## 0710a ## Source details **Canonical URL:** [0710a](https://www.imf.org/-/media/files/publications/fmu/0710a.pdf) ## Other formats - [Markdown version](/-/media/files/publications/fmu/0710a.pdf.md) - [Structured JSON version](/-/media/files/publications/fmu/0710a.pdf.json) --- ### Composite Volatility and Market-stress Indicators - Figure 1: Composite Volatility Index (1/1/2009 = 100). - Source: IMF staff estimates. - Note: The index was constructed utilizing implied volatilities derived from options on various stock market indices, interest rates, and exchange rates. - Time labels shown in Figure 1: Jan-09Apr-09Jul-09Oct-09Jan-10Apr-10Jul-10. ### Sovereign Spreads and Rollovers in the Euro Area - Figure 2: Selected Euro Area Sovereign Spreads (In basis points). - Time labels shown: Mar-10Apr-10May-10Jun-10. - Left scale highlights: Greece; ECB purchases begin. - Right scale highlights: Portugal, Ireland, Spain, Italy, Belgium, Austria. - Source: Bloomberg. - Figure 3: Selected Euro Area Sovereign Bond Rollovers, Q3 2010-Q4 2012 (In billions of euros). - Time range: Q3 2010 Q4 2010 Q1 2011 Q2 2011 Q3 2011 Q3 2011 Q1 2012 Q2 2012 Q3 2012 Q4 2012. - Note: Includes principal and interest payments on both short-term bills and longer-term bonds for Greece, Ireland, Italy, Portugal, and Spain. - Source: Bloomberg. ### Sovereign Risk Spillovers into Local Financial Credit - Figure 4 (two panels referenced): Sovereign Risk Spilling over to Local Financial Credit — Default Swap Spreads. - Periods referenced: October 2009 to February 2010; October 2009 to June 2010. - Countries listed: Portugal, Spain, Belgium, Austria, Greece, Italy. - Sources: Bloomberg; Datastream; and IMF staff estimates. - Scatter/Change plot labels (Figure 4): Change in local senior financial CDS; Change in sovereign CDS. ### Financial and Bank Risk Measures - Figure 5: Bank Credit Default Swap Spreads (In basis points). - Time labels: Jan-09Apr-09Jul-09Oct-09Jan-10Apr-10. - Regions shown: United States, Euro area, United Kingdom. - Annotation: ECB purchases begin. - Source: Datastream. ### ECB Liquidity Operations and Financial Issuance - Figure 6: ECB Liquidity Operations (In billions of euros). - Time labels: Jan-08Jul-08Jan-09Jul-09Jan-10. - Series shown: Long-term refinancing operation; Main refinancing operation; Deposit facility (1-month rolling average). - Source: Bloomberg. - Figure 7: Financial Bond Issuance (In billions of U.S. dollars). - Time axis markers: May-08 Aug-08 Nov-08 Feb-09 May-09 Aug-09 Nov-09 Feb-10 May-10. - Regions plotted: United States, United Kingdom, Euro area. - Source: Dealogic. ### Lending Conditions and Credit Standards - Figure 8: Lending Conditions — Net percentage of domestic respondents tightening standards for loans. - Time range: 2002–2010 plotted (exact tick labels include 2002–2010 and annotations showing 2008–2010 movements). - Series shown: Euro area, United States, United Kingdom. - Source: Lending surveys by the Bank of England, European Central Bank, and the U.S. Federal Reserve for households and corporates; and IMF staff estimates. ### Emerging Markets: Equity Performance and Issuance - Figure 10: Emerging Economies: Stock Price Performance, April Peak - June 28, 2010 (In percent). - Country/groups listed (example ordering in legend): Hungary, Romania, Russia, Eastern Europe, Bulgaria, Brazil, Poland, Latin, China, South Africa, Turkey, Thailand, EM Asia, Mexico, India, Indonesia, Colombia; regional labels: Europe, Asia, Latin America, Africa. - Source: Bloomberg. - Figure 9: Emerging Market External Bond and Equity Issuance (In billions of U.S. dollars). - Time axis markers: May-08Nov-08May-09Nov-09May-10Nov-09May-10. - Regions shown: Asia, Latin America, EMEA (Europe, Middle East, and Africa). - Source: Dealogic. ### Real Estate Market Transactions in Asia - Figure 11: Growth of Real Estate Market Transaction Values (Percent, year-on-year). - Time labels: Sep-07Mar-08Sep-08Mar-09Sep-09Mar-10. - Series/countries shown: China; Hong Kong SAR; Korea*; Singapore (right). - Note: Data for Korea represent units of transactions. - Source: National authorities; CEIC; IMF staff estimates. ### Section 2 — Text excerpt and raw sequences - Raw text and control-character sequences reproduced verbatim: - F$0 T - 0 ( ] ( % - M6" ' &% - 1%2  .  -  % -  - % -  9 % - 6* 9 = - "% - ("2 8% - (&% - 15 46"B - 8 % -   -  1%2 -  % - % - & . ' =  % -   ### Highlighted repeated strings and tokens (preserved verbatim) - ; #)% - ! " % -  5 & 0 - % - ( % - !%$ '  #;% - ( - "% - A - 4 -  b% - 5% - . '% - % - . - - 4 -  -  -  D< -  #* - % - % - M. (& ?6*" - 8 - '  - & - 5  - $2  % - &% - 5 5% ### Numeric-like tokens, percents, and symbol groups (preserved verbatim) - 1%2 - 15 - $2 - $6"% - $* - $0 ) - 15 - 3*.4" - 4\i. - 3 - % - ; - %% -  - % - 0 - ; - %&" -  2 - :"% ### Structural and formatting artifacts preserved - Multiple occurrences of control-character sequences such as , , , , , , and similar byte-like tokens are present throughout the content and reproduced above exactly. - Line breaks, spacing, and punctuation fragments (for example: . , !%$, ',  %) are preserved verbatim in the excerpts above. - Parentheses and bracketed tokens such as ("2, (&%, (%, and ]OB appear repeatedly and are retained exactly. *International Monetary Fund — 0710a - Section 2* ### Section 1 ### Section 1 ### Composite Volatility and Marketstress Indicators - Figure 1: Composite Volatility Index (1/1/2009 = 100). - Source: IMF staff estimates. - Note: The index was constructed utilizing implied volatilities derived from options on various stock market indices, interest rates, and exchange rates. - Time labels shown in Figure 1: Jan-09Apr-09Jul-09Oct-09Jan-10Apr-10Jul-10. ### Sovereign Spreads and Rollovers in the Euro Area - Figure 2: Selected Euro Area Sovereign Spreads (In basis points). - Time labels shown: Mar-10Apr-10May-10Jun-10. - Left scale highlights: Greece; ECB purchases begin. - Right scale highlights: Portugal, Ireland, Spain, Italy, Belgium, Austria. - Source: Bloomberg. - Figure 3: Selected Euro Area Sovereign Bond Rollovers, Q3 2010-Q4 2012 (In billions of euros). - Time range: Q3 2010 Q4 2010 Q1 2011 Q2 2011 Q3 2011 Q3 2011 Q1 2012 Q2 2012 Q3 2012 Q4 2012. - Note: Includes principal and interest payments on both short-term bills and longer-term bonds for Greece, Ireland, Italy, Portugal, and Spain. - Source: Bloomberg. ### Sovereign Risk Spillovers into Local Financial Credit - Figure 4 (two panels referenced): Sovereign Risk Spilling over to Local Financial Credit — Default Swap Spreads. - Periods referenced: October 2009 to February 2010; October 2009 to June 2010. - Countries listed: Portugal, Spain, Belgium, Austria, Greece, Italy. - Sources: Bloomberg; Datastream; and IMF staff estimates. - Scatter/Change plot labels (Figure 4): Change in local senior financial CDS; Change in sovereign CDS. ### Financial and Bank Risk Measures - Figure 5: Bank Credit Default Swap Spreads (In basis points). - Time labels: Jan-09Apr-09Jul-09Oct-09Jan-10Apr-10. - Regions shown: United States, Euro area, United Kingdom. - Annotation: ECB purchases begin. - Source: Datastream. ### ECB Liquidity Operations and Financial Issuance - Figure 6: ECB Liquidity Operations (In billions of euros). - Time labels: Jan-08Jul-08Jan-09Jul-09Jan-10. - Series shown: Long-term refinancing operation; Main refinancing operation; Deposit facility (1-month rolling average). - Source: Bloomberg. - Figure 7: Financial Bond Issuance (In billions of U.S. dollars). - Time axis markers: May-08 Aug-08 Nov-08 Feb-09 May-09 Aug-09 Nov-09 Feb-10 May-10. - Regions plotted: United States, United Kingdom, Euro area. - Source: Dealogic. ### Lending Conditions and Credit Standards - Figure 8: Lending Conditions — Net percentage of domestic respondents tightening standards for loans. - Time range: 2002–2010 plotted (exact tick labels include 2002–2010 and annotations showing 2008–2010 movements). - Series shown: Euro area, United States, United Kingdom. - Source: Lending surveys by the Bank of England, European Central Bank, and the U.S. Federal Reserve for households and corporates; and IMF staff estimates. ### Emerging Markets: Equity Performance and Issuance - Figure 10: Emerging Economies: Stock Price Performance, April Peak - June 28, 2010 (In percent). - Country/groups listed (example ordering in legend): Hungary, Romania, Russia, Eastern Europe, Bulgaria, Brazil, Poland, Latin, China, South Africa, Turkey, Thailand, EM Asia, Mexico, India, Indonesia, Colombia; regional labels: Europe, Asia, Latin America, Africa. - Source: Bloomberg. - Figure 9: Emerging Market External Bond and Equity Issuance (In billions of U.S. dollars). - Time axis markers: May-08Nov-08May-09Nov-09May-10Nov-09May-10 (illustrative issuance timeline). - Regions shown: Asia, Latin America, EMEA (Europe, Middle East, and Africa). - Source: Dealogic. ### Real Estate Market Transactions in Asia - Figure 11: Growth of Real Estate Market Transaction Values (Percent, year-on-year). - Time labels: Sep-07Mar-08Sep-08Mar-09Sep-09Mar-10. - Series/countries shown: China; Hong Kong SAR; Korea*; Singapore (right). - Note: Data for Korea represent units of transactions. - Source: National authorities; CEIC; IMF staff estimates. *Source: IMF staff estimates; Bloomberg; Datastream; Dealogic; national authorities; CEIC (from 0710a - Section 1).* ### Section 2 ### 0710a - Section 2 ### Text excerpt and raw sequences - F$0 T - 0 ( ] ( % - M6" ' &% - 1%2  .  -  % -  - % -  9 % - 6* 9 = - "% - ("2 8% - (&% - 15 46"B - 8 % -   -  1%2 -  % - % - & . ' =  % -   ### Highlighted repeated strings and tokens - ; #)% - ! " % -  5 & 0 - % - ( % - !%$ '  #;% - ( - "% - A - 4 -  b% - 5% - . '% - % - . - - 4 -  -  -  D< -  #* - % - % - M. (& ?6*" - 8 - '  - & - 5  - $2  % - &% - 5 5% ### Numeric-like tokens, percents, and symbol groups (preserved verbatim) - 1%2 - 15 - $2 - $6"% - $* - $0 ) - 15 - 3*.4" - 4\i. - 3 - % - ; - %% -  - % - 0 - ; - %&" -  2 - :"% ### Structural and formatting artifacts preserved - Multiple occurrences of control-character sequences such as , , , , , , and similar byte-like tokens are present throughout the content and reproduced above exactly. - Line breaks, spacing, and punctuation fragments (for example: . , !%$, ',  %) are preserved verbatim in the excerpts above. - Parentheses and bracketed tokens such as ("2, (&%, (%, and ]OB appear repeatedly and are retained exactly. --- _Source: https://www.imf.org/-/media/files/publications/fmu/0710a.pdf_