## Global Financial Stability Report: Market Developments and Issues, September 2003--Contents

_Global Financial Stability Report, September 9, 2003_

## Source details

**Canonical URL:** [Global Financial Stability Report: Market Developments and Issues, September 2003--Contents](https://www.imf.org/en/publications/gfsr/issues/2016/12/31/market-developments-and-issues2)

## Other formats

- [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)

## Bibliographic details
- Published: September 9, 2003
- Series: Global Financial Stability Report

---

### Report overview and scope
- 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 and core chapters
- Preface
- Chapter I. Overview (95KB pdf file)
  - Balance of Risk and Vulnerabilities
  - Policies to Promote Financial Stability
- Chapter II. Global Financial Market Developments (518KB pdf file)
  - Ample Liquidity Dominates Developments in Major Financial Markets
  - Mature Market Vulnerabilities Have Eased
  - Favorable External Environment Helped Push Emerging Bond Yields Lower
  - Emerging Market Access Improves
  - Emerging Market Banking Sector Performance and Risks
  - Appendix I: Regulatory and Supervisory Challenges and Initiatives
  - Appendix II: Convergence in Central Europe—Setbacks and Perspectives
  - References
- Chapter III. Financial Asset Price Volatility: A Source of Instability? (349KB pdf file)
  - Concepts: Financial Market Volatility and Financial System Instability
  - Empirical Evidence on Volatility, Correlations Between Markets, and Macroeconomic Factors
  - Case Study Analysis of Periods of Recessionless Financial Stress
  - Policy Implications
  - Appendix: Case Studies
- Chapter IV. Volatility of Private Capital Flows to Emerging Markets (184KB pdf file)
  - Pattern and Volatility of Flows
  - Determinants of the Pattern and Volatility of Capital Flows
  - Concluding Remarks and Policy Issues

### Supporting material and statistical resources
- Glossary (49KB pdf file)
- Annex: Concluding Remarks by the Chairman (51KB pdf file)
- Statistical Appendix (936KB pdf file)

### Boxes (selected thematic items)
- 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

### Tables (selected data tables and topics)
- 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

### Figures (selected indicators and visualizations)
- 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

### Themes for analysis and policy emphasis (as presented in chapter headings)
- 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

*On 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.

*Italic source attribution:* Global Financial Stability Report: Market Developments and Issues, September 2003 — Contents.

---

## Content in this bundle

- **Global Financial Stability Report, September 2003 -- Annex: Concluding Remarks by the Chairman**
  - [Global Financial Stability Report, September 2003 -- Annex: Concluding Remarks by the Chairman (Markdown version)](/-/media/websites/imf/imported-flagship-issues/external/pubs/ft/gfsr/2003/02/pdf/_annexpdf.pdf.md){rel="alternate" type="text/markdown"}
  - [Global Financial Stability Report, September 2003 -- Annex: Concluding Remarks by the Chairman (PDF)](/-/media/websites/imf/imported-flagship-issues/external/pubs/ft/gfsr/2003/02/pdf/_annexpdf.pdf){rel="external" type="application/pdf"}
- **Global Financial Stability Report, September 2003 - Chapter 1: Overview**
  - [Global Financial Stability Report, September 2003 - Chapter 1: Overview (Markdown version)](/-/media/websites/imf/imported-flagship-issues/external/pubs/ft/gfsr/2003/02/pdf/_chp1pdf.pdf.md){rel="alternate" type="text/markdown"}
  - [Global Financial Stability Report, September 2003 - Chapter 1: Overview (PDF)](/-/media/websites/imf/imported-flagship-issues/external/pubs/ft/gfsr/2003/02/pdf/_chp1pdf.pdf){rel="external" type="application/pdf"}
- **Global Financial Stability Report, September 2003 -- Chapter 2: Global Financial Market Developments**
  - [Global Financial Stability Report, September 2003 -- Chapter 2: Global Financial Market Developments (Markdown version)](/-/media/websites/imf/imported-flagship-issues/external/pubs/ft/gfsr/2003/02/pdf/_chp2pdf.pdf.md){rel="alternate" type="text/markdown"}
  - [Global Financial Stability Report, September 2003 -- Chapter 2: Global Financial Market Developments (PDF)](/-/media/websites/imf/imported-flagship-issues/external/pubs/ft/gfsr/2003/02/pdf/_chp2pdf.pdf){rel="external" type="application/pdf"}
- **Chapter Iii**
  - [Chapter Iii (Markdown version)](/-/media/websites/imf/imported-flagship-issues/external/pubs/ft/gfsr/2003/02/pdf/_chp3pdf.pdf.md){rel="alternate" type="text/markdown"}
  - [Chapter Iii (PDF)](/-/media/websites/imf/imported-flagship-issues/external/pubs/ft/gfsr/2003/02/pdf/_chp3pdf.pdf){rel="external" type="application/pdf"}
- **Chapter Iv: — Volatility of Private Capital Flows to Emerging Markets**
  - [Chapter Iv: — Volatility of Private Capital Flows to Emerging Markets (Markdown version)](/-/media/websites/imf/imported-flagship-issues/external/pubs/ft/gfsr/2003/02/pdf/_chp4pdf.pdf.md){rel="alternate" type="text/markdown"}
  - [Chapter Iv: — Volatility of Private Capital Flows to Emerging Markets (PDF)](/-/media/websites/imf/imported-flagship-issues/external/pubs/ft/gfsr/2003/02/pdf/_chp4pdf.pdf){rel="external" type="application/pdf"}
- **_glossarypdf**
  - [_glossarypdf (Markdown version)](/-/media/websites/imf/imported-flagship-issues/external/pubs/ft/gfsr/2003/02/pdf/_glossarypdf.pdf.md){rel="alternate" type="text/markdown"}
  - [_glossarypdf (PDF)](/-/media/websites/imf/imported-flagship-issues/external/pubs/ft/gfsr/2003/02/pdf/_glossarypdf.pdf){rel="external" type="application/pdf"}
- **Global Financial Stability Report,  September 2003 -- Statistical Appendix**
  - [Global Financial Stability Report,  September 2003 -- Statistical Appendix (Markdown version)](/-/media/websites/imf/imported-flagship-issues/external/pubs/ft/gfsr/2003/02/pdf/_statappxpdf.pdf.md){rel="alternate" type="text/markdown"}
  - [Global Financial Stability Report,  September 2003 -- Statistical Appendix (PDF)](/-/media/websites/imf/imported-flagship-issues/external/pubs/ft/gfsr/2003/02/pdf/_statappxpdf.pdf){rel="external" type="application/pdf"}

---

## References

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- [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)
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- [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)
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_Source: https://www.imf.org/en/publications/gfsr/issues/2016/12/31/market-developments-and-issues2_