Global Financial Stability Report: Market Developments and Issues,September 2004

First launched in March 2002, the GFSR provides a regular assessment of global financial markets and Identifies potential systematic weaknesses that could lead to crises. The report seeks to play a role in preventing these crises before they erupt thus contributing to global financial stability and sustained growth. This 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 in Canada, Colombia, France, Germany, Hong Kong SAR, Italy, Japan, Mexico, the Netherlands, Poland, Singapore, Switzerland, the United Kingdom, and the United States. The report reflects information available up to July 30, 2004