Global Financial Stability Report

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Global Financial Stability Report

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Contents

• Global Financial Markets Confront the War in the Middle East and Amplification Risks
  • Published: April 14, 2026
  • Summary: The global financial system is confronting the ongoing war in the Middle East, potential inflationary pressures, rising risks of further tightening in financial conditions, and several amplification channels that could lead from market turmoil to financial instability.
• Global Financial Stability Report, October 2025: Shifting Ground beneath the Calm
  • Published: October 14, 2025
  • Summary: <p>Financial stability risks remain elevated amid risks presented by stretched asset valuations, growing pressure in sovereign bond markets, and the increasing role of nonbank financial institutions.
• Global Financial Stability Report, April 2025: Enhancing Resilience amid Uncertainty
  • Published: April 22, 2025
  • Summary: <p>Against the heightened volatility of asset prices, Chapter 1 assesses that global financial stability risks have increased significantly.
• Global Financial Stability Report, October 2024 - Steadying the Course: Uncertainty, Artificial Intelligence, and Financial Stability
  • Published: October 22, 2024
  • Summary: <p>Chapter 1 of the October 2024 <em>Global Financial Stability Report</em> shows that although near-term financial stability risks have remained contained, mounting vulnerabilities could worsen future downside risks by amplifying shocks, which have become more probable because of the widening disco
• The Last Mile: Financial Vulnerabilities and Risks
  • Published: April 16, 2024
  • Summary: Chapter 1 highlight the near-term global financial stability risks have receded amid expectations that global disinflation is entering its last mile. However, along it, there are several salient risks and a build-up of medium-term vulnerabilities.
• Global Financial Stability Report, October 2023: Financial and Climate Policies for a High-Interest-Rate Era
  • Published: October 10, 2023
  • Summary: With core inflation still high in many advanced economies, central banks may need to keep monetary policy tighter for longer than is currently priced in markets. In emerging market economies, progress on lowering inflation appears to be more advanced, though there are discrepancies across regions.
• Global Financial Stability Report, April 2023: Safeguarding Financial Stability amid High Inflation and Geopolitical Risks
  • Published: April 11, 2023
  • Summary: Financial stability risks have increased rapidly as the resilience of the global financial system has faced a number of tests.
• Global Financial Stability Report, October 2022: Navigating the High-Inflation Environment
  • Published: October 11, 2022
  • Summary: Financial stability risks have increased amid the highest inflation in decades and the ongoing spillovers from Russia’s war in Ukraine to European and global energy markets.
• Global Financial Stability Report, October 2022: Navigating the High-Inflation Environment
  • Published: October 4, 2022
  • Summary: Global financial stability risks have increased amid a series of cascading shocks. Chapter 1 analyzes the policy response of central banks to high inflation, the risks of a disorderly tightening of financial conditions, and debt distress among emerging and frontier markets.
• Global Financial Stability Report, April 2022: Shockwaves from the War in Ukraine Test the Financial System’s Resilience
  • Published: April 19, 2022
  • Summary: Financial conditions have tightened and risks to the global economy have increased as a result of the war in Ukraine. Soaring commodity prices pose challenging trade-offs for central banks. Many emerging and frontier markets are facing especially difficult conditions.
• Global Financial Stability Report, April 2022: Shockwaves from the War in Ukraine Test the Financial System’s Resilience
  • Published: April 18, 2022
  • Summary: Financial conditions have tightened and risks to the global economy have increased as a result of the war in Ukraine. Soaring commodity prices pose challenging trade-offs for central banks. Many emerging and frontier markets are facing especially difficult conditions.
• Global Financial Stability Report, October 2021
  • Published: October 12, 2021
  • Summary: Financial stability risks have been contained so far, reflecting ongoing policy support and a rebound in the global economy earlier this year. Chapter 1 explains that financial conditions have eased further in net in advanced economies but changed little in emerging markets.
• Global Financial Stability Report, April 2021: Preempting a Legacy of Vulnerabilities
  • Published: April 6, 2021
  • Summary: Extraordinary policy measures have eased financial conditions and supported the economy, helping to contain financial stability risks. Chapter 1 warns that there is a pressing need to act to avoid a legacy of vulnerabilities while avoiding a broad tightening of financial conditions.
• Global Financial Stability Report, April 2021: Preempting a Legacy of Vulnerabilities
  • Published: April 6, 2021
  • Summary: Extraordinary policy measures have eased financial conditions and supported the economy, helping to contain financial stability risks. Chapter 1 warns that there is a pressing need to act to avoid a legacy of vulnerabilities while avoiding a broad tightening of financial conditions.
• Global Financial Stability Report Update, January 2021: Vaccines Inoculate Markets, but Policy Support Is Still Needed
  • Published: January 27, 2021
  • Summary: Approval and rollout of vaccines have boosted expectations of a global recovery and lifted risk asset prices, despite rising COVID-19 cases and softening economic activity in late 2020.
• Global Financial Stability Report, October 2020: Bridge to Recovery
  • Published: October 23, 2020
  • Summary: Near-term global financial stability risks have been contained as an unprecedented policy response to the coronavirus (COVID-19) pandemic has helped avert a financial meltdown and maintain the flow of credit to the economy.
• Global Financial Stability Report: Bridge to Recovery
  • Published: October 13, 2020
  • Summary: Near-term global financial stability risks have been contained as an unprecedented policy response to the coronavirus (COVID-19) pandemic has helped avert a financial meltdown and maintain the flow of credit to the economy.
• Global Financial Stability Report Update: Financial Conditions Have Eased, but Insolvencies Loom Large
  • Published: June 25, 2020
  • Summary: Publication: Global Financial Stability Report Update
• Global Financial Stability Report: Markets in the Time of COVID-19
  • Published: April 14, 2020
  • Summary: The coronavirus (COVID-19) pandemic poses unprecedented health, economic, and financial stability challenges. Following the COVID-19 outbreak, the prices of risk assets collapsed and market volatility spiked, while expectations of widespread defaults led to a surge in borrowing costs.
• Global Financial Stability Report, April 2020: Markets in the Time of COVID-19
  • Published: April 14, 2020
  • Summary: The April 2020 Global Financial Stability Report (GFSR) assesses the financial stability challenges posed by the coronavirus (COVID-19) pandemic.
• Global Financial Stability Report, April 2017: Getting the Policy Mix Right
  • Published: October 11, 2019
  • Summary: Financial stability has continued to improve since the October 2016 Global Financial Stability Report (GFSR). Economic activity has gained momentum, as outlined in the April 2017 World Economic Outlook (WEO), amid broadly accommodative monetary and financial conditions, spurring hopes for reflation.
• Global Financial Stability Report, April 2018: A Bumpy Road Ahead
  • Published: October 11, 2019
  • Summary: The April 2018 Global Financial Stability Report (GFSR) finds that short-term risks to financial stability have increased somewhat since the previous GFSR.
• Global Financial Stability Report, April 2019: Vulnerabilities in a Maturing Credit Cycle
  • Published: October 11, 2019
  • Summary: The April 2019 Global Financial Stability Report (GFSR) finds that despite significant variability over the past two quarters, financial conditions remain accommodative.
• Global Financial Stability Report, October 2016: Fostering Stability in a Low-Growth, Low-Rate Era
  • Published: October 11, 2019
  • Summary: The current report finds that short-term risks to global financial stability have abated since April 2016, but that medium-term risks continue to build.
• Global Financial Stability Report, October 2017: Is Growth at Risk?
  • Published: October 11, 2019
  • Summary: The October 2017 Global Financial Stability Report finds that the global financial system continues to strengthen in response to extraordinary policy support, regulatory enhancements, and the cyclical upturn in growth.
• Global Financial Stability Report, October 2018: A Decade after the Global Financial Crisis: Are We Safer?
  • Published: October 11, 2019
  • Summary: In the 10 years since the global financial crisis, regulatory frameworks have been enhanced and the banking system has become stronger, but new vulnerabilities have emerged, and the resilience of the global financial system has yet to be tested.
• Global Financial Stability Report, October 2019: Lower for Longer
  • Published: October 11, 2019
  • Summary: The October 2019 Global Financial Stability Report (GFSR) identifies the current key vulnerabilities in the global financial system as the rise in corporate debt burdens, increasing holdings of riskier and more illiquid assets by institutional investors, and growing reliance on external borrowing by
• Global Financial Stability Report, October 2019: Lower for Longer
  • Published: October 1, 2019
  • Summary: The October 2019 Global Financial Stability Report (GFSR) identifies the current key vulnerabilities in the global financial system as the rise in corporate debt burdens, increasing holdings of riskier and more illiquid assets by institutional investors, and growing reliance on external borrowing by
• Vulnerabilities in a Maturing Credit Cycle
  • Published: March 27, 2019
  • Summary: The April 2019 Global Financial Stability Report (GFSR) finds that despite significant variability over the past two quarters, financial conditions remain accommodative.
• A Decade after the Global Financial Crisis: Are We Safer?
  • Published: September 25, 2018
  • Summary: The October 2018 Global Financial Stability Report (GFSR) finds that global near-term risks to financial stability have increased somewhat, reflecting mounting pressures in emerging market economies and escalating trade tensions. These risks, while still moderate, could increase significantly.
• Global Financial Stability Report April 2018: A Bumpy Road Ahead
  • Published: April 2, 2018
  • Summary: The April 2018 Global Financial Stability Report (GFSR) finds that short-term risks to financial stability have increased somewhat since the previous GFSR.
• Global Financial Stability Report: Getting the Policy Mix Right
  • Published: March 30, 2017
  • Summary: The April 2017 Global Financial Stability Report (GFSR) finds that financial stability has continued to improve since last October. Economic activity has gained momentum and longer-term interest rates have risen, helping to boost the earnings of banks and insurance companies.
• Global Financial Stability Report: Market Developments and Issues, March 2002--Contents
  • Published: December 31, 2016
  • Summary: Reviews recent developments in global financial markets and explores the potential market impact of financial imbalances and continued credit quality deterioration.
• Global Financial Stability Report: Market Developments and Issues, June 2002--Contents
  • Published: December 31, 2016
  • Summary: This is the second issue of the Global Financial Stability Report. This particular issue draws, in part, on a series of informal discussions with commerical investment banks, securities firms, asset management companies, insurance companies, pension funds, stock and futures exchanges, and credit rat
• IMF Global Financial Stability Report -- Containing Systemic Risks and Restoring Financial Soundness -- April 2008 -- Contents
  • Published: December 31, 2016
  • Summary: Preface (90KB pdf file)
• IMF Global Financial Stability Report -- Financial Market Turbulence: Causes, Consequences, and Policies, October 2007 -- Contents
  • Published: December 31, 2016
  • Summary: Publication title: Financial Market Turbulence: Causes, Consequences, and Policies
• IMF Global Financial Stability Report -- Financial Stress and Deleveraging: Macro-Financial Implications and Policy -- October 2008 -- Contents
  • Published: December 31, 2016
  • Summary: Title: Financial Stress and Deleveraging Macro-Financial Implications and Policy
• IMF Global Financial Stability Report: October 2016: Fostering Stability in a Low-Growth, Low-Rate Era
  • Published: December 31, 2016
  • Summary: The October 2016 Global Financial Stability Report (GFSR): The current report finds that short-term risks to global financial stability have abated since April 2016, but that medium-term risks continue to build.
• Global Financial Stability Report, April 2005: Market Developments and Issues
  • Published: December 31, 2016
  • Summary: The Global Financial Stability Report (GFSR) provides expert and up-to-date analysis of global capital flows that play a critical role in world economic growth and Financial stability.
• Global Financial Stability Report, April 2006: Market Developments and Issues
  • Published: December 31, 2016
  • Summary: This semi-annual publication from the IMF provides comprehensive coverage of mature and emerging financial markets and seeks to identify potential fault lines in the global financial system that could lead to crises.
• Global Financial Stability Report, April 2006: Market Developments and Issues - Chapter 2: The Influence of Credit Derivative And Structured Credit Markets on Financial Stability
  • Published: December 31, 2016
  • Summary: This paper examines the influence of credit derivative and structured credit markets on financial stability. Credit derivative and structured credit markets have grown rapidly in size and complexity in recent years.
• Global Financial Stability Report, April 2007: Market Developments and Issues
  • Published: December 31, 2016
  • Summary: Published twice yearly, the Global Financial Stability Report (GFSR) was created to provide a more frequent assessment of global financial markets by the IMF and to address emerging market financing in a global context.
• Global Financial Stability Report, April 2008: Containing Systemic Risks and Restoring Financial Soundness
  • Published: December 31, 2016
  • Summary: The events of the past six months have demonstrated the fragility of the global financial system and raised fundamental questions about the effectiveness of the response by private and public sector institutions.
• Global Financial Stability Report, April 2009: Responding to the Financial Crisis and Measuring Systemic Risks
  • Published: December 31, 2016
  • Summary: The Global Financial Stability Report identifies potential fault lines in the global financial system that could lead to crisis, while providing comprehensive coverage of mature and emerging financial markets.
• Global Financial Stability Report, April 2010: Meeting New Challenges to Stability and Building a Safer System
  • Published: December 31, 2016
  • Summary: Risks to global financial stability have eased as the economic recovery has gained steam. But policies are needed to reduce sovereign vulnerabilities, ensure a smooth deleveraging process, and complete the regulatory agenda.
• Global Financial Stability Report, April 2011: Durable Financial Stability: Getting There from Here
  • Published: December 31, 2016
  • Summary: Despite ongoing economic recovery and improvements in global financial stability, structural weaknesses and vulnerabilities remain in some important financial systems.
• Global Financial Stability Report, April 2012: The Quest for Lasting Stability
  • Published: December 31, 2016
  • Summary: The April 2012 Global Financial Stability Report assesses changes in risks to financial stability over the past six months, focusing on sovereign vulnerabilities, risks stemming from private sector deleveraging, and assessing the continued resilience of emerging markets.
• Global Financial Stability Report, April 2013: Old Risks, New Challenges
  • Published: December 31, 2016
  • Summary: The Global Financial Stability Report examines current risks facing the global financial system and policy actions that may mitigate these. It analyzes the key challenges facing financial and nonfinancial firms as they continue to repair their balance sheets.
• Global Financial Stability Report, April 2014: Moving from Liquidity- to Growth-Driven Markets
  • Published: December 31, 2016
  • Summary: The April 2014 Global Financial Stability Report finds that, despite much progress, the global financial system remains in a transitional period with stability conditions far from normal.
• Global Financial Stability Report, April 2015: Navigating Monetary Policy Challenges and Managing Risks
  • Published: December 31, 2016
  • Summary: The current report finds that, despite an improvement in economic prospects in some key advanced economies, new challenges to global financial stability have arisen.
• Global Financial Stability Report, April 2016: Potent Policies for a Successful Normalization
  • Published: December 31, 2016
  • Summary: The current Global Financial Stability Report (April 2016) finds that global financial stability risks have risen since the last report in October 2015.
• Global Financial Stability Report, October 2007: Financial Market Turbulence Causes, Consequences, and Policies
  • Published: December 31, 2016
  • Summary: Published twice yearly, the Global Financial Stability Report (GFSR) was created to provide a more frequent assessment of global financial markets by the IMF and to address emerging market financing in a global context.
• Global Financial Stability Report, October 2008: Financial Stress and Deleveraging Macrofinancial Implications and Policy
  • Published: December 31, 2016
  • Summary: The Global Financial Stability Report identifies potential fault lines in the global financial system that could lead to crisis, while providing comprehensive coverage of mature and emerging financial markets.
• Global Financial Stability Report, October 2009: Navigating the Financial Challenges Ahead
  • Published: December 31, 2016
  • Summary: The October 2009 Global Financial Stability Report chronicles the evolution of the path toward reestablishing sound credit intermediation and the near-term risks that could interrupt its restoration, including the rising burden of sovereign financing.
• Global Financial Stability Report, October 2010: Sovereigns, Funding, and Systemic Liquidity
  • Published: December 31, 2016
  • Summary: The global financial system is still in a period of significant uncertainty. Although the ongoing recovery is expected to gradual strengthen balance sheets, progress toward stability has experienced a setback since the April 2010 GFSR.
• Global Financial Stability Report, October 2012: Summary version
  • Published: December 31, 2016
  • Summary: The October 2012 Global Financial Stability Report (GFSR) finds increased risks to the global financial system, with the euro area crisis the principal source of concern, and urges policymakers to act now to restore confidence, reverse capital flight, and reintegrate the euro zone.
• Global Financial Stability Report, October 2014: Risk Taking, Liquidity, and Shadow Banking: Curbing Excess while Promoting Growth
  • Published: December 31, 2016
  • Summary: The October 2014 issue finds that six years after the start of the crisis, the global economic recovery continues to rely heavily on accommodative monetary policies in advanced economies.
• Global Financial Stability Report, October 2015: Vulnerabilities, Legacies, and Policy Challenges - Risks Rotating to Emerging Markets
  • Published: December 31, 2016
  • Summary: The October 2015 Global Financial Stability Report finds that, despite an improvement in financial stability in advanced economies, risks continue to rotate toward emerging markets.
• Global Financial Stability Report, September 2004: Market Developments and Issues
  • Published: December 31, 2016
  • Summary: This September 2004 issue of the Global Financial Stability Report highlights that over the past six months, the global financial system, especially the health of financial intermediaries, has been further strengthened by the broadening economic recovery.
• Global Financial Stability Report, September 2005: Aspects of Global Asset Allocation
  • Published: December 31, 2016
  • Summary: This paper analyzes aspects of global asset allocation. It examines how different institutional investors follow vastly different procedures when allocating assets, reflecting various time horizons, liability structures, and “cultural backgrounds.
• Global Financial Stability Report, September 2005: Financial Stability Considerations Related to Trends in Accounting Standards
  • Published: December 31, 2016
  • Summary: This paper describes financial stability considerations related to trends in accounting standards. The paper highlights that in recent years, financial stability is generally viewed by authorities as having improved, in large part through more proactive risk management activities by banks and the re
• Global Financial Stability Report, September 2005: Market Developments and Issues
  • Published: December 31, 2016
  • Summary: This September 2005 issue of the Global Financial Stability Report highlights that financial conditions have remained broadly positive over the past six months, but some market developments diverged from consensus expectations of market participants.
• Global Financial Stability Report, September 2005: Market Developments and Issues
  • Published: December 31, 2016
  • Summary: This paper presents an assessment of the shift in market risks to the household sector, which results from changes in the behavior of financial institutions and from pension reform.
• Global Financial Stability Report, September 2006: Market Developments and Issues
  • Published: December 31, 2016
  • Summary: The Global Financial Stability Report (GSFR), published twice a year by the IMF, provides timely analysis of developments in mature and emerging market countries and seeks to identify potential fault lines in the global financial system that could lead to crisis.
• Global Financial Stability Report, September 2011: Grappling with Crisis Legacies
  • Published: December 31, 2016
  • Summary: The September 2011 Global Financial Stability Report cautions that the risks to global financial stability have increased substantially in recent months, during which heavy public debt burdens and weak growth prospects in many advanced economies combined with a series of shocks to the global financi
• Global Financial Stablity Report, October 2013: Transition Challenges to Stability
  • Published: December 31, 2016
  • Summary: The October 2013 Global Financial Stability Report examines current risks facing the global financial system at it undergoes a series of transitions along the path toward greater financial stability.
• Grappling with Crisis Legacies: IMF Global Financial Stability Report (GFSR)
  • Published: December 31, 2016
  • Summary: The September 2011 issue of the Global Financial Stability Report cautions that the risks to global financial stability have increased substantially in recent months, during which heavy public debt burdens and weak growth prospects in many advanced economies combined with a series of shocks to the g
• Hedge Fund industry: Developments and Practices
  • Published: December 31, 2016
  • Summary: This paper analyzes developments in the hedge fund industry. The significant growth of hedge funds, driven by institutional investors, has heightened the desire by the official sector to better understand hedge funds and their activities.
• Global Financial Stability Report: Market Developments and Issues, September 2006 -- Contents
  • Published: December 31, 2016
  • Summary: This particular issue draws, in part, on a series of discussions with commercial and investment banks, securities firms, asset management companies, hedge funds, insurance companies, pension funds, stock and futures exchanges, credit rating agencies, and academic researchers, as well as regulatory a
• Global Financial Stability Report: Market Developments and Issues, March 2003--Contents
  • Published: December 31, 2016
  • Summary: This issue of the Global Financial Stability Report marks the beginning of a new semiannual frequency for the publication.
• Global Financial Stability Report: Market Developments and Issues, September 2003--Contents
  • Published: December 31, 2016
  • Summary: Publication title: Global Financial Stability Report — Market Developments and Issues
• Global Financial Stability Report: Market Developments and Issues, April 2006 -- Contents
  • Published: December 31, 2016
  • Summary: This particular issue draws, in part, on a series of informal discussions with commercial and investment banks, securities firms, asset management companies, hedge funds, insurance companies, pension funds, stock and futures exchanges, and credit rating agencies, as well as regulatory authorities an
• Global Financial Stability Report: Market Developments and Issues, April 2004 -- Contents
  • Published: December 31, 2016
  • Summary: The Global Financial Stability Report provides semiannual assessments of global financial markets and addresses emerging market financing in a global context.
• Global Financial Stability Report: Market Developments and Issues, September 2005 -- Contents
  • Published: December 31, 2016
  • Summary: This issue draws, in part, on a series of informal discussions with commercial and investment banks, securities firms, asset management companies, hedge funds, insurance companies, pension funds, stock and futures exchanges, and credit rating agencies, as well as regulatory authorities and academic
• IMF Global Financial Stability Report -- Meeting New Challenges to Stability and Building a Safer System -- April 2010; Contents
  • Published: December 31, 2016
  • Summary: Semiannual assessments of global financial markets and emerging market financing in a global context.
• IMF Global Financial Stability Report (GFSR) — April 2014 — Table of Contents
  • Published: December 31, 2016
  • Summary: The April 2014 Global Financial Stability Report (GFSR) assesses the challenging transitions that the global financial system is currently undergoing on the path to greater stability. Chapter 1 finds that these transitions are far from complete, and stability conditions are far from normal.
• IMF Global Financial Stability Report: Navigating Monetary Policy Challenges and Managing Risks
  • Published: December 31, 2016
  • Summary: The April 2015 Global Financial Stability Report (GFSR) finds the Global financial stability risks have risen since October.
• IMF Global Financial Stability Report (GFSR) -- April 2013 -- Table of Contents
  • Published: December 31, 2016
  • Summary: The April 2013 Global Financial Stability Report (GFSR) examines current risks facing the global financial system and policy actions that may mitigate these.
• The Quest for Lasting Stability -- IMF Global Financial Stability Report (GFSR) -- April 2012
  • Published: December 31, 2016
  • Summary: The April 2012 Global Financial Stability Report assesses changes in risks to financial stability over the past six months, focusing on sovereign vulnerabilities, risks stemming from private sector deleveraging, and assessing the continued resilience of emerging markets.
• IMF Global Financial Stability Report (GFSR) -- October 2013 -- Table of Contents
  • Published: December 31, 2016
  • Summary: The October 2013 Global Financial Stability (GFSR) Report examines current risks facing the global financial system as it undergoes a series of transitions along the path toward greater financial stability.
• Global Financial Stability Report, April 2004: Market Developments and Issues
  • Published: December 30, 2016
  • Summary: The Global Financial Stability Report (GSFR), published twice a year by the IMF, provides timely analysis of developments in mature and emerging market countries and seeks to identify potential fault lines in the global financial system that could lead to crisis.
• Global Financial Stability Report, December 2002: Market Developments and Issues
  • Published: December 30, 2016
  • Summary: The Global Financial Stability Report (GSFR), published twice a year by the IMF, provides timely analysis of developments in mature and emerging market countries and seeks to identify potential fault lines in the global financial system that could lead to crisis.
• Global Financial Stability Report, June 2002: Market Developments and Issues
  • Published: December 30, 2016
  • Summary: This June 2002 issue of the Global Financial Stability Report analyzes developments and issues in world markets. The report highlights that the economic recovery that began during the first quarter of 2002 has brought improvements in financial market conditions.
• Global Financial Stability Report, March 2002: Market Developments and Issues
  • Published: December 30, 2016
  • Summary: This March 2002 issue of the Global Financial Stability Report highlights that financial markets ended the year 2001 on a positive note. Equity markets recovered and rallied noticeably from their lows of late September.
• Global Financial Stability Report, March 2003: Market Developments and Issues
  • Published: December 30, 2016
  • Summary: This March 2003 issue of the Global Financial Stability Report highlights that the supportive stance of monetary policy in the major economies, coupled with more risk-averse behavior by both institutional and retail investors, has contributed to a sizable buildup of cash positions.
• Global Financial Stability Report, September 2002: Market Developments and Issues
  • Published: December 30, 2016
  • Summary: This September 2002 issue of the Global Financial Stability Report highlights that during the second quarter of 2002, a sharp erosion of investor confidence heightened risk aversion and growing concerns about the strength and durability of the global recovery.
• Global Financial Stability Report, September 2003: Market Developments and Issues
  • Published: December 30, 2016
  • Summary: This September 2003 issue of the Global Financial Stability Report highlights that since March 2003, further progress has been made in addressing the lingering effects of the bursting of the equity price bubble.