{
  "title": "Global Financial Stability Report, September 2005: Market Developments and Issues",
  "publication": "Global Financial Stability Report, September 30, 2005",
  "sourceUrl": "https://www.imf.org/en/publications/gfsr/issues/2016/12/31/global-financial-stability-report-september-2005-market-developments-and-issues-19200",
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  "summary": "This paper presents an assessment of the shift in market risks to the household sector, which results from changes in the behavior of financial institutions and from pension reform.",
  "sections": [
    {
      "heading": "Overview and purpose",
      "content": "- Presents an assessment of the shift in market risks to the household sector resulting from changes in the behavior of financial institutions and from pension reform.\n- Focuses on household saving and asset allocation behavior and analyzes how such behavior may be affected by changes to household risk profiles.\n- Examines the products and services that the financial industry has developed, or may need to develop, to help households meet these new challenges.\n- Discusses possible public policy initiatives on the promotion of a broader range of payout instruments and structures."
    },
    {
      "heading": "Key findings and themes",
      "content": "- Shift in market risks to households driven by:\n  - Changes in behavior of financial institutions.\n  - Pension reform.\n- Household behavior examined:\n  - Saving patterns.\n  - Asset allocation decisions.\n  - Responses to changing household risk profiles.\n- Financial industry responses analyzed:\n  - Existing products and services developed for households.\n  - Potential new products and services needed to address risk-transfer and payout needs.\n- Public policy considerations:\n  - Promotion of a broader range of payout instruments and structures to address household vulnerabilities and longevity risk."
    },
    {
      "heading": "Subject areas and keywords",
      "content": "- Subject: Education, Expenditure, Financial institutions, Insurance, Labor, Mortgages, Pension spending, Pensions\n- Keywords: Europe, GFSR, Global, home equity, Insurance, investment product, longevity risk, market assets, mortgage market, Mortgages, Pension spending, Pensions, private industry, risk profile\n\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- Download PDF\n- More Formats on IMF eLibrary\n- Order a Print Copy\n- Education\n- Expenditure\n- Financial institutions\n- Insurance\n- Labor\n- Mortgages\n- Pension spending\n- Pensions\n- Unleashing Private Sector Job Creation: Challenges and Opportunities for Lesotho\nOctober 14, 2025\n- Setting Up Fiscal Rules in Lesotho: Kingdom of Lesotho\nOctober 14, 2025\n- The Evolving Growth Model of Lithuania: Republic of Lithuania\nOctober 13, 2025\n- Potential Growth and Migration: Republic of Lithuania\nOctober 13, 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-september-2005-market-developments-and-issues-19200"
    }
  ],
  "bullets": [
    "[Markdown version](/en/publications/gfsr/issues/2016/12/31/global-financial-stability-report-september-2005-market-developments-and-issues-19200/index.md)",
    "[Structured JSON version](/en/publications/gfsr/issues/2016/12/31/global-financial-stability-report-september-2005-market-developments-and-issues-19200/index.json)",
    "[Bundle manifest](/en/publications/gfsr/issues/2016/12/31/global-financial-stability-report-september-2005-market-developments-and-issues-19200/bundle-manifest.json)",
    "Published: September 30, 2005",
    "Series: Global Financial Stability Report",
    "DOI: https://doi.org/10.5089/9781451969511.082",
    "Presents an assessment of the shift in market risks to the household sector resulting from changes in the behavior of financial institutions and from pension reform.",
    "Focuses on household saving and asset allocation behavior and analyzes how such behavior may be affected by changes to household risk profiles.",
    "Examines the products and services that the financial industry has developed, or may need to develop, to help households meet these new challenges.",
    "Discusses possible public policy initiatives on the promotion of a broader range of payout instruments and structures.",
    "Shift in market risks to households driven by:",
    "Household behavior examined:",
    "Financial industry responses analyzed:",
    "Public policy considerations:",
    "Subject: Education, Expenditure, Financial institutions, Insurance, Labor, Mortgages, Pension spending, Pensions",
    "Keywords: Europe, GFSR, Global, home equity, Insurance, investment product, longevity risk, market assets, mortgage market, Mortgages, Pension spending, Pensions, private industry, risk profile",
    "[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)",
    "[Download PDF](http://www.imf.org/external/pubs/ft/GFSR/2005/02/index.htm)",
    "[More Formats on IMF eLibrary](https://elibrary.imf.org/display/book/9781451969511/9781451969511.xml?cid=lk-com-dsp-imf.org)",
    "[Order a Print Copy](https://www.bookstore.imf.org/cart?isbn=9781451969511)",
    "[Education](https://www.imf.org/en/publications/publications-by-subject?subject=Education)",
    "[Expenditure](https://www.imf.org/en/publications/publications-by-subject?subject=Expenditure)",
    "[Financial institutions](https://www.imf.org/en/publications/publications-by-subject?subject=Financial+institutions)",
    "[Insurance](https://www.imf.org/en/publications/publications-by-subject?subject=Insurance)",
    "[Labor](https://www.imf.org/en/publications/publications-by-subject?subject=Labor)",
    "[Mortgages](https://www.imf.org/en/publications/publications-by-subject?subject=Mortgages)",
    "[Pension spending](https://www.imf.org/en/publications/publications-by-subject?subject=Pension+spending)",
    "[Pensions](https://www.imf.org/en/publications/publications-by-subject?subject=Pensions)",
    "[Unleashing Private Sector Job Creation: Challenges and Opportunities for Lesotho",
    "[Setting Up Fiscal Rules in Lesotho: Kingdom of Lesotho",
    "[The Evolving Growth Model of Lithuania: Republic of Lithuania",
    "[Potential Growth and Migration: Republic of Lithuania"
  ],
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