{
  "title": "Global Financial Stability Report, March 2003: Market Developments and Issues",
  "publication": "Global Financial Stability Report, March 26, 2003",
  "sourceUrl": "https://www.imf.org/en/publications/gfsr/issues/2016/12/30/global-financial-stability-report-march-2003-market-developments-and-issues-16378",
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  "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.",
  "sections": [
    {
      "heading": "Key findings and market developments",
      "content": "- Supportive stance of monetary policy in the major economies contributed to a sizable buildup of cash positions.\n- More risk-averse behavior by both institutional and retail investors contributed to the buildup of cash positions.\n- Partial mobilization of these cash positions in the fourth quarter of 2002:\n  - Helped fuel a short-lived stock market rally.\n  - Led to a narrowing of credit spreads on mature and emerging bonds.\n  - Contributed to an increase in flows to emerging market borrowers."
    },
    {
      "heading": "Subject areas and keywords",
      "content": "- Subject: Derivative markets, Emerging and frontier financial markets, Financial institutions, Financial markets, Securities markets, Stock markets, Stocks\n- Keywords: Africa, Asia and Pacific, asset, bond market, Derivative markets, Emerging and frontier financial markets, Europe, GFSR, Global, investor, investor sentiment, market, market confidence, market development, market infrastructure, market participant, Middle East, securities, Securities markets, Stock markets, Stocks"
    },
    {
      "heading": "Access and formats",
      "content": "- Available formats: PDF (Download PDF), More Formats on IMF eLibrary\n- Additional access options noted on the page: Order a Print Copy, Create Citation, Share\n\nSource: Global Financial Stability Report, March 2003: Market Developments and Issues (International Monetary Fund).\n\n---\n\n\n References\n\n- https://www.imf.org/en/publications/gfsr\n- United States and the IMF\n- Explore\n- Subscribe\n- Download PDF\n- More Formats on IMF eLibrary\n- Order a Print Copy\n- Derivative markets\n- Emerging and frontier financial markets\n- Financial institutions\n- Financial markets\n- Securities markets\n- Stock markets\n- Stocks\n- Enhancing Tax Capacity: Revenue Gains from Strengthening Tax Administration\nOctober 24, 2025\n- Mauritius: Technical Assistance Report-Report on the National Accounts and Balance of Payments Mission (March 24–28, 2025)\nOctober 10, 2025\n- A Stocktaking of The Current International Architecture for Resolving Sovereign Debt Involving Private Sector Creditors\nOctober 07, 2025\n- State Capacity, Institutions and Growth: Taxing for Takeoff—Revisiting the Tax Tipping Point\nOctober 03, 2025\n- https://www.imf.org/en/home\n\nSource: https://www.imf.org/en/publications/gfsr/issues/2016/12/30/global-financial-stability-report-march-2003-market-developments-and-issues-16378"
    }
  ],
  "bullets": [
    "[Markdown version](/en/publications/gfsr/issues/2016/12/30/global-financial-stability-report-march-2003-market-developments-and-issues-16378/index.md)",
    "[Structured JSON version](/en/publications/gfsr/issues/2016/12/30/global-financial-stability-report-march-2003-market-developments-and-issues-16378/index.json)",
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    "Published: March 26, 2003",
    "Series: Global Financial Stability Report",
    "DOI: https://doi.org/10.5089/9781589062108.082",
    "Supportive stance of monetary policy in the major economies contributed to a sizable buildup of cash positions.",
    "More risk-averse behavior by both institutional and retail investors contributed to the buildup of cash positions.",
    "Partial mobilization of these cash positions in the fourth quarter of 2002:",
    "Subject: Derivative markets, Emerging and frontier financial markets, Financial institutions, Financial markets, Securities markets, Stock markets, Stocks",
    "Keywords: Africa, Asia and Pacific, asset, bond market, Derivative markets, Emerging and frontier financial markets, Europe, GFSR, Global, investor, investor sentiment, market, market confidence, market development, market infrastructure, market participant, Middle East, securities, Securities markets, Stock markets, Stocks",
    "Available formats: PDF (Download PDF), More Formats on IMF eLibrary",
    "Additional access options noted on the page: Order a Print Copy, Create Citation, Share",
    "[https://www.imf.org/en/publications/gfsr](https://www.imf.org/en/publications/gfsr)",
    "[United States and the IMF](http://www.imf.org/external/country/USA/index.htm)",
    "[Explore](https://www.elibrary.imf.org/)",
    "[Subscribe](https://www.imf.org/en/Publications/Newsletter/registration)",
    "[Download PDF](http://www.imf.org/external/pubs/ft/gfsr/2003/01/index.htm)",
    "[More Formats on IMF eLibrary](https://elibrary.imf.org/display/book/9781589062108/9781589062108.xml?cid=lk-com-dsp-imf.org)",
    "[Order a Print Copy](https://www.bookstore.imf.org/cart?isbn=9781589062108)",
    "[Derivative markets](https://www.imf.org/en/publications/publications-by-subject?subject=Derivative+markets)",
    "[Emerging and frontier financial markets](https://www.imf.org/en/publications/publications-by-subject?subject=Emerging+and+frontier+financial+markets)",
    "[Financial institutions](https://www.imf.org/en/publications/publications-by-subject?subject=Financial+institutions)",
    "[Financial markets](https://www.imf.org/en/publications/publications-by-subject?subject=Financial+markets)",
    "[Securities markets](https://www.imf.org/en/publications/publications-by-subject?subject=Securities+markets)",
    "[Stock markets](https://www.imf.org/en/publications/publications-by-subject?subject=Stock+markets)",
    "[Stocks](https://www.imf.org/en/publications/publications-by-subject?subject=Stocks)",
    "[Enhancing Tax Capacity: Revenue Gains from Strengthening Tax Administration",
    "[Mauritius: Technical Assistance Report-Report on the National Accounts and Balance of Payments Mission (March 24–28, 2025)",
    "[A Stocktaking of The Current International Architecture for Resolving Sovereign Debt Involving Private Sector Creditors",
    "[State Capacity, Institutions and Growth: Taxing for Takeoff—Revisiting the Tax Tipping Point"
  ],
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