Global Financial Stability Report. September 2003: September 2003

Author: International Monetary Fund
Publisher:
Publication Date: 2003-12-01
Features: This issue of the Global Financial Stability Report finds that, despite sluggish economic growth, geopolitical uncertainties, and significant market volatility, the financial markets in 2003 remained resilient. However, the report also reveals some concerns, including risks related to macroeconomic prospects, rising long-term bond yields, potentially weak corporate earnings, and the vulnerability of emerging bond markets to market corrections. The Global Financial Stability Report was first released in March 2002 and conducts regular assessments of global financial markets to identify potential systemic weaknesses that could lead to crises. The report aims to draw attention to potential issues in the global financial system, thereby playing a role in crisis prevention and contributing to global financial stability and sustained economic growth in IMF member countries. This issue of the Report draws to some extent on a series of informal discussions, including those 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, the Hong Kong Special Administrative Region, Hungary, Poland, Russia, Singapore, South Africa, and Thailand, as well as major financial centers. This report primarily reflects information available as of August 4, 2003. This issue of the Global Financial Stability Report finds that, despite sluggish economic growth, geopolitical uncertainties, and significant market volatility, the financial markets in 2003 remained resilient. However, the report also reveals some concerns, including risks related to macroeconomic prospects, rising long-term bond yields, potentially weak corporate earnings, and the vulnerability of emerging bond markets to market corrections. The Report is organized by the International Market Department of the International Monetary Fund and compiled in collaboration with experts from relevant departments of the Fund. The authors are renowned scholars and experts in the fields of financial stability and financial development, which has laid the foundation for the report to become an authoritative publication of the Fund. Additionally, the Report is translated by the IMF Language Services Department, with a fluent style that accurately captures the consistent tone and intent of IMF publications. As such, the Global Financial Stability Report combines breadth of content, timeliness, and authority, making it an indispensable resource for scholars and experts engaged in research in the field of international finance.