Front Matter

Front Matter

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

    Production: IMF Multimedia Services Division

    Cover: Phil Torsani

    Photo: Padraic Hughes

    Figures: Theodore F. Peters, Jr.

    Typesetting: Choon Lee

    ISBN 9781589062368

    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.


    First launched in March 2002, the Global Financial Stability Report (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 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 Hausler. It is managed by an Editorial Committee comprising Hung Q. Tran (Chairman), Donald J. Mathieson, David J. Ordoobadi, and Rupert Thorne, and benefits from comments and suggestions from William E. Alexander, Axel Bertuch-Samuels, Charles R. Blitzer, and David Cheney. Other contributors to this issue are Francesc Balcells, Burkhard Drees, Martin Edmonds, Toni Gravelle, Janet Kong, Markus Krygier, Gabrielle Lipworth, Chris Morris, Jürgen Odenius, Kazunari Ohashi, Lars Pedersen, Jorge Roldos, Calvin Schnure, Alexander Tieman, and a staff team from the Monetary and Financial Systems Department (MFD) led by Anne-Marie Guide, S. Kal Wajid, Udaibir Das, and including Gianni De Nicoló, Greta Mitchell, and others. Silvia Iorgova, Anne Jansen, Yoon Sook Kim, Ned Rumpeltin, Kalin Tintchev (MFD), and Peter Tran provided research assistance. Caroline Bagworth, Jane Harris, Vera Jasenovec, 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, Poland, Russia, Singapore, South Africa, and Thailand, as well as the major financial centers. The report reflects mostly information available up to August 4.

    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 August 22, 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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