{
  "title": "Global Financial Stability Report, October 2014: Risk Taking, Liquidity, and Shadow Banking: Curbing Excess while Promoting Growth",
  "publication": "Global Financial Stability Report, October 8, 2014",
  "sourceUrl": "https://www.imf.org/en/publications/gfsr/issues/2016/12/31/global-financial-stability-report-october-2014-risk-taking-liquidity-and-shadow-banking-41631",
  "canonical": "https://www.imf.org/en/publications/gfsr/issues/2016/12/31/global-financial-stability-report-october-2014-risk-taking-liquidity-and-shadow-banking-41631",
  "overlayPath": "/en/publications/gfsr/issues/2016/12/31/global-financial-stability-report-october-2014-risk-taking-liquidity-and-shadow-banking-41631/index.md",
  "summary": "The October 2014 issue finds that six years after the start of the crisis, the global economic recovery continues to rely heavily on accommodative monetary policies in advanced economies.",
  "sections": [
    {
      "heading": "Main findings on monetary policy and risk taking",
      "content": "- Six years after the start of the crisis, the global economic recovery continues to rely heavily on accommodative monetary policies in advanced economies.\n- Monetary accommodation remains critical in supporting economies by encouraging economic risk taking in the form of:\n  - increased real spending by households\n  - greater willingness to invest and hire by businesses\n- Prolonged monetary ease may also encourage excessive financial risk taking."
    },
    {
      "heading": "Shadow banking: growth, risks, and regulatory implications",
      "content": "- Analytical chapter examines the growth of shadow banking around the globe.\n- Assessment and implications:\n  - assesses risks posed by the growth of shadow banking\n  - discusses regulatory responses\n  - calls for a more encompassing (macroprudential) approach to regulation\n  - calls for enhanced data provision"
    },
    {
      "heading": "Bank governance, compensation, and risk",
      "content": "- Analytical chapter examines how conflicts of interest among bank managers, shareholders, and debt holders can lead to excessive bank risk taking from society’s point of view.\n- Key findings:\n  - no clear relation between bank risk and the level of executive compensation\n  - better alignment of bankers’ pay with long-term outcomes is associated with less risk"
    },
    {
      "heading": "Subject areas and keywords (as listed)",
      "content": "- Subject: Banking, Commercial banks, Credit, Emerging and frontier financial markets, Financial institutions, Financial markets, Financial sector policy and analysis, Financial services, Money, Mutual funds, Shadow banking, Systemic risk\n- Keywords include: Africa, Asia and Pacific, asset, bank, chief risk officer, Commercial banks, commercial paper, Credit, deficit economy, director, economy, Emerging and frontier financial markets, equity valuation, Europe, fixed income, GFSR, Global, Middle East, MSCI equity market market index, Mutual funds, return on assets, return on equity, risk culture, shadow banking, Shadow banking, shape bank risk, swap line, Systemic risk, yield\n\n---\n\n Content in this bundle\n\n- Text\n  - Text (Markdown version){rel=\"alternate\" type=\"text/markdown\"}\n  - Text (PDF){rel=\"external\" type=\"application/pdf\"}\n- ملخص تنفيذي\n  - ملخص تنفيذي (Markdown version){rel=\"alternate\" type=\"text/markdown\"}\n  - ملخص تنفيذي (PDF){rel=\"external\" type=\"application/pdf\"}\n- 2014年10月《全球金融稳定报告》概要\n  - 2014年10月《全球金融稳定报告》概要 (Markdown version){rel=\"alternate\" type=\"text/markdown\"}\n  - 2014年10月《全球金融稳定报告》概要 (PDF){rel=\"external\" type=\"application/pdf\"}\n- execsumf\n  - execsumf (Markdown version){rel=\"alternate\" type=\"text/markdown\"}\n  - execsumf (PDF){rel=\"external\" type=\"application/pdf\"}\n- GFSR- October 2014: Executive Summary\n  - GFSR- October 2014: Executive Summary (Markdown version){rel=\"alternate\" type=\"text/markdown\"}\n  - GFSR- October 2014: Executive Summary (PDF){rel=\"external\" type=\"application/pdf\"}\n- Аналитическое резюме -- Доклад по вопросам глобальной финансовой стабильности, октябрь 2014 года\n  - Аналитическое резюме -- Доклад по вопросам глобальной финансовой стабильности, октябрь 2014 года (Markdown version){rel=\"alternate\" type=\"text/markdown\"}\n  - Аналитическое резюме -- Доклад по вопросам глобальной финансовой стабильности, октябрь 2014 года (PDF){rel=\"external\" type=\"application/pdf\"}\n- Informe sobre la estabilidad financiera mundial - Resumen Ejecutivo; Octubre de 2014\n  - Informe sobre la estabilidad financiera mundial - Resumen Ejecutivo; Octubre de 2014 (Markdown version){rel=\"alternate\" type=\"text/markdown\"}\n  - Informe sobre la estabilidad financiera mundial - Resumen Ejecutivo; Octubre de 2014 (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- Banking\n- Commercial banks\n- Credit\n- Emerging and frontier financial markets\n- Financial institutions\n- Financial markets\n- Financial sector policy and analysis\n- Financial services\n- Money\n- Mutual funds\n- Shadow banking\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-october-2014-risk-taking-liquidity-and-shadow-banking-41631"
    }
  ],
  "bullets": [
    "[Markdown version](/en/publications/gfsr/issues/2016/12/31/global-financial-stability-report-october-2014-risk-taking-liquidity-and-shadow-banking-41631/index.md)",
    "[Structured JSON version](/en/publications/gfsr/issues/2016/12/31/global-financial-stability-report-october-2014-risk-taking-liquidity-and-shadow-banking-41631/index.json)",
    "[Bundle manifest](/en/publications/gfsr/issues/2016/12/31/global-financial-stability-report-october-2014-risk-taking-liquidity-and-shadow-banking-41631/bundle-manifest.json)",
    "Published: October 8, 2014",
    "Series: Global Financial Stability Report",
    "DOI: https://doi.org/10.5089/9781498390811.082",
    "Six years after the start of the crisis, the global economic recovery continues to rely heavily on accommodative monetary policies in advanced economies.",
    "Monetary accommodation remains critical in supporting economies by encouraging economic risk taking in the form of:",
    "Prolonged monetary ease may also encourage excessive financial risk taking.",
    "Analytical chapter examines the growth of shadow banking around the globe.",
    "Assessment and implications:",
    "Analytical chapter examines how conflicts of interest among bank managers, shareholders, and debt holders can lead to excessive bank risk taking from society’s point of view.",
    "Key findings:",
    "Subject: Banking, Commercial banks, Credit, Emerging and frontier financial markets, Financial institutions, Financial markets, Financial sector policy and analysis, Financial services, Money, Mutual funds, Shadow banking, Systemic risk",
    "Keywords include: Africa, Asia and Pacific, asset, bank, chief risk officer, Commercial banks, commercial paper, Credit, deficit economy, director, economy, Emerging and frontier financial markets, equity valuation, Europe, fixed income, GFSR, Global, Middle East, MSCI equity market market index, Mutual funds, return on assets, return on equity, risk culture, shadow banking, Shadow banking, shape bank risk, swap line, Systemic risk, yield",
    "**Text**",
    "**ملخص تنفيذي**",
    "**2014年10月《全球金融稳定报告》概要**",
    "**_execsumf**",
    "**GFSR- October 2014: Executive Summary**",
    "**Аналитическое резюме -- Доклад по вопросам глобальной финансовой стабильности, октябрь 2014 года**",
    "**Informe sobre la estabilidad financiera mundial - Resumen Ejecutivo; Octubre de 2014**",
    "[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/9781498390811/9781498390811.xml?cid=lk-com-dsp-imf.org)",
    "[Order a Print Copy](https://www.bookstore.imf.org/cart?isbn=9781498390811)",
    "[Banking](https://www.imf.org/en/publications/publications-by-subject?subject=Banking)",
    "[Commercial banks](https://www.imf.org/en/publications/publications-by-subject?subject=Commercial+banks)",
    "[Credit](https://www.imf.org/en/publications/publications-by-subject?subject=Credit)",
    "[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 services](https://www.imf.org/en/publications/publications-by-subject?subject=Financial+services)",
    "[Money](https://www.imf.org/en/publications/publications-by-subject?subject=Money)",
    "[Mutual funds](https://www.imf.org/en/publications/publications-by-subject?subject=Mutual+funds)",
    "[Shadow banking](https://www.imf.org/en/publications/publications-by-subject?subject=Shadow+banking)",
    "[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)"
  ],
  "related": [
    {
      "title": "Text",
      "role": "document",
      "sourceUrl": "https://www.imf.org/-/media/websites/imf/imported-full-text-pdf/external/pubs/ft/gfsr/2014/02/pdf/_text.pdf",
      "summary": {
        "path": "/-/media/websites/imf/imported-full-text-pdf/external/pubs/ft/gfsr/2014/02/pdf/_text.pdf.md",
        "mime": "text/markdown"
      },
      "binary": {
        "path": "/-/media/websites/imf/imported-full-text-pdf/external/pubs/ft/gfsr/2014/02/pdf/_text.pdf",
        "mime": "application/pdf"
      }
    },
    {
      "title": "ملخص تنفيذي",
      "role": "document",
      "sourceUrl": "https://www.imf.org/-/media/websites/imf/imported-publications/external/arabic/pubs/ft/gfsr/2014/02/pdf/_execsuma.pdf",
      "summary": {
        "path": "/-/media/websites/imf/imported-publications/external/arabic/pubs/ft/gfsr/2014/02/pdf/_execsuma.pdf.md",
        "mime": "text/markdown"
      },
      "binary": {
        "path": "/-/media/websites/imf/imported-publications/external/arabic/pubs/ft/gfsr/2014/02/pdf/_execsuma.pdf",
        "mime": "application/pdf"
      }
    },
    {
      "title": "2014年10月《全球金融稳定报告》概要",
      "role": "document",
      "sourceUrl": "https://www.imf.org/-/media/websites/imf/imported-publications/external/chinese/pubs/ft/gfsr/2014/02/pdf/_execsumc.pdf",
      "summary": {
        "path": "/-/media/websites/imf/imported-publications/external/chinese/pubs/ft/gfsr/2014/02/pdf/_execsumc.pdf.md",
        "mime": "text/markdown"
      },
      "binary": {
        "path": "/-/media/websites/imf/imported-publications/external/chinese/pubs/ft/gfsr/2014/02/pdf/_execsumc.pdf",
        "mime": "application/pdf"
      }
    },
    {
      "title": "_execsumf",
      "role": "document",
      "sourceUrl": "https://www.imf.org/-/media/websites/imf/imported-publications/external/french/pubs/ft/gfsr/2014/02/pdf/_execsumf.pdf",
      "summary": {
        "path": "/-/media/websites/imf/imported-publications/external/french/pubs/ft/gfsr/2014/02/pdf/_execsumf.pdf.md",
        "mime": "text/markdown"
      },
      "binary": {
        "path": "/-/media/websites/imf/imported-publications/external/french/pubs/ft/gfsr/2014/02/pdf/_execsumf.pdf",
        "mime": "application/pdf"
      }
    },
    {
      "title": "GFSR- October 2014: Executive Summary",
      "role": "document",
      "sourceUrl": "https://www.imf.org/-/media/websites/imf/imported-publications/external/pubs/ft/gfsr/2014/02/pdf/_execsum.pdf",
      "summary": {
        "path": "/-/media/websites/imf/imported-publications/external/pubs/ft/gfsr/2014/02/pdf/_execsum.pdf.md",
        "mime": "text/markdown"
      },
      "binary": {
        "path": "/-/media/websites/imf/imported-publications/external/pubs/ft/gfsr/2014/02/pdf/_execsum.pdf",
        "mime": "application/pdf"
      }
    },
    {
      "title": "Аналитическое резюме -- Доклад по вопросам глобальной финансовой стабильности, октябрь 2014 года",
      "role": "document",
      "sourceUrl": "https://www.imf.org/-/media/websites/imf/imported-publications/external/russian/pubs/ft/gfsr/2014/02/pdf/_execsumr.pdf",
      "summary": {
        "path": "/-/media/websites/imf/imported-publications/external/russian/pubs/ft/gfsr/2014/02/pdf/_execsumr.pdf.md",
        "mime": "text/markdown"
      },
      "binary": {
        "path": "/-/media/websites/imf/imported-publications/external/russian/pubs/ft/gfsr/2014/02/pdf/_execsumr.pdf",
        "mime": "application/pdf"
      }
    },
    {
      "title": "Informe sobre la estabilidad financiera mundial - Resumen Ejecutivo; Octubre de 2014",
      "role": "document",
      "sourceUrl": "https://www.imf.org/-/media/websites/imf/imported-publications/external/spanish/pubs/ft/gfsr/2014/02/pdf/_execsums.pdf",
      "summary": {
        "path": "/-/media/websites/imf/imported-publications/external/spanish/pubs/ft/gfsr/2014/02/pdf/_execsums.pdf.md",
        "mime": "text/markdown"
      },
      "binary": {
        "path": "/-/media/websites/imf/imported-publications/external/spanish/pubs/ft/gfsr/2014/02/pdf/_execsums.pdf",
        "mime": "application/pdf"
      }
    }
  ],
  "alternates": {
    "markdown": "/en/publications/gfsr/issues/2016/12/31/global-financial-stability-report-october-2014-risk-taking-liquidity-and-shadow-banking-41631/index.md",
    "json": "/en/publications/gfsr/issues/2016/12/31/global-financial-stability-report-october-2014-risk-taking-liquidity-and-shadow-banking-41631/index.json",
    "bundleManifest": "/en/publications/gfsr/issues/2016/12/31/global-financial-stability-report-october-2014-risk-taking-liquidity-and-shadow-banking-41631/bundle-manifest.json"
  },
  "generatedAtUtc": "2026-09-03T21:32:29.402Z"
}