{
  "title": "Global Financial Stability Report, April 2015: Navigating Monetary Policy Challenges and Managing Risks",
  "publication": "Global Financial Stability Report, April 15, 2015",
  "sourceUrl": "https://www.imf.org/en/publications/gfsr/issues/2016/12/31/global-financial-stability-report-april-2015-navigating-monetary-policy-challenges-and-42422",
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  "summary": "The current report finds that, despite an improvement in economic prospects in some key advanced economies, new challenges to global financial stability have arisen.",
  "sections": [
    {
      "heading": "Global outlook and systemic drivers",
      "content": "- Despite an improvement in economic prospects in some key advanced economies, new challenges to global financial stability have arisen.\n- The global financial system is being buffeted by a series of changes, including lower oil prices and, in some cases, diverging growth patterns and monetary policies.\n- Expectations for rising U.S. policy rates sparked a significant appreciation of the U.S. dollar.\n- Long term bond yields in many advanced economies have decreased—and have turned negative for almost a third of euro area sovereign bonds—on disinflation concerns and the prospect of continued monetary accommodation.\n- Emerging markets are affected heterogeneously:\n  - Some oil exporters and other emerging markets face new stability challenges.\n  - Others have gained more policy space as a result of lower fuel prices and reduced inflationary pressures."
    },
    {
      "heading": "Banking and cross-border finance",
      "content": "- The report examines changes in international banking since the global financial crisis.\n- It finds that these changes are likely to promote more stable bank lending in host countries."
    },
    {
      "heading": "Asset management and financial stability risks",
      "content": "- The asset management industry needs to strengthen its oversight framework.\n- Key risks identified:\n  - Incentive problems between end-investors and portfolio managers.\n  - Risk of runs due to liquidity mismatches."
    },
    {
      "heading": "Subjects and keywords (as listed)",
      "content": "- Subjects: Asset and liability management, Asset management, Bank credit, Banking, Emerging and frontier financial markets, Financial institutions, Financial markets, Financial sector policy and analysis, Financial sector stability, Foreign banks, Mutual funds\n- Keywords include: Africa, Asia and Pacific, asset, Asset management, asset market, asset price dynamics, bank activity, bank assets, bank level, banking linkage, bond market, capital definition, Caribbean, central bank, crisis bank-capital-to-total-assets ratio, cross-border lending, debt ratio, economic risk, EMEA bank, Emerging and frontier financial markets, emerging market corporation, Europe, Financial sector stability, fixed-income market, Foreign banks, fund flow, funding cost, general-equilibrium asset price model, GFSR, Global, investment vehicle, liability structure, market, Middle East, Mutual funds, parent bank, private equity, productivity-enhancing investment, quantitative easing, share price, U.S. dollar\n\nInternational Monetary Fund. Global Financial Stability Report, April 2015: Navigating Monetary Policy Challenges and Managing Risks.\n\n---\n\n Content in this bundle\n\n- Global Financial Stability Report — Navigating Monetary Policy Challenges and Managing Risks\n  - Global Financial Stability Report — Navigating Monetary Policy Challenges and Managing Risks (Markdown version){rel=\"alternate\" type=\"text/markdown\"}\n  - Global Financial Stability Report — Navigating Monetary Policy Challenges and Managing Risks (PDF){rel=\"external\" type=\"application/pdf\"}\n- ملخص واف لتقرير الاستقرار المالي العالمي -  إبريل 2015\n  - ملخص واف لتقرير الاستقرار المالي العالمي -  إبريل 2015 (Markdown version){rel=\"alternate\" type=\"text/markdown\"}\n  - ملخص واف لتقرير الاستقرار المالي العالمي -  إبريل 2015 (PDF){rel=\"external\" type=\"application/pdf\"}\n- 2015年4月《全球金融稳定报告》概要\n  - 2015年4月《全球金融稳定报告》概要 (Markdown version){rel=\"alternate\" type=\"text/markdown\"}\n  - 2015年4月《全球金融稳定报告》概要 (PDF){rel=\"external\" type=\"application/pdf\"}\n- Rapport sur la stabilité financière dans le monde : résumé analytique; Avril 2015\n  - Rapport sur la stabilité financière dans le monde : résumé analytique; Avril 2015 (Markdown version){rel=\"alternate\" type=\"text/markdown\"}\n  - Rapport sur la stabilité financière dans le monde : résumé analytique; Avril 2015 (PDF){rel=\"external\" type=\"application/pdf\"}\n- Аналитическое резюме -- Доклад по вопросам глобальной финансовой стабильности, апрель 2015 года\n  - Аналитическое резюме -- Доклад по вопросам глобальной финансовой стабильности, апрель 2015 года (Markdown version){rel=\"alternate\" type=\"text/markdown\"}\n  - Аналитическое резюме -- Доклад по вопросам глобальной финансовой стабильности, апрель 2015 года (PDF){rel=\"external\" type=\"application/pdf\"}\n- Informe sobre la estabilidad financiera mundial - Resumen Ejecutivo; Abril 2015\n  - Informe sobre la estabilidad financiera mundial - Resumen Ejecutivo; Abril 2015 (Markdown version){rel=\"alternate\" type=\"text/markdown\"}\n  - Informe sobre la estabilidad financiera mundial - Resumen Ejecutivo; Abril 2015 (PDF){rel=\"external\" type=\"application/pdf\"}\n\n---\n\n References\n\n- https://www.imf.org/en/publications/gfsr\n- United States and the IMF\n- Explore\n- Subscribe\n- More Formats on IMF eLibrary\n- Order a Print Copy\n- Asset and liability management\n- Asset management\n- Bank credit\n- Banking\n- Emerging and frontier financial markets\n- Financial institutions\n- Financial markets\n- Financial sector policy and analysis\n- Financial sector stability\n- Foreign banks\n- Mutual funds\n- Link to Table of Contents\n- Enhancing Tax Capacity: Revenue Gains from Strengthening Tax Administration\nOctober 24, 2025\n- Development Committee: The Managing Director's Written Statement\nOctober 20, 2025\n- The Managing Director's Global Policy Agenda, Fall 2025: Navigating a World In Transition\nOctober 16, 2025\n- Mauritius: Technical Assistance Report-Report on the National Accounts and Balance of Payments Mission (March 24–28, 2025)\nOctober 10, 2025\n- https://www.imf.org/en/home\n\nSource: https://www.imf.org/en/publications/gfsr/issues/2016/12/31/global-financial-stability-report-april-2015-navigating-monetary-policy-challenges-and-42422"
    }
  ],
  "bullets": [
    "[Markdown version](/en/publications/gfsr/issues/2016/12/31/global-financial-stability-report-april-2015-navigating-monetary-policy-challenges-and-42422/index.md)",
    "[Structured JSON version](/en/publications/gfsr/issues/2016/12/31/global-financial-stability-report-april-2015-navigating-monetary-policy-challenges-and-42422/index.json)",
    "[Bundle manifest](/en/publications/gfsr/issues/2016/12/31/global-financial-stability-report-april-2015-navigating-monetary-policy-challenges-and-42422/bundle-manifest.json)",
    "Published: April 15, 2015",
    "Series: Global Financial Stability Report",
    "DOI: https://doi.org/10.5089/9781498372930.082",
    "Despite an improvement in economic prospects in some key advanced economies, new challenges to global financial stability have arisen.",
    "The global financial system is being buffeted by a series of changes, including lower oil prices and, in some cases, diverging growth patterns and monetary policies.",
    "Expectations for rising U.S. policy rates sparked a significant appreciation of the U.S. dollar.",
    "Long term bond yields in many advanced economies have decreased—and have turned negative for almost a third of euro area sovereign bonds—on disinflation concerns and the prospect of continued monetary accommodation.",
    "Emerging markets are affected heterogeneously:",
    "The report examines changes in international banking since the global financial crisis.",
    "It finds that these changes are likely to promote more stable bank lending in host countries.",
    "The asset management industry needs to strengthen its oversight framework.",
    "Key risks identified:",
    "Subjects: Asset and liability management, Asset management, Bank credit, Banking, Emerging and frontier financial markets, Financial institutions, Financial markets, Financial sector policy and analysis, Financial sector stability, Foreign banks, Mutual funds",
    "Keywords include: Africa, Asia and Pacific, asset, Asset management, asset market, asset price dynamics, bank activity, bank assets, bank level, banking linkage, bond market, capital definition, Caribbean, central bank, crisis bank-capital-to-total-assets ratio, cross-border lending, debt ratio, economic risk, EMEA bank, Emerging and frontier financial markets, emerging market corporation, Europe, Financial sector stability, fixed-income market, Foreign banks, fund flow, funding cost, general-equilibrium asset price model, GFSR, Global, investment vehicle, liability structure, market, Middle East, Mutual funds, parent bank, private equity, productivity-enhancing investment, quantitative easing, share price, U.S. dollar",
    "**Global Financial Stability Report — Navigating Monetary Policy Challenges and Managing Risks**",
    "**ملخص واف لتقرير الاستقرار المالي العالمي -  إبريل 2015**",
    "**2015年4月《全球金融稳定报告》概要**",
    "**Rapport sur la stabilité financière dans le monde : résumé analytique; Avril 2015**",
    "**Аналитическое резюме -- Доклад по вопросам глобальной финансовой стабильности, апрель 2015 года**",
    "**Informe sobre la estabilidad financiera mundial - Resumen Ejecutivo; Abril 2015**",
    "[https://www.imf.org/en/publications/gfsr](https://www.imf.org/en/publications/gfsr)",
    "[United States and the IMF](http://www.imf.org/external/country/USA/index.htm)",
    "[Explore](https://www.elibrary.imf.org/)",
    "[Subscribe](https://www.imf.org/en/Publications/Newsletter/registration)",
    "[More Formats on IMF eLibrary](https://elibrary.imf.org/display/book/9781498372930/9781498372930.xml?cid=lk-com-dsp-imf.org)",
    "[Order a Print Copy](https://www.bookstore.imf.org/cart?isbn=9781498372930)",
    "[Asset and liability management](https://www.imf.org/en/publications/publications-by-subject?subject=Asset+and+liability+management)",
    "[Asset management](https://www.imf.org/en/publications/publications-by-subject?subject=Asset+management)",
    "[Bank credit](https://www.imf.org/en/publications/publications-by-subject?subject=Bank+credit)",
    "[Banking](https://www.imf.org/en/publications/publications-by-subject?subject=Banking)",
    "[Emerging and frontier financial markets](https://www.imf.org/en/publications/publications-by-subject?subject=Emerging+and+frontier+financial+markets)",
    "[Financial institutions](https://www.imf.org/en/publications/publications-by-subject?subject=Financial+institutions)",
    "[Financial markets](https://www.imf.org/en/publications/publications-by-subject?subject=Financial+markets)",
    "[Financial sector policy and analysis](https://www.imf.org/en/publications/publications-by-subject?subject=Financial+sector+policy+and+analysis)",
    "[Financial sector stability](https://www.imf.org/en/publications/publications-by-subject?subject=Financial+sector+stability)",
    "[Foreign banks](https://www.imf.org/en/publications/publications-by-subject?subject=Foreign+banks)",
    "[Mutual funds](https://www.imf.org/en/publications/publications-by-subject?subject=Mutual+funds)",
    "[Link to Table of Contents](http://www.imf.org/external/pubs/ft/gfsr/2015/01/index.htm)",
    "[Enhancing Tax Capacity: Revenue Gains from Strengthening Tax Administration",
    "[Development Committee: The Managing Director's Written Statement",
    "[The Managing Director's Global Policy Agenda, Fall 2025: Navigating a World In Transition",
    "[Mauritius: Technical Assistance Report-Report on the National Accounts and Balance of Payments Mission (March 24–28, 2025)"
  ],
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