South Africa's inability to regain access to foreign capital markets is at the core of the problem.

"We think the Japanese will be looking at the American and other foreign capital markets to reinvest the funds."

But a persistent problem for American investors has been the lack of a full range of investment alternatives in foreign capital markets.

Investment banks are more concerned that rejection could chill relations with Chinese officials who have begun to tap foreign capital markets.

Unlike foreign capital markets that proved more rigid, new firms and new markets were created.

The Transitional Executive Council has been exploring the possibility of seeking funds in the foreign capital markets later this year.

To get the funds for these tremendous capital-intensive ventures, the company has used retained earnings and borrowed heavily in local and foreign capital markets.

There are good grounds for thinking that to a significant degree home and foreign capital markets were separate and gave rise to quite different levels of investment expectations.

To graduate, a country must demonstrate good institutional capacity and expands its own access to foreign capital markets such that it can sustain and finance its own development.

The largest and wealthiest industrial groups, many of which focus on exports and have access to foreign capital markets, have benefited greatly from the treaty and the currency adjustment.

The prime minister's economic programme includes deregulating the foreign capital market, privatising 115 state-owned businesses - including the banks - within a year, and encouraging private investment in transport, communications and energy.

Although banks and other companies have at times objected to greater disclosure, they have muted their protests now because many of Japan's larger corporations want to gain access to foreign capital markets with stricter standards.

In 1996, it launched the interest-earning checking account, China Check Plus, and issued US Dollar Floating Rate Certificate of Deposit, the bank's first time to access foreign capital markets.

Measures announced on Aug. 13 with effect from Aug. 31 authorized Portuguese firms to borrow freely on foreign capital markets, while non-residents would from Oct. 31 be able to acquire Portuguese government bonds.

A Months-Long Process Yesterday's announcement ended a process that began in January, when a Transitional Executive Council, set up to oversee the shift to all-race democracy, created a panel to supervise the nation's approach to foreign capital markets.

By eliminating some of the debt overload and creating a security that could be easily traded, Brady bonds made it possible for Mexico, Ecuador and others to re-enter foreign capital markets, a necessary step to reviving aising their depressed economies.

Once the I.M.F. releases the second installment of $9 billion from the loan package, which is expected early next month, Brazil plans to return to foreign capital markets, said Mr. Fraga, a former aide to the financier George Soros.

DFIs aim to be catalysts, helping companies implement investment plans and especially seek to engage in countries where there is restricted access to domestic and foreign capital markets and provide risk mitigation that enables investors to proceed with plans they might otherwise abandon.

Nevertheless, the crisis hit profits hard, and it convinced the Tianjin government to reorganize and streamline the structure of the Port, which they did in 2009 by having TPD (the smaller operator, but one with the useful foreign registration and access to foreign capital markets) take over TPC.

To the Editor: "How U.S. Wooed Asia to Let Cash Flow In," the second article in your "Global Contagion" series (front page, Feb. 16), points out that American officials, in their push to open foreign capital markets, hoped to promote the short-term interests of Wall Street.