{ "title": "Global Financial Stability Report: Market Developments and Issues, March 2002--Contents", "publication": "Global Financial Stability Report, March 14, 2002", "sourceUrl": "https://www.imf.org/en/publications/gfsr/issues/2016/12/31/a-quarterly-report-on-market-developments-and-issues", "canonical": "https://www.imf.org/en/publications/gfsr/issues/2016/12/31/a-quarterly-report-on-market-developments-and-issues", "overlayPath": "/en/publications/gfsr/issues/2016/12/31/a-quarterly-report-on-market-developments-and-issues/index.md", "summary": "Reviews recent developments in global financial markets and explores the potential market impact of financial imbalances and continued credit quality deterioration.", "sections": [ { "heading": "Main focus and conclusions", "content": "- Reviews recent developments in global financial markets and explores the potential market impact of financial imbalances and continued credit quality deterioration.\n- Focuses on the expansion of credit risk transfer mechanisms — such as credit derivatives and collateralized debt obligations — as a means for distributing credit risks.\n- Concludes with two essays: one on Early Warning System models and another on alternative funding instruments for emerging market countries." }, { "heading": "Publication and access notes", "content": "- A Quarterly Report on Market Developments and Issues\n- March 2002\n- The Global Financial Stability Report provides quarterly assessments of global financial markets and addresses emerging market financing in a global context.\n- Transcript of the Press Conference on the March 2002 Global Financial Stability Report\n- Links: Global Financial Report Home; Global Financial Stability Reports; Email notification sign-up\n- Use the free Adobe Acrobat Reader to view pdf files" }, { "heading": "Chapter structure and key chapter topics (with file sizes as listed)", "content": "- Foreward\n- Preface\n- Chapter I. Overview (169KB pdf file)\n- Chapter II. Recent Developments in International Capital Markets (258KB pdf file)\n - The Recovery Rally\n - What Are Markets Anticipating About Recovery?\n - Emerging Market Financing\n - References\n- Chapter III. Stability Implications of Global Financial Market Conditions (271KB pdf file)\n - Financial Market Implications of Financial Imbalances and a Subdued or Delayed Recovery\n - How Effective Is the Market for Credit Risk Transfer Vehicles Functioning?\n- Chapter IV. Early Warning Systems Models: The Next Steps Forward (320KB pdf file)\n - Current EWS models at the IMF\n - EWS: A Way Forward\n - Conclusion\n- Chapter V. Alternative Financial Instruments and Access to Capital Markets (320KB pdf file)\n - Alternative Financial Instruments: What Are They and How Do They Work?\n - Policy Implications\n - Concluding Remarks" }, { "heading": "Analytical emphases and issues explored", "content": "- Financial imbalances and the market impact of a subdued or delayed recovery.\n- Continued credit quality deterioration and its implications for market stability.\n- Expansion and functioning of credit risk transfer mechanisms, including credit derivatives and collateralized debt obligations, as means for distributing credit risks.\n- Early Warning System (EWS) models: assessment of current IMF models and proposals for the next steps forward.\n- Alternative financial instruments and access to capital markets for emerging market countries: structures, modalities, and policy implications." }, { "heading": "Appendices, boxes, tables, and figures listed", "content": "- Boxes (selected titles as listed)\n - 2.1 Anticipating Economic Turnarounds: The Record of the Stock Market\n - 2.2 Argentina and the Asset Class\n - 3.1 Financial Implications of Enron's Bankruptcy\n - 4.1 The IMF's Core Early Warning Systems Models—A Primer\n - 4.2 Alternative Measures of Contagion\n - 5.1 Recent Bond Warrants\n - 5.2 The Structure of Future-Flow Securitizations—Modalities and the Case of PEMEX\n- Tables (selected entries as listed)\n - Total Return Performances of Mature Equity Markets\n - U.S. Corporate Bond Total Returns\n - Performance of Emerging Bond Markets\n - Currency of Issue\n - Total Dollar Return Performance of Emerging Equity Markets\n - U.S. Financial Conditions During the 1990–91 and 2001 Recessions\n - Performance of Large European Banks\n - Performance of Major Japanese City Banks\n - Emerging Market Sovereign Bond and Loan Issues by Type\n - Market Conditions and Alternative Financial Instruments\n- Figures (selected entries as listed)\n - Global Risk Aversion\n - Global Equity Markets\n - Net Purchases by Foreigners from U.S. Residents\n - U.S. Treasury Yield Differentials\n - S&P 500 Earnings Growth Forecasts for 2002\n - U.S. Treasury Credit Curves\n - U.S. Domestic Bond Issuance\n - The U.S. Dollar\n - Twelve-Month Forward Price-Earnings Ratio for the S&P 500\n - Expected Policy Rates: Federal Funds Futures\n - Emerging Market Spreads\n - Average Cross-Correlation of Emerging Debt Markets\n - Emerging Market Spread Correlations with Argentina\n - Monthly Bond Issuance\n - Loan Issuance\n - Cumulative Gross Annual Issuance of Hard Currency Loans\n - Loan-Weighted Interest Margin\n - Net Foreign Purchases and Monthly Returns on Emerging Equity Markets\n - Capital Flows to Emerging Economies\n - United States: Financial Conditions, 1987–2001\n - Probability Density Functions for Group of Three Exchange Rates Implied by Option Prices\n - Household and Corporate Sector Balance Sheets in the Euro Area and Japan\n - Japan Premium\n - United States: Household and Corporate Sector Balance Sheets and Debt Services Ratios\n - Performance of Bank Stock Indices Implied Earnings Growth Rates\n - Implied Earnings Growth Rates\n - Global Credit Derivatives Market Size and Structure\n - Key Characteristics of Credit Derivatives Markets\n - Spread Between Credit Derivatives Premium and Underlying Bond Spread\n - The IMF Early Warning System Models: Developing Country Studies Division (DCSD) and Kaminsky, Lizondo, and Reinhart (KLR) Probabilities of Crisis\n - Forward Exchange Rates for Argentine Peso\n - Spot Price and Implied Probability Density Function for the Brazilian Real\n - Argentina and Turkey: External Liquidity and Debt Service Ratios\n - Slope of Default Swap Curve\n - Korea: Financial Institutions Index (1991–2001)\n\n---\n\n Content in this bundle\n\n- Global Financial Stability Report--March 2002\n - Global Financial Stability Report--March 2002 (Markdown version){rel=\"alternate\" type=\"text/markdown\"}\n - Global Financial Stability Report--March 2002 (PDF){rel=\"external\" type=\"application/pdf\"}\n- Global Financial Stability Report--March 2002\n - Global Financial Stability Report--March 2002 (Markdown version){rel=\"alternate\" type=\"text/markdown\"}\n - Global Financial Stability Report--March 2002 (PDF){rel=\"external\" type=\"application/pdf\"}\n- Global Financial Stability Report--March 2002\n - Global Financial Stability Report--March 2002 (Markdown version){rel=\"alternate\" type=\"text/markdown\"}\n - Global Financial Stability Report--March 2002 (PDF){rel=\"external\" type=\"application/pdf\"}\n- Global Financial Stability Report--March 2002\n - Global Financial Stability Report--March 2002 (Markdown version){rel=\"alternate\" type=\"text/markdown\"}\n - Global Financial Stability Report--March 2002 (PDF){rel=\"external\" type=\"application/pdf\"}\n\n---\n\n References\n\n- Transcript\n- The Global Financial Report Home\n- Global Financial Stability Reports\n- Sign up to receive free e-mail notices when new series and/or country items are posted on the IMF website.\n- Modify your profile\n- Ordering Information\n- Disclaimer\n- Adobe Acrobat Reader\n- https://www.imf.org/en/home\n\nSource: https://www.imf.org/en/publications/gfsr/issues/2016/12/31/a-quarterly-report-on-market-developments-and-issues" } ], "bullets": [ "[Markdown version](/en/publications/gfsr/issues/2016/12/31/a-quarterly-report-on-market-developments-and-issues/index.md)", "[Structured JSON version](/en/publications/gfsr/issues/2016/12/31/a-quarterly-report-on-market-developments-and-issues/index.json)", "[Bundle manifest](/en/publications/gfsr/issues/2016/12/31/a-quarterly-report-on-market-developments-and-issues/bundle-manifest.json)", "Published: March 14, 2002", "Series: Global Financial Stability Report", "Reviews recent developments in global financial markets and explores the potential market impact of financial imbalances and continued credit quality deterioration.", "Focuses on the expansion of credit risk transfer mechanisms — such as credit derivatives and collateralized debt obligations — as a means for distributing credit risks.", "Concludes with two essays: one on Early Warning System models and another on alternative funding instruments for emerging market countries.", "A Quarterly Report on Market Developments and Issues", "March 2002", "The Global Financial Stability Report provides quarterly assessments of global financial markets and addresses emerging market financing in a global context.", "Transcript of the Press Conference on the March 2002 Global Financial Stability Report", "Links: Global Financial Report Home; Global Financial Stability Reports; Email notification sign-up", "Use the free Adobe Acrobat Reader to view pdf files", "Foreward", "Preface", "Chapter I. Overview (169KB pdf file)", "Chapter II. Recent Developments in International Capital Markets (258KB pdf file)", "Chapter III. Stability Implications of Global Financial Market Conditions (271KB pdf file)", "Chapter IV. Early Warning Systems Models: The Next Steps Forward (320KB pdf file)", "Chapter V. Alternative Financial Instruments and Access to Capital Markets (320KB pdf file)", "Financial imbalances and the market impact of a subdued or delayed recovery.", "Continued credit quality deterioration and its implications for market stability.", "Expansion and functioning of credit risk transfer mechanisms, including credit derivatives and collateralized debt obligations, as means for distributing credit risks.", "Early Warning System (EWS) models: assessment of current IMF models and proposals for the next steps forward.", "Alternative financial instruments and access to capital markets for emerging market countries: structures, modalities, and policy implications.", "Boxes (selected titles as listed)", "Tables (selected entries as listed)", "Figures (selected entries as listed)", "**Global Financial Stability Report--March 2002**", "**Global Financial Stability Report--March 2002**", "**Global Financial Stability Report--March 2002**", "**Global Financial Stability Report--March 2002**", "[Transcript](https://www.imf.org/external/np/tr/2002/tr020314.htm)", "[The Global Financial Report Home](https://www.imf.org/external/pubs/ft/gfsr/about.htm)", "[Global Financial Stability Reports](https://www.imf.org/external/pubs/ft/GFSR/index.htm)", "[Sign up to receive free e-mail notices when new series and/or country items are posted on the IMF website.](https://www.imf.org/en/email-subscription/index)", "[Modify your profile](https://www.imf.org/en/email-subscription/login)", "[Ordering Information](https://www.imf.org/external/pubs/cat/longres.cfm?sk=15643.0)", "[Disclaimer](https://www.imf.org/external/terms.htm)", "[Adobe Acrobat Reader](https://www.imf.org/adobe)" ], "related": [ { "title": "Global Financial Stability Report--March 2002", "role": "document", "sourceUrl": "https://www.imf.org/-/media/websites/imf/imported-flagship-issues/external/pubs/ft/gfsr/2002/01/pdf/_chp1pdf.pdf", "summary": { "path": "/-/media/websites/imf/imported-flagship-issues/external/pubs/ft/gfsr/2002/01/pdf/_chp1pdf.pdf.md", "mime": "text/markdown" }, "binary": { "path": "/-/media/websites/imf/imported-flagship-issues/external/pubs/ft/gfsr/2002/01/pdf/_chp1pdf.pdf", "mime": "application/pdf" } }, { "title": "Global Financial Stability Report--March 2002", "role": "document", "sourceUrl": "https://www.imf.org/-/media/websites/imf/imported-flagship-issues/external/pubs/ft/gfsr/2002/01/pdf/_chp2pdf.pdf", "summary": { "path": "/-/media/websites/imf/imported-flagship-issues/external/pubs/ft/gfsr/2002/01/pdf/_chp2pdf.pdf.md", "mime": "text/markdown" }, "binary": { "path": "/-/media/websites/imf/imported-flagship-issues/external/pubs/ft/gfsr/2002/01/pdf/_chp2pdf.pdf", "mime": "application/pdf" } }, { "title": "Global Financial Stability Report--March 2002", "role": "document", "sourceUrl": "https://www.imf.org/-/media/websites/imf/imported-flagship-issues/external/pubs/ft/gfsr/2002/01/pdf/_chp3pdf.pdf", "summary": { "path": "/-/media/websites/imf/imported-flagship-issues/external/pubs/ft/gfsr/2002/01/pdf/_chp3pdf.pdf.md", "mime": "text/markdown" }, "binary": { "path": "/-/media/websites/imf/imported-flagship-issues/external/pubs/ft/gfsr/2002/01/pdf/_chp3pdf.pdf", "mime": "application/pdf" } }, { "title": "Global Financial Stability Report--March 2002", "role": "document", "sourceUrl": "https://www.imf.org/-/media/websites/imf/imported-flagship-issues/external/pubs/ft/gfsr/2002/01/pdf/_chp4and5pdf.pdf", "summary": { "path": "/-/media/websites/imf/imported-flagship-issues/external/pubs/ft/gfsr/2002/01/pdf/_chp4and5pdf.pdf.md", "mime": "text/markdown" }, "binary": { "path": "/-/media/websites/imf/imported-flagship-issues/external/pubs/ft/gfsr/2002/01/pdf/_chp4and5pdf.pdf", "mime": "application/pdf" } } ], "alternates": { "markdown": "/en/publications/gfsr/issues/2016/12/31/a-quarterly-report-on-market-developments-and-issues/index.md", "json": "/en/publications/gfsr/issues/2016/12/31/a-quarterly-report-on-market-developments-and-issues/index.json", "bundleManifest": "/en/publications/gfsr/issues/2016/12/31/a-quarterly-report-on-market-developments-and-issues/bundle-manifest.json" }, "generatedAtUtc": "2026-09-03T20:33:33.062Z" }