Global Financial Stability Report: Market Developments and Issues, September 2003--Contents

Global Financial Stability Report, September 9, 2003

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Global Financial Stability Report: Market Developments and Issues, September 2003--Contents

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Bibliographic details

• Published: September 9, 2003
• Series: Global Financial Stability Report

Report overview and scope

• Publication title: Global Financial Stability Report — Market Developments and Issues
• Date: September 2003
• The Global Financial Stability Report provides semiannual assessments of global financial markets and addresses emerging market financing in a global context.*
• Use the free Adobe Acrobat Reader to view all chapters below.

Preface and core chapters

• Preface
• Chapter I. Overview (95KB pdf file)
  • Balance of Risk and Vulnerabilities
  • Policies to Promote Financial Stability
• Chapter II. Global Financial Market Developments (518KB pdf file)
  • Ample Liquidity Dominates Developments in Major Financial Markets
  • Mature Market Vulnerabilities Have Eased
  • Favorable External Environment Helped Push Emerging Bond Yields Lower
  • Emerging Market Access Improves
  • Emerging Market Banking Sector Performance and Risks
  • Appendix I: Regulatory and Supervisory Challenges and Initiatives
  • Appendix II: Convergence in Central Europe—Setbacks and Perspectives
  • References
• Chapter III. Financial Asset Price Volatility: A Source of Instability? (349KB pdf file)
  • Concepts: Financial Market Volatility and Financial System Instability
  • Empirical Evidence on Volatility, Correlations Between Markets, and Macroeconomic Factors
  • Case Study Analysis of Periods of Recessionless Financial Stress
  • Policy Implications
  • Appendix: Case Studies
• Chapter IV. Volatility of Private Capital Flows to Emerging Markets (184KB pdf file)
  • Pattern and Volatility of Flows
  • Determinants of the Pattern and Volatility of Capital Flows
  • Concluding Remarks and Policy Issues

Supporting material and statistical resources

• Glossary (49KB pdf file)
• Annex: Concluding Remarks by the Chairman (51KB pdf file)
• Statistical Appendix (936KB pdf file)

Boxes (selected thematic items)

• 2.1 Mortgage Hedging Mechanics
• 2.2 Collective Action Clauses—Recent Developments
• 2.3 Basel Core Principles Compliance and Banking System Financial Strength
• 2.4 Yield Compression in Central Europe: Convergence Expectations Versus Macroeconomic Fundamentals
• 4.1 The Demise of Brady Bonds

Tables (selected data tables and topics)

• 1.1 Financial Market Data
• United States: Changes in Government Securities Yields
• U.S. Corporate Bond Spread: Coefficients of Variation
• United States: Balance Sheet of Households and Nonprofit Organizations
• Euro Area: Nonfinancial Sector Net Asset Purchases
• 2.5 Emerging Market Spread: Coefficients of Variation
• 2.6 Emerging Market Financing Overview
• 2.7 Currency of Issuance
• 3.1 Frequency of Tail Events
• 3.2 United States: Frequency of Monthly Equity Returns Greater Than 8 Percent
• 3.3 Correlations Between Historical Volatility and Recessions
• Changes in Bank Exposures to Emerging Markets
• 4.2 Balance of Payments: All Emerging Markets
• 4.3 Coefficient of Variation of Net Private Capital Flows to Emerging Markets
• 4.4 Coefficient of Variation of Private Gross Issuance to Emerging Markets
• 4.5 Average Probability of High-Volatility Regime of Gross Issuances to Emerging Markets

Figures (selected indicators and visualizations)

• Inflation-Linked 10-Year Bond Yields
• Inflation Expectations
• Cumulative Net Flows to U.S. Mutual Funds
• Equity Market Performance
• Bond-to-Earnings Yield Ratio
• U.S. Dollar Performance
• United States: Household Net Acquisitions of Financial Assets, Selected Items
• Sovereign Spreads
• EMBI+ Total Returns, First Half of 2003
• Currency Performance Versus the Dollar, First Half of 2003
• Emerging Bond Fund Beta Index and EMBI+ Spreads
• Correlations of EMBI+ with U.S. 10-Year Treasury Returns
• Emerging Market Debt Cross-Correlations
• Cumulative Gross Annual Issuance of Bonds, Loans, and Equity
• Net Private Capital Flows to Emerging Markets
• Emerging Markets Gross Financing: Bonds, Equities, and Loans
• Probability of Being in a High-Volatility State
• 4.6 EMBI+ with Periods of Opening and Closure
• 4.7 Capital Controls and Flows to Emerging Markets

Themes for analysis and policy emphasis (as presented in chapter headings)

• Balance of risks and vulnerabilities in global financial markets
• Policies to promote financial stability
• Impact of ample liquidity on major financial markets
• Assessment of mature market vulnerabilities and their easing
• Role of external environment in reducing emerging bond yields
• Improvements in emerging market access and associated banking sector performance and risks
• Financial market volatility: measurement, empirical links to macroeconomic factors, case studies, and policy implications
• Volatility, pattern, and determinants of private capital flows to emerging markets; policy issues

*On this site, the term "country" does not in all cases refer to a territorial entity that is a state as understood by international law and practice. As used here, the term also covers some territorial entities that are not states.

Italic source attribution: Global Financial Stability Report: Market Developments and Issues, September 2003 — Contents.

Content in this bundle

• Global Financial Stability Report, September 2003 -- Annex: Concluding Remarks by the Chairman
  • Global Financial Stability Report, September 2003 -- Annex: Concluding Remarks by the Chairman (Markdown version)
  • Global Financial Stability Report, September 2003 -- Annex: Concluding Remarks by the Chairman (PDF)
• Global Financial Stability Report, September 2003 - Chapter 1: Overview
  • Global Financial Stability Report, September 2003 - Chapter 1: Overview (Markdown version)
  • Global Financial Stability Report, September 2003 - Chapter 1: Overview (PDF)
• Global Financial Stability Report, September 2003 -- Chapter 2: Global Financial Market Developments
  • Global Financial Stability Report, September 2003 -- Chapter 2: Global Financial Market Developments (Markdown version)
  • Global Financial Stability Report, September 2003 -- Chapter 2: Global Financial Market Developments (PDF)
• Chapter Iii
  • Chapter Iii (Markdown version)
  • Chapter Iii (PDF)
• Chapter Iv: — Volatility of Private Capital Flows to Emerging Markets
  • Chapter Iv: — Volatility of Private Capital Flows to Emerging Markets (Markdown version)
  • Chapter Iv: — Volatility of Private Capital Flows to Emerging Markets (PDF)
• _glossarypdf
  • _glossarypdf (Markdown version)
  • _glossarypdf (PDF)
• Global Financial Stability Report, September 2003 -- Statistical Appendix
  • Global Financial Stability Report, September 2003 -- Statistical Appendix (Markdown version)
  • Global Financial Stability Report, September 2003 -- Statistical Appendix (PDF)

References

• The Global Financial Report Home
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• Sign up to receive free e-mail notices when new series and/or country items are posted on the IMF website.
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• https://www.imf.org/en/publications/weo
• Global Economy in Crosscurrents of War and Technology
• https://www.imf.org/en/publications/gfsr
• Global Financial Markets Confront the War in the Middle East and Amplification Risks
• https://www.imf.org/en/publications/fm
• Fiscal Policy under Pressure: High Debt, Rising Risks
• https://www.imf.org/en/publications/reo
• Asia and Pacific
• Europe
• Middle East and Central Asia
• Sub-Saharan Africa
• Western Hemisphere
• https://www.imf.org/en/publications/areb
• Getting to Growth in an Age of Uncertainty
• https://www.imf.org/en/publications/finance-development
• More Publications
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