{
  "title": "Global Financial Stability Report, September 2011: Grappling with Crisis Legacies",
  "publication": "Global Financial Stability Report, September 21, 2011",
  "sourceUrl": "https://www.imf.org/en/publications/gfsr/issues/2016/12/31/global-financial-stability-report-september-2011-grappling-with-crisis-legacies-24745",
  "canonical": "https://www.imf.org/en/publications/gfsr/issues/2016/12/31/global-financial-stability-report-september-2011-grappling-with-crisis-legacies-24745",
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  "summary": "The September 2011 Global Financial Stability Report cautions that the risks to global financial stability have increased substantially in recent months, during which heavy public debt burdens and weak growth prospects in many advanced economies combined with a series of shocks to the global financi",
  "sections": [
    {
      "heading": "Main findings and analysis",
      "content": "- Risks to global financial stability \"have increased substantially in recent months,\" driven by \"heavy public debt burdens and weak growth prospects in many advanced economies\" combined with \"a series of shocks to the global financial system.\"\n- Emerging markets \"despite brighter growth prospects, face the risk of sharp reversals and so must guard against the buildup of financial vulnerabilities.\"\n- The crisis, now in its fifth year, \"has entered a new phase in which political differences within and across economies are impeding progress to address the legacies of the crisis.\"\n- The Report examines how the \"ongoing low interest rate environment and high uncertainty are driving the asset allocations of long-term, real-money institutional investors.\"\n- The Report analyzes \"variables that can act as advance indicators of financial crisis.\"\n- The Report examines \"how the use of countercyclical capital buffers can help to dampen destabilizing cycles.\""
    },
    {
      "heading": "Policy implications and recommendations (implicit in report focus)",
      "content": "- Guard against buildup of financial vulnerabilities in emerging markets to reduce risk of sharp reversals.\n- Address heavy public debt burdens and weak growth prospects in advanced economies to mitigate systemic risk.\n- Use countercyclical capital buffers as a tool to dampen destabilizing financial cycles.\n- Monitor advance indicators of financial crisis to identify risks early.\n- Consider the effects of prolonged low interest rates and high uncertainty on asset allocation by long-term, real-money institutional investors."
    },
    {
      "heading": "Scope, topics, and keywords",
      "content": "- Subject areas: Asset allocation, Asset and liability management, Banking, Credit, Financial crises, Financial institutions, Financial sector policy and analysis, Money, Stocks, Systemic risk\n- Keywords: abnormal returns, Africa, Asia and Pacific, asset, asset allocation, Asset allocation, cost of capital, Credit, credit-to-GDP ratio, debt ceiling, Europe, fixed income, GFSR, Global, IMF staff estimate, Middle East, private equity, Stocks, Systemic risk, yield\n\n---\n\n Content in this bundle\n\n- Grappling with Crisis Legacies -- Global Financial Stability Report; September 2011\n  - Grappling with Crisis Legacies -- Global Financial Stability Report; September 2011 (Markdown version){rel=\"alternate\" type=\"text/markdown\"}\n  - Grappling with Crisis Legacies -- Global Financial Stability Report; September 2011 (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 allocation\n- Asset and liability management\n- Banking\n- Credit\n- Financial crises\n- Financial institutions\n- Financial sector policy and analysis\n- Money\n- Stocks\n- Systemic risk\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- A Stocktaking of The Current International Architecture for Resolving Sovereign Debt Involving Private Sector Creditors\nOctober 07, 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-2011-grappling-with-crisis-legacies-24745"
    }
  ],
  "bullets": [
    "[Markdown version](/en/publications/gfsr/issues/2016/12/31/global-financial-stability-report-september-2011-grappling-with-crisis-legacies-24745/index.md)",
    "[Structured JSON version](/en/publications/gfsr/issues/2016/12/31/global-financial-stability-report-september-2011-grappling-with-crisis-legacies-24745/index.json)",
    "[Bundle manifest](/en/publications/gfsr/issues/2016/12/31/global-financial-stability-report-september-2011-grappling-with-crisis-legacies-24745/bundle-manifest.json)",
    "Published: September 21, 2011",
    "Series: Global Financial Stability Report",
    "DOI: https://doi.org/10.5089/9781616351243.082",
    "Risks to global financial stability \"have increased substantially in recent months,\" driven by \"heavy public debt burdens and weak growth prospects in many advanced economies\" combined with \"a series of shocks to the global financial system.\"",
    "Emerging markets \"despite brighter growth prospects, face the risk of sharp reversals and so must guard against the buildup of financial vulnerabilities.\"",
    "The crisis, now in its fifth year, \"has entered a new phase in which political differences within and across economies are impeding progress to address the legacies of the crisis.\"",
    "The Report examines how the \"ongoing low interest rate environment and high uncertainty are driving the asset allocations of long-term, real-money institutional investors.\"",
    "The Report analyzes \"variables that can act as advance indicators of financial crisis.\"",
    "The Report examines \"how the use of countercyclical capital buffers can help to dampen destabilizing cycles.\"",
    "Guard against buildup of financial vulnerabilities in emerging markets to reduce risk of sharp reversals.",
    "Address heavy public debt burdens and weak growth prospects in advanced economies to mitigate systemic risk.",
    "Use countercyclical capital buffers as a tool to dampen destabilizing financial cycles.",
    "Monitor advance indicators of financial crisis to identify risks early.",
    "Consider the effects of prolonged low interest rates and high uncertainty on asset allocation by long-term, real-money institutional investors.",
    "Subject areas: Asset allocation, Asset and liability management, Banking, Credit, Financial crises, Financial institutions, Financial sector policy and analysis, Money, Stocks, Systemic risk",
    "Keywords: abnormal returns, Africa, Asia and Pacific, asset, asset allocation, Asset allocation, cost of capital, Credit, credit-to-GDP ratio, debt ceiling, Europe, fixed income, GFSR, Global, IMF staff estimate, Middle East, private equity, Stocks, Systemic risk, yield",
    "**Grappling with Crisis Legacies -- Global Financial Stability Report; September 2011**",
    "[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/9781616351243/9781616351243.xml?cid=lk-com-dsp-imf.org)",
    "[Order a Print Copy](https://www.bookstore.imf.org/cart?isbn=9781616351243)",
    "[Asset allocation](https://www.imf.org/en/publications/publications-by-subject?subject=Asset+allocation)",
    "[Asset and liability management](https://www.imf.org/en/publications/publications-by-subject?subject=Asset+and+liability+management)",
    "[Banking](https://www.imf.org/en/publications/publications-by-subject?subject=Banking)",
    "[Credit](https://www.imf.org/en/publications/publications-by-subject?subject=Credit)",
    "[Financial crises](https://www.imf.org/en/publications/publications-by-subject?subject=Financial+crises)",
    "[Financial institutions](https://www.imf.org/en/publications/publications-by-subject?subject=Financial+institutions)",
    "[Financial sector policy and analysis](https://www.imf.org/en/publications/publications-by-subject?subject=Financial+sector+policy+and+analysis)",
    "[Money](https://www.imf.org/en/publications/publications-by-subject?subject=Money)",
    "[Stocks](https://www.imf.org/en/publications/publications-by-subject?subject=Stocks)",
    "[Systemic risk](https://www.imf.org/en/publications/publications-by-subject?subject=Systemic+risk)",
    "[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)",
    "[A Stocktaking of The Current International Architecture for Resolving Sovereign Debt Involving Private Sector Creditors"
  ],
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