IMF Global Financial Stability Report (GFSR) — April 2014 — Table of Contents

Global Financial Stability Report, April 15, 2014

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IMF Global Financial Stability Report (GFSR) — April 2014 — Table of Contents

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Bibliographic details

• Published: April 15, 2014
• Series: Global Financial Stability Report

Overview and central judgement

• The April 2014 Global Financial Stability Report assesses "the challenging transitions that the global financial system is currently undergoing on the path to greater stability."
• Chapter 1 finds that "these transitions are far from complete, and stability conditions are far from normal."
• For both advanced and emerging market economies, a successful shift from liquidity-driven to growth-driven markets requires multiple elements, discussed in Chapter 1.

Key elements required for the shift from liquidity-driven to growth-driven markets (Chapter 1)

• Normalization of U.S. monetary policy that avoids financial stability risks.
• Financial rebalancing in emerging market economies amid tighter external financial conditions and higher corporate debt levels.
• Further progress in the euro area’s transition from fragmentation to robust integration.
• Successful implementation of Abenomics in Japan to deliver sustained growth and stable inflation.

Chapter 2 — Investor base, financial deepening, and emerging market stability

• Examines the role of the composition of the investor base and local financial systems for the stability of emerging market portfolio flows and asset prices.
• Finds that the investor base "has been tilting toward making capital flows more sensitive to global financial conditions."
• Concludes emerging market economies can improve resilience by deepening their financial systems.

Chapter 3 — Too-important-to-fail and implicit subsidies

• Analyzes the implicit funding subsidy received by systemically important banks arising from expectations of government support.
• Finds that financial reforms have helped reduce this subsidy, but it "remains sizeable."
• Policy recommendation: Policymakers should aim to remove this advantage to protect taxpayers, ensure a level playing field, and promote financial stability.

Supporting material and empirical content (tables, boxes, figures, data)

• Chapter 1 includes Boxes 1.1–1.7 on topics such as deleveraging trends, Japanese financial system rebalancing, macroprudential policy in the United States, and rollout of banking union.
• Chapter 1 data tables include: Indebtedness and Leverage in Selected Advanced Economies; Reduction in Gross Debt Levels in Selected Advanced Economies from the 2009–13 Peak; Change in 10-Year Government Bond Yields; Debt, Leverage, and Credit in Selected Emerging Market Economies; and many others (several numbered data items such as 1.1.1, 1.1.2, 1.8–1.12).
• Chapter 1 figures include the "Global Financial Stability Map," "Trends in Indebtedness in Selected Advanced Economies since the Crisis," "Global Financial Stability Map: Assessment of Risks and Conditions," "Japanese Financial System," "Federal Reserve Lending Survey and Institute for Supply Managmenent New Orders: Green Shoots?," and numerous numbered figures (e.g., 1.13–1.38).
• Chapter 2 includes primers and numbered subsections and figures (e.g., 2.1–2.13) on mutual funds, financial deepening, investor strategies, herding, flow sensitivity, and the effects of financial deepening on asset-return sensitivities.
• Chapter 3 includes numbered subsections and figures (e.g., 3.1–3.12) on cross-border banking linkages, benefits and risks of large banks, estimating implicit subsidies, banks and sovereign linkages, policy initiatives, and related empirical exercises.

Statistical appendix and definitions

• Statistical appendix items include: Major Net Exporters and Importers of Capital, 2013; Sovereign Credit Default Swap Spreads; Selected Credit Default Swap Spreads; Implied Volatility Indices; U.S. Corporate Bond Market; Euro Area Corporate Bond Market; U.S. Commercial Paper Market; Capital Market Size: Selected Indicators, 2012; MSCI Equity Market Indices; Emerging Markets Bond Index: EMBI Global Sovereign Yield Spreads; Emerging Market Private External Financing: Total Bonds, Equities, and Loans; and more through item 10.
• Notes on symbols and conventions:
  • ". . . " indicates that data are not available;
  • "——" indicates 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) indicates the years or months covered;
  • "/" between years (for example, 2008/09) indicates 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) — April 2014 — Table of Contents

Content in this bundle

• Figure1 1 1
  • Figure1 1 1 (Markdown version)
  • Figure1 1 1 (CSV)
• Figure 1.1. Global Financial Stability Map
  • Figure 1.1. Global Financial Stability Map (Markdown version)
  • Figure 1.1. Global Financial Stability Map (CSV)
• Figure 1.10. U.S. Nonfinancial Corporations: Market-Based Financing
  • Figure 1.10. U.S. Nonfinancial Corporations: Market-Based Financing (Markdown version)
  • Figure 1.10. U.S. Nonfinancial Corporations: Market-Based Financing (CSV)
• Figure 1.11. Federal Reserve Guidance Gaining Credibility?
  • Figure 1.11. Federal Reserve Guidance Gaining Credibility? (Markdown version)
  • Figure 1.11. Federal Reserve Guidance Gaining Credibility? (CSV)
• Figure 1.12. Ten-year U.S. Treasury Rate Projectsions Based on Exit Scenario
  • Figure 1.12. Ten-year U.S. Treasury Rate Projectsions Based on Exit Scenario (Markdown version)
  • Figure 1.12. Ten-year U.S. Treasury Rate Projectsions Based on Exit Scenario (CSV)
• Figure 1.13. Global Interest Rate Scenarios
  • Figure 1.13. Global Interest Rate Scenarios (Markdown version)
  • Figure 1.13. Global Interest Rate Scenarios (CSV)
• Figure1 14
  • Figure1 14 (Markdown version)
  • Figure1 14 (CSV)
• Figure 1.15. Private Sector Gross Debt and Credit in Selected Emerging Market Economies
  • Figure 1.15. Private Sector Gross Debt and Credit in Selected Emerging Market Economies (Markdown version)
  • Figure 1.15. Private Sector Gross Debt and Credit in Selected Emerging Market Economies (CSV)
• Figure1 16
  • Figure1 16 (Markdown version)
  • Figure1 16 (CSV)
• Figure 1.17. Policy Space
  • Figure 1.17. Policy Space (Markdown version)
  • Figure 1.17. Policy Space (CSV)
• Figure 1.18. Ratio of International Reserves to 2014 External Financial Requirements
  • Figure 1.18. Ratio of International Reserves to 2014 External Financial Requirements (Markdown version)
  • Figure 1.18. Ratio of International Reserves to 2014 External Financial Requirements (CSV)
• Figure 1.19. Coverage of Current Account by Foreign Direct Investment
  • Figure 1.19. Coverage of Current Account by Foreign Direct Investment (Markdown version)
  • Figure 1.19. Coverage of Current Account by Foreign Direct Investment (CSV)
• figure1_2_1
  • figure1_2_1 (Markdown version)
  • figure1_2_1 (CSV)
• Figure 1.2. Global Financial Stability Map: Assessment of Risks and Conditions
  • Figure 1.2. Global Financial Stability Map: Assessment of Risks and Conditions (Markdown version)
  • Figure 1.2. Global Financial Stability Map: Assessment of Risks and Conditions (CSV)
• Figure 1.20 Corporate Debt in Emerging Markets
  • Figure 1.20 Corporate Debt in Emerging Markets (Markdown version)
  • Figure 1.20 Corporate Debt in Emerging Markets (CSV)
• Figure 1.21. Emerging Market Bank Resilience
  • Figure 1.21. Emerging Market Bank Resilience (Markdown version)
  • Figure 1.21. Emerging Market Bank Resilience (CSV)
• Figure 1.22. China: Wealth Management Products
  • Figure 1.22. China: Wealth Management Products (Markdown version)
  • Figure 1.22. China: Wealth Management Products (CSV)
• Figure 1.23. China: Selected Financial Sector Developments
  • Figure 1.23. China: Selected Financial Sector Developments (Markdown version)
  • Figure 1.23. China: Selected Financial Sector Developments (CSV)
• Figure 1.24. Total and Retail Portfolio Flows to Selected Emerging Market and Other Economies
  • Figure 1.24. Total and Retail Portfolio Flows to Selected Emerging Market and Other Economies (Markdown version)
  • Figure 1.24. Total and Retail Portfolio Flows to Selected Emerging Market and Other Economies (CSV)
• figure1_25
  • figure1_25 (Markdown version)
  • figure1_25 (CSV)
• figure1_27
  • figure1_27 (Markdown version)
  • figure1_27 (CSV)
• Figure 1.28. Euro Area Bank Asset Quality
  • Figure 1.28. Euro Area Bank Asset Quality (Markdown version)
  • Figure 1.28. Euro Area Bank Asset Quality (CSV)
• Figure 1.29. Euro Area Bank Profitability, Buffers, and Interest Rates
  • Figure 1.29. Euro Area Bank Profitability, Buffers, and Interest Rates (Markdown version)
  • Figure 1.29. Euro Area Bank Profitability, Buffers, and Interest Rates (CSV)
• figure1_3_1 — Asset Class Performance
  • figure1_3_1 — Asset Class Performance (Markdown version)
  • figure1_3_1 — Asset Class Performance (CSV)
• Figure1 3
  • Figure1 3 (Markdown version)
  • Figure1 3 (CSV)
• Figure 1.30. Assets of Banks in the Euro Area
  • Figure 1.30. Assets of Banks in the Euro Area (Markdown version)
  • Figure 1.30. Assets of Banks in the Euro Area (CSV)
• Figure 1.32. Euro Area Bank Write-Down Potential
  • Figure 1.32. Euro Area Bank Write-Down Potential (Markdown version)
  • Figure 1.32. Euro Area Bank Write-Down Potential (CSV)
• Figure 1.33. Strength of Insolvency Procedures and Nonperforming Loans in Advanced Economies, 2013
  • Figure 1.33. Strength of Insolvency Procedures and Nonperforming Loans in Advanced Economies, 2013 (Markdown version)
  • Figure 1.33. Strength of Insolvency Procedures and Nonperforming Loans in Advanced Economies, 2013 (CSV)
• Figure 1.34. Sources of Nonfinancial Corporate Credit, 2013:Q3
  • Figure 1.34. Sources of Nonfinancial Corporate Credit, 2013:Q3 (Markdown version)
  • Figure 1.34. Sources of Nonfinancial Corporate Credit, 2013:Q3 (CSV)
• Figure 1.35. Term Premium Estimates under Alternative Alfine Models
  • Figure 1.35. Term Premium Estimates under Alternative Alfine Models (Markdown version)
  • Figure 1.35. Term Premium Estimates under Alternative Alfine Models (CSV)
• figure1_36
  • figure1_36 (Markdown version)
  • figure1_36 (CSV)
• Figure 1.4. U.S. Nonfinancial Corporations: Credit Cycle Indicators
  • Figure 1.4. U.S. Nonfinancial Corporations: Credit Cycle Indicators (Markdown version)
  • Figure 1.4. U.S. Nonfinancial Corporations: Credit Cycle Indicators (CSV)
• Figure 1.5. U.S. Nonfinancial Corporations: Key Financial Indicators
  • Figure 1.5. U.S. Nonfinancial Corporations: Key Financial Indicators (Markdown version)
  • Figure 1.5. U.S. Nonfinancial Corporations: Key Financial Indicators (CSV)
• Figure 1.6. S&P 500 Price-to-Earnings Ratio
  • Figure 1.6. S&P 500 Price-to-Earnings Ratio (Markdown version)
  • Figure 1.6. S&P 500 Price-to-Earnings Ratio (CSV)
• Figure 1.7. Decomposition of Equity Market Performance
  • Figure 1.7. Decomposition of Equity Market Performance (Markdown version)
  • Figure 1.7. Decomposition of Equity Market Performance (CSV)
• Figure 1.8. U.S. High-Yield Bond and Leveraged Loan Issuance with Lower Standards
  • Figure 1.8. U.S. High-Yield Bond and Leveraged Loan Issuance with Lower Standards (Markdown version)
  • Figure 1.8. U.S. High-Yield Bond and Leveraged Loan Issuance with Lower Standards (CSV)
• Figure 1.9. Leveraged Loans: Debt-to-EBITDA Ratio for Highly Leveraged Loans
  • Figure 1.9. Leveraged Loans: Debt-to-EBITDA Ratio for Highly Leveraged Loans (Markdown version)
  • Figure 1.9. Leveraged Loans: Debt-to-EBITDA Ratio for Highly Leveraged Loans (CSV)
• Table 1.1.1: Indebtedness and Leverage in Selected Advanced Economies
  • Table 1.1.1: Indebtedness and Leverage in Selected Advanced Economies (Markdown version)
  • Table 1.1.1: Indebtedness and Leverage in Selected Advanced Economies (CSV)
• Table 1.1.2. Reduction in Gross Debt Levels in Selected Advanced Economies from 2009-13 Peak
  • Table 1.1.2. Reduction in Gross Debt Levels in Selected Advanced Economies from 2009-13 Peak (Markdown version)
  • Table 1.1.2. Reduction in Gross Debt Levels in Selected Advanced Economies from 2009-13 Peak (CSV)
• Table 1.10. Granger Causality
  • Table 1.10. Granger Causality (Markdown version)
  • Table 1.10. Granger Causality (CSV)
• Table 1.2. Change in 10-year Government Bond Yields
  • Table 1.2. Change in 10-year Government Bond Yields (Markdown version)
  • Table 1.2. Change in 10-year Government Bond Yields (CSV)
• Table1 3
  • Table1 3 (Markdown version)
  • Table1 3 (CSV)
• Table 1.4. Debt, Leverage, and Credit in Selected Emerging Market Economies
  • Table 1.4. Debt, Leverage, and Credit in Selected Emerging Market Economies (Markdown version)
  • Table 1.4. Debt, Leverage, and Credit in Selected Emerging Market Economies (CSV)
• Table 1.5. Change in Gross Debt Levels and Credit in Selected Emerging Market Economies
  • Table 1.5. Change in Gross Debt Levels and Credit in Selected Emerging Market Economies (Markdown version)
  • Table 1.5. Change in Gross Debt Levels and Credit in Selected Emerging Market Economies (CSV)
• Table 1.6. Summary of Indicators
  • Table 1.6. Summary of Indicators (Markdown version)
  • Table 1.6. Summary of Indicators (CSV)
• Table 1.8. Correlation of Term Premium Estimates
  • Table 1.8. Correlation of Term Premium Estimates (Markdown version)
  • Table 1.8. Correlation of Term Premium Estimates (CSV)
• Table 1.9. Sensitivity to the U.S. Term Premium
  • Table 1.9. Sensitivity to the U.S. Term Premium (Markdown version)
  • Table 1.9. Sensitivity to the U.S. Term Premium (CSV)
• Figure 2.2.1. Financial Deepening in Emerging Markets
  • Figure 2.2.1. Financial Deepening in Emerging Markets (Markdown version)
  • Figure 2.2.1. Financial Deepening in Emerging Markets (CSV)
• Figure 2.3.1. Investments of Institutional Investors in Emerging Markets
  • Figure 2.3.1. Investments of Institutional Investors in Emerging Markets (Markdown version)
  • Figure 2.3.1. Investments of Institutional Investors in Emerging Markets (CSV)
• Figure 2.13. Sensitivity of Local Yields to Portfolio Flows and Decline in Global Market Making
  • Figure 2.13. Sensitivity of Local Yields to Portfolio Flows and Decline in Global Market Making (Markdown version)
  • Figure 2.13. Sensitivity of Local Yields to Portfolio Flows and Decline in Global Market Making (CSV)
• Figure 2.2. Trends in Capital Flows to Emerging Markets
  • Figure 2.2. Trends in Capital Flows to Emerging Markets (Markdown version)
  • Figure 2.2. Trends in Capital Flows to Emerging Markets (CSV)
• figure2_3 — Transformation of Investment Options in Emerging Markets
  • figure2_3 — Transformation of Investment Options in Emerging Markets (Markdown version)
  • figure2_3 — Transformation of Investment Options in Emerging Markets (CSV)
• Figure 2.4. Emerging Markets: Shares in Economic Activity and Financial Markets
  • Figure 2.4. Emerging Markets: Shares in Economic Activity and Financial Markets (Markdown version)
  • Figure 2.4. Emerging Markets: Shares in Economic Activity and Financial Markets (CSV)
• Figure 2.5. Allocation to Emerging Market Assets
  • Figure 2.5. Allocation to Emerging Market Assets (Markdown version)
  • Figure 2.5. Allocation to Emerging Market Assets (CSV)
• Figure 3.1.1. Cross-Border Banking Linkages
  • Figure 3.1.1. Cross-Border Banking Linkages (Markdown version)
  • Figure 3.1.1. Cross-Border Banking Linkages (CSV)
• Figure 3.2. Changes in the Number of Banks and the Size of the Banking Sector
  • Figure 3.2. Changes in the Number of Banks and the Size of the Banking Sector (Markdown version)
  • Figure 3.2. Changes in the Number of Banks and the Size of the Banking Sector (CSV)
• Figure 1. Major Net Exporters and Importers of Capital, 2013
  • Figure 1. Major Net Exporters and Importers of Capital, 2013 (Markdown version)
  • Figure 1. Major Net Exporters and Importers of Capital, 2013 (CSV)
• Figure 8. United States: Commercial Paper Market
  • Figure 8. United States: Commercial Paper Market (Markdown version)
  • Figure 8. United States: Commercial Paper Market (CSV)
• Table 1. Capital Market Size: Selected Indicators, 2012
  • Table 1. Capital Market Size: Selected Indicators, 2012 (Markdown version)
  • Table 1. Capital Market Size: Selected Indicators, 2012 (CSV)
• Table 10. Emerging Markets: Mutual Funds
  • Table 10. Emerging Markets: Mutual Funds (Markdown version)
  • Table 10. Emerging Markets: Mutual Funds (CSV)
• Table 2. MSCI Equity Market Indices
  • Table 2. MSCI Equity Market Indices (Markdown version)
  • Table 2. MSCI Equity Market Indices (CSV)
• Table 3. Emerging Markets Bond Index: EMBI Global Sovereign Yield Spreads
  • Table 3. Emerging Markets Bond Index: EMBI Global Sovereign Yield Spreads (Markdown version)
  • Table 3. Emerging Markets Bond Index: EMBI Global Sovereign Yield Spreads (CSV)
• Table 4. Emerging Market Private External Financing: Total Bonds, Equities, and Loans
  • Table 4. Emerging Market Private External Financing: Total Bonds, Equities, and Loans (Markdown version)
  • Table 4. Emerging Market Private External Financing: Total Bonds, Equities, and Loans (CSV)
• Table 5. Emerging Market Private External Financing: Bonds
  • Table 5. Emerging Market Private External Financing: Bonds (Markdown version)
  • Table 5. Emerging Market Private External Financing: Bonds (CSV)
• Table 6. Emerging Market Private External Financing: Equity
  • Table 6. Emerging Market Private External Financing: Equity (Markdown version)
  • Table 6. Emerging Market Private External Financing: Equity (CSV)
• Dataset overview: Table 7. Emerging Market Private External Financing: Loans
  • Dataset overview: Table 7. Emerging Market Private External Financing: Loans (Markdown version)
  • Dataset overview: Table 7. Emerging Market Private External Financing: Loans (CSV)
• Table 8. Equity Valuation Measures: Dividend-Yield Ratios
  • Table 8. Equity Valuation Measures: Dividend-Yield Ratios (Markdown version)
  • Table 8. Equity Valuation Measures: Dividend-Yield Ratios (CSV)
• Table 9. Equity Valuation Measures: Price/Earnings Ratios
  • Table 9. Equity Valuation Measures: Price/Earnings Ratios (Markdown version)
  • Table 9. Equity Valuation Measures: Price/Earnings Ratios (CSV)
• تقرير الاستقرار المالي العالمي – إبريل 4102
  • تقرير الاستقرار المالي العالمي – إبريل 4102 (Markdown version)
  • تقرير الاستقرار المالي العالمي – إبريل 4102 (PDF)
• 全球金融稳定报告概要
  • 全球金融稳定报告概要 (Markdown version)
  • 全球金融稳定报告概要 (PDF)
• Rapport sur la stabilité financière dans le monde : Résumé Analytique; avril 2014
  • Rapport sur la stabilité financière dans le monde : Résumé Analytique; avril 2014 (Markdown version)
  • Rapport sur la stabilité financière dans le monde : Résumé Analytique; avril 2014 (PDF)
• 国際金融安定性報告書（GFSR), 2014年4月: 主題: 流動性に支えられた市場から成長力を取り込む市場への転換 -- 要旨
  • 国際金融安定性報告書（GFSR), 2014年4月: 主題: 流動性に支えられた市場から成長力を取り込む市場への転換 -- 要旨 (Markdown version)
  • 国際金融安定性報告書（GFSR), 2014年4月: 主題: 流動性に支えられた市場から成長力を取り込む市場への転換 -- 要旨 (PDF)
• GFSR
  • GFSR (Markdown version)
  • GFSR (PDF)
• _c2pdf — Chapter 2 Summary
  • _c2pdf — Chapter 2 Summary (Markdown version)
  • _c2pdf — Chapter 2 Summary (PDF)
• _c3pdf
  • _c3pdf (Markdown version)
  • _c3pdf (PDF)
• GFSR- April 2014- Executive Summary
  • GFSR- April 2014- Executive Summary (Markdown version)
  • GFSR- April 2014- Executive Summary (PDF)
• Preface
  • Preface (Markdown version)
  • Preface (PDF)
• Moving From Liquidity- to Growth-Driven Markets
  • Moving From Liquidity- to Growth-Driven Markets (Markdown version)
  • Moving From Liquidity- to Growth-Driven Markets (PDF)
• GFSR
  • GFSR (Markdown version)
  • GFSR (PDF)
• Textpdf
  • Textpdf (Markdown version)
  • Textpdf (PDF)
• АНАЛИТИЧЕСКОЕ РЕЗЮМЕ
  • АНАЛИТИЧЕСКОЕ РЕЗЮМЕ (Markdown version)
  • АНАЛИТИЧЕСКОЕ РЕЗЮМЕ (PDF)
• Informe sobre la estabilidad financiera mundial
  • Informe sobre la estabilidad financiera mundial (Markdown version)
  • Informe sobre la estabilidad financiera mundial (PDF)

References

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