{ "title": "Global Financial Stability Report: Market Developments and Issues, March 2003--Contents", "publication": "Global Financial Stability Report, March 27, 2003", "sourceUrl": "https://www.imf.org/en/publications/gfsr/issues/2016/12/31/market-developments-and-issues1", "canonical": "https://www.imf.org/en/publications/gfsr/issues/2016/12/31/market-developments-and-issues1", "overlayPath": "/en/publications/gfsr/issues/2016/12/31/market-developments-and-issues1/index.md", "summary": "This issue of the Global Financial Stability Report marks the beginning of a new semiannual frequency for the publication.", "sections": [ { "heading": "Scope and key metadata", "content": "- Marks the beginning of a new semiannual frequency for the Global Financial Stability Report.\n- 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.\n- The report reflects mostly information available up to February 28, 2003.\n- The Global Financial Stability Report provides semiannual assessments of global financial markets and addresses emerging market financing in a global context." }, { "heading": "Main thematic components (by chapter and appendix)", "content": "- Preface\n- Chapter I. Overview (216KB pdf file)\n - Key Developments in Major Financial Centers\n - Emerging Market Financing\n - Measures to Improve Market Confidence\n - Policy Issues in Developing Local Securities Markets\n- Chapter II. Key Developments and Sources of Financial Risk in the Major Financial Centers (617KB pdf file)\n - Major Developments in the Mature Markets\n - Have Key Sectors Been Weakened Further or Strengthened?\n - Withdrawal from Risk Taking and Buildup of Cash Positions: Implications and Risks\n - References\n- Chapter III. Emerging Market Developments and Financing Prospects (398KB pdf file)\n - Emerging Market Flows Remain Weak\n - Emerging Bond Markets Turn in Strong Performance\n - Emerging Equity Markets Finished Lower in 2002\n - Syndicated Lending Turns Up Modestly\n - Banking Sector Performance in Emerging Markets\n - Outlook\n - Appendix: A \"Feast or Famine\" Dynamic Prevails in Emerging Primary Markets\n- Chapter IV. Local Securities and Derivatives Markets in Emerging Markets: Selected Policy Issues (203KB pdf file)\n - Local Markets as Self-Insurance Against Volatile Capital Flows\n - Extent of Securities Market Development as an Alternative Source of Funding\n - Common Practices in Emerging Local Securities Markets\n - Selected Policy Issues\n - Concluding Remarks\n- Glossary (76KB pdf file)\n- Annex: Concluding Remarks by the Acting Chair (86k pdf file)\n- Statistical Appendix (895KB pdf file)" }, { "heading": "Boxes, Tables, and Figures (topics and titles preserved)", "content": "- Boxes:\n - 3.1 The Risk of War and Emerging Market Vulnerabilities\n - 3.2 Emerging Market Contagion in 2002\n - 3.3 Collective Action Clauses: Latest Developments\n - 4.1 An International Solution for the Original Sin\n- Selected Tables (titles preserved exactly as listed):\n - 1.1 Financial Market Data\n - 2.1 United States: Household Sector Balance Sheet\n - 2.2 Internationally Active Financial Institutions: Equity Prices\n - 2.3 Global Financial Institutions: Ratings and Capital Ratios\n - EMBI+ Performance\n - Currency of Issuance\n - 3.4 Equity Markets Performance, 2002\n - 3.5 Valuation and Earnings Across Equity Markets\n - 3.6 Emerging Market Countries: Financial Soundness Indicators\n - Reserves: Level and Ratio to GDP\n - 4.2 Private Sector\n - 4.3 Public Sector\n - 4.4 Total of All Sectors\n- Selected Figures and Charts (titles and numbering preserved):\n - Stock Market Performance\n - Price/Earnings Ratios\n - Selected Spreads\n - 2.4 Short- and Long-Term Interest Rates in Government Securities\n - 2.5 United States: Thirty-Year Mortgage Rate and Government Bond Yield\n - 2.6 Selected Major Exchange Rates\n - 2.7 United States: Net Portfolio Inflows and Net Total Capital Flows\n - 2.8 United States: Household Net Worth Position\n - 2.9 United States: Non-Financial Corporate Sector--Ratio of Broad Liquid Assets to Short-Term Debt\n - 2.10 Internationally Active Financial Institutions: Relative Stock Prices\n - 2.11 U.S. Banks: Relative Stock Prices\n - 2.12 Large Insurance Companies: Relative Stock Prices\n - 2.13 United States: Household Portfolio Allocation, Total Deposits\n - 2.14 United States: Household Balance Sheets, Selected Items\n - 2.15 Europe: Houshold Portfolio Allocation\n - 2.16 Japan: Personal Sector Portfolio Allocation, Total Deposits\n - 2.17 United States: Wholesale Cash Instruments Relative to Total Financial Claims\n - Cumulative Gross Annual Issuance of Bonds, Loans, and Equity\n - Sovereign Spreads\n - Risk Appetite and Emerging Market Debt\n - Emerging Markets and High-Yield Fund Flows\n - Bond Issuance\n - 3.7 Share of Bond Issues\n - 3.8 Emerging Market Equities and U.S. Treasuries\n - 3.9 Emerging Market Equity Volatility\n - 3.10 Correlations of S&P 500 with Emerging Markets\n - 3.11 Asian Emerging Market Equities and Semiconductor Chips\n - 3.12 Returns and Total Risk, 2002:Q4\n - 3.13 U.S.-Based Mutual Funds Flows into Emerging Market, Emerging Asian, and Latin American Equities\n - 3.14 Cumulative Gross Annual Issuance of Equity\n - 3.15 Equity Placements\n - 3.16 S&P 500 Earnings per Share\n - 3.17 Cumulative Gross Annual Loan Issuance\n - 3.18 Syndicated Loan Commitments\n - 3.19 Loan-Weighted Interest Margin\n - 3.20 Market Valuation\n - 3.21 Sovereign Spreads Versus Historical Lows\n - 3.22 Risk Versus Return, January 1998–December 2002\n - 3.23 EMBI+ with Periods of Opening and Closure\n - 3.24 EMBI+ Volatility During Market Closures\n - 3.25 VIX Index and Primary Market Closures, 1994–96\n - 3.26 VIX Index and Primary Market Closures, 1997–2002\n - 3.27 BBB-BB Spread Differentials and Primary Market Closures, 1994–96\n - 3.28 BBB-BB Spread Differentials and Primary Market Closures, 1997–2002\n - Chile: Amount Outstanding of Private Nonfinancial Sector Bonds" }, { "heading": "Readership, distribution, and access notes", "content": "- Includes a transcript of the Press Conference on the March 2003 Global Financial Stability Report.\n- Language available listed as English.\n- Advises to use Adobe Acrobat Reader to view the pdf files.\n- 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.\n\nContent reflects the report's table-of-contents and descriptive summary as provided on the landing page.\n\n---\n\n Content in this bundle\n\n- Global Financial Stability Report--Annex, March 2003\n - Global Financial Stability Report--Annex, March 2003 (Markdown version){rel=\"alternate\" type=\"text/markdown\"}\n - Global Financial Stability Report--Annex, March 2003 (PDF){rel=\"external\" type=\"application/pdf\"}\n- Global Financial Stability Report--Statistical Appendix, March 2003\n - Global Financial Stability Report--Statistical Appendix, March 2003 (Markdown version){rel=\"alternate\" type=\"text/markdown\"}\n - Global Financial Stability Report--Statistical Appendix, March 2003 (PDF){rel=\"external\" type=\"application/pdf\"}\n- Global Financial Stability Report--Chapter 1, March 2003\n - Global Financial Stability Report--Chapter 1, March 2003 (Markdown version){rel=\"alternate\" type=\"text/markdown\"}\n - Global Financial Stability Report--Chapter 1, March 2003 (PDF){rel=\"external\" type=\"application/pdf\"}\n- Global Financial Stability Report--Chapter 2, March 2003\n - Global Financial Stability Report--Chapter 2, March 2003 (Markdown version){rel=\"alternate\" type=\"text/markdown\"}\n - Global Financial Stability Report--Chapter 2, March 2003 (PDF){rel=\"external\" type=\"application/pdf\"}\n- Global Financial Stability Report--Chapter 3, March 2003\n - Global Financial Stability Report--Chapter 3, March 2003 (Markdown version){rel=\"alternate\" type=\"text/markdown\"}\n - Global Financial Stability Report--Chapter 3, March 2003 (PDF){rel=\"external\" type=\"application/pdf\"}\n- Global Financial Stability Report--Chapter 4, March 2003\n - Global Financial Stability Report--Chapter 4, March 2003 (Markdown version){rel=\"alternate\" type=\"text/markdown\"}\n - Global Financial Stability Report--Chapter 4, March 2003 (PDF){rel=\"external\" type=\"application/pdf\"}\n- Global Financial Stability Report--Glossary, March 2003\n - Global Financial Stability Report--Glossary, March 2003 (Markdown version){rel=\"alternate\" type=\"text/markdown\"}\n - Global Financial Stability Report--Glossary, March 2003 (PDF){rel=\"external\" type=\"application/pdf\"}\n\n---\n\n References\n\n- Transcript\n- The Global Financial Report Home\n- Global Financial Stability Reports\n- Sign up to receive free e-mail notices when new series and/or country items are posted on the IMF website.\n- Modify your profile\n- Ordering Information\n- Disclaimer\n- Adobe Acrobat Reader\n- https://www.imf.org/en/home\n\nSource: https://www.imf.org/en/publications/gfsr/issues/2016/12/31/market-developments-and-issues1" } ], "bullets": [ "[Markdown version](/en/publications/gfsr/issues/2016/12/31/market-developments-and-issues1/index.md)", "[Structured JSON version](/en/publications/gfsr/issues/2016/12/31/market-developments-and-issues1/index.json)", "[Bundle manifest](/en/publications/gfsr/issues/2016/12/31/market-developments-and-issues1/bundle-manifest.json)", "Published: March 27, 2003", "Series: Global Financial Stability Report", "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.", "Preface", "Chapter I. Overview (216KB pdf file)", "Chapter II. Key Developments and Sources of Financial Risk in the Major Financial Centers (617KB pdf file)", "Chapter III. Emerging Market Developments and Financing Prospects (398KB pdf file)", "Chapter IV. Local Securities and Derivatives Markets in Emerging Markets: Selected Policy Issues (203KB pdf file)", "Glossary (76KB pdf file)", "Annex: Concluding Remarks by the Acting Chair (86k pdf file)", "Statistical Appendix (895KB pdf file)", "Boxes:", "Selected Tables (titles preserved exactly as listed):", "Selected Figures and Charts (titles and numbering preserved):", "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.", "**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**", "[Transcript](https://www.imf.org/external/np/tr/2003/tr030327.htm)", "[The Global Financial Report Home](https://www.imf.org/external/pubs/ft/gfsr/about.htm)", "[Global Financial Stability Reports](https://www.imf.org/external/pubs/ft/GFSR/index.htm)", "[Sign up to receive free e-mail notices when new series and/or country items are posted on the IMF website.](https://www.imf.org/en/email-subscription/index)", "[Modify your profile](https://www.imf.org/en/email-subscription/login)", "[Ordering Information](https://www.imf.org/external/pubs/cat/longres.cfm?sk=16378.0)", "[Disclaimer](https://www.imf.org/external/terms.htm)", "[Adobe Acrobat Reader](https://www.imf.org/adobe)" ], "related": [ { "title": "Global Financial Stability Report--Annex, March 2003", "role": "document", "sourceUrl": "https://www.imf.org/-/media/websites/imf/imported-flagship-issues/external/pubs/ft/gfsr/2003/01/pdf/_annexpdf.pdf", "summary": { "path": "/-/media/websites/imf/imported-flagship-issues/external/pubs/ft/gfsr/2003/01/pdf/_annexpdf.pdf.md", "mime": "text/markdown" }, "binary": { "path": "/-/media/websites/imf/imported-flagship-issues/external/pubs/ft/gfsr/2003/01/pdf/_annexpdf.pdf", "mime": "application/pdf" } }, { "title": "Global Financial Stability Report--Statistical Appendix, March 2003", "role": "document", "sourceUrl": "https://www.imf.org/-/media/websites/imf/imported-flagship-issues/external/pubs/ft/gfsr/2003/01/pdf/_appendixpdf.pdf", "summary": { "path": "/-/media/websites/imf/imported-flagship-issues/external/pubs/ft/gfsr/2003/01/pdf/_appendixpdf.pdf.md", "mime": "text/markdown" }, "binary": { "path": "/-/media/websites/imf/imported-flagship-issues/external/pubs/ft/gfsr/2003/01/pdf/_appendixpdf.pdf", "mime": "application/pdf" } }, { "title": "Global Financial Stability 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