- International Monetary Fund. Monetary and Capital Markets Department
- Published Date:
- September 2005
© 2006 International Monetary Fund
This paper was first published as Chapter III of the September 2005 Global Financial Stability Report (GFSR), a semiannual publication that assesses global financial market developments with the view to identifying potential systemic weaknesses.
The GFSR is prepared by the International Capital Markets (ICM) Department, under the direction of the Counsellor and Director, Gerd Häusler. It is managed by an Editorial Committee comprising Hung Q. Tran (Chairman), Elie Canetti, Todd Groome, and Ceyla Pazarbasioglu, and it benefits from comments and suggestions by Axel Bertuch-Samuels and Charles R. Blitzer. Other ICM staff contributing to this issue include Geoffrey Bannister, Nicolas Blancher, Marcelo Carvalho, Peter Dattels, Michael Gapen, Francois Haas, Anna Ilyina, Andreas Jobst, Herman Kamil, John Kiff, William Lee, Pipat Luengnaruemitchai, Carlos Medeiros, Christopher Morris, Shinobu Nakagawa, Hiroko Oura, Michael Papaioannou, Lars Pedersen, Jorge Roldos, Paul Ross, G. Edwin Smith III, Laura Valderrama, Christopher Walker, Mark Walsh, and Luisa Zanforlin. Jonathan Fiechter, Kalin Tintchev, and Kal Wajid from the Monetary and Financial Systems Department (MFD) contributed banking sector developments in emerging market countries. Martin Edmonds, Ivan Guerra, Silvia lorgova, Oksana Khadarina, Yoon Sook Kim, Ned Rumpeltin, and Peter Tran provided analytical support. Caroline Bagworth, Rosemarie Edwards, Vera Jasenovec, and Elsa Portaro-Cracel provided expert word processing assistance. Archana Kumar of the External Relations Department edited the manuscript and coordinated production of the publication.
This particular issue draws, in part, on a series of informal discussions with commercial and investment banks, securities firms, asset management companies, hedge funds, insurance companies, pension funds, stock and futures exchanges, and credit rating agencies, as well as regulatory authorities and academic researchers in many major financial centers and countries. The report reflects information available up to July 22, 2005.
The report has benefited from comments and suggestions from staff in other IMF departments, as well as from Executive Directors following their discussion of the Global Financial Stability Report on August 29, 2005. However, the analysis and policy considerations are those of the contributing staff and should not be attributed to the Executive Directors, their national authorities, or the IMF.