Staff Discussion Notes

A Monitoring Framework for Global Financial Stability

By Tobias Adrian, Dong He, Nellie Liang, Fabio M Natalucci

August 26, 2019

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Tobias Adrian, Dong He, Nellie Liang, and Fabio M Natalucci. "A Monitoring Framework for Global Financial Stability", Staff Discussion Notes 2019, 006 (2019), accessed November 8, 2024, https://doi.org/10.5089/9781498300339.006

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Disclaimer: This Staff Discussion Note represents the views of the authors and does not necessarily represent IMF views or IMF policy. The views expressed herein should be attributed to the authors and not to the IMF, its Executive Board, or its management. Staff Discussion Notes are published to elicit comments and to further debate.

Summary

This paper describes the conceptual framework that guides assessments of financial stability risks for multilateral surveillance, as currently presented in the Global Financial Stability Report (GFSR). The framework emphasizes consistency in measuring financial vulnerabilities across countries and over time and offers a summary statistic to quantify aggregate financial stability risks. The two parts of the empirical approach—a matrix of specific vulnerabilities and a summary measure of financial stability risks—are distinct but highly complementary for monitoring and policymaking.

Subject: Financial conditions index, Financial sector policy and analysis, Financial sector risk, Financial sector stability, Growth-at-risk assessment, Macroprudential policy

Keywords: Downside risk, Equity price, Financial condition, Financial conditions, Financial conditions index, Financial conditions switch, Financial market risk appetite, Financial sector risk, Financial sector stability, Financial stability, Fire-sale risk, GDP, Global, Growth distribution, Growth-at-risk assessment, Loose financial conditions, Macroprudential policy, Price, Price of risk, Risk, SDN, Term structure

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