{
  "title": "Global Financial Stability Report, September 2005: Market Developments and Issues",
  "publication": "Global Financial Stability Report, September 15, 2005",
  "sourceUrl": "https://www.imf.org/en/publications/gfsr/issues/2016/12/31/global-financial-stability-report-september-2005-market-developments-and-issues-18229",
  "canonical": "https://www.imf.org/en/publications/gfsr/issues/2016/12/31/global-financial-stability-report-september-2005-market-developments-and-issues-18229",
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  "summary": "This September 2005 issue of the Global Financial Stability Report highlights that financial conditions have remained broadly positive over the past six months, but some market developments diverged from consensus expectations of market participants.",
  "sections": [
    {
      "heading": "Key findings",
      "content": "- Financial conditions have remained broadly positive over the past six months.\n- Some market developments diverged from consensus expectations of market participants.\n- Long-term interest rates, instead of rising as expected by some investors, have moderated.\n- The moderation of long-term interest rates has led to a further flattening of global yield curves."
    },
    {
      "heading": "Market dynamics and interpretations",
      "content": "- Cyclical factors:\n  - Market participants appeared to expect more moderate global growth and inflation.\n- Structural factors:\n  - A secular portfolio shift toward long-term bonds by pension funds and life insurance companies contributed to demand for long-term bonds."
    },
    {
      "heading": "Subjects and keywords covered",
      "content": "- Subjects: Bonds, Corporate bonds, Emerging and frontier financial markets, Financial institutions, Financial markets, Mutual funds, Securities markets\n- Keywords: Africa, Asia and Pacific, bond market, Bonds, CDO market, corporate bond bond market, Corporate bonds, Emerging and frontier financial markets, Europe, GFSR, Global, global bond, institutional investor, market correction, market expectation, market inflation expectation, Middle East, Mutual funds, risk premium, Securities 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- Mutual funds\n- Securities 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/2016/12/31/global-financial-stability-report-september-2005-market-developments-and-issues-18229"
    }
  ],
  "bullets": [
    "[Markdown version](/en/publications/gfsr/issues/2016/12/31/global-financial-stability-report-september-2005-market-developments-and-issues-18229/index.md)",
    "[Structured JSON version](/en/publications/gfsr/issues/2016/12/31/global-financial-stability-report-september-2005-market-developments-and-issues-18229/index.json)",
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    "Published: September 15, 2005",
    "Series: Global Financial Stability Report",
    "DOI: https://doi.org/10.5089/9781589064508.082",
    "Financial conditions have remained broadly positive over the past six months.",
    "Some market developments diverged from consensus expectations of market participants.",
    "Long-term interest rates, instead of rising as expected by some investors, have moderated.",
    "The moderation of long-term interest rates has led to a further flattening of global yield curves.",
    "Cyclical factors:",
    "Structural factors:",
    "Subjects: Bonds, Corporate bonds, Emerging and frontier financial markets, Financial institutions, Financial markets, Mutual funds, Securities markets",
    "Keywords: Africa, Asia and Pacific, bond market, Bonds, CDO market, corporate bond bond market, Corporate bonds, Emerging and frontier financial markets, Europe, GFSR, Global, global bond, institutional investor, market correction, market expectation, market inflation expectation, Middle East, Mutual funds, risk premium, Securities 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/2005/02/index.htm)",
    "[More Formats on IMF eLibrary](https://elibrary.imf.org/display/book/9781589064508/9781589064508.xml?cid=lk-com-dsp-imf.org)",
    "[Order a Print Copy](https://www.bookstore.imf.org/cart?isbn=9781589064508)",
    "[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)",
    "[Mutual funds](https://www.imf.org/en/publications/publications-by-subject?subject=Mutual+funds)",
    "[Securities markets](https://www.imf.org/en/publications/publications-by-subject?subject=Securities+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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}