Front Matter

Front Matter

International Monetary Fund. Monetary and Capital Markets Department
Published Date:
April 2005
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    © 2005 International Monetary Fund

    Production: IMF Multimedia Services Division

    Cover: Phil Torsani

    Photo: Padraic Hughes

    Figures: Theodore F. Peters, Jr.

    Typesetting: Choon Lee

    ISBN 9781589064188

    ISSN 0258-7440

    Price: US$49.00

    (US$46.00 to full-time faculty members and students at universities and colleges)

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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 to ¼ of 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.


    The Global Financial Stability Report (GFSR) assesses global financial market developments with the view to identifying potential systemic weaknesses. By calling attention to potential fault lines in the global financial system, the report seeks to play a role in preventing crises, thereby contributing to global financial stability and to sustained economic growth of the IMF’s member countries.

    The report was prepared by the International Capital Markets Department (ICM), under the direction of the Counsellor and Director, Gerd Häusler. It is managed by an Editorial Committee comprising Hung Q. Tran (Chairman), W. Todd Groome, Jorge Roldos, and David J. Ordoobadi, and benefits from comments and suggestions from Axel Bertuch-Samuels. Other ICM staff contributing to this issue include Renzo Avesani, Geoffrey Bannister, Nicolas Blancher, Elie Canetti, Jorge Chan-Lau, Peter Dattels, Michael Gapen, Toni Gravelle, François Haas, Anna Ilyina, William Lee, Pipat Luengnaruemitchai, Chris Morris, Shinobu Nakagawa, Li Lian Ong, Hiroko Oura, Lars Pedersen, Rupert Thorne, Laura Valderrama, Christopher Walker, Mark Walsh, and Luisa Zanforlin. Other contributors included a staff team of the Monetary and Financial Systems Department (MFD) that included Robert Corker, S. Kal Wajid, Daniel Hardy, Alexander Tieman, Kalin Tintchev, and a number of other contributors on individual countries. Martin Edmonds, Ivan Guerra, Silvia Iorgova, Herman Kamil, Oksana Khadarina, Yoon Sook Kim, Ned Rumpeltin, and Peter Tran provided analytical support. Caroline Bagworth, Norma Cayo, Rosemarie Edwards, Vera Jasenovec, Elsa Portaro, and Ramanjeet Singh 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 February 16, 2005.

    The report 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 March 18, 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.

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