Front Matter

Front Matter

International Monetary Fund. Monetary and Capital Markets Department
Published Date:
September 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 1-58906-450-X

ISSN 0258-7440

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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 a 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 (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, Françs 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 Iorgova, 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 discussions 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.

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