## Global Financial Stability Report, September 2004: Market Developments and Issues

_Global Financial Stability Report, September 13, 2004_

## Source details

**Canonical URL:** [Global Financial Stability Report, September 2004: Market Developments and Issues](https://www.imf.org/en/publications/gfsr/issues/2016/12/31/global-financial-stability-report-september-2004-market-developments-and-issues-17584)

## Other formats

- [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)
- [Bundle manifest](/en/publications/gfsr/issues/2016/12/31/global-financial-stability-report-september-2004-market-developments-and-issues-17584/bundle-manifest.json)

## Bibliographic details
- Published: September 13, 2004
- Series: Global Financial Stability Report
- DOI: https://doi.org/10.5089/9781589063785.082

---

### Executive summary and key finding
- 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.

### Major themes and coverage
- Banking
- Emerging and frontier financial markets
- Expenditure
- Financial institutions
- Financial markets
- Hedge funds
- Labor
- Pension spending and Pensions
- Securities markets

### Geographic and topical keywords
- 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

---


## References

- [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)
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- [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
October 24, 2025](https://www.imf.org/en/publications/wp/issues/2025/10/24/enhancing-tax-capacity-revenue-gains-from-strengthening-tax-administration-571373)
- [Unleashing Private Sector Job Creation: Challenges and Opportunities for Lesotho
October 14, 2025](https://www.imf.org/en/publications/selected-issues-papers/issues/2025/10/14/unleashing-private-sector-job-creation-challenges-and-opportunities-for-lesotho-571227)
- [Setting Up Fiscal Rules in Lesotho: Kingdom of Lesotho
October 14, 2025](https://www.imf.org/en/publications/selected-issues-papers/issues/2025/10/14/setting-up-fiscal-rules-in-lesotho-kingdom-of-lesotho-571221)
- [The Evolving Growth Model of Lithuania: Republic of Lithuania
October 13, 2025](https://www.imf.org/en/publications/selected-issues-papers/issues/2025/10/10/the-evolving-growth-model-of-lithuania-republic-of-lithuania-571150)

_Source: https://www.imf.org/en/publications/gfsr/issues/2016/12/31/global-financial-stability-report-september-2004-market-developments-and-issues-17584_