{
  "title": "Global Financial Stability Report, September 2004: Market Developments and Issues",
  "publication": "Global Financial Stability Report, September 13, 2004",
  "sourceUrl": "https://www.imf.org/en/publications/gfsr/issues/2016/12/31/global-financial-stability-report-september-2004-market-developments-and-issues-17584",
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  "summary": "This September 2004 issue of the Global Financial Stability Report highlights that over the past six months, the global financial system, especially the health of financial intermediaries, has been further strengthened by the broadening economic recovery.",
  "sections": [
    {
      "heading": "Executive summary and key finding",
      "content": "- Over the past six months, the global financial system, especially the health of financial intermediaries, has been further strengthened by the broadening economic recovery.\n- The financial system has not looked as resilient as it does in the summer of 2004 in the three years since the bursting of the equity bubble.\n- Financial intermediaries, banks and nonbanks alike, have strengthened their balance sheets to a point where they could, if necessary, absorb considerable shocks."
    },
    {
      "heading": "Major themes and coverage",
      "content": "- Banking\n- Emerging and frontier financial markets\n- Expenditure\n- Financial institutions\n- Financial markets\n- Hedge funds\n- Labor\n- Pension spending and Pensions\n- Securities markets"
    },
    {
      "heading": "Geographic and topical keywords",
      "content": "- Africa\n- Asia and Pacific\n- capital market\n- crisis country\n- Emerging and frontier financial markets\n- emerging market country\n- Europe\n- GFSR\n- Global\n- Hedge funds\n- market condition\n- market expectation\n- market participant\n- market player\n- Middle East\n- Pension spending\n- Pensions\n- Securities markets\n- U.S. dollar\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- Banking\n- Emerging and frontier financial markets\n- Expenditure\n- Financial institutions\n- Financial markets\n- Hedge funds\n- Labor\n- Pension spending\n- Pensions\n- Securities markets\n- Enhancing Tax Capacity: Revenue Gains from Strengthening Tax Administration\nOctober 24, 2025\n- Unleashing Private Sector Job Creation: Challenges and Opportunities for Lesotho\nOctober 14, 2025\n- Setting Up Fiscal Rules in Lesotho: Kingdom of Lesotho\nOctober 14, 2025\n- The Evolving Growth Model of Lithuania: Republic of Lithuania\nOctober 13, 2025\n- https://www.imf.org/en/home\n\nSource: https://www.imf.org/en/publications/gfsr/issues/2016/12/31/global-financial-stability-report-september-2004-market-developments-and-issues-17584"
    }
  ],
  "bullets": [
    "[Markdown version](/en/publications/gfsr/issues/2016/12/31/global-financial-stability-report-september-2004-market-developments-and-issues-17584/index.md)",
    "[Structured JSON version](/en/publications/gfsr/issues/2016/12/31/global-financial-stability-report-september-2004-market-developments-and-issues-17584/index.json)",
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    "Published: September 13, 2004",
    "Series: Global Financial Stability Report",
    "DOI: https://doi.org/10.5089/9781589063785.082",
    "Over the past six months, the global financial system, especially the health of financial intermediaries, has been further strengthened by the broadening economic recovery.",
    "The financial system has not looked as resilient as it does in the summer of 2004 in the three years since the bursting of the equity bubble.",
    "Financial intermediaries, banks and nonbanks alike, have strengthened their balance sheets to a point where they could, if necessary, absorb considerable shocks.",
    "Banking",
    "Emerging and frontier financial markets",
    "Expenditure",
    "Financial institutions",
    "Financial markets",
    "Hedge funds",
    "Labor",
    "Pension spending and Pensions",
    "Securities markets",
    "Africa",
    "Asia and Pacific",
    "capital market",
    "crisis country",
    "Emerging and frontier financial markets",
    "emerging market country",
    "Europe",
    "GFSR",
    "Global",
    "Hedge funds",
    "market condition",
    "market expectation",
    "market participant",
    "market player",
    "Middle East",
    "Pension spending",
    "Pensions",
    "Securities markets",
    "U.S. dollar",
    "[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/2004/02/index.htm)",
    "[More Formats on IMF eLibrary](https://elibrary.imf.org/display/book/9781589063785/9781589063785.xml?cid=lk-com-dsp-imf.org)",
    "[Order a Print Copy](https://www.bookstore.imf.org/cart?isbn=9781589063785)",
    "[Banking](https://www.imf.org/en/publications/publications-by-subject?subject=Banking)",
    "[Emerging and frontier financial markets](https://www.imf.org/en/publications/publications-by-subject?subject=Emerging+and+frontier+financial+markets)",
    "[Expenditure](https://www.imf.org/en/publications/publications-by-subject?subject=Expenditure)",
    "[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)",
    "[Hedge funds](https://www.imf.org/en/publications/publications-by-subject?subject=Hedge+funds)",
    "[Labor](https://www.imf.org/en/publications/publications-by-subject?subject=Labor)",
    "[Pension spending](https://www.imf.org/en/publications/publications-by-subject?subject=Pension+spending)",
    "[Pensions](https://www.imf.org/en/publications/publications-by-subject?subject=Pensions)",
    "[Securities markets](https://www.imf.org/en/publications/publications-by-subject?subject=Securities+markets)",
    "[Enhancing Tax Capacity: Revenue Gains from Strengthening Tax Administration",
    "[Unleashing Private Sector Job Creation: Challenges and Opportunities for Lesotho",
    "[Setting Up Fiscal Rules in Lesotho: Kingdom of Lesotho",
    "[The Evolving Growth Model of Lithuania: Republic of Lithuania"
  ],
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  "generatedAtUtc": "2026-09-03T21:35:29.071Z"
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