Global Financial Stability Report

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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2012

Restoring Confidence and Progressing on Reforms -- IMF Global Financial Stability Report (GFSR) -- October 2012 -- Table of Contents

October 10, 2012

Description: 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.

The Quest for Lasting Stability -- IMF Global Financial Stability Report (GFSR) -- April 2012

April 11, 2012

Description: 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 -- April 2012.

2011

Grappling with Crisis Legacies: IMF Global Financial Stability Report (GFSR)

September 13, 2011

Description: The September 2011 issue of the 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 buildup of financial vulnerabilities. Moreover, says the Report, 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, and finds that such investors have moved toward safety and liquidity. As part of its continuing role to find ways of avoiding future crisis, the Report 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.

IMF Global Financial Stability Report (GFSR) -- Durable Financial Stability: Getting There from Here; April 2011 -- Contents

April 13, 2011

Description: GFSR April 2011: 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.

2010

IMF Global Financial Stability Report (GFSR) -- Sovereigns, Funding, and Systemic Liquidity; October 2010 -- Contents

October 29, 2010

Description: October 2010: The global financial system is still in a period of significant uncertainty and remains the Achilles’ heel of the economic recovery. Although the ongoing recovery is expected to result in a gradual strengthening of balance sheets, progress toward financial stability has experienced a setback since the April 2010 GFSR. The current report highlights how risks have changed over the last six months, traces the sources and channels of financial distress with an emphasis on sovereign risk, and provides a discussion of policy proposals under consideration to mend the global financial system.

2009

IMF Global Financial Stability Report -- Navigating the Financial Challenges Ahead -- October 2009 -- Contents

September 30, 2009

Description: This GFSR chronicles the evolution of the path toward reestablishing sound credit intermediation and the near-term risks that could interrupt its restoration, including the rising burden of sovereign financing. The report addresses how to restart securitization markets and the pitfalls if done improperly. The effectiveness of unconventional public sector interventions and the principles for disengagement are discussed. The report also discusses the design of medium-term policies that aim to reshape the financial system to make it more resilient and stable.

2008

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