,15,83,2,0,13,85,2,0,14,84,1,0,13,86,1,0,11,89,0,0,9,91,0,0,7,93,0,0,6,94,0,0,
Indonesia,...,...,...,...,...,...,...,...,...,...,...,...,...,...,...,...,72,18,9,0,51,42,8,0,50,40,9,0,57,37,6,0,56,41,3,0,53,46,1,0,52,48,0,0,42,58,0,0,34,66,0,0,
Malaysia,0,100,0,0,0,100,0,0,0,100,0,0,0,100,0,0,0,100,0,0,0,100,0,0,0,100,0,0,0,100,0,0,0,100,0,0,0,100,0,0,0,100,0,0,0,100,0,0,0,100,0,0,
Philippines,26,74,0,0,16,84,0,0,11,89,0,0,10,90,0,0,9,91,0,0,8,92,0,0,7,93,0,0,7,93,0,0,6,94,0,0,5,95,0,0,4,96,0,0,4,96,0,0,3,97,0,0,
Thailand,0,100,0,0,0,100,0,0,0,100,0,0,0,100,0,0,0,100,0,0,0,100,0,0,0,100,0,0,0,100,0,0,0,100,0,0,0,100,0,0,0,100,0,0,0,100,0,0,3,97,0,0,
Central Europe,19,35,0,0,23,35,0,0,20,52,0,0,20,59,0,0,14,71,0,0,12,77,0,0,9,78,0,4,10,80,2,2,8,87,0,0,10,86,1,0,11,86,1,0,11,86,1,0,9,88,1,0,
Czech Republic,...,...,...,...,...,...,...,...,...,...,...,...,...,...,...,...,0,94,6,0,0,95,5,0,0,97,3,0,0,100,0,0,0,100,0,0,0,100,0,0,0,100,0,0,0,100,0,0,0,100,0,0,
Hungary,...,29,...,...,...,28,...,...,...,46,...,...,...,54,...,...,...,61,...,...,...,66,...,...,...,71,...,...,...,77,...,...,...,85,...,...,...,88,...,...,...,90,...,...,...,93,...,...,...,95,...,...,
Poland,54,46,0,0,54,46,0,0,41,59,0,0,38,62,0,0,25,75,0,0,20,80,0,0,14,79,0,7,16,78,3,3,15,85,0,0,16,83,1,0,17,81,2,0,18,80,2,0,15,82,2,0,
Russia,...,...,...,...,...,...,...,...,...,...,...,...,...,...,...,...,0,100,0,0,0,100,0,0,0,100,0,0,0,100,0,0,0,100,0,0,0,96,4,0,0,97,3,0,0,97,3,0,0,98,2,0,
Other,1,82,15,2,2,80,15,2,5,79,15,2,8,77,13,2,7,80,11,2,11,77,9,3,17,57,15,11,14,64,12,10,13,66,13,8,16,63,13,7,21,57,14,7,21,56,15,6,22,51,18,6,
Israel,7,3,81,10,9,7,73,10,9,9,74,8,9,10,69,12,8,13,66,13,11,17,61,11,15,20,56,8,17,21,53,8,19,27,49,4,19,27,48,5,16,26,50,6,12,26,52,7,10,22,55,8,
Turkey,...,...,...,...,...,...,...,...,...,...,...,...,...,...,...,...,...,...,...,...,24,70,0,6,36,5,21,38,34,12,17,38,22,38,18,23,25,41,15,19,31,42,11,15,31,49,7,13,32,50,8,9,
Saudi Arabia,0,100,0,0,0,100,0,0,8,92,0,0,12,88,0,0,9,91,0,0,9,91,0,0,11,89,0,0,8,92,0,0,7,93,0,0,10,90,0,0,17,83,0,0,20,80,0,0,23,77,0,0,
South Africa,0,100,0,0,0,100,0,0,0,100,0,0,1,98,0,0,1,98,0,0,1,97,0,0,2,94,3,0,3,89,6,0,5,85,6,0,6,82,8,0,9,77,9,0,11,73,9,0,13,70,10,0,
TOTAL EMERGING MARKETS,20,64,9,5,17,66,8,5,19,65,7,6,23,60,6,7,22,64,6,7,20,66,6,7,20,62,7,10,18,67,8,6,19,68,8,4,18,70,8,3,20,68,9,3,18,70,10,2,19,68,11,2,
Hong Kong SAR,0,100,0,0,0,100,0,0,0,100,0,0,0,100,0,0,0,100,0,0,0,100,0,0,0,100,0,0,0,100,0,0,0,100,0,0,4,96,0,0,3,97,0,0,2,98,0,0,1,99,0,0,
Singapore,0,100,0,0,0,100,0,0,0,100,0,0,0,100,0,0,0,100,0,0,0,100,0,0,0,100,0,0,0,100,0,0,0,100,0,0,0,100,0,0,0,100,0,0,0,100,0,0,0,100,0,0,
INDUSTRIAL COUNTRIES²,4,95,1,0,4,94,2,0,4,93,2,0,5,92,3,0,6,91,4,0,7,89,4,0,8,87,5,0,9,87,4,0,10,85,4,0,12,83,5,0,13,81,6,0,14,79,6,0,16,77,7,0,
,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,
"¹ Comprises only bonds and notes and excludes money market instruments. Regional totals based on the countries listed in the table. Asia larger economies and total emerging markets exclude China for all periods. Totals do not add up to 100% due to the exclusion of hybrid instruments. Ratio calculated taking the central government and all other issuers as reported in Table 2d of the Working Group questionnaire. ² Australia, Belgium, Canada, Germany, Spain, the United Kingdom and the United States.",,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,
Source: Working Group survey.,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,