## IMF Global Financial Stability Report: October 2016: Fostering Stability in a Low-Growth, Low-Rate Era

_Global Financial Stability Report, October 31, 2016_

## Source details

**Canonical URL:** [IMF Global Financial Stability Report: October 2016: Fostering Stability in a Low-Growth, Low-Rate Era](https://www.imf.org/en/publications/gfsr/issues/2016/12/31/fostering-stability-in-a-low-growth-low-rate-era)

## Other formats

- [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)

## Bibliographic details
- Published: October 31, 2016
- Series: Global Financial Stability Report

---

### Executive summary and overarching assessment
- 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.

### Chapter 1 — Financial Stability Challenges in a Low-Growth, Low-Rate Era
- Main finding: short-term risks have abated since April 2016, but medium-term risks continue to build.
- Advanced-economy banks:
  - Face cyclical and structural challenges from low growth and low interest rates and an evolving market and regulatory environment.
  - Weak profitability could erode buffers and undermine banks’ ability to support growth.
  - A cyclical recovery alone will not resolve low profitability—more deep-rooted reforms and systemic management are needed, especially for European banks.
- Insurance companies and pension funds:
  - Solvency of many life insurance companies and pension funds is threatened by prolonged low interest rates.
- Emerging market economies:
  - Corporate leverage remains elevated in some countries.
  - Current favorable external environment presents an opportunity for overly indebted firms to restructure balance sheets.
- Political and policy environment:
  - Rising inequality and weak income growth have increased risks of populist, inward-looking policies, complicating resolution of legacy problems and increasing exposure to shocks.
- Policy implication: adopt a more balanced and potent policy mix to strengthen growth and financial stability and avoid financial/economic stagnation.

### Chapter 2 — Monetary Policy and the Rise of Nonbank Finance
- Focus: how nonbank financial institutions shape the transmission of monetary policy.
- Key findings:
  - Nonbanks, if anything, have strengthened the transmission of monetary policy.
  - Nonbanks may amplify monetary policy effects on real activity because their incentives to take risks are particularly sensitive to changes in monetary policy.
  - 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.
- Policy guidance:
  - Policymakers must adapt the conduct of monetary policy to changes in the composition of financial systems.
  - Be mindful of implications of monetary policy on financial stability.
  - Continue to enhance the provision of data on nonbank financial intermediaries.

### Chapter 3 — Corporate Governance, Investor Protection, and Financial Stability in Emerging Markets
- Focus: links between corporate governance, investor protection, and financial stability across emerging market economies.
- Main findings:
  - Corporate governance and investor protection have generally improved in emerging market economies over the past two decades.
  - Stronger corporate governance and investor protection frameworks enhance resilience to global financial shocks.
  - Improvements foster deeper and more liquid capital markets, making them better able to absorb shocks.
  - Corporate governance improvements enhance stock market efficiency, reducing sensitivity to external shocks and crash risk.
  - Emerging market economies with better governance and investor protections generally have stronger corporate balance sheets.
- Policy recommendations:
  - Bolster rights of outside investors, especially minority shareholders.
  - Bring disclosure requirements fully in line with international best practice.
  - Promote greater board independence.
  - These reforms are likely to yield financial stability benefits and strengthen systemic resilience.

### Analytical tools, scenarios, and empirical content (high-level inventory)
- Chapter 1 includes a range of figures and scenarios such as:
  - 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.
- Chapter 2 includes analyses and figures on:
  - 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.
- Chapter 3 includes firm- and country-level governance indices and empirical tests on:
  - Corporate Governance and Equity Returns; Crash Risk; Corporate Governance and Selected Balance Sheet Indicators; Firm-Level Governance and Solvency.

*Source: IMF Global Financial Stability Report: October 2016: Fostering Stability in a Low-Growth, Low-Rate Era.*

---

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- **101699 Annex Figure 2.2.1**
  - [101699 Annex Figure 2.2.1 (Markdown version)](/-/media/websites/imf/imported-flagship-issues/external/pubs/ft/gfsr/2016/02/c2/_afigure221pdf.pdf.md){rel="alternate" type="text/markdown"}
  - [101699 Annex Figure 2.2.1 (PDF)](/-/media/websites/imf/imported-flagship-issues/external/pubs/ft/gfsr/2016/02/c2/_afigure221pdf.pdf){rel="external" type="application/pdf"}
- **101699 Figure 2.10**
  - [101699 Figure 2.10 (Markdown version)](/-/media/websites/imf/imported-flagship-issues/external/pubs/ft/gfsr/2016/02/c2/_figure210pdf.pdf.md){rel="alternate" type="text/markdown"}
  - [101699 Figure 2.10 (PDF)](/-/media/websites/imf/imported-flagship-issues/external/pubs/ft/gfsr/2016/02/c2/_figure210pdf.pdf){rel="external" type="application/pdf"}
- **101699 Figure 2.1.1**
  - [101699 Figure 2.1.1 (Markdown version)](/-/media/websites/imf/imported-flagship-issues/external/pubs/ft/gfsr/2016/02/c2/_figure211pdf.pdf.md){rel="alternate" type="text/markdown"}
  - [101699 Figure 2.1.1 (PDF)](/-/media/websites/imf/imported-flagship-issues/external/pubs/ft/gfsr/2016/02/c2/_figure211pdf.pdf){rel="external" type="application/pdf"}
- **101699 Figure 2.12**
  - [101699 Figure 2.12 (Markdown version)](/-/media/websites/imf/imported-flagship-issues/external/pubs/ft/gfsr/2016/02/c2/_figure212pdf.pdf.md){rel="alternate" type="text/markdown"}
  - [101699 Figure 2.12 (PDF)](/-/media/websites/imf/imported-flagship-issues/external/pubs/ft/gfsr/2016/02/c2/_figure212pdf.pdf){rel="external" type="application/pdf"}
- **101699 Figure 2.13**
  - [101699 Figure 2.13 (Markdown version)](/-/media/websites/imf/imported-flagship-issues/external/pubs/ft/gfsr/2016/02/c2/_figure213pdf.pdf.md){rel="alternate" type="text/markdown"}
  - [101699 Figure 2.13 (PDF)](/-/media/websites/imf/imported-flagship-issues/external/pubs/ft/gfsr/2016/02/c2/_figure213pdf.pdf){rel="external" type="application/pdf"}
- **101699 Figure 2.01**
  - [101699 Figure 2.01 (Markdown version)](/-/media/websites/imf/imported-flagship-issues/external/pubs/ft/gfsr/2016/02/c2/_figure21pdf.pdf.md){rel="alternate" type="text/markdown"}
  - [101699 Figure 2.01 (PDF)](/-/media/websites/imf/imported-flagship-issues/external/pubs/ft/gfsr/2016/02/c2/_figure21pdf.pdf){rel="external" type="application/pdf"}
- **101699 Figure 2.2.1**
  - [101699 Figure 2.2.1 (Markdown version)](/-/media/websites/imf/imported-flagship-issues/external/pubs/ft/gfsr/2016/02/c2/_figure221pdf.pdf.md){rel="alternate" type="text/markdown"}
  - [101699 Figure 2.2.1 (PDF)](/-/media/websites/imf/imported-flagship-issues/external/pubs/ft/gfsr/2016/02/c2/_figure221pdf.pdf){rel="external" type="application/pdf"}
- **101699 Figure 2.2.2**
  - [101699 Figure 2.2.2 (Markdown version)](/-/media/websites/imf/imported-flagship-issues/external/pubs/ft/gfsr/2016/02/c2/_figure222pdf.pdf.md){rel="alternate" type="text/markdown"}
  - [101699 Figure 2.2.2 (PDF)](/-/media/websites/imf/imported-flagship-issues/external/pubs/ft/gfsr/2016/02/c2/_figure222pdf.pdf){rel="external" type="application/pdf"}
- **101699 Figure 2.02**
  - [101699 Figure 2.02 (Markdown version)](/-/media/websites/imf/imported-flagship-issues/external/pubs/ft/gfsr/2016/02/c2/_figure22pdf.pdf.md){rel="alternate" type="text/markdown"}
  - [101699 Figure 2.02 (PDF)](/-/media/websites/imf/imported-flagship-issues/external/pubs/ft/gfsr/2016/02/c2/_figure22pdf.pdf){rel="external" type="application/pdf"}
- **101699 Figure 2.03**
  - [101699 Figure 2.03 (Markdown version)](/-/media/websites/imf/imported-flagship-issues/external/pubs/ft/gfsr/2016/02/c2/_figure23pdf.pdf.md){rel="alternate" type="text/markdown"}
  - [101699 Figure 2.03 (PDF)](/-/media/websites/imf/imported-flagship-issues/external/pubs/ft/gfsr/2016/02/c2/_figure23pdf.pdf){rel="external" type="application/pdf"}
- **101699 Figure 2.04**
  - [101699 Figure 2.04 (Markdown version)](/-/media/websites/imf/imported-flagship-issues/external/pubs/ft/gfsr/2016/02/c2/_figure24pdf.pdf.md){rel="alternate" type="text/markdown"}
  - [101699 Figure 2.04 (PDF)](/-/media/websites/imf/imported-flagship-issues/external/pubs/ft/gfsr/2016/02/c2/_figure24pdf.pdf){rel="external" type="application/pdf"}
- **101699 Figure 2.05**
  - [101699 Figure 2.05 (Markdown version)](/-/media/websites/imf/imported-flagship-issues/external/pubs/ft/gfsr/2016/02/c2/_figure25pdf.pdf.md){rel="alternate" type="text/markdown"}
  - [101699 Figure 2.05 (PDF)](/-/media/websites/imf/imported-flagship-issues/external/pubs/ft/gfsr/2016/02/c2/_figure25pdf.pdf){rel="external" type="application/pdf"}
- **101699 Figure 2.06**
  - [101699 Figure 2.06 (Markdown version)](/-/media/websites/imf/imported-flagship-issues/external/pubs/ft/gfsr/2016/02/c2/_figure26pdf.pdf.md){rel="alternate" type="text/markdown"}
  - [101699 Figure 2.06 (PDF)](/-/media/websites/imf/imported-flagship-issues/external/pubs/ft/gfsr/2016/02/c2/_figure26pdf.pdf){rel="external" type="application/pdf"}
- **101699 Figure 2.07**
  - [101699 Figure 2.07 (Markdown version)](/-/media/websites/imf/imported-flagship-issues/external/pubs/ft/gfsr/2016/02/c2/_figure27pdf.pdf.md){rel="alternate" type="text/markdown"}
  - [101699 Figure 2.07 (PDF)](/-/media/websites/imf/imported-flagship-issues/external/pubs/ft/gfsr/2016/02/c2/_figure27pdf.pdf){rel="external" type="application/pdf"}
- **101699 Figure 2.08**
  - [101699 Figure 2.08 (Markdown version)](/-/media/websites/imf/imported-flagship-issues/external/pubs/ft/gfsr/2016/02/c2/_figure28pdf.pdf.md){rel="alternate" type="text/markdown"}
  - [101699 Figure 2.08 (PDF)](/-/media/websites/imf/imported-flagship-issues/external/pubs/ft/gfsr/2016/02/c2/_figure28pdf.pdf){rel="external" type="application/pdf"}
- **101699 Figure 2.09**
  - [101699 Figure 2.09 (Markdown version)](/-/media/websites/imf/imported-flagship-issues/external/pubs/ft/gfsr/2016/02/c2/_figure29pdf.pdf.md){rel="alternate" type="text/markdown"}
  - [101699 Figure 2.09 (PDF)](/-/media/websites/imf/imported-flagship-issues/external/pubs/ft/gfsr/2016/02/c2/_figure29pdf.pdf){rel="external" type="application/pdf"}
- **101699 Figure 3.10**
  - [101699 Figure 3.10 (Markdown version)](/-/media/websites/imf/imported-flagship-issues/external/pubs/ft/gfsr/2016/02/c3/_figure310pdf.pdf.md){rel="alternate" type="text/markdown"}
  - [101699 Figure 3.10 (PDF)](/-/media/websites/imf/imported-flagship-issues/external/pubs/ft/gfsr/2016/02/c3/_figure310pdf.pdf){rel="external" type="application/pdf"}
- **101699 Figure 3.11**
  - [101699 Figure 3.11 (Markdown version)](/-/media/websites/imf/imported-flagship-issues/external/pubs/ft/gfsr/2016/02/c3/_figure311pdf.pdf.md){rel="alternate" type="text/markdown"}
  - [101699 Figure 3.11 (PDF)](/-/media/websites/imf/imported-flagship-issues/external/pubs/ft/gfsr/2016/02/c3/_figure311pdf.pdf){rel="external" type="application/pdf"}
- **101699 Figure 3.12**
  - [101699 Figure 3.12 (Markdown version)](/-/media/websites/imf/imported-flagship-issues/external/pubs/ft/gfsr/2016/02/c3/_figure312pdf.pdf.md){rel="alternate" type="text/markdown"}
  - [101699 Figure 3.12 (PDF)](/-/media/websites/imf/imported-flagship-issues/external/pubs/ft/gfsr/2016/02/c3/_figure312pdf.pdf){rel="external" type="application/pdf"}
- **101699 Figure 3.13**
  - [101699 Figure 3.13 (Markdown version)](/-/media/websites/imf/imported-flagship-issues/external/pubs/ft/gfsr/2016/02/c3/_figure313pdf.pdf.md){rel="alternate" type="text/markdown"}
  - [101699 Figure 3.13 (PDF)](/-/media/websites/imf/imported-flagship-issues/external/pubs/ft/gfsr/2016/02/c3/_figure313pdf.pdf){rel="external" type="application/pdf"}
- **101699 Figure 3.14**
  - [101699 Figure 3.14 (Markdown version)](/-/media/websites/imf/imported-flagship-issues/external/pubs/ft/gfsr/2016/02/c3/_figure314pdf.pdf.md){rel="alternate" type="text/markdown"}
  - [101699 Figure 3.14 (PDF)](/-/media/websites/imf/imported-flagship-issues/external/pubs/ft/gfsr/2016/02/c3/_figure314pdf.pdf){rel="external" type="application/pdf"}
- **101699 Figure 3.15**
  - [101699 Figure 3.15 (Markdown version)](/-/media/websites/imf/imported-flagship-issues/external/pubs/ft/gfsr/2016/02/c3/_figure315pdf.pdf.md){rel="alternate" type="text/markdown"}
  - [101699 Figure 3.15 (PDF)](/-/media/websites/imf/imported-flagship-issues/external/pubs/ft/gfsr/2016/02/c3/_figure315pdf.pdf){rel="external" type="application/pdf"}
- **101699 Figure 3.16**
  - [101699 Figure 3.16 (Markdown version)](/-/media/websites/imf/imported-flagship-issues/external/pubs/ft/gfsr/2016/02/c3/_figure316pdf.pdf.md){rel="alternate" type="text/markdown"}
  - [101699 Figure 3.16 (PDF)](/-/media/websites/imf/imported-flagship-issues/external/pubs/ft/gfsr/2016/02/c3/_figure316pdf.pdf){rel="external" type="application/pdf"}
- **101699 Figure 3.17**
  - [101699 Figure 3.17 (Markdown version)](/-/media/websites/imf/imported-flagship-issues/external/pubs/ft/gfsr/2016/02/c3/_figure317pdf.pdf.md){rel="alternate" type="text/markdown"}
  - [101699 Figure 3.17 (PDF)](/-/media/websites/imf/imported-flagship-issues/external/pubs/ft/gfsr/2016/02/c3/_figure317pdf.pdf){rel="external" type="application/pdf"}
- **101699 Figure 3.18**
  - [101699 Figure 3.18 (Markdown version)](/-/media/websites/imf/imported-flagship-issues/external/pubs/ft/gfsr/2016/02/c3/_figure318pdf.pdf.md){rel="alternate" type="text/markdown"}
  - [101699 Figure 3.18 (PDF)](/-/media/websites/imf/imported-flagship-issues/external/pubs/ft/gfsr/2016/02/c3/_figure318pdf.pdf){rel="external" type="application/pdf"}
- **101699 Figure 3.01**
  - [101699 Figure 3.01 (Markdown version)](/-/media/websites/imf/imported-flagship-issues/external/pubs/ft/gfsr/2016/02/c3/_figure31pdf.pdf.md){rel="alternate" type="text/markdown"}
  - [101699 Figure 3.01 (PDF)](/-/media/websites/imf/imported-flagship-issues/external/pubs/ft/gfsr/2016/02/c3/_figure31pdf.pdf){rel="external" type="application/pdf"}
- **101699 Figure 3.2.1**
  - [101699 Figure 3.2.1 (Markdown version)](/-/media/websites/imf/imported-flagship-issues/external/pubs/ft/gfsr/2016/02/c3/_figure321pdf.pdf.md){rel="alternate" type="text/markdown"}
  - [101699 Figure 3.2.1 (PDF)](/-/media/websites/imf/imported-flagship-issues/external/pubs/ft/gfsr/2016/02/c3/_figure321pdf.pdf){rel="external" type="application/pdf"}
- **101699 Figure 3.2.2**
  - [101699 Figure 3.2.2 (Markdown version)](/-/media/websites/imf/imported-flagship-issues/external/pubs/ft/gfsr/2016/02/c3/_figure322pdf.pdf.md){rel="alternate" type="text/markdown"}
  - [101699 Figure 3.2.2 (PDF)](/-/media/websites/imf/imported-flagship-issues/external/pubs/ft/gfsr/2016/02/c3/_figure322pdf.pdf){rel="external" type="application/pdf"}
- **101699 Figure 3.02**
  - [101699 Figure 3.02 (Markdown version)](/-/media/websites/imf/imported-flagship-issues/external/pubs/ft/gfsr/2016/02/c3/_figure32pdf.pdf.md){rel="alternate" type="text/markdown"}
  - [101699 Figure 3.02 (PDF)](/-/media/websites/imf/imported-flagship-issues/external/pubs/ft/gfsr/2016/02/c3/_figure32pdf.pdf){rel="external" type="application/pdf"}
- **101699 Figure 3.03**
  - [101699 Figure 3.03 (Markdown version)](/-/media/websites/imf/imported-flagship-issues/external/pubs/ft/gfsr/2016/02/c3/_figure33pdf.pdf.md){rel="alternate" type="text/markdown"}
  - [101699 Figure 3.03 (PDF)](/-/media/websites/imf/imported-flagship-issues/external/pubs/ft/gfsr/2016/02/c3/_figure33pdf.pdf){rel="external" type="application/pdf"}
- **101699 Figure 3.04**
  - [101699 Figure 3.04 (Markdown version)](/-/media/websites/imf/imported-flagship-issues/external/pubs/ft/gfsr/2016/02/c3/_figure34pdf.pdf.md){rel="alternate" type="text/markdown"}
  - [101699 Figure 3.04 (PDF)](/-/media/websites/imf/imported-flagship-issues/external/pubs/ft/gfsr/2016/02/c3/_figure34pdf.pdf){rel="external" type="application/pdf"}
- **101699 Figure 3.05**
  - [101699 Figure 3.05 (Markdown version)](/-/media/websites/imf/imported-flagship-issues/external/pubs/ft/gfsr/2016/02/c3/_figure35pdf.pdf.md){rel="alternate" type="text/markdown"}
  - [101699 Figure 3.05 (PDF)](/-/media/websites/imf/imported-flagship-issues/external/pubs/ft/gfsr/2016/02/c3/_figure35pdf.pdf){rel="external" type="application/pdf"}
- **101699 Figure 3.06**
  - [101699 Figure 3.06 (Markdown version)](/-/media/websites/imf/imported-flagship-issues/external/pubs/ft/gfsr/2016/02/c3/_figure36pdf.pdf.md){rel="alternate" type="text/markdown"}
  - [101699 Figure 3.06 (PDF)](/-/media/websites/imf/imported-flagship-issues/external/pubs/ft/gfsr/2016/02/c3/_figure36pdf.pdf){rel="external" type="application/pdf"}
- **101699 Figure 3.07**
  - [101699 Figure 3.07 (Markdown version)](/-/media/websites/imf/imported-flagship-issues/external/pubs/ft/gfsr/2016/02/c3/_figure37pdf.pdf.md){rel="alternate" type="text/markdown"}
  - [101699 Figure 3.07 (PDF)](/-/media/websites/imf/imported-flagship-issues/external/pubs/ft/gfsr/2016/02/c3/_figure37pdf.pdf){rel="external" type="application/pdf"}
- **101699 Figure 3.08**
  - [101699 Figure 3.08 (Markdown version)](/-/media/websites/imf/imported-flagship-issues/external/pubs/ft/gfsr/2016/02/c3/_figure38pdf.pdf.md){rel="alternate" type="text/markdown"}
  - [101699 Figure 3.08 (PDF)](/-/media/websites/imf/imported-flagship-issues/external/pubs/ft/gfsr/2016/02/c3/_figure38pdf.pdf){rel="external" type="application/pdf"}
- **101699 Figure 3.09**
  - [101699 Figure 3.09 (Markdown version)](/-/media/websites/imf/imported-flagship-issues/external/pubs/ft/gfsr/2016/02/c3/_figure39pdf.pdf.md){rel="alternate" type="text/markdown"}
  - [101699 Figure 3.09 (PDF)](/-/media/websites/imf/imported-flagship-issues/external/pubs/ft/gfsr/2016/02/c3/_figure39pdf.pdf){rel="external" type="application/pdf"}
- **Assumptions and Conventions**
  - [Assumptions and Conventions (Markdown version)](/-/media/websites/imf/imported-flagship-issues/external/pubs/ft/gfsr/2016/02/pdf/_assumptionspdf.pdf.md){rel="alternate" type="text/markdown"}
  - [Assumptions and Conventions (PDF)](/-/media/websites/imf/imported-flagship-issues/external/pubs/ft/gfsr/2016/02/pdf/_assumptionspdf.pdf){rel="external" type="application/pdf"}
- **Chapter 1: Financial Stability Challenges in A Low-Growth, Low-Rate Era**
  - [Chapter 1: Financial Stability Challenges in A Low-Growth, Low-Rate Era (Markdown version)](/-/media/websites/imf/imported-flagship-issues/external/pubs/ft/gfsr/2016/02/pdf/_c1pdf.pdf.md){rel="alternate" type="text/markdown"}
  - [Chapter 1: Financial Stability Challenges in A Low-Growth, Low-Rate Era (PDF)](/-/media/websites/imf/imported-flagship-issues/external/pubs/ft/gfsr/2016/02/pdf/_c1pdf.pdf){rel="external" type="application/pdf"}
- **Chapter 2: Monetary Policy and the Rise of Nonbank Finance**
  - [Chapter 2: Monetary Policy and the Rise of Nonbank Finance (Markdown version)](/-/media/websites/imf/imported-flagship-issues/external/pubs/ft/gfsr/2016/02/pdf/_c2pdf.pdf.md){rel="alternate" type="text/markdown"}
  - [Chapter 2: Monetary Policy and the Rise of Nonbank Finance (PDF)](/-/media/websites/imf/imported-flagship-issues/external/pubs/ft/gfsr/2016/02/pdf/_c2pdf.pdf){rel="external" type="application/pdf"}
- **Monetary Policy and the Rise of Nonbank Finance; GFSR Global Financial Stability Report 2016**
  - [Monetary Policy and the Rise of Nonbank Finance; GFSR Global Financial Stability Report 2016 (Markdown version)](/-/media/websites/imf/imported-flagship-issues/external/pubs/ft/gfsr/2016/02/pdf/_c3pdf.pdf.md){rel="alternate" type="text/markdown"}
  - [Monetary Policy and the Rise of Nonbank Finance; GFSR Global Financial Stability Report 2016 (PDF)](/-/media/websites/imf/imported-flagship-issues/external/pubs/ft/gfsr/2016/02/pdf/_c3pdf.pdf){rel="external" type="application/pdf"}
- **Imf Executive Board Discussion Summary**
  - [Imf Executive Board Discussion Summary (Markdown version)](/-/media/websites/imf/imported-flagship-issues/external/pubs/ft/gfsr/2016/02/pdf/_execboardsummarypdf.pdf.md){rel="alternate" type="text/markdown"}
  - [Imf Executive Board Discussion Summary (PDF)](/-/media/websites/imf/imported-flagship-issues/external/pubs/ft/gfsr/2016/02/pdf/_execboardsummarypdf.pdf){rel="external" type="application/pdf"}
- **_execsummary**
  - [_execsummary (Markdown version)](/-/media/websites/imf/imported-flagship-issues/external/pubs/ft/gfsr/2016/02/pdf/_execsummary.pdf.md){rel="alternate" type="text/markdown"}
  - [_execsummary (PDF)](/-/media/websites/imf/imported-flagship-issues/external/pubs/ft/gfsr/2016/02/pdf/_execsummary.pdf){rel="external" type="application/pdf"}
- **Executive Summary**
  - [Executive Summary (Markdown version)](/-/media/websites/imf/imported-flagship-issues/external/pubs/ft/gfsr/2016/02/pdf/_execsummarypdf.pdf.md){rel="alternate" type="text/markdown"}
  - [Executive Summary (PDF)](/-/media/websites/imf/imported-flagship-issues/external/pubs/ft/gfsr/2016/02/pdf/_execsummarypdf.pdf){rel="external" type="application/pdf"}
- **Further Information and Data**
  - [Further Information and Data (Markdown version)](/-/media/websites/imf/imported-flagship-issues/external/pubs/ft/gfsr/2016/02/pdf/_furtherinfopdf.pdf.md){rel="alternate" type="text/markdown"}
  - [Further Information and Data (PDF)](/-/media/websites/imf/imported-flagship-issues/external/pubs/ft/gfsr/2016/02/pdf/_furtherinfopdf.pdf){rel="external" type="application/pdf"}
- **Preface**
  - [Preface (Markdown version)](/-/media/websites/imf/imported-flagship-issues/external/pubs/ft/gfsr/2016/02/pdf/_prefacepdf.pdf.md){rel="alternate" type="text/markdown"}
  - [Preface (PDF)](/-/media/websites/imf/imported-flagship-issues/external/pubs/ft/gfsr/2016/02/pdf/_prefacepdf.pdf){rel="external" type="application/pdf"}
- **Summary**
  - [Summary (Markdown version)](/-/media/websites/imf/imported-flagship-issues/external/pubs/ft/gfsr/2016/02/pdf/_sum.pdf.md){rel="alternate" type="text/markdown"}
  - [Summary (PDF)](/-/media/websites/imf/imported-flagship-issues/external/pubs/ft/gfsr/2016/02/pdf/_sum.pdf){rel="external" type="application/pdf"}
- **Monetary Policy and the Rise of Nonbank Finance**
  - [Monetary Policy and the Rise of Nonbank Finance (Markdown version)](/-/media/websites/imf/imported-flagship-issues/external/pubs/ft/gfsr/2016/02/pdf/_sum2pdf.pdf.md){rel="alternate" type="text/markdown"}
  - [Monetary Policy and the Rise of Nonbank Finance (PDF)](/-/media/websites/imf/imported-flagship-issues/external/pubs/ft/gfsr/2016/02/pdf/_sum2pdf.pdf){rel="external" type="application/pdf"}
- **Corporate Governance, Investor Protection, and Financial Stability in Emerging Markets**
  - [Corporate Governance, Investor Protection, and Financial Stability in Emerging Markets (Markdown version)](/-/media/websites/imf/imported-flagship-issues/external/pubs/ft/gfsr/2016/02/pdf/_sum3pdf.pdf.md){rel="alternate" type="text/markdown"}
  - [Corporate Governance, Investor Protection, and Financial Stability in Emerging Markets (PDF)](/-/media/websites/imf/imported-flagship-issues/external/pubs/ft/gfsr/2016/02/pdf/_sum3pdf.pdf){rel="external" type="application/pdf"}
- **Global Financial Stability Report: Fostering Stability in a Low-Growth, Low-Rate Era**
  - [Global Financial Stability Report: Fostering Stability in a Low-Growth, Low-Rate Era (Markdown version)](/-/media/websites/imf/imported-flagship-issues/external/pubs/ft/gfsr/2016/02/pdf/_text.pdf.md){rel="alternate" type="text/markdown"}
  - [Global Financial Stability Report: Fostering Stability in a Low-Growth, Low-Rate Era (PDF)](/-/media/websites/imf/imported-flagship-issues/external/pubs/ft/gfsr/2016/02/pdf/_text.pdf){rel="external" type="application/pdf"}
- **_textpdf**
  - [_textpdf (Markdown version)](/-/media/websites/imf/imported-flagship-issues/external/pubs/ft/gfsr/2016/02/pdf/_textpdf.pdf.md){rel="alternate" type="text/markdown"}
  - [_textpdf (PDF)](/-/media/websites/imf/imported-flagship-issues/external/pubs/ft/gfsr/2016/02/pdf/_textpdf.pdf){rel="external" type="application/pdf"}
- **РЕЗЮМЕ**
  - [РЕЗЮМЕ (Markdown version)](/-/media/websites/imf/imported-flagship-issues/external/russian/pubs/ft/gfsr/2016/02/_sumr.pdf.md){rel="alternate" type="text/markdown"}
  - [РЕЗЮМЕ (PDF)](/-/media/websites/imf/imported-flagship-issues/external/russian/pubs/ft/gfsr/2016/02/_sumr.pdf){rel="external" type="application/pdf"}
- **АНАЛИТИЧЕСКОЕ РЕЗЮМЕ**
  - [АНАЛИТИЧЕСКОЕ РЕЗЮМЕ (Markdown version)](/-/media/websites/imf/imported-flagship-issues/external/russian/pubs/ft/gfsr/2016/02/execsumr.pdf.md){rel="alternate" type="text/markdown"}
  - [АНАЛИТИЧЕСКОЕ РЕЗЮМЕ (PDF)](/-/media/websites/imf/imported-flagship-issues/external/russian/pubs/ft/gfsr/2016/02/execsumr.pdf){rel="external" type="application/pdf"}
- **_sums**
  - [_sums (Markdown version)](/-/media/websites/imf/imported-flagship-issues/external/spanish/pubs/ft/gfsr/2016/02/_sums.pdf.md){rel="alternate" type="text/markdown"}
  - [_sums (PDF)](/-/media/websites/imf/imported-flagship-issues/external/spanish/pubs/ft/gfsr/2016/02/_sums.pdf){rel="external" type="application/pdf"}
- **Informe sobre la estabilidad financiera mundial: Resumen Ejecutivo; Octubre de 2016**
  - [Informe sobre la estabilidad financiera mundial: Resumen Ejecutivo; Octubre de 2016 (Markdown version)](/-/media/websites/imf/imported-flagship-issues/external/spanish/pubs/ft/gfsr/2016/02/execsums.pdf.md){rel="alternate" type="text/markdown"}
  - [Informe sobre la estabilidad financiera mundial: Resumen Ejecutivo; Octubre de 2016 (PDF)](/-/media/websites/imf/imported-flagship-issues/external/spanish/pubs/ft/gfsr/2016/02/execsums.pdf){rel="external" type="application/pdf"}
- **boxfigure2_1**
  - [boxfigure2_1 (Markdown version)](/en/publications/gfsr/issues/2016/12/31/c2/boxfigure2_1.csv.md){rel="alternate" type="text/markdown"}
  - [boxfigure2_1 (CSV)](/en/publications/gfsr/issues/2016/12/31/c2/boxfigure2_1.csv){rel="external" type="text/html; charset=utf-8"}
- **boxfigure2_2**
  - [boxfigure2_2 (Markdown version)](/en/publications/gfsr/issues/2016/12/31/c2/boxfigure2_2.csv.md){rel="alternate" type="text/markdown"}
  - [boxfigure2_2 (CSV)](/en/publications/gfsr/issues/2016/12/31/c2/boxfigure2_2.csv){rel="external" type="text/html; charset=utf-8"}
- **Figure 1.1.1. Brexit Implications for the United Kingdom**
  - [Figure 1.1.1. Brexit Implications for the United Kingdom (Markdown version)](/External/Pubs/FT/GFSR/2016/02/c1/boxfigure1_1_1.csv.md){rel="alternate" type="text/markdown"}
  - [Figure 1.1.1. Brexit Implications for the United Kingdom (CSV)](/External/Pubs/FT/GFSR/2016/02/c1/boxfigure1_1_1.csv){rel="external" type="application/octet-stream"}
- **boxfigure1_1_2**
  - [boxfigure1_1_2 (Markdown version)](/External/Pubs/FT/GFSR/2016/02/c1/boxfigure1_1_2.csv.md){rel="alternate" type="text/markdown"}
  - [boxfigure1_1_2 (CSV)](/External/Pubs/FT/GFSR/2016/02/c1/boxfigure1_1_2.csv){rel="external" type="application/octet-stream"}
- **Figure 1.1. Global Financial Stability Map: Risks and Conditions**
  - [Figure 1.1. Global Financial Stability Map: Risks and Conditions (Markdown version)](/External/Pubs/FT/GFSR/2016/02/c1/figure1_1.csv.md){rel="alternate" type="text/markdown"}
  - [Figure 1.1. Global Financial Stability Map: Risks and Conditions (CSV)](/External/Pubs/FT/GFSR/2016/02/c1/figure1_1.csv){rel="external" type="application/octet-stream"}
- **Figure 1.10. Developed and Emerging Economy Banks: Capital and Liquidity Indicators**
  - [Figure 1.10. Developed and Emerging Economy Banks: Capital and Liquidity Indicators (Markdown version)](/External/Pubs/FT/GFSR/2016/02/c1/figure1_10.csv.md){rel="alternate" type="text/markdown"}
  - [Figure 1.10. Developed and Emerging Economy Banks: Capital and Liquidity Indicators (CSV)](/External/Pubs/FT/GFSR/2016/02/c1/figure1_10.csv){rel="external" type="application/octet-stream"}
- **Figure 1.11. Price-to-Book and Return on Equity Decomposition, 2006-15**
  - [Figure 1.11. Price-to-Book and Return on Equity Decomposition, 2006-15 (Markdown version)](/External/Pubs/FT/GFSR/2016/02/c1/figure1_11.csv.md){rel="alternate" type="text/markdown"}
  - [Figure 1.11. Price-to-Book and Return on Equity Decomposition, 2006-15 (CSV)](/External/Pubs/FT/GFSR/2016/02/c1/figure1_11.csv){rel="external" type="application/octet-stream"}
- **Figure 1.12. Advanced Economies: Trends in Bank Profitability**
  - [Figure 1.12. Advanced Economies: Trends in Bank Profitability (Markdown version)](/External/Pubs/FT/GFSR/2016/02/c1/figure1_12.csv.md){rel="alternate" type="text/markdown"}
  - [Figure 1.12. Advanced Economies: Trends in Bank Profitability (CSV)](/External/Pubs/FT/GFSR/2016/02/c1/figure1_12.csv){rel="external" type="application/octet-stream"}
- **Figure1 13**
  - [Figure1 13 (Markdown version)](/External/Pubs/FT/GFSR/2016/02/c1/figure1_13.csv.md){rel="alternate" type="text/markdown"}
  - [Figure1 13 (CSV)](/External/Pubs/FT/GFSR/2016/02/c1/figure1_13.csv){rel="external" type="application/octet-stream"}
- **figure1_14**
  - [figure1_14 (Markdown version)](/External/Pubs/FT/GFSR/2016/02/c1/figure1_14.csv.md){rel="alternate" type="text/markdown"}
  - [figure1_14 (CSV)](/External/Pubs/FT/GFSR/2016/02/c1/figure1_14.csv){rel="external" type="application/octet-stream"}
- **Figure1 15**
  - [Figure1 15 (Markdown version)](/External/Pubs/FT/GFSR/2016/02/c1/figure1_15.csv.md){rel="alternate" type="text/markdown"}
  - [Figure1 15 (CSV)](/External/Pubs/FT/GFSR/2016/02/c1/figure1_15.csv){rel="external" type="application/octet-stream"}
- **Figure 1.16.  European Banks� Elevated Cost of Funding**
  - [Figure 1.16.  European Banks� Elevated Cost of Funding (Markdown version)](/External/Pubs/FT/GFSR/2016/02/c1/figure1_16.csv.md){rel="alternate" type="text/markdown"}
  - [Figure 1.16.  European Banks� Elevated Cost of Funding (CSV)](/External/Pubs/FT/GFSR/2016/02/c1/figure1_16.csv){rel="external" type="application/octet-stream"}
- **Figure 1.17  European Bank Profitability in a "Structural Reform" Scenario**
  - [Figure 1.17  European Bank Profitability in a "Structural Reform" Scenario (Markdown version)](/External/Pubs/FT/GFSR/2016/02/c1/figure1_17.csv.md){rel="alternate" type="text/markdown"}
  - [Figure 1.17  European Bank Profitability in a "Structural Reform" Scenario (CSV)](/External/Pubs/FT/GFSR/2016/02/c1/figure1_17.csv){rel="external" type="application/octet-stream"}
- **Figure 1.18. Japanese Banks and Foreign Exchange Funding**
  - [Figure 1.18. Japanese Banks and Foreign Exchange Funding (Markdown version)](/External/Pubs/FT/GFSR/2016/02/c1/figure1_18.csv.md){rel="alternate" type="text/markdown"}
  - [Figure 1.18. Japanese Banks and Foreign Exchange Funding (CSV)](/External/Pubs/FT/GFSR/2016/02/c1/figure1_18.csv){rel="external" type="application/octet-stream"}
- **Figure 1.19. Low Interest Rates and Insurance Companies**
  - [Figure 1.19. Low Interest Rates and Insurance Companies (Markdown version)](/External/Pubs/FT/GFSR/2016/02/c1/figure1_19.csv.md){rel="alternate" type="text/markdown"}
  - [Figure 1.19. Low Interest Rates and Insurance Companies (CSV)](/External/Pubs/FT/GFSR/2016/02/c1/figure1_19.csv){rel="external" type="application/octet-stream"}
- **Figure 1.2. Global Financial Stability Map: Assessment of Risks and Conditions**
  - [Figure 1.2. Global Financial Stability Map: Assessment of Risks and Conditions (Markdown version)](/External/Pubs/FT/GFSR/2016/02/c1/figure1_2.csv.md){rel="alternate" type="text/markdown"}
  - [Figure 1.2. Global Financial Stability Map: Assessment of Risks and Conditions (CSV)](/External/Pubs/FT/GFSR/2016/02/c1/figure1_2.csv){rel="external" type="application/octet-stream"}
- **Figure 1.20. U.S. Pension Fund Discount Rate**
  - [Figure 1.20. U.S. Pension Fund Discount Rate (Markdown version)](/External/Pubs/FT/GFSR/2016/02/c1/figure1_20.csv.md){rel="alternate" type="text/markdown"}
  - [Figure 1.20. U.S. Pension Fund Discount Rate (CSV)](/External/Pubs/FT/GFSR/2016/02/c1/figure1_20.csv){rel="external" type="application/octet-stream"}
- **Figure 1.21. Pension Funding Shortfalls in the United States and the United Kingdom**
  - [Figure 1.21. Pension Funding Shortfalls in the United States and the United Kingdom (Markdown version)](/External/Pubs/FT/GFSR/2016/02/c1/figure1_21.csv.md){rel="alternate" type="text/markdown"}
  - [Figure 1.21. Pension Funding Shortfalls in the United States and the United Kingdom (CSV)](/External/Pubs/FT/GFSR/2016/02/c1/figure1_21.csv){rel="external" type="application/octet-stream"}
- **Figure 1.22. Portfolio Flows to Emerging Market Economies and Asset Prices**
  - [Figure 1.22. Portfolio Flows to Emerging Market Economies and Asset Prices (Markdown version)](/External/Pubs/FT/GFSR/2016/02/c1/figure1_22.csv.md){rel="alternate" type="text/markdown"}
  - [Figure 1.22. Portfolio Flows to Emerging Market Economies and Asset Prices (CSV)](/External/Pubs/FT/GFSR/2016/02/c1/figure1_22.csv){rel="external" type="application/octet-stream"}
- **Figure 1.23. Corporate Borrowing Stabilized, but at a High Level**
  - [Figure 1.23. Corporate Borrowing Stabilized, but at a High Level (Markdown version)](/External/Pubs/FT/GFSR/2016/02/c1/figure1_23.csv.md){rel="alternate" type="text/markdown"}
  - [Figure 1.23. Corporate Borrowing Stabilized, but at a High Level (CSV)](/External/Pubs/FT/GFSR/2016/02/c1/figure1_23.csv){rel="external" type="application/octet-stream"}
- **Figure 1.24. Scenarios for Deleveraging in Emerging Market Economy Firms**
  - [Figure 1.24. Scenarios for Deleveraging in Emerging Market Economy Firms (Markdown version)](/External/Pubs/FT/GFSR/2016/02/c1/figure1_24.csv.md){rel="alternate" type="text/markdown"}
  - [Figure 1.24. Scenarios for Deleveraging in Emerging Market Economy Firms (CSV)](/External/Pubs/FT/GFSR/2016/02/c1/figure1_24.csv){rel="external" type="application/octet-stream"}
- **figure1_25**
  - [figure1_25 (Markdown version)](/External/Pubs/FT/GFSR/2016/02/c1/figure1_25.csv.md){rel="alternate" type="text/markdown"}
  - [figure1_25 (CSV)](/External/Pubs/FT/GFSR/2016/02/c1/figure1_25.csv){rel="external" type="application/octet-stream"}
- **Figure 1.26. China: Credit Overhang and Shadow Credit**
  - [Figure 1.26. China: Credit Overhang and Shadow Credit (Markdown version)](/External/Pubs/FT/GFSR/2016/02/c1/figure1_26.csv.md){rel="alternate" type="text/markdown"}
  - [Figure 1.26. China: Credit Overhang and Shadow Credit (CSV)](/External/Pubs/FT/GFSR/2016/02/c1/figure1_26.csv){rel="external" type="application/octet-stream"}
- **Figure 1.27. China: Bank Linkages to the Structured Investment Complex**
  - [Figure 1.27. China: Bank Linkages to the Structured Investment Complex (Markdown version)](/External/Pubs/FT/GFSR/2016/02/c1/figure1_27.csv.md){rel="alternate" type="text/markdown"}
  - [Figure 1.27. China: Bank Linkages to the Structured Investment Complex (CSV)](/External/Pubs/FT/GFSR/2016/02/c1/figure1_27.csv){rel="external" type="application/octet-stream"}
- **Figure 1.3.  Brexit�s Impact on Financial Markets**
  - [Figure 1.3.  Brexit�s Impact on Financial Markets (Markdown version)](/External/Pubs/FT/GFSR/2016/02/c1/figure1_3.csv.md){rel="alternate" type="text/markdown"}
  - [Figure 1.3.  Brexit�s Impact on Financial Markets (CSV)](/External/Pubs/FT/GFSR/2016/02/c1/figure1_3.csv){rel="external" type="application/octet-stream"}
- **Figure1 4**
  - [Figure1 4 (Markdown version)](/External/Pubs/FT/GFSR/2016/02/c1/figure1_4.csv.md){rel="alternate" type="text/markdown"}
  - [Figure1 4 (CSV)](/External/Pubs/FT/GFSR/2016/02/c1/figure1_4.csv){rel="external" type="application/octet-stream"}
- **Figure 1.5. Policy Uncertainty**
  - [Figure 1.5. Policy Uncertainty (Markdown version)](/External/Pubs/FT/GFSR/2016/02/c1/figure1_5.csv.md){rel="alternate" type="text/markdown"}
  - [Figure 1.5. Policy Uncertainty (CSV)](/External/Pubs/FT/GFSR/2016/02/c1/figure1_5.csv){rel="external" type="application/octet-stream"}
- **Figure 1.6. Global Growth Momentum and Interest Rates**
  - [Figure 1.6. Global Growth Momentum and Interest Rates (Markdown version)](/External/Pubs/FT/GFSR/2016/02/c1/figure1_6.csv.md){rel="alternate" type="text/markdown"}
  - [Figure 1.6. Global Growth Momentum and Interest Rates (CSV)](/External/Pubs/FT/GFSR/2016/02/c1/figure1_6.csv){rel="external" type="application/octet-stream"}
- **Figure 1.7. Bond Yields and Term Premiums in Advanced Economies**
  - [Figure 1.7. Bond Yields and Term Premiums in Advanced Economies (Markdown version)](/External/Pubs/FT/GFSR/2016/02/c1/figure1_7.csv.md){rel="alternate" type="text/markdown"}
  - [Figure 1.7. Bond Yields and Term Premiums in Advanced Economies (CSV)](/External/Pubs/FT/GFSR/2016/02/c1/figure1_7.csv){rel="external" type="application/octet-stream"}
- **Figure 1.8. Drivers of Government Bond Yields**
  - [Figure 1.8. Drivers of Government Bond Yields (Markdown version)](/External/Pubs/FT/GFSR/2016/02/c1/figure1_8.csv.md){rel="alternate" type="text/markdown"}
  - [Figure 1.8. Drivers of Government Bond Yields (CSV)](/External/Pubs/FT/GFSR/2016/02/c1/figure1_8.csv){rel="external" type="application/octet-stream"}
- **Figure 1.9. Effects on Credit Growth of Shocks to Equity Prices**
  - [Figure 1.9. Effects on Credit Growth of Shocks to Equity Prices (Markdown version)](/External/Pubs/FT/GFSR/2016/02/c1/figure1_9.csv.md){rel="alternate" type="text/markdown"}
  - [Figure 1.9. Effects on Credit Growth of Shocks to Equity Prices (CSV)](/External/Pubs/FT/GFSR/2016/02/c1/figure1_9.csv){rel="external" type="application/octet-stream"}
- **Annex Figure 2.1.1. Trends in the Transmission of Monetary Policy�Robustness**
  - [Annex Figure 2.1.1. Trends in the Transmission of Monetary Policy�Robustness (Markdown version)](/External/Pubs/FT/GFSR/2016/02/c2/annexFigure2_1.csv.md){rel="alternate" type="text/markdown"}
  - [Annex Figure 2.1.1. Trends in the Transmission of Monetary Policy�Robustness (CSV)](/External/Pubs/FT/GFSR/2016/02/c2/annexFigure2_1.csv){rel="external" type="application/octet-stream"}
- **Annex Figure 2.2.1. Summary Statistics**
  - [Annex Figure 2.2.1. Summary Statistics (Markdown version)](/External/Pubs/FT/GFSR/2016/02/c2/annexFigure2_2.csv.md){rel="alternate" type="text/markdown"}
  - [Annex Figure 2.2.1. Summary Statistics (CSV)](/External/Pubs/FT/GFSR/2016/02/c2/annexFigure2_2.csv){rel="external" type="application/octet-stream"}
- **Dataset overview**
  - [Dataset overview (Markdown version)](/External/Pubs/FT/GFSR/2016/02/c2/figure2_1.csv.md){rel="alternate" type="text/markdown"}
  - [Dataset overview (CSV)](/External/Pubs/FT/GFSR/2016/02/c2/figure2_1.csv){rel="external" type="application/octet-stream"}
- **Figure 2.10. Bank Regulation and the Transmission of Monetary Policy through Banks and Nonbanks**
  - [Figure 2.10. Bank Regulation and the Transmission of Monetary Policy through Banks and Nonbanks (Markdown version)](/External/Pubs/FT/GFSR/2016/02/c2/figure2_10.csv.md){rel="alternate" type="text/markdown"}
  - [Figure 2.10. Bank Regulation and the Transmission of Monetary Policy through Banks and Nonbanks (CSV)](/External/Pubs/FT/GFSR/2016/02/c2/figure2_10.csv){rel="external" type="application/octet-stream"}
- **Figure 2.11. Risk Taking by Mutual Funds and Monetary Policy**
  - [Figure 2.11. Risk Taking by Mutual Funds and Monetary Policy (Markdown version)](/External/Pubs/FT/GFSR/2016/02/c2/Figure2_11.csv.md){rel="alternate" type="text/markdown"}
  - [Figure 2.11. Risk Taking by Mutual Funds and Monetary Policy (CSV)](/External/Pubs/FT/GFSR/2016/02/c2/Figure2_11.csv){rel="external" type="application/octet-stream"}
- **Figure 2.12. Bond Finance around the World**
  - [Figure 2.12. Bond Finance around the World (Markdown version)](/External/Pubs/FT/GFSR/2016/02/c2/Figure2_12.csv.md){rel="alternate" type="text/markdown"}
  - [Figure 2.12. Bond Finance around the World (CSV)](/External/Pubs/FT/GFSR/2016/02/c2/Figure2_12.csv){rel="external" type="application/octet-stream"}
- **Figure 2.13. Bond Financing and Monetary Policy**
  - [Figure 2.13. Bond Financing and Monetary Policy (Markdown version)](/External/Pubs/FT/GFSR/2016/02/c2/Figure2_13.csv.md){rel="alternate" type="text/markdown"}
  - [Figure 2.13. Bond Financing and Monetary Policy (CSV)](/External/Pubs/FT/GFSR/2016/02/c2/Figure2_13.csv){rel="external" type="application/octet-stream"}
- **Figure 2.2. Trends in the Transmission of Monetary Policy**
  - [Figure 2.2. Trends in the Transmission of Monetary Policy (Markdown version)](/External/Pubs/FT/GFSR/2016/02/c2/Figure2_2.csv.md){rel="alternate" type="text/markdown"}
  - [Figure 2.2. Trends in the Transmission of Monetary Policy (CSV)](/External/Pubs/FT/GFSR/2016/02/c2/Figure2_2.csv){rel="external" type="application/octet-stream"}
- **Figure 2.4. Fair-Value Assets by Sector**
  - [Figure 2.4. Fair-Value Assets by Sector (Markdown version)](/External/Pubs/FT/GFSR/2016/02/c2/figure2_4.csv.md){rel="alternate" type="text/markdown"}
  - [Figure 2.4. Fair-Value Assets by Sector (CSV)](/External/Pubs/FT/GFSR/2016/02/c2/figure2_4.csv){rel="external" type="application/octet-stream"}
- **Figure 2.5. Value at Risk in Risk Management by Asset Class and Year**
  - [Figure 2.5. Value at Risk in Risk Management by Asset Class and Year (Markdown version)](/External/Pubs/FT/GFSR/2016/02/c2/figure2_5.csv.md){rel="alternate" type="text/markdown"}
  - [Figure 2.5. Value at Risk in Risk Management by Asset Class and Year (CSV)](/External/Pubs/FT/GFSR/2016/02/c2/figure2_5.csv){rel="external" type="application/octet-stream"}
- **Figure 2.6. Transmission of Monetary Policy and Size of Nonbank Financial Sector**
  - [Figure 2.6. Transmission of Monetary Policy and Size of Nonbank Financial Sector (Markdown version)](/External/Pubs/FT/GFSR/2016/02/c2/figure2_6.csv.md){rel="alternate" type="text/markdown"}
  - [Figure 2.6. Transmission of Monetary Policy and Size of Nonbank Financial Sector (CSV)](/External/Pubs/FT/GFSR/2016/02/c2/figure2_6.csv){rel="external" type="application/octet-stream"}
- **Figure 2.7. Response to a Monetary Policy Shock**
  - [Figure 2.7. Response to a Monetary Policy Shock (Markdown version)](/External/Pubs/FT/GFSR/2016/02/c2/figure2_7.csv.md){rel="alternate" type="text/markdown"}
  - [Figure 2.7. Response to a Monetary Policy Shock (CSV)](/External/Pubs/FT/GFSR/2016/02/c2/figure2_7.csv){rel="external" type="application/octet-stream"}
- **Figure 2.8. Risk Taking and Monetary Policy**
  - [Figure 2.8. Risk Taking and Monetary Policy (Markdown version)](/External/Pubs/FT/GFSR/2016/02/c2/figure2_8.csv.md){rel="alternate" type="text/markdown"}
  - [Figure 2.8. Risk Taking and Monetary Policy (CSV)](/External/Pubs/FT/GFSR/2016/02/c2/figure2_8.csv){rel="external" type="application/octet-stream"}
- **Figure 2.9. Monetary Policy and Total Assets Owned by Financial Intermediaries**
  - [Figure 2.9. Monetary Policy and Total Assets Owned by Financial Intermediaries (Markdown version)](/External/Pubs/FT/GFSR/2016/02/c2/figure2_9.csv.md){rel="alternate" type="text/markdown"}
  - [Figure 2.9. Monetary Policy and Total Assets Owned by Financial Intermediaries (CSV)](/External/Pubs/FT/GFSR/2016/02/c2/figure2_9.csv){rel="external" type="application/octet-stream"}
- **Figure 3.2.1. Selected Emerging Market Economies: State-Owned Enterprises**
  - [Figure 3.2.1. Selected Emerging Market Economies: State-Owned Enterprises (Markdown version)](/External/Pubs/FT/GFSR/2016/02/c3/boxfigure3_2.csv.md){rel="alternate" type="text/markdown"}
  - [Figure 3.2.1. Selected Emerging Market Economies: State-Owned Enterprises (CSV)](/External/Pubs/FT/GFSR/2016/02/c3/boxfigure3_2.csv){rel="external" type="application/octet-stream"}
- **Figure 3.1. Corporate Governance and Equity Returns**
  - [Figure 3.1. Corporate Governance and Equity Returns (Markdown version)](/External/Pubs/FT/GFSR/2016/02/c3/figure3_1.csv.md){rel="alternate" type="text/markdown"}
  - [Figure 3.1. Corporate Governance and Equity Returns (CSV)](/External/Pubs/FT/GFSR/2016/02/c3/figure3_1.csv){rel="external" type="application/octet-stream"}
- **Figure 3.10. Stock Return Comovement**
  - [Figure 3.10. Stock Return Comovement (Markdown version)](/External/Pubs/FT/GFSR/2016/02/c3/figure3_10.csv.md){rel="alternate" type="text/markdown"}
  - [Figure 3.10. Stock Return Comovement (CSV)](/External/Pubs/FT/GFSR/2016/02/c3/figure3_10.csv){rel="external" type="application/octet-stream"}
- **Figure 3.11. Stock Return Comovement**
  - [Figure 3.11. Stock Return Comovement (Markdown version)](/External/Pubs/FT/GFSR/2016/02/c3/figure3_11.csv.md){rel="alternate" type="text/markdown"}
  - [Figure 3.11. Stock Return Comovement (CSV)](/External/Pubs/FT/GFSR/2016/02/c3/figure3_11.csv){rel="external" type="application/octet-stream"}
- **figure3_12**
  - [figure3_12 (Markdown version)](/External/Pubs/FT/GFSR/2016/02/c3/figure3_12.csv.md){rel="alternate" type="text/markdown"}
  - [figure3_12 (CSV)](/External/Pubs/FT/GFSR/2016/02/c3/figure3_12.csv){rel="external" type="application/octet-stream"}
- **Figure3_13**
  - [Figure3_13 (Markdown version)](/External/Pubs/FT/GFSR/2016/02/c3/Figure3_13.csv.md){rel="alternate" type="text/markdown"}
  - [Figure3_13 (CSV)](/External/Pubs/FT/GFSR/2016/02/c3/Figure3_13.csv){rel="external" type="application/octet-stream"}
- **Figure 3.14. Impact of Global Financial Shocks on Equity Returns**
  - [Figure 3.14. Impact of Global Financial Shocks on Equity Returns (Markdown version)](/External/Pubs/FT/GFSR/2016/02/c3/Figure3_14.csv.md){rel="alternate" type="text/markdown"}
  - [Figure 3.14. Impact of Global Financial Shocks on Equity Returns (CSV)](/External/Pubs/FT/GFSR/2016/02/c3/Figure3_14.csv){rel="external" type="application/octet-stream"}
- **Figure 3.15. Corporate Governance and Selected Balance Sheet Indicators**
  - [Figure 3.15. Corporate Governance and Selected Balance Sheet Indicators (Markdown version)](/External/Pubs/FT/GFSR/2016/02/c3/figure3_15.csv.md){rel="alternate" type="text/markdown"}
  - [Figure 3.15. Corporate Governance and Selected Balance Sheet Indicators (CSV)](/External/Pubs/FT/GFSR/2016/02/c3/figure3_15.csv){rel="external" type="application/octet-stream"}
- **Figure 3.16. Firm-Level Governance and the Bond Market**
  - [Figure 3.16. Firm-Level Governance and the Bond Market (Markdown version)](/External/Pubs/FT/GFSR/2016/02/c3/figure3_16.csv.md){rel="alternate" type="text/markdown"}
  - [Figure 3.16. Firm-Level Governance and the Bond Market (CSV)](/External/Pubs/FT/GFSR/2016/02/c3/figure3_16.csv){rel="external" type="application/octet-stream"}
- **Figure 3.17. Firm-Level Governance and Solvency**
  - [Figure 3.17. Firm-Level Governance and Solvency (Markdown version)](/External/Pubs/FT/GFSR/2016/02/c3/Figure3_17.csv.md){rel="alternate" type="text/markdown"}
  - [Figure 3.17. Firm-Level Governance and Solvency (CSV)](/External/Pubs/FT/GFSR/2016/02/c3/Figure3_17.csv){rel="external" type="application/octet-stream"}
- **Figure 3.18. Country-Level and Firm-Level Governance and Short-Term Debt**
  - [Figure 3.18. Country-Level and Firm-Level Governance and Short-Term Debt (Markdown version)](/External/Pubs/FT/GFSR/2016/02/c3/figure3_18.csv.md){rel="alternate" type="text/markdown"}
  - [Figure 3.18. Country-Level and Firm-Level Governance and Short-Term Debt (CSV)](/External/Pubs/FT/GFSR/2016/02/c3/figure3_18.csv){rel="external" type="application/octet-stream"}
- **Figure 3.2. Corporate Governance and Volatility of Stock Market Returns in Emerging Markets**
  - [Figure 3.2. Corporate Governance and Volatility of Stock Market Returns in Emerging Markets (Markdown version)](/External/Pubs/FT/GFSR/2016/02/c3/figure3_2.csv.md){rel="alternate" type="text/markdown"}
  - [Figure 3.2. Corporate Governance and Volatility of Stock Market Returns in Emerging Markets (CSV)](/External/Pubs/FT/GFSR/2016/02/c3/figure3_2.csv){rel="external" type="application/octet-stream"}
- **Figure 3.3. Ownership Structure and Closely Held Shares**
  - [Figure 3.3. Ownership Structure and Closely Held Shares (Markdown version)](/External/Pubs/FT/GFSR/2016/02/c3/figure3_3.csv.md){rel="alternate" type="text/markdown"}
  - [Figure 3.3. Ownership Structure and Closely Held Shares (CSV)](/External/Pubs/FT/GFSR/2016/02/c3/figure3_3.csv){rel="external" type="application/octet-stream"}
- **Figure3 4**
  - [Figure3 4 (Markdown version)](/External/Pubs/FT/GFSR/2016/02/c3/figure3_4.csv.md){rel="alternate" type="text/markdown"}
  - [Figure3 4 (CSV)](/External/Pubs/FT/GFSR/2016/02/c3/figure3_4.csv){rel="external" type="application/octet-stream"}
- **Figure3 5**
  - [Figure3 5 (Markdown version)](/External/Pubs/FT/GFSR/2016/02/c3/figure3_5.csv.md){rel="alternate" type="text/markdown"}
  - [Figure3 5 (CSV)](/External/Pubs/FT/GFSR/2016/02/c3/figure3_5.csv){rel="external" type="application/octet-stream"}
- **Emerging Market Firm-Level Governance Index**
  - [Emerging Market Firm-Level Governance Index (Markdown version)](/External/Pubs/FT/GFSR/2016/02/c3/Figure3_6.csv.md){rel="alternate" type="text/markdown"}
  - [Emerging Market Firm-Level Governance Index (CSV)](/External/Pubs/FT/GFSR/2016/02/c3/Figure3_6.csv){rel="external" type="application/octet-stream"}
- **Figure3_7**
  - [Figure3_7 (Markdown version)](/External/Pubs/FT/GFSR/2016/02/c3/Figure3_7.csv.md){rel="alternate" type="text/markdown"}
  - [Figure3_7 (CSV)](/External/Pubs/FT/GFSR/2016/02/c3/Figure3_7.csv){rel="external" type="application/octet-stream"}
- **Figure3 8**
  - [Figure3 8 (Markdown version)](/External/Pubs/FT/GFSR/2016/02/c3/Figure3_8.csv.md){rel="alternate" type="text/markdown"}
  - [Figure3 8 (CSV)](/External/Pubs/FT/GFSR/2016/02/c3/Figure3_8.csv){rel="external" type="application/octet-stream"}
- **figure3_9**
  - [figure3_9 (Markdown version)](/External/Pubs/FT/GFSR/2016/02/c3/figure3_9.csv.md){rel="alternate" type="text/markdown"}
  - [figure3_9 (CSV)](/External/Pubs/FT/GFSR/2016/02/c3/figure3_9.csv){rel="external" type="application/octet-stream"}

---

## References

- [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)

_Source: https://www.imf.org/en/publications/gfsr/issues/2016/12/31/fostering-stability-in-a-low-growth-low-rate-era_