BIS Review 1/2003  Table 2 Comparative Picture on International Real Interest Rates Money market Rate  Long-term G-sec Yield  Prime rate  Inflation Rate  GDP Growth  1991 to 1996  1.50  3.71  4.40  3.09  2.58  1997 to 2001  2.73  3.20  5.73  2.46  3.37  1991 to 1996  4.05  5.30  4.25  3.25  1.92  1997 to 2001  3.40  2.77  3.46  2.57  2.76  1991 to 1996  3.63  4.09  9.04  2.85  3.20  1997 to 2001  1.99  3.17  7.75  1.57  1.75  1991 to 1996  2.00  2.78  3.57  1.16  1.74  1997 to 2001  0.09  1.40  2.07  0.13  0.69  1991 to 1996  7.50  7.21  3.16  5.99  7.35  1997 to 2001  4.79  5.85  6.74  3.82  4.31  1991 to 1996  3.71  5.78  7.74  4.97  8.17  1997 to 2001  3.22  4.65  6.98  3.44  -0.20  1991 to 1996  Na  na  -2.09  12.32  11.61  1997 to 2001  Na  na  6.28  0.23  7.93  1991 to 1996  3.43  na  6.57  10.52  5.41  1997 to 2001  3.40  5.87  7.62  5.08  6.14  1991 to 1996  Na  na  5.11  25.04  -1.63  1997 to 2001  Na  na  4.13  12.29  4.52  Country / Period Average United States  United Kingdom  Germany  Japan  Korea  Thailand  China  India  Hungary  Source : International Financial Statistics, November 2002.
This work will also consider the relationship between MMFs and short-term funding markets, with a particular focus on commercial paper and certificate of deposit markets and the impact of dealer behavior. Continued work on other open-end funds, margining and bond market structure, and liquidity will come on the heels of the MMF deliverables.