{
  "title": "Global Financial Stability Report: Market Developments and Issues, December 2002--Contents",
  "publication": "Global Financial Stability Report, December 12, 2002",
  "sourceUrl": "https://www.imf.org/en/publications/gfsr/issues/2016/12/31/market-developments-and-issues8",
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  "summary": "This is the fourth issue of the Global Financial Stability Report, a quarterly publication launched in March 2002 to provide a regular assessment of global financial markets and to identify potential systemic weaknesses that could lead to crises.",
  "publishDate": "2002-12-12",
  "series": "Global Financial Stability Report",
  "sections": [
    {
      "heading": "Report scope and timing",
      "content": "- Fourth issue of the Global Financial Stability Report, a quarterly publication launched in March 2002 to provide a regular assessment of global financial markets and to identify potential systemic weaknesses that could lead to crises.\n- This report reflects mostly information available up to November 4, 2002.\n- The Global Financial Stability Report provides quarterly assessments of global financial markets and addresses emerging market financing in a global context."
    },
    {
      "heading": "Access and formats",
      "content": "- English: Read More\n- Use the free Adobe Acrobat Reader to view all chapters.\n- Chapter file sizes and formats as listed:\n  - Chapter I. Overview: Key Developments and Sources of Financial Market Risks (366KB pdf file)\n  - Chapter II. Key Developments and Sources of Financial Risk in the Major Financial Centers (306KB pdf file)\n  - Chapter III. Emerging Market Developments and Finance (470KB pdf file)\n  - Chapter IV. Selected topic: The Role of Financial Derivatives in Emerging Markets (289KB pdf file)"
    },
    {
      "heading": "Chapter I — Overview",
      "content": "- Sections:\n  - Key Developments\n  - Sources of Risk\n  - Measures to Promote Financial Stability\n  - Development of Local Securities Markets:\n  - Emerging Derivatives Markets"
    },
    {
      "heading": "Chapter II — Major Financial Centers",
      "content": "- Focus:\n  - The Capacity of Key Sectors to Intermediate and Bear Financial Risks\n  - References"
    },
    {
      "heading": "Chapter III — Emerging Market Developments and Finance",
      "content": "- Sections:\n  - Emerging Market Financing Overview\n  - Emerging Bond Markets\n  - Performance and Spread Developments\n  - Regional Developments\n  - Investor Positioning\n  - Primary Bond Market Developments\n  - Emerging Equity Markets\n  - Syndicated Lending\n  - Emerging Market Foreign Exchange\n  - Key Risks to Emerging Market Finance"
    },
    {
      "heading": "Chapter IV — Selected topic: The Role of Financial Derivatives in Emerging Markets",
      "content": "- Sections:\n  - Derivatives in Emerging Market Economies\n  - Local Derivatives Markets and Capital Flows to Emerging Market Economies\n  - The Role of Derivatives in Emerging Market Crises\n  - Concluding Remarks"
    },
    {
      "heading": "Boxes (selected)",
      "content": "- 3.1 Risk Retrenchment and Risk Indicators\n- 3.2 Local Debt Structure and Vulnerability to Volatile Debt Dynamics\n- 3.3 Recovery Rates from Defaulted Debt\n- 3.4 Collective Action Clauses\n- 3.5 Emerging Market Bond Developments Since the End of September\n- 4.1 The Bolsa de Mercadorias & Futuros of Sao Paulo\n- 4.2 Credit Default Swap Spreads in Emerging Markets"
    },
    {
      "heading": "Tables (selected)",
      "content": "- 1.1 Financial Market Data\n- 2.1 United States: Sectoral Balance Sheets\n- 2.2 Europe: Sectoral Balance Sheets 19\n- 2.3 Europe: Selected Financial Indicators for the 20 Largest Banking Groups, 2001\n- 2.4 Japan: Sectoral Balance Sheets\n- EMBI+ Performance, 2002\n- Equity Market Performance, 2002\n- Sector and Country Performance\n- Notional Amounts Outstanding of the Over-the-Counter and Exchange-Traded Derivatives\n- Average Daily Turnover in the Over-the-Counter Derivatives Markets\n- 4.3 Exchange-Traded Options and Futures Contract Trading Volume, 2001"
    },
    {
      "heading": "Figures (selected)",
      "content": "- Stock Prices in Selected Major Industrial Countries\n- United States, Euro Area, and Japan: Nonfinancial Corporate Credit Spreads\n- Historical Volatility: Major Stock Market Indexes\n- Currency Derivatives\n- 2.5 United States: Debt Outstanding by Sector\n- 2.6 U.S. and European Banking Systems: Return on Equity\n- Emerging Market Financing\n- Cumulative Gross Annual Issuance of Bonds, Loans, and Equity\n- Sovereign Spreads\n- EMBI+ Volatility\n- Average Correlation of Emerging Debt Markets\n- Country- and market-specific figures including Brazil, Korea, Kospi, and various currency volatility charts\n\nSource: Global Financial Stability Report: Market Developments and Issues, December 2002 -- Contents\n\n---\n\n Content in this bundle\n\n- Global Financial Stability Report--Market Developments and Issues-December 2002\n  - Global Financial Stability Report--Market Developments and Issues-December 2002 (Markdown version){rel=\"alternate\" type=\"text/markdown\"}\n  - Global Financial Stability Report--Market Developments and Issues-December 2002 (PDF){rel=\"external\" type=\"application/pdf\"}\n- Global Financial Stability Report--Market Developments and Issues-December 2002\n  - Global Financial Stability Report--Market Developments and Issues-December 2002 (Markdown version){rel=\"alternate\" type=\"text/markdown\"}\n  - Global Financial Stability Report--Market Developments and Issues-December 2002 (PDF){rel=\"external\" type=\"application/pdf\"}\n- Global Financial Stability Report--Market Developments and Issues-December 2002\n  - Global Financial Stability Report--Market Developments and Issues-December 2002 (Markdown version){rel=\"alternate\" type=\"text/markdown\"}\n  - Global Financial Stability Report--Market Developments and Issues-December 2002 (PDF){rel=\"external\" type=\"application/pdf\"}\n- Global Financial Stability Report--Market Developments and Issues-December 2002\n  - Global Financial Stability Report--Market Developments and Issues-December 2002 (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- Ordering Information\n- Disclaimer\n- Adobe Acrobat\nReader\n- https://www.imf.org/en/home\n\nSource: https://www.imf.org/en/publications/gfsr/issues/2016/12/31/market-developments-and-issues8"
    }
  ],
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    "Published: December 12, 2002",
    "Series: Global Financial Stability Report",
    "Fourth issue of the Global Financial Stability Report, a quarterly publication launched in March 2002 to provide a regular assessment of global financial markets and to identify potential systemic weaknesses that could lead to crises.",
    "This report reflects mostly information available up to November 4, 2002.",
    "The Global Financial Stability Report provides quarterly assessments of global financial markets and addresses emerging market financing in a global context.",
    "English: Read More",
    "Use the free Adobe Acrobat Reader to view all chapters.",
    "Chapter file sizes and formats as listed:",
    "Sections:",
    "Focus:",
    "Sections:",
    "Sections:",
    "3.1 Risk Retrenchment and Risk Indicators",
    "3.2 Local Debt Structure and Vulnerability to Volatile Debt Dynamics",
    "3.3 Recovery Rates from Defaulted Debt",
    "3.4 Collective Action Clauses",
    "3.5 Emerging Market Bond Developments Since the End of September",
    "4.1 The Bolsa de Mercadorias & Futuros of Sao Paulo",
    "4.2 Credit Default Swap Spreads in Emerging Markets",
    "1.1 Financial Market Data",
    "2.1 United States: Sectoral Balance Sheets",
    "2.2 Europe: Sectoral Balance Sheets 19",
    "2.3 Europe: Selected Financial Indicators for the 20 Largest Banking Groups, 2001",
    "2.4 Japan: Sectoral Balance Sheets",
    "EMBI+ Performance, 2002",
    "Equity Market Performance, 2002",
    "Sector and Country Performance",
    "Notional Amounts Outstanding of the Over-the-Counter and Exchange-Traded Derivatives",
    "Average Daily Turnover in the Over-the-Counter Derivatives Markets",
    "4.3 Exchange-Traded Options and Futures Contract Trading Volume, 2001",
    "Stock Prices in Selected Major Industrial Countries",
    "United States, Euro Area, and Japan: Nonfinancial Corporate Credit Spreads",
    "Historical Volatility: Major Stock Market Indexes",
    "Currency Derivatives",
    "2.5 United States: Debt Outstanding by Sector",
    "2.6 U.S. and European Banking Systems: Return on Equity",
    "Emerging Market Financing",
    "Cumulative Gross Annual Issuance of Bonds, Loans, and Equity",
    "Sovereign Spreads",
    "EMBI+ Volatility",
    "Average Correlation of Emerging Debt Markets",
    "Country- and market-specific figures including Brazil, Korea, Kospi, and various currency volatility charts",
    "**Global Financial Stability Report--Market Developments and Issues-December 2002**",
    "**Global Financial Stability Report--Market Developments and Issues-December 2002**",
    "**Global Financial Stability Report--Market Developments and Issues-December 2002**",
    "**Global Financial Stability Report--Market Developments and Issues-December 2002**",
    "[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)",
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    "[Adobe Acrobat",
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