Global Financial Stability Report. September 2004

Author: International Monetary Fund (IMF)
Publisher:
Publish Date: 2005-03-01
Features: World Economic Outlook is a prestigious publication of the International Monetary Fund (IMF), issued twice a year. The forecasts and analyses it contains are part of the IMF's oversight of the economic development, policies, and international financial market trends of its member countries, as well as the global economic system. The Outlook and Economic Summary are comprehensive reviews of global economic developments by various departments of the IMF, with primary information derived from consultations between IMF staff and member countries. These consultations are primarily conducted by the IMF's regional departments in collaboration with the Policy and Examinations Department, the International Markets Department, and the Monetary and Exchange Affairs Department. The September 2004 issue of World Economic Outlook maintained an overall optimistic outlook on the global economy, considering 2004 to be one of the strongest years for global economic growth. Primary commodity prices were rising, and central banks were taking supportive measures to address the economic downturn. Like previous issues, this Outlook focused on oil price trends, providing a detailed and in-depth analysis of oil price fluctuations. Additionally, Chapters 2 and 3 of this issue discussed the housing prices of industrialized countries, the transition of emerging market economies from fixed exchange rate systems to floating exchange rate systems, and various fiscal challenges brought about by the global population nearing aging. This Outlook argues that countries around the world are more closely interconnected than ever, and policies of one country can be transmitted to others and regions through multiple channels. Therefore, it is increasingly important for countries in need of reform to resist reform fatigue. Now is also the best time for reform, and the IMF calls on leaders of member countries to transcend narrow political boundaries to complete reform tasks. Continuing the style of previous issues, the September 2004 issue of World Economic Outlook remains a rigorous, timely, and authoritative reference for experts, scholars, and professionals in the fields of economics and finance worldwide, holding significant research and academic value.