## Global Financial Stability Report: Market Developments and Issues, March 2002--Contents

_Global Financial Stability Report, March 14, 2002_

## Source details

**Canonical URL:** [Global Financial Stability Report: Market Developments and Issues, March 2002--Contents](https://www.imf.org/en/publications/gfsr/issues/2016/12/31/a-quarterly-report-on-market-developments-and-issues)

## Other formats

- [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)

## Bibliographic details
- Published: March 14, 2002
- Series: Global Financial Stability Report

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### Main focus and conclusions
- 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.

### Publication and access notes
- 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

### Chapter structure and key chapter topics (with file sizes as listed)
- Foreward
- Preface
- Chapter I. Overview (169KB pdf file)
- Chapter II. Recent Developments in International Capital Markets (258KB pdf file)
  - The Recovery Rally
  - What Are Markets Anticipating About Recovery?
  - Emerging Market Financing
  - References
- Chapter III. Stability Implications of Global Financial Market Conditions (271KB pdf file)
  - Financial Market Implications of Financial Imbalances and a Subdued or Delayed Recovery
  - How Effective Is the Market for Credit Risk Transfer Vehicles Functioning?
- Chapter IV. Early Warning Systems Models: The Next Steps Forward (320KB pdf file)
  - Current EWS models at the IMF
  - EWS: A Way Forward
  - Conclusion
- Chapter V. Alternative Financial Instruments and Access to Capital Markets (320KB pdf file)
  - Alternative Financial Instruments: What Are They and How Do They Work?
  - Policy Implications
  - Concluding Remarks

### Analytical emphases and issues explored
- 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.

### Appendices, boxes, tables, and figures listed
- Boxes (selected titles as listed)
  - 2.1 Anticipating Economic Turnarounds: The Record of the Stock Market
  - 2.2 Argentina and the Asset Class
  - 3.1 Financial Implications of Enron's Bankruptcy
  - 4.1 The IMF's Core Early Warning Systems Models—A Primer
  - 4.2 Alternative Measures of Contagion
  - 5.1 Recent Bond Warrants
  - 5.2 The Structure of Future-Flow Securitizations—Modalities and the Case of PEMEX
- Tables (selected entries as listed)
  - Total Return Performances of Mature Equity Markets
  - U.S. Corporate Bond Total Returns
  - Performance of Emerging Bond Markets
  - Currency of Issue
  - Total Dollar Return Performance of Emerging Equity Markets
  - U.S. Financial Conditions During the 1990–91 and 2001 Recessions
  - Performance of Large European Banks
  - Performance of Major Japanese City Banks
  - Emerging Market Sovereign Bond and Loan Issues by Type
  - Market Conditions and Alternative Financial Instruments
- Figures (selected entries as listed)
  - Global Risk Aversion
  - Global Equity Markets
  - Net Purchases by Foreigners from U.S. Residents
  - U.S. Treasury Yield Differentials
  - S&P 500 Earnings Growth Forecasts for 2002
  - U.S. Treasury Credit Curves
  - U.S. Domestic Bond Issuance
  - The U.S. Dollar
  - Twelve-Month Forward Price-Earnings Ratio for the S&P 500
  - Expected Policy Rates: Federal Funds Futures
  - Emerging Market Spreads
  - Average Cross-Correlation of Emerging Debt Markets
  - Emerging Market Spread Correlations with Argentina
  - Monthly Bond Issuance
  - Loan Issuance
  - Cumulative Gross Annual Issuance of Hard Currency Loans
  - Loan-Weighted Interest Margin
  - Net Foreign Purchases and Monthly Returns on Emerging Equity Markets
  - Capital Flows to Emerging Economies
  - United States: Financial Conditions, 1987–2001
  - Probability Density Functions for Group of Three Exchange Rates Implied by Option Prices
  - Household and Corporate Sector Balance Sheets in the Euro Area and Japan
  - Japan Premium
  - United States: Household and Corporate Sector Balance Sheets and Debt Services Ratios
  - Performance of Bank Stock Indices Implied Earnings Growth Rates
  - Implied Earnings Growth Rates
  - Global Credit Derivatives Market Size and Structure
  - Key Characteristics of Credit Derivatives Markets
  - Spread Between Credit Derivatives Premium and Underlying Bond Spread
  - The IMF Early Warning System Models: Developing Country Studies Division (DCSD) and Kaminsky, Lizondo, and Reinhart (KLR) Probabilities of Crisis
  - Forward Exchange Rates for Argentine Peso
  - Spot Price and Implied Probability Density Function for the Brazilian Real
  - Argentina and Turkey: External Liquidity and Debt Service Ratios
  - Slope of Default Swap Curve
  - Korea: Financial Institutions Index (1991–2001)

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## Content in this bundle

- **Global Financial Stability Report--March 2002**
  - [Global Financial Stability Report--March 2002 (Markdown version)](/-/media/websites/imf/imported-flagship-issues/external/pubs/ft/gfsr/2002/01/pdf/_chp1pdf.pdf.md){rel="alternate" type="text/markdown"}
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- **Global Financial Stability Report--March 2002**
  - [Global Financial Stability Report--March 2002 (Markdown version)](/-/media/websites/imf/imported-flagship-issues/external/pubs/ft/gfsr/2002/01/pdf/_chp2pdf.pdf.md){rel="alternate" type="text/markdown"}
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- **Global Financial Stability Report--March 2002**
  - [Global Financial Stability Report--March 2002 (Markdown version)](/-/media/websites/imf/imported-flagship-issues/external/pubs/ft/gfsr/2002/01/pdf/_chp3pdf.pdf.md){rel="alternate" type="text/markdown"}
  - [Global Financial Stability Report--March 2002 (PDF)](/-/media/websites/imf/imported-flagship-issues/external/pubs/ft/gfsr/2002/01/pdf/_chp3pdf.pdf){rel="external" type="application/pdf"}
- **Global Financial Stability Report--March 2002**
  - [Global Financial Stability Report--March 2002 (Markdown version)](/-/media/websites/imf/imported-flagship-issues/external/pubs/ft/gfsr/2002/01/pdf/_chp4and5pdf.pdf.md){rel="alternate" type="text/markdown"}
  - [Global Financial Stability Report--March 2002 (PDF)](/-/media/websites/imf/imported-flagship-issues/external/pubs/ft/gfsr/2002/01/pdf/_chp4and5pdf.pdf){rel="external" type="application/pdf"}

---

## References

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