By International Monetary Fund

ISBN-10: 1589062361

ISBN-13: 9781589062368

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Additional resources for Global Financial Stability Report: Market Develop-Ments and Issues September, 2003 (World Economic & Financial Surveys)

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This unusual situation suggests that equity earnings, if they turn out to be sustainable, may provide strong support to equity prices as long as further rises in long-term interest rates remain moderate. 20). Equity prices therefore seem well supported in current market conditions, but at the same time could be vulnerable to further large increases in bond yields. In sum, projections of future earnings in major markets appear to have become more consistent with plausible future increases in productivity and economic activity since 2000.

The banking system in Venezuela remains susceptible to instability in the context of worsening of profitability and loan quality. Significant weaknesses also remain in the banking systems in Bolivia, Ecuador, Paraguay, and Uruguay, where loan portfolios and profitability continue to suffer from high proportions of nonperforming loans. By contrast, the situation in Brazil remains sound, in part supported by the recovery in asset prices as a result of favorable sentiment in international capital markets and greater confidence in the economic policies of the new government.

In local markets, Venezuela carried out several exchanges for longer-term bonds to extend the maturity profile of the domestic debt stock. High-grade borrowers dominated activity in the earlier part of the year, but sub-investment-grade issuers were gradually able to access international capital markets as market conditions improved. 9 billion), a smaller share of the total than in previous years. This underscored the access difficulties faced by some of the riskier credits. 31). Supported by strong crossover investor demand, investment-grade borrowers dominated, accounting for 60 percent of the total in the first half.

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Global Financial Stability Report: Market Develop-Ments and Issues September, 2003 (World Economic & Financial Surveys) by International Monetary Fund


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