## Figure 1.4. Global Financial Vulnerabilities

## Source details

**Canonical URL:** [Figure 1.4. Global Financial Vulnerabilities](https://www.imf.org/-/media/files/publications/gfsr/2019/april/english/ch1data/charts/figure1-4.pdf)

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### Key findings and summary
- Sovereign and corporate sector vulnerabilities have increased since the global financial crisis, while vulnerabilities remain elevated in other financial sectors.
- Sovereign vulnerabilities are elevated in many countries, and in China vulnerabilities are elevated in a number of sectors.
- Global financial crisis: reflects the maximum vulnerability value from 2007 to 2008 (panel 1).

### Panel 1 — Proportion of GDP of Systemically Important Countries with Elevated Vulnerabilities, by Sector
- Chart shows percentage bands: 100%, 80%, 60%, 40%, 20% (visual scale).
- Sectors and number of vulnerable countries (in parentheses):
  - Nonfinancial firms (13)
  - Insurers (4)
  - Banks (8)
  - Households (15)
  - Sovereigns (10)
  - Other financials (4)
- Note: Values represent percentage of countries in sample with high and medium-high vulnerabilities by GDP [assets for banks]; number of vulnerable countries shown in parentheses.

### Panel 2 — Financial Vulnerabilities by Sector and Region (Oct. 2018 vs. Apr. 2019)
- Regions and categories compared for Oct. 2018 and Apr. 2019:
  - United States
  - Advanced Economies
  - Emerging Market Economies
  - Euro area
  - Other advanced
  - China
  - Other emerging
  - Other
- Financial sectors shown:
  - Other Financials
  - Sovereigns
  - Nonfinancial Firms
  - Households
  - Banks
  - Insurers
- Shading interpretation:
  - Red shading indicates a value in the top 20 percent of pooled samples of advanced and emerging market economies for each sector from 2000 through 2018 (or longest sample available).
  - Dark green shading indicates values in the bottom 20 percent.
- Specific comparative markers shown in the figure: Oct. 2018 and Apr. 2019 indicated for each region-sector cell.

### Notes and methodological points
- For households, the debt service ratio in emerging market economies is based on all private nonfinancial firms.
- Other systemically important advanced economies comprise Australia, Canada, Denmark, Hong Kong SAR, Japan, Korea, Norway, Singapore, Sweden, Switzerland, and the United Kingdom.
- Other systemically important emerging market economies comprise Brazil, India, Mexico, Poland, Russia, and Turkey.
- GFSR = Global Financial Stability Report.

*Sources: Bank for International Settlements; Bank of Japan; Bloomberg Finance L.P.; China Insurance Regulatory Commission; European Central Bank; Haver Analytics; IMF, Financial Soundness Indicators database; S&P Global Market Intelligence; S&P Leveraged Commentary and Data; WIND Information Co.; and IMF staff calculations.*

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_Source: https://www.imf.org/-/media/files/publications/gfsr/2019/april/english/ch1data/charts/figure1-4.pdf_