{
  "title": "IMF Global Financial Stability Report: October 2016: Fostering Stability in a Low-Growth, Low-Rate Era",
  "publication": "Global Financial Stability Report, October 31, 2016",
  "sourceUrl": "https://www.imf.org/en/publications/gfsr/issues/2016/12/31/fostering-stability-in-a-low-growth-low-rate-era",
  "canonical": "https://www.imf.org/en/publications/gfsr/issues/2016/12/31/fostering-stability-in-a-low-growth-low-rate-era",
  "overlayPath": "/en/publications/gfsr/issues/2016/12/31/fostering-stability-in-a-low-growth-low-rate-era/index.md",
  "summary": "The October 2016 Global Financial Stability Report (GFSR): The current report finds that short-term risks to global financial stability have abated since April 2016, but that medium-term risks continue to build.",
  "sections": [
    {
      "heading": "Executive summary and overarching assessment",
      "content": "- Short-term risks to global financial stability have abated since April 2016, but medium-term risks continue to build.\n- Financial institutions in advanced economies face cyclical and structural challenges and need to adapt to low growth and low interest rates, and to an evolving market and regulatory environment.\n- Weak profitability could erode banks’ buffers over time and undermine their ability to support growth; a cyclical recovery will not resolve the problem of low profitability.\n- The solvency of many life insurance companies and pension funds is threatened by a prolonged period of low interest rates.\n- Corporate leverage in emerging market economies remains elevated in some countries, but the current favorable external environment presents an opportunity for overly indebted firms to restructure their balance sheets.\n- The political climate is unsettled in many countries; a lack of income growth and a rise in inequality have opened the door for populist, inward-looking policies, making it harder to tackle legacy problems and exposing economies and markets to shocks.\n- The report finds that fears of a decline in the effectiveness of monetary policy due to the rise of nonbank financing are unfounded; transmission of monetary policy is, if anything, stronger in economies with larger nonbank financial sectors.\n- Improvements in corporate governance and investor protection in emerging market economies over the past two decades have bolstered financial system resilience and strengthen the case for further reform.\n- A potent and more balanced policy mix is needed to deliver a stronger path for growth and financial stability and avoid slipping into financial and economic stagnation."
    },
    {
      "heading": "Chapter 1 — Financial Stability Challenges in a Low-Growth, Low-Rate Era",
      "content": "- Main finding: short-term risks have abated since April 2016, but medium-term risks continue to build.\n- Advanced-economy banks:\n  - Face cyclical and structural challenges from low growth and low interest rates and an evolving market and regulatory environment.\n  - Weak profitability could erode buffers and undermine banks’ ability to support growth.\n  - A cyclical recovery alone will not resolve low profitability—more deep-rooted reforms and systemic management are needed, especially for European banks.\n- Insurance companies and pension funds:\n  - Solvency of many life insurance companies and pension funds is threatened by prolonged low interest rates.\n- Emerging market economies:\n  - Corporate leverage remains elevated in some countries.\n  - Current favorable external environment presents an opportunity for overly indebted firms to restructure balance sheets.\n- Political and policy environment:\n  - Rising inequality and weak income growth have increased risks of populist, inward-looking policies, complicating resolution of legacy problems and increasing exposure to shocks.\n- Policy implication: adopt a more balanced and potent policy mix to strengthen growth and financial stability and avoid financial/economic stagnation."
    },
    {
      "heading": "Chapter 2 — Monetary Policy and the Rise of Nonbank Finance",
      "content": "- Focus: how nonbank financial institutions shape the transmission of monetary policy.\n- Key findings:\n  - Nonbanks, if anything, have strengthened the transmission of monetary policy.\n  - Nonbanks may amplify monetary policy effects on real activity because their incentives to take risks are particularly sensitive to changes in monetary policy.\n  - Banks still matter for transmission because even large firms have limited ability to move away from bank loans into bond financing after a monetary contraction.\n- Policy guidance:\n  - Policymakers must adapt the conduct of monetary policy to changes in the composition of financial systems.\n  - Be mindful of implications of monetary policy on financial stability.\n  - Continue to enhance the provision of data on nonbank financial intermediaries."
    },
    {
      "heading": "Chapter 3 — Corporate Governance, Investor Protection, and Financial Stability in Emerging Markets",
      "content": "- Focus: links between corporate governance, investor protection, and financial stability across emerging market economies.\n- Main findings:\n  - Corporate governance and investor protection have generally improved in emerging market economies over the past two decades.\n  - Stronger corporate governance and investor protection frameworks enhance resilience to global financial shocks.\n  - Improvements foster deeper and more liquid capital markets, making them better able to absorb shocks.\n  - Corporate governance improvements enhance stock market efficiency, reducing sensitivity to external shocks and crash risk.\n  - Emerging market economies with better governance and investor protections generally have stronger corporate balance sheets.\n- Policy recommendations:\n  - Bolster rights of outside investors, especially minority shareholders.\n  - Bring disclosure requirements fully in line with international best practice.\n  - Promote greater board independence.\n  - These reforms are likely to yield financial stability benefits and strengthen systemic resilience."
    },
    {
      "heading": "Analytical tools, scenarios, and empirical content (high-level inventory)",
      "content": "- Chapter 1 includes a range of figures and scenarios such as:\n  - Global Financial Stability Map: Risks and Conditions; Brexit’s Impact on Financial Markets; Bank Profitability decompositions; Pension Funding Shortfalls; Scenarios for Deleveraging in Emerging Market Firms; Financial Stagnation and Protectionism Scenario.\n- Chapter 2 includes analyses and figures on:\n  - Trends in the Transmission of Monetary Policy; Channels of Monetary Policy Transmission; Empirical Evidence on the Transmission of Monetary Policy; Risk Taking by Mutual Funds; Bond Finance around the World.\n- Chapter 3 includes firm- and country-level governance indices and empirical tests on:\n  - Corporate Governance and Equity Returns; Crash Risk; Corporate Governance and Selected Balance Sheet Indicators; Firm-Level Governance and Solvency.\n\nSource: IMF Global Financial Stability Report: October 2016: Fostering Stability in a Low-Growth, Low-Rate Era.\n\n---\n\n Content in this bundle\n\n- suma\n  - suma (Markdown version){rel=\"alternate\" type=\"text/markdown\"}\n  - suma (PDF){rel=\"external\" type=\"application/pdf\"}\n- الفصل الأول: تحديات الاستقرار المالي في حقبة من الانخفاض في النمو وأسعار الفائدة\n  - الفصل الأول: تحديات الاستقرار المالي في حقبة من الانخفاض في النمو وأسعار الفائدة (Markdown version){rel=\"alternate\" type=\"text/markdown\"}\n  - الفصل الأول: تحديات الاستقرار المالي في حقبة من الانخفاض في النمو وأسعار الفائدة (PDF){rel=\"external\" type=\"application/pdf\"}\n- 全球金融稳定报告：第二章：货币政策和非银行融资上升；国际货币基金；2016年9月29日\n  - 全球金融稳定报告：第二章：货币政策和非银行融资上升；国际货币基金；2016年9月29日 (Markdown version){rel=\"alternate\" type=\"text/markdown\"}\n  - 全球金融稳定报告：第二章：货币政策和非银行融资上升；国际货币基金；2016年9月29日 (PDF){rel=\"external\" type=\"application/pdf\"}\n- 2016年10月期《全球金融稳定报告》第一章：低增长和低利率时代面临的金融稳定挑战\n  - 2016年10月期《全球金融稳定报告》第一章：低增长和低利率时代面临的金融稳定挑战 (Markdown version){rel=\"alternate\" type=\"text/markdown\"}\n  - 2016年10月期《全球金融稳定报告》第一章：低增长和低利率时代面临的金融稳定挑战 (PDF){rel=\"external\" type=\"application/pdf\"}\n- Rapport Sur La Stabilité FinancièRe Dans Le Monde — Octobre 2016 — RéSuméS De Chapitres\n  - Rapport Sur La Stabilité FinancièRe Dans Le Monde — Octobre 2016 — RéSuméS De Chapitres (Markdown version){rel=\"alternate\" type=\"text/markdown\"}\n  - Rapport Sur La Stabilité FinancièRe Dans Le Monde — Octobre 2016 — RéSuméS De Chapitres (PDF){rel=\"external\" type=\"application/pdf\"}\n- Rapport Sur La Stabilité FinancièRe Dans Le Monde — RéSumé Analytique\n  - Rapport Sur La Stabilité FinancièRe Dans Le Monde — RéSumé Analytique (Markdown version){rel=\"alternate\" type=\"text/markdown\"}\n  - Rapport Sur La Stabilité FinancièRe Dans Le Monde — RéSumé Analytique (PDF){rel=\"external\" type=\"application/pdf\"}\n- 国際金融安定性報告書 2016年10月: 第2章,第3章の要旨\n  - 国際金融安定性報告書 2016年10月: 第2章,第3章の要旨 (Markdown version){rel=\"alternate\" type=\"text/markdown\"}\n  - 国際金融安定性報告書 2016年10月: 第2章,第3章の要旨 (PDF){rel=\"external\" type=\"application/pdf\"}\n- 国際金融安定性報告書　2016年10月 - 要旨\n  - 国際金融安定性報告書　2016年10月 - 要旨 (Markdown version){rel=\"alternate\" type=\"text/markdown\"}\n  - 国際金融安定性報告書　2016年10月 - 要旨 (PDF){rel=\"external\" type=\"application/pdf\"}\n- 101699 Annex Figure 1.1.1\n  - 101699 Annex Figure 1.1.1 (Markdown version){rel=\"alternate\" type=\"text/markdown\"}\n  - 101699 Annex Figure 1.1.1 (PDF){rel=\"external\" type=\"application/pdf\"}\n- 101699 Figure 1.1.1\n  - 101699 Figure 1.1.1 (Markdown version){rel=\"alternate\" type=\"text/markdown\"}\n  - 101699 Figure 1.1.1 (PDF){rel=\"external\" type=\"application/pdf\"}\n- 101699 Figure 1.1.2\n  - 101699 Figure 1.1.2 (Markdown version){rel=\"alternate\" type=\"text/markdown\"}\n  - 101699 Figure 1.1.2 (PDF){rel=\"external\" type=\"application/pdf\"}\n- 101699 Figure 1.10\n  - 101699 Figure 1.10 (Markdown version){rel=\"alternate\" type=\"text/markdown\"}\n  - 101699 Figure 1.10 (PDF){rel=\"external\" type=\"application/pdf\"}\n- 101699 Figure 1.11\n  - 101699 Figure 1.11 (Markdown version){rel=\"alternate\" type=\"text/markdown\"}\n  - 101699 Figure 1.11 (PDF){rel=\"external\" type=\"application/pdf\"}\n- 101699 Figure 1.12\n  - 101699 Figure 1.12 (Markdown version){rel=\"alternate\" type=\"text/markdown\"}\n  - 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101699 Figure 3.07 (Markdown version){rel=\"alternate\" type=\"text/markdown\"}\n  - 101699 Figure 3.07 (PDF){rel=\"external\" type=\"application/pdf\"}\n- 101699 Figure 3.08\n  - 101699 Figure 3.08 (Markdown version){rel=\"alternate\" type=\"text/markdown\"}\n  - 101699 Figure 3.08 (PDF){rel=\"external\" type=\"application/pdf\"}\n- 101699 Figure 3.09\n  - 101699 Figure 3.09 (Markdown version){rel=\"alternate\" type=\"text/markdown\"}\n  - 101699 Figure 3.09 (PDF){rel=\"external\" type=\"application/pdf\"}\n- Assumptions and Conventions\n  - Assumptions and Conventions (Markdown version){rel=\"alternate\" type=\"text/markdown\"}\n  - Assumptions and Conventions (PDF){rel=\"external\" type=\"application/pdf\"}\n- Chapter 1: Financial Stability Challenges in A Low-Growth, Low-Rate Era\n  - Chapter 1: Financial Stability Challenges in A Low-Growth, Low-Rate Era (Markdown version){rel=\"alternate\" type=\"text/markdown\"}\n  - Chapter 1: Financial Stability Challenges in A Low-Growth, Low-Rate Era (PDF){rel=\"external\" type=\"application/pdf\"}\n- Chapter 2: Monetary Policy and the Rise of Nonbank Finance\n  - Chapter 2: Monetary Policy and the Rise of Nonbank Finance (Markdown version){rel=\"alternate\" type=\"text/markdown\"}\n  - Chapter 2: Monetary Policy and the Rise of Nonbank Finance (PDF){rel=\"external\" type=\"application/pdf\"}\n- Monetary Policy and the Rise of Nonbank Finance; GFSR Global Financial Stability Report 2016\n  - Monetary Policy and the Rise of Nonbank Finance; GFSR Global Financial Stability Report 2016 (Markdown version){rel=\"alternate\" type=\"text/markdown\"}\n  - Monetary Policy and the Rise of Nonbank Finance; GFSR Global Financial Stability Report 2016 (PDF){rel=\"external\" type=\"application/pdf\"}\n- Imf Executive Board Discussion Summary\n  - Imf Executive Board Discussion Summary (Markdown version){rel=\"alternate\" type=\"text/markdown\"}\n  - Imf Executive Board Discussion Summary (PDF){rel=\"external\" type=\"application/pdf\"}\n- execsummary\n  - execsummary (Markdown version){rel=\"alternate\" type=\"text/markdown\"}\n  - execsummary (PDF){rel=\"external\" type=\"application/pdf\"}\n- Executive Summary\n  - Executive Summary (Markdown version){rel=\"alternate\" type=\"text/markdown\"}\n  - Executive Summary (PDF){rel=\"external\" type=\"application/pdf\"}\n- Further Information and Data\n  - Further Information and Data (Markdown version){rel=\"alternate\" type=\"text/markdown\"}\n  - Further Information and Data (PDF){rel=\"external\" type=\"application/pdf\"}\n- Preface\n  - Preface (Markdown version){rel=\"alternate\" type=\"text/markdown\"}\n  - Preface (PDF){rel=\"external\" type=\"application/pdf\"}\n- Summary\n  - Summary (Markdown version){rel=\"alternate\" type=\"text/markdown\"}\n  - Summary (PDF){rel=\"external\" type=\"application/pdf\"}\n- Monetary Policy and the Rise of Nonbank Finance\n  - Monetary Policy and the Rise of Nonbank Finance (Markdown version){rel=\"alternate\" type=\"text/markdown\"}\n  - Monetary Policy and the Rise of Nonbank Finance (PDF){rel=\"external\" type=\"application/pdf\"}\n- Corporate Governance, Investor Protection, and Financial Stability in Emerging Markets\n  - Corporate Governance, Investor Protection, and Financial Stability in Emerging Markets (Markdown version){rel=\"alternate\" type=\"text/markdown\"}\n  - Corporate Governance, Investor Protection, and Financial Stability in Emerging Markets (PDF){rel=\"external\" type=\"application/pdf\"}\n- Global Financial Stability Report: Fostering Stability in a Low-Growth, Low-Rate Era\n  - Global Financial Stability Report: Fostering Stability in a Low-Growth, Low-Rate Era (Markdown version){rel=\"alternate\" type=\"text/markdown\"}\n  - Global Financial Stability Report: Fostering Stability in a Low-Growth, Low-Rate Era (PDF){rel=\"external\" type=\"application/pdf\"}\n- textpdf\n  - textpdf (Markdown version){rel=\"alternate\" type=\"text/markdown\"}\n  - textpdf (PDF){rel=\"external\" type=\"application/pdf\"}\n- РЕЗЮМЕ\n  - РЕЗЮМЕ (Markdown version){rel=\"alternate\" type=\"text/markdown\"}\n  - РЕЗЮМЕ (PDF){rel=\"external\" type=\"application/pdf\"}\n- АНАЛИТИЧЕСКОЕ РЕЗЮМЕ\n  - АНАЛИТИЧЕСКОЕ РЕЗЮМЕ (Markdown version){rel=\"alternate\" type=\"text/markdown\"}\n  - АНАЛИТИЧЕСКОЕ РЕЗЮМЕ (PDF){rel=\"external\" type=\"application/pdf\"}\n- sums\n  - sums (Markdown version){rel=\"alternate\" type=\"text/markdown\"}\n  - sums (PDF){rel=\"external\" type=\"application/pdf\"}\n- Informe sobre la estabilidad financiera mundial: Resumen Ejecutivo; Octubre de 2016\n  - Informe sobre la estabilidad financiera mundial: Resumen Ejecutivo; Octubre de 2016 (Markdown version){rel=\"alternate\" type=\"text/markdown\"}\n  - Informe sobre la estabilidad financiera mundial: Resumen Ejecutivo; Octubre de 2016 (PDF){rel=\"external\" type=\"application/pdf\"}\n- boxfigure21\n  - boxfigure21 (Markdown version){rel=\"alternate\" type=\"text/markdown\"}\n  - boxfigure21 (CSV){rel=\"external\" type=\"text/html; charset=utf-8\"}\n- boxfigure22\n  - boxfigure22 (Markdown version){rel=\"alternate\" type=\"text/markdown\"}\n  - boxfigure22 (CSV){rel=\"external\" type=\"text/html; charset=utf-8\"}\n- Figure 1.1.1. Brexit Implications for the United Kingdom\n  - Figure 1.1.1. Brexit Implications for the United Kingdom (Markdown version){rel=\"alternate\" type=\"text/markdown\"}\n  - Figure 1.1.1. Brexit Implications for the United Kingdom (CSV){rel=\"external\" type=\"application/octet-stream\"}\n- boxfigure112\n  - boxfigure112 (Markdown version){rel=\"alternate\" type=\"text/markdown\"}\n  - boxfigure112 (CSV){rel=\"external\" type=\"application/octet-stream\"}\n- Figure 1.1. Global Financial Stability Map: Risks and Conditions\n  - Figure 1.1. Global Financial Stability Map: Risks and Conditions (Markdown version){rel=\"alternate\" type=\"text/markdown\"}\n  - Figure 1.1. Global Financial Stability Map: Risks and Conditions (CSV){rel=\"external\" type=\"application/octet-stream\"}\n- Figure 1.10. Developed and Emerging Economy Banks: Capital and Liquidity Indicators\n  - Figure 1.10. Developed and Emerging Economy Banks: Capital and Liquidity Indicators (Markdown version){rel=\"alternate\" type=\"text/markdown\"}\n  - Figure 1.10. Developed and Emerging Economy Banks: Capital and Liquidity Indicators (CSV){rel=\"external\" type=\"application/octet-stream\"}\n- Figure 1.11. Price-to-Book and Return on Equity Decomposition, 2006-15\n  - Figure 1.11. Price-to-Book and Return on Equity Decomposition, 2006-15 (Markdown version){rel=\"alternate\" type=\"text/markdown\"}\n  - Figure 1.11. Price-to-Book and Return on Equity Decomposition, 2006-15 (CSV){rel=\"external\" type=\"application/octet-stream\"}\n- Figure 1.12. Advanced Economies: Trends in Bank Profitability\n  - Figure 1.12. Advanced Economies: Trends in Bank Profitability (Markdown version){rel=\"alternate\" type=\"text/markdown\"}\n  - Figure 1.12. Advanced Economies: Trends in Bank Profitability (CSV){rel=\"external\" type=\"application/octet-stream\"}\n- Figure1 13\n  - Figure1 13 (Markdown version){rel=\"alternate\" type=\"text/markdown\"}\n  - Figure1 13 (CSV){rel=\"external\" type=\"application/octet-stream\"}\n- figure114\n  - figure114 (Markdown version){rel=\"alternate\" type=\"text/markdown\"}\n  - figure114 (CSV){rel=\"external\" type=\"application/octet-stream\"}\n- Figure1 15\n  - Figure1 15 (Markdown version){rel=\"alternate\" type=\"text/markdown\"}\n  - Figure1 15 (CSV){rel=\"external\" type=\"application/octet-stream\"}\n- Figure 1.16.  European Banks� Elevated Cost of Funding\n  - Figure 1.16.  European Banks� Elevated Cost of Funding (Markdown version){rel=\"alternate\" type=\"text/markdown\"}\n  - Figure 1.16.  European Banks� Elevated Cost of Funding (CSV){rel=\"external\" type=\"application/octet-stream\"}\n- Figure 1.17  European Bank Profitability in a \"Structural Reform\" Scenario\n  - Figure 1.17  European Bank Profitability in a \"Structural Reform\" Scenario (Markdown version){rel=\"alternate\" type=\"text/markdown\"}\n  - Figure 1.17  European Bank Profitability in a \"Structural Reform\" Scenario (CSV){rel=\"external\" type=\"application/octet-stream\"}\n- Figure 1.18. Japanese Banks and Foreign Exchange Funding\n  - Figure 1.18. Japanese Banks and Foreign Exchange Funding (Markdown version){rel=\"alternate\" type=\"text/markdown\"}\n  - Figure 1.18. Japanese Banks and Foreign Exchange Funding (CSV){rel=\"external\" type=\"application/octet-stream\"}\n- Figure 1.19. Low Interest Rates and Insurance Companies\n  - Figure 1.19. Low Interest Rates and Insurance Companies (Markdown version){rel=\"alternate\" type=\"text/markdown\"}\n  - Figure 1.19. Low Interest Rates and Insurance Companies (CSV){rel=\"external\" type=\"application/octet-stream\"}\n- Figure 1.2. Global Financial Stability Map: Assessment of Risks and Conditions\n  - Figure 1.2. Global Financial Stability Map: Assessment of Risks and Conditions (Markdown version){rel=\"alternate\" type=\"text/markdown\"}\n  - Figure 1.2. Global Financial Stability Map: Assessment of Risks and Conditions (CSV){rel=\"external\" type=\"application/octet-stream\"}\n- Figure 1.20. U.S. Pension Fund Discount Rate\n  - Figure 1.20. U.S. Pension Fund Discount Rate (Markdown version){rel=\"alternate\" type=\"text/markdown\"}\n  - Figure 1.20. U.S. Pension Fund Discount Rate (CSV){rel=\"external\" type=\"application/octet-stream\"}\n- Figure 1.21. Pension Funding Shortfalls in the United States and the United Kingdom\n  - Figure 1.21. Pension Funding Shortfalls in the United States and the United Kingdom (Markdown version){rel=\"alternate\" type=\"text/markdown\"}\n  - Figure 1.21. Pension Funding Shortfalls in the United States and the United Kingdom (CSV){rel=\"external\" type=\"application/octet-stream\"}\n- Figure 1.22. Portfolio Flows to Emerging Market Economies and Asset Prices\n  - Figure 1.22. Portfolio Flows to Emerging Market Economies and Asset Prices (Markdown version){rel=\"alternate\" type=\"text/markdown\"}\n  - Figure 1.22. Portfolio Flows to Emerging Market Economies and Asset Prices (CSV){rel=\"external\" type=\"application/octet-stream\"}\n- Figure 1.23. Corporate Borrowing Stabilized, but at a High Level\n  - Figure 1.23. Corporate Borrowing Stabilized, but at a High Level (Markdown version){rel=\"alternate\" type=\"text/markdown\"}\n  - Figure 1.23. Corporate Borrowing Stabilized, but at a High Level (CSV){rel=\"external\" type=\"application/octet-stream\"}\n- Figure 1.24. Scenarios for Deleveraging in Emerging Market Economy Firms\n  - Figure 1.24. Scenarios for Deleveraging in Emerging Market Economy Firms (Markdown version){rel=\"alternate\" type=\"text/markdown\"}\n  - Figure 1.24. Scenarios for Deleveraging in Emerging Market Economy Firms (CSV){rel=\"external\" type=\"application/octet-stream\"}\n- figure125\n  - figure125 (Markdown version){rel=\"alternate\" type=\"text/markdown\"}\n  - figure125 (CSV){rel=\"external\" type=\"application/octet-stream\"}\n- Figure 1.26. China: Credit Overhang and Shadow Credit\n  - Figure 1.26. China: Credit Overhang and Shadow Credit (Markdown version){rel=\"alternate\" type=\"text/markdown\"}\n  - Figure 1.26. China: Credit Overhang and Shadow Credit (CSV){rel=\"external\" type=\"application/octet-stream\"}\n- Figure 1.27. China: Bank Linkages to the Structured Investment Complex\n  - Figure 1.27. China: Bank Linkages to the Structured Investment Complex (Markdown version){rel=\"alternate\" type=\"text/markdown\"}\n  - Figure 1.27. China: Bank Linkages to the Structured Investment Complex (CSV){rel=\"external\" type=\"application/octet-stream\"}\n- Figure 1.3.  Brexit�s Impact on Financial Markets\n  - Figure 1.3.  Brexit�s Impact on Financial Markets (Markdown version){rel=\"alternate\" type=\"text/markdown\"}\n  - Figure 1.3.  Brexit�s Impact on Financial Markets (CSV){rel=\"external\" type=\"application/octet-stream\"}\n- Figure1 4\n  - Figure1 4 (Markdown version){rel=\"alternate\" type=\"text/markdown\"}\n  - Figure1 4 (CSV){rel=\"external\" type=\"application/octet-stream\"}\n- Figure 1.5. Policy Uncertainty\n  - Figure 1.5. Policy Uncertainty (Markdown version){rel=\"alternate\" type=\"text/markdown\"}\n  - Figure 1.5. Policy Uncertainty (CSV){rel=\"external\" type=\"application/octet-stream\"}\n- Figure 1.6. Global Growth Momentum and Interest Rates\n  - Figure 1.6. Global Growth Momentum and Interest Rates (Markdown version){rel=\"alternate\" type=\"text/markdown\"}\n  - Figure 1.6. Global Growth Momentum and Interest Rates (CSV){rel=\"external\" type=\"application/octet-stream\"}\n- Figure 1.7. Bond Yields and Term Premiums in Advanced Economies\n  - Figure 1.7. Bond Yields and Term Premiums in Advanced Economies (Markdown version){rel=\"alternate\" type=\"text/markdown\"}\n  - Figure 1.7. Bond Yields and Term Premiums in Advanced Economies (CSV){rel=\"external\" type=\"application/octet-stream\"}\n- Figure 1.8. Drivers of Government Bond Yields\n  - Figure 1.8. Drivers of Government Bond Yields (Markdown version){rel=\"alternate\" type=\"text/markdown\"}\n  - Figure 1.8. Drivers of Government Bond Yields (CSV){rel=\"external\" type=\"application/octet-stream\"}\n- Figure 1.9. Effects on Credit Growth of Shocks to Equity Prices\n  - Figure 1.9. Effects on Credit Growth of Shocks to Equity Prices (Markdown version){rel=\"alternate\" type=\"text/markdown\"}\n  - Figure 1.9. Effects on Credit Growth of Shocks to Equity Prices (CSV){rel=\"external\" type=\"application/octet-stream\"}\n- Annex Figure 2.1.1. Trends in the Transmission of Monetary Policy�Robustness\n  - Annex Figure 2.1.1. Trends in the Transmission of Monetary Policy�Robustness (Markdown version){rel=\"alternate\" type=\"text/markdown\"}\n  - Annex Figure 2.1.1. Trends in the Transmission of Monetary Policy�Robustness (CSV){rel=\"external\" type=\"application/octet-stream\"}\n- Annex Figure 2.2.1. Summary Statistics\n  - Annex Figure 2.2.1. Summary Statistics (Markdown version){rel=\"alternate\" type=\"text/markdown\"}\n  - Annex Figure 2.2.1. Summary Statistics (CSV){rel=\"external\" type=\"application/octet-stream\"}\n- Dataset overview\n  - Dataset overview (Markdown version){rel=\"alternate\" type=\"text/markdown\"}\n  - Dataset overview (CSV){rel=\"external\" type=\"application/octet-stream\"}\n- Figure 2.10. Bank Regulation and the Transmission of Monetary Policy through Banks and Nonbanks\n  - Figure 2.10. Bank Regulation and the Transmission of Monetary Policy through Banks and Nonbanks (Markdown version){rel=\"alternate\" type=\"text/markdown\"}\n  - Figure 2.10. Bank Regulation and the Transmission of Monetary Policy through Banks and Nonbanks (CSV){rel=\"external\" type=\"application/octet-stream\"}\n- Figure 2.11. Risk Taking by Mutual Funds and Monetary Policy\n  - Figure 2.11. Risk Taking by Mutual Funds and Monetary Policy (Markdown version){rel=\"alternate\" type=\"text/markdown\"}\n  - Figure 2.11. Risk Taking by Mutual Funds and Monetary Policy (CSV){rel=\"external\" type=\"application/octet-stream\"}\n- Figure 2.12. Bond Finance around the World\n  - Figure 2.12. Bond Finance around the World (Markdown version){rel=\"alternate\" type=\"text/markdown\"}\n  - Figure 2.12. Bond Finance around the World (CSV){rel=\"external\" type=\"application/octet-stream\"}\n- Figure 2.13. Bond Financing and Monetary Policy\n  - Figure 2.13. Bond Financing and Monetary Policy (Markdown version){rel=\"alternate\" type=\"text/markdown\"}\n  - Figure 2.13. Bond Financing and Monetary Policy (CSV){rel=\"external\" type=\"application/octet-stream\"}\n- Figure 2.2. Trends in the Transmission of Monetary Policy\n  - Figure 2.2. Trends in the Transmission of Monetary Policy (Markdown version){rel=\"alternate\" type=\"text/markdown\"}\n  - Figure 2.2. Trends in the Transmission of Monetary Policy (CSV){rel=\"external\" type=\"application/octet-stream\"}\n- Figure 2.4. Fair-Value Assets by Sector\n  - Figure 2.4. Fair-Value Assets by Sector (Markdown version){rel=\"alternate\" type=\"text/markdown\"}\n  - Figure 2.4. Fair-Value Assets by Sector (CSV){rel=\"external\" type=\"application/octet-stream\"}\n- Figure 2.5. Value at Risk in Risk Management by Asset Class and Year\n  - Figure 2.5. Value at Risk in Risk Management by Asset Class and Year (Markdown version){rel=\"alternate\" type=\"text/markdown\"}\n  - Figure 2.5. Value at Risk in Risk Management by Asset Class and Year (CSV){rel=\"external\" type=\"application/octet-stream\"}\n- Figure 2.6. Transmission of Monetary Policy and Size of Nonbank Financial Sector\n  - Figure 2.6. Transmission of Monetary Policy and Size of Nonbank Financial Sector (Markdown version){rel=\"alternate\" type=\"text/markdown\"}\n  - Figure 2.6. Transmission of Monetary Policy and Size of Nonbank Financial Sector (CSV){rel=\"external\" type=\"application/octet-stream\"}\n- Figure 2.7. Response to a Monetary Policy Shock\n  - Figure 2.7. Response to a Monetary Policy Shock (Markdown version){rel=\"alternate\" type=\"text/markdown\"}\n  - Figure 2.7. Response to a Monetary Policy Shock (CSV){rel=\"external\" type=\"application/octet-stream\"}\n- Figure 2.8. Risk Taking and Monetary Policy\n  - Figure 2.8. Risk Taking and Monetary Policy (Markdown version){rel=\"alternate\" type=\"text/markdown\"}\n  - Figure 2.8. Risk Taking and Monetary Policy (CSV){rel=\"external\" type=\"application/octet-stream\"}\n- Figure 2.9. Monetary Policy and Total Assets Owned by Financial Intermediaries\n  - Figure 2.9. Monetary Policy and Total Assets Owned by Financial Intermediaries (Markdown version){rel=\"alternate\" type=\"text/markdown\"}\n  - Figure 2.9. Monetary Policy and Total Assets Owned by Financial Intermediaries (CSV){rel=\"external\" type=\"application/octet-stream\"}\n- Figure 3.2.1. Selected Emerging Market Economies: State-Owned Enterprises\n  - Figure 3.2.1. Selected Emerging Market Economies: State-Owned Enterprises (Markdown version){rel=\"alternate\" type=\"text/markdown\"}\n  - Figure 3.2.1. Selected Emerging Market Economies: State-Owned Enterprises (CSV){rel=\"external\" type=\"application/octet-stream\"}\n- Figure 3.1. Corporate Governance and Equity Returns\n  - Figure 3.1. Corporate Governance and Equity Returns (Markdown version){rel=\"alternate\" type=\"text/markdown\"}\n  - Figure 3.1. Corporate Governance and Equity Returns (CSV){rel=\"external\" type=\"application/octet-stream\"}\n- Figure 3.10. Stock Return Comovement\n  - Figure 3.10. Stock Return Comovement (Markdown version){rel=\"alternate\" type=\"text/markdown\"}\n  - Figure 3.10. Stock Return Comovement (CSV){rel=\"external\" type=\"application/octet-stream\"}\n- Figure 3.11. Stock Return Comovement\n  - Figure 3.11. Stock Return Comovement (Markdown version){rel=\"alternate\" type=\"text/markdown\"}\n  - Figure 3.11. Stock Return Comovement (CSV){rel=\"external\" type=\"application/octet-stream\"}\n- figure312\n  - figure312 (Markdown version){rel=\"alternate\" type=\"text/markdown\"}\n  - figure312 (CSV){rel=\"external\" type=\"application/octet-stream\"}\n- Figure313\n  - Figure313 (Markdown version){rel=\"alternate\" type=\"text/markdown\"}\n  - Figure313 (CSV){rel=\"external\" type=\"application/octet-stream\"}\n- Figure 3.14. Impact of Global Financial Shocks on Equity Returns\n  - Figure 3.14. Impact of Global Financial Shocks on Equity Returns (Markdown version){rel=\"alternate\" type=\"text/markdown\"}\n  - Figure 3.14. Impact of Global Financial Shocks on Equity Returns (CSV){rel=\"external\" type=\"application/octet-stream\"}\n- Figure 3.15. Corporate Governance and Selected Balance Sheet Indicators\n  - Figure 3.15. Corporate Governance and Selected Balance Sheet Indicators (Markdown version){rel=\"alternate\" type=\"text/markdown\"}\n  - Figure 3.15. Corporate Governance and Selected Balance Sheet Indicators (CSV){rel=\"external\" type=\"application/octet-stream\"}\n- Figure 3.16. Firm-Level Governance and the Bond Market\n  - Figure 3.16. Firm-Level Governance and the Bond Market (Markdown version){rel=\"alternate\" type=\"text/markdown\"}\n  - Figure 3.16. Firm-Level Governance and the Bond Market (CSV){rel=\"external\" type=\"application/octet-stream\"}\n- Figure 3.17. Firm-Level Governance and Solvency\n  - Figure 3.17. Firm-Level Governance and Solvency (Markdown version){rel=\"alternate\" type=\"text/markdown\"}\n  - Figure 3.17. Firm-Level Governance and Solvency (CSV){rel=\"external\" type=\"application/octet-stream\"}\n- Figure 3.18. Country-Level and Firm-Level Governance and Short-Term Debt\n  - Figure 3.18. Country-Level and Firm-Level Governance and Short-Term Debt (Markdown version){rel=\"alternate\" type=\"text/markdown\"}\n  - Figure 3.18. Country-Level and Firm-Level Governance and Short-Term Debt (CSV){rel=\"external\" type=\"application/octet-stream\"}\n- Figure 3.2. Corporate Governance and Volatility of Stock Market Returns in Emerging Markets\n  - Figure 3.2. Corporate Governance and Volatility of Stock Market Returns in Emerging Markets (Markdown version){rel=\"alternate\" type=\"text/markdown\"}\n  - Figure 3.2. Corporate Governance and Volatility of Stock Market Returns in Emerging Markets (CSV){rel=\"external\" type=\"application/octet-stream\"}\n- Figure 3.3. Ownership Structure and Closely Held Shares\n  - Figure 3.3. Ownership Structure and Closely Held Shares (Markdown version){rel=\"alternate\" type=\"text/markdown\"}\n  - Figure 3.3. Ownership Structure and Closely Held Shares (CSV){rel=\"external\" type=\"application/octet-stream\"}\n- Figure3 4\n  - Figure3 4 (Markdown version){rel=\"alternate\" type=\"text/markdown\"}\n  - Figure3 4 (CSV){rel=\"external\" type=\"application/octet-stream\"}\n- Figure3 5\n  - Figure3 5 (Markdown version){rel=\"alternate\" type=\"text/markdown\"}\n  - Figure3 5 (CSV){rel=\"external\" type=\"application/octet-stream\"}\n- Emerging Market Firm-Level Governance Index\n  - Emerging Market Firm-Level Governance Index (Markdown version){rel=\"alternate\" type=\"text/markdown\"}\n  - Emerging Market Firm-Level Governance Index (CSV){rel=\"external\" type=\"application/octet-stream\"}\n- Figure37\n  - Figure37 (Markdown version){rel=\"alternate\" type=\"text/markdown\"}\n  - Figure37 (CSV){rel=\"external\" type=\"application/octet-stream\"}\n- Figure3 8\n  - Figure3 8 (Markdown version){rel=\"alternate\" type=\"text/markdown\"}\n  - Figure3 8 (CSV){rel=\"external\" type=\"application/octet-stream\"}\n- figure39\n  - figure39 (Markdown version){rel=\"alternate\" type=\"text/markdown\"}\n  - figure39 (CSV){rel=\"external\" type=\"application/octet-stream\"}\n\n---\n\n References\n\n- Survey Story\n- Survey Story\n- Survey Story\n- https://www.imf.org/en/home\n\nSource: https://www.imf.org/en/publications/gfsr/issues/2016/12/31/fostering-stability-in-a-low-growth-low-rate-era"
    }
  ],
  "bullets": [
    "[Markdown version](/en/publications/gfsr/issues/2016/12/31/fostering-stability-in-a-low-growth-low-rate-era/index.md)",
    "[Structured JSON version](/en/publications/gfsr/issues/2016/12/31/fostering-stability-in-a-low-growth-low-rate-era/index.json)",
    "[Bundle manifest](/en/publications/gfsr/issues/2016/12/31/fostering-stability-in-a-low-growth-low-rate-era/bundle-manifest.json)",
    "Published: October 31, 2016",
    "Series: Global Financial Stability Report",
    "Short-term risks to global financial stability have abated since April 2016, but medium-term risks continue to build.",
    "Financial institutions in advanced economies face cyclical and structural challenges and need to adapt to low growth and low interest rates, and to an evolving market and regulatory environment.",
    "Weak profitability could erode banks’ buffers over time and undermine their ability to support growth; a cyclical recovery will not resolve the problem of low profitability.",
    "The solvency of many life insurance companies and pension funds is threatened by a prolonged period of low interest rates.",
    "Corporate leverage in emerging market economies remains elevated in some countries, but the current favorable external environment presents an opportunity for overly indebted firms to restructure their balance sheets.",
    "The political climate is unsettled in many countries; a lack of income growth and a rise in inequality have opened the door for populist, inward-looking policies, making it harder to tackle legacy problems and exposing economies and markets to shocks.",
    "The report finds that fears of a decline in the effectiveness of monetary policy due to the rise of nonbank financing are unfounded; transmission of monetary policy is, if anything, stronger in economies with larger nonbank financial sectors.",
    "Improvements in corporate governance and investor protection in emerging market economies over the past two decades have bolstered financial system resilience and strengthen the case for further reform.",
    "A potent and more balanced policy mix is needed to deliver a stronger path for growth and financial stability and avoid slipping into financial and economic stagnation.",
    "Main finding: short-term risks have abated since April 2016, but medium-term risks continue to build.",
    "Advanced-economy banks:",
    "Insurance companies and pension funds:",
    "Emerging market economies:",
    "Political and policy environment:",
    "Policy implication: adopt a more balanced and potent policy mix to strengthen growth and financial stability and avoid financial/economic stagnation.",
    "Focus: how nonbank financial institutions shape the transmission of monetary policy.",
    "Key findings:",
    "Policy guidance:",
    "Focus: links between corporate governance, investor protection, and financial stability across emerging market economies.",
    "Main findings:",
    "Policy recommendations:",
    "Chapter 1 includes a range of figures and scenarios such as:",
    "Chapter 2 includes analyses and figures on:",
    "Chapter 3 includes firm- and country-level governance indices and empirical tests on:",
    "**_suma**",
    "**الفصل الأول: تحديات الاستقرار المالي في حقبة من الانخفاض في النمو وأسعار الفائدة**",
    "**全球金融稳定报告：第二章：货币政策和非银行融资上升；国际货币基金；2016年9月29日**",
    "**2016年10月期《全球金融稳定报告》第一章：低增长和低利率时代面临的金融稳定挑战**",
    "**Rapport Sur La Stabilité FinancièRe Dans Le Monde — Octobre 2016 — RéSuméS De Chapitres**",
    "**Rapport Sur La Stabilité FinancièRe Dans Le Monde — RéSumé Analytique**",
    "**国際金融安定性報告書 2016年10月: 第2章,第3章の要旨**",
    "**国際金融安定性報告書　2016年10月 - 要旨**",
    "**101699 Annex Figure 1.1.1**",
    "**101699 Figure 1.1.1**",
    "**101699 Figure 1.1.2**",
    "**101699 Figure 1.10**",
    "**101699 Figure 1.11**",
    "**101699 Figure 1.12**",
    "**101699 Figure 1.13**",
    "**101699 Figure 1.14**",
    "**101699 Figure 1.15**",
    "**101699 Figure 1.16**",
    "**101699 Figure 1.17**",
    "**101699 Figure 1.18**",
    "**101699 Figure 1.19**",
    "**101699 Figure 1.01**",
    "**101699 Figure 1.20**",
    "**101699 Figure 1.21**",
    "**101699 Figure 1.22**",
    "**101699 Figure 1.23**",
    "**101699 Figure 1.24**",
    "**101699 Figure 1.25**",
    "**101699 Figure 1.26**",
    "**101699 Figure 1.27**",
    "**101699 Figure 1.28**",
    "**101699 Figure 1.02**",
    "**101699 Figure 1.03**",
    "**101699 Figure 1.04**",
    "**101699 Figure 1.05**",
    "**101699 Figure 1.06**",
    "**101699 Figure 1.07**",
    "**101699 Figure 1.08**",
    "**101699 Figure 1.09**",
    "**101699 Annex Figure 2.1.1**",
    "**101699 Annex Figure 2.2.1**",
    "**101699 Figure 2.10**",
    "**101699 Figure 2.1.1**",
    "**101699 Figure 2.12**",
    "**101699 Figure 2.13**",
    "**101699 Figure 2.01**",
    "**101699 Figure 2.2.1**",
    "**101699 Figure 2.2.2**",
    "**101699 Figure 2.02**",
    "**101699 Figure 2.03**",
    "**101699 Figure 2.04**",
    "**101699 Figure 2.05**",
    "**101699 Figure 2.06**",
    "**101699 Figure 2.07**",
    "**101699 Figure 2.08**",
    "**101699 Figure 2.09**",
    "**101699 Figure 3.10**",
    "**101699 Figure 3.11**",
    "**101699 Figure 3.12**",
    "**101699 Figure 3.13**",
    "**101699 Figure 3.14**",
    "**101699 Figure 3.15**",
    "**101699 Figure 3.16**",
    "**101699 Figure 3.17**",
    "**101699 Figure 3.18**",
    "**101699 Figure 3.01**",
    "**101699 Figure 3.2.1**",
    "**101699 Figure 3.2.2**",
    "**101699 Figure 3.02**",
    "**101699 Figure 3.03**",
    "**101699 Figure 3.04**",
    "**101699 Figure 3.05**",
    "**101699 Figure 3.06**",
    "**101699 Figure 3.07**",
    "**101699 Figure 3.08**",
    "**101699 Figure 3.09**",
    "**Assumptions and Conventions**",
    "**Chapter 1: Financial Stability Challenges in A Low-Growth, Low-Rate Era**",
    "**Chapter 2: Monetary Policy and the Rise of Nonbank Finance**",
    "**Monetary Policy and the Rise of Nonbank Finance; GFSR Global Financial Stability Report 2016**",
    "**Imf Executive Board Discussion Summary**",
    "**_execsummary**",
    "**Executive Summary**",
    "**Further Information and Data**",
    "**Preface**",
    "**Summary**",
    "**Monetary Policy and the Rise of Nonbank Finance**",
    "**Corporate Governance, Investor Protection, and Financial Stability in Emerging Markets**",
    "**Global Financial Stability Report: Fostering Stability in a Low-Growth, Low-Rate Era**",
    "**_textpdf**",
    "**РЕЗЮМЕ**",
    "**АНАЛИТИЧЕСКОЕ РЕЗЮМЕ**",
    "**_sums**",
    "**Informe sobre la estabilidad financiera mundial: Resumen Ejecutivo; Octubre de 2016**",
    "**boxfigure2_1**",
    "**boxfigure2_2**",
    "**Figure 1.1.1. Brexit Implications for the United Kingdom**",
    "**boxfigure1_1_2**",
    "**Figure 1.1. Global Financial Stability Map: Risks and Conditions**",
    "**Figure 1.10. Developed and Emerging Economy Banks: Capital and Liquidity Indicators**",
    "**Figure 1.11. Price-to-Book and Return on Equity Decomposition, 2006-15**",
    "**Figure 1.12. Advanced Economies: Trends in Bank Profitability**",
    "**Figure1 13**",
    "**figure1_14**",
    "**Figure1 15**",
    "**Figure 1.16.  European Banks� Elevated Cost of Funding**",
    "**Figure 1.17  European Bank Profitability in a \"Structural Reform\" Scenario**",
    "**Figure 1.18. Japanese Banks and Foreign Exchange Funding**",
    "**Figure 1.19. Low Interest Rates and Insurance Companies**",
    "**Figure 1.2. Global Financial Stability Map: Assessment of Risks and Conditions**",
    "**Figure 1.20. U.S. Pension Fund Discount Rate**",
    "**Figure 1.21. Pension Funding Shortfalls in the United States and the United Kingdom**",
    "**Figure 1.22. Portfolio Flows to Emerging Market Economies and Asset Prices**",
    "**Figure 1.23. Corporate Borrowing Stabilized, but at a High Level**",
    "**Figure 1.24. Scenarios for Deleveraging in Emerging Market Economy Firms**",
    "**figure1_25**",
    "**Figure 1.26. China: Credit Overhang and Shadow Credit**",
    "**Figure 1.27. China: Bank Linkages to the Structured Investment Complex**",
    "**Figure 1.3.  Brexit�s Impact on Financial Markets**",
    "**Figure1 4**",
    "**Figure 1.5. Policy Uncertainty**",
    "**Figure 1.6. Global Growth Momentum and Interest Rates**",
    "**Figure 1.7. Bond Yields and Term Premiums in Advanced Economies**",
    "**Figure 1.8. Drivers of Government Bond Yields**",
    "**Figure 1.9. Effects on Credit Growth of Shocks to Equity Prices**",
    "**Annex Figure 2.1.1. Trends in the Transmission of Monetary Policy�Robustness**",
    "**Annex Figure 2.2.1. Summary Statistics**",
    "**Dataset overview**",
    "**Figure 2.10. Bank Regulation and the Transmission of Monetary Policy through Banks and Nonbanks**",
    "**Figure 2.11. Risk Taking by Mutual Funds and Monetary Policy**",
    "**Figure 2.12. Bond Finance around the World**",
    "**Figure 2.13. Bond Financing and Monetary Policy**",
    "**Figure 2.2. Trends in the Transmission of Monetary Policy**",
    "**Figure 2.4. Fair-Value Assets by Sector**",
    "**Figure 2.5. Value at Risk in Risk Management by Asset Class and Year**",
    "**Figure 2.6. Transmission of Monetary Policy and Size of Nonbank Financial Sector**",
    "**Figure 2.7. Response to a Monetary Policy Shock**",
    "**Figure 2.8. Risk Taking and Monetary Policy**",
    "**Figure 2.9. Monetary Policy and Total Assets Owned by Financial Intermediaries**",
    "**Figure 3.2.1. Selected Emerging Market Economies: State-Owned Enterprises**",
    "**Figure 3.1. Corporate Governance and Equity Returns**",
    "**Figure 3.10. Stock Return Comovement**",
    "**Figure 3.11. Stock Return Comovement**",
    "**figure3_12**",
    "**Figure3_13**",
    "**Figure 3.14. Impact of Global Financial Shocks on Equity Returns**",
    "**Figure 3.15. Corporate Governance and Selected Balance Sheet Indicators**",
    "**Figure 3.16. Firm-Level Governance and the Bond Market**",
    "**Figure 3.17. Firm-Level Governance and Solvency**",
    "**Figure 3.18. Country-Level and Firm-Level Governance and Short-Term Debt**",
    "**Figure 3.2. Corporate Governance and Volatility of Stock Market Returns in Emerging Markets**",
    "**Figure 3.3. Ownership Structure and Closely Held Shares**",
    "**Figure3 4**",
    "**Figure3 5**",
    "**Emerging Market Firm-Level Governance Index**",
    "**Figure3_7**",
    "**Figure3 8**",
    "**figure3_9**",
    "[Survey Story](https://www.imf.org/en/News/Articles/2016/10/04/AM16NAGFSR100416)",
    "[Survey Story](https://www.imf.org/en/News/Articles/2016/09/28/AM16NAMCMGFSRCH2MonetaryPolicy)",
    "[Survey Story](https://www.imf.org/en/News/Articles/2016/09/27/AM16GFSRCH3Emergingmarkets)"
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      "title": "101699 Figure 3.01",
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      "title": "101699 Figure 3.2.1",
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      "title": "101699 Figure 3.2.2",
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      "title": "101699 Figure 3.02",
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      "title": "101699 Figure 3.03",
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      "title": "101699 Figure 3.04",
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      "title": "101699 Figure 3.05",
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      "title": "101699 Figure 3.06",
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      "title": "101699 Figure 3.07",
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      "title": "101699 Figure 3.08",
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      "title": "101699 Figure 3.09",
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      "title": "Chapter 1: Financial Stability Challenges in A Low-Growth, Low-Rate Era",
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      "title": "Monetary Policy and the Rise of Nonbank Finance; GFSR Global Financial Stability Report 2016",
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      "title": "Imf Executive Board Discussion Summary",
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      "title": "Executive Summary",
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      "title": "Preface",
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      "title": "Summary",
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      "title": "Informe sobre la estabilidad financiera mundial: Resumen Ejecutivo; Octubre de 2016",
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