Global Financial Stability Report: Market Developments and Issues, March 2003--Contents
Global Financial Stability Report, March 27, 2003
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- Global Financial Stability Report: Market Developments and Issues, March 2003--Contents
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Bibliographic details
- Published: March 27, 2003
- Series: Global Financial Stability Report
Scope and key metadata
- Marks the beginning of a new semiannual frequency for the Global Financial Stability Report.
- Draws, in part, on a series of informal discussions with commercial and investment banks, securities firms, asset management companies, insurance companies, pension funds, stock and futures exchanges, and credit rating agencies in: Brazil, Chile, China, Hong Kong SAR, Hungary, Japan, Poland, Russia, Singapore, Thailand, the United Kingdom, and the United States.
- The report reflects mostly information available up to February 28, 2003.
- The Global Financial Stability Report provides semiannual assessments of global financial markets and addresses emerging market financing in a global context.
Main thematic components (by chapter and appendix)
- Preface
- Chapter I. Overview (216KB pdf file)
- Key Developments in Major Financial Centers
- Emerging Market Financing
- Measures to Improve Market Confidence
- Policy Issues in Developing Local Securities Markets
- Chapter II. Key Developments and Sources of Financial Risk in the Major Financial Centers (617KB pdf file)
- Major Developments in the Mature Markets
- Have Key Sectors Been Weakened Further or Strengthened?
- Withdrawal from Risk Taking and Buildup of Cash Positions: Implications and Risks
- References
- Chapter III. Emerging Market Developments and Financing Prospects (398KB pdf file)
- Emerging Market Flows Remain Weak
- Emerging Bond Markets Turn in Strong Performance
- Emerging Equity Markets Finished Lower in 2002
- Syndicated Lending Turns Up Modestly
- Banking Sector Performance in Emerging Markets
- Outlook
- Appendix: A "Feast or Famine" Dynamic Prevails in Emerging Primary Markets
- Chapter IV. Local Securities and Derivatives Markets in Emerging Markets: Selected Policy Issues (203KB pdf file)
- Local Markets as Self-Insurance Against Volatile Capital Flows
- Extent of Securities Market Development as an Alternative Source of Funding
- Common Practices in Emerging Local Securities Markets
- Selected Policy Issues
- Concluding Remarks
- Glossary (76KB pdf file)
- Annex: Concluding Remarks by the Acting Chair (86k pdf file)
- Statistical Appendix (895KB pdf file)
Boxes, Tables, and Figures (topics and titles preserved)
- Boxes:
- 3.1 The Risk of War and Emerging Market Vulnerabilities
- 3.2 Emerging Market Contagion in 2002
- 3.3 Collective Action Clauses: Latest Developments
- 4.1 An International Solution for the Original Sin
- Selected Tables (titles preserved exactly as listed):
- 1.1 Financial Market Data
- 2.1 United States: Household Sector Balance Sheet
- 2.2 Internationally Active Financial Institutions: Equity Prices
- 2.3 Global Financial Institutions: Ratings and Capital Ratios
- EMBI+ Performance
- Currency of Issuance
- 3.4 Equity Markets Performance, 2002
- 3.5 Valuation and Earnings Across Equity Markets
- 3.6 Emerging Market Countries: Financial Soundness Indicators
- Reserves: Level and Ratio to GDP
- 4.2 Private Sector
- 4.3 Public Sector
- 4.4 Total of All Sectors
- Selected Figures and Charts (titles and numbering preserved):
- Stock Market Performance
- Price/Earnings Ratios
- Selected Spreads
- 2.4 Short- and Long-Term Interest Rates in Government Securities
- 2.5 United States: Thirty-Year Mortgage Rate and Government Bond Yield
- 2.6 Selected Major Exchange Rates
- 2.7 United States: Net Portfolio Inflows and Net Total Capital Flows
- 2.8 United States: Household Net Worth Position
- 2.9 United States: Non-Financial Corporate Sector--Ratio of Broad Liquid Assets to Short-Term Debt
- 2.10 Internationally Active Financial Institutions: Relative Stock Prices
- 2.11 U.S. Banks: Relative Stock Prices
- 2.12 Large Insurance Companies: Relative Stock Prices
- 2.13 United States: Household Portfolio Allocation, Total Deposits
- 2.14 United States: Household Balance Sheets, Selected Items
- 2.15 Europe: Houshold Portfolio Allocation
- 2.16 Japan: Personal Sector Portfolio Allocation, Total Deposits
- 2.17 United States: Wholesale Cash Instruments Relative to Total Financial Claims
- Cumulative Gross Annual Issuance of Bonds, Loans, and Equity
- Sovereign Spreads
- Risk Appetite and Emerging Market Debt
- Emerging Markets and High-Yield Fund Flows
- Bond Issuance
- 3.7 Share of Bond Issues
- 3.8 Emerging Market Equities and U.S. Treasuries
- 3.9 Emerging Market Equity Volatility
- 3.10 Correlations of S&P 500 with Emerging Markets
- 3.11 Asian Emerging Market Equities and Semiconductor Chips
- 3.12 Returns and Total Risk, 2002:Q4
- 3.13 U.S.-Based Mutual Funds Flows into Emerging Market, Emerging Asian, and Latin American Equities
- 3.14 Cumulative Gross Annual Issuance of Equity
- 3.15 Equity Placements
- 3.16 S&P 500 Earnings per Share
- 3.17 Cumulative Gross Annual Loan Issuance
- 3.18 Syndicated Loan Commitments
- 3.19 Loan-Weighted Interest Margin
- 3.20 Market Valuation
- 3.21 Sovereign Spreads Versus Historical Lows
- 3.22 Risk Versus Return, January 1998–December 2002
- 3.23 EMBI+ with Periods of Opening and Closure
- 3.24 EMBI+ Volatility During Market Closures
- 3.25 VIX Index and Primary Market Closures, 1994–96
- 3.26 VIX Index and Primary Market Closures, 1997–2002
- 3.27 BBB-BB Spread Differentials and Primary Market Closures, 1994–96
- 3.28 BBB-BB Spread Differentials and Primary Market Closures, 1997–2002
- Chile: Amount Outstanding of Private Nonfinancial Sector Bonds
Readership, distribution, and access notes
- Includes a transcript of the Press Conference on the March 2003 Global Financial Stability Report.
- Language available listed as English.
- Advises to use Adobe Acrobat Reader to view the pdf files.
- Provides an email notification sign-up to receive free e-mail notices when new series and/or country items are posted on the IMF website.
Content reflects the report's table-of-contents and descriptive summary as provided on the landing page.
Content in this bundle
- Global Financial Stability Report--Annex, March 2003
- Global Financial Stability Report--Statistical Appendix, March 2003
- Global Financial Stability Report--Chapter 1, March 2003
- Global Financial Stability Report--Chapter 2, March 2003
- Global Financial Stability Report--Chapter 3, March 2003
- Global Financial Stability Report--Chapter 4, March 2003
- Global Financial Stability Report--Glossary, March 2003