{
  "title": "Global Financial Stability Report, September 2002: Market Developments and Issues",
  "publication": "Global Financial Stability Report, September 12, 2002",
  "sourceUrl": "https://www.imf.org/en/publications/gfsr/issues/2016/12/30/global-financial-stability-report-september-2002-market-developments-and-issues-15966",
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  "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.",
  "sections": [
    {
      "heading": "Summary",
      "content": "- Publication date: September 12, 2002\n- This September 2002 issue 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.\n- The pace and quality of corporate earnings had repercussions in all of the major equity, credit, and foreign exchange markets.\n- Market adjustments occurred against the background of the bursting of the telecom, media, and technology bubble, which exposed a culture of irrational exuberance, and sometimes greed, among many buyers, sellers, and intermediaries."
    },
    {
      "heading": "Major market developments and findings",
      "content": "- Timeframe emphasized: second quarter of 2002.\n- Investor sentiment:\n  - Sharp erosion of investor confidence.\n  - Heightened risk aversion.\n  - Growing concerns about the strength and durability of the global recovery.\n- Corporate sector:\n  - Pace and quality of corporate earnings materially affected equity, credit, and foreign exchange markets.\n- Market structure and behavior:\n  - Bursting of the telecom, media, and technology bubble.\n  - Exposure of a culture of irrational exuberance, and sometimes greed, among market participants.\n- Markets affected:\n  - Equity markets\n  - Credit markets (including corporate bonds)\n  - Foreign exchange markets\n  - Securities markets and stock markets more broadly\n- Geographic scope: Global, with keywords indicating relevance to Africa; Asia and Pacific; Europe; Middle East; and emerging and frontier financial markets."
    },
    {
      "heading": "Subjects and keywords (as listed)",
      "content": "- Subjects: Bonds, Corporate bonds, Emerging and frontier financial markets, Financial institutions, Financial markets, Securities markets, Stock markets\n- Keywords: Africa, Asia and Pacific, Bonds, Corporate bonds, dollar, Emerging and frontier financial markets, emerging market, Europe, financial market, GFSR, Global, investor, investor concern, investor confidence, investor sentiment, market, market adjustment, market correction, Middle East, Securities markets, Stock markets\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- Bonds\n- Corporate bonds\n- Emerging and frontier financial markets\n- Financial institutions\n- Financial markets\n- Securities markets\n- Stock markets\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-september-2002-market-developments-and-issues-15966"
    }
  ],
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    "[Markdown version](/en/publications/gfsr/issues/2016/12/30/global-financial-stability-report-september-2002-market-developments-and-issues-15966/index.md)",
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    "Published: September 12, 2002",
    "Series: Global Financial Stability Report",
    "DOI: https://doi.org/10.5089/9781589061576.082",
    "Publication date: September 12, 2002",
    "This September 2002 issue 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.",
    "The pace and quality of corporate earnings had repercussions in all of the major equity, credit, and foreign exchange markets.",
    "Market adjustments occurred against the background of the bursting of the telecom, media, and technology bubble, which exposed a culture of irrational exuberance, and sometimes greed, among many buyers, sellers, and intermediaries.",
    "Timeframe emphasized: second quarter of 2002.",
    "Investor sentiment:",
    "Corporate sector:",
    "Market structure and behavior:",
    "Markets affected:",
    "Geographic scope: Global, with keywords indicating relevance to Africa; Asia and Pacific; Europe; Middle East; and emerging and frontier financial markets.",
    "Subjects: Bonds, Corporate bonds, Emerging and frontier financial markets, Financial institutions, Financial markets, Securities markets, Stock markets",
    "Keywords: Africa, Asia and Pacific, Bonds, Corporate bonds, dollar, Emerging and frontier financial markets, emerging market, Europe, financial market, GFSR, Global, investor, investor concern, investor confidence, investor sentiment, market, market adjustment, market correction, Middle East, Securities markets, Stock markets",
    "[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/2002/03/index.htm)",
    "[More Formats on IMF eLibrary](https://elibrary.imf.org/display/book/9781589061576/9781589061576.xml?cid=lk-com-dsp-imf.org)",
    "[Order a Print Copy](https://www.bookstore.imf.org/cart?isbn=9781589061576)",
    "[Bonds](https://www.imf.org/en/publications/publications-by-subject?subject=Bonds)",
    "[Corporate bonds](https://www.imf.org/en/publications/publications-by-subject?subject=Corporate+bonds)",
    "[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)",
    "[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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