IMF Global Financial Stability Report: Vulnerabilities, Legacies, and Policy Challenges

Global Financial Stability Report, October 7, 2015

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IMF Global Financial Stability Report: Vulnerabilities, Legacies, and Policy Challenges

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Bibliographic details

• Published: October 7, 2015
• Series: Global Financial Stability Report

Report overview and key messages

• Title and date: Vulnerabilities, Legacies, and Policy Challenges — October 2015.
• Overall assessment: Financial stability has improved in advanced economies since April, but risks continue to rotate toward emerging markets.
• Triad of global policy challenges:
  • Emerging market vulnerabilities.
  • Legacy issues from the crisis in advanced economies.
  • Weak systemic market liquidity.
• Recent market developments cited as underscoring vulnerabilities:
  • Slumping commodity prices.
  • China’s bursting equity bubble.
  • Pressure on exchange rates.
• Monetary policy normalization risk: The prospect of the U.S. Federal Reserve gradually raising interest rates points to an unprecedented adjustment in the global financial system as financial conditions and risk premiums “normalize” from historically low levels alongside rising policy rates and a modest cyclical recovery.

Chapter 1 — Three Scenarios for Financial Stability (summary points)

• Chapter focus: Three scenarios for financial stability including a Global Asset Market Disruption Scenario and a Successful Normalization Scenario.
• Structural points and risks:
  • Locus of risks shifting toward emerging markets.
  • Compression of global risk premiums and market abnormalities noted.
  • Banking in Europe: impact of nonperforming loans highlighted.
• Figures and analytical emphasis (selected):
  • 1.1 Global Financial Stability Map: Risks and Conditions.
  • 1.6 Triad of Global Policy Challenges.
  • 1.19 Systemic Implications of a Liquidity Shock.
  • 1.20 Effect of a Global Asset Market Disruption.
• Boxes and special topics:
  • 1.1 China’s Equity Market.
  • 1.2 Compression of Global Risk Premiums and Market Abnormalities.
  • 1.3 Banking in Europe: The Impact of Nonperforming Loans.

Chapter 2 — Market Liquidity—Resilient or Fleeting? (findings and policy implications)

• Chapter summary:
  • Only some markets show obvious signs of worsening market liquidity; dynamics diverge across bond classes.
  • Current levels of market liquidity are being sustained by benign cyclical conditions and accommodative monetary policy.
  • Some structural developments may be eroding liquidity resilience.
  • Policymakers should have a policy strategy in hand to cope with episodes of dry ups of market liquidity.
  • A smooth normalization of monetary policy in advanced economies and continuation of market infrastructure reforms are important to avoid disruptions.
• Determinants and mechanisms examined:
  • How market liquidity can be low despite abundant central bank liquidity.
  • Electronic trading and market liquidity.
  • Structural drivers of the resilience of market liquidity.
  • Market liquidity and bank stress testing.
• Specific analytical elements and sections:
  • 2.1 Liquidity Measures.
  • 2.2 Determinants of Low-Liquidity Regime Probability in the U.S. Corporate Bond Market.
  • 2.3 Determinants of Low-Liquidity Regime in the Foreign Exchange and European Sovereign Bond Markets.
  • 2.4 Bond Returns and Liquidity Risk.
  • 2.5 Summary of Findings and Policy Implications.
• Drivers and vulnerabilities listed in chapter subsections:
  • Trends in bond markets—market liquidity level and bifurcation.
  • Trends in market making and dealers’ balance sheet space.
  • Central bank collateral policies and regulation impacts (examples).
  • Fed purchases and Mortgage-Backed Securities liquidity.
  • Probability of liquidity regimes and liquidity spillovers and market stress.

Chapter 3 — Corporate Leverage in Emerging Markets—A Concern? (findings and implications)

• Growth in corporate debt:
  • Chapter statements: corporate debt in emerging markets "quadrupled between 2003 and 2014" (earlier text) and also described as having "quadrupled between 2004 and 2014" (chapter summary).
• Role of global factors:
  • Global drivers have played an increasing role in leverage growth, bond issuance, and corporate spreads.
  • The greater role of global factors during a period when they have been exceptionally favorable suggests emerging markets must prepare for the implications of global financial tightening.
• Leverage and currency exposure:
  • Higher leverage has been associated with, on average, rising foreign currency exposures.
  • Despite weaker balance sheets, firms have managed to issue bonds at better terms as a result of favorable financial conditions.
• Topics and analytical elements:
  • 3.1 Shadow Rates.
  • 3.2 Corporate Foreign Exchange Rate Exposures.
  • 3.3 Corporate Leverage in China.
  • 3.4 Firm Capital Structure, the Business Cycle, and Monetary Policy.
  • 3.5 The Shift from Bank to Bond Financing of Emerging Market Corporate Debt.
  • 3.6 Taper Tantrum: Did Firm-Level Factors Matter?
• Empirical tables and figures cited (selected):
  • 3.1 Worsening Emerging Market Firm-Level and Macroeconomic Fundamentals.
  • 3.2 Emerging Market Economies: Evolving Capital Structure.
  • 3.12 Bond Issuance: Currency Composition.
  • 3.17 Emerging Market Economies: Secondary Market Corporate Spreads.
  • 3.18 Emerging Market Economies: Effects of Domestic and Global Factors on Corporate Spreads.

Policy recommendations and priorities highlighted across the report

• For market liquidity:
  • Prepare policy strategies to cope with episodes of dry ups of market liquidity.
  • Ensure smooth normalization of monetary policy in advanced economies.
  • Continue market infrastructure reforms to ensure more efficient and transparent capital markets.
• For emerging markets and corporate leverage:
  • Prepare for implications of global financial tightening given increased corporate leverage and foreign currency exposures.
  • Monitor shifts from bank to bond financing and related vulnerabilities.
• For advanced economy legacies:
  • Address legacy issues from the crisis (including nonperforming loans in Europe and banking sector vulnerabilities) to reduce systemic amplification of shocks.

IMF Global Financial Stability Report: Vulnerabilities, Legacies, and Policy Challenges — October 2015.

Content in this bundle

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• 国際金融安定性報告書
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  • 国際金融安定性報告書 (PDF)
• Annex Figure 1.2.1
  • Annex Figure 1.2.1 (Markdown version)
  • Annex Figure 1.2.1 (PDF)
• Annex Figure 1.2.2
  • Annex Figure 1.2.2 (Markdown version)
  • Annex Figure 1.2.2 (PDF)
• Annex Figure 1.2.3
  • Annex Figure 1.2.3 (Markdown version)
  • Annex Figure 1.2.3 (PDF)
• Annex Figure 1.2.4
  • Annex Figure 1.2.4 (Markdown version)
  • Annex Figure 1.2.4 (PDF)
• Figure 1.1.1.1
  • Figure 1.1.1.1 (Markdown version)
  • Figure 1.1.1.1 (PDF)
• Figure 1.1.1.2
  • Figure 1.1.1.2 (Markdown version)
  • Figure 1.1.1.2 (PDF)
• Figure 1.2.1.1
  • Figure 1.2.1.1 (Markdown version)
  • Figure 1.2.1.1 (PDF)
• Figure 1.2.1.2
  • Figure 1.2.1.2 (Markdown version)
  • Figure 1.2.1.2 (PDF)
• Figure 1.3.1
  • Figure 1.3.1 (Markdown version)
  • Figure 1.3.1 (PDF)
• Figure 1.3.2
  • Figure 1.3.2 (Markdown version)
  • Figure 1.3.2 (PDF)
• Figure 1.10
  • Figure 1.10 (Markdown version)
  • Figure 1.10 (PDF)
• Figure 1.11
  • Figure 1.11 (Markdown version)
  • Figure 1.11 (PDF)
• Figure 1.12
  • Figure 1.12 (Markdown version)
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• Figure 1.13
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• Figure 1.14
  • Figure 1.14 (Markdown version)
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• Figure 1.15
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• Figure 1.16
  • Figure 1.16 (Markdown version)
  • Figure 1.16 (PDF)
• Figure 1.17
  • Figure 1.17 (Markdown version)
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• Figure 1.18
  • Figure 1.18 (Markdown version)
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• Figure 1.19
  • Figure 1.19 (Markdown version)
  • Figure 1.19 (PDF)
• Figure 1.01
  • Figure 1.01 (Markdown version)
  • Figure 1.01 (PDF)
• Figure 1.20
  • Figure 1.20 (Markdown version)
  • Figure 1.20 (PDF)
• Figure 1.21
  • Figure 1.21 (Markdown version)
  • Figure 1.21 (PDF)
• Figure 1.22
  • Figure 1.22 (Markdown version)
  • Figure 1.22 (PDF)
• Figure 1.23
  • Figure 1.23 (Markdown version)
  • Figure 1.23 (PDF)
• Figure 1.24
  • Figure 1.24 (Markdown version)
  • Figure 1.24 (PDF)
• Figure 1.02
  • Figure 1.02 (Markdown version)
  • Figure 1.02 (PDF)
• Figure 1.03
  • Figure 1.03 (Markdown version)
  • Figure 1.03 (PDF)
• Figure 1.04
  • Figure 1.04 (Markdown version)
  • Figure 1.04 (PDF)
• Figure 1.05
  • Figure 1.05 (Markdown version)
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• Figure 1.06
  • Figure 1.06 (Markdown version)
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• Figure 1.07
  • Figure 1.07 (Markdown version)
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• Figure 1.08
  • Figure 1.08 (Markdown version)
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• Figure 1.09
  • Figure 1.09 (Markdown version)
  • Figure 1.09 (PDF)
• Figure 2.2.1
  • Figure 2.2.1 (Markdown version)
  • Figure 2.2.1 (PDF)
• Figure 2.2.2
  • Figure 2.2.2 (Markdown version)
  • Figure 2.2.2 (PDF)
• Figure 2.3.1. Liquidity during the Taper Tantrum
  • Figure 2.3.1. Liquidity during the Taper Tantrum (Markdown version)
  • Figure 2.3.1. Liquidity during the Taper Tantrum (PDF)
• Figure 2.3.2. Ownership and Market Liquidity
  • Figure 2.3.2. Ownership and Market Liquidity (Markdown version)
  • Figure 2.3.2. Ownership and Market Liquidity (PDF)
• Figure 2.4.1
  • Figure 2.4.1 (Markdown version)
  • Figure 2.4.1 (PDF)
• Figure 2.10. Financial Sector Bond Holdings
  • Figure 2.10. Financial Sector Bond Holdings (Markdown version)
  • Figure 2.10. Financial Sector Bond Holdings (PDF)
• Figure 2.11. Probability of Liquidity Regimes
  • Figure 2.11. Probability of Liquidity Regimes (Markdown version)
  • Figure 2.11. Probability of Liquidity Regimes (PDF)
• Figure 2.12. Liquidity Spillovers and Market Stress
  • Figure 2.12. Liquidity Spillovers and Market Stress (Markdown version)
  • Figure 2.12. Liquidity Spillovers and Market Stress (PDF)
• Figure 2.1. Drivers of Liquidity and Liquidity Resilience
  • Figure 2.1. Drivers of Liquidity and Liquidity Resilience (Markdown version)
  • Figure 2.1. Drivers of Liquidity and Liquidity Resilience (PDF)
• Figure 2.2. Trends in Bond Markets—Market Liquidity Level
  • Figure 2.2. Trends in Bond Markets—Market Liquidity Level (Markdown version)
  • Figure 2.2. Trends in Bond Markets—Market Liquidity Level (PDF)
• Figure 2.3. Bond Market Liquidity—Bifurcation and Price Impact of Transactions
  • Figure 2.3. Bond Market Liquidity—Bifurcation and Price Impact of Transactions (Markdown version)
  • Figure 2.3. Bond Market Liquidity—Bifurcation and Price Impact of Transactions (PDF)
• Figure 2.4. Trends in Market Making
  • Figure 2.4. Trends in Market Making (Markdown version)
  • Figure 2.4. Trends in Market Making (PDF)
• Figure 2.5. Dealers' Balance Sheet Space
  • Figure 2.5. Dealers' Balance Sheet Space (Markdown version)
  • Figure 2.5. Dealers' Balance Sheet Space (PDF)
• Figure 2.6. Central Bank Collateral Policies
  • Figure 2.6. Central Bank Collateral Policies (Markdown version)
  • Figure 2.6. Central Bank Collateral Policies (PDF)
• Figure 2.7. Regulation and Market Liquidity: Two Examples
  • Figure 2.7. Regulation and Market Liquidity: Two Examples (Markdown version)
  • Figure 2.7. Regulation and Market Liquidity: Two Examples (PDF)
• Figure 2.8. Fed Purchases and Mortgage-Backed Securities Liquidity
  • Figure 2.8. Fed Purchases and Mortgage-Backed Securities Liquidity (Markdown version)
  • Figure 2.8. Fed Purchases and Mortgage-Backed Securities Liquidity (PDF)
• Figure 2.9. Main Drivers of Market Liquidity
  • Figure 2.9. Main Drivers of Market Liquidity (Markdown version)
  • Figure 2.9. Main Drivers of Market Liquidity (PDF)
• Figure 3.1.1
  • Figure 3.1.1 (Markdown version)
  • Figure 3.1.1 (PDF)
• Boxfigure331v2pdf
  • Boxfigure331v2pdf (PDF)
• Figure 3.5.1. Changes in the Stock of Bonds by Initial Quartile
  • Figure 3.5.1. Changes in the Stock of Bonds by Initial Quartile (Markdown version)
  • Figure 3.5.1. Changes in the Stock of Bonds by Initial Quartile (PDF)
• Figure 3.6.1. Effects of the Shock on Credit Default Swap Spreads
  • Figure 3.6.1. Effects of the Shock on Credit Default Swap Spreads (Markdown version)
  • Figure 3.6.1. Effects of the Shock on Credit Default Swap Spreads (PDF)
• Figure 3.10. Leverage, Cash Holdings, and Corporate Investment
  • Figure 3.10. Leverage, Cash Holdings, and Corporate Investment (Markdown version)
  • Figure 3.10. Leverage, Cash Holdings, and Corporate Investment (PDF)
• Figure 3.11. Bond Issuance by Regions and Sectors
  • Figure 3.11. Bond Issuance by Regions and Sectors (Markdown version)
  • Figure 3.11. Bond Issuance by Regions and Sectors (PDF)
• Figure 3.12. Bond Issuance: Currency Composition
  • Figure 3.12. Bond Issuance: Currency Composition (Markdown version)
  • Figure 3.12. Bond Issuance: Currency Composition (PDF)
• Figure 3.13. Deteriorating Firm-Specific Fundamentals for Bond-Issuing Firms
  • Figure 3.13. Deteriorating Firm-Specific Fundamentals for Bond-Issuing Firms (Markdown version)
  • Figure 3.13. Deteriorating Firm-Specific Fundamentals for Bond-Issuing Firms (PDF)
• Figure 3.14. Bond Issuance: Yields and Maturity
  • Figure 3.14. Bond Issuance: Yields and Maturity (Markdown version)
  • Figure 3.14. Bond Issuance: Yields and Maturity (PDF)
• figure315pdf
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• Figure 3.16. Factors Influencing Bond Maturity
  • Figure 3.16. Factors Influencing Bond Maturity (Markdown version)
  • Figure 3.16. Factors Influencing Bond Maturity (PDF)
• figure317pdf
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• figure318pdf
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  • figure318pdf (PDF)
• Figure 3.1. Emerging Market Economies: Evolving Capital Structure
  • Figure 3.1. Emerging Market Economies: Evolving Capital Structure (Markdown version)
  • Figure 3.1. Emerging Market Economies: Evolving Capital Structure (PDF)
• Figure 3.2. Emerging Market Economies: Selected Leverage Ratios
  • Figure 3.2. Emerging Market Economies: Selected Leverage Ratios (Markdown version)
  • Figure 3.2. Emerging Market Economies: Selected Leverage Ratios (PDF)
• Figure 3.3. Emerging Market Economies: Changing Composition of Corporate Debt
  • Figure 3.3. Emerging Market Economies: Changing Composition of Corporate Debt (Markdown version)
  • Figure 3.3. Emerging Market Economies: Changing Composition of Corporate Debt (PDF)
• Figure 3.4. Domestic Banks: Ratio of Total Corporate Loans to Total Loans in 2014
  • Figure 3.4. Domestic Banks: Ratio of Total Corporate Loans to Total Loans in 2014 (Markdown version)
  • Figure 3.4. Domestic Banks: Ratio of Total Corporate Loans to Total Loans in 2014 (PDF)
• figure35v2pdf
  • figure35v2pdf (Markdown version)
  • figure35v2pdf (PDF)
• Figure 3.6. Foreign Exchange Exposures in Emerging Market Economies (Listed Firms)
  • Figure 3.6. Foreign Exchange Exposures in Emerging Market Economies (Listed Firms) (Markdown version)
  • Figure 3.6. Foreign Exchange Exposures in Emerging Market Economies (Listed Firms) (PDF)
• Figure 3.7. Change in Foreign Exchange Exposures and Corporate Leverage, by Sector
  • Figure 3.7. Change in Foreign Exchange Exposures and Corporate Leverage, by Sector (Markdown version)
  • Figure 3.7. Change in Foreign Exchange Exposures and Corporate Leverage, by Sector (PDF)
• Figure 3.8. Corporate Liabilities and Solvency
  • Figure 3.8. Corporate Liabilities and Solvency (Markdown version)
  • Figure 3.8. Corporate Liabilities and Solvency (PDF)
• Figure 3.9. Key Determinants of Emerging Market Economies’ Corporate Leverage
  • Figure 3.9. Key Determinants of Emerging Market Economies’ Corporate Leverage (Markdown version)
  • Figure 3.9. Key Determinants of Emerging Market Economies’ Corporate Leverage (PDF)
• CHAPTER 1 THREE SCENARIOS FOR FINANCIAL STABILITY
  • CHAPTER 1 THREE SCENARIOS FOR FINANCIAL STABILITY (Markdown version)
  • CHAPTER 1 THREE SCENARIOS FOR FINANCIAL STABILITY (PDF)
• CHAPTER 2 MARKET LIQUIDITY—RESILIENT OR FLEETING? (c2v3pdf)
  • CHAPTER 2 MARKET LIQUIDITY—RESILIENT OR FLEETING? (c2v3pdf) (Markdown version)
  • CHAPTER 2 MARKET LIQUIDITY—RESILIENT OR FLEETING? (c2v3pdf) (PDF)
• CHAPTER 3 CORPORATE LEVERAGE IN EMERGING MARKETS—A CONCERN?
  • CHAPTER 3 CORPORATE LEVERAGE IN EMERGING MARKETS—A CONCERN? (Markdown version)
  • CHAPTER 3 CORPORATE LEVERAGE IN EMERGING MARKETS—A CONCERN? (PDF)
• EXECUTIVE SUMMARY
  • EXECUTIVE SUMMARY (Markdown version)
  • EXECUTIVE SUMMARY (PDF)
• PREFACE
  • PREFACE (Markdown version)
  • PREFACE (PDF)
• MARKET LIQUIDITY—RESILIENT OR FLEETING?
  • MARKET LIQUIDITY—RESILIENT OR FLEETING? (Markdown version)
  • MARKET LIQUIDITY—RESILIENT OR FLEETING? (PDF)
• CORPORATE LEVERAGE IN EMERGING MARKETS—A CONCERN?
  • CORPORATE LEVERAGE IN EMERGING MARKETS—A CONCERN? (Markdown version)
  • CORPORATE LEVERAGE IN EMERGING MARKETS—A CONCERN? (PDF)
• Global Financial Stability Report—Vulnerabilities, Legacies, and Policy Challenges: Risks Rotating to Emerging Markets
  • Global Financial Stability Report—Vulnerabilities, Legacies, and Policy Challenges: Risks Rotating to Emerging Markets (Markdown version)
  • Global Financial Stability Report—Vulnerabilities, Legacies, and Policy Challenges: Risks Rotating to Emerging Markets (PDF)
• Глобальная финансовая стабильность: факторы уязвимости, последствия и проблемы политики
  • Глобальная финансовая стабильность: факторы уязвимости, последствия и проблемы политики (Markdown version)
  • Глобальная финансовая стабильность: факторы уязвимости, последствия и проблемы политики (PDF)
• sumr
  • sumr (Markdown version)
  • sumr (PDF)
• ДОКЛАД ПО ВОПРОСАМ ГЛОБАЛЬНОЙ ФИНАНСОВОЙ СТАБИЛЬНОСТИ, ОКТЯБРЬ 2015 ГОДА — АНАЛИТИЧЕСКОЕ РЕЗЮМЕ
  • ДОКЛАД ПО ВОПРОСАМ ГЛОБАЛЬНОЙ ФИНАНСОВОЙ СТАБИЛЬНОСТИ, ОКТЯБРЬ 2015 ГОДА — АНАЛИТИЧЕСКОЕ РЕЗЮМЕ (Markdown version)
  • ДОКЛАД ПО ВОПРОСАМ ГЛОБАЛЬНОЙ ФИНАНСОВОЙ СТАБИЛЬНОСТИ, ОКТЯБРЬ 2015 ГОДА — АНАЛИТИЧЕСКОЕ РЕЗЮМЕ (PDF)
• INFORME SOBRE LA ESTABILIDAD FINANCIERA MUNDIAL DE OCTUBRE DE 2015 — RESÚMENES DE CAPÍTULOS 2 Y 3
  • INFORME SOBRE LA ESTABILIDAD FINANCIERA MUNDIAL DE OCTUBRE DE 2015 — RESÚMENES DE CAPÍTULOS 2 Y 3 (Markdown version)
  • INFORME SOBRE LA ESTABILIDAD FINANCIERA MUNDIAL DE OCTUBRE DE 2015 — RESÚMENES DE CAPÍTULOS 2 Y 3 (PDF)
• INFORME SOBRE LA ESTABILIDAD FINANCIERA MUNDIAL DE OCTUBRE DE 2015 — RESUMEN GENERAL
  • INFORME SOBRE LA ESTABILIDAD FINANCIERA MUNDIAL DE OCTUBRE DE 2015 — RESUMEN GENERAL (Markdown version)
  • INFORME SOBRE LA ESTABILIDAD FINANCIERA MUNDIAL DE OCTUBRE DE 2015 — RESUMEN GENERAL (PDF)
• Figure 1.1.1. Chinese Equity Market
  • Figure 1.1.1. Chinese Equity Market (Markdown version)
  • Figure 1.1.1. Chinese Equity Market (CSV)
• Figure 1.2.1. Policies Have Led to Compressed Term Premiums and Market Abnormalities
  • Figure 1.2.1. Policies Have Led to Compressed Term Premiums and Market Abnormalities (Markdown version)
  • Figure 1.2.1. Policies Have Led to Compressed Term Premiums and Market Abnormalities (CSV)
• boxfigure131
  • boxfigure131 (Markdown version)
  • boxfigure131 (CSV)
• Figure 1.3.2. Euro Area Foreclosure Time and Lending Capacity from Foreclosure Time to Reduction
  • Figure 1.3.2. Euro Area Foreclosure Time and Lending Capacity from Foreclosure Time to Reduction (Markdown version)
  • Figure 1.3.2. Euro Area Foreclosure Time and Lending Capacity from Foreclosure Time to Reduction (CSV)
• Figure 1.1. Global Financial Stability Map: Risks and Conditions
  • Figure 1.1. Global Financial Stability Map: Risks and Conditions (Markdown version)
  • Figure 1.1. Global Financial Stability Map: Risks and Conditions (CSV)
• Figure 1.10. Banking System Average Tier 1 Ratio
  • Figure 1.10. Banking System Average Tier 1 Ratio (Markdown version)
  • Figure 1.10. Banking System Average Tier 1 Ratio (CSV)
• Figure 1.11. Bank Capital and Asset Changes
  • Figure 1.11. Bank Capital and Asset Changes (Markdown version)
  • Figure 1.11. Bank Capital and Asset Changes (CSV)
• Figure 1.12. Chinese Banks: Asset Quality Challenges
  • Figure 1.12. Chinese Banks: Asset Quality Challenges (Markdown version)
  • Figure 1.12. Chinese Banks: Asset Quality Challenges (CSV)
• Figure 1.13. Evolultion of Bank Funding
  • Figure 1.13. Evolultion of Bank Funding (Markdown version)
  • Figure 1.13. Evolultion of Bank Funding (CSV)
• Figure 1.14. Chinese Exchange Rate Movements and Effect on Emerging Market Currencies
  • Figure 1.14. Chinese Exchange Rate Movements and Effect on Emerging Market Currencies (Markdown version)
  • Figure 1.14. Chinese Exchange Rate Movements and Effect on Emerging Market Currencies (CSV)
• Figure 1.15. Greece: Developments
  • Figure 1.15. Greece: Developments (Markdown version)
  • Figure 1.15. Greece: Developments (CSV)
• Figure 1.16. Bank Profitability and Balance Sheet Strength
  • Figure 1.16. Bank Profitability and Balance Sheet Strength (Markdown version)
  • Figure 1.16. Bank Profitability and Balance Sheet Strength (CSV)
• Figure 1.17. Potential Amplifiers of Market Stress
  • Figure 1.17. Potential Amplifiers of Market Stress (Markdown version)
  • Figure 1.17. Potential Amplifiers of Market Stress (CSV)
• Figure 1.18. Large U.S. and European Regulated Bond Investment Funds with Derivatives-Embedded Leverage
  • Figure 1.18. Large U.S. and European Regulated Bond Investment Funds with Derivatives-Embedded Leverage (Markdown version)
  • Figure 1.18. Large U.S. and European Regulated Bond Investment Funds with Derivatives-Embedded Leverage (CSV)
• Figure 1.2. Global Financial Stability Map: Components of Risks and Conditions
  • Figure 1.2. Global Financial Stability Map: Components of Risks and Conditions (Markdown version)
  • Figure 1.2. Global Financial Stability Map: Components of Risks and Conditions (CSV)
• Figure 1.20. Effect of a Global Asset Market Disruption
  • Figure 1.20. Effect of a Global Asset Market Disruption (Markdown version)
  • Figure 1.20. Effect of a Global Asset Market Disruption (CSV)
• Figure 1.21. Emerging Market Local Currency Bond Yields
  • Figure 1.21. Emerging Market Local Currency Bond Yields (Markdown version)
  • Figure 1.21. Emerging Market Local Currency Bond Yields (CSV)
• Figure 1.22. Corporate Debt Burden in Market Disruption Scenario
  • Figure 1.22. Corporate Debt Burden in Market Disruption Scenario (Markdown version)
  • Figure 1.22. Corporate Debt Burden in Market Disruption Scenario (CSV)
• Figure 1.23. Lower Ratings Would Lock in Higher Borrowing Costs
  • Figure 1.23. Lower Ratings Would Lock in Higher Borrowing Costs (Markdown version)
  • Figure 1.23. Lower Ratings Would Lock in Higher Borrowing Costs (CSV)
• Figure 1.24. Selected Quasi-Sovereign Company Ownership and Debt
  • Figure 1.24. Selected Quasi-Sovereign Company Ownership and Debt (Markdown version)
  • Figure 1.24. Selected Quasi-Sovereign Company Ownership and Debt (CSV)
• Figure 1.3. Inflation, Monetary Policy, and Policy Rate Normalization
  • Figure 1.3. Inflation, Monetary Policy, and Policy Rate Normalization (Markdown version)
  • Figure 1.3. Inflation, Monetary Policy, and Policy Rate Normalization (CSV)
• figure14 — Economic Risk Taking Remains Weak in Advanced Economies
  • figure14 — Economic Risk Taking Remains Weak in Advanced Economies (Markdown version)
  • figure14 — Economic Risk Taking Remains Weak in Advanced Economies (CSV)
• Figure 1.5. Locus of Risks Shifting toward Emerging Markets
  • Figure 1.5. Locus of Risks Shifting toward Emerging Markets (Markdown version)
  • Figure 1.5. Locus of Risks Shifting toward Emerging Markets (CSV)
• figure17
  • figure17 (Markdown version)
  • figure17 (CSV)
• figure18 — Credit Growth, Corporate Leverage, and Nonperforming Bank Loans (dataset overview)
  • figure18 — Credit Growth, Corporate Leverage, and Nonperforming Bank Loans (dataset overview) (Markdown version)
  • figure18 — Credit Growth, Corporate Leverage, and Nonperforming Bank Loans (dataset overview) (CSV)
• Figure 1.9. Emerging Market Companies: Exposure to Dollar Strength and Commodity Prices
  • Figure 1.9. Emerging Market Companies: Exposure to Dollar Strength and Commodity Prices (Markdown version)
  • Figure 1.9. Emerging Market Companies: Exposure to Dollar Strength and Commodity Prices (CSV)
• boxfigure221
  • boxfigure221 (Markdown version)
  • boxfigure221 (CSV)
• Figure211 (dataset overview)
  • Figure211 (dataset overview) (Markdown version)
  • Figure211 (dataset overview) (CSV)
• Figure212
  • Figure212 (Markdown version)
  • Figure212 (CSV)
• Figure22 (dataset overview)
  • Figure22 (dataset overview) (Markdown version)
  • Figure22 (dataset overview) (CSV)
• figure23
  • figure23 (Markdown version)
  • figure23 (CSV)
• figure24
  • figure24 (Markdown version)
  • figure24 (CSV)
• boxfigure31 — dataset overview
  • boxfigure31 — dataset overview (Markdown version)
  • boxfigure31 — dataset overview (CSV)
• Figure 3.3.1 China: Leverage Ratios
  • Figure 3.3.1 China: Leverage Ratios (Markdown version)
  • Figure 3.3.1 China: Leverage Ratios (CSV)
• Figure 3.1. Emerging Market Economies: Evolving Capital Structure
  • Figure 3.1. Emerging Market Economies: Evolving Capital Structure (Markdown version)
  • Figure 3.1. Emerging Market Economies: Evolving Capital Structure (CSV)
• Figure 3.10. Leverage, Cash Holdings, and Corporate Investment
  • Figure 3.10. Leverage, Cash Holdings, and Corporate Investment (Markdown version)
  • Figure 3.10. Leverage, Cash Holdings, and Corporate Investment (CSV)
• Figure 3.11. Bond Issuance by Regions and Sectors
  • Figure 3.11. Bond Issuance by Regions and Sectors (Markdown version)
  • Figure 3.11. Bond Issuance by Regions and Sectors (CSV)
• Figure 3.12. Bond Issuance: Currency Composition
  • Figure 3.12. Bond Issuance: Currency Composition (Markdown version)
  • Figure 3.12. Bond Issuance: Currency Composition (CSV)
• Figure 3.13. Deteriorating Firm-Specific Fundamentals for Bond-Issuing Firms
  • Figure 3.13. Deteriorating Firm-Specific Fundamentals for Bond-Issuing Firms (Markdown version)
  • Figure 3.13. Deteriorating Firm-Specific Fundamentals for Bond-Issuing Firms (CSV)
• Figure 3.14. Bond Issuance: Yields and Maturity
  • Figure 3.14. Bond Issuance: Yields and Maturity (Markdown version)
  • Figure 3.14. Bond Issuance: Yields and Maturity (CSV)
• Figure 3.17. Emerging Market economies: Secondary Market Corporate Spreads
  • Figure 3.17. Emerging Market economies: Secondary Market Corporate Spreads (Markdown version)
  • Figure 3.17. Emerging Market economies: Secondary Market Corporate Spreads (CSV)
• Figure 3.2 Emerging Market Economies: Selected Leverage Ratios
  • Figure 3.2 Emerging Market Economies: Selected Leverage Ratios (Markdown version)
  • Figure 3.2 Emerging Market Economies: Selected Leverage Ratios (CSV)
• Figure 3.3. Emerging Market Economies: Changing Composition of Corporate Debt
  • Figure 3.3. Emerging Market Economies: Changing Composition of Corporate Debt (Markdown version)
  • Figure 3.3. Emerging Market Economies: Changing Composition of Corporate Debt (CSV)
• Figure 3.4. Domestic Banks: Ratio of Total Corporate Loans to Total Loans in 2014
  • Figure 3.4. Domestic Banks: Ratio of Total Corporate Loans to Total Loans in 2014 (Markdown version)
  • Figure 3.4. Domestic Banks: Ratio of Total Corporate Loans to Total Loans in 2014 (CSV)
• Figure 3.5. Emerging Market Economies Corporate Debt, by Selected Regions and Sectors
  • Figure 3.5. Emerging Market Economies Corporate Debt, by Selected Regions and Sectors (Markdown version)
  • Figure 3.5. Emerging Market Economies Corporate Debt, by Selected Regions and Sectors (CSV)
• Figure 3.8. Corporate Liabilities and Solvency
  • Figure 3.8. Corporate Liabilities and Solvency (Markdown version)
  • Figure 3.8. Corporate Liabilities and Solvency (CSV)

References

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