## Global Financial Stability Report, April 2015: Navigating Monetary Policy Challenges and Managing Risks _Global Financial Stability Report, April 15, 2015_ ## Source details **Canonical URL:** [Global Financial Stability Report, April 2015: Navigating Monetary Policy Challenges and Managing Risks](https://www.imf.org/en/publications/gfsr/issues/2016/12/31/global-financial-stability-report-april-2015-navigating-monetary-policy-challenges-and-42422) ## Other formats - [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) ## Bibliographic details - Published: April 15, 2015 - Series: Global Financial Stability Report - DOI: https://doi.org/10.5089/9781498372930.082 --- ### Global outlook and systemic drivers - 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: - Some oil exporters and other emerging markets face new stability challenges. - Others have gained more policy space as a result of lower fuel prices and reduced inflationary pressures. ### Banking and cross-border finance - 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. ### Asset management and financial stability risks - The asset management industry needs to strengthen its oversight framework. - Key risks identified: - Incentive problems between end-investors and portfolio managers. - Risk of runs due to liquidity mismatches. ### Subjects and keywords (as listed) - 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 *International Monetary Fund. Global Financial Stability Report, April 2015: Navigating Monetary Policy Challenges and Managing Risks.* --- ## Content in this bundle - **Global Financial Stability Report — Navigating Monetary Policy Challenges and Managing Risks** - [Global Financial Stability Report — Navigating Monetary Policy Challenges and Managing Risks (Markdown version)](/-/media/websites/imf/imported-full-text-pdf/external/pubs/ft/gfsr/2015/01/pdf/_text.pdf.md){rel="alternate" type="text/markdown"} - [Global Financial Stability Report — Navigating Monetary Policy Challenges and Managing Risks (PDF)](/-/media/websites/imf/imported-full-text-pdf/external/pubs/ft/gfsr/2015/01/pdf/_text.pdf){rel="external" type="application/pdf"} - **ملخص واف لتقرير الاستقرار المالي العالمي - إبريل 2015** - [ملخص واف لتقرير الاستقرار المالي العالمي - إبريل 2015 (Markdown version)](/-/media/websites/imf/imported-publications/external/arabic/pubs/ft/gfsr/2015/01/pdf/_execsuma.pdf.md){rel="alternate" type="text/markdown"} - [ملخص واف لتقرير الاستقرار المالي العالمي - إبريل 2015 (PDF)](/-/media/websites/imf/imported-publications/external/arabic/pubs/ft/gfsr/2015/01/pdf/_execsuma.pdf){rel="external" type="application/pdf"} - **2015年4月《全球金融稳定报告》概要** - [2015年4月《全球金融稳定报告》概要 (Markdown version)](/-/media/websites/imf/imported-publications/external/chinese/pubs/ft/gfsr/2015/01/pdf/_execsumc.pdf.md){rel="alternate" type="text/markdown"} - [2015年4月《全球金融稳定报告》概要 (PDF)](/-/media/websites/imf/imported-publications/external/chinese/pubs/ft/gfsr/2015/01/pdf/_execsumc.pdf){rel="external" type="application/pdf"} - **Rapport sur la stabilité financière dans le monde : résumé analytique; Avril 2015** - [Rapport sur la stabilité financière dans le monde : résumé analytique; Avril 2015 (Markdown version)](/-/media/websites/imf/imported-publications/external/french/pubs/ft/gfsr/2015/01/pdf/_execsumf.pdf.md){rel="alternate" type="text/markdown"} - [Rapport sur la stabilité financière dans le monde : résumé analytique; Avril 2015 (PDF)](/-/media/websites/imf/imported-publications/external/french/pubs/ft/gfsr/2015/01/pdf/_execsumf.pdf){rel="external" type="application/pdf"} - **Аналитическое резюме -- Доклад по вопросам глобальной финансовой стабильности, апрель 2015 года** - [Аналитическое резюме -- Доклад по вопросам глобальной финансовой стабильности, апрель 2015 года (Markdown version)](/-/media/websites/imf/imported-publications/external/russian/pubs/ft/gfsr/2015/01/pdf/_execsumr.pdf.md){rel="alternate" type="text/markdown"} - [Аналитическое резюме -- Доклад по вопросам глобальной финансовой стабильности, апрель 2015 года (PDF)](/-/media/websites/imf/imported-publications/external/russian/pubs/ft/gfsr/2015/01/pdf/_execsumr.pdf){rel="external" type="application/pdf"} - **Informe sobre la estabilidad financiera mundial - Resumen Ejecutivo; Abril 2015** - [Informe sobre la estabilidad financiera mundial - Resumen Ejecutivo; Abril 2015 (Markdown version)](/-/media/websites/imf/imported-publications/external/spanish/pubs/ft/gfsr/2015/01/pdf/_execsums.pdf.md){rel="alternate" type="text/markdown"} - [Informe sobre la estabilidad financiera mundial - Resumen Ejecutivo; Abril 2015 (PDF)](/-/media/websites/imf/imported-publications/external/spanish/pubs/ft/gfsr/2015/01/pdf/_execsums.pdf){rel="external" type="application/pdf"} --- ## References - [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 October 24, 2025](https://www.imf.org/en/publications/wp/issues/2025/10/24/enhancing-tax-capacity-revenue-gains-from-strengthening-tax-administration-571373) - [Development Committee: The Managing Director's Written Statement October 20, 2025](https://www.imf.org/en/publications/policy-papers/issues/2025/10/20/development-committee-the-managing-director-s-written-statement-571316) - [The Managing Director's Global Policy Agenda, Fall 2025: Navigating a World In Transition October 16, 2025](https://www.imf.org/en/publications/policy-papers/issues/2025/10/14/the-managing-director-s-global-policy-agenda-fall-2025-navigating-a-world-in-transition-570971) - [Mauritius: Technical Assistance Report-Report on the National Accounts and Balance of Payments Mission (March 24–28, 2025) October 10, 2025](https://www.imf.org/en/publications/technical-assistance-reports/issues/2025/10/10/mauritius-technical-assistance-report-report-on-the-national-accounts-and-balance-of-571077) _Source: https://www.imf.org/en/publications/gfsr/issues/2016/12/31/global-financial-stability-report-april-2015-navigating-monetary-policy-challenges-and-42422_