## Global Financial Stability Report: Market Developments and Issues, March 2003--Contents _Global Financial Stability Report, March 27, 2003_ ## Source details **Canonical URL:** [Global Financial Stability Report: Market Developments and Issues, March 2003--Contents](https://www.imf.org/en/publications/gfsr/issues/2016/12/31/market-developments-and-issues1) ## Other formats - [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) ## 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--Annex, March 2003 (Markdown version)](/-/media/websites/imf/imported-flagship-issues/external/pubs/ft/gfsr/2003/01/pdf/_annexpdf.pdf.md){rel="alternate" type="text/markdown"} - [Global Financial Stability Report--Annex, March 2003 (PDF)](/-/media/websites/imf/imported-flagship-issues/external/pubs/ft/gfsr/2003/01/pdf/_annexpdf.pdf){rel="external" type="application/pdf"} - **Global Financial Stability Report--Statistical Appendix, March 2003** - [Global Financial Stability Report--Statistical Appendix, March 2003 (Markdown version)](/-/media/websites/imf/imported-flagship-issues/external/pubs/ft/gfsr/2003/01/pdf/_appendixpdf.pdf.md){rel="alternate" type="text/markdown"} - [Global Financial Stability Report--Statistical Appendix, March 2003 (PDF)](/-/media/websites/imf/imported-flagship-issues/external/pubs/ft/gfsr/2003/01/pdf/_appendixpdf.pdf){rel="external" type="application/pdf"} - **Global Financial Stability Report--Chapter 1, March 2003** - [Global Financial Stability Report--Chapter 1, March 2003 (Markdown version)](/-/media/websites/imf/imported-flagship-issues/external/pubs/ft/gfsr/2003/01/pdf/_chp1pdf.pdf.md){rel="alternate" type="text/markdown"} - [Global Financial Stability Report--Chapter 1, March 2003 (PDF)](/-/media/websites/imf/imported-flagship-issues/external/pubs/ft/gfsr/2003/01/pdf/_chp1pdf.pdf){rel="external" type="application/pdf"} - **Global Financial Stability Report--Chapter 2, March 2003** - [Global Financial Stability Report--Chapter 2, March 2003 (Markdown version)](/-/media/websites/imf/imported-flagship-issues/external/pubs/ft/gfsr/2003/01/pdf/_chp2pdf.pdf.md){rel="alternate" type="text/markdown"} - [Global Financial Stability Report--Chapter 2, March 2003 (PDF)](/-/media/websites/imf/imported-flagship-issues/external/pubs/ft/gfsr/2003/01/pdf/_chp2pdf.pdf){rel="external" type="application/pdf"} - **Global Financial Stability Report--Chapter 3, March 2003** - [Global Financial Stability Report--Chapter 3, March 2003 (Markdown version)](/-/media/websites/imf/imported-flagship-issues/external/pubs/ft/gfsr/2003/01/pdf/_chp3pdf.pdf.md){rel="alternate" type="text/markdown"} - [Global Financial Stability Report--Chapter 3, March 2003 (PDF)](/-/media/websites/imf/imported-flagship-issues/external/pubs/ft/gfsr/2003/01/pdf/_chp3pdf.pdf){rel="external" type="application/pdf"} - **Global Financial Stability Report--Chapter 4, March 2003** - [Global Financial Stability Report--Chapter 4, March 2003 (Markdown version)](/-/media/websites/imf/imported-flagship-issues/external/pubs/ft/gfsr/2003/01/pdf/_chp4pdf.pdf.md){rel="alternate" type="text/markdown"} - [Global Financial Stability Report--Chapter 4, March 2003 (PDF)](/-/media/websites/imf/imported-flagship-issues/external/pubs/ft/gfsr/2003/01/pdf/_chp4pdf.pdf){rel="external" type="application/pdf"} - **Global Financial Stability Report--Glossary, March 2003** - [Global Financial Stability Report--Glossary, March 2003 (Markdown version)](/-/media/websites/imf/imported-flagship-issues/external/pubs/ft/gfsr/2003/01/pdf/_glossarypdf.pdf.md){rel="alternate" type="text/markdown"} - [Global Financial Stability Report--Glossary, March 2003 (PDF)](/-/media/websites/imf/imported-flagship-issues/external/pubs/ft/gfsr/2003/01/pdf/_glossarypdf.pdf){rel="external" type="application/pdf"} --- ## References - [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) _Source: https://www.imf.org/en/publications/gfsr/issues/2016/12/31/market-developments-and-issues1_