IMF Global Financial Stability Report (GFSR) -- Durable Financial Stability: Getting There from Here; April 2011 -- Contents
Global Financial Stability Report, April 13, 2011
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Bibliographic details
- Published: April 13, 2011
- Series: Global Financial Stability Report
Overview and Key Messages
- Publication date: April 2011.
- Core assessment: Despite ongoing economic recovery and improvements in global financial stability, structural weaknesses and vulnerabilities remain in some important financial systems.
- Focus areas highlighted in the report:
- How risks have changed over the past six months.
- Sources and channels of financial distress with an emphasis on sovereign risk.
- Pressures arising from capital inflows in emerging economies.
- Policy proposals under consideration to mend the global financial system.
Major Report Components (Chapters and Themes)
- Executive Summary; Preface; Glossary; Summing Up of the Acting Chair.
- Chapter I. Key Risks and Challenges for Sustaining Financial Stability
- Sections:
- A. What Are the Key Stability Risks and Challenges?
- B. Living Dangerously—The Legacy of High Debt Burdens in Advanced Economies
- C. Banking System—Not Enough Has Been Done
- D. Sovereign Funding Challenges
- E. Alleviating Pressures on Households and Firms
- F. Macro and Stability Implications of Capital Inflows into Emerging Markets
- G. Durable Financial Stability: Getting There from Here
- Annexes in Chapter I:
- Annex 1.1. What Factors Are Driving U.S. Bond Yields Higher?
- Annex 1.2. Compilation of Investor Base Data for General Government Debt
- Annex 1.3. Dubai: From Debt Overhang to Restructuring, but Risks Remain
- Annex 1.4. Projecting Government Funding Costs through 2015
- Annex 1.5. Strategic Defaults and Housing Prices in the United States
- Annex 1.6. Recent Measures to Manage Capital Flows in Selected Economies
- Annex 1.7. Exchange-Traded Funds: Mechanics and Risks
- Chapter II. How to Address the Systemic Part of Liquidity Risk
- Summary and subsections:
- What Is Systemic Liquidity Risk?
- Will Liquidity Rules Under Basel III Lower Systemic Risk?
- Measures of Systemic Liquidity Risk and Potential Macroprudential Tools to Mitigate It
- Summary and Policy Considerations
- Annexes in Chapter II:
- Annex 2.1. Methods Used to Compute a Systemic Liquidity Risk Index
- Annex 2.2. Technical Description of the Systemic Risk-Adjusted Liquidity Model
- Annex 2.3. Highlights of the Stress-Testing Framework
- Chapter III. Housing Finance and Financial Stability—Back to Basics?
- Themes:
- Housing Booms and Busts—Theory and Stylized Facts
- Global Housing Finance Landscape
- Housing Finance and Financial Stability
- Conclusions and Policy Implications—Back to Basics
- Annexes in Chapter III:
- Annex 3.1. The Impact of Housing Finance Modes on House Prices and Loan-Loss Growth during the Recent Crisis
- Annex 3.2. Evidence on House Prices, Credit, and Housing Finance Characteristics in Advanced Economies
- Statistical Appendix referenced (1900 KB pdf file).
Key Boxes Highlighted
- 1.1 The Middle East: Geopolitical Risk to the Financial Stability Outlook
- 1.2 Implications of Japan’s Earthquake for Financial Stability
- 1.3 Examining the Ability of U.S. Banks to Absorb Mortgage Principal Reductions
- 1.4 Are Debt Vulnerabilities Building in the Emerging Market Corporate Sector?
- 1.5 Emerging Market Banks: Fueling Growth or Frenzy?
- 1.6 Euro Area Crisis Management and Prevention
- 1.7 Regulatory Reforms: Are We There Yet?
Data, Tables, and Statistical Coverage
- Selected data items and analytical tables include (not exhaustive):
- Sovereign Market and Vulnerability Indicators
- Low-Growth Shock: Impact Analysis and Ranking
- Main Features of the Proposed Methodologies
- Indicators for (Systemic) Liquidity Risk Monitoring
- Joint Expected Losses from Systemic Liquidity Risk
- Capital Charge for Individual Liquidity Risk and Individual Contribution to Systemic Liquidity Risk
- Summary Statistics of Individual Contributions to Systemic Liquidity Risk and Associated Fair Value Insurance Premium
- Selected Liquidity Stress Testing Frameworks
- Withdrawal Rate Assumptions
- Probability of Banks Ending the Simulation with a Liquidity Shortage
- Capital Surcharges
- Selected Regulatory Proposals for Managing Systemic Liquidity Risk
- Crisis Measures
- Housing Finance Features in Advanced Economies, 2008
- Housing Finance Systems in Emerging and Newly Industrialized Economies, 2008
- Mortgage Market Characteristics in Emerging and Newly Industrialized Economies, 2008
- Index of Government Participation in Housing Finance Markets, 2008
- Joint Determinants of Growth in Real House Prices, Mortgage Credit, and Loan Losses
- Many additional tables enumerating relationships among house prices, credit, bank metrics, and macroeconomic controls (including specific tables labeled 3.8 through 3.12, and more).
Figures, Charts, and Specific Numerical Items Mentioned
- Global Financial Stability Map and related assessments (risk and conditions).
- Selected figure highlights and specific references:
- Bank Rollover Requirement, 2011–12
- Government Funding Costs in 2015
- Funding Cost Thresholds, Debt, and Revenue
- Leverage Ratios: Household Debt as a Percent of GDP
- Shadow Inventory of Houses Potentially for Sale
- Federal Reserve Assets and Flows into U.S. Risky Assets
- Net Capital Inflows to Emerging Markets
- Exchange-Traded Fund Assets ($1.2 Trillion), by Type of Exposure
- Flash Crash: Intraday Prices, May 6, 2010
- Net Stable Funding Ratio by Region; by Business Model; by Bank, 2009
- Systemic Liquidity Risk Index and related sensitivity and loss illustrations
- House Price Indices and Residential Mortgage-Debt-to-GDP Ratio: Advanced Economies and Emerging Europe
- Nonperforming Residential Mortgage Loans; Home Foreclosures in the United Kingdom and the United States
Statistical Appendix and Miscellaneous Notes
- Statistical appendix contains multiple tables and indicators (including selected credit default swap spreads, spreads, implied volatility indices, forward P/E ratios, corporate bond and commercial paper markets).
- Note on IMF Statistics Department: effective this issue, the IMF’s Statistics Department has assumed responsibility for compiling the Financial Soundness Indicators tables and they are no longer part of this appendix; these tables will continue to be linked to the GFSR Statistical Appendix on the IMF’s public website.
- Symbols and conventions used throughout the appendix:
- ". . . " to indicate that data are not available;
- "——" to indicate that the figure is zero or less than half the final digit shown, or that the item does not exist;
- "-" between years and months (for example, 2008–09 or January–June) to indicate the years or months covered, including the beginning and ending years or months;
- "/" between years (for example, 2008/09) to indicate a fiscal or financial year.
- Definitions:
- "Billion" means a thousand million; "trillion" means a thousand billion.
- "Basis points" refer to hundredths of 1 percentage point (for example, 25 basis points are equivalent to ¼ of 1 percentage point).
- "n.a." means not applicable.
- Minor discrepancies between constituent figures and totals are due to rounding.
IMF Global Financial Stability Report (GFSR) — Durable Financial Stability: Getting There from Here; April 2011 — Contents
Content in this bundle
- Figure 1.1. Global Financial Stability Map
- Figure 1.10 Increase in Bank Deposit Rates
- Figure 1.11. Average Chagne in Bank Net Interest Income, 2010
- Figure 1.15. Euro Area Treasury Bond Spreads over German Bunds and Volatiity
- figure1_16
- dataset overview
- Figure 1.18. Average versus Marginal Government Funding Costs
- Figure 1.19. Sovereign Funding Needs
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- Figure 1.20. Government Funding Costs in 2015
- Figure 1.22. Leverage Ratios: Household Debt as a Percent of GDP
- Figure 1.23. Various Measures of U.S. Household Leverage
- Figure 1.24. Shadow Inventory of Houses for Sale
- Figure 1.25. Household Balance Sheets
- Figure 1.26. Federal Reserve Assets and Flows into U.S. Risk Assets
- Figure 1.27. Nonfinancial Corporate Credit Default Swap Spreads
- Figure 1.28. Nonfinancial Corporate Debt-to-Equity Ratiods
- Figure 1.29. Lending Conditions for Small and Medium-Sized Enterprises
- Figure 1.30. Debt Maturity Profile for the Commercial Real Estate Sector
- Figure 1.31. Net Capital Inflows to Emerging Markets
- Figure 1.32. U.S. Investment Flows in Foreign Securities
- Figure 1.34. Average Monthly Retail Flows to Emerging Market Debt and Equity Mutual Funds
- Figure 1.35. Capital Inflows, Real Credit, and Reql Equity Prices
- Figure 1.37. Emerging Market External Corporate Issuance by Rating
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- Table1 1
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- Boxfigure2 1
- Figure2 1
- Figure2 10
- Figure 2.11. Principal Component Analysis: Total Variation Explained by Each Factor
- Figure 2.2. Net Stable Funding Ratio Estimates by Business Model
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- Figure3 1
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- Contentspdf
- glossarypdf
- Preface
- Press Points for Chapter 1: Durable Financial Stability: Getting There From Here
- Press Points for Chapter Two:
- Press Points for Chapter Three: Housing Finance and Financial Stability—Back to Basics?
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- 1. Major Net Exporters and Importers of Capital in 2010
- EXECUTiVE SUMMARy
- ANNEX SUMMiNG UP By THE ACTiNG CHAiR
- Global Financial Stability Report — April 2011 (selected chapters and boxes)
- Тезисы для прессы (главы 2 и 3) — Доклад по вопросам глобальной финансовой стабильности (ДГФС), апрель 2011 года
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- Informe sobre la estabilidad financiera mundial (GFSR), abril de 2011 — Resumen ejecutivo