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International Monetary Fund

bonds with optional maturity dates, the latest of which is more than one year after issue. 9 This category also includes negotiable certificates of deposit with maturities of more than one year; dual currency bonds; zero coupon and other deep discounted bonds; floating rate bonds; indexed bonds; and asset-backed securities, such as collateralized mortgage obligations and participation certificates. (Mortgages are not classified as bonds but are included under loans.) 391 . Money market securities generally give the holder the unconditional right to receive a stated

International Monetary Fund. Monetary and Capital Markets Department

Abstract

Financial risks have increased and underlying conditions have worsened since the April 2007 Global Financial Stability Report (GFSR). The period ahead may be difficult, as bouts of turbulence are likely to recur and the adjustment process will take some time. Uncertainty about the final size of losses, and when and where they will be revealed, will likely continue to keep market sentiment and conditions unsettled in the near term. This chapter outlines a number of the causes and consequences of the recent episode of turmoil and offers some initial thoughts on possible responses that the private and public sectors might consider to help improve global financial resilience.