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

Global Financial Stability Report, April 11, 2012

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

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Bibliographic details

• Published: April 11, 2012
• Series: Global Financial Stability Report

Overview

• Publication: April 2012 Global Financial Stability Report.
• Scope: 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.
• Additional focus areas: Implications of recent reforms in the financial system for market perception of safe assets; growing public and private costs of increased longevity risk from aging populations.
• Components listed: Front Matter; Executive Summary; Preface; Chapters 1–4; Statistical Appendix.

Chapter 1. Global Financial Stability Assessment

• Purpose: Assesses changes in the global financial stability map.
• Key analytical element: Lays out three different scenarios for responses to existing policy challenges, notably those associated with the sovereign debt crisis.
• Notable boxes/tables/figures referenced:
  • Box 1.1: Addressing the Euro Area Crisis and Moving Toward a More Integrated Union
  • Tables: Indebtedness and Leverage in Selected Advanced Economies; Impact of European Bank Deleveraging under Three Policy Scenarios, through End-2013; Three Past Episodes of Household Deleveraging Associated with a Banking Crisis.
  • Figures: Global Financial Stability Map; Global Financial Stability Map: Assessment of Risks and Conditions; Central Bank Balance Sheet Expansion; Asset Price Performance since September 2011 GFSR; WEO Projections of 2012 GDP Growth in Selected Euro Area Countries; Policy Action to Entrench Stability and Avoid Downside Risks; External Positions and Gross Debt in Selected Euro Area Countries; Debt Burdens in Selected Advanced Economies, 2011; Household Net Financial Assets and Gross Debt, End-September 2011; Two Household Credit Cycles: 1980s and 2000s.

Chapter 2. Sovereigns, Banks, and Emerging Markets: Detailed Analysis & Policies

• Purpose: Provides detailed analysis of challenges facing sovereigns, banks, and emerging markets, with particular focus on bank deleveraging—assessing likely degree of deleveraging, evaluating probable consequences, and prescribing appropriate policy responses.
• Analytical items and special topics:
  • Sections 2.1–2.7 covering European bank equities, business plans, comparison with European Banking Authority’s exercise, derivatives linkages, reversal of bank and portfolio inflows in emerging markets, eurobonds, and regulatory reforms update.
  • Bank deleveraging strategy (2.8) and many metrics on sovereign and bank market indicators.
• Selected tables/figures mentioned (non-exhaustive):
  • Sovereign Debt: Market and Vulnerability Indicators
  • Share of Foreign Investors in Gross Refinancing Needs of Selected Euro Area Sovereigns under Three Policy Scenarios
  • Amount of Additional Funding from Domestic Investors Required by Selected Euro Area Sovereigns under Three Policy Scenarios, 2012
  • Average Rollover Rates for Bank Funding under Three Policy Scenarios, by Funding Source
  • Projections for Government Debt and Average Interest Rate in Selected Advanced Economies, 2011–16
  • Scenarios for Ratio of Government Interest Expenditure to GDP, Selected Advanced Economies
  • Bank Leverage; Bank Loan-to-Deposit Ratios; Bank Price-to-Tangible Book Value; Bank Five-Year Credit Default Swap Spreads
  • ECB Purchases of Government Bonds under Its SMP; ECB Lending and Bank Holdings of Euro Area Sovereign Bonds, December 2011–January 2012; Yields on Government Bonds of Italy and Spain, November 2011 and March 2012
  • Euro Area Credit Supply Shock: Three Scenarios Relative to Historical Episodes
  • Projections and scenarios for reductions in bank assets and supply of credit under three policy scenarios (current policies; weak policies; other scenario distinctions referenced).

Chapter 3. Safe Assets: Financial System Cornerstone?

• Purpose: Examines roles of safe assets, effects of regulatory, policy, and market distortions, and potential future pressure points.
• Analytical subsections and studies:
  • 3.1 The Size of Sovereign Wealth Funds and Their Role in Safe Asset Demand
  • 3.2 The Impact of Changes in the OTC Derivatives Market on the Demand for Safe Assets
  • 3.3 Regulatory Risk Weighting of Banks' Government Debt Holdings: Potential Bias in Capital Adequacy Ratios
  • 3.4 Impact of the Basel III Liquidity Coverage Ratio on the Demand for Safe Assets
  • 3.5 The Impact of a Further Loss of Sovereign Debt Safety Illustrated in a Mean-Variance Framework
  • 3.6 Conventional Monetary Policy and Its Demand for Safe Assets under Normal Conditions
• Data and indicators referenced:
  • Historical Overview of S&P Sovereign Debt Ratings of Selected OECD Countries, 1970–January 2012
  • Outstanding Amounts of Marketable Potentially Safe Assets
  • Holdings of Government Securities Worldwide, by Investor Type, End-2010
  • Central Bank Changes in Policies on Collateral and Purchases of Nongovernmental Securities since 2007
  • Distribution of Selected Advanced and Emerging Market Economies, by Sovereign Debt Rating
  • OECD Countries: General Government Gross Debt Relative to GDP, End-2011; OECD Countries: General Government Gross Debt, 2010–16
  • Banks' Holdings of Sovereign Debt, by Selected Country, End-September 2011
  • Government Securities Purchases and Holdings by Sectors; U.S. and U.K. Central Bank Holdings of Government Securities, by Remaining Maturity

Chapter 4. The Financial Impact of Longevity Risk

• Purpose: Highlights potentially very large financial implications of longevity risk (risk people may live longer than expected).
• Analytical subsections and case studies:
  • 4.1 The Evolution of Life Expectancy in the Twentieth and Twenty-First Centuries
  • 4.2 Forecasting Longevity
  • 4.3 An Example of a Longevity Shock
  • 4.4 The Impact of Aging on the Macro Economy and on Financial Stability
  • 4.5 Pension Reform in the Netherlands: Proactively Dealing with Longevity Risk
  • 4.6 Recent Activity in the Dutch and U.K. Buy-Out, Buy-In, and Longevity Swap Markets
  • Structures of longevity-related instruments: 4.7 Structure of Longevity Swap Transactions; 4.8 Structure of Longevity Bond Transaction
  • Attitudes toward hedging pension and longevity risk: 4.9 Attitudes of Pension Plan Sponsors toward Hedging Pension Risk, by Type of Risk; 4.10 Attitudes of Potential Sellers of Longevity Risk toward Hedging
• Data tables and indicators:
  • Pension Estimates and Population Estimates of Male Life Expectancy at Age 65 in Selected Advanced Economies
  • Longevity Risk and Fiscal Challenges in Selected Countries
  • Mortality Tables Used by Reporting Pension Plans
  • Corporate Pension Funding Ratios and Discount Rate Assumptions for Selected Countries
  • Increase in Actuarial Liabilities from Three-Year Increase in Longevity, by Discount Rate
  • Increase in Costs of Maintaining Retirement Living Standards due to Aging and to Longevity Shock

Statistical Appendix and Methodological Notes

• Contents: Multiple statistical tables and market indicators, including Major Net Exporters and Importers of Capital in 2011; Sovereign Credit Default Swap Spreads; Selected Spreads; Implied Volatility Indices; Twelve-Month Forward Price/Earnings Ratios; United States: Corporate Bond Market; Euro Area: Corporate Bond Market; United States: Commercial Paper Market; Selected Indicators on the Size of the Capital Markets, 2010; MSCI Equity Market Indices; Emerging Market Bond Index: EMBI Global Yield Spreads; External Financing in Emerging and Developing Economies: Total Bonds, Equities, and Loans; Emerging Markets: Mutual Funds.
• Notes on symbols and definitions:
  • ". . . " indicates data not available.
  • "——" indicates figure is zero or less than half the final digit shown, or item does not exist.
  • "-" used between years and months (for example, 2008–09 or January–June) to indicate the years or months covered.
  • "/" used between years (for example, 2008/09) to indicate a fiscal or financial year.
  • “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.
• Editorial note: Effective with the April 2011 issue, the IMF’s Statistics Department assumed responsibility for compiling the Financial Soundness Indicators tables and they are no longer part of this appendix, though these tables continue to be linked to the GFSR Statistical Appendix on the IMF’s public website.

The Quest for Lasting Stability — April 2012 Global Financial Stability Report, International Monetary Fund

Content in this bundle

• 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. Two Household Credit Cycles: 1980s and 2000s
  • Figure 1.10. Two Household Credit Cycles: 1980s and 2000s (Markdown version)
  • Figure 1.10. Two Household Credit Cycles: 1980s and 2000s (CSV)
• figure1_2
  • figure1_2 (Markdown version)
  • figure1_2 (CSV)
• Figure1 3
  • Figure1 3 (Markdown version)
  • Figure1 3 (CSV)
• Figure 1.4. Asset Price Performance since September 2011 GFSR
  • Figure 1.4. Asset Price Performance since September 2011 GFSR (Markdown version)
  • Figure 1.4. Asset Price Performance since September 2011 GFSR (CSV)
• Figure 1.5. WEO Projections of 2012 GDP Growth in Selected Euro Area Countries
  • Figure 1.5. WEO Projections of 2012 GDP Growth in Selected Euro Area Countries (Markdown version)
  • Figure 1.5. WEO Projections of 2012 GDP Growth in Selected Euro Area Countries (CSV)
• Figure 1.7. External Positions and Gross Debt in Selected Euro Area Countries
  • Figure 1.7. External Positions and Gross Debt in Selected Euro Area Countries (Markdown version)
  • Figure 1.7. External Positions and Gross Debt in Selected Euro Area Countries (CSV)
• Figure 1.8. Debt Burdens in Selected Advanced Economies, 2011
  • Figure 1.8. Debt Burdens in Selected Advanced Economies, 2011 (Markdown version)
  • Figure 1.8. Debt Burdens in Selected Advanced Economies, 2011 (CSV)
• Figure 1.9. Household Net Financial Assets and Gross Debt, End-September 2011
  • Figure 1.9. Household Net Financial Assets and Gross Debt, End-September 2011 (Markdown version)
  • Figure 1.9. Household Net Financial Assets and Gross Debt, End-September 2011 (CSV)
• Table 1.1. Indebtedness and Leverage in Selected Advanced Economies
  • Table 1.1. Indebtedness and Leverage in Selected Advanced Economies (Markdown version)
  • Table 1.1. Indebtedness and Leverage in Selected Advanced Economies (CSV)
• Table1 2
  • Table1 2 (Markdown version)
  • Table1 2 (CSV)
• Table1 3
  • Table1 3 (Markdown version)
  • Table1 3 (CSV)
• Figure 2.1. Credit Default Swap Spreads in Selected Euro Area Government Bond Markets
  • Figure 2.1. Credit Default Swap Spreads in Selected Euro Area Government Bond Markets (Markdown version)
  • Figure 2.1. Credit Default Swap Spreads in Selected Euro Area Government Bond Markets (CSV)
• Figure 2.10. ECB Lending and Bank Holdings of Euro Area Sovereign Bonds, December 2011-January 2012
  • Figure 2.10. ECB Lending and Bank Holdings of Euro Area Sovereign Bonds, December 2011-January 2012 (Markdown version)
  • Figure 2.10. ECB Lending and Bank Holdings of Euro Area Sovereign Bonds, December 2011-January 2012 (CSV)
• Figure2 13
  • Figure2 13 (Markdown version)
  • Figure2 13 (CSV)
• Figure2 14
  • Figure2 14 (Markdown version)
  • Figure2 14 (CSV)
• Figure 2.15. Bank Leverage
  • Figure 2.15. Bank Leverage (Markdown version)
  • Figure 2.15. Bank Leverage (CSV)
• Figure 2.17. Bank Loan-to-Deposit Ratios
  • Figure 2.17. Bank Loan-to-Deposit Ratios (Markdown version)
  • Figure 2.17. Bank Loan-to-Deposit Ratios (CSV)
• Figure 2.17. Bank Price-to-Tangible Book Value
  • Figure 2.17. Bank Price-to-Tangible Book Value (Markdown version)
  • Figure 2.17. Bank Price-to-Tangible Book Value (CSV)
• Figure 2.19. U.S. Prime Money Market Fund Exposures to Banks
  • Figure 2.19. U.S. Prime Money Market Fund Exposures to Banks (Markdown version)
  • Figure 2.19. U.S. Prime Money Market Fund Exposures to Banks (CSV)
• Figure2 2
  • Figure2 2 (Markdown version)
  • Figure2 2 (CSV)
• Figure 2.20 Bank Debt Issuance
  • Figure 2.20 Bank Debt Issuance (Markdown version)
  • Figure 2.20 Bank Debt Issuance (CSV)
• Figure 2.21. Cumulative Euro Area Deposit Flows, 2011-12
  • Figure 2.21. Cumulative Euro Area Deposit Flows, 2011-12 (Markdown version)
  • Figure 2.21. Cumulative Euro Area Deposit Flows, 2011-12 (CSV)
• Figure 2.22. ECB Liquidty Facilities and Interbank Market Spreads
  • Figure 2.22. ECB Liquidty Facilities and Interbank Market Spreads (Markdown version)
  • Figure 2.22. ECB Liquidty Facilities and Interbank Market Spreads (CSV)
• Figure 2.23. Credit Grwoth to the Nonfinancial Private Sector
  • Figure 2.23. Credit Grwoth to the Nonfinancial Private Sector (Markdown version)
  • Figure 2.23. Credit Grwoth to the Nonfinancial Private Sector (CSV)
• Figure 2.24. Contribution to Euro Area Bank Lending Conditions for Companies
  • Figure 2.24. Contribution to Euro Area Bank Lending Conditions for Companies (Markdown version)
  • Figure 2.24. Contribution to Euro Area Bank Lending Conditions for Companies (CSV)
• Figure 2.25. Change in Banks' Foreign Private Sector Claims, 2011:Q3
  • Figure 2.25. Change in Banks' Foreign Private Sector Claims, 2011:Q3 (Markdown version)
  • Figure 2.25. Change in Banks' Foreign Private Sector Claims, 2011:Q3 (CSV)
• Figure 2.26. Contributions to Reduction in Aggregate Bank Leverage Ratio
  • Figure 2.26. Contributions to Reduction in Aggregate Bank Leverage Ratio (Markdown version)
  • Figure 2.26. Contributions to Reduction in Aggregate Bank Leverage Ratio (CSV)
• Figure 2.27. Contributions to Aggregate Reduction in Bank Assets, Three Policy Scenarios
  • Figure 2.27. Contributions to Aggregate Reduction in Bank Assets, Three Policy Scenarios (Markdown version)
  • Figure 2.27. Contributions to Aggregate Reduction in Bank Assets, Three Policy Scenarios (CSV)
• Figure 2.28. Factor Contributions to Aggregate Reduction in Bank Assets, Three Policy Scenarios
  • Figure 2.28. Factor Contributions to Aggregate Reduction in Bank Assets, Three Policy Scenarios (Markdown version)
  • Figure 2.28. Factor Contributions to Aggregate Reduction in Bank Assets, Three Policy Scenarios (CSV)
• Figure 2.29. Reduction in Supply of Credit by Sample Banks, Three Policy Scenarios
  • Figure 2.29. Reduction in Supply of Credit by Sample Banks, Three Policy Scenarios (Markdown version)
  • Figure 2.29. Reduction in Supply of Credit by Sample Banks, Three Policy Scenarios (CSV)
• Figure 2.3. Daily Trading Volume of Italian Sovereign Bonds
  • Figure 2.3. Daily Trading Volume of Italian Sovereign Bonds (Markdown version)
  • Figure 2.3. Daily Trading Volume of Italian Sovereign Bonds (CSV)
• figure2_30
  • figure2_30 (Markdown version)
  • figure2_30 (CSV)
• Figure 2.31. Reduction in Supply of Credit, by Banking System, Current Policies Scenario
  • Figure 2.31. Reduction in Supply of Credit, by Banking System, Current Policies Scenario (Markdown version)
  • Figure 2.31. Reduction in Supply of Credit, by Banking System, Current Policies Scenario (CSV)
• Figure 2.32. Euro Area Credit Supply Shock: Three Scenarios Relative to Historical Episoldes
  • Figure 2.32. Euro Area Credit Supply Shock: Three Scenarios Relative to Historical Episoldes (Markdown version)
  • Figure 2.32. Euro Area Credit Supply Shock: Three Scenarios Relative to Historical Episoldes (CSV)
• Figure 2.33. United States: Nonfinancial Corporate Borrowing and Return on Assets
  • Figure 2.33. United States: Nonfinancial Corporate Borrowing and Return on Assets (Markdown version)
  • Figure 2.33. United States: Nonfinancial Corporate Borrowing and Return on Assets (CSV)
• Figure 2.34. Euro Area: Nonfinancial Corporate Borrowing and Return on Assets
  • Figure 2.34. Euro Area: Nonfinancial Corporate Borrowing and Return on Assets (Markdown version)
  • Figure 2.34. Euro Area: Nonfinancial Corporate Borrowing and Return on Assets (CSV)
• figure2_35
  • figure2_35 (Markdown version)
  • figure2_35 (CSV)
• dataset overview
  • dataset overview (Markdown version)
  • dataset overview (CSV)
• figure2_37 dataset overview
  • figure2_37 dataset overview (Markdown version)
  • figure2_37 dataset overview (CSV)
• figure2_38
  • figure2_38 (Markdown version)
  • figure2_38 (CSV)
• Figure 2.39. Euro Area Bank Deleveraging in Emerging Markets, 2008 and 2011
  • Figure 2.39. Euro Area Bank Deleveraging in Emerging Markets, 2008 and 2011 (Markdown version)
  • Figure 2.39. Euro Area Bank Deleveraging in Emerging Markets, 2008 and 2011 (CSV)
• figure2_40
  • figure2_40 (Markdown version)
  • figure2_40 (CSV)
• Figure 2.41. Emerging Market Credit Cycle for Euro Area Banks and Other Banks, 2010-11
  • Figure 2.41. Emerging Market Credit Cycle for Euro Area Banks and Other Banks, 2010-11 (Markdown version)
  • Figure 2.41. Emerging Market Credit Cycle for Euro Area Banks and Other Banks, 2010-11 (CSV)
• figure2_42
  • figure2_42 (Markdown version)
  • figure2_42 (CSV)
• Figure 2.43. Emerging Europe: Cross-Border Bank Flows and Foreign Exchange Funding Costs
  • Figure 2.43. Emerging Europe: Cross-Border Bank Flows and Foreign Exchange Funding Costs (Markdown version)
  • Figure 2.43. Emerging Europe: Cross-Border Bank Flows and Foreign Exchange Funding Costs (CSV)
• figure2_44
  • figure2_44 (Markdown version)
  • figure2_44 (CSV)
• Figure2 45
  • Figure2 45 (Markdown version)
  • Figure2 45 (CSV)
• Figure2 46
  • Figure2 46 (Markdown version)
  • Figure2 46 (CSV)
• Figure 2.47. Emerging Europe: Sovereign Gross Financing Needs, 2012
  • Figure 2.47. Emerging Europe: Sovereign Gross Financing Needs, 2012 (Markdown version)
  • Figure 2.47. Emerging Europe: Sovereign Gross Financing Needs, 2012 (CSV)
• Figure 2.48. Net Flows into Emerging Market Funds, 2011-12
  • Figure 2.48. Net Flows into Emerging Market Funds, 2011-12 (Markdown version)
  • Figure 2.48. Net Flows into Emerging Market Funds, 2011-12 (CSV)
• Figure 2.49. Performance of Emerging Market Assets, 2011-12
  • Figure 2.49. Performance of Emerging Market Assets, 2011-12 (Markdown version)
  • Figure 2.49. Performance of Emerging Market Assets, 2011-12 (CSV)
• Figure 2.50. Changes in Residential Property Prices and Sales in China, 2011
  • Figure 2.50. Changes in Residential Property Prices and Sales in China, 2011 (Markdown version)
  • Figure 2.50. Changes in Residential Property Prices and Sales in China, 2011 (CSV)
• Figure 2.51. Ratio of House Price to Annual Household Income for Selected Cities, 2011
  • Figure 2.51. Ratio of House Price to Annual Household Income for Selected Cities, 2011 (Markdown version)
  • Figure 2.51. Ratio of House Price to Annual Household Income for Selected Cities, 2011 (CSV)
• Figure 2.52. China: Projected Nonperforming Loan Rates under Adverse Macroeconomic Scenarios
  • Figure 2.52. China: Projected Nonperforming Loan Rates under Adverse Macroeconomic Scenarios (Markdown version)
  • Figure 2.52. China: Projected Nonperforming Loan Rates under Adverse Macroeconomic Scenarios (CSV)
• Figure 2.53. Annual change in Private Credit, 2009-11
  • Figure 2.53. Annual change in Private Credit, 2009-11 (Markdown version)
  • Figure 2.53. Annual change in Private Credit, 2009-11 (CSV)
• Figure 2.54. Capital Generation under Three Policy Scenarios
  • Figure 2.54. Capital Generation under Three Policy Scenarios (Markdown version)
  • Figure 2.54. Capital Generation under Three Policy Scenarios (CSV)
• figure2_56
  • figure2_56 (Markdown version)
  • figure2_56 (CSV)
• Figure 2.57. Germany: Sovereign Market Indicators, March 2012
  • Figure 2.57. Germany: Sovereign Market Indicators, March 2012 (Markdown version)
  • Figure 2.57. Germany: Sovereign Market Indicators, March 2012 (CSV)
• Figure 2.58. Japan: Sovereign Market Indicators, March 2012
  • Figure 2.58. Japan: Sovereign Market Indicators, March 2012 (Markdown version)
  • Figure 2.58. Japan: Sovereign Market Indicators, March 2012 (CSV)
• Figure 2.59. ECB LTROs and Bank Term Funding
  • Figure 2.59. ECB LTROs and Bank Term Funding (Markdown version)
  • Figure 2.59. ECB LTROs and Bank Term Funding (CSV)
• Figure2 6
  • Figure2 6 (Markdown version)
  • Figure2 6 (CSV)
• Figure 2.7. Returns and Volatility of U.S. and European Sovereign Bonds, 2011
  • Figure 2.7. Returns and Volatility of U.S. and European Sovereign Bonds, 2011 (Markdown version)
  • Figure 2.7. Returns and Volatility of U.S. and European Sovereign Bonds, 2011 (CSV)
• Figure 2.8. Ten-Year Peripheral Euro Area Government Bond Spreads over AAA Core
  • Figure 2.8. Ten-Year Peripheral Euro Area Government Bond Spreads over AAA Core (Markdown version)
  • Figure 2.8. Ten-Year Peripheral Euro Area Government Bond Spreads over AAA Core (CSV)
• Figure 2.9. ECB Purchases of Government Bonds under its SMP
  • Figure 2.9. ECB Purchases of Government Bonds under its SMP (Markdown version)
  • Figure 2.9. ECB Purchases of Government Bonds under its SMP (CSV)
• Table 1. Determinants of Bank Equity Returns
  • Table 1. Determinants of Bank Equity Returns (Markdown version)
  • Table 1. Determinants of Bank Equity Returns (CSV)
• Table 2.1. Sovereign Market and Vulnerability Indicators
  • Table 2.1. Sovereign Market and Vulnerability Indicators (Markdown version)
  • Table 2.1. Sovereign Market and Vulnerability Indicators (CSV)
• Table 2.2. Refinancing Scenarios for European Sovereign Debt
  • Table 2.2. Refinancing Scenarios for European Sovereign Debt (Markdown version)
  • Table 2.2. Refinancing Scenarios for European Sovereign Debt (CSV)
• Table2 3
  • Table2 3 (Markdown version)
  • Table2 3 (CSV)
• Table 2.4. Capital Flow, Banking and Policy Indicators in Emerging and Other Markets
  • Table 2.4. Capital Flow, Banking and Policy Indicators in Emerging and Other Markets (Markdown version)
  • Table 2.4. Capital Flow, Banking and Policy Indicators in Emerging and Other Markets (CSV)
• Table 2.6. Weights Used in Calculation of the net Stable Funding Ratio
  • Table 2.6. Weights Used in Calculation of the net Stable Funding Ratio (Markdown version)
  • Table 2.6. Weights Used in Calculation of the net Stable Funding Ratio (CSV)
• Table 2.7. Average Rollover Rates for Bank Funding under Three Policy Scenarios
  • Table 2.7. Average Rollover Rates for Bank Funding under Three Policy Scenarios (Markdown version)
  • Table 2.7. Average Rollover Rates for Bank Funding under Three Policy Scenarios (CSV)
• Figure 3.12. OECD Countries: General Government Gross Debt Relative to GDP, End-2011
  • Figure 3.12. OECD Countries: General Government Gross Debt Relative to GDP, End-2011 (Markdown version)
  • Figure 3.12. OECD Countries: General Government Gross Debt Relative to GDP, End-2011 (CSV)
• Figure 3.8. Official Reserve Accumulation, by Instrument
  • Figure 3.8. Official Reserve Accumulation, by Instrument (Markdown version)
  • Figure 3.8. Official Reserve Accumulation, by Instrument (CSV)
• Figure 3.9. Government Securities Purchases and Holdings by Sectors
  • Figure 3.9. Government Securities Purchases and Holdings by Sectors (Markdown version)
  • Figure 3.9. Government Securities Purchases and Holdings by Sectors (CSV)
• dataset overview
  • dataset overview (Markdown version)
  • dataset overview (CSV)
• Figure4 4
  • Figure4 4 (Markdown version)
  • Figure4 4 (CSV)
• Figure 4.5. Index of Share of Pension Entitlements Linked to Life Expectancy in Selected Countries
  • Figure 4.5. Index of Share of Pension Entitlements Linked to Life Expectancy in Selected Countries (Markdown version)
  • Figure 4.5. Index of Share of Pension Entitlements Linked to Life Expectancy in Selected Countries (CSV)
• sa_figure1
  • sa_figure1 (Markdown version)
  • sa_figure1 (CSV)
• Figure 9. Twelve-Month Forward Price/Earnings Ratios
  • Figure 9. Twelve-Month Forward Price/Earnings Ratios (Markdown version)
  • Figure 9. Twelve-Month Forward Price/Earnings Ratios (CSV)
• Figure 7. United States: Corporate Bond Market
  • Figure 7. United States: Corporate Bond Market (Markdown version)
  • Figure 7. United States: Corporate Bond Market (CSV)
• Figure 8. Euro Area: Corporate Bond Market
  • Figure 8. Euro Area: Corporate Bond Market (Markdown version)
  • Figure 8. Euro Area: Corporate Bond Market (CSV)
• Figure 9. United States: Commercial Paper Market
  • Figure 9. United States: Commercial Paper Market (Markdown version)
  • Figure 9. United States: Commercial Paper Market (CSV)
• Table 1. Selected Indicators on the Size of the Capital Markets, 2010
  • Table 1. Selected Indicators on the Size of the Capital Markets, 2010 (Markdown version)
  • Table 1. Selected Indicators on the Size of the Capital Markets, 2010 (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 Market Bond Index: EMBI Global Yield Spreads
  • Table 3. Emerging Market Bond Index: EMBI Global Yield Spreads (Markdown version)
  • Table 3. Emerging Market Bond Index: EMBI Global Yield Spreads (CSV)
• Table 4. Emerging Market External Financing: Total Bonds, Equities, and Loans
  • Table 4. Emerging Market External Financing: Total Bonds, Equities, and Loans (Markdown version)
  • Table 4. Emerging Market External Financing: Total Bonds, Equities, and Loans (CSV)
• Table 5. Emerging Market External Financing: Bonds
  • Table 5. Emerging Market External Financing: Bonds (Markdown version)
  • Table 5. Emerging Market External Financing: Bonds (CSV)
• Table 6. Emerging Market External Financing: Equities
  • Table 6. Emerging Market External Financing: Equities (Markdown version)
  • Table 6. Emerging Market External Financing: Equities (CSV)
• Table 7. Emerging Market External Financing: Loans
  • Table 7. Emerging Market External Financing: Loans (Markdown version)
  • Table 7. Emerging Market 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)
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  • تقرير الاستقرار المالي العالمي، إبريل 2012 -- ملخص وافٍ (Markdown version)
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  • Rapport sur la stabilité financière dans le monde : résumé analytique; avril 2012 (Markdown version)
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• 国際金融安定性報告書
  • 国際金融安定性報告書 (Markdown version)
  • 国際金融安定性報告書 (PDF)
• Summary: Chapter 3 -- Global Financial Stability Report; April 2012.
  • Summary: Chapter 3 -- Global Financial Stability Report; April 2012. (Markdown version)
  • Summary: Chapter 3 -- Global Financial Stability Report; April 2012. (PDF)
• Summary Chapter 4: Global Financial Stability Report; April 2012.
  • Summary Chapter 4: Global Financial Stability Report; April 2012. (Markdown version)
  • Summary Chapter 4: Global Financial Stability Report; April 2012. (PDF)
• Global Financial Stability Assessment -- Chapter 1: Global financial Stability Report; April 2012
  • Global Financial Stability Assessment -- Chapter 1: Global financial Stability Report; April 2012 (Markdown version)
  • Global Financial Stability Assessment -- Chapter 1: Global financial Stability Report; April 2012 (PDF)
• _c2pdf
  • _c2pdf (Markdown version)
  • _c2pdf (PDF)
• CHAPTER 3 SAfe ASSetS: finAnciAl SyStem cornerStone?
  • CHAPTER 3 SAfe ASSetS: finAnciAl SyStem cornerStone? (Markdown version)
  • CHAPTER 3 SAfe ASSetS: finAnciAl SyStem cornerStone? (PDF)
• The Financial Impact of Longevity Risk -- Chapter 4: Global Financial Stability Report; April 2012.
  • The Financial Impact of Longevity Risk -- Chapter 4: Global Financial Stability Report; April 2012. (Markdown version)
  • The Financial Impact of Longevity Risk -- Chapter 4: Global Financial Stability Report; April 2012. (PDF)
• The Quest for Lasting Stability -- Executive Summary: Global Stability Report; April 2012
  • The Quest for Lasting Stability -- Executive Summary: Global Stability Report; April 2012 (Markdown version)
  • The Quest for Lasting Stability -- Executive Summary: Global Stability Report; April 2012 (PDF)
• The Quest for Lasting Stability -- Preface: Global Stability Report; April 2012
  • The Quest for Lasting Stability -- Preface: Global Stability Report; April 2012 (Markdown version)
  • The Quest for Lasting Stability -- Preface: Global Stability Report; April 2012 (PDF)
• The Quest for Lasting Stability: Press Points for Chapters 1-2
  • The Quest for Lasting Stability: Press Points for Chapters 1-2 (Markdown version)
  • The Quest for Lasting Stability: Press Points for Chapters 1-2 (PDF)
• Press Points for Chapter 3
  • Press Points for Chapter 3 (Markdown version)
  • Press Points for Chapter 3 (PDF)
• Press Points for Chapter 4: THE FINANCIAL IMPACT OF LONGEVITY RISK
  • Press Points for Chapter 4: THE FINANCIAL IMPACT OF LONGEVITY RISK (Markdown version)
  • Press Points for Chapter 4: THE FINANCIAL IMPACT OF LONGEVITY RISK (PDF)
• Statistical Appendix, April 2012
  • Statistical Appendix, April 2012 (Markdown version)
  • Statistical Appendix, April 2012 (PDF)
• The Quest for Lasting Stability -- Global Stability Report; April 2012
  • The Quest for Lasting Stability -- Global Stability Report; April 2012 (Markdown version)
  • The Quest for Lasting Stability -- Global Stability Report; April 2012 (PDF)
• Доклад по вопросам глобальной финансовой стабильности
  • Доклад по вопросам глобальной финансовой стабильности (Markdown version)
  • Доклад по вопросам глобальной финансовой стабильности (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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