BOOKS IN REVIEW Markets fare well in developing natins

Emerging Stock Markets Factbook 1990, fourth in an annual series, shows that the world’s best- performing markets last year were in developing countries. Turkey’s stock market, with a 300% gain in 1989, was the best performer. The book, released by the International Finance Corp., is part of its effort to stimulate the flow of private capital into developing countries. IFC is an affiliate of the World Bank.

The IFC composite index of 19 emerging markets registered a gain in 1989 of 47% in U.S. dollar terms, exceeding the performances of those in the U.S. (up 27%), the United Kingdom (up 21%) and Japan (up 12%), according to Factbook. IFC’s regional indices for Latin America and Asia showed increased values in 1989 of 51% and 52%, respectively: Argentina (136%), Taiwan-China (95%) and Thailand (85%).

The only stock market in an industrialized country among the top five performers was Austria’s, which rose 101%. Four of the world’s five worst-performing markets last year were also in developing countries.

Emerging Stock Markets Factbook 1990 is available from International Finance Corp. Capital Markets Department, 1818 H St., N.W., Room I-3061, Washington D.C. 20433. Price: US$45.