Global Financial Stability Report: Market Developments and Issues

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. 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 weIl as regulatory authorities and academic researchers in many major financial centers and countries. The report reflects information available up to February 10, 2006. The report has benefited from comments and suggestions from staff in other IMF departments, as weIl as from Executive Directors, following their discussion of the Global Financial Stability Report on March 27, 2006. 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.