{ "title": "Global Financial Stability Report: Market Developments and Issues, September 2003--Contents", "publication": "Global Financial Stability Report, September 9, 2003", "sourceUrl": "https://www.imf.org/en/publications/gfsr/issues/2016/12/31/market-developments-and-issues2", "canonical": "https://www.imf.org/en/publications/gfsr/issues/2016/12/31/market-developments-and-issues2", "overlayPath": "/en/publications/gfsr/issues/2016/12/31/market-developments-and-issues2/index.md", "summary": "Publication title: Global Financial Stability Report — Market Developments and Issues", "sections": [ { "heading": "Report overview and scope", "content": "- Publication title: Global Financial Stability Report — Market Developments and Issues\n- Date: September 2003\n- The Global Financial Stability Report provides semiannual assessments of global financial markets and addresses emerging market financing in a global context.\n- Use the free Adobe Acrobat Reader to view all chapters below." }, { "heading": "Preface and core chapters", "content": "- Preface\n- Chapter I. Overview (95KB pdf file)\n - Balance of Risk and Vulnerabilities\n - Policies to Promote Financial Stability\n- Chapter II. Global Financial Market Developments (518KB pdf file)\n - Ample Liquidity Dominates Developments in Major Financial Markets\n - Mature Market Vulnerabilities Have Eased\n - Favorable External Environment Helped Push Emerging Bond Yields Lower\n - Emerging Market Access Improves\n - Emerging Market Banking Sector Performance and Risks\n - Appendix I: Regulatory and Supervisory Challenges and Initiatives\n - Appendix II: Convergence in Central Europe—Setbacks and Perspectives\n - References\n- Chapter III. Financial Asset Price Volatility: A Source of Instability? (349KB pdf file)\n - Concepts: Financial Market Volatility and Financial System Instability\n - Empirical Evidence on Volatility, Correlations Between Markets, and Macroeconomic Factors\n - Case Study Analysis of Periods of Recessionless Financial Stress\n - Policy Implications\n - Appendix: Case Studies\n- Chapter IV. Volatility of Private Capital Flows to Emerging Markets (184KB pdf file)\n - Pattern and Volatility of Flows\n - Determinants of the Pattern and Volatility of Capital Flows\n - Concluding Remarks and Policy Issues" }, { "heading": "Supporting material and statistical resources", "content": "- Glossary (49KB pdf file)\n- Annex: Concluding Remarks by the Chairman (51KB pdf file)\n- Statistical Appendix (936KB pdf file)" }, { "heading": "Boxes (selected thematic items)", "content": "- 2.1 Mortgage Hedging Mechanics\n- 2.2 Collective Action Clauses—Recent Developments\n- 2.3 Basel Core Principles Compliance and Banking System Financial Strength\n- 2.4 Yield Compression in Central Europe: Convergence Expectations Versus Macroeconomic Fundamentals\n- 4.1 The Demise of Brady Bonds" }, { "heading": "Tables (selected data tables and topics)", "content": "- 1.1 Financial Market Data\n- United States: Changes in Government Securities Yields\n- U.S. Corporate Bond Spread: Coefficients of Variation\n- United States: Balance Sheet of Households and Nonprofit Organizations\n- Euro Area: Nonfinancial Sector Net Asset Purchases\n- 2.5 Emerging Market Spread: Coefficients of Variation\n- 2.6 Emerging Market Financing Overview\n- 2.7 Currency of Issuance\n- 3.1 Frequency of Tail Events\n- 3.2 United States: Frequency of Monthly Equity Returns Greater Than 8 Percent\n- 3.3 Correlations Between Historical Volatility and Recessions\n- Changes in Bank Exposures to Emerging Markets\n- 4.2 Balance of Payments: All Emerging Markets\n- 4.3 Coefficient of Variation of Net Private Capital Flows to Emerging Markets\n- 4.4 Coefficient of Variation of Private Gross Issuance to Emerging Markets\n- 4.5 Average Probability of High-Volatility Regime of Gross Issuances to Emerging Markets" }, { "heading": "Figures (selected indicators and visualizations)", "content": "- Inflation-Linked 10-Year Bond Yields\n- Inflation Expectations\n- Cumulative Net Flows to U.S. Mutual Funds\n- Equity Market Performance\n- Bond-to-Earnings Yield Ratio\n- U.S. Dollar Performance\n- United States: Household Net Acquisitions of Financial Assets, Selected Items\n- Sovereign Spreads\n- EMBI+ Total Returns, First Half of 2003\n- Currency Performance Versus the Dollar, First Half of 2003\n- Emerging Bond Fund Beta Index and EMBI+ Spreads\n- Correlations of EMBI+ with U.S. 10-Year Treasury Returns\n- Emerging Market Debt Cross-Correlations\n- Cumulative Gross Annual Issuance of Bonds, Loans, and Equity\n- Net Private Capital Flows to Emerging Markets\n- Emerging Markets Gross Financing: Bonds, Equities, and Loans\n- Probability of Being in a High-Volatility State\n- 4.6 EMBI+ with Periods of Opening and Closure\n- 4.7 Capital Controls and Flows to Emerging Markets" }, { "heading": "Themes for analysis and policy emphasis (as presented in chapter headings)", "content": "- Balance of risks and vulnerabilities in global financial markets\n- Policies to promote financial stability\n- Impact of ample liquidity on major financial markets\n- Assessment of mature market vulnerabilities and their easing\n- Role of external environment in reducing emerging bond yields\n- Improvements in emerging market access and associated banking sector performance and risks\n- Financial market volatility: measurement, empirical links to macroeconomic factors, case studies, and policy implications\n- Volatility, pattern, and determinants of private capital flows to emerging markets; policy issues\n\nOn this site, the term \"country\" does not in all cases refer to a territorial entity that is a state as understood by international law and practice. As used here, the term also covers some territorial entities that are not states.\n\nItalic source attribution: Global Financial Stability Report: Market Developments and Issues, September 2003 — Contents.\n\n---\n\n Content in this bundle\n\n- Global Financial Stability Report, September 2003 -- Annex: Concluding Remarks by the Chairman\n - Global Financial Stability Report, September 2003 -- Annex: Concluding Remarks by the Chairman (Markdown version){rel=\"alternate\" type=\"text/markdown\"}\n - Global Financial Stability Report, September 2003 -- Annex: Concluding Remarks by the Chairman (PDF){rel=\"external\" type=\"application/pdf\"}\n- Global Financial Stability Report, September 2003 - Chapter 1: Overview\n - Global Financial Stability Report, September 2003 - Chapter 1: Overview (Markdown version){rel=\"alternate\" type=\"text/markdown\"}\n - Global Financial Stability Report, September 2003 - Chapter 1: Overview (PDF){rel=\"external\" type=\"application/pdf\"}\n- Global Financial Stability Report, September 2003 -- Chapter 2: Global Financial Market Developments\n - Global Financial Stability Report, September 2003 -- Chapter 2: Global Financial Market Developments (Markdown version){rel=\"alternate\" type=\"text/markdown\"}\n - Global Financial Stability Report, September 2003 -- Chapter 2: Global Financial Market Developments (PDF){rel=\"external\" type=\"application/pdf\"}\n- Chapter Iii\n - Chapter Iii (Markdown version){rel=\"alternate\" type=\"text/markdown\"}\n - Chapter Iii (PDF){rel=\"external\" type=\"application/pdf\"}\n- Chapter Iv: — Volatility of Private Capital Flows to Emerging Markets\n - Chapter Iv: — Volatility of Private Capital Flows to Emerging Markets (Markdown version){rel=\"alternate\" type=\"text/markdown\"}\n - Chapter Iv: — Volatility of Private Capital Flows to Emerging Markets (PDF){rel=\"external\" type=\"application/pdf\"}\n- glossarypdf\n - glossarypdf (Markdown version){rel=\"alternate\" type=\"text/markdown\"}\n - glossarypdf (PDF){rel=\"external\" type=\"application/pdf\"}\n- Global Financial Stability Report, September 2003 -- Statistical Appendix\n - Global Financial Stability Report, September 2003 -- Statistical Appendix (Markdown version){rel=\"alternate\" type=\"text/markdown\"}\n - Global Financial Stability Report, September 2003 -- Statistical Appendix (PDF){rel=\"external\" type=\"application/pdf\"}\n\n---\n\n References\n\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- https://www.imf.org/en/publications/weo\n- Global Economy in Crosscurrents of War and Technology\n- https://www.imf.org/en/publications/gfsr\n- Global Financial Markets Confront the War in the Middle East and Amplification Risks\n- https://www.imf.org/en/publications/fm\n- Fiscal Policy under Pressure: High Debt, Rising Risks\n- https://www.imf.org/en/publications/reo\n- Asia and Pacific\n- Europe\n- Middle East and Central Asia\n- Sub-Saharan Africa\n- Western Hemisphere\n- https://www.imf.org/en/publications/areb\n- Getting to Growth in an Age of Uncertainty\n- https://www.imf.org/en/publications/finance-development\n- More Publications\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-issues2" } ], "bullets": [ "[Markdown version](/en/publications/gfsr/issues/2016/12/31/market-developments-and-issues2/index.md)", "[Structured JSON version](/en/publications/gfsr/issues/2016/12/31/market-developments-and-issues2/index.json)", "[Bundle manifest](/en/publications/gfsr/issues/2016/12/31/market-developments-and-issues2/bundle-manifest.json)", "Published: September 9, 2003", "Series: Global Financial Stability Report", "Publication title: Global Financial Stability Report — Market Developments and Issues", "Date: September 2003", "The Global Financial Stability Report provides semiannual assessments of global financial markets and addresses emerging market financing in a global context.*", "Use the free Adobe Acrobat Reader to view all chapters below.", "Preface", "Chapter I. Overview (95KB pdf file)", "Chapter II. Global Financial Market Developments (518KB pdf file)", "Chapter III. Financial Asset Price Volatility: A Source of Instability? (349KB pdf file)", "Chapter IV. Volatility of Private Capital Flows to Emerging Markets (184KB pdf file)", "Glossary (49KB pdf file)", "Annex: Concluding Remarks by the Chairman (51KB pdf file)", "Statistical Appendix (936KB pdf file)", "2.1 Mortgage Hedging Mechanics", "2.2 Collective Action Clauses—Recent Developments", "2.3 Basel Core Principles Compliance and Banking System Financial Strength", "2.4 Yield Compression in Central Europe: Convergence Expectations Versus Macroeconomic Fundamentals", "4.1 The Demise of Brady Bonds", "1.1 Financial Market Data", "United States: Changes in Government Securities Yields", "U.S. Corporate Bond Spread: Coefficients of Variation", "United States: Balance Sheet of Households and Nonprofit Organizations", "Euro Area: Nonfinancial Sector Net Asset Purchases", "2.5 Emerging Market Spread: Coefficients of Variation", "2.6 Emerging Market Financing Overview", "2.7 Currency of Issuance", "3.1 Frequency of Tail Events", "3.2 United States: Frequency of Monthly Equity Returns Greater Than 8 Percent", "3.3 Correlations Between Historical Volatility and Recessions", "Changes in Bank Exposures to Emerging Markets", "4.2 Balance of Payments: All Emerging Markets", "4.3 Coefficient of Variation of Net Private Capital Flows to Emerging Markets", "4.4 Coefficient of Variation of Private Gross Issuance to Emerging Markets", "4.5 Average Probability of High-Volatility Regime of Gross Issuances to Emerging Markets", "Inflation-Linked 10-Year Bond Yields", "Inflation Expectations", "Cumulative Net Flows to U.S. Mutual Funds", "Equity Market Performance", "Bond-to-Earnings Yield Ratio", "U.S. Dollar Performance", "United States: Household Net Acquisitions of Financial Assets, Selected Items", "Sovereign Spreads", "EMBI+ Total Returns, First Half of 2003", "Currency Performance Versus the Dollar, First Half of 2003", "Emerging Bond Fund Beta Index and EMBI+ Spreads", "Correlations of EMBI+ with U.S. 10-Year Treasury Returns", "Emerging Market Debt Cross-Correlations", "Cumulative Gross Annual Issuance of Bonds, Loans, and Equity", "Net Private Capital Flows to Emerging Markets", "Emerging Markets Gross Financing: Bonds, Equities, and Loans", "Probability of Being in a High-Volatility State", "4.6 EMBI+ with Periods of Opening and Closure", "4.7 Capital Controls and Flows to Emerging Markets", "Balance of risks and vulnerabilities in global financial markets", "Policies to promote financial stability", "Impact of ample liquidity on major financial markets", "Assessment of mature market vulnerabilities and their easing", "Role of external environment in reducing emerging bond yields", "Improvements in emerging market access and associated banking sector performance and risks", "Financial market volatility: measurement, empirical links to macroeconomic factors, case studies, and policy implications", "Volatility, pattern, and determinants of private capital flows to emerging markets; policy issues", "**Global Financial Stability Report, September 2003 -- Annex: Concluding Remarks by the Chairman**", "**Global Financial Stability Report, September 2003 - Chapter 1: Overview**", "**Global Financial Stability Report, September 2003 -- Chapter 2: Global Financial Market Developments**", "**Chapter Iii**", "**Chapter Iv: — Volatility of Private Capital Flows to Emerging Markets**", "**_glossarypdf**", "**Global Financial Stability Report, September 2003 -- Statistical Appendix**", "[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)", "[https://www.imf.org/en/publications/weo](https://www.imf.org/en/publications/weo)", "[Global Economy in Crosscurrents of War and Technology](https://www.imf.org/en/publications/weo/issues/2026/07/08/world-economic-outlook-update-july-2026)", "[https://www.imf.org/en/publications/gfsr](https://www.imf.org/en/publications/gfsr)", "[Global Financial Markets Confront the War in the Middle East and Amplification Risks](https://www.imf.org/en/publications/gfsr/issues/2026/04/14/global-financial-stability-report-april-2026)", "[https://www.imf.org/en/publications/fm](https://www.imf.org/en/publications/fm)", "[Fiscal Policy under Pressure: High Debt, Rising Risks](https://www.imf.org/en/publications/fm/issues/2026/04/15/fiscal-monitor-april-2026)", "[https://www.imf.org/en/publications/reo](https://www.imf.org/en/publications/reo)", "[Asia and Pacific](https://www.imf.org/en/publications/reo/apac)", "[Europe](https://www.imf.org/en/publications/reo/eu)", "[Middle East and Central Asia](https://www.imf.org/en/publications/reo/meca)", "[Sub-Saharan Africa](https://www.imf.org/en/publications/reo/ssa)", "[Western Hemisphere](https://www.imf.org/en/publications/reo/wh)", "[https://www.imf.org/en/publications/areb](https://www.imf.org/en/publications/areb)", "[Getting to Growth in an Age of Uncertainty](https://www.imf.org/en/publications/areb/issues/2025/09/24/annual-report-2025)", "[https://www.imf.org/en/publications/finance-development](https://www.imf.org/en/publications/finance-development)", "[More Publications](https://www.imf.org/en/publications)", "[Ordering Information](https://www.imf.org/external/pubs/cat/longres.cfm?sk=16592.0)", "[Disclaimer](https://www.imf.org/external/terms.htm)", "[Adobe Acrobat Reader](https://www.imf.org/adobe)" ], "related": [ { "title": "Global Financial Stability Report, September 2003 -- Annex: Concluding Remarks by the Chairman", "role": "document", "sourceUrl": "https://www.imf.org/-/media/websites/imf/imported-flagship-issues/external/pubs/ft/gfsr/2003/02/pdf/_annexpdf.pdf", "summary": { "path": "/-/media/websites/imf/imported-flagship-issues/external/pubs/ft/gfsr/2003/02/pdf/_annexpdf.pdf.md", "mime": "text/markdown" }, "binary": { "path": "/-/media/websites/imf/imported-flagship-issues/external/pubs/ft/gfsr/2003/02/pdf/_annexpdf.pdf", "mime": "application/pdf" } }, { "title": "Global Financial Stability Report, September 2003 - Chapter 1: Overview", "role": "document", "sourceUrl": "https://www.imf.org/-/media/websites/imf/imported-flagship-issues/external/pubs/ft/gfsr/2003/02/pdf/_chp1pdf.pdf", "summary": { "path": "/-/media/websites/imf/imported-flagship-issues/external/pubs/ft/gfsr/2003/02/pdf/_chp1pdf.pdf.md", "mime": "text/markdown" }, "binary": { "path": "/-/media/websites/imf/imported-flagship-issues/external/pubs/ft/gfsr/2003/02/pdf/_chp1pdf.pdf", "mime": "application/pdf" } }, { "title": "Global Financial Stability Report, September 2003 -- Chapter 2: Global Financial Market Developments", "role": "document", "sourceUrl": "https://www.imf.org/-/media/websites/imf/imported-flagship-issues/external/pubs/ft/gfsr/2003/02/pdf/_chp2pdf.pdf", "summary": { "path": "/-/media/websites/imf/imported-flagship-issues/external/pubs/ft/gfsr/2003/02/pdf/_chp2pdf.pdf.md", "mime": "text/markdown" }, "binary": { "path": "/-/media/websites/imf/imported-flagship-issues/external/pubs/ft/gfsr/2003/02/pdf/_chp2pdf.pdf", "mime": "application/pdf" } }, { "title": "Chapter Iii", "role": "document", "sourceUrl": "https://www.imf.org/-/media/websites/imf/imported-flagship-issues/external/pubs/ft/gfsr/2003/02/pdf/_chp3pdf.pdf", "summary": { "path": "/-/media/websites/imf/imported-flagship-issues/external/pubs/ft/gfsr/2003/02/pdf/_chp3pdf.pdf.md", "mime": "text/markdown" }, "binary": { "path": "/-/media/websites/imf/imported-flagship-issues/external/pubs/ft/gfsr/2003/02/pdf/_chp3pdf.pdf", "mime": "application/pdf" } }, { "title": "Chapter Iv: — Volatility of Private Capital Flows to Emerging Markets", "role": "document", "sourceUrl": "https://www.imf.org/-/media/websites/imf/imported-flagship-issues/external/pubs/ft/gfsr/2003/02/pdf/_chp4pdf.pdf", "summary": { "path": "/-/media/websites/imf/imported-flagship-issues/external/pubs/ft/gfsr/2003/02/pdf/_chp4pdf.pdf.md", "mime": "text/markdown" }, "binary": { "path": "/-/media/websites/imf/imported-flagship-issues/external/pubs/ft/gfsr/2003/02/pdf/_chp4pdf.pdf", "mime": "application/pdf" } }, { "title": "_glossarypdf", "role": "document", "sourceUrl": "https://www.imf.org/-/media/websites/imf/imported-flagship-issues/external/pubs/ft/gfsr/2003/02/pdf/_glossarypdf.pdf", "summary": { "path": "/-/media/websites/imf/imported-flagship-issues/external/pubs/ft/gfsr/2003/02/pdf/_glossarypdf.pdf.md", "mime": "text/markdown" }, "binary": { "path": "/-/media/websites/imf/imported-flagship-issues/external/pubs/ft/gfsr/2003/02/pdf/_glossarypdf.pdf", "mime": "application/pdf" } }, { "title": "Global Financial Stability Report, September 2003 -- Statistical Appendix", "role": "document", "sourceUrl": "https://www.imf.org/-/media/websites/imf/imported-flagship-issues/external/pubs/ft/gfsr/2003/02/pdf/_statappxpdf.pdf", "summary": { "path": "/-/media/websites/imf/imported-flagship-issues/external/pubs/ft/gfsr/2003/02/pdf/_statappxpdf.pdf.md", "mime": "text/markdown" }, "binary": { "path": "/-/media/websites/imf/imported-flagship-issues/external/pubs/ft/gfsr/2003/02/pdf/_statappxpdf.pdf", "mime": "application/pdf" } } ], "alternates": { "markdown": "/en/publications/gfsr/issues/2016/12/31/market-developments-and-issues2/index.md", "json": "/en/publications/gfsr/issues/2016/12/31/market-developments-and-issues2/index.json", "bundleManifest": "/en/publications/gfsr/issues/2016/12/31/market-developments-and-issues2/bundle-manifest.json" }, "generatedAtUtc": "2026-09-03T21:44:35.98Z" }