- International Monetary Fund. Monetary and Capital Markets Department
- Published Date:
- December 2002
© 2002 International Monetary Fund
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The following symbols have been used throughout this volume:
…to indicate that data are not available;
—to indicate that the figure is zero or less than half the final digit shown, or that the item does not exist;
- between years or months (for example,1997–99 or January-June) to indicate the years or months covered, including the beginning and ending years or months;
/ between years (for example,1998/99) to indicate a fiscal or financial year.
“Billion” means a thousand million; “trillion” means a thousand billion.
“Basis points” refer to hundredths of 1 percentage point (for example, 25 basis points are equivalent to1/4of 1 percentage point).
“n.a.” means not applicable.
Minor discrepancies between constituent figures and totals are due to rounding.
As used in this volume 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 but for which statistical data are maintained on a separate and independent basis.
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. By calling attention to potential fault lines in the global financial system, the report seeks to play a role in preventing crises before they erupt, thereby contributing to global financial stability and to the prosperity of the IMF’s member countries.
The report was prepared by the International Capital Markets Department, under the direction of the Counsellor and Director, Gerd Hausler. It is managed by an Editorial Committee comprising Hung Q. Tran (Chairman), Donald J. Mathieson, David J. Ordoobadi, and Garry J. Schinasi, and benefits from comments and suggestions from Axel Bertuch-Samuels and Charles R. Blitzer. Other contributors to this particular quarterly issue are Francesc Balcells, Peter Breuer, Jorge Chan Lau, Martin Edmonds, Toni Gravelle, Anna Ilyina, Janet Kong, Charles Kramer, Gabrielle Lipworth, Chris Morris, Martin Muhleisen, Jurgen Odenius, Li Lian Ong, Kazunari Ohashi, Jorge Roldos, Calvin Schnure, Srikant Seshadri, Manmohan Singh, R. Todd Smith, and Mazen Mahmoud Soueid. Oksana Khadarina, Yoon Sook Kim, and Peter Tran provided research assistance. Caroline Bagworth, Jane Harris, Vera Jasenovec, Ramanjeet Singh, Adriana Vohden, and Joan Wise provided expert word processing assistance. Jeff Hayden 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, insurance companies, pension funds, stock and futures exchanges, and credit rating agencies in Brazil, Chile, China, Germany, Hong Kong SAR, Hungary, Italy, Japan, Poland, Russia, Singapore, Switzerland, Thailand, the United Kingdom, and the United States. The report reflects mostly information available up to November 4, 2002.
The study has benefited from comments and suggestions from staff in other IMF departments, as well as from Executive Directors following their discussions of the Global Financial Stability Report on November 22, 2002. 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.