Front Matter

Front Matter

International Monetary Fund. Monetary and Capital Markets Department
Published Date:
March 2003
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© 2003 International Monetary Fund

Production: IMF Multimedia Services Division

Cover: Phil Torsani

Photo: Padraie hughes

Figures: Theodore F. Peters, Jr.

Typesetting: Choon Lee

ISBN 1-58906-210-8

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 1/4 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.


This issue of the Global Financial Stability Report (GFSR) marks the beginning of a new semiannual frequency for the publication. First launched in March 2002, the GFSR provides a regular assessment of global financial markets and identifies 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 sustained economic growth 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 Häusler. 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, Charles R. Blitzer, and David Cheney. Other contributors to this issue are Francesc Balcells, Gianni De Nicoló (of the IMF's Monetary and Exchange Affairs Department), Burkhard Drees, Martin Edmonds, Toni Gravelle, Janet Kong, Gabrielle Lipworth, Chris Morris, Jürgen Odenius, Li Lian Ong, Kazunari Ohashi, Lars Pedersen, Ramana Ramaswamy, Jorge Roldos, Calvin Schnure, Srikant Seshadri, Manmohan Singh, Mazen Mahmoud Soueid, and S. Kal Wajid (Monetary and Exchange Affairs Department). Silvia Iorgova, Anne Jansen, Oksana Khadarina, Yoon Sook Kim, Kalin Tintchev (Monetary and Exchange Affairs Department), and Peter Tran provided research assistance. Caroline Bagworth, Jane Harris, Verajasenovec, Ramanjeet Singh, 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, Hong Kong SAR, Hungary, Japan, Poland, Russia, Singapore, Thailand, the United Kingdom, and the United States. The report reflects mostly information available up to February 28, 2003.

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 14, 2003. 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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