Global Financial Stablity Report, October 2013: Transition Challenges to Stability
Global Financial Stability Report, October 9, 2013
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Bibliographic details
- Published: October 9, 2013
- Series: Global Financial Stability Report
- DOI: https://doi.org/10.5089/9781475524970.082
Overview
- Examines current risks facing the global financial system as it undergoes a series of transitions toward greater financial stability.
- Identifies major transitions:
- The United States: possible move to less accommodative monetary policies and higher long-term interest rates as its recovery gains ground.
- Emerging markets: transition to more volatile external conditions and higher risk premiums.
- Japan: moving toward the new “Abenomics” policy regime.
- Euro area: moving toward a more robust and safer financial sector.
- Global banking system: phasing in stronger regulatory standards.
Chapter summaries and key findings
- Chapter 1:
- Examines the challenges and risks of each of the listed transitions.
- Chapter 2:
- Focuses on policymakers’ efforts to revive weak credit growth, seen by many as a primary reason behind the slow economic recovery.
- Argues that policies are most effective if they target the constraints that underlie the weakness in credit.
- Cautions policymakers to be aware of the fiscal costs and implications for financial stability of credit-supporting policies.
- Chapter 3:
- Examines how banking funding structures matter for financial stability and the potential impact of various regulatory reforms.
- Concludes that careful implementation of reform efforts is important to ensure that financial stability benefits are realized.
Risks and transmission channels highlighted
- Monetary policy normalization in the United States could raise long-term interest rates and affect global financial conditions.
- Emerging market exposure to volatile external conditions may increase risk premiums and financial stress.
- Structural policy shifts (for example, Japan’s “Abenomics”) have implications for domestic and cross-border financial flows.
- Strengthening regulatory standards for banks changes funding structures and can affect market liquidity and credit provision.
Policy implications and recommendations
- Target credit-supporting policies to the specific constraints limiting credit growth to maximize effectiveness.
- Monitor and weigh the fiscal costs and financial stability implications of policies aimed at reviving credit.
- Implement banking regulatory reforms carefully to ensure intended financial stability benefits are realized without unintended disruption to funding and market liquidity.
Content in this bundle
- Transition Challenges to Stability; Global Financial Stability Report; October 2013
- ملخص وافٍ لتقرير الاستقرار المالي العالمي
- 2013年10月《全球金融稳定报告》概要, 2013年10月9日
- Rapport sur la stabilité financière dans le monde -- Résumé analytique -- Octobre 2013
- 国際金融安定性報告書
- ДГФС – октябрь 2013 года – Аналитическое резюме
- Informe sobre la estabilidad financiera mundial -- Resumen ejecutivo; Octubre de 2013
References
- https://www.imf.org/en/publications/gfsr
- United States and the IMF
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- Bank credit
- Banking
- Credit
- Emerging and frontier financial markets
- Financial institutions
- Financial markets
- Financial sector policy and analysis
- Financial sector stability
- Financial statements
- Loans
- Money
- Public financial management (PFM)
- Stocks
- Link to Table of Contents
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