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Oct. 2013 ISBN 9781475524970
内容説明
The October 2013 Global Financial Stability Report examines current risks facing the global financial system as it undergoes a series of transitions along the path toward greater financial stability. The United States may soon move to less accommodative monetary policies and higher long-term interest rates as its recovery gains ground. Emerging markets face a transition to more volatile external conditions and higher risk premiums. Japan is moving toward the new "Abenomics" policy regime, and the euro area is moving toward a more robust and safer financial sector. Finally, the global banking system is phasing in stronger regulatory standards. Chapter 1 examines the challenges and risks of each of these transitions. Chapter 2 looks at efforts by policymakers to revive weak credit growth, which has been seen by many as a primary reason behind the slow economic recovery. The chapter argues that policies are most effective if they target the constraints that underlie the weakness in credit. But it cautions policymakers to be aware of the fiscal costs and implications for financial stability of credit-supporting policies. Chapter 3 examines how banking funding structures matter for financial stability and the potential impact of various regulatory reforms. It concludes that careful implementation of reform efforts are important to ensure that financial stability benefits are realised
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Apr. 2017 ISBN 9781475564563
内容説明
Provides an assessment of global financial markets and addresses emerging market financing in a global context. The Global Financial Stability Report focuses on relevant contemporary issues and regularly contains special features on structural or systemic issues that are critical to international financial stability
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Apr. 2013 ISBN 9781475589580
内容説明
The Global Financial Stability Report examines current risks facing the global financial system and policy actions that may mitigate these. It analyzes the key challenges facing financial and nonfinancial firms as they continue to repair their balance sheets. Chapter 2 takes a closer look at whether sovereign credit default swaps markets are good indicators of sovereign credit risk. Chapter 3 examines unconventional monetary policy in some depth, including the policies pursued by the Federal Reserve, the Bank of England, the Bank of Japan, the European Central Bank, and the U.S. Federal Reserve
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Oct. 2017 ISBN 9781484308394
内容説明
The October 2017 Global Financial Stability Report finds that the global financial system continues to strengthen in response to extraordinary policy support, regulatory enhancements, and the cyclical upturn in growth. It also includes a chapter that examines the short- and medium-term implications for economic growth and financial stability of the past decades' rise in household debt. It documents large differences in household debt-to-GDP ratios across countries but a common increasing trajectory that was moderated but not reversed by the global financial crisis. Another chapter develops a new macroeconomic measure of financial stability by linking financial conditions to the probability distribution of future GDP growth and applies it to a set of 20 major advanced and emerging market economies. The chapter shows that changes in financial conditions shift the whole distribution of future GDP growth.
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Apr. 2018 ISBN 9781484338292
内容説明
Assesses global financial markets and addresses emerging market financing in a global context. The Global Financial Stability Report focuses on relevant contemporary issues and regularly contains special features on structural or systemic issues that are critical to international financial stability. The discussion aims to deepen understanding of global capital flows as a critical engine of world economic growth.
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Apr. 2014 ISBN 9781484357460
内容説明
The Global Financial Stability Report (GFSR) provides expert and up-to-date analysis of global capital flows that play a critical role in world economic growth and Financial stability. The report focuses on current conditions in global Financial markets, analyzing Financial imbalances and structural issues that could pose risks to stability and sustained market access by emerging market borrowers. Along with the IMF's semiannual World Economic Outlook, the GFSR is a key vehicle for communicating the IMF's multilateral surveillance. The GFSR also draws out the Financial ramifications of economic imbalances highlighted by the WEO, making it an indispensable companion publication.
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Oct. 2018 ISBN 9781484375594
内容説明
The Global Financial Stability Report provides an assessment of the global financial system and markets, and addresses emerging market financing in a global context. It focuses on current market conditions, highlighting systemic issues that could pose a risk to financial stability and sustained market access by emerging market borrowers. The Report draws out the financial ramifications of economic imbalances highlighted by the IMF's World Economic Outlook. It contains, as special features, analytical chapters or essays on structural or systemic issues relevant to international financial stability.
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Apr. 2019 ISBN 9781498302104
内容説明
The April 2019 Global Financial Stability Report (GFSR) finds that despite significant variability over the past two quarters, financial conditions remain accommodative. As a result, financial vulnerabilities have continued to build in the sovereign, corporate, and nonbank financial sectors in several systemically important countries, leading to elevated medium-term risks. The report attempts to provide a comprehensive assessment of these vulnerabilities while focusing specifically on corporate sector debt in advanced economies, the sovereign-financial sector nexus in the euro area, China's financial imbalances, volatile portfolio flows to emerging markets, and downside risks to the housing market. These vulnerabilities require action by policymakers, including through the clear communication of any changes in their monetary policy outlook, the deployment and expansion of macroprudential tools, the stepping up of measures to repair public and private sector balance sheets, and the strengthening of emerging market resilience to foreign portfolio outflows. This GFSR also takes an in depth look at house prices at risk, a measure of downside risks to future house price growth-using theory, insights from past analyses, and new statistical techniques applied to 32 advanced and emerging market economies and major cities. The chapter finds that lower house price momentum, overvaluation, excessive credit growth, and tighter financial conditions predict heightened downside risks to house prices up to three years ahead. The measure of house prices at risk helps forecast downside risks to GDP growth and adds to early-warning models for financial crises. Policymakers can use estimates of house prices at risk to complement other surveillance indicators of housing market vulnerabilities and guide macroprudential policy actions aimed at building buffers and reducing vulnerabilities. Downside risks to house prices could also be relevant for monetary policymakers when forming their views on the downside risks to the economic and inflation outlook. Authorities considering measures to manage capital flows might also find such information useful when a surge in capital inflows increases downside risks to house prices and when other policy options are limited
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Oct. 2019 ISBN 9781498324021
内容説明
The October 2019 Global Financial Stability Report (GFSR) identifies the current key vulnerabilities in the global financial system as the rise in corporate debt burdens, increasing holdings of riskier and more illiquid assets by institutional investors, and growing reliance on external borrowing by emerging and frontier market economies. The report proposes that policymakers mitigate these risks through stricter supervisory and macroprudential oversight of firms, strengthened oversight and disclosure for institutional investors, and the implementation of prudent sovereign debt management practices and frameworks for emerging and frontier market economies.
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Apr. 2015 ISBN 9781498372930
内容説明
The current report finds that, despite an improvement in economic prospects in some key advanced economies, new challenges to global financial stability have arisen. The global financial system is being buffeted by a series of changes, including lower oil prices and, in some cases, diverging growth patterns and monetary policies. Expectations for rising U.S. policy rates sparked a significant appreciation of the U.S. dollar, while long term bond yields in many advanced economies have decreased and have turned negative for almost a third of euro area sovereign bonds on disinflation concerns and the prospect of continued monetary accommodation. Emerging markets are caught in these global cross currents, with some oil exporters and other facing new stability challenges, while others have gained more policy space as a result of lower fuel prices and reduced inflationary pressures. The report also examines changes in international banking since the global financial crisis and finds that these changes are likely to promote more stable bank lending in host countries. Finally, the report finds that the asset management industry needs to strengthen its oversight framework to address financial stability risks from incentive problems between end-investors and portfolio managers and the risk of runs due to liquidity mismatches.
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Oct. 2014 ISBN 9781498390811
内容説明
The GFSR aims to deepen understanding of global capital flows, which play a critical role as an engine of world economic growth. It focuses on current conditions in global financial markets, highlighting issues of financial imbalances, and of a structural nature, that could pose risks to financial market stability and sustained market access by emerging market borrowers.
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Apr. 2016 ISBN 9781513506777
内容説明
The current Global Financial Stability Report (April 2016) finds that global financial stability risks have risen since the last report in October 2015. The new report finds that the outlook has deteriorated in advanced economies because of heightened uncertainty and setbacks to growth and confidence, while declines in oil and commodity prices and slower growth have kept risks elevated in emerging markets. These developments have tightened financial conditions, reduced risk appetite, raised credit risks, and stymied balance sheet repair. A broad-based policy response is needed to secure financial stability. Advanced economies must deal with crisis legacy issues, emerging markets need to bolster their resilience to global headwinds, and the resilience of market liquidity should be enhanced. The report also examines financial spillovers from emerging market economies and finds that they have risen substantially. This implies that when assessing macro-financial conditions, policymakers may need to increasingly take into account economic developments in emerging market economies. Finally, the report assesses changes in the systemic importance of insurers, finding that across advanced economies the contribution of life insurers to systemic risk has increased in recent years. The results suggest that supervisors and regulators should take a more macroprudential approach to the sector.
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Oct. 2016 ISBN 9781513559582
内容説明
The current report finds that short-term risks to global financial stability have abated since April 2016, but that medium-term risks continue to build. Financial institutions in advanced economies face a number of cyclical and structural challenges and need to adapt to low growth and low interest rates, as well as to an evolving market and regulatory environment. Weak profitability could erode banks' buffers over time and undermine their ability to support growth. A cyclical recovery will not resolve the problem of low profitability. More deep-rooted reforms and systemic management are needed, especially for European banks. The solvency of many life insurance companies and pension funds is threatened by a prolonged period of low interest rates. Corporate leverage in emerging market economies remains elevated in some countries, but the current favorable external environment presents an opportunity for overly indebted firms to restructure their balance sheets. The political climate is unsettled in many countries. A lack of income growth and a rise in inequality have opened the door for populist, inward-looking policies. These factors make it even harder to tackle legacy problems and further expose economies and markets to shocks. A potent and more balanced policy mix is needed to deliver a stronger path for growth and financial stability, and avoid slipping into a state of financial and economic stagnation. The report also examines how the rise of nonbank financing has altered the impact of monetary policy and finds that fears of a decline in the effectiveness of monetary policy are unfounded. It appears that the transmission of monetary policy is, if anything, stronger in economies with larger nonbank financial sectors. Finally, the report examines the link between corporate governance, investor protection, and financial stability in emerging market economies. It finds that the improvements over the past two decades have helped bolster the resilience of their financial systems. These benefits strengthen the case for further reform.
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Oct. 2015 ISBN 9781513582047
内容説明
The October 2015 Global Financial Stability Report finds that, despite an improvement in financial stability in advanced economies, risks continue to rotate toward emerging markets. The global financial outlook is clouded by a triad of policy challenges: emerging market vulnerabilities, legacy issues from the crisis in advanced economies, and weak systemic market liquidity. With more vulnerable balance sheets in emerging market companies and banks, firms in these countries are more susceptible to financial stress, economic downturn, and capital outflows. Recent market developments such as slumping commodity prices, China's bursting equity bubble, and pressure on exchange rates underscore these challenges. The prospect of the U.S. Federal Reserve gradually raising interest rates points to an unprecedented adjustment in the global financial system as financial conditions and risk premiums normalize from historically low levels alongside rising policy rates and a modest cyclical recovery. The report also examines the factors that influence levels of liquidity in securities markets, as well as the implications of low liquidity. Currently, market liquidity is being supported by benign cyclical conditions. Although it is too early to assess the impact of recent regulatory changes on market liquidity, changes in market structure, such as larger holdings of corporate bonds by mutual funds, appear to have increased the fragility of liquidity. Finally, the report studies the growing level of corporate debt in emerging markets, which quadrupled between 2004 and 2014. The report finds that global drivers have played an increasing role in leverage growth, issuance, and spreads. Moreover, higher leverage has been associated with, on average, rising foreign currency exposures. It also finds that despite weaker balance sheets, firms have managed to issue bonds at better terms as a result of favorable financial conditions.
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Sep. 2002 ISBN 9781589061576
内容説明
This is the third in the series of quarterly assessments of global financial markets (which replaces two IMF publications: the annual International Capital Markets Report and the quarterly Emerging Market Financing). The report is part of a broad effort by the IMF to strengthen bilateral and multilateral surveillance of international financial markets, with a view to promoting global financial stability. Issues considered in this edition include: developments and sources of risk in the major financial centres; emerging market developments and financing; and emerging local bond markets.
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Mar. 2003 ISBN 9781589062108
内容説明
This issue of the "Global Financial Stability Report" (GFSR) marks the beginning of a new semiannual frequency for the publication. 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, insurance companies, pension funds, stock and futures exchanges, and credit rating agencies in Brazil, Chile, China, Hong Kong SAR, Hungary, Japan, Poland, Russia, Singapore, Thailand, the United Kingdom, and the United States. The report reflects mostly information available up to February 28, 2003.
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Sep. 2003 ISBN 9781589062368
内容説明
This report reviews global financial market developments, system instabilities, the balance of risk and vulnerabilities, policies to promote financial stability, and the volatility of private capital flows to emerging markets. This issue draws, in part, on a series of informal discussions with commercial and investment banks, securities firms, asset management companies, insurance companies, pension funds, stock and futures exchanges, and credit rating agencies in Brazil, Chile, China, Hong Kong SAR, Hungary, Poland, Russia, Singapore, South Africa and Thailand, as well as the major financial centres. The report reflects mostly information available up to August 4, 2003.
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Apr. 2004 ISBN 9781589063280
内容説明
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, insurance companies, pension funds, stock and futures exchanges, and credit rating agencies in Brazil, Chile, China, Colombia, France, Germany, Hong Kong SAR, Hungary, Japan, Korea, Mexico, Poland, Russia, Singapore, South Africa, Thailand, the United Kingdom, and the United States.
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Sep. 2004 ISBN 9781589063785
内容説明
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
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Apr. 2005 ISBN 9781589064188
内容説明
This report assesses global financial market developments and potential systemic weaknesses, in order to help promote global financial stability, and sustained economic growth. This issue draws, in part, on a series of informal discussions with commercial and investment banks, securities firms, asset management companies, insurance companies, pension funds, stock and futures exchanges, and credit rating agencies, as well as regulatory authorities and researchers in may countries; and it is based on information available up to February 16, 2005.
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Sep. 2005 ISBN 9781589064508
内容説明
This report assesses global financial market developments and potential systemic weaknesses, in order to help promote global financial stability, and sustained economic growth. This issue draws, in part, on a series of informal discussions with commercial and investment banks, securities firms, asset management companies, insurance companies, pension funds, stock and futures exchanges, and credit rating agencies, as well as regulatory authorities and researchers in may countries; and it is based on information available up to July 22, 2005. The topics discussed include: the global asset allocation process; and the development of corporate bond markets in emerging market economies.
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Apr. 2006 ISBN 9781589065048
内容説明
This report assesses global financial market developments and potential systemic weaknesses, in order to help promote global financial stability, and sustained economic growth. This issue draws, in part, on a series of informal discussions with a range of organisations including commercial and investment banks, insurance companies and pension funds, as well as regulatory authorities, in many countries; and it is based on information available up to February 10, 2006. Topics discussed include: cyclical challenges facing financial markets; the influence of credit derivative and structured credit markets on financial stability; and structural changes in emerging market sovereign debt.
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Sep. 2006 ISBN 9781589065826
内容説明
This is a must-have, the ""Global Financial Stability Report"" (GFSR) seeks to identify potential fault lines in the global financial system that could lead to crisis, while providing comprehensive coverage of mature and emerging financial markets. The ""GFSR"" focuses on current conditions in global financial markets, highlighting issues both of financial imbalances and of a structural nature that could pose risks to financial market stability and market access by emerging market borrowers. It regularly offers articles on structural or systemic issues relevant to international financial stability.Note: Designed to deepen understanding of global capital flows, which play a critical role as an engine of world economic growth, the ""GFSR"" replaces the annual ""International Capital Markets"", published since 1980, and the electronic quarterly, ""Emerging Markets Financing"", published since 2000.
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Apr. 2007 ISBN 9781589066373
内容説明
Published twice yearly, the ""Global Financial Stability Report"" (""GFSR"") was created to provide a more frequent assessment of global financial markets by the IMF and to address emerging market financing in a global context. It provides timely analysis of developments in both mature and emerging market countries and seeks to identify potential fault lines in the global financial system that could lead to crisis.The ""GFSR"" aims to deepen its readers' understanding of global capital flows, which play a critical role as an engine of world economic growth. Of key value, the report focuses on current conditions in global financial markets, highlighting issues of financial imbalances, and of a structural nature, that could pose risks to financial market stability and sustained market access by emerging market borrowers.Tracking emerging strengths and weaknesses, ""The Executive Summary"" distills the outlook that is then detailed in each ""GFSR"" and tracks risk as it unfolds in the world's markets from volume to volume of the ""GFSR"". The first chapter of each volume assesses current global financial fundamentals, zeroing in on hot spots and hot issues, while other chapters delve into specific topics of current concern.Additionally, the ""GFSR"" regularly includes, as a special feature, articles on structural or systemic issues relevant to international financial stability.The ""GFSR"" focuses on relevant contemporary issues, not attempting to be a comprehensive survey of all potential risks. It also draws out the financial ramifications of economic imbalances highlighted by the IMF's World Economic Outlook.A complement to the IMF's ""World Economic Outlook"", the ""GFSR"" is a key vehicle for the IMF's multilateral surveillance.
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Oct. 2007 ISBN 9781589066762
内容説明
Tracking global capital flows, the ""GFSR"" aims to deepen understanding of global capital flows, which play a critical role as an engine of world economic growth. It focuses on current conditions in global financial markets, highlighting issues of financial imbalances, and of a structural nature, that could pose risks to financial market stability and sustained market access by emerging market borrowers.As a relatively frequent assessment of global financial markets and emerging market financing in a global context, the ""GFSR"" focuses on relevant contemporary issues, not attempting to be a comprehensive survey of all potential risks. It also regularly contains special features on structural or systemic issues relevant to international financial stability.Along with the IMF's semiannual ""World Economic Outlook"", the ""GFSR"" is a key vehicle for communicating the IMF's multilateral surveillance. The ""GFSR"" also draws out the financial ramifications of economic imbalances highlighted by the IMF's ""World Economic Outlook"", making it an indispensable companion publication.
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Apr. 2008 ISBN 9781589067202
内容説明
Track market risk and identify potential fault lines with ""Global Financial Stability Report"". It critically examines global financial markets and emerging market financing in a global context. It focuses on current conditions in global financial markets, highlighting issues of financial imbalances, and of a structural nature that could pose risks to financial market stability. It analyzes relevant contemporary issues, drawing out the financial ramifications of economic imbalances highlighted by the IMF's World Economic Outlook.
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Oct. 2008 ISBN 9781589067578
内容説明
The events of the past six months have demonstrated the fragility of the global financial system and raised fundamental questions about the effectiveness of the response by private and public sector institutions. The report assesses the vulnerabilities that the system is facing and offers tentative conclusions and policy lessons. The report reflects information available up to March 21, 2008.
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Apr. 2009 ISBN 9781589068094
内容説明
With financial markets worldwide facing growing turmoil, internationally coherent and decisive policy measures will be required to restore confidence in the global financial system. Failure to do so could usher in a period in which the ongoing deleveraging process becomes increasingly disorderly and costly for the real economy. In any case, the process of restoring an orderly system will be challenging, as a significant deleveraging is both necessary and inevitable. It is against this challenging and still evolving backdrop that the Global Financial Stability Report (GFSR) frames the recent events to suggest potential policy measures that could be helpful in the current circumstances. --Executive Summary of IMF's Global Financial Stability Report, April 2009 The semiannual Global Financial Stability Report (GFSR) assesses key risks facing the global financial system with a view to identifying those that represent systemic vulnerabilities. In normal times, the
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Oct. 2009 ISBN 9781589068100
内容説明
This book critically examines global financial markets and emerging market financing in a global context. It focuses on current conditions in global financial markets, highlighting issues of financial imbalances, and of a structural nature that could pose risks to financial market stability. It analyzes relevant contemporary issues, drawing out the financial ramifications of economic imbalances highlighted by the IMF's ""World Economic Outlook"".
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Apr. 2010 ISBN 9781589069169
内容説明
Risks to global financial stability have eased as the economic recovery has gained steam. But policies are needed to reduce sovereign vulnerabilities, ensure a smooth deleveraging process, and complete the regulatory agenda. The April 2010 Global Financial Stability Report examines systemic risk and the redesign of financial regulation; the role of central counterparties in making over-the-counter derivatives safer; and the effects of the expansion of global liquidity on receiving economies.
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Oct. 2010 ISBN 9781589069480
内容説明
The global financial system is still in a period of significant uncertainty. Although the ongoing recovery is expected to gradual strengthen balance sheets, progress toward stability has experienced a setback since the April 2010 GFSR. As discussed in this October 2010 report, policymakers in many advanced countries need to confront the interactions created by slow growth, rising sovereign indebtedness, and still fragile financial institutions by addressing legacy problems in the banking system, strengthening the fundamentals of sovereign and bank balance sheets, and clarifying regulatory reforms.
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Apr. 2011 ISBN 9781616350604
内容説明
Despite ongoing economic recovery and improvements in global financial stability, structural weaknesses and vulnerabilities remain in some important financial systems. The April 2011 Global Financial Stability Report highlights how risks have changed over the past six months, traces the sources and channels of financial distress with an emphasis on sovereign risk, notes the pressures arising from capital inflows in emerging economies, and discusses policy proposals under consideration to mend the global financial system.
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Sep. 2011 ISBN 9781616351243
内容説明
The September 2011 Global Financial Stability Report cautions that the risks to global financial stability have increased substantially in recent months, during which heavy public debt burdens and weak growth prospects in many advanced economies combined with a series of shocks to the global financial system. Emerging markets, despite brighter growth prospects, face the risk of sharp reversals and so must guard against the build up of financial vulnerabilities. Moreover, as the crisis has moved into its fifth year, it has entered a new phase in which political differences within and across economies are impeding progress to address the legacies of the crisis. The Report examines how the ongoing low interest rate environment and high uncertainty are driving the asset allocations of long-term, real-money institutional investors. The Report also looks at variables that can act as advance indicators of financial crisis and examines how the use of countercyclical capital buffers can help to dampen destabilizing cycles.
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Apr. 2012 ISBN 9781616352479
内容説明
The April 2012 Global Financial Stability Report assesses changes in risks to financial stability over the past six months, focusing on sovereign vulnerabilities, risks stemming from private sector deleveraging, and assessing the continued resilience of emerging markets. The report probes the implications of recent reforms in the financial system for market perception of safe assets, and investigates the growing public and private costs of increased longevity risk from aging populations.
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Oct. 2012 ISBN 9781616353902
内容説明
The October 2012 Global Financial Stability Report (GFSR) finds increased risks to the global financial system, with the euro area crisis the principal source of concern. The report urges policymakers to act now to restore confidence, reverse capital flight, and reintegrate the euro zone. In both Japan and the United States, steps are needed toward medium-term fiscal adjustment. Emerging market economies have successfully navigated global shocks thus far, but need to guard against future shocks while managing a slowdown in growth. This GFSR also examines whether regulatory reforms are moving the financial system in the right direction, and finds that progress has been limited, partly because many reforms are in the early stages of implementation and partly because crisis intervention methods are still in use in a number of economies, delaying the movement of the financial system onto a safer path. The final chapter assesses whether certain aspects of financial structure enhance economic outcomes. Indeed, some structural features are associated with better outcomes. In particular, financial buffers made up of high-quality capital and truly liquid assets tend to be associated with better economic performance
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