{
  "title": "Global Financial Stability Report, April 2016: Potent Policies for a Successful Normalization",
  "publication": "Global Financial Stability Report, April 11, 2016",
  "sourceUrl": "https://www.imf.org/en/publications/gfsr/issues/2016/12/31/global-financial-stability-report-april-2016-potent-policies-for-a-successful-normalization-43654",
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  "summary": "The current Global Financial Stability Report (April 2016) finds that global financial stability risks have risen since the last report in October 2015.",
  "sections": [
    {
      "heading": "Summary findings",
      "content": "- The report (April 2016) finds that global financial stability risks have risen since the last report in October 2015.\n- Outlook deterioration in advanced economies is driven by heightened uncertainty and setbacks to growth and confidence.\n- Declines in oil and commodity prices and slower growth have kept risks elevated in emerging markets.\n- Developments have tightened financial conditions, reduced risk appetite, raised credit risks, and stymied balance sheet repair.\n- Financial spillovers from emerging market economies have risen substantially, implying greater importance of emerging market developments for macro-financial assessments.\n- Across advanced economies, the contribution of life insurers to systemic risk has increased in recent years."
    },
    {
      "heading": "Policy implications and recommendations",
      "content": "- A broad-based policy response is needed to secure financial stability.\n- Advanced economies must deal with crisis legacy issues.\n- Emerging markets need to bolster their resilience to global headwinds.\n- The resilience of market liquidity should be enhanced.\n- Supervisors and regulators should take a more macroprudential approach to the insurance sector, given rising systemic importance of life insurers."
    },
    {
      "heading": "Key themes and terminology (as used in the report)",
      "content": "- Banking; Emerging and frontier financial markets; Financial institutions; Financial markets; Financial sector policy and analysis; Insurance; Insurance companies; Spillovers; Systemic risk\n- Keywords: Africa; asset portfolio; commodity; cross-asset correlation; Emerging and frontier financial markets; emerging market economies; emerging market economy; emerging market economy assets; equity market spillover; equity price; Europe; financial condition; fiscal policy setting; GFSR; Global; heightened market volatility; index weight; Insurance; Insurance companies; market liquidity risk; Middle East; monetary policy; North America; reform; reform agenda; return on equity; revenue diversification; risk appetite; services market; Spillovers; Systemic risk\n\nItalic: Global Financial Stability Report, April 2016: Potent Policies for a Successful Normalization (April 11, 2016).\n\n---\n\n Content in this bundle\n\n- Preface\n  - Preface (Markdown version){rel=\"alternate\" type=\"text/markdown\"}\n  - Preface (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- Link to Table of Contents\n- Explore\n- Subscribe\n- More Formats on IMF eLibrary\n- Order a Print Copy\n- Banking\n- Emerging and frontier financial markets\n- Financial institutions\n- Financial markets\n- Financial sector policy and analysis\n- Insurance\n- Insurance companies\n- Spillovers\n- Systemic risk\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-2016-potent-policies-for-a-successful-normalization-43654"
    }
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    "[Structured JSON version](/en/publications/gfsr/issues/2016/12/31/global-financial-stability-report-april-2016-potent-policies-for-a-successful-normalization-43654/index.json)",
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    "Published: April 11, 2016",
    "Series: Global Financial Stability Report",
    "DOI: https://doi.org/10.5089/9781513506777.082",
    "The report (April 2016) finds that global financial stability risks have risen since the last report in October 2015.",
    "Outlook deterioration in advanced economies is driven by heightened uncertainty and setbacks to growth and confidence.",
    "Declines in oil and commodity prices and slower growth have kept risks elevated in emerging markets.",
    "Developments have tightened financial conditions, reduced risk appetite, raised credit risks, and stymied balance sheet repair.",
    "Financial spillovers from emerging market economies have risen substantially, implying greater importance of emerging market developments for macro-financial assessments.",
    "Across advanced economies, the contribution of life insurers to systemic risk has increased in recent years.",
    "A broad-based policy response is needed to secure financial stability.",
    "Advanced economies must deal with crisis legacy issues.",
    "Emerging markets need to bolster their resilience to global headwinds.",
    "The resilience of market liquidity should be enhanced.",
    "Supervisors and regulators should take a more macroprudential approach to the insurance sector, given rising systemic importance of life insurers.",
    "Banking; Emerging and frontier financial markets; Financial institutions; Financial markets; Financial sector policy and analysis; Insurance; Insurance companies; Spillovers; Systemic risk",
    "Keywords: Africa; asset portfolio; commodity; cross-asset correlation; Emerging and frontier financial markets; emerging market economies; emerging market economy; emerging market economy assets; equity market spillover; equity price; Europe; financial condition; fiscal policy setting; GFSR; Global; heightened market volatility; index weight; Insurance; Insurance companies; market liquidity risk; Middle East; monetary policy; North America; reform; reform agenda; return on equity; revenue diversification; risk appetite; services market; Spillovers; Systemic risk",
    "**Preface**",
    "[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)",
    "[Link to Table of Contents](http://www.imf.org/external/pubs/ft/gfsr/2016/01/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/9781513506777/9781513506777.xml?cid=lk-com-dsp-imf.org)",
    "[Order a Print Copy](https://www.bookstore.imf.org/cart?isbn=9781513506777)",
    "[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)",
    "[Insurance](https://www.imf.org/en/publications/publications-by-subject?subject=Insurance)",
    "[Insurance companies](https://www.imf.org/en/publications/publications-by-subject?subject=Insurance+companies)",
    "[Spillovers](https://www.imf.org/en/publications/publications-by-subject?subject=Spillovers)",
    "[Systemic risk](https://www.imf.org/en/publications/publications-by-subject?subject=Systemic+risk)",
    "[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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